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Account Opening

What are the documents required to open an Association of Persons (AOP) account?

An Association of Persons (AOP) account can only be opened offline, unlike resident individual accounts that can be opened online.

AOP is the integration of persons for a mutual benefit or a common purpose. As an AOP, the authorised members are required to provide certain documents and undertakings to open an account with Zerodha.

The documents required to open an AOP account depend on the KYC status of the AOP and the Members. To learn how to check the KYC status, see What is Know Your Customer (KYC), and how can the KYC status be checked?

If the AOP and the directors' KYC are not registered, the following documents are required to open an AOP account:

Application form

Equity application (PDF) and segment addition forms to trade in commodities (PDF).

Demat Debit and Pledge Instruction (DDPI) attached to the demat application form is a document that allows a broker to debit the securities from the client’s demat account and deliver them to the exchange. The client does not have to enter the CDSL T-PIN and OTP to sell shares once the DDPI is submitted. However, DDPI is optional. If clients do not wish to submit the DDPI, CDSL T-PIN can be used for authorisation. To learn more, see What is Demat Debit and Pledge Instruction (DDPI)?

FATCA Declaration.

Foreign Account Tax Compliance Act (FATCA) declaration (PDF).

Account opening annexures - The annexures should be on the AOP letterhead.

The Authority letter, Annexure 4 and Annexure A - List of members (PDF).

Supporting documents

  • A PAN copy of the AOP with the authorised member or signatory seal and signature.
  • Address proof in the AOP name with the authorised member or signatory seal and signature. Address proof can be any one of the following: The latest month's transaction copy of bank statement, utility bill, lease, rental agreement or registration certificate.
  • Self-attested individual PAN copies of all the members or signatories.
  • Self-attested individual address proof of all the authorised members or signatories.
  • Individual KYC form (PDF) filled and signed by authorised members or signatories. The members have to sign without the stamp on individual KYCs and supporting docs.
  • Additional copy of the PAN and address proof of the authorised members with the firm seal and signature.
  • A copy of the AOP deed with the investment clause included and attested by a public notary. The first three pages of the AOP deed (on all pages if lesser) should have the seal and signature of the authorised signatory.
  • The object of the association.
  • Powers of the Managing Committee.
  • Copy of the Bye-Laws.
  • A copy of the certificate of registration if the AOP is registered.
  • A copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or member. The balance sheet must also be attested by a Chartered Accountant (CA) and have the CA's name, CA company name, member registration number (M. NO), UDIN, date and city. Refer to the sample balance sheet (PDF).
  • If the AOP is newly incorporated, a net-worth certificate from a CA with the UDIN number specified and an income tax declaration (PDF) on the AOP letterhead with authorised members or signatories' seal and signature.
  • A bank account proof of the AOP to link with the Zerodha account. The bank proof can be one of the following: Personalised cancelled cheque with the AOP name printed on it, bank statement or bank passbook copy with the bank account number, MICR, and IFSC code clearly visible.
  • Any one of the following income proof to activate the F&O and Commodity segment.
    • Latest six months' Bank statement or passbook of the AOP account.
    • Latest year audited Profit and Loss statements.
    • Latest year ITR (Income tax return) Acknowledgement.
    • Net-worth Certificate from the Chartered Accountant with UDIN- Number specified.
  • DP holding statement of the entity.

Ultimate Beneficial Owner (UBO)

An individual is identified as an ultimate beneficiary if they have shareholding, capital or profits of 15% or more in the company. They are required to submit the UBO annexure (PDF).

In case no individual is identified, the senior managing official may be considered as the UBO, and the following documents are to be submitted:

  • A copy of the UBO annexure (PDF) with the UBO signature and the authorised person's seal and signature on the 3rd page if an individual holds 15% or more.
  • A self-attested copy of the PAN and address proof of those holding 15% or more.

Sample copy and signature guidelines

Check the filled sample equity form (PDF) , sample FATCA form (PDF) , sample UBO annexure (PDF) and sample annexures (PDF) for reference.

Refer to the signature guidelines (PDF) to learn how to sign all the forms.

In-person Verification (IPV)

As part of the mandatory IPV requirement for all brokers, the authorised person must complete the verification. The verification can be done online or offline. To learn how to do it online, see What is in person verification and why is it needed? To do it offline, the authorised person must visit a Zerodha branch office, or a representative of Zerodha would be required to visit the offices or residences of the client to complete the IPV procedure.

If the AOP and the members' KYC are registered, the following documents are required to open an AOP account:

  • A copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or members. The balance sheet must also be attested by a Chartered Accountant (CA) and have the CA's name, CA company name, member registration number (M. NO), UDIN, date and city. Refer to the sample balance sheet (PDF).
  • If the AOP is newly incorporated, then a net-worth certificate from the chartered accountant with UDIN number specified and income tax declaration (PDF) on the AOP letterhead with authorised signatory or member seal and signature.
  • A bank account proof of the company for linking with Zerodha. The proof can be any one of the following: Personalized cancelled cheque with the AOP name printed on it, bank statement, bank passbook copy with the bank account number, MICR, and IFSC code clearly visible.
  • Any one of the following income proof to activate the F&O and commodity segment.
    • Latest six months' bank statement or passbook of the AOP account.
    • Latest year audited profit and loss statement.
    • Latest year Income Tax Return (ITR) acknowledgement.
    • Net-worth certificate from the chartered accountant with UDIN number specified.
    • DP holding statement of the entity.
  • Authority letter (PDF)
  • Annexure 4 (PDF)

Need help? Call on 080 4680 5727 or create a ticket.

Once all the documents are ready, e-mail the soft copy of all the forms to [email protected]. The forms will be reviewed in case any corrections are required. After the forms are reviewed, courier the documents along with a cheque in favour of Zerodha Broking Limited for the following amount:

  • ₹500 towards Equity and Commodity trading account opening charges.

Courier all the documents to the following address:

Zerodha,
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078

It can take upto 72 working hours to open the account. To learn the charges applicable to a AOP account, see What are the account opening, brokerage and other transactional charges applicable to a Partnership account at Zerodha?

Did you know? As per the CDSL guidelines (PDF), the nomination facility is available only for individual demat accounts. Therefore, non-individual account holders cannot add a nominee.

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