Account Opening process

Can I open Trading and Demat a/c in the name of a Minor?

As per the Indian Contracts Act, minor is not eligible to enter into a contract; and every trade being a contract, trading account cannot be opened in the name of a minor.

However, you may open demat account in the name of a minor for the purpose of shares allotted through IPO and gift if any.

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Can I be able to know the status & transactions in my account once activated?

Yes, you can view the status & transactions done in your account 24×7 by login to our site www.plclients.com (your Login ID &password is given to you  in your Welcome Letter.)

Your user ID is your trading a/c code.

In case you have forgotten your password, click on “Forgot Password” button available there. Your password will be sent at your registered email ID.

 

 

 

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What is KRA? Why is it required for a client to get himself registered with a KRA?

KRA is KYC (Know Your Client) Registering Agency registered with SEBI which maintains KYC records of an Investor centrally, on behalf of Capital Market Intermediaries (i.e. Clearing Member of any Stock Exchange (CM) or Depository Participant (DP) or Mutual Fund (MF)) registered with SEBI.

KRA enables an investor to invest through various intermediaries after undergoing KYC process only once through an intermediary thus avoiding duplication of KYC process and inconvenience by eliminating the need to submit KYC documents each time he opens an account with an intermediary.

Any subsequent changes in demographic details of an investor across various intermediaries can be updated by simply updating the record maintained with KRA.

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How would I know if I am registered with a KRA?

Upon submission of documents by the Intermediary, KRA will verify the data & KYC documents and register your name with them.

You will be intimated about the registration directly by KRA through an acknowledgement

You can also check status of your application on respective KRA’s website by querying on your PAN Card Number.

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How do I add a Secondary Bank Account?

To add secondary bank account, you will need to submit PL Modification Form along with valid bank account proof.

You may submit any of the following document as Bank account proof:

1. Cancelled cheque

2. Latest bank account Statement not more than 3 months old.

Please note that the bank proof should have the MICR & the IFSC along with the name of the account holder. The name of the account holder should be same on the bank account and the trading account.

 

 

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Can I appoint a nominee after opening of my account?

Yes, you may appoint nominee at the time of Account Opening or at any time thereafter by submitting duly signed and filled nomination form for your Trading and Demat account.

 

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What are the brokerage rates charged on trades executed by me?

Brokerage rates will be as per the rates mentioned in the tariff sheet which is signed by you at the time of activation of your account or anytime there after.

Minimum brokerage @ Rs.25/ per contract is charged.

 

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What documents are accepted as valid proof of Income?

For trade at FNO segment, it is mandatory to submit income proof.

You may submit any one of the following document as Income proof:

  1. Salary Slip
  2. Form 16 for last financial year
  3. Bank Accounts Statement for last 6 months
  4. Demat Account Holding Statement with valuations
  5. Income Tax Returns Acknowledgement for last financial year
  6. Net-worth certificate from CA
  7. Annual Accounts
  8. Self-Declaration with relevant supporting
  9. Any other document substantiating ownership of assets

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Can I give attested copies if I am not able to produce original documents for verifications?

Yes, you may provide attested copies of documents in case you are not able to produce their originals for verification at the time of account opening.

Such documents shall be attested by any one of the following authorities – –

Notary Public – Gazetted Officer – Manager of Scheduled Commercial / Co-operative / Multinational Foreign Bank – Court Magistrate / Judge – Authorised Officials of Overseas Branches of Scheduled Commercial Bank registered in India – Authorised Officials of Indian Embassy / Consulate General in the country in which the client resides or runs its business

 

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If I have registered my KYC with KRA, is it necessary to do it again while opening account with PL?

If KYC is already registered through any other Intermediary, then you need not fill KRA-KYC Form again. Instead attach respective KRA’s Acknowledgement received at the time of registration or KRA’s status report downloaded from their website

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Can I appoint nominee after opening of account?

Yes, you may appoint nominee at the time of Account Opening or at any time thereafter by submitting duly signed and filled Nomination Form for trading and Demat account.

 

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Is Nomination mandatory for Trading & Demat Account?

Nomination is applicable only to Individual accounts. It is not mandatory. In case you do not wish to appoint a Nominee, you will have to accordingly declare the same in the Nomination Form.

However, it is advisable to appoint a Nominee to your Trading & Demat accounts (especially if the demat account is held in single name)  so that your securities are available to the heirs without them undergoing legal hassles.

To appoint nominee for your trading a/c, you need to submit PAN or Aadhaar number of the nominee.

For your demat account, you may also appoint multiple nominees (not exceeding 3 persons) who shall be entitled to succeed to the securities held in his/her demat account

 

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Can I open trading a/c with joint holders?

No, trading a/c has to be in a single name. You may open demat a/c with joint holders.

 

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Can I open multiple trading account with a single PAN?

No. For a single PAN,  single trading account is allowed.  However, client may open multiple demat account with single PAN.

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Can I give address of any third person to receive my documents?

Yes, you may provide address of third person / entity as your Correspondence address provided you give your Permanent address other than that mentioned in correspondence address along with proof thereof.

You shall also have to provide SEBI approved proof of identity & address in the name of such third person / entity whose address is being provided by you.

 

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Can I submit a documentary proof which is in regional language (i.e.other than English or Hindi)?

Yes, any document which is in regional language can be accepted as a valid proof.  The details shall be translated in either English or Hindi and duly attested by the our local representative with whom you are opening account.

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What charges that I need to pay for opening Trading & Demat Account?

Account Opening Charges will be the charges for Power of Attorney (POA), if opted, for demat account (i.e.Rs.20/-)

Annual Maintenance & Other Transaction charges for your Demat Account shall be as per the demat scheme opted by you.

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How will I be intimated of activation of my Account?

You will receive Welcome E-mail with your complete Account details on the day after your account is activated.

You will also receive following documents on your mailing address within 15 days of account activation –

Welcome Letter for Trading & Demat account containing details updated with us

Client Master of your Demat Account (if opened with us),

Delivery Instruction Slip (DIS) Booklet of your demat account,

Login credentials to access your Trading account through our website www.plclients.com

Annexure containing details of how to activate your SMART Account,

Certified True Copy of your Limited POA given to us for operating your demat account.

E-mail of scanned images of your AOF & KYC documents is sent within a weeks time

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What is the turnaround time for opening of an account?

Account is activated within 15 min. in case of online account opening.

In case of offline account opening, account is activated in 48 hrs. from the date of receipt of the form at our Head Office in Mumbai provided all documents are complete in all respects.

 

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What documents are required for opening trading & demat account under various categories?

Documents required for opening trading and demat account under various categories are:

Corporate Account

HUF Account

Individual Account

NRI Account

Partnership Account

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How do I fill Account opening form under various categories?

To check dummy filled AOF for ready reference, click on below link

Individual Account for Broking + DP + Commodity

HUF Account

Corporate Account for Broking + DP + Commodity

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How do I open offline account with PL?

Please collect Account opening Form (AOF) from our local representative near your area.
Fill up / sign the form and submit to our local representative along with the proof documents.

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Whom should I contact to open an account with PL?

You can use any of the following options mentioned below and our Relationship Managers (RM) will contact you to complete all account opening formalities

1. Leave your contact details along with the branch location of your preference at www.plindia.com

2. Visit any of our Service Branches, list of PL branches is available on our website

You may open your trading and Demat account with us either online or offline.

1. Online account opening via Insta KYC

2. Online account opening via Insta KYC WEB

3. Offline Account Opening

Alternatively, you may call us at 022-66322366 or mail us at customerconnect@plindia.com for details.

 

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Who all can open Trading & Demat Accounts with PL?

Any Individual, Hindu undivided Family (HUF), Partnership Firm, Body Corporate, Trust, Society, Bank, Association of Persons (AOP), Limited Liability Partnership Firm (LLP) can open their Trading & Demat accounts with PL

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Is Nomination mandatory for Trading & Demat Account?

Nomination is applicable only to Individual accounts. It is not mandatory. In case you do not wish to appoint a Nominee you will have to accordingly declare the same in the Nomination Form.

However, it is advisable to appoint a Nominee to your Trading & Demat accounts (especially if the demat account is held in single name) so that your securities are available to the heirs without them undergoing legal hassles.

To appoint nominee for your trading a/c, you need to submit PAN or Aadhaar number of the nominee.

For your demat account, you may also appoint multiple nominees (not exceeding 3 persons) who shall be entitled to succeed to the securities held in his/her demat account

9,804 total views, 24 views today

Can I open trading a/c with joint holders?

No, trading a/c has to be in a single name. You may open demat a/c with joint holders. ( Demat a/c can be opened with 2 joint holders )

9,804 total views, 24 views today

Can I open multiple trading account with a single PAN?

No. For a single PAN, single trading account is allowed. However, client may open multiple demat account with single PAN

9,804 total views, 24 views today

What are the charges that I need to pay for opening Trading & Demat Account?

Account Opening Charges will be the charges for POA, if opted, for demat account (Rs.20/-)
Annual Maintenance & Other Transaction charges for your Demat Account shall be as per scheme opted by you.

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How will I be intimated of activation of my Account?

You will receive a Welcome E-mail with your complete Account details on the day after your account is activated.

You will also receive following documents on your mailing address within 15 days of account activation – Welcome Letter for Trading & Demat account containing details updated with us,  Client Master of your Demat Account (if opened with us), Delivery Instruction Slip (DIS) Booklet of your demat account, Login credentials to access your Trading account through our website www.plclients.com , Annexure containing details of how to activate your SMART Account,  Certified True Copy of your Limited POA given to us for operating your demat account.

E-mail of scanned images of your AOF & KYC documents is sent within a weeks time

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What is the turnaround time for opening of an account?

Account is activated within 15 min. in case of online account opening.
In case of offline account opening, account is activated in 48 hrs. from the date of receipt of AOF at our Head Office in Mumbai provided AOF & KYC documents are complete in all respects.

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What are the documents required for opening trading and demat account under various categories?

Kindly visit our site www.plclients.com  go to Utility > Download Circulars and Forms > Forms. We have uploaded complete guide for opening of trading and demat a/c under various categories.

We have also uploaded  dummy filled AOF for ready reference:

Individual account for Broking + DP + Commodity

 Non Individual account for Broking + DP + Commodity

 

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Whom should I contact to open an account with PL?

You can use any of the following options mentioned below and our Relationship Managers (RM) will contact you to complete all account opening formalities
1. Leave your contact details with the branch location of your preference through our web-site
2. Visit any of our Service Branches, the list of the same is available on our website

You may open your trading and Demat account with us either online or offline.

1. Online account opening via Insta KYC

2. Online account opening via Insta KYC WEB

3. Offline Account Opening – Individual – Resident Indian, NRI, Non Ind – Partnership firm, HUF, Corporate and Trust.

You may collect our Account opening Form (AOF) from our local representative near your area.
Fill up / sign the form and submit to our local representative along with the proof document.

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Which entities are eligible to open their Trading & Demat Accounts with PL?

Any Individual, Hindu undivided Family (HUF), Partnership Firm, Body Corporate, Trust, Society, Bank, Association of Persons (AOP), Limited Liability Partnership Firm (LLP) can open their Trading & Demat accounts with PL

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