Return POA after demat account closure

S

samD

New Member
#1
#1
Hi,

I am a novice in trading..haven't really done any. I had opened a demat account 2 years ago. I have closed it now after paying the closure fees. I have received a letter from sharekhan stating account is closed ..but below in the poa status column it is mentioned as poa (power of attorney) is active.

I remember signing a poa in the account opening form with the broker..but now since the account is closed I want it returned.

I don't remeber the exact clauses in the poa..but the broker had then said it is to buy or sell shares on the account holders behalf.
He says it holds no value as the account is closed.

For safety sake can I have it returned now that the account is closed
 
SavantGarde

SavantGarde

Well-Known Member
#2
#2
It's true once you have the confirmation of the Closure of the Demat account POA automatically stands cancelled.....

POA is basically for releasing the shares sold by you which is held in your Demat account without having to give DIS Slip every time you sell some shares that you hold.... and also gives brokers 'Limited' lien over what you hold to sell & recover their dues incase of 'Persistent Debits' ....but not before the following the due process as laid out by the regulators.

There is widespread misuse of the the POA as well.....

SG

samD said:
Hi,

I am a novice in trading..haven't really done any. I had opened a demat account 2 years ago. I have closed it now after paying the closure fees. I have received a letter from sharekhan stating account is closed ..but below in the poa status column it is mentioned as poa (power of attorney) is active.

I remember signing a poa in the account opening form with the broker..but now since the account is closed I want it returned.

I don't remeber the exact clauses in the poa..but the broker had then said it is to buy or sell shares on the account holders behalf.
He says it holds no value as the account is closed.

For safety sake can I have it returned now that the account is closed
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