How to open an account with a DP

NSDL & CDSL provides demat services to investors through its agents called Depository Participants (DPs). These agents are appointed by NSDL / CDSL with the approval of SEBI. According to SEBI regulations, amongst others, three categories of entities i.e. Banks, Financial Institutions and Members of Stock Exchanges [brokers] registered with SEBI can become DPs.

Why to open a Demat account with Karvy DP ?

The important factors for selection of Karvy as a DP are :

1. Convenience - Proximity to your office / residence, business hours.

2. Comfort - Reputation , past association with the organisation, all types of financial services.

3. Cost – Lowest charge structure.

4. Services – Quality timely services .

In order to obtain the complete list of branch locations and the charge structure, you may log on to or else you may write to .

Whether all the DPs are same?

All the DPs are appointed subject to fulfillment of uniform requirements of SEBI (Depositories and Participants) Regulations, 1996 and requirements of NSDL / CDSL. However, the type of services offered and the service standards may differ among various DPs.

What should I do when I want to open an account with Karvy?

Please approach Karvy branch and fill up an account opening form with NSDL / CDSL prescribed standard agreement, which details your and Karvy’s rights and duties. Please submit the following with the prescribed account opening form. In case you want to open account jointly with other person(s), following documents should be submitted for all the account holders.

1. Proof of Identity (POI) (copy of any one proof):

Passport Voter ID Card
Driving license PAN card with photograph
Identity card/document with applicant’s Photo, issued by a) Central/State Government and its Departments, b) Statutory/Regulatory Authorities, c) Public Sector Undertakings, d) Scheduled Commercial Banks, e) Public Financial Institutions, f) Colleges affiliated to Universities (this can be treated as valid only till the time the applicant is a student), g) Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members; and h) Credit cards/Debit cards issued by Banks.

2.Proof of Address (POA) (copy of any one proof):

Ration card Passport
Voter ID Card Driving license
Bank passbook Verified copies of Electricity bills (not more than two months old)/ Residence Telephone bills (not more than two months old)/ Leave and License agreement / Agreement for sale.
Self-declaration by High Court & Supreme Court judges, giving the new address in respect of their own accounts.
Identity card/document with address, issued by a) Central/State Government and its Departments, b) Statutory/Regulatory Authorities, c) Public Sector Undertakings, d) Scheduled Commercial Banks, e) Public Financial Institutions, f) Colleges affiliated to universities (this can be treated as valid only till the time the applicant is a student); and g) Professional Bodies such as ICAI, ICWAI, Bar Council etc., to their Members.

3. Passport-size photograph.

IV. Copy of PAN Card.

You must remember to take original documents to the DP for verification. Your DP will carry-out “in-person verification” of account holder(s) at the time of opening your account. You should remember to obtain a copy of the agreement and schedule of charges for your future reference.

Note: Your DP may ask an additional proof of identity/address.

Can I open more than one account with Karvy?

Yes. You can open more than one account with Karvy. There is no restriction on the number of accounts.

Am I restricted to having account with only Karvy?

No. There are no restrictions on the number of DPs you can open accounts with. Just as you can have savings or current accounts with more than one bank, you can open accounts with more than one DP.

Do I have to keep any minimum balance of securities in my account with Karvy?

No. You can have zero balance in your account with Karvy.

Can I open a single account for securities owned in different ownership patterns such as securities owned individually and securities owned along-with my wife?

No. The demat account must be opened in the same ownership pattern in which the securities are held in the physical form. e.g. if one share certificate is in your individual name and another certificate is jointly held in your and your wife's name , two different accounts have to be opened.

What do I do if I have physical certificates with the same combination of names, but the sequence of names is different. i.e. some certificates with husband as first holder and wife as second holder and other set of certificates with wife as first holder and husband as the second holder?

In this case you may open only one account with husband and wife as the account holders and lodge the security certificates with different order of names for dematerialisation in the same account. Please fill-up an additional form called " Transposition cum Demat" form. This would help to effect change in the order of names as well as dematerialise the securities.

Can someone else operate my account on my behalf on the basis of a power of attorney?

Yes. If you authorise any person to operate your account by executing a power of attorney and submit it to Karvy, that person can operate the account on your behalf.

Why should I give my bank account details at the time of account opening?

Your bank account number will be mentioned on the interest or dividend warrant, you are entitled to, so that such warrant cannot be encashed by any one else. Further, Karvy cannot open the account if bank account number is not given.

Can I change details of my bank account?

Yes. Since in the depository system monetary benefits on your security balances are paid as per the bank account details provided by you at the time of account opening, you must ensure that any subsequent change in bank account details is informed to Karvy.

What is 'Standing Instruction' given in the account opening form?

In a bank account, credit to the account is given only when a 'paying in' slip is submitted together with cash/cheque. Similarly, in a depository account 'Receipt in' form has to be submitted to receive securities in the account. However, for the convenience of investors, facility of 'standing instruction' is given. If you say 'Yes' for standing instruction, you need not submit 'Receipt in' slip everytime you buy securities.

Can I operate a joint account on "either or survivor" basis just like a bank account?

No. The demat account cannot be operated on "either or survivor" basis like the bank account.

Can I add / delete names of accountholders (second / third accountholder) after opening the account?

No. Names of the accountholders for a demat account cannot be changed. If you want to change name or add / delete an accountholder, you need to open a new account in the desired holding pattern (names) and transfer the securities to the newly opened account. The old account may be closed.

What should I do if my address is changed? Do I need to write to each company separately?

In case your address is changed, please inform the new address to Karvy with proof of address. When Karvy enters the new address in the depository computer system, it will be automatically conveyed to all companies in which the shares are held.

Can I close my demat account with Karvy and transfer all securities to my account with another DP ?

Yes. You can submit account closure request to Karvy in prescribed form. Karvy will transfer all your securities, as per your instruction, and close your demat account.

What would be the charges for account closure and securities transfer due to account closing?

No charges as per SEBI guidelines.