demat account closer

dear friends,
i want to close my demat account from a broker and open it with other broker. can somebody explain me the legal procedure. waiting for your reply.
thanks in advance.

noboby is responding to my query. Is it irrelevant? I need some guidance.somebody please help.

What difficulty you are facing ?

You are free to close your demat account and open a new one with another broker.
If you are having shares in old demat a/c then there is some procedure to transfer it . Maybe others can highlight it.

BTW why cant you maintain two demat a/c?

Sign a closing form with your existing broker
Sign a opening form with new broker

But if you want to try something like Mobile number portability... No, that cant happen with Demat accounts as of now.

Can we maintain two demat a/c at the same time? please explain.

You can maintain....

Rajdeep,You can have 100's of Demat a/c with different Brokers.
But you have to pay Annual Maintenance Charge to maintain it if its not free.

Yes, We can maintain more than one demat account, but 1 broker 1 demat account only.
Eg: ICICI direct, Axis , SBI, Zerodha. These are names of 4 brokers. You can open 1 account with each of them. So totally you opened 4 different demat accounts with 4 different brokers.
2 demat accounts with one broker is not possible I think.

Possible only If-
1)Demat 1-Single Holder
2)Demat 2-Joint A/C Holder

Just like the banking system Vijay.

Yes that is also correct.

Long back, ICICI Direct fellow called me and asked why you are not trading?
I said i opened another a/c with another broker as your charges are very high..

He refused to believe that i "can" open another a/c. According to him ONE PAN CARD One demat a/c.
Then later i found out that he z wrong. :rofl: