You need to get hold of a demat account by approaching a depository participant (DP) if you intend on trading. The majority of individuals complete their trading account opening process and start their stock market investing career with a few stocks. You can broaden your range of securities as you gain experience. Today, keeping track of all your holdings without the help of a stockbroker is simple. It is clear that trading has become a rapid and efficient activity overall. More and more interested traders and investors are joining the Indian stock market as a result of the simple availability of demat accounts.
The latest news and developments in the Indian stock market are something that traders and investors are interested in staying up to speed with. Demat accounts are crucial in this situation for giving the most recent updates. You may rapidly obtain all the necessary market-related information with the CDSL demat accounts.
Central Depository Services Limited, referred to as CDSL, is the second securities depository institution in India. Established in 1999, CDSL offers investment opportunities through depository participants in a variety of securities, including shares, mutual funds, bonds, and more. Popular banks that heavily promote CDSL in India, after the Bombay Stock Exchange (BSE) include the SBI (The State Bank of India), HDFC Bank, Axis Bank, etc.
The CDSL operates in a way similar to the banks. Your bank account can be used to deposit funds, while your CDSL demat account can be used to deposit all of your investments. You can now store all of your securities electronically with CDSL. Currently, CDSL has 600 stockbrokers connected to it. In India, CDSL wants to provide customers with secure depository services.
- Obtain a Unique Demat ID
In India, there are two chief depositories:
- The CDSL or Central Depository Services Limited
- The NSDL or National Securities Depository Limited
You can open a demat account with either CDSL or NSDL when you select a depository participant (DP), depending on the depository they are connected to. You can identify the depository where your demat account is located referring to the demat account number. You will receive a special 16-digit demat ID with a CDSL demat account that combines your DP ID and Beneficiary ID. In contrast, an NSDL account offers an alphanumeric string beginning with “IN” and a 14-digit number after that.
- Log in with the CDSL Demat Account
You must join the CDSL EASI platform to determine the CDSL demat account login process.
Mentioned below are simple steps to register yourself with the CDSL EASI platform. After successful registration, you will receive the CDSL demat account login details. You can access all the information related to your CDSL demat account.
- Go to https://www.cdslindia.com
- On the homepage, click on the ‘login’ option available at the top right corner.
- Choose the first option, ‘New System Myeasi (BO/CM/DP/Issuer/DDP)’ in the pop-up box.
- Select the button ‘login’ below. An additional pop-up box will appear on the new page that you are redirected to. Choose the ‘To Register for Easi! Click Here’ option.
- Enter your BO ID and password.
- The registration process will be finished once you have provided all the required information.
- To access the portal, you must have your CDSL demat account username and password.
- Monitor Corporate Announcements
Using your CDSL demat account with the EASI portal, you can get to know about corporate announcements related to your holdings. It is possible to include almost 25 International Securities Identification Numbers (ISINs) for securities you have not invested in. You can even track any corporate announcements made around those assets.
- No CDSL Demat Account Charges
To open a CDSL demat account with CDSL, you will need a depositor participant (DP). However, you won’t have to pay any CDSL demat account charges from the depository. Plus, using the CDSL EASI portal is absolutely free.
- Use CDSL EASI
CDSL EASI stands for Electronic Access to Securities Information, launched by CDSL. With CDSL EASI, you can manage all your investments with flexibility. Registered account holders and clearing members can easily access their CDSL demat accounts. You can visit the CDSL website to find out your transactions and holdings-related information.
- Other Benefits of the EASI Portal
A CDSL demat account holder can use the electronic platform to carry out various functions:
- You can’t just check out, but you can also take a printout of the information related to your holdings and/or transactions from the last seven days.
- Check out and take the printout of the information related to the valuation of your demat holdings. Naturally, it is based on the BSE platform’s closing price for the preceding day.
- You can check as well as monitor more than one demat account using a single standard login ID.
Above all, you can avail of a lot of benefits with CDSL that will cost you nothing, including the platform of CDSL EASI. You can view, track, and download on the CDLS EASI platform by Central Depository Services (CDSL). Moreover, it is easy to open a demat account with CDSL because this national depository has many DPs across India. Thus, all you need to do is to look for a DP that allows you the facility of CDSL demat and trading account opening.