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SEBI proposes no-frills demat account
"With a view to achieve wider financial inclusion, encourage holding of demat accounts and to reduce the cost of maintaining securities in demat accounts for retail individual investors, it has been decided that all depository participants (DPs) shall make available a "Basic Services Demat Account" (BSDA) with limited services as per terms specified herein", SEBI said in circular.
To encourage small investors SEBI announced announced no-frills or basic trading accounts for retail individual investors with no charges applicable for holdings up to Rs 50,000.
While, investors holding from Rs 50,001 to Rs 200,000, AMC not exceeding Rs 100 will be charged.
The value of holding shall be determined by the DPs on the basis of the daily closing price or NAV of the securities or units of mutual funds, as the case may be.
The circular shall be applicable with effect from October 01, 2012.
Electronic statements in this account will be free of cost. In case of physical statements, the DP shall provide at least two statements free of cost during the billing cycle. Additional physical statement may be charged at a fee not exceeding Rs.25/- per statement.
Also, can avail the facility of SMS alert facility for debit transactions by registering their mobile number.
However, existing eligible individuals to convert their demat account into BSDA on the date of the next billing cycle based on value of holding of securities in the account as on the last day of previous billing cycle.
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