What is Basic Services Demat Account?

POSTED BY Punit Gohil ON October 10, 2012 12:14 pm COMMENTS (6)

Today I recieved an email from my DP

Please explain what is this about

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Dear PUNIT GOHIL,

 

Ref: Your DP BO A/c 1304140001827898

 

It has been observed from our records that the value of holdings as on Sept 30, 2012 in your DP BO account referred to above is below Rs. 2 Lacs.

 

This is to inform you that SEBI has introduce Basic Services Demat Account (BSDA) with limited services vide circular no. CIR/MRD/DP/22/2012 dated August 27, 2012. In terms of this circular, an individual shall be eligible to opt for BSDA only if he / she fulfils the below mentioned conditions:

 

1.   Individuals who have or propose to have only one demat account where they are the sole or first holder.

2.   Individuals having any other demat account/s where they are not the first holder shall be eligible for BSDA in respect of the single demat account where they are sole or first holder.

3.   An individual shall have only one BSDA in his/her name across all depositories.

4.   Value of securities held in the demat account shall not exceed Rupees Two Lakhs at any point of time.

 

For any further assistance, you may write to us at customer.support@rsec.co.in or visit our nearest branch or contact our helpdesk on 022 – 39886000.

 

This email is being sent to you in terms of clause 3(b) of the aforesaid SEBI circular.

 

Yours Sincerely,

 

Customer Support
Reliance Securities Limited

 

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6 replies on this article “What is Basic Services Demat Account?”

  1. Mohammed says:

    Hi Manish,

    My wife signed up for a demat account however, she was rejected for BSDA no she does not have any other DEMAT accounts not she ever traded in the account? Now she has been charged an annual free? Please advise?

    1. Hi Mohammed

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

  2. antar says:

    HI manish,
    I am not a regular trader i would like to invest some money in stocks for long term .I would like to open demat account with “basic services demat account” and i have contacted Icici bank people regarding this since i already have saving bank account with them.But the people over there are saying there is no such option available in ICICI.

    Can you help me in this regard

  3. Punit Gohil says:

    Thanks Manish

    I m investing in SIP 8000 Per Month shall I opt this? My portfolio is above 2L and investment increases 8K/ month

    1. If your portfolio is above 2 lac , then you are not eligible

  4. Nice .. SEBI some time back asked all the DP to provide Basic Demat account to all customers at no charge or extremelly basic minimum charge . This is because majority of people do not use their demat accounts like professionals , there are just handful of trades and thats all , so it does not make sense to charge them hefty fees per year .

    Hence if your activities are very restricted and if you fall in those 4 points which you mentioned about . Just opt for basic services demat account

    Manish

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