I manage multiple family accounts and I wanted to know it is to possible to have a single login for multiple accounts?

#1

I manage multiple accounts belonging to my family members, and it is a hassle to login separately to each account every time. So I was wondering if there was a way to map these accounts to a single ID which would allow me to manage these accounts easily.

How I can see Family Account Report at one place
#2

Unfortunately exchange/SEBI doesn’t allow trading platforms to place orders on behalf of another person. Exchange/SEBI haven’t defined any term of “Family accounts”. So this is not possible in the current scheme of things.

If you think about it, this can lead to a lot of litigation. A trade taken by one family member, if goes bad, the other member can very easily come and say was unauthorized.

3 Likes
#3

But this facility of single login multiple family accounts is being provided by other service providers / platforms. I am afraid how are they providing it.

#4

It’s not possible.
It would be a disaster as members can blame each other.
Also it would create tax problems.

#5

Then they are doing something illegal.

#6

This will not create any tax problems. As the P&L account for all the members are different. Nothing to blame or a disaster can happen each member will sign their own KYC and other documents. I had been using it (don’t want to name the platform) flawlessly and it is more convenient. you can see a common dashboard and can manage all the Investments with ease.

#7

This is a compliance issue. SEBI doesn’t recognize family as a relationship that allows one member to place orders on behalf of another. To manage portfolios like this, the only legal way is either by registering with SEBI as Portfolio manager or hedge fund. There are brokers who give out dealer terminals which allow you to do this, but this isn’t legal.

1 Like
#8

I have also seen few AMC allowing multiple MF folios to be linked to a single login.

#9

I thought getting a NISM certification and dealing on client accounts was leagal. But I guess what is non-compliant here is that investment advise is coming from a non registered investment advisor. I think if you act on advise provided by others and have written authorization for each trade, you can still trade on other accounts using dealer terminal. Isnt it ?

#10

Is there any Share Broking Company, where in, I can open my Five family Members Trading cum Demat (Or 3 in 1 also okay) account in Group : And i can get :

  • Holding Report or Current Status on single Screen ? (Where in No need to feed all Data manually) .
    -Auto Monthly / Quarterly Holding & Current status Report by e-mail on family Group.

Please guide, as facing difficult handling different accounts.

#11

Answered here:

#12

ok . …nice information . my friend who has 8 family members and only he operate for all on a trading terminal provided by a corporate brokerage house. he is not even NISM qualified and operates from a very busy trading shop .

#13

Even if such thing is possible somewhere they should be prohibited completely cause they create a lot of mess clearly with everything. I would be cautious to use it anyway. I would create login for each family member even if it’s true really and finally.