What is the meaning of DP ID and DP Name in Demat Account?
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DP ID is the unique identifier for the depository participant, and DP Name is the name of the broker or financial institution.
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Demat account number and DP ID are a unique set of details that a customer gets when they open their Demat and Trading A/c. A Demat account number is essential for everyone participating in the stock market. It allows traders and investors to continue trading digitally. Once the Demat account is opened online with our Trading app, a welcome letter is sent by the depository (CDSL/NSDL) to the user that contains all the account information including the Demat account number.
A Demat account number, along with your DP ID, uniquely identifies your Demat account. It's essential for transactions, tracking holdings, and ensuring secure, seamless operations in the securities market.
A Demat Account number is a 16-digit account number that is unique to every Demat account holder. This is provided once a user creates their Demat and Trading account with any stockbroker. The Demat account number varies for the two depositories CDSL and NSDL. For CDSL, the Demat account number is also known as Beneficiary ID or BO ID. This is completely a 16-digit numeric ID. Whereas, for NSDL, it starts with “IN” followed by a 14-digit numeric code.
A DP ID, or Depository Participant ID, plays a crucial role in the world of Demat accounts. This unique identifier is allocated to the broking firm or financial institution that facilitates your Demat account. Understanding the DP ID and its format can help you navigate the stock market more effectively.
For instance, let’s consider the two main depositories in India: CDSL (Central Depository Services Limited) and NSDL (National Securities Depository Limited). Each depository has a specific way of structuring the Demat account numbers and DP IDs.
CDSL Example:
In the case of CDSL, the Demat account number is a 16-digit numeric code. For example, if your Demat account number is 1020304050607080, the first 8 digits (10203040) represent the DP ID, and the remaining 8 digits (50607080) are your unique customer ID. This means that the DP ID for this example would be 10203040.
NSDL Example:
For NSDL, the Demat account number follows a slightly different format, starting with the letters “IN” followed by 14 numeric digits. For instance, if your Demat account number is IN11223344556677, the DP ID is still the first 8 digits (IN112233), and the remaining 6 digits (44556677) constitute your customer ID. Thus, the DP ID in this case would be IN112233.
DP ID is different from a Demat account number.Like a Demat account number is unique to every individual participating in the stock market, a DP ID is a unique number allocated to the broking firm or financial institution that helps you with your Demat account. This is provided by CDSL and NSDL to the DP (Depository Participant).
The Demat account number is very important as it’s the number against which your orders are mapped when you trade in the share market. The Demat account number is unique to your investments and helps the stockbrokers to map the transactions that are done in your Demat account.
Moreover, if an investor has multiple Demat accounts, identifying the investments done in different Demat accounts will be tough. Therefore, Demat account number is helpful in segregating the investments of various Demat accounts and organizing the trades & the portfolio in a systematic way.
Your stockbroker may send account details via email after account setup. Look through your inbox for any messages containing your how to check demat account number information.
Access your broker's online portal or mobile app. Upon logging in, you should find options to view your account details, which may include how to find demat account number information.
In your profile or account settings, locate your demat details. This section often contains essential information such as your how to know demat account number.
For clarity, demat accounts in India are maintained by either CDSL or NSDL.
Your Demat account number, also referred to as the Beneficiary ID or BO ID, is a unique 16-digit numeric code.
This account number starts with "IN," followed by a 14-digit numeric code.
Once you locate your account number, make sure to save it securely. This how to check demat account number information will be essential for various transactions and verifications.
By following these steps, you can easily locate your demat account number.
As discussed earlier, a Demat account number is provided by the depositories, NSDL and CDSL. When you create your Demat & Trading A/c with a stockbroking firm, you receive these details via email from the depositories. You can find this on the web and app platform of your stockbroker as well.
For Bajaj Broking customers, they can find this in their profile section of the app and the web platform. The Demat Account number differs for both the depositories. For CDSL, the Demat account number is also known as Beneficiary ID or BO ID. This is completely a 16-digit numeric ID. Whereas, for NSDL, it starts with “IN” followed by a 14-digit numeric code.
A Depository Participant is a stockbroker, bank, or financial institution that helps act as a medium between a trader or investor and the stock exchange. In simple terms, if you have a Demat & Trading A/c with Bajaj Broking then, Bajaj Broking is the Depository participant in this case.
The Demat account number is the complete 16-digit unique code, whereas DP ID is the first 8 digits of the Demat Account number. The remaining 8 digits is your customer ID. Considering the Demat account number may differ for both CDSL and NSDL, let us understand them with a simple example.
Sample account numbers shown below to help you get familiar with the format:
For CDSL:
Demat account number – 1020304050607080
For NSDL:
Demat account number – IN11223344556677
Both Central Depositories Services India Ltd. (CDSL), and National Securities Depository Ltd, (NSDL) are government registered share depositories in India. Shares are held in an electronic format in the depositories. It’s crucial to understand the difference between the two to find out the 16-digit Demat account number because it will be based on the stockbroker’s affiliation (either CDSL or NSDL). Therefore, to avoid mistakes at the time of quoting your Demat account number, let’s take a look at the fundamental difference between the two in a tabular form.
Particulars | NSDL | CDSL |
---|---|---|
Stock Exchange | National Stock Exchange | Bombay Stock Exchange |
Full Form | National Securities Depository Limited | Central Depository Services India Limited |
Headquarters | Mumbai | Mumbai |
Year of Establishment | 1996 | 1999 |
Demat account number format | 16-digit alpha numeric number. The account number begins with ‘IN’ followed by 14 numeric digits. | 16-digit numeric Demat account number. |
Its mandatory to open a Demat account to start trading in the share market. To open a Demat account, you have to approach a SEBI-registered Depository Participant (DP). The list of such DPs is available on the websites of CDSL and NSDL.
Kindly follow the below steps to open a Demat account:
A Demat account number is important for share market investing in India. It serves as the investor’s identity when investing in the share market. The stock market uses the 16-digit Demat account number to identify an investor, and knowing this number is essential when applying for an IPO. To easily manage your investments and access your Demat account, install the Bajaj Broking app.
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DP ID is the unique identifier for the depository participant, and DP Name is the name of the broker or financial institution.
Contact your stockbroker or check your email and account profile on the broker's platform to retrieve your Demat account number.
A Depository Participant (DP) is a broker or financial institution that acts as an intermediary between investors and the stock exchange.
Generally, avoid sharing your Demat account number publicly to prevent unauthorized access and ensure security.
Find your BO ID and DP ID in the profile section of the Bajaj Broking app or web platform.
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