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

Ms. Kavita Rao wants to open a demat account with a depository participant (DP) in India. Which document set is the minimum the DP must obtain to establish her identity and address under the standard account opening process?

The DP must collect a completed account opening form, the client's PAN and valid address proof, forming part of the KYC process. A photograph, cancelled cheque, bank statement or a contract note alone cannot establish identity and address for opening a demat account.

  1. AOnly a passport-size photograph and a cancelled cheque
  2. BA duly filled account opening form, a PAN card copy and proof of address, along with the client's KYC detailsCorrect
  3. COnly a bank statement for the last six months
  4. DA trading account contract note from any broker

Explanation

A DP must obtain a completed account opening form with the KYC details, PAN and valid proof of address. A photograph or cancelled cheque alone does not establish identity and address, and a contract note is not an account opening document.

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