Investing in the Stock Market has evolved since the introduction of Dematerialisation. Earlier, handling shares was a cumbersome process. You had to print, sign, and queue to complete the documentation. Visiting the broker's office physically compromised your trade execution. A Demat Account overcomes such limitations. It lets you get through the KYC and account opening process without hassles.

Demat account opening is the first step of your trading journey. It holds your financial instruments like Shares, Bonds, Mutual Funds, Government Securities, Exchange-Traded Funds, etc., in digital or electronic form. Getting digital access to these securities solves the limitations that come with physical management. The Demat Account opening procedure is relatively simple.  You only need to fill in the KYC details, and you are sorted.

While simple, any error in KYC fulfilment can be a big headache for investors. But not anymore. Here is a step-by-step guide on the KYC details required to open a Demat Account:

Full Name

Your identity is the primary factor that lends a face to your account. The central KYC authority uses this information for maintaining records. So, ensure that the name you provide matches your official documents. This lets you get through the verification smoothly. Also, review it before submission to avoid errors in the record.

Contact Details

Under this section, you need to submit your mobile number and email ID. They act as touch points for communication. Any information or updates regarding your online trading activities is notified through SMS. Similarly, your account statements and other records get sent to your email ID. This way, you receive timely updates without making physical visits to the broker.

Address

Your residence is a crucial identification attribute. Hence, it is also a part of the KYC requirement. You must fill in the address in the account opening form and attach the address proof.  Some accepted documents include passport, driving license, bank account statements, ration card, Aadhaar, etc. They also use this information to send any official notices if required in physical form.

PAN number

This is a recent inclusion in the KYC requirements. It was a part of the paperwork but not mandatory. However, per the current guidelines, a PAN card is compulsory for KYC and Demat Account opening. Therefore, you should submit your PAN number while filling in the details. You also need to upload the document to verify the same.

Revenue

Your annual income range should be recorded in the depository's database. You do this by presenting your revenue details in the account opening form. Additionally, you must attach salary slips or Income Tax Returns as proof. DPs use this metric for record-keeping. As it is liable to change often, keeping it updated is essential.

As you open Demat Account online, the KYC process is done effortlessly. You need not worry about going through a lengthy process, which was the case earlier. Make sure to choose the right broker for starting your trading journey successfully.