InvestorQ : Can a demat account be in joint names or the names of a minor?
rhea Babu made post

Can a demat account be in joint names or the names of a minor?

Answer
user profile image
Moii Chavate answered.
2 years ago


Absolutely Yes! You can have a demat account in joint names. For example, you and your wife can be the joint holders of a demat account. In fact, joint holding also does away with the need to have a nominee as the joint holder becomes the automatic nominee. In fact, the joint holder is the nominee even if another nominee has been appointed by you. There can be maximum three account holders i.e. one main holder and two joint holders. There is one thing to remember here. When you dematerialize shares held in joint accounts, ensure that the spelling of the joint holders in the demat account is the same.
Also, ensure that the order of names in the physical certificates and the demat account is the same. Shares held in the name of Rakesh Shah and Bharati Shah cannot be dematerialized into the demat account of Bharati Shah and Rakesh Shah. Although the joint owners are the same, the order also has to be the same. Take care of that when you open your demat account.
Can a Demat account be opened for a minor? Yes. Demat account can be opened in the name of a minor. The account will be operated by a guardian till the minor becomes major. Guardian has to be the father or in his absence mother. In absence of both, father or mother, the guardian can be appointed by the court. However, a minor cannot be a joint holder in a demat account. That facility of joint holding is only available to majors above the age of eighteen.