Can I open Demat Account without PAN Card?

The PAN Card is mandatory to open a demat account. This is as per the SEBI circular MRD/DoP/Cir- 05/2007dated April 27, 2007. Irrespective of the investment size or objectives, an individual has to submit the PAN Card to open the demat account.

An exception is given to the schedule tribes belonging to certain parts of Northeast (Arunachal Pradesh, Mizoram, Nagaland, Manipur, Tripura and some areas of North Chachar Hills in Assam) in respect to income tax on their earnings. People from these tribes can open a demat account without PAN card if they are planning to invest a maximum of Rs 50,000 in Mutual Funds.