Who can open a Basic Service Demat Account?
- The basic services demat account promises to provide limited services at reduced costs to retail investors. These accounts are also called no-frills or basic demat accounts.
- An individual—who currently has a demat account or plans to open a demat account where he is the only first / sole holder—will be allowed to open the BSDA.
- The individual needs to ensure that the value of securities held in his basic trading account will not be more than Rs. 2 lakh at any given point of time.
- According to SEBI circular, all depository participants (DPs) will make basic trading accounts available with limited services and reduced costs. DPs’ will offer BSDA from 1 October 2012. Remember that you are allowed to open only one BSDA across all DPs.