Is it safe to share DP ID?

Asked by: Kylie Cole  |  Last update: February 9, 2022
Score: 4.3/5 (16 votes)

The Depository participants (DPs) like Karvy, Motilal Oswal, Angel, ICICI Bank etc are the depository participants who hold and administer these shares in custody on behalf of the NSDL or the CDSL. Hence, for all practical purposes you do not worry about the safety of your shares held with your DP.

Is it safe to share your demat account number?

Do not share them with anyone, including your DP. Ensure that your e-mail address and mobile number are updated with the Depository Participant (DP) regularly. Register for SMS and e-mail updates on your Demat account and keep an eye on alerts.

Can anyone misuse my demat account?

Potential for demat account frauds is low today but investors need to remain vigilant as unscrupulous brokers intent on cheating do find ways to subvert the system. ... Potential for frauds is low today, particularly after Sebi standardised the norms for drafting Power of Attorney (PoA) agreements.

Can I share my demat account details?

Yes. In case you have multiple demat accounts with one or more DPs and do not wish to continue with them, you may submit account closure form to your DP(s) in prescribed format. In the form, you are required to mention DP ID, DP name and Client ID of the account where you wish the balances to be transferred.

Is it safe to give demat account to someone else?

Yes. If you authorize any person to operate your account by executing a power of attorney, that person can operate the account on your behalf. However, you need to submit a Notarised copy of the POA to your DP. Ensure that the POA has the signatures of both, the Donor and the Donee.

Demat Account Frauds | 7 Proven Safety Tips

30 related questions found

Can demat account be hacked?

So you can only transfer shares by paperwork. And the money from you demat account will will be operated only and only with 1 bank account only !! So technically 0 chances of hacking .

Which demat account is safest?

  1. Wisdom Capital Demat Account. ...
  2. HDFC Securities Demat Account. ...
  3. Angel Broking Demat Account. ...
  4. Zerodha Demat Account. ...
  5. ICICI Direct Demat Account. ...
  6. Sharekhan Demat Account. ...
  7. 5paisa Demat Account. ...
  8. Upstox Demat Account.

How can I secure my demat account?

5 Ways to Protect your Demat Account from Frauds in India
  1. Protect your login details – you should keep strong passwords and store them carefully. ...
  2. Keep track of your account statements – keep your phone number and e-mail updated at all times and carefully examine all statements and SMS sent to you by the depository.

How do I check my DP hold?

How to Check Demat Account Balance
  1. Visit the CDSL website.
  2. Login using the appropriate details.
  3. When requested, enter your 10 digit PAN number.
  4. Next, enter your 16 digits Demat account number.
  5. Enter your DOB.
  6. Complete Captcha requirements.
  7. Click to generate an OTP which will be sent to your registered mobile number.

How safe is Zerodha?

Yes, Zerodha is as safe as any other stock broker in India. Zerodha is a genuine and trusted stock broker. They are among the lowest risk broker for the following reasons: Zerodha is a debt-free.

Which is the safest demat account in India?

Answer: Zerodha and Upstox are the most popular, trusted, and reliable Demat accounts in India. Others include Angel Broking Demat Account, Sharekhan, 5Paisa, and Motilal Oswal.

Is my shares safe with CDSL?

Check SMS sent by depository after every transaction in demat account. Once a month Depositories i.e. CDSL and NSDL send a Consolidated Account Statement (CAS) on your registered email id. Please make sure to check the same. Never keep signed delivery instruction slip (DIS) with the broker.

How safe is money in trading account?

"In the case of long-term investors, securities keep lying in their demat accounts for years. The risk of securities being misused is actually higher than that of funds," says Singhania. ... Suppose that you have transferred money to your trading account but did not use it to buy securities.

Who is DP in share market?

If you have been trading in the share market , you must have come across the term 'depository participant' (DP). You may know that it is mandatory for all investors in the stock markets to have a demat account. Your how to open a demat account is operated by the DP.

How do I sell shares in NSDL?

What Is The Procedure For Selling Shares In An NSDL Demat Account
  1. Open a Demat account at your bank branch or you can do it online at the finance institution's portal.
  2. You have to fill out an application form.
  3. Upload your PAN and Aadhaar Cards as well as Form 16.

What is DP quantity in shares?

DP charges are the revenue source for depositories and its participants. DP charges are a flat transaction fee, irrespective of the quantity sold. Hence, the fee charged is per scrip and not the volume sold. So, these charges remain the same whether you sell 1 share or 100 shares.

What is the risk in demat account?

1 Costs associated with a Demat account

One of the main disadvantages of a Demat account is the cost associated with opening and operating a Demat account. Demat account costs include account opening charges, transaction charges, custodian charges and annual maintenance charges.

What are the disadvantages of demat account?

What are the Disadvantages of Having a Demat Account
  • Annual Charges. The first thing to consider while opening a demat account is the annual maintenance fees/charges that most banks charge. ...
  • Technology Savvy. ...
  • Share Trading at High Frequencies. ...
  • Stockbroker Supervision.

Can we hack Zerodha?

This uncertainty on your broker is an unnecessary risk. Zerodha is a 100% fraud company and one should be very careful while dealing with this bunch of fools.

Can Zerodha account be hacked?

The Client acknowledges that they are fully aware of and understand the risks associated with availing of online trading services through internet including the risk of misuse and unauthorised use of their Username and/or Password by a third party and the risk of a person hacking into the Client's account on Zerodha's ...

Can I hack a Zerodha account?

No, the discount broker maintains full security for clients to prevent the account not to be hacked by unauthorized persons.

Which account is best for trading?

Best Online Brokerage Accounts and Trading Platforms:
  • Best Overall: Fidelity Investments.
  • Best Broker for Beginners: TD Ameritrade.
  • Best Broker for Mobile: TD Ameritrade.
  • Best Broker for Options: tastyworks.
  • Best Broker for Low Costs: Fidelity Investments.
  • Best Broker for Advanced Traders: Interactive Brokers.