Hello All
We all sometimes change brokers, sometimes due to better rates, sometimes better service & other reasons. Many times rather than finally severe old relationships one keeps them inoperative and moves on with the new one, resulting in more than one operative trading account.
Most of my Demat account were NSDL, but still the new brokers kept insisting that I had to open new NSDL accounts through them. My thought was that they just needed a POA on my existing NSDL account...as long as the old trading account was not closed I did not need to inform NSDL/old broker to cancel the old POA.
Maybe it should be possible to open account directly with NSDL and then extend the brokers POA on the account. Why can't two brokers hold POA on one Demat? Why should a user need to open multiple Demat Accounts? The stocks lying in Demat account are not owned by ANY broker. If however, I borrow against them, broker obtains electronically an NSDL lien and only free stocks can be lienmarked!!
So what's the resolution to the problem?
With regards.
Sanjay.
We all sometimes change brokers, sometimes due to better rates, sometimes better service & other reasons. Many times rather than finally severe old relationships one keeps them inoperative and moves on with the new one, resulting in more than one operative trading account.
Most of my Demat account were NSDL, but still the new brokers kept insisting that I had to open new NSDL accounts through them. My thought was that they just needed a POA on my existing NSDL account...as long as the old trading account was not closed I did not need to inform NSDL/old broker to cancel the old POA.
Maybe it should be possible to open account directly with NSDL and then extend the brokers POA on the account. Why can't two brokers hold POA on one Demat? Why should a user need to open multiple Demat Accounts? The stocks lying in Demat account are not owned by ANY broker. If however, I borrow against them, broker obtains electronically an NSDL lien and only free stocks can be lienmarked!!
So what's the resolution to the problem?
With regards.
Sanjay.