Can someone else operate my Demat account on my behalf on the basis of Power of Attorney?
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- Updated On:24-Feb-2021
- Replies:1
Short Answer
Yes, you can give power of attorney (POA) to someone to operate your demat account on your behalf. For details let's explore more.
Detailed Answer
Yes, of course. You can authorize any other person to operate your Demat Account on behalf of yourself by using a power of attorney. After that, that person having the POA can operate the Demat account.
However, for executing the power of attorney, you must submit a Notarized copy of the power of attorney to your Depository Participant (DP). Make sure that the signatures of both parties such as the Donor and the Donne are present in the POA.
The person holding the POA must also complete the KYC formalities with the bank. However, if the POA is presented at the time of the Demat account opening, the holder must sign the account opening document.
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