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The Securities and Exchange Board of India(Sebi), today launched no-frills demat accounts for individual retail investors. There will be no annual maintenance charges of deposits of up to 50,000 rupees, while deposits between 50,001 rupees and 200,000 rupees will be 100 rupees. Sebi said the ‘basic services demat accounts’ have been started to “extend the reach of IPOs for the benefit of retail investors”.
The product is launched with a view to encourage an investment culture in the country. An individual can hold only one such account in his name across all depositories.
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