No, it is not allowed to open an account on behalf of someone else. You are only eligible to open your own account with your own contact details. Any violation of KYC norms is not allowed at FYERS. This is to ensure the safety of the account holder’s funds and investments. Also accessing another person’s account is not not allowed. Unauthorized access and trading has been a serious issue for the market regulator SEBI (Read this circular). Several measures have been taken to prevent unauthorized trading and access in client accounts. They are:
- Record of signed documentation.
- Telephone Recording
- Logs for online trades
- Authorized Email ID for regular communication with regards to the account held with us.
- Record of written communication etc.