Account Opening Process for Individuals with Disabilities

FAQs on Opening Demat and Trading Accounts for Persons with Disabilities

*The following FAQs are in line with SEBI’s circulars, guidelines, and FAQs*

 

1. Can individuals with disabilities open demat and trading accounts with Lemonn?

Yes, Lemonn allows individuals with disabilities to open both demat and trading accounts.

(a) In case of blindness and low vision;

• The client and the guardian will be assisted by the team to complete the offline assisted KYC. 

(b) In case of deaf and hard of hearing;

• The client can complete the online KYC and has to provide the certification under the Rights of Persons with Disabilities Act, 2016 

(c) In case of locomotor disability including cerebral palsy, leprosy cured, dwarfism, acid attack victims and muscular dystrophy;

• The client and the guardian will be assisted by the team to complete the offline assisted KYC.

(d) In case of autism, intellectual disability, specific learning disability and mental illness or multiple disabilities;

• The client and the guardian will be assisted by the team to complete the offline assisted KYC.

2. Is a guardian required for individuals with disabilities to open a demat or trading account with Lemonn?

Adults(18 years and above) who are ofsound mind and not legally disqualified from entering into contracts can open accounts independently. If a guardian is needed as per SEBI’s FAQs, Lemonn accepts a Guardianship Certificate issued by the Local Level Committee, in line with the Mental Health Care Act, 2017, and the National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999. Both the guardian and the individual with disabilities must comply with all applicable KYC norms. 

3. How are persons with disabilities categorised as minors or majors?

Classification is based on age. Those 18 years and older are considered majors if they are of sound mind and not legally disqualified to contract. SEBI has separate guidelines on the opening of demat and trading accounts for minors available on their website.

4. What form is needed for persons with disabilities to open a demat or trading account with Lemonn? 

As per SEBI’s guidelines, uniform documentation is required for all trading account openings, including for persons with disabilities. This includes a Know Your Client (KYC) form which captures basic details of the client and an instruction/checklist for filling it out. You must also submit certification under the Rights of Persons with Disabilities Act, 2016.

5. What if an individual with disabilities cannot sign the forms themselves? Do both the guardian and the individual need to comply with KYC norms?

Lemonn provides different avenues for individuals to sign the forms themselves including through physical and on-screen signatures. In the event that an individual is still unable to open the account, the account can be opened with the guardian’s signature. Both the guardian and the individual with disabilities must comply with all applicable KYC norms.

6. Does Lemonn offer online/digital KYC for persons with disabilities?

Yes, Lemonn provides online/digital KYC for the individuals with disabilities. Our team will assist clients in facilitating their KYC, as per point no. 1.

7. Can a thumb impression be used for online/digital KYC at Lemonn?

Yes, Lemonn accepts a thumb impression. For any online KYC process, documents with a wet/cropped signature or eSign, including thumb impressions, can be accepted as per applicable law.

8. How does a person with disabilities initiate the process of opening a demat and trading account with Lemonn?

To initiate the process of opening a demat and trading account with Lemonn, persons with disabilities would need to contact our customer support team. The first step is to write to our customer support team via email [email protected], informing usto open an account under the applicable category. Our dedicated support team will then provide personalised assistance and guide you through each step of the process. We are committed to ensuring a smooth and accessible onboarding experience, and our team is here to help address any questions or concerns you may have throughout the process.

9. How does Lemonn address difficulties faced by persons with disabilities during the onboarding process, specifically when required to sign on the screen?

Lemonn has implemented several solutions to assist clients with disabilities during the onboarding process, particularly for the screen signature requirement:

a) Clients may upload a picture of their specimen signature, which would be utilised for the e-sign.

b) Clients have the option to provide a physical signature on all documents, which can then be mailed to Lemonn

c) An image of thumb impression is also accepted as an alternative. 

In the event that you wish to open an account using any of the above methods, you must also submit certification under the Rights of Persons with Disabilities Act, 2016.