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IIFL DP ID
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IIFL DP ID is a unique identification number given to a Demat account holder for transaction purposes such as buying and selling by the depositories of India.
IIFL, also known as India Infoline is a full-service stockbroker in India offering its impeccable services in trading and investment segments such as Equity, Derivatives, Commodities, Currency, IPO, Fixed deposits, Mutual funds, and much more!
It launched in the year 1995 since then it is providing a world-class and user-friendly trading platform to its customers with LIVE market data by the top exchanges of India as IIFL Exchanges– BSE, NSE, MCX, and NCDEX.
Isn’t that cool that along with a Web App (Trade Terminal), you can also do successful trading on your Mobile through IIFL Markets App.
DP ID of IIFL
IIFL is one of the well-known Depository Participants of India who have been listed with the Two depositories of India- Central Securities Depository Limited (CDSL) and National Securities Depository Limited (NSDL).
The depository is just a bank that keeps all your shares, stocks, bonds, debentures, etc. in an electronic or dematerialized form to protect them from theft, damage, or forgery.
Clearly, approaching these depositories is not possible, which is why SEBI (Securities and Exchange Board of India) have made a process to keep the financial firms, institutes, or banks like IIFL as the depository who have acted as a medium or a connector between depositories and investors.
Let us make it more clear:
RBI—- Bank (IDFC Bank) —-> keeps money and other transactions safe
Depository—- Depository Participant (IIFL) —-> keep shares and other important stuff safe
There is basically two DP ID of IIFL, which are as follows:
IIFL NSDL DP ID:
NSDL is the first Indian depository founded in 1996 with national coverage. It was promoted by the strongest financial firms such as IDBI, Unit Trust of India (UTI), and National Stock Exchange of India Limited (NSE) and some prominent banks like AXIS Bank, Oriental Bank of Commerce, HDFC, Citi Bank, and many more!
IIFL NSDL DP ID is the unique identification of eight digits number, basically consisting of alphabets and numerics.
IIFL NSDL DP ID It is a combination of the client or customer ID and Demat account ID such as IND00458 and NSDL offers a special code in the initials for a particular depository so that it’s easy for a customer or an investor to know at a peek that for which depository they are working with.
IIFL Free Demat Account reap the benefit to access in multiple platforms, a variety of products, and many more.
IIFL CDSL DP ID:
CDSL is the other Depository of India launched in 1999, which was initially promoted by BSE (Bombay Stock Exchange of India Limited). Later, Chartered Standard Bank and Canara Bank held hands with CDSL.
IIFL CDSL DP ID is comparatively different from IIFL NSDL DP ID as it is a combination of eight numbers only, such as 56789004.
This depository has effectively maintained its efficiency in transferring shares, debentures, bonds, units of Mutual Funds (MFs), etc. in dematerialized form.
Also, read How to do Intraday Trading in IIFL
Conclusion
In a nutshell, from the aforementioned document, we can conclude that there are two types of IIFL DP ID: CDSL and NSDL.
The former is the combination of the client’s Demat account and Client ID in a numeric format whereas, the other is an eight-digit identification number consisting of alphabets and digits.
However, the working of both the depositories is the same, which is transferring physical securities into an electronic form, and keeping these securities in safe, IIFL DP charges are applicable to each investor interested in trading.
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