Allotly logo Allotly logo Allotly

How to apply for an IPO from multiple demat accounts

· 2 min read

"Can I apply for the same IPO from more than one demat account?" is one of the most common IPO questions. The short answer: one person, one application — but a family can make one application per member.

The one-PAN rule

IPO applications are checked by PAN. If two applications in the same IPO carry the same PAN, they are treated as multiple applications and rejected — even if they come from different demat accounts or different brokers. So opening a second demat account for yourself does not give you a second chance.

Several demat accounts in one person's name still mean one application per IPO for that person.

Where multiple accounts do help: your family

Every family member with their own PAN, demat account and bank account can apply separately. In an oversubscribed IPO, each of those valid applications is a separate entry in the retail lottery, which is why households apply from several members' accounts.

For each member's application:

  • It must use that member's own PAN and the demat account in their name.

  • The money must come from a bank account in that member's name, through a UPI ID linked to it. Paying from someone else's account isn't allowed.

  • The member approves the payment request in their own UPI app.

Mistakes that get applications rejected

  • Applying twice with the same PAN, from two accounts or two apps.

  • Using one person's UPI ID for another person's application.

  • Not approving the payment request before the deadline on the closing day.

  • Details that don't match — the PAN on the application must belong to the demat account holder.

  • Too little balance in the bank account when the request is approved.

Applying for every member without the repetition

Doing this one account at a time means repeating the same form for each person. With Allotly you add each family member once, then apply to an IPO for all of them together — choosing the category and lots for each person — and track every application and its allotment in one list. Each member still approves their own payment request, as the rules require.

This article explains general rules for IPO applications in India. Check the offer document of each IPO for its exact terms, and invest according to your own judgement.