With a growth-rate of more than 13%, 40 Lakh+ D-MAT accounts were opened in just last year, taking the total number of stock market investors in the country to 3.65 crore. This is the highest number of DEMAT Accounts added in a year since 2011. The National Securities Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) together added over 12 lakh DEMAT Accounts just between April 2019 and July 2019. There has been no impact on new DEMAT Accounts despite the market conditions and turbulences. Most of the new DEMAT Accounts opened are from unique PANs (permanent account numbers) and new holders. Bulk of the growth is coming from Metros or larger cities but now account opening and penetration is pretty good for smaller town as well.
This may become the next big wave to ride on for business. Also this product-line may provide Depository Participants with great cross-sell opportunities to their existing customer-base.
ONYX DP is a Digital KYC System to open D-MAT accounts so that the Depository Participants can benefit from the growth potential that this Product-line has.
ONYX DP enables Depository Participants to open DEMAT accounts of Indian Residents in all formats of Individual accounts, Joint Holding accounts, Accounts of minors etc.