Sharekhan Partners with NeSL to Fully Digitise Demat Account Opening
In contrast to the regular methods of demat account opening, which included the Demat Debit, and Pledge Instruction (DDPI) to be physically signed and stamped (franked), amounting to extensive paperwork, Sharekhan's pioneering approach eliminates the need for physical stamp paper procurement and signing.
As of now, customers either physically sign the DDPI document, with the broker arranging for stamp paper and affixing it, or opt for a partially digital process, wherein customers digitally sign a scanned copy of the DDPI document, while the broker continued to handle stamp paper procurement and storage of print-outs. With NeSL on-board, the backend process is digitised and it will also act as the repository where the DDPI information will be stored.
Sharekhan’s digital initiative aligns with environmental sustainability goals and is in-line with Government of India’s ‘Digital India’ programme.
Jaideep Arora, CEO, Sharekhan by BNP Paribas said, “We are very excited to lead the way in creating an unparalleled experience for our customers.
By eliminating the need for physical paperwork and stamp paper procurement, Sharekhan's paperless demat account opening process not only enhances convenience but also contributes significantly to environmental sustainability. This innovative step aligns seamlessly with our mission to provide a customer-centric, eco-friendly solution.
It simplifies the journey for our customers, making it effortless, while also reducing our carbon footprint. We believe that by combining customer-centricity and sustainability, we are shaping the future of financial services in India."
Sharekhan's innovative digitalisation initiative revolutionizes this entire process.
