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A demat account is an Indian term for a dematerialized account that holds financial securities (equity or debt) digitally for traded shares in the share market. In India, demat accounts are maintained by two depository organizations: the National Securities Depository Limited and the Central Depository Services Limited .
A demat account is opened on the same lines as that of a Bank Account. Prescribed Account opening forms are available with the DP, needs to be filled in. Standard Agreements are to be signed by the Client and the DP, which details the rights and obligations of both parties.
CDSL is the largest depository in India in terms of number of demat accounts opened. In February, CDSL became the first depository in India to open 60 million active demat accounts. [4] As of March 2022, the depository holds assets worth ₹ 37.2 trillion, [5] with over 580 depository participants associated with CDSL. [6]
NSDL has more than 2.80 Crore demat accounts as of 30 June 2022. The market share of NSDL in value of demat assets is more than 89%. NSDL demat accountholders are present in more than 99% of pin codes in India and 189 countries across the globe.
Investors may submit their ASBA Applications to these SCSBs in order to apply for Public Issues. The list of SCSBs include the likes of The Jammu & Kashmir Bank Limited, Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Karnataka Bank Limited, State Bank of India, Punjab National Bank, UCO Bank, IDBI Bank among others. [2]
On 4 April 2022, HDFC Ltd announced that it would merge with HDFC Bank, marking India's largest-ever M&A deal. [23] [24] As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.
The former first lady was notably absent from President Jimmy Carter's state funeral service, leading Barack Obama and Donald Trump to be seated next to one another
This broker goes to another bank and tries to sell the securities and vice versa for buying. Since Mehta was a renowned broker, he issued cheques in his name instead of the bank. When the bank wanted money for the securities, he approached another bank and repeated the same process, and invested the bank money in the stock market. [10]