Posted on 1st Mar 2016
Online brokers come with different plans, some are better than others and many offer different features and services. There are plenty of reasons why one should limit to himself with just one trading account, but these days, trading accounts are so easy to open that the majority of investors have at least two or more accounts.
Can I maintain multiple trading and demat accounts in India?
Yes, one can maintain multiple trading and demat accounts, but it should be with different brokers & DP services. So with same broker and same DP service, answer is no.
Can I map multiple trading accounts with one DP account?
Yes, one DP account can be mapped to multiple trading accounts, but on debit side(sell side) you can use only POA trading account.
I have trading account with Discount brokers, but I can't invest in IPO and Mutual Funds, can I open another account with full service brokers?
Yes, you can open multiple trading accounts, one or more than one with discount brokers and full service brokers.
Can I link same bank account with multiple trading accounts?
Yes, one bank account can be linked with multiple trading accounts.
What if both brokers have same DP service provider, will the DP like ILFS issue two separate Demat Accounts for same person?
No, they can't open two DP account with same person. In such case you need to link both your trading accounts with one DP account. Nowadays, each broker company is opening their own DP service, chance of this issue is very low.
There are advantages and disadvantages, one need to decide as per their need and expenses. The solution, therefore, is to open up a second account only if you have a real need for it and to keep both accounts separate at all times.
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