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NISM Certifications · NISM-Series-VI: Depository Operations · Functions of Depository Participant - Account Opening

Meera and Suresh wish to open a joint demat account with Meera as the first holder. Which statement about the joint account is correct?

In a joint demat account every holder must provide KYC and PAN details, and the account is operated according to the mode of operation mentioned in the account opening form. It is not restricted to spouses and does not require four holders.

  1. AOnly the first holder's name can appear on the account statement
  2. BKYC and PAN details are needed for each joint holder, and the account is operated as per the mode of operation given in the formCorrect
  3. CJoint accounts can be opened only by spouses
  4. DA joint account needs a minimum of four holders

Explanation

Each joint holder must furnish KYC and PAN details, and the account is operated as per the instructions in the account opening form. There is no spouse-only restriction and the account can be held by up to three holders, not a minimum of four.

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