Can I convert my single demat account into a joint account?

livemint.com:

demat accounts, driven by the active participation of retail investors in Indian stocks, bonds, and mutual funds. This trend reflects a shift in investment preferences away from traditional fixed deposits towards diversified portfolios. Over the past decade, Indian households have increasingly allocated their financial savings towards equities, indicating a sustained upward trajectory in this aspect.

With technological advancements, the process of opening a demat account has become streamlined, enabling retail investors to initiate trading activities within a day. Demat accounts offer several benefits to investors, including the elimination of physical share certificates, which are susceptible to damage. Moreover, these accounts facilitate the seamless transfer of securities with a single click, thereby eliminating cumbersome paperwork.

Also Read: Demat Account: Can it be accessed from anywhere and how safe is it? MintGenie answers For investors seeking direct participation in the stock market, opening a demat account with depository participants is a prerequisite. Additionally, those looking to hold securities jointly with family members or business partners may opt for a joint demat account to manage investments collectively. In this article, we will look at the difference between single and joint demat accounts and explore the possibility of converting a single demat account into a joint one.

A dematerialised (demat) account acts as a digital vault for an investor's financial securities, storing them electronically for convenience and accessibility. This account simplifies the management and handling of financial assets, providing ease of use to investors. Also Read: Demat account: How to choose the right depository