Yes!, one can apply 1 Lot from different Demat accounts but they have to make sure that the other Demat account should not be mapped under their name or PAN Card. If one applies through 2 or more Demat accounts that are mapped under their name then all of the applications will get rejected.
In short Yes!, you can apply for more than 1 Lot from different Demat accounts but there are some points that you should keep in mind while applying for an IPO.
To increase the chances of allotment under the RII category where the allotment is finalized through random picking which is also known as the Lottery system, you can apply for 1 Lot each from a different Demat account that is not under your name.
For example, If you apply for 1 Lot from your Demat account, apply 1 Lot from any other of your family member’s accounts or any of your friend’s accounts. In this way, you will be able to increase your chances of allotment in an IPO.
To increase the chances of allotment, you should always use the Cut-Off price while applying for an IPO, as the Retail investors only have the luxury of applying at the Cut-Off price. Just by selecting the Cut-Off price, you outbid the investors who have placed a bid lower than yours. In this way, you can make sure that you have done your best to increase the chances of allotment of an IPO.