Is Aadhaar mandatory for demat account in India?
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- Updated On:19-Feb-2022
- Replies:1
Short Answer
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
Detailed Answer
Is Aadhaar Card mandatory for opening a Demat account?
In short, Yes! Your Aadhaar card is mandatory when applying for a Demat account online. In order to verify your proof of identity. The Indian market regulator SEBI (Securities Exchange Board of India) has made it compulsory for all brokers to link all the Demat accounts of applicants with their PAN cards, although the Aadhar card is necessary if you are trying to open your account online.
In addition to that, your mobile number should be also linked to your Aadhaar card in order to complete the authentication process. While confirming your identity, you will receive an OTP (One Time Password) on your registered mobile number to verify the process. Without this step, your application would not get completed. Therefore, if your mobile number is unregistered with your Aadhaar card, then get it done before applying for a Demat account.
If you fulfill these two requirements, you can easily complete the application process, provided you possess the other documents like a Bank account, PAN Card, etc.
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