Why is a Power of Attorney (POA) needed for a Demat account?
A Power of Attorney (POA) enables quick, smooth, and efficient functioning of the Demat account. Previously, POA was used to debit securities from your Demat account upon your request to either sell or pledge the securities which you own. In the absence of a POA, you will have to give specific instructions to your broker each time which was practically not feasible to do.
Recently, EDIS has been introduced by the regulators as an alternative for the POA where you can Buy/Sell the Equities/Mutual Funds through the TPIN. You can also pledge the shares in your Demat for margin benefit to trade in F&O Segment using the EDIS. To understand more about EDIS, refer to this blog.
How to submit the Power Of Attorney (POA) of my Demat account to FYERS?
You will have to Download, print, fill, sign & send the Power of Attorney to our office address. Once the forms are received, your POA will be activated in 7 working days. Our office address is as below: Fyers Securities Private Limited. No. 225, 1st ...
What happens if I don’t give the Power of Attorney (POA) of my Demat account?
Earlier, in the absence of a POA, a client would be able to sell or pledge shares which he/she owns only upon physically submitting the Delivery Instruction Slips (DIS) to the broker. This was both inconvenient and time consuming for everyone. For an ...
Can I open Non- POA Demat account?
Yes, you can open Demat account without providing POA where you’ll have to Buy & Sell the shares through E-DIS. You can go through this blog Demat Account Without POA for more information on E-DIS and how it is different from the Demat with POA. We ...
Can I open Demat account online at FYERS?
Yes! If you are new to FYERS and want to open a Trading+Demat account, you can open an account online here. The Demat account opening process for existing clients is also completely online. For more details, read this article. For new clients, ...
What is the procedure to open a Demat account?
If you already have a trading account with us, kindly follow the instructions given in this article. If you are new to FYERS, you can open an account here. Please note that the Demat Account does not require POA authorization and you can Buy/Sell ...