Transfer of Demat accounts

Do I have to pay any charges to IDBI if i want to close my demat account with it and transfer all my holdings to new account at Karvy? If there are no charges, can you please cite NSDL circular number and date please?

Why do you want to tell them , that you are closing?
just transfer the shares .

Hello

First decide about good brokerage company with online checking of status of your shares , and brokerage etc.,( without keeping the shares in the pool account , after t+2 days the bought shares should be in your NSDL, CDSL account rather than pool account ) than that brokerage is fully secured to you.

Once decided about brokerage company open the demat account , find out their yearly charges . after opeining the account transfer all exisiting shares in the old accopunt should be transferred to the new account . Counter check the transfer of shares in the new account once that is effected , then you can close the old account. Keep a xerox copy of closing application with old account duly stamped by them. Since majority of the cases even though you have closed the concerned brokerage companies still keepit open , then unnecessarily you will continue to pay annual charges for the old demat account without any transactions in it.

There is definitely an nsdl circular, which says that if you are closing the account and transferring all your holding to another account, no charges are levied. You may try to find out through the nsdl site or google.

Clarification on closure of demat account


NSDL vide its Circular NSDL/PI/2002/2175 dated December 18, 2002 has clarified to its DPs that an account held by a beneficiary can be closed on the basis of a request submitted by the Client to its DP on a plain paper instead of the application for Closing an Account as given in Annexure Q in the Business Rules of NSDL. Such request submitted on plain paper can be treated as a valid application provided the following requirements are fulfilled:

The request letter must contain all details that are specified in the Application for Closing an Account (Annexure Q).
The Client must submit duly signed delivery instruction form(s) (Annexure L) for transferring the securities, if any.
All the account holder(s) must sign the request.