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Functions of DP-Account opening

Functions of DP-Account opening

Functions of DP-Account opening (Part 1)

  • Definition: A depository participant (DP) is an intermediary between the investor and the depository, providing services such as dematerialization, rematerialization, and account opening.
  • Details: To open a demat account, an investor must submit an acknowledgement of receipt of the copy of the Rights and Obligations document, which outlines the terms and conditions of the account.

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Key Concepts

  • Types of Depository Accounts: There are two main types of depository accounts:
    • Beneficiary Account: An ownership account where the holder owns the securities.
    • Clearing Member Account: A transitory account used by brokers or clearing members for settlement of trades.
  • Account Opening Procedure:
    • Investors can open an account with a DP by submitting the required documents, including proof of identity and address.
    • The DP will verify the documents and conduct in-person verification (IPV) to establish the identity of the applicant.
    • The account can be opened in the name of an individual, corporate, HUF entity, minor, bank, financial institution, or registered trust.
  • SARAL Account Opening Form: A simplified account opening form for resident individuals, which allows them to open a trading and demat account with minimal documentation.
  • General Guidelines for Account Opening:
    • Self-attested copy of PAN card is mandatory for all clients.
    • Copies of documents should be self-attested and accompanied by originals for verification.
    • Name and address of the applicant should match with the documentary proof submitted.
  • Documents for Verification:
    • Non-body corporate investors must submit one of the prescribed documents, such as proof of identity and address.
    • The DP must verify the photocopies of the documents with the originals and put their signature on them with remarks "verified with original".

Functions of DP-Account opening (Part 2)

  • In-Person Verification (IPV): The IPV details should include the verifier's designation, organisation, signature, and date.
  • Manner of Recording IPV Details: DP may affix a stamp, print, or write the IPV details on the KYC Application Form. If IPV is done through a web camera, "IPV through webcam" should be mentioned.
  • Place of Recording IPV Details: DPs can record IPV details at any appropriate place on the KYC Application Form without making other details illegible.
  • Attachment of Separate Sheet or Stickers: Attachment of a separate sheet or affixing stickers on the KYC Application Form for recording IPV details is not permitted.

Key Concepts for Account Holders

  • Maximum Account Holders: A demat account can have a maximum of three holders.
  • Proof of Identity (POI): Required documents include Passport, Voter ID card, Driving license, PAN card with photograph, Unique Identification Number (UID) (Aadhaar), and other government-issued ID cards.
  • Proof of Address (POA): Accepted documents include Passport, Voter ID card, Ration Card, Registered Lease or Sale Agreement, Driving License, Flat Maintenance bill, Insurance Copy, and Aadhaar Letter.
  • Additional Requirements:
    • PAN Card details are compulsory for all account holders.
    • Exemption codes are provided for cases where PAN is not required.
    • e-KYC service launched by UIDAI is accepted as a valid process for KYC verification.

Corporate Investors

  • Required Documents:
    • Memorandum & Articles of Association (MOA & AOA)
    • Certificate of Incorporation
    • Board resolution authorizing opening of demat account
    • Proof of address of the corporate
    • Copy of balance sheets for the last 2 financial years
    • Copy of latest share holding pattern
    • Photograph, POI, POA, PAN, and DIN numbers of whole-time directors and individual promoters
  • Verification: An authorised official of the DP shall verify the copies of proof of address/identity documents with the original documents.

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Functions of DP-Account opening (Part 3)

  • e-KYC: e-KYC may be performed at the service centre of Participant using biometric authentication, as well as remotely using an OTP on a website or mobile connection. It provides the resident’s mobile number and email address (if available) to the service provider.
  • In-person Verification: In-person verification of the client is not required to be carried out if verification of the client with UIDAI is carried out through biometric authentication or one-time password (OTP) received on client’s mobile number or on e-mail address registered with UIDAI.
  • Aadhaar based e-KYC: If KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI, the information downloaded from UIDAI shall be considered as sufficient information for the purpose of KYC verification.
  • SEBI Registered Intermediaries: SEBI Registered intermediaries may prefer to use Aadhaar based e-KYC facility to complete the KYC of the client. This Aadhar authentication is permitted under section 11A of the PMLA.
  • Video in Person Verification (VIPV): Intermediary may undertake the VIPV of an individual investor through their App, after obtaining his/her informed consent. The VIPV shall be in a live environment and shall include random question and response from the investor.
  • Digital KYC for Person with Disability: SEBI has reiterated its commitment to enabling equal access to financial services through its registered intermediaries by ensuring that digital KYC processes are inclusive and accessible to person with disabilities.
  • Central KYC Records Registry (CKYCR): The Government of India has authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) to act as and to perform the functions of the Central KYC Records Registry.
  • Mandatory updation of KYC attributes: SEBI has made 6-KYC attributes mandatory for all categories of clients, including name, address, PAN, valid mobile number, valid email-id, and income range.
  • Checks for PAN: Participants shall verify the PAN online using the Income Tax Database. In case PAN is not seeded with AADHAAR before the date specified by the Government, it will not be considered as a valid PAN.
  • Checks for mobile number and email ID: Participants shall ensure that separate mobile number and email address is captured for all BO account holders. DPs shall send 15 days’ notice to such demat account holder for submitting mobile number /email ID modification form / request letter for updating the same or family flag declaration.
  • Verification of mobile number and email ID: Depository shall take necessary steps to verify that mobile number, email ID updated in the beneficial owner account is accessible by sending an SMS, and email directly to the account holders’ mobile number and the email ID captured in the account.

Functions of DP-Account opening (Part 4)

  • Account Opening Forms: For non-individuals, the income range per annum is required to be obtained from clients.
  • Income Range: The income range for individuals and non-individuals is categorized as follows:
    • Individuals:
      • Below Rs. 1 lac
      • Rs. 1 lac to Rs. 5 lacs
      • Rs. 5 lac to Rs. 10 lac
      • Rs. 10 lacs to Rs. 25 lacs
      • More than Rs. 25 lacs
    • Non-Individuals:
      • Below Rs. 20 lacs
      • Rs. 20 lacs to Rs. 50 lacs
      • Rs. 50 lacs to Rs. 1 crore
      • More than Rs. 1 crore
  • Implementation: Participants must verify that all 6-KYC attributes are updated for existing accounts and send necessary communications to clients to update the same.
  • 6-KYC Attributes: The 6-KYC attributes include:
    • Name of the holder
    • Date of birth (for individual accounts)
    • Occupation and financial details
    • Address & phone/fax number
    • Bank details
    • PAN number
  • Account Types: There are various types of accounts, including:
    • Resident (Individual)
    • Financial Institutions (FI)
    • Foreign Institutional Investors (FIIs)
    • Non-resident Indian (NRI)
    • Body Corporate
    • Clearing Member (CM)
    • Foreign National
    • Mutual Fund
    • Trust
    • Bank
    • Qualified Foreign Investor
    • Foreign Portfolio Investor
    • Alternate Investment Fund
    • Hindu Undivided Family (HUF)
    • Investor Education and Protection Fund (IEPF)
    • Qualified Institutional Buyers (QIBs)
    • Stock Broker (Individual and Corporate)
    • PCM
  • Pool Account for Portfolio Management Services (PMS): DPs can facilitate the opening of a Pool Account for PMS providers, which allows for market transfers instead of off-market transfers.
  • PMS Pool Account Opening: The PMS provider must submit an application to the Participant, and if opening the account with a new Participant, they must follow the process of Clearing Member Pool account opening.
  • PMS BP ID: In case of NSDL, the PMS provider must submit a request letter to the Participant to obtain a PMS BP ID for opening the PMS pool account.
  • CDSL PMS Pool Account: In case of CDSL, the PMS registration number provided by SEBI must be recorded when making the application, and the registration procedure will be similar to that of a CM Account.

Functions of DP-Account opening (Part 5)

  • Account Opening Process: PMS Managers are required to submit a duly signed grouping form to their respective DPs for authentication. They can debit securities from their PMS BO Account/s to their grouped PMS Pool Account/s and transfer securities from these accounts to their PMS BO Accounts.
  • Rights and Obligations: Beneficial owners must submit an acknowledgement of receipt of the Rights and Obligations document to the DP. This document outlines the services to be provided, rights, and obligations of both the DP and the client, as well as the fees payable for services.
  • Key Requirements:
    • The Rights and Obligations document must be signed by the sole holder, all joint holders, or a constituted attorney.
    • FPI clients registered with SEBI are exempt from submitting an acknowledgement of the Rights and Obligations document.
  • Post-Account Opening Procedures:
    • In NSDL, the DP must provide the Client Master Report and charge structure to the client via email or in paper form.
    • In CDSL, the DP shall send a system-generated confirmation letter to the beneficial owner, which includes the account number and necessary forms.
  • Simplification of Demat Account Opening Process:
    • The account opening kit can be made available to clients in electronic or physical form, depending on their preference.
    • The preference of the client shall be sought as part of the account opening form.
  • Types of Application Forms:
    • Separate application forms are prescribed for individuals, corporate clients, and clearing member accounts.
    • The forms require details such as name(s) of account holder(s), mailing and communication addresses, and guardian details in case of minor account holders.
  • Application Form Details:
    • Name and Address: The DP must ensure that the name and address on the KYC form match the documentary proof submitted.
    • Mailing and Communication Addresses: Clients can provide two addresses in the KYC application form.
    • Guardian Details: The guardian's name and address are required for minor account holders.
    • Foreign Address and RBI Approval: Original or attested copies of power of attorney and RBI approval are required for NRI, FPI, or OCB accounts.
    • Clearing Member Details: A broker account as a clearing account can be opened only after depository approval and allotment of a CM-BP-ID.
    • Escrow Account: An Escrow Account can be opened based on receipt of the necessary documents from the beneficial owner.

Functions of DP-Account opening (Part 6)

  • DP Account Opening Requirements: To open a DP account, the following are required:
    • KYC form/KRA details of the entity opening the account
    • Photographs of authorized signatories
    • PAN card of both parties (Corporate Entity & Escrow Agent)
    • Copy of the Escrow Agreement duly signed by the parties
  • Account Types: The following account types are required to be opened with a DP of CDSL:
    • CM Principal Account
    • CM USA (Pool) account
    • CM Clearing account or Pool account
    • Early Pay-in account with the Clearing House/Clearing Corporation of the respective stock exchange
  • Escrow Account Procedure:
    • The escrow account shall be opened in the name and form of <Issuer name> - <Reason for opening the escrow account>-operated by-<Operator Name>
    • The account shall be active for a limited period, as specified by SEBI/CDSL or any regulating authority
    • The account shall be closed by the DP after the specified period, regardless of whether a closure instruction is received
  • Bank Account Details: The following bank account details are required:
    • Bank Name
    • Branch Address
    • IFSC/MICR code
    • Account Holder's Name
    • Account Number
    • Acceptable documents for proof of bank details include:
      • Specimen copy of cheque/cancelled cheque
      • Copy of Bank Statement
      • Copy of Bank Passbook
      • Letter from Bank
  • Bank Account Verification: Participants can verify bank account details through Bank Account Verification services, which involves transferring ₹1 via IMPS to the client's bank account and verifying the client's name
  • PAN Requirements:
    • PAN is a mandatory requirement for demat account opening
    • DPs must obtain a photocopy of the PAN card and verify it with the original
    • The name of the demat account holder(s) must match the name on the PAN card
    • In case of discrepancies, the DP must seek clarification from the account holder and activate the account only after the discrepancy is resolved
  • PAN Compliance Procedure:
    • For new accounts: DPs must obtain a photocopy of the PAN card, verify the details, and affix a stamp as 'PAN verified'
    • For existing accounts: DPs must verify the PAN details, update the PAN field, and remove the suspension
  • Operating Guidelines for PAN:
    • DPs must follow additional operating guidelines for capturing PAN details, including verifying the address of FIIs/sub-accounts and accepting a copy of the Power of Attorney as proof of address
    • NRIs/PIOs must comply with the mandatory requirement of producing a PAN card at the time of opening a BO account
    • U.N. entities/multilateral agencies exempt from paying taxes/filing tax returns in India are exempt from the mandatory PAN requirement
    • DPs must capture the appropriate PAN exemption codes provided by the depository systems for exempt entities
    • In case of a change of residential status of BO, the DP can modify the status and sub-status of the existing demat account, subject to appropriate documentation.

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Functions of DP-Account opening (Part 7)

  • Account Opening Requirements: DPs should verify the identity of the account holder, and in case of any doubts, they should call for additional documents or clarification.
  • Linking of Demat Accounts with Aadhaar: SEBI has instructed depositories to link demat accounts of individuals with their Aadhaar numbers. Participants should advise clients to provide their Aadhaar number at the time of account opening.
  • Aadhaar Verification: A self-certified copy of the Aadhaar card may be obtained as part of the KYC process. NSDL has provided an online facility for demat account holders to update their Aadhaar number directly in their demat accounts.
  • VID Introduction: UIDAI has introduced a 16-digit numeric field called VID, which can be used by Aadhaar holders in lieu of their Aadhaar number to avoid sharing their Aadhaar number during authentication.
  • LEI Introduction: RBI has introduced a new field called Legal Entity Identifier (LEI), which is a 20-character alphanumeric code used to identify parties for large value transactions.
  • FATCA Compliance: Financial institutions need to obtain self-certification and carry out due diligence in respect of all individual and entity accounts opened from July 1, 2014, to August 31, 2015.
  • Nomination Declaration: A beneficial owner can make a nomination of their account in favor of any person by filing the nomination form with their DP.
  • Forms for Different Types of Accounts:
    • HUF Accounts: HUF demat accounts can be opened in the name of the existing Karta, but not in the name of the deceased Karta and HUF entity.
    • Company Accounts: A company can open a demat account if its memorandum authorizes it to make investments in the securities of other companies.
    • Minor Accounts: A minor may open a depository account only through their guardian, and the account should not have joint holdings.
    • Partnership Firms: Partnership firms cannot be members of a company under the provisions of the Companies Act.

Functions of DP-Account opening (Part 8)

  • Depository Account: A depository account cannot be opened in the name of a partnership firm. However, all partners of the firm can sign as joint holders, and a joint account may be opened in the name of the proprietor or partners (maximum 3 partners).
  • Exception for CM Account: The CM account can be opened for broker firms since partnership firms are allowed to become members of a stock exchange.
  • Procedure for Opening an Account in the Name(s) of Partners:
    • Copy of the balance sheets for the last 2 financial years (to be submitted every year)
    • Certificate of registration (for registered partnership firms only)
    • Copy of partnership deed
    • Authorised signatories list with specimen signatures and photograph
    • Photograph, POI, POA, PAN of Partners
    • The account should be opened only in the names of Partners, operated by the partners, and the securities that belong to the Partnership Firm can be held in this account
    • Obtain an undertaking in the prescribed format from the Partners to the effect that the Partners would comply with the provisions of the Companies Act and other applicable statutes in respect of securities of the Partnership firm held in the account opened in the names of the Partners
  • Signatures/Thumb Impression:
    • The account opening form should be signed by the sole holder, in case of single holding
    • All joint holders, in case of joint holding
    • Authorised signatories, in the case of corporate accounts
    • By guardian, in case of a minor
    • Both CDSL and NSDL require that the account opening form be signed by the NRI
  • Mode of Capturing Signature:
    • The DP should capture the Client’s signature(s) as given in the KYC Application Form and/or Account Opening Form in the Depository System
    • In case the trustee(s)/ partner(s) etc. are individuals, capture the signature(s) of the individuals
  • Process of Opening an Account of an Illiterate Person:
    • Illiterate person(s) must affix the thumb impression (left hand thumb in case of a male and right hand thumb in case of a female) on the Rights and Obligations document as well as on the account opening form
    • All accounts opened by illiterate person(s) with NSDL DPs must be either introduced by an existing account holder or must be attested by applicant's bank
  • Client Account Number:
    • On receipt of a valid application form, the DP should verify its contents to his satisfaction
    • If, after verification, the DP accepts the application and the Rights and Obligations document is signed, the DP has to enter the information on the application form into the depository participant system
    • The system then generates a client account number which should be referenced by the client for all its transactions in the depository system
  • Standing Instructions / Purchase Confirmation Waiver:
    • A DP may register the transfer of securities to or from a beneficial owner's account only on receipt of instructions from the beneficial owner
    • No debit or credit can be given to the account of a beneficial owner without a due authorisation from such beneficial owner
  • Operation of Demat Accounts Based on Power of Attorney:
    • A demat account can also be operated by a Power of Attorney holder
    • It is the responsibility of the DP to verify whether the Power of Attorney is adequate and sufficiently authorizing the holder of the Power of Attorney to operate the account of the beneficial owner
    • A DP shall not obtain Power of Attorney (POA) from its client(s) as a requirement for opening a demat account

Functions of DP-Account opening (Part 9)

  • Definition: A Power of Attorney (PoA) is given by a client to a stock broker or depository participant to access their Beneficial Owner (BO) account for settlement obligations.
  • Details: A separate document, 'Demat Debit and Pledge Instruction' (DDPI), has been introduced by SEBI to authorize stock brokers or depository participants to access BO accounts for limited purposes.

Key Concepts

  • Demat Debit and Pledge Instruction (DDPI): Explicitly authorizes stock brokers or depository participants to access BO accounts for meeting pay-in obligations.
  • Lien on Securities: Can be created only as per Regulation 58 of SEBI Regulations and as per the procedure laid down in the Bye Laws and Business Rules of the Depository.
  • Clearing Member Account: Required for entities authorized to do pay-in and receive pay-out from a Clearing Corporation (CC)/Clearing House against trades done by them or their clients.

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Clearing Member Account

  • Types of Clearing Members:
    • All members of a stock exchange are clearing members.
    • Custodians permitted by the stock exchange to act as clearing members.
  • Procedure to Open a Clearing Member Account: Similar to individual accounts, but with different forms and documents.
  • Documents Required:
    • Clearing member's account opening form.
    • Letter from the Clearing Corporation providing CC-CM-ID.
    • Copy of SEBI registration certificate.

Closure of Account

  • Closure on Client’s Request: DP can close a depository account on receipt of an application in the prescribed format.
  • Conditions for Closure:
    • No balance in the account.
    • Rematerialization of all securities or transfer to another account.
  • Online Closure of Client Account: Allowed by SEBI, with the facility for online KYC process.

Closure Procedures

  • Closure by DP: DP may initiate closure if the client defaults on obligations.
  • Closure/Shifting of Clearing Account: A clearing member may transfer its clearing account from one DP to another DP.
  • Facility for Cancellation of Long Pending Demat Requests: Introduced to facilitate cancellation of pending demat requests.

Functions of DP-Account opening (Part 10)

  • DP Account Transfer Process: The DP forwards the application to the depository for approval. Once approved, the new DP opens a new clearing account and intimates the depository about the new Client-ID. The old DP then closes the account and intimates the clearing member.
  • Key Differences between NSDL and CDSL: In NSDL, the depository's approval is required for account transfer, whereas in CDSL, no such approval is needed.
  • Mass Shifting of Accounts: Depositories provide a facility to shift accounts in mass from one DP to another, especially when a DP sets up a new center or provides direct connectivity from different geographical locations.

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Account Closure and Transfer

  • SEBI Guidelines: As per SEBI's 2006 decision, no charges are levied by a depository on a DP, and consequently, by a DP on a Beneficiary Owner (BO) when a BO transfers all securities to another branch of the same DP or to another DP of the same depository or another depository.
  • Account Closure Procedure: The client submits an account closure request, and the DP verifies the documents. If found in order, the DP effects the transfer of securities and closes the account.
  • Transfer of Holdings Module: This module facilitates DPs to execute "Account Closure" instructions, transferring securities from the source depository account to the target depository account.

Freezing of Accounts

  • Definition: Account freezing means suspending any further transaction from a depository account till it is unfrozen.
  • Reasons for Freezing: An account may be frozen due to a written instruction from the client, electronic request, orders from the government or SEBI, or if a DP becomes insolvent.
  • Freezing Process: The DP informs the client about the change in account status, and the account can be unfrozen upon a valid written request or directions from the depository.

Changes in Client Details

  • Permitted Changes: Clients can change their name, father's/husband's name, address, telephone number, occupation details, nominee details, bank details, PAN number, and email address.
  • Change of Address Procedure: The client submits a written application, and the DP verifies the signature and proof of new address before recording the change in the system.
  • Change of Name in Corporate Accounts: The facility for changing the name in corporate accounts is available for certain client types, and specific documents are required for the change.

Functions of DP-Account opening (Part 11)

  • Change of Name: In case of change in name, the following documents are required:
    • Certified true copy of fresh certificate of incorporation consequent upon change of name issued by the Registrar of Companies
    • Certified true copy of Board Resolution where the change in name was approved
    • List of authorised signatories along with the specimen signature duly verified by MD/Co. Secretary
  • Documents for Change of Name:
    • In case of change in name on account of marriage: Marriage Certificate or copy of Passport showing husband’s name or publication of name change in official gazette
    • In case of change in name on account of reasons other than marriage: Publication of name change in official gazette
    • In case of change in father’s name: Publication of name change in official gazette
  • Change of Name of Beneficial Account Holder: For effecting change in name in the depository account of an individual BO, a request letter duly signed by the holder whose name is changing along with self-attested copies of the following document(s) are required
  • Reason for Name Change:
    • On account of marriage/ divorce: Marriage Certificate/ Divorce Certificate or Copy of Passport showing husband’s name / Fathers Name or Publication of name change in official gazette
    • On account of reasons other than marriage: Publication of name change in official gazette
    • Change in father’s name: Publication of name change in official gazette
  • Procedure for Minor Correction of Name:
    • Ink-signed written request shall be submitted by the client to the DP along with one of the following documents as proof of identity, which carries the correct name
    • PAN card, AADHAAR card, Passport, Driving Licence, Voter’s identity card issued by the Election Commission of India, Job card issued by NREGA
  • Examples of Minor Correction of Name:
    • Correction of spelling mistakes, if any
    • Expansion of the name by incorporating the fully expanded name and/or inclusion of the middle name
    • Abbreviation of name
  • Change of Signature:
    • The Client should make a request in writing specifying reasons for change in signature
    • New signature should be duly attested by Client's banker, only in case where the beneficiary owner cannot come personally
  • Accreditation of Investors:
    • Eligibility Criteria: Individuals, HUFs, Family Trusts, and Sole Proprietorships with annual income >= INR 2 Crore or Net Worth >= INR 7.5 Crore
    • Net Worth Calculation: In case of accreditation of individual investors, HUFs, and Sole Proprietorships, the value of the primary residence shall not be considered for calculation of net worth
    • Validity of Accreditation: Upon meeting the eligibility criteria for accreditation for preceding one year, the accreditation shall be valid for a period of one year from the date of such accreditation
  • Mapping of Unique Client Code (UCC) with Demat Account:
    • SEBI had directed the Market Infrastructure Institutions to map the Unique Client Code (UCC) with the demat account of the clients
    • This is a part of investor protection measures to ensure that the clients' accounts are properly linked and easily identifiable.

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Functions of DP-Account opening (Part 12)

  • Early Warning Mechanism: Institutions (MIIs) are required to put in place a mechanism to detect the diversion of client's securities by the stock broker at an early stage to take appropriate preventive measures.
  • Diversion Detection: MIIs must devise a mechanism to detect diversion of clients' securities and share information among themselves regarding:
    • Diversion of pay-out of securities to non-client/other client accounts
    • Mis-matches between gross (client-wise) securities pay-in and pay-out files of a stock broker generated by the Clearing Corporation
  • Unique Client Code (UCC) Mapping: To detect malpractice and ease reconciliation, Depository Participants (DPs) must map the UCC with the demat account of the clients.
  • UCC Mapping Mechanism:
    • UCC allotted by the trading member (TM) to the client shall be mapped with the demat account of the client
    • A client may trade through multiple TMs, in which case each UCC shall be mapped with one or more demat account(s)
    • Stock Exchanges shall share UCC data with the Depositories, which shall include the PAN, segment, TM/CM code, and UCC allotted
    • Depositories shall map the UCC data in the demat account based on the PAN provided in the UCC database
  • Client Requests: Clients may make a request to their DP to de-link or add UCC details, which shall be processed by the Depository through DPs
  • Complaint Redressal: Stock Exchanges and Depositories shall have a mechanism in place to address clients' complaints with regard to UCC mapping with their demat accounts
  • Inactive UCCs: Stock Exchanges and Depositories shall have a mechanism in place to ensure that inactive, non-operational UCCs are not mis-used and are weeded out in the process of mapping clients' UCC with their demat account

Review Questions

  1. The Rights and Obligation Document is a standard document approved by: a) SEBI b) RBI c) DCA d) Depositories
  2. Only a guardian can open a depository account for a minor: a) True b) False
  3. In the event of the death of a joint holder, the balance lying in the account can be transmitted, on request of the surviving holders, to a new account to be opened by the surviving holders: a) True b) False
  4. The beneficial owner's name in the account can even be changed after the account has been opened: a) True b) False
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