The full form of BO ID is the Beneficial Owner Identification Number. It is a 16-digit account number for a Demat account registered with the Central Depository Security Limited (CDSL). Additionally, a Demat account can hold shares and securities electronically.
Every platform/broker account carries a unique BO ID. Customers can easily find their beneficial owner identification number in their personal details under the DP ID (Depository Participant Identification Number).
Published on 03 March 2023
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Simply put, the next time someone asks what is BO ID? BO ID means the Demat account number of the customers in the stock market.
If you visit the profile section on a website or webpage, you can find your BO ID in the Demat account statement section. This unique number consists of 16 digits, where the first 8 digits represent the depository participant identification number with CSDL, and the last 8 digits represent the client ID. Once you open an account, you will receive a DP ID.
BO ID Meaning
What is BO ID in the stock market? BO ID means a unique code that is required to invest in the stock market in digital mode. A welcome letter, along with all account information and the BO ID, is sent to all customers who open a Demat account with CDSL. Remember that for every financial broker, this unique 16-digit number varies.
A log-in is created for all new accounts with BO IDs when they're activated in the CDSL system using a valid email ID. Furthermore, the BO (beneficiary owner) must keep in mind the Transaction PIN called the TPIN, which will be used for all future transaction authorizations. The TPIN can be regenerated by the BO in case they forget, and it takes approximately six minutes to get activated after generation.
How to Open a Demat Account?
To open a Demat account, simply go to a SEBI-registered DP, like a bank, financial institution, or brokerage firm. Before choosing a reliable broker, visit the CDSL or NDSL website to find all SEBI-accredited DPs. Finally, to open the Demat account, follow these steps.
Fill out the account registration form.
Complete the documentation by providing an Aadhar card, a PAN card, and passport-size photographs.
Opening a Demat account can be done entirely online. However, the agency may contact you for verification.
How to Find BO ID?
Various brokers have different websites or accounts through which they can find their BO ID simply by logging into a mobile app. Further, the step-by-step guide to finding BO ID is
Log in or sign into the system
Go to account and select Demat
Under the Demat ID, the subheading will be the 16-digit unique BO ID
For instance, the CDSL BO ID is 1245678398765432, the DP ID is 12456783, and the client ID is 98765432.
On the other hand, for example, the NSDL BO ID is IN13445632657435, the DP ID is IN134456, and the client ID is 32657435.
What is a DP, Depository Participant?
The agents of the depository are referred to as DP. It links stock exchanges and primarily brokerage companies, banks, financial institutions, and investors. The requirements of the Act on Depositories, 1996 govern the relationship between the DP and the depository. Once a registration certificate is received from the Securities and Exchange Board of India, a DP will be able to provide the depository-related services.
Difference Between BO ID and DP ID
The BO ID and DP ID are not the same, and they have no relation to the Demat account number. In fact, as mentioned above, client ID and DP ID are combined to form a Demat account number. The initial 8 digits of the Demat account number are usually the DP ID, and the final 8 digits are the client ID.
DP ID is the identification number of the Depository Participant, the entity where the Demat account is held/maintained.
BO ID, on the other hand, is an 8-digit number referring to the identification of your Demat account held with CDSL through the DP.
Conclusion
Therefore, the BO ID (Beneficiary Owner Identification Number) is given to you when you open a Demat account with CDSL (Central Depository Security Limited). It can be referred to as the primary controlling number, similar to a bank account. This BO ID is required for dealing in securities in a dematerialized or electronic form.
A Demat account enables the customers to keep a record of all the transactions made regarding the selling and purchasing of mutual funds, shares, bonds, etc. These accounts help people save lots of time by allowing them to trade electronically or digitally without having to deal with immense paperwork. Whenever there is an unpredictable market situation, the ability to sell and buy securities may even lead to significant profits.
This information about what is BO ID and how it plays an essential role in the stock market journey is vital. A beginner or newbie in the share market must always have learning material and take advice from industry experts.
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