New demat account for a different person using another person's savings bank account

[sherlock]

Hi all

I am trying to invest in IPO. Since these days chances of getting allocation of lots in high demand stocks are less so I want to invest also by creating a new demat account in my mother's name and her PAN number to increase my chances for allocation of lots. Do I need to create a separate bank account number in her name to link it with the demat account and then transfer money in it? Or can I create a demat account in her name and link it with my bank's savings account?

 

[funatlearn]

Each pan will require corresponding bank account. You can apply once per pan. If you have multiple applications (via different demat account) it can fail

 

[sherlock]

Each pan will require corresponding bank account. You can apply once per pan. If you have multiple applications (via different demat account) it can fail

I know that I can apply for an IPO only once per PAN number, even if I have multiple demat accounts registered with the same PAN number.

But can I open a demat account in my mother's name and PAN and have it linked with my savings account to withdraw funds in case of allocation of lots in the IPO?

 

[funatlearn]

I know that I can apply for an IPO only once per PAN number, even if I have multiple demat accounts registered with the same PAN number.

But can I open a demat account in my mother's name and PAN and have it linked with my savings account to withdraw funds in case of allocation of lots in the IPO?

You can't use your bank account with your mother's pan/demat

 

[sherlock]

Can I use the same bank account or the same UPI ID to apply for IPO using different demat accounts?

 

[Vasuki]

Hi all

I am trying to invest in IPO. Since these days chances of getting allocation of lots in high demand stocks are less so I want to invest also by creating a new demat account in my mother's name and her PAN number to increase my chances for allocation of lots. Do I need to create a separate bank account number in her name to link it with the demat account and then transfer money in it? Or can I create a demat account in her name and link it with my bank's savings account?

Yes u can apply but her account should be different ( on her name ) demant on her name

 

[sherlock]

I do have another demat account in my mother's name which is linked to her PAN and her bank account. However, I will be using my money/bank account/UPI ID to invest in the IPO using her demat account. Is that okay?

 

[Vasuki]

I do have another demat account in my mother's name which is linked to her PAN and her bank account. However, I will be using my money/bank account/UPI ID to invest in the IPO using her demat account. Is that okay?

Bhai paisa aapka ho ya mummy ka ..
If its in her account .
Its her money 🤑 😂😂

 

[prash1161]

Hi all

I am trying to invest in IPO. Since these days chances of getting allocation of lots in high demand stocks are less so I want to invest also by creating a new demat account in my mother's name and her PAN number to increase my chances for allocation of lots. Do I need to create a separate bank account number in her name to link it with the demat account and then transfer money in it? Or can I create a demat account in her name and link it with my bank's savings account?

Bro subscription are going crazy chances 1/150

My friend doing with 15 accounts and not getting

So its on luck

And pan should match on bank and demat

 

[sherlock]

Bro subscription are going crazy chances 1/150

My friend doing with 15 accounts and not getting

So its on luck

And pan should match on bank and demat

There are two things: one is the bank account linked to the demat account and another is the bank's UPI ID which is used to invest in the IPO. Now my mother's bank account is linked to her demat account. But there's no law which says that a person should use only the demat linked bank account for investing in the IPO, right? I can use my bank account UPI ID to apply for IPO using different people's demat accounts?

 

[prash1161]

There are two things: one is the bank account linked to the demat account and another is the bank's UPI ID which is used to invest in the IPO. Now my mother's bank account is linked to her demat account. But there's no law which says that a person should use only the demat linked bank account for investing in the IPO, right? I can use my bank account UPI ID to apply for IPO using different people's demat accounts?

Bro forget everything
You can use any bank which is on your mother's name and same pan which is linked to demat as simple as that

 

[prash1161]

There are two things: one is the bank account linked to the demat account and another is the bank's UPI ID which is used to invest in the IPO. Now my mother's bank account is linked to her demat account. But there's no law which says that a person should use only the demat linked bank account for investing in the IPO, right? I can use my bank account UPI ID to apply for IPO using different people's demat accounts?

For example
If your name is 'pav bhaji'
And same name on your demat account
But you used bank account named 'butter' for applying ipo in 'pav bhaji' account
Then simply you won't get allotment
The registar have their own system which remove these type of entries and then proceed further

I hope you understood
Else do what you are doing

 

[telescope]

There are two things: one is the bank account linked to the demat account and another is the bank's UPI ID which is used to invest in the IPO. Now my mother's bank account is linked to her demat account. But there's no law which says that a person should use only the demat linked bank account for investing in the IPO, right? I can use my bank account UPI ID to apply for IPO using different people's demat accounts?

No, you cannot do that. If name is not matched (upi bank account name and IPO applicant name) application will be rejected for sure.

 

[prash1161]

No, you cannot do that. If name is not matched (upi bank account name and IPO applicant name) application will be rejected for sure.

I like the era before tata ipo
It was good time
Now 99.9% it's sure we won't get
150 Mai sa 1 b c yaha 10 mai 1 nhi lagta 🤣

 

[telescope]

There are two things: one is the bank account linked to the demat account and another is the bank's UPI ID which is used to invest in the IPO. Now my mother's bank account is linked to her demat account. But there's no law which says that a person should use only the demat linked bank account for investing in the IPO, right? I can use my bank account UPI ID to apply for IPO using different people's demat accounts?

Not only can you not apply with another person's bank account, you can't even use any other bank account of your own which is not linked with broker for joint account. (in case of IPO applied from broker's platform)

 

[telescope]

I do have another demat account in my mother's name which is linked to her PAN and her bank account. However, I will be using my money/bank account/UPI ID to invest in the IPO using her demat account. Is that okay?

Not ok. Not possible. Fullstop.

Why don't you transfer money to your mother's bank account and apply from there. Keep simple things simple.

 

[prash1161]

Not only can you not apply with another person's bank account, you can't even use any other bank account of your own which is not linked with broker. (in case IPO applied from broker's platform)

Konse nashe kiye hai bhai?
Maine Kiya hai
I have 7 acc
1 hi hai broker pe Mai random acc sa apply krta mere
And i got allotment to

 

[sherlock]

Thank you. I also thought why would the broker give an option to write down our UPI ID if we are allowed to apply only through the linked demat account?

 

[sherlock]

Konse nashe kiye hai bhai?
Maine Kiya hai
I have 7 acc
1 hi hai broker pe Mai random acc sa apply krta mere
And i got allotment to

how did you manage to get seven demat accounts linked to different people?

I have 4 family members, hence can increase my chances by 4x.

 

[coolguy1]

Bank - PAN - Demat should be on the same name for investing in IPOs.