Regarding its proposed IPO, LIC on Saturday published an announcement in major newspapers advising policyholders to update their permanent account number (PAN) details and open demat accounts in order to participate in the offer.
“In order to participate in such a public offering, policyholders will need to ensure that their PAN details are updated on company records. In addition, it is possible to subscribe to any public offering in India if you have a valid Demat account. As a result, policyholders must ensure that they have a valid mat account, ”says the announcement.
Also Read: How LIC Policyholder Can Update PAN Details With Insurer To Participate In Its Proposed IPO
Now, if you are an insured who wants to invest in the LIC IPO project, if you don’t have a mat account, here is how you can open a mat account. (These are according to a LIC advertisement):
To open a demat account, visit the website of one of the custodian participants where you want to open the demat account. You can choose from these links to know the registered PDDs:
- NSDL: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=19
- CDSL: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=18
The securities in the demat account are held by the depositary participant (DP). There are two DPs – National Securities Depository Ltd (NSDL) and Central Depository Services India Ltd (CDSL). The DP that will hold your Demat account will depend on the one with which your brokerage firm has linked. Either way, there isn’t much difference between the services of the two PDDs.
Provide these documents to the DP to open your demat account:
Documents required to open a demat account:
- Recent photograph
- PAN card
- Proof of address
- Canceled check
Also read: Do you want to open a Demat account? Here’s what you need to know