HDFC Bank allowed to open new demat accounts
Nov 24, 2006
Stock Market
Readers will recall that a few months ago, unscrupulous investors like Rupalben Panchal and others had opened multiple demat accounts in fictitious names with the same address, to allow them to make a killing in several IPO’s.
After investigation, several large players like HDFC Bank, Karvy Stock Broking etc had been banned from opening new demat accounts on account of violating the Know Your Customer (KYC) norms.
Finally, in the aftermath of the demat scam, and the rap on it’s knuckles (the disgorgement order by SEBI), HDFC Bank has been allowed by the RBI to open new demat accounts, as well as new branches.
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