To be eligible for a Demat Account, an individual must typically be a Resident Indian, either singly or jointly. They should have attained the age of majority, which is generally 18 years old. Non-Resident Indians (NRIs) and Foreign Nationals can also open Demat accounts under specific guidelines set by the Reserve Bank of India (RBI) and Foreign Exchange Management Act (FEMA). Additionally, individuals need to have a valid Permanent Account Number (PAN) issued by the Income Tax Department of India. Having a linked Aadhaar card and a verified mobile number are often required for the KYC (Know Your Customer) process mandated by regulatory authorities.

Income proof is generally not mandatory for opening a Demat Account in India. The primary documents required are a self-attested copy of the Permanent Account Number (PAN) card for identification purposes and proof of address, such as a Passport, Driving License, Aadhaar card (linked to a mobile number), Voter IDor other valid documents. These documents are part of the KYC (Know Your Customer) process mandated by regulatory authorities to verify the identity and address of the account holder. Income proof may be required in specific cases, such as for margin trading or derivative segment accounts, where additional financial information might be necessary.

To open a Demat account, you typically need the following documents: 

• Self-attested copy of your Permanent Account Number (PAN) card, which serves as mandatory identification. 
• For proof of identity and address, you can submit any one of the following: 

1. Valid Passport, 
2. Driving License, 
3. Aadhaar card (ensuring it's linked to your mobile number),
4. Voter ID card,
5. National Rural Employment Guarantee Act (NREGA) Job Card issued by the State Government, or a letter from the National Population Register containing demographic details.

• Non-Resident Indians (NRIs) and Foreign Nationals trading in the Indian market under RBI and FEMA guidelines must additionally provide specific documents like Passport/PIO/OCI, Overseas Address Proof, and, if applicable, a Mariner's Declaration form or Continuous Discharge Certificate (CDC).