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Demat Account Portability: Just as if we do not like the service of a mobile network, we port it to some other service, in the same way, soon our Demat account can also be ported if we do not like the service. Under the Demat Account Portability system, you will be able to transfer your Demat account from one depository or broking house to another place without closing it. That means, if you are not liking the service of the existing brokers, then you will be able to get it shifted to another place and that too without any hassle. SEBI’s master plan for this will come soon.
Preparing to start SEBI service soon
According to sources, SEBI is preparing to start this service as soon as possible, for which the round of negotiations with brokers and depositories has also started. After the implementation of this system, first of all, both brokers and depositories will have to be prepared for the upcoming changes in the technical field. It will be very difficult especially for brokers to keep the Depository Participant ID and account number the same. It can be launched after resolving these technical issues.
There will be many benefits from this system
In a panel discussion on a business channel, experts welcomed this decision and said that while good brokers will benefit from it, weak brokers will get a chance to improve themselves. This will also increase competition among brokers. Everyone will be competing to provide lower charges and better service. Similarly, as earlier one had to close the previous account and open a new one, now one will not have to do so. This will also help the users to choose the best one from many options. Along with this, transparency will also come in the capital market.
More demat accounts opened after Covid-19
Let us tell you that since Corona, more and more demat accounts have been opened in India. The number of demat accounts increased to 46 million in the year 2024, which shows that an average of 3.8 million demat accounts were opened every month.
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