Trading demat account opening process for non individuals

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Information about Trading demat account opening process for non individuals

Published on November 1, 2018

Author: ShashankPatel60

Source: slideshare.net

1. By Tejas Khoday January 24, 2017 Trading & Demat Account Opening Process for Non- Individuals fyers.in/trading-demat-account-opening-process-for-non-individuals/ Trading and demat account opening process for non-individuals with Fyers is simple and hassle-free. Unlike anywhere else in India, you can now skip unwanted account opening charges for your trading and demat account with us. Fyers has a simple onboarding process to enable you to trade in equities and currencies on NSE. This post contains full- fledged information of trading and demat account opening procedure for Sole proprietorship, HUF, Partnership Firm, LLP and Corporate. You are required to submit a set of documents along with the account opening application form to get your trading and demat account opened with Fyers. PARTNERSHIP FIRM: 1. Account opening forms (Trading + Demat): Partners have to duly sign and submit the trading & demat account opening forms along with a photograph of authorized signatories affixed and signed across. 2. PAN Card: Self-attested PAN card photocopies of the firm and all the partners are required to submit with the account opening form. 3. Proof of address (POA): Partners are required to submit a photocopy of “Partnership Deed” with firm’s seal as an address proof. Address proof of all the partners with self- attestation is required with account opening forms. 4. Proof of Income (POI): The proof of income is required to trade in the F&O segment. You can submit any one of the following documents as a proof of income for your firm. • Copy of ITR Acknowledgement submitted to the Income Tax department of the firm. • Copy of the audited balance sheet for the last 2 years (to be submitted every year) or the 1/5

2. Net Worth Certificate duly signed by the CA (if the firm is newly established). • Firm’s current bank account statement for the past 6 months. Take note that the income proof of the partners has to be submitted additionally with the account opening documents. Additional Documents a. Copy of “Partnership Deed” duly notarized by a notary public and as mentioned earlier it can also be considered as address proof. b. Copy of the letter of Board Resolution (on the firm’s official letterhead) has to be submitted which is used for the Demat account proceeding. c. Certificate of shareholdings of partners has to be submitted with account opening forms. d. Copy of FATCA declaration duly attested by the authorized signatories with firm’s seal. Notes – 1. There are NO account opening charges for trading and Demat account with Fyers. 2. The annual maintenance charges (AMC) for Demat account will be Rs.1000 + Taxes. 3. Partnership Deed has to be registered under Partnership Act, 1932 and should allow the firm to trade in Secondary markets. LIMITED LIABILITY PARTNERSHIP: 1. Account opening forms (Trading + Demat): Partners have to duly sign and submit the trading & demat account opening forms along with a photograph of authorized signatories affixed and signed across them. The number of authorized signatories depends on the internal decision of the partners of the firm. 2. PAN Card: Self-attested PAN card photocopies of the firm and all the partners are required to be submitted with the account opening forms. 3. Proof of address (POA): Partners are required to submit a photocopy of “Partnership Deed” with firm’s seal as an address proof. The address proof of all the partners with self- attestation is required with account opening forms. 4. Proof of Income (POI): The proof of income is required to trade in the F&O segment. You can submit any one of the following documents as a proof of income for your firm. • Copy of ITR Acknowledgement submitted to the Income Tax Department of the firm • Copy of the audited balance sheet for the last 2 years (to be submitted every year) or the Net Worth Certificate duly signed by the CA (if the firm is newly established). • Firm’s current bank account statement for the past 6 month Take a note that the income proof of the partners has to be submitted additionally with the account opening documents. Additional Documents: a. Copy of “Partnership Deed” duly notarized by a notary public and as mentioned earlier it can also be considered as address proof. b. Copy of the letter of Board Resolution (on the firm’s official letterhead) has to be 2/5

3. submitted which is used for the Demat account proceeding. c. Certificate of shareholdings of partners has to be submitted with account opening forms. d. Copy of FATCA declaration duly attested by the authorized signatories with firm’s seal. Notes – 1. There are NO account opening charges for trading and Demat account with Fyers. 2. The annual maintenance charges (AMC) for Demat account will be Rs.1000 + Taxes. 3. Partnership Deed has to be registered under Partnership Act, 1932 and should allow the firm to trade in Secondary markets. HINDU UNDIVIDED FAMILY – HUF: 1. Account opening forms (Trading + Demat): Karta and the co-parceners have to duly sign and submit the trading & demat account opening forms along with a photograph of authorized signatories affixed and signed across them. 2. PAN Card: Self-attested PAN card photocopies of Karta and the co-parceners are required to be submitted with the account opening forms. 3. Proof of address (POA): In case of HUF, self-attested photocopy of any one of the following documents will be considered as address proof – • AADHAR Card • Passport • Driving License • Telephone bills • Electricity bills • Bank Statement Please note that the above documents should be in the name of the Karta. 4. Proof of Income (POI): The proof of income is required to trade in the F&O segment. You can submit any one of the following documents as a proof of income for HUF. • Copy of ITR Acknowledgement submitted to the Income Tax Department. • Copy of Net Worth certificate duly signed and certified by a Chartered Account. • Bank account statement of last 6 months. • Demat account holding statement. Additional Documents: a. Copy of “HUF Deed” duly notarized by a notary public and as mentioned earlier it can also be considered as address proof. Notes – 1. There are NO account opening charges for trading and Demat account with Fyers. 2. The annual maintenance charges (AMC) for Demat account will be Rs.1000 + Taxes. CORPORATE ENTITY: 1. Account opening forms (Trading + Demat): Board of Directors of the company have to duly sign the account opening documents along with the photographs of authorized signatories affixed and signed across. 2. PAN Card: Self-attested photocopies of PAN Card have to be submitted along with the 3/5

4. account opening forms. Which includes, • PAN card of the company • PAN card of the authorized signatories (BOD) 3. Proof of address (POA): A photocopy of “Memorandum Of Association”, which includes the address of registered office duly signed by the authorized signatories, has to be submitted as a proof of address. 4. Proof of Income (POI): The proof of income is required to trade in the F&O segment. You can submit any one of the following documents as a proof of income for your company. • Copy of ITR Acknowledgement submitted to the Income Tax Department of the company • Copy of the audited balance sheet for the last 2 years (to be submitted every year) or the Net Worth Certificate duly signed by the CA (if the company is newly established) • Current bank account statement for the past 6 months. Additional Documents: a. Copy of certificate of incorporation b. Copies of Memorandum and Articles of Association. c. Form 32 (In case the names of present Directors do not appear on the MOA/AOA) d. Copy of the letter of Borad Resolution (on the firm’s official letterhead) has to be submitted which is used for the Demat account proceeding. e. Copy of latest shareholdings pattern including list of all those holding control, either directly or indirectly, in the company in terms of SEBI takeover Regulations, duly certified by the company secretary/Whole time director/MD (to be submitted every year) f. Authorized signatories list with specimen signatures. g. Copy of FATCA declaration duly attested by the authorized signatories with firm’s seal. Notes – 1. There are NO account opening charges for trading and Demat account with Fyers. 2. The annual maintenance charges (AMC) for Demat account will be Rs.1000 + Taxes. 3. Each document has to be attested with the Common Seal of the company. I have highlighted the trading and demat account process for non-individuals in detail to provide clarity. Learn about trading and demat account opening process for individuals if this is not applicable to you. Also, please not that for demat account opening, we are tied up with IL&FS. Disclaimer: The trading and demat account opening process is subject to change without prior notice in accordance with the latest regulatory requirements. If you have any doubts, you can reach out to us for clarifications. Tejas Khoday 4/5

5. Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India. 5/5

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