InvestorQ : Can someone else operate my DP account on my behalf?
Aashna Tripathi made post

Can someone else operate my DP account on my behalf?

Answer
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Rutuja Nigam answered.
2 years ago


Not anybody, there is a fixed procedure to follow. Ideally, only you can and only you must operate your DP account. This is a confidential statement of ownership to be very careful about anyone else handling your DP account. Avoid sharing passwords and other access details in your own interest. But yes, there is a legal process by which you can do it and it is called the power of attorney. As a BO, you can authorize any person to operate the account by executing a power of attorney (POA) agreement and submit it to the DP, that person can operate the account on behalf of the BO.
Subscription of SMS alerts for the depository accounts operated through POA is mandatory except in cases of accounts held by non-individual, foreign individuals & NRIs. However, please remember that you as the BO will continue to be responsible and answerable for all the transactions in and out of the DP account. So, appoint your POA very carefully and after due deliberation. The POA must be highly trustworthy and only then you can assign such a big responsibility to them.