DEMAT Services

Bank of Maharashtra is a Depository Participant (DP) of CDSL since 1999.

Services rendered are for holding / transferring / pledging of securities such as shares / Debentures / Bonds / Commercial Papers/ UTI units / etc (known as securities) in electronic form (Dematerialized form). 
No dealing in commodities exchange is undertaken.

Functions

• Dematerialisation (conversion into electronic form) of securities in physical form.
• Rematerialisation (conversion to physical form) of Securities held in demat account.
• Effecting deliveries from demat accounts.
• Getting credits into the demat accounts when transferred from other accounts.
• Modification of accounts for change of address / Bank account details / nominee / power of attorney.
• Pledge / unpledge of securities, where the securities remain in the account of pledgor but are blocked in favour of pledgee. For pledge both pledgor & pledgee must have accounts in CDSL, though with different DPs.
• Freeze / unfreeze of Account or specific securities.

Facilities

• Debits to accounts are effected under instructions from clients.
• On line inter depository transfers are allowed on real time basis i.e. within few minutes of processing of instruction.
• Credit receipts are automatic. No instruction is required to receive credit. However if client desires, automatic credits can be blocked and can be effected only under instructions.
• There is easy method of pledging securities for loans from Bank. Under the method securities are retained in the accounts of pledgor under block in favour of pledgee (Bank). At instruction of pledgee (Bank branch) the securities can be released (unpledged) or transferred (confiscated) into account of pledgee. All corporate benefits of dividends / bonus etc are availed by pledgor during pledge. 
• Freeze of securities for debit or credit or for both can be undertaken.
• Transmission (death claim settlements) to surviving holder(s) or Nominee (incase of death of all holders) is allowed.
• SMS Alert facility on account positions & security transfers are available.
• A facility known as “EASI” (Electronic Access to Security Information) is available free of charge to view account position through Internet.
• A facility known as “EASIEST” (Electronic Access to Security Information & Execution of Security Transactions) is available at nominal cost to execute delivery transactions with help of e-token (Digital Signature Certificate).
• Transaction cum holding statement is sent on monthly basis for accounts having transaction during the month and quarterly holding statement for all accounts.
• Dividends are credited directly to the bank account (as referred in the Demat account).
• Demat service charges are recovered directly from the charge bank account referred.
• Delivery instructions slips can be deposited at nearby bank branch where bank account is maintained.
• With one time execution of fax indemnity (Rs 200/- stamp) instructions slip can be faxed followed by ensuring original to reach within two days.  

Who can open Demat Account

Following categories can open a demat account:

Individuals  / HUF/ NRI / Body Corporate / Registered Society / Registered Trust / Recognized Funds (Gratuity Fund, Superannuition Fund, Venture Capital Fund etc) / Foreign Institutional Investors / Overseas Body Corporate / Banks / Mutual Funds / Association of Persons / Foreign National / Clearing Members (Brokers).

• Demat account in the name of Proprietorship / Partnership firm / Unregistered Society / unregistered Trust cannot be opened.
• Demat account in the name of HUF / Minor can be opened as 1st and sole holder. Joint accounts with others are not allowed.
• Joint accounts can be opened in the name of maximum three holders.
• To open and maintain a Demat account with Mahabank DPapplicant must have a bank account with any Branch of Bank Of Maharashtra under Core Banking. 
• An NRI can open demat account on repatriation basis or non- repatriation basis. For non-repatriation basis domestic address and NRO bank reference account number is required.

Channels available for demat services

• Services are available at any Core Banking branch of Bank where bank account is maintained.
• Clients can get services at the parent branch for queries on account positions, obtaining request forms, submission of instructions and requests.
• Query compliance on the scheme is available at Mahabank Facilitation Center from 7.00 A.M. to 11P.M. through contact No (022) 22625754 / 22611196.
• Query compliance is available at Demat Center Pune: 
  Address
  Bank Of Maharashtra,
  Demat Cell,
  3rd Floor, ‘Janamangal’ , 1177 Bajirao Road,
  Budhwar Peth, Pune 411002.
  Contact Nos : 020-24504004, 020-24504014
  e-mail address: Demat_mum@mahabank.co.in  

Information and Documents to be submitted for opening account 

• PAN card copy for all joint holders.
• Proof of ID if PAN card copy is without photo or is not adequate.
• Proof of Correspondence address (1st holder), permanent address of all joint holders (if other than correspondence address).
• Proof of Dividend bank account details if account is not in Bank Of Maharashtra.
• Charge bank account details (must be Bank Of Maharashtra account) for recovery of demat charges.  Undertaking to debit charges to the referred bank account is to be signed by all holders of the bank account.
• Photographs of holders (pasted with cross signed by photo holder).
• Information of financial status (income range) of 1st holder.
• Other relevant documents as per the constitution of the applicant.
• Nomination option (Yes or No) with signature. If yes Nominee details with one witnesses.
• Birth certificate of nominee as holder or nominee of Demat account.

ID proof must be one of the following:

• PAN card with photograph,
• Voter ID
• Driving License,
• Passport,
• ID card / document with photo issued by Govt / statutory authorities / PSU / scheduled commercial banks / Public Financial institutions / Colleges affiliated to universities / professional bodies such as ICAI, ICWAI, BAR COUNCIL etc.

Address Proof must be one of the following:

• Passport
• voter Id card,
• Driving License,
• Ration card,
• Bank passbook,
• electric bill / landline residence telephone bill copy not more than two months old,
• Leave and License agreement / agreement for sale,
• self declaration by high court and supreme court judge giving address of their own account,
• Id card with address issued by institutions mentioned under point (v) above.
• A bank statement (showing the name, address of the BO, and bank transaction during a period printed on bank stationery / letter head) duly attested by the bank official under bank stamp and signature of the bank official
  or
• Original computer generated statement with details as above printed on bank stationery / letter head self attested by BO along with cancelled cheque (in original) pertaining to the bank account. Such statement in point No (x) & (xi) should not be more than 2 quarters old.
• Acknowledged copy of income tax returns.

Miscellaneous

• For every operation Demat account of client & security ID must be active.
• After account opening letter with account details along with delivery instruction slip book is sent to account holder directly in the correspondence address. If any letter is not received within 15 days of submitting the application then applicant may contact branch or Demat Cell.
• Proofs and application form is to be got verified by branch officials with name and signature code before receiving acknowledgment for submission of application.
• Address / contact number / bank account details / power of attorney holder / nomination details can be modified at request with proof of new details. However name or order of holders of a Demat account can never be changed. On death of one joint holder the holdings are transmitted to new account in the name of surviving holders or Nominee (after the death of all holders)
• Nomination is only for individuals (single or joint) and only one nominee is allowed.
• Every operation or instruction in joint account must be in joint mode.
• Lock-in shares are allowed for dematerialisation.
• Lock-in shares are allowed for pledge, but cannot be transferred to pledgee account before expiry of lock-in period.

Please Note   

• No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor’s account.
• KYC is one time excercise while dealing in securities markets – once KYC is done through a SEBI registered internmediary (broker , DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary

Charges

The charges (excluding service tax) for demat services applicable as on date ( 01.02.2016) are as under