Chapter 2 · Your accounts: bank, Demat, Mero Share, TMS
The Demat account
Where your shares actually live, in electronic form, in your name.
Demat is short for dematerialised. Shares used to be paper certificates; a Demat account is the electronic replacement. It is opened through a depository participant — in practice a bank or a broker acting as one — and the shares are recorded at CDSC, the central depository.
What does a Demat account give you?
A sixteen-digit BOID (Beneficiary Owner Identification) number. Write it down. You will need it for every IPO application, every transfer, and every conversation with your broker.
What does a Demat account cost?
There is normally a small account opening charge and an annual renewal fee, and both are set by your depository participant rather than by a single national rate. Ask for the schedule in writing before you open it — the fee itself is minor, but different providers bundle different services around it.
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