Frequently Asked Question

An Association of Persons (AOP) is a group of individuals or entities formed for a common purpose or mutual benefit. AOP accounts can only be opened offline, unlike resident individual accounts which can be opened online.

The required documentation depends on whether the KYC of the AOP and its members is registered.
To check KYC status, refer to: What is Know Your Customer (KYC), and how to check it?

???? If KYC of AOP and Members is Not Registered

1. Application Forms

• Equity Account Opening Form (PDF)
• DDPI (Demat Debit and Pledge Instruction) – Optional but allows automatic share debits for sell orders without needing a CDSL T-PIN/OTP. Learn more: What is DDPI?

2. FATCA Declaration

• Submit the FATCA Declaration Form (PDF)

3. Account Opening Annexures (on AOP letterhead)

• Authority Letter 
• Annexure 4 (PDF)
• Annexure A – List of Members

4. Supporting Documents

AOP-Level Documents:

• PAN of the AOP (signed & sealed by authorized signatory)
• Address proof in AOP’s name (latest bank statement, utility bill, lease/rental agreement, or registration certificate)
• AOP Deed with investment clause (notarized). First three pages must have seal & signature.
• Bye-Laws, object of the association, and powers of the managing committee
• Certificate of registration (if applicable)
• Bank proof of the AOP (personalized cancelled cheque, bank statement, or passbook showing account number, IFSC, MICR)

Member-Level Documents:

• Self-attested PAN and address proof (Aadhaar – masked, passport, DL, etc.) of all members/signatories
• Individual KYC Forms (PDF) signed by each member (no stamp)
• Extra PAN & address proof copies with AOP seal and signature

Financial Documents:

• Latest two financial years’ balance sheets, signed by authorized member and attested by a CA with:
• CA’s name, firm name, Membership Number, UDIN, date, and city
• If newly formed, submit:
• Net-worth Certificate from a CA (with UDIN)
• Income Tax Declaration (PDF) on AOP letterhead

Income Proof (for F&O & Commodity activation) – any one of:

• Latest 6 months' bank statement/passbook of AOP
• Latest audited Profit & Loss statement
• Latest ITR acknowledgement
• Net-worth certificate from CA with UDIN
• DP holding statement

???? If KYC of AOP and Members is Registered

Only the following are required:

• Two years’ balance sheets (CA attested)
• If newly incorporated, Net-worth Certificate and IT declaration (PDF)
• Bank proof (same options as above)
• One of the income proofs listed above
• Authority Letter  and Annexure 4 (PDF)

✅ In-Person Verification (IPV)

Required as per SEBI. Can be done:

• Online – Guide to IPV

• Offline – Visit Upmove branch or schedule a representative visit

Upmove Financial Technologies Services

501, B Wing 5th Floor, East Point, 90 Feet Road,

Opp. Ganesh Mandir, Pant Nagar, Ghatkopar East,

Mumbai - 400077, Maharashtra, India

Tel. No. 022 3538 6600