If a person is already having a demat account with any broker, can he open a new BSDA demat account with another broker?

General
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BSDA - Basic Service Demat Account. You can enable BSDA only to one Demat account.

Example: If you have Demat account with IL&FS and Sharekhan you can enable BSDA to only either Sharekhan or IL&FS Demat account not for the both.

Demat account holder with BSDA enabled need not pay AMC charges if the value of stock is less then Rs. 50,000/year. AMC will be Rs.100 in case value of stock is between Rs. 50,000 to 2, 00,000 per year.

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With a view to achieve wider financial inclusion, encourage holding of demat accounts and reduce the cost of maintaining securities in demat accounts, SEBI has  directed  the  Depository  Participants to make the "Basic Services Demat Account"(BSDA) facility available to existing and new  clients  effective  October 1, 2012



Kindly note that the clients who fulfill the following criteria can have a BSDA account:

  • Only one demat account  can be held at one point of time where they are the sole or first holder
  • Any other demat account/s where they are not the first holder shall be eligible for BSDA in respect of the single demat account where they are sole or first holder
  • Only one BSDA account can be in his/her name across all depositories
  • Value of securities held in the demat account shall not exceed Rupees Two Lakhs at any point of time

Hope it helped :)

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Hi,
As far as I know, the BSDA service can be only enabled for the person who is having only one demat account.
If a person is having more than one demat account, he is not eligible for the BSDA service.

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I given you the information as per IL&FS compliance. You can check with them. 080-43464003

6

Assume I got 1.5 lks worth of shares which was purchased in April I sell them in Aug and buy some shares worth 1.5 again in Sep. In this scenario shoud I pay AMC?

7

It can be done, as long as the investment does not go above 2lk at any given time it is fine. You dont have to pay AMC for it.

8

Is it safe to keep all money with Zerodha or should I put my money with two or more brokers? (never put all the eggs in one basket)

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AMC for BSDA demat is nil till 50,000 worth holding as per market price and rs 100 plus gst from 50,001 to 2 lakh .

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To my understanding only one account can be held per pan no as Sole or First holder if it is BSDA.