A BO A/c is an ownership A/c. The holder/s of securities in this type of A/c owns those securities. A beneficiary account holder is legally entitled for all rights and liabilities attached to the securities held in that account
The CM A/c is a transitory A/c. The securities in CM A/c are held for a commercial purpose only. A CM A/c is opened by a broker or a CM for the purpose of settlement of trades. It is also termed as Brokers Pool A/c or Settlement A/c. The securities in this account will be eligible for any corporate action benefit declared.
Only those who are eligible to become members of a company under the Companies Act, can open a beneficiary A/c with a depository. Partnership Firms are not considered as members of a company.
DEMAT A/c can't be opened in the name of Partnership Firm. In the case of a Partnership Firm, DEMAT A/c is opened in the name of partner(s).Partnership Firms can however open Clearing Member A/c since they can become Stock Brokers as per SEBI rules.
Bank account(s) which hold clients funds shall be named as "Name of Stock Broker - Client Account".
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