Is it Legal to use Another Person’s Demat Account to Fill Your IPO Application?
It is not advisable as once the funds are transferred to another person’s account and he might deny or run away from you and you cannot complain or file a fraudulent case against him as you authorized and agreed to transfer funds to his account for blocking IPO shares.
After all, it goes as a goodwill and trust-based task which do not have a legal backbone. demat account opening in India is not that difficult as it makes you depend on others.
IPO Application: Why take the risk when you have the best of the best firms readily available to access at your fingertip, open a Zerodha Demat account in just 5 minutes online, and do IPO investments over the mobile phone via its application. Simplest and the best firm in India and it holds 5 million users in India and is also the most trusted SEBI-approved firm.