Posted by: Uma Shashikant on Oct 16, 2017, 02.11 PM IST
Thanks to Aadhaar, it is now possible to open a trading and demat account with a broker online.
Since all processes are completed online, the account activation takes only a few minutes.
Who can use this facility? Only those who have valid Aadhaar card with an active Aadhaar-linked mobile number and email id can use the facility to open trading and demat accounts using e-KYC facility. Soft copies needed of
* Aadhaar card * PAN card * Cancelled cheque as bank proof * Income proof in case one wants to opt for derivatives segment * Signature of the applicant
PAN and Aadhaar validation To begin with, the applicant must visit the broker’s online portal to open a new trading and demat account. On entering basic details such as name, mobile number, PAN and Aadhaar number, a verification OTP will be sent to the Aadhaar registered mobile number
Account opening Once validation of PAN and Aadhaar is completed, the applicant needs to select the market segment he wishes to trade in, address that he wants to use, the brokerage plan he wants to opt for, other personal details and bank details. Document proofs must be uploaded when prompted.
In person verification After details are furnished and documents uploaded, the applicant will have to go through an in-person verification process. Document proofs and physical presence of the applicant will be verified through a video session by the broker’s official. Once accepted, the applicant will be prompted to affix e-sign and an OTP will be sent to the registered number. On entering the number, e-sign will be affixed, the e-KYC process will get completed and a unique client code (UCC) will be generated
Points to note * Since non-individual clients do not have Aadhaar, they are not eligible for this facility.
* In case the mobile number is not mapped to the applicant's Aadhaar, he can fill up the form online, take a print, sign and send the same physically to the broker's office.