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SEBI To Introduce Zero-Fee Demat Account – Basic Services Demat Account (BSDA)

Securities and Exchange Board of India (SEBI) launched a project that would reduce the cost maintaining securities of retail investor’s dematerialised accounts. Basic Services Demat Account (BSDA) will take effect on October this year.

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SEBI

In opening an account, depositors have to avail a limited service BSDA which enables them to have only one demat account for all their primary depositories and would be issued at least two delivery instruction slips. BSDA holders are also advised to register via mobile to receive SMS concerning their account/s.

While there would be no maintenance charge for those accounts below Rs 50, 000, those with financial credit between Rs 50, 000 to Rs two lakh will have maintenance charge of Rs 100. Other charges are determined by the value exceeding the criteria of a certain date, in which case the charge on normal DP account would apply. The BSDA value will depend on the closing Net Asset Value (NAV).

Transaction and other holding statements depend on whether you want it sent to you physically (Rs 25) or virtually (free). Accounts with zero credit and transaction will receive one actual holding statement while those that became zero or remains zero for the year shall receive none.

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