Dematerialisation of physical shares

#1
Hi All,

I have a trading + demat a/c with ICICIDirect.
My father have 5 SBI shares in physical format.
I want to convert them to demat and transfer to my demat a/c.
I know that, I will have to open an demat a/c in my fathers name.

My querries are -
(1) Can i open only demat a/c in my fathers name, i.e. without trading a/c, and then transfer them to my demat a/c.
(2) Which broker will be good for this transaction.
 
#2
Yes, you can open a Demat account only. There is no need to open a trading account if all you want to do is transfer the shares to your demat account.

You may want to open a demat account with a firm having low charges. One such firm is Stock Holding Corporation of India ( http://www.shcil.com/ ). They were offering demat account for Rs. 150 for first year last month and they are among the oldest and biggest demat service provider out there.

Don't forget to close the new demat account after transferring the shares to your demat account or else they will continue to bill you for yearly fees. May be you will want to retain the demat account to apply in IPOs.
 
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