Short answer

You can open a joint demat account offline only. You can include a maximum of three account holders, including the primary account holder.

Only one trading account can be opened per individual. However, you can open multiple demat accounts. iRage has made online and offline account opening free for resident Indian accounts from 29th June 2024.

Documents required

Submit the following documents to open a joint demat account:

Application forms:

Supporting documents:

Passport-size photographs of the joint holders to affix on the applications

Self-attested PAN copy of the joint holders

Self-attested address proof of the joint holders. You can submit any one of the following: Aadhaar, driving licence, passport or voter ID. Fill the correspondence address of the first or primary holder in the demat form since iRage will send all account-related communication to the first holder. If you are submitting an Aadhaar as proof, ensure that you submit a masked Aadhaar.

A bank account proof in the primary holder’s name. You can submit one of the following bank proofs: A personalised cancelled cheque with the name printed on it, a bank statement with the bank logo and seal, or a bank passbook copy with the bank account number, MICR, and IFSC code clearly visible.

An income proof to trade in F&O. You can submit one of the following income proofs: Bank statement with a bank logo and seal for the last six months, with an average balance of more than ₹10,000 The latest salary slip with gross monthly income exceeding ₹15,000 ITR acknowledgement with gross annual income exceeding ₹1,20,000 Form 16 with gross annual income exceeding ₹1,20,000 Certificate of net worth more than ₹10,00,000 Latest statement of demat holdings with current holdings value exceeding ₹10,000 (Your holdings must not be pledged) Latest Fixed Deposit (FD) receipt with a deposit amount exceeding ₹1,00,000

Bank statement with a bank logo and seal for the last six months, with an average balance of more than ₹10,000

The latest salary slip with gross monthly income exceeding ₹15,000

ITR acknowledgement with gross annual income exceeding ₹1,20,000

Form 16 with gross annual income exceeding ₹1,20,000

Certificate of net worth more than ₹10,00,000

Latest statement of demat holdings with current holdings value exceeding ₹10,000 (Your holdings must not be pledged)

Latest Fixed Deposit (FD) receipt with a deposit amount exceeding ₹1,00,000

Sample copy and signature guidelines

Check the sample equity form (PDF) for reference. Refer to the signature guidelines (PDF) to sign all the forms.

In-person verification

As part of the mandatory In-Person Verification (IPV) requirement for all brokers, each holder requires a webcam or physical verification individually. For joint accounts, two different mobile numbers are required to complete the IPV for both holders separately. You must use the mobile number mentioned in the KYC forms to complete the IPV. If any of the account holders face an issue while completing the IPV, create a ticket.

Need help? Call iRage’s new account opening desk at 080 4719 2020, 080 7117 5337 or create a ticket.

Document submission process

Email the soft copy of all the forms to support@arrow.trade.

iRage will review the forms in case any corrections are required.

After iRage reviews the forms, courier the documents to:

iRage Customer Support Centre 192A 4th Floor, Kalyani Vista, 3rd Main Road, JP Nagar 4th Phase, Bengaluru, 560076

Common reasons for opening joint demat accounts

You usually open a joint demat account for the following reasons:

To dematerialise jointly held physical shares

To transfer shares from a joint demat to another joint demat of another broker

To learn all the charges involved while trading and investing, visit arrow.trade/charges#tab-equities.

Things to keep in mind

In a joint demat account, the tax liability on the P&L is on the first holder

Your account will be opened within 72 hours if you submit the correct documents

If you are opening a joint account to have a nominee, you can open an individual account instead, and add the nominee online.

The names on your iRage joint account may not match the names on the documents you submitted because iRage fetches the names from the Income Tax Department (ITD) and does not update it as per the submitted documents.

Broker details

iRage Broking Services LLP (SEBI registration INZ000011262), product name Arrow. Registered office: Gift City, Gandhinagar.