Like everybody, I too have been complacent about the safety of my demat account.
But not anymore. The latest news that appeared in Reader's Digest shook me from trance.
A few cases of demat fraud has been exposed.Dematted shares started disappearing from investors' demat account.
Who could do it?
Dishonest employees of DP ( depository participants) who have access to our accounts, can transfer our shares to other accounts. Once accomplished, it will be very difficult for us to reverse the process.
Can we prevent it?
*Yes! We can freeze our DP account against debit, by giving instructions in writing to our DP. Then, it is not possible to touch it till we defreeze it.
*Do not be gullible by over trusting your friendly broker and give them power of attorney.
*Keep a track of your monthly dp statements, don't just give a customary glance.
No! No time for such menial work? Then just keep off from investing in shares.
News source: Reader's Digest
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