First and foremost, any IPO application cannot be made without a DP account. IPO shares will directly be allotted into the demat account and hence non-DP applications cannot be made. There is no concept of physical issue of shares now. However, there is no restriction on where to have your DP account. You can have the DP account with the DP of your choice, which is normally where you have your trading account too. There is no need for you to have a DP account with the SCSB, where you are submitting the form. Where to have your DP account is purely your choice.