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Securities and Exchange Board of India has directed that for new demat accounts from February 1, 2005, no opening charges will be payable. These new account holders will also not have to pay towards any custody charges for shares that are held in the demat account. Existing demat accounts will have the provision of not paying custody charges from April 1, 2005.
Any purchase of shares, that are credited to demat accounts will not attract any fee, though selling the same would entail debit charges that are currently being levied.
Annual cost of operating a demat account might come down by 10-40 per cent, depending on the nature of its usage. SEBI expects taht this move will result in larger usage of demat facilities by investors.
Daily Global Stocks Market Index
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