Please Clarify - Two Demat Accounts with same PAN No.

[Ram Naresh]

Hey

I have two Demat acs one with ICICIDirect and another with Indiabulls. I have an query regarding IPO. Now If I applies for an IPO (Same IPO) thru both the Demat Acs.
Query -
1- So would both the bid will be approved or rejected? And Is it a valid thing to do.
2- Or will reject one or there will be no problem for the another.

One of my friend told me that that the company will track the Person of the Demat accounts (with the help of PAN No.) and if he had applied for the IPO with two acs in the same name so they will reject both the application.

Please Clarify. Waiting for your response.

Thanks
RN

[dominate]

As for IPO application, it should be only one application per PAN number. An individual can legally apply only ONCE in an IPO.

For more details pls check yourself on SEBI Website -
http://www.sebi.gov.in/Index.jsp?contentDisp=Section&sec_id=1

Regards,
Dominate the World :eek:

[CopyCat]

I myself have two demat accounts with two different DPs using the same Pan No. there is no restriction on the no of demat accounts that a person can hold even on the same Pan No as demat A/Cs are treated just like bank accounts (and there is no restriciton on the number of bank accounts you can have).

As for IPO application, it should be only one application per PAN number. An individual can legally apply only ONCE in an IPO.

So in short you can have n number of demat accounts with n number of DPs but while applying for for IPOs it is only one application per Pan No.