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

While opening a demat account for an individual resident client, which of the following is mandatory to be obtained by the DP as per the account opening process?

The DP must collect a completed account opening form, a signed agreement between DP and BO, PAN, and proof of identity and address under KYC norms. Employer income letters or NOCs from another DP are not required for opening a demat account.

  1. AProof of identity including PAN and proof of address, along with a duly signed account opening form and the DP-BO agreementCorrect
  2. BOnly a passport size photograph and a cancelled cheque
  3. CA letter from the client's employer confirming income
  4. DA no-objection certificate from the previous DP

Explanation

A DP must obtain the account opening form, signed DP-BO agreement, PAN and proof of identity and address, with KYC compliance. Income proof is not mandatory for opening a basic account, and an NOC from another DP is not required to open a new account.

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