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Most Important Documents Required To Get Into Stock Market

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9 months ago 9 months ago

Finance

Most Important Documents Required To Get Into Stock Market


Kevin Peter
by Kevin Peter 9 months ago9 months ago
Documents Required To Get Into Stock Market
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Most investors know how to get into the stock market but are unaware of the exact documents required to start trading online. A demat account is mandatory to invest in most stock market investments. There are many benefits of opening a demat account such as it facilitating smoother online transactions, providing easy access to investments, allowing you to invest in IPOs, and more. An exception to this is the derivatives segment for which only a trading account is required because you don’t take delivery of the shares for trading. 

For example, when you trade in futures and options, you only make positions in stocks or indices. There is no delivery of shares and therefore, you don’t need a demat account for this. A demat account is required to trade in equities, currencies, bonds, mutual funds, commodities, and most other market segments. You need to understand the basics of stock trading to learn how to invest in the share market. Also, knowing the demat account charges levied by different brokers will help you get the best demat services at competitive pricing. However, before that, let’s check the documents required to open a demat account. 

Table of Contents

  • Types of documents asked by a stockbroker while opening a demat account 
  • Don’t share your password & account details 

Types of documents asked by a stockbroker while opening a demat account 

You can open a demat account with a stockbroker or financial firm that offers brokerage services. Once you fill out the online application form, the broker will ask for the following documents to verify your account:

POI (Proof Of Identity) Documents 

Documents like Aadhaar Card, voter ID, passport, etc. can be submitted as proof of your identity. 

POA (Proof Of Address) Documents 

Documents such as ration cards, electricity bills, water bills, voter IDs, etc. can be submitted to validate your address. 

Income proof 

Some brokers ask you to submit proof of income like your salary slip or bank account statement. These documents are especially asked if you are interested in trading in futures and options or other financial securities where you might need to borrow a huge margin from the broker. 

Bank details 

The broker will ask for a canceled cheque to know your bank account number, IFSC code, and other bank details. 

PAN Card 

Submitting a PAN card is mandatory as it helps the broker to verify all your financial transactions. Along with that, you will also need to submit a couple of passport-size photographs. 

Once you submit these details, the broker will verify your account and your demat account will be activated in a few hours or a couple of days. You will have to take care of these things after opening a demat account:

Add nominees 

You can add nominees to your demat A/C just like you add a nominee to your bank account. It is also possible to include a nominee later by using the account details section of your demat account. However, you will have to provide some details and documents such as identity and address proof of the nominee. 

Don’t share your password & account details 

Avoid sharing your demat account number and password with anyone as your account can be misused to invest in different financial instruments. 

Cross check the transactions 

It is not possible to keep a track of each and every transaction manually. You can get a detailed account statement from your demat account to check the transactions done during a specific period. It will help you to cross-check whether the right number of shares have been credited/debited to your account. 

Keep the contact details updated 

It is recommended that you keep all the contact details updated on the demat account. For example, if your registered email address or mobile number is changed, you need to update it on your demat account. Failing to do so can result in hassles, as weekly account statements, contract notes, and notifications are sent through these contact details.

Read also: Forex Signals – Best Forex Trading Signals – 2023

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