Frequently Asked Question

Unlike individual resident accounts, a society account can only be opened offline. Depending on whether the KYC (Know Your Customer) of the society and its authorized signatories is registered or not, the documentation requirements vary slightly.

• If KYC is not registered for the society or authorized signatories, the following documents are needed:
• Application Documents:
• Society account opening form
• Equity application form (PDF)
• Optional: DDPI (Demat Debit and Pledge Instruction)
• Enables brokers to debit securities directly from the demat account for trading without needing CDSL T-PIN and OTP.
• If not submitted, the CDSL T-PIN can be used instead.
• Supporting Documents:
• PAN card copy of the society (stamped and signed by authorized signatory/members)
• Address proof in society's name (e.g., latest bank statement, utility bill, lease agreement, or registration certificate)
• Self-attested PAN and address proof of all authorized signatories or members (masked Aadhaar, passport, driver’s license, etc.)
• Individual kyc form (signed, without society stamp)
• Additional PAN and address proof copies of signatories with society seal and signature
• First 4 pages of the Memorandum of Association (MOA) signed and stamped
• Certified copy of society's rules and by-laws (by chairman or secretary)
• Registration certificate under the Societies Registration Act (signed and sealed)
• Audited balance sheets of the last 2 financial years
• If newly formed: Net-worth certificate (with UDIN) and income tax declaration (on society letterhead, sealed and signed)
• Bank proof for account linking (cancelled cheque with society name, bank passbook, or bank statement showing account number, IFSC, and MICR)
• Income Proof for F&O and Commodities Activation (any one):
• Latest 6-month bank statement or passbook of society
• Latest audited Profit & Loss statement
• Last year’s ITR acknowledgement
• Net-worth Certificate from a CA (with UDIN)
• Society's DP holding statement
• Annexures:
• Committee resolution (on society letterhead, PDF)
• List of managing committee members (on society letterhead, (PDF)
• Annexure A (on society letterhead,(PDF)
• In-Person Verification (IPV):
• Mandatory for account opening
• Can be done online or offline by visiting a Upmove branch or having a representative visit the client
• Ultimate Beneficial Owner (UBO) Disclosure:
• If an individual owns 15% or more of shareholding/capital/profit:
• UBO annexure , signed by UBO and authorized signatory
• Self-attested PAN and address proof of UBO
• If an entity owns 15% or more:
• UBO annexure , signed by shareholders and authorized signatory
• PAN and address proof of all such shareholders
• Latest shareholding pattern of the entity, signed by a whole-time director/promoter
• If no one qualifies, the senior managing official is considered the UBO and must submit similar documents.
• If KYC is already registered:
• Required Documents:
• Application form and Equity application form (PDF)
• DDPI (optional)
• FATCA declaration
  
• Audited balance sheets for the last 2 financial years
• If newly incorporated: Net-worth certificate (with UDIN) and income tax declaration
• Bank proof for account linking
• Income proof for F&O/commodity segment activation (any one of the documents listed above)
• Committee resolution, managing committee list, and Annexure A