NISM Certifications · NISM-Series-VI: Depository Operations · Functions of Depository Participant - Account Opening
Two brothers wish to open a joint demat account. Which statement is correct?
Joint demat accounts are permitted, and KYC with PAN must be provided for every joint holder. The account has a first holder as the primary name, so relying on only one holder's details or signature is incorrect.
- AThe first holder's details alone are required for KYC
- BJoint accounts are not permitted in the depository system
- CKYC and PAN details of every joint holder must be furnished and the first holder's name is primary for the accountCorrect
- DOnly the second holder needs to sign the account opening form
Explanation
Joint demat accounts are allowed, up to three holders. Each holder must complete KYC with PAN, and the account has a first holder whose name is primary. Providing only the first holder's details would be incomplete.
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