Just like we port a mobile network's service to some other service if we don't like it, similarly, demat accounts can also be ported soon if we don't 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 without closing it. That is, if you don't like the service of the existing brokers, you will be able to shift it to another place and that too without any hassle. SEBI's master plan for this will come soon.
SEBI is preparing to start the service soon
According to sources, SEBI is preparing to start this service as soon as possible, for which the round of talks with brokers and depositories has also started. With the start of this system, first of all, both brokers and depositories will have to be ready for the changes coming in the technical field. It will be very difficult for brokers especially to keep the Depository Participant ID and account number the same. It can be launched after resolving these technical issues.
This system will have many benefits
In a panel discussion of a business channel, experts welcomed this decision and said that this will benefit good brokers, while weak brokers will get a chance to improve themselves. This will also increase competition among brokers. Everyone will be in a race to give less charges and better service. Similarly, earlier, one had to close the previous account and open a new one, now this will not have to be done. This will also help users to choose the best 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 after Corona, more and more demat accounts were opened in India. In the year 2024, the number of demat accounts increased to 46 million, which shows that an average of 3.8 million demat accounts were opened every month.
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