Wed. Oct 4th, 2023
What is BO ID

The customer’s Demat account numbers are represented by BO IDs. It is a 16-digit number that includes a customer’s Demat account number and DP ID (Depository Participant Identification Number). Your BO ID is shown on your Demat account statements, which you may see by going to the profile part of the website. 

It has 16 digits, the final 8 of which are the client ID and the first 8 of which are the DP ID with CSDL. Your DP ID will be given to you when you open demat account. 

How to Locate a BO ID?

By login into a mobile app, different brokers can access various websites or accounts to get their BO ID. In addition, the detailed instructions for locating BO ID are

  • Log in or register for the system.
  • Access your account and choose Demat.
  • The 16-digit distinctive BO ID will be listed under the Demat ID as a subheading.

What is a DP, or Depository Participant?

The term “DP” refers to the depository’s agents. It connects investors, banks, brokerage firms, stock exchanges, and other financial organizations. The Act on Depositories, 1996’s provisions control the relationship between the DP and the depository.

A DP can offer depository-related services once a registration certificate is obtained from the Securities and Exchange Board of India.

Difference between BO ID to DP ID

The Demat account number is unrelated to the BO ID and DP ID, which are distinct from one another. In actuality, a Demat account number is created by combining the client ID and DP ID, as was previously described. 

The last 8 digits of the Demat account number are frequently used to indicate the client ID, while the first 8 digits are generally used to identify the DP ID.

The Depository Participant’s identification code, or DP ID, identifies the organization that holds and/or maintains the Demat account.

The BO ID, on the other hand, is an 8-digit number that serves as a reference to the Demat account you have with CDSL that is connected to the DP.

How to Find DP ID & Demat Account No

Your Demat A/c number, in the case of CSDL, will be provided in your welcome letter as a sixteen-digit BO ID, for instance, 1234567890123456. 

If the NSDL created your account, your Demat A/c number will be an ID with fourteen numbers and the letters “IN,” for example, IN78385774811234.

You might be able to find your Demat Account Number in the transaction details each time you conduct a transaction from your trading account. 

Understanding DP ID’s components and uses is essential. Simply expressed, the DP ID is a part of your Demat A/c number. Ownership of the Demat A/c has been transferred to the DP with whom you have it. A Demat A/c no., on the other hand, is the ID that the DP provided to you.

What distinguishes a Depository Participant (DP) Identification (ID) from a Demat A/C?

The DP ID is distinct from your Demat Account Number and has nothing to do with the individual who manages your Demat Account. A bank or brokerage firm are two examples of depository participants. They are given a number known as a DP ID by the NSDL and CDSL.

To construct a person’s Demat A/c number, combine their DP ID and customer ID. The customer ID of the account holder is often the last eight characters of your Demat A/c number, and your DP ID is typically the first eight characters.

Conclusion

As a result, when you register a Demat account with CDSL (Central Depository Security Limited), the BO ID (Beneficiary Owner Identification Number) is provided to you. Similar to a bank account, it is sometimes referred to as the primary controlling number. For dealing in securities in a dematerialized or electronic form, this BO ID is necessary.

Customers who have a Demat account may keep track of all transactions including the buying and selling of securities such as bonds, shares, and mutual funds. Among the several demat apps available in India, blinkX is the best. The process of opening a Demat account with blinkX is simple and convenient.

It is crucial to understand what BO ID is and how crucial a part it plays in the stock market journey. A novice or starter in the stock market should constantly have reading material and seek assistance from professionals in the field. 

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