How to Open Your FREE DEMAT Account
DEPOSITORY
SMIFS Limited is registered as a Depository Participant with Central Depositories Ltd (CDSL) and National Securities Participant Ltd (NSDL), to Individuals and Corporates to hold their shares in electronic form as participant of two leading central depository services. At SMIFS Limited, clients are offered the dual benefit of trading and having a reputed depository service under a single roof and experience an efficient, risk-free and prompt depository service. We also offer legal / advisory services to recover stuck up finances in physical shares, whose title are in dispute as bad deliveries.
Depository service facilitates holding of securities in the electronic form and enables securities transactions to be processed by book entry. The Depository Participant (DP), who as an agent of the depository, offers depository services to investors. According to SEBI guidelines, financial institutions, banks, custodians, stockbrokers, etc. are eligible to act as DPs. The investor who is known as beneficial owner (BO) has to open a Demat Account through any DP for dematerialization of his holdings and transferring securities.
There are many benefits associated with a depository account, if you buy and sell shares in the depository mode:
- No bad deliveries
- Immediate transfer of ownership rights
- No risk of loss, mutilation or theft of share certificates
- No stamp duty for transfer of shares
- Reduced paper work
- Fast settlement cycles
- Highly simplified method for pledging/hypothecation of securities with banks
- Facilitates securities lending
- Facilitates freezing / de-freezing of security accounts
- Increase in liquidity of your securities because of faster transfer and registration of securities in your account
- Instant disbursement of non-cash benefits like bonus and rights into your account
- Regular account status updates available at any point of time
