Two Dmat accounts on one name

Jignesh (Querist) 14 October 2010 This query is : Resolved
Is it legal for a person to have 2 DMat Accounts on the same name . What if both these accounts are with different Depositories ? For e.g. , he has one account with Allahabad Bank which is a Depository Participant with CDSL & another account with Bank of Baroda which is a Depository Participant with NSDL . What would be the Penalty in case it is illegal ?

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Arun Kumar Bhagat (Expert) 14 October 2010
I don't think it illegal.

R.Ramachandran (Expert) 14 October 2010
Dear Mr. Jignesh,
It is illegal to keep more than one de-mat account. You cannot also keep such accounts with different Depositories. My sincere advise to you would be to close one at the earliest.

pawan sharma (Expert) 15 October 2010
yes it is illegal you may oprate only one.

Kirti Kar Tripathi (Expert) 16 October 2010
i agree.It is illegal.

Jignesh (Querist) 18 October 2010
Are you guys really sure ? ( Do you know for sure or are you just guessing ? ) In case I want to know the truth , whom can I approach ?

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