I already have a Demat account. Can I open another account with SBICAP?

An individual can open multiple demat accounts on his/her name. But only 1 demat account is allowed per depository participant.

If you have a demat account with some other broker then you could open another demat account with SBI. This won't cause any problems as both these demat accounts work totally independent. This is similar to you having saving bank account in two or more banks on your name.

If you already have a Demat Account with SBI, you cannot open another demat account with them.

Note that Demat accounts attract Account Maintenance Charges (AMC), so it is better to open accounts as per your trading needs. Brokers charge between Rs 300 to Rs 1200 AMC every year.