Can someone else operate my Demat account on my behalf on the basis of Power of Attorney?

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.

Tagged With: demat accountpoapower of attorneydemat accoun india
Categories: Demat
Ask your query and our expert community would be happy to help
Discussion (0)
Related FAQs

Can I have two Demat accounts in India? 2 or multiple accounts

Yes, you can have multiple demat accounts with different stock brokers in India. But, what's the need to have 2 demat accounts? Just have a single demat account with a good popular broker. That's it!

What is need and importance of Demat Account in India?

The stock market has seen significant changes since the introduction of demat accounts. Demat refers to “Dematerialization” of shares. Know the meaning, need and importance of Demat Account in India. Simply speaking, Demat account allows you to store securities in electronic form.

What are documents required for Demat account opening online in India?

To open a demat account, users will require a filled applciation, Aadhar card, PAN card, address proof, photographs, bank statement, and income proof.

Can we open demat and trading account without Aadhaar card in India?

Yes, you can open a trading and Demat account without an Aadhaar card but it's not possible to do that in the online method. To open your account without an Aadhaar card, you will have to visit the broker's branch and complete the process there.

Is opening a demat account free in India?

Yes opening a Demat account in India might be free with some brokers but not all. Apart from the opening charges, a Demat account is not completely free. You will have to pay an Annual Maintenance charge or Demat fee, every year.

Is Aadhaar mandatory for demat account in India?

Absolutely, your Aadhaar card is mandatory to open a Demat account online. Although if you want to open your account without providing Aadhaar, then you'll have to do it through the offline method. Consequently, you will require a valid Aadhaar card to complete your Demat application process

How much money is required to open a Demat account in India?

Many Indian brokers allow you to open your Demat account for free, whereas some charge a nominal fee of Rs 200 to Rs 500. Although there are some recurring charges that you have to bear such as annual maintenance charges, Demat charges, etc.

Can I transfer shares from CDSL Demat account to NSDL Demat account?

Shares can transferred from CDSL demat account to NSDL demat account by using the Inter-Depository option as the transfer mode.

What is the difference between Demat account and trading account?

Trading Account is used for buying and selling securities while Demat Account is for holding various securities in electronic format.

How to close Axis Direct account? Demat Account Closure form

To close an Axis Direct Account one has to download and Print the Axis Direct Account Closure Form, Fill it with the correct details and go to their nearest Axis Bank branch with the necessary documents such as An Identity Proof & Address Proof and an Axis Bank official will verify all the mentioned details and start the process on completion of successful verification.