Multiple demat accounts held against single PAN surge 500% since FY17

Unique accounts now below 60% of total

The number of people holding multiple dematerialised (demat) accounts linked to a single income tax personal account number (PAN) has risen by 504 per cent since 2016-17 (FY17). 

According to data compiled from a study published in the January 2025 Securities and Exchange Board of India (Sebi) bulletin, there were 6.18 million unique PANs with two or more demat accounts in FY17, a number that has since reached 37.3 million as of 2023-24 (FY24). This growth has outpaced the total number of demat accounts, which has increased by 444 per cent to 151.4 million over the same period. 

The number