Two Broker One Demat Account

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riskfree_trade

New Member
#1
#1
Dear All,
My Current broker is Sharekhan and i have a CDSL Demat account, Opened and operated by Sharekhan. I recently opened an account with Zerodha as it turned out to be cheaper and got my Demat account linked with Zerodha as well. Now, that the account is linked, i cannot see holdings in my Demat account which i bought through Sharekhan in the online software of Zerodha, Zerodha trader. When i called up Zerodha regarding same, they said, since you have linked Demat account operated by sharekhan, in case of delivery, u can only buy through Zerodha and Selling has to be done through Sharekhan only paying Sharekhan's brokerage. Please confirm if this is a valid point made by Zerodha since as far as i know we can link any number of trading account to same Demat account and buy and sell from either of them.
 
S

sridhar

Active Member
#2
#2
riskfree_trade said:
Dear All,
My Current broker is Sharekhan and i have a CDSL Demat account, Opened and operated by Sharekhan. I recently opened an account with Zerodha as it turned out to be cheaper and got my Demat account linked with Zerodha as well. Now, that the account is linked, i cannot see holdings in my Demat account which i bought through Sharekhan in the online software of Zerodha, Zerodha trader. When i called up Zerodha regarding same, they said, since you have linked Demat account operated by sharekhan, in case of delivery, u can only buy through Zerodha and Selling has to be done through Sharekhan only paying Sharekhan's brokerage. Please confirm if this is a valid point made by Zerodha since as far as i know we can link any number of trading account to same Demat account and buy and sell from either of them.
Click to expand...
Zerodha is correct. If you want to sell through Zerodha from your demat holdings u will first have to transfer in off-market mode to Zerodha pool a/c, intimate them & give telephonic sale instruction afterwards. Quite a pain unless quantity is huge.
 
TraderRavi

TraderRavi

low risk profile
#5
#5
riskfree_trade said:
Well in that case, Opening a Demat account through zeodha would be the only way out. Anyways thanx a ton for this info guys.
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zerodha's tie up with ILFS for demat account is not good, people complaining in the zerodha thread about this....
my demat account is with IIFL and trading account with zerodha.....IIFL also charges some fee if I sell through zerodha.....
 
S

shivkumara27

New Member
#6
#6
Even I had this problem, I linked by existing HDFC bank / Securities demat Account with RKSV. Now they say that for delivery based transactions, I would be able to sell only through HDFC securities.

Now what if I close my HDFC securities Demat account? Will the demat account be exclusively used by RKSV? or I cannot sell the shares bought at all??
 
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niftyninjatrader

Member
#7
#7
It is always better to open demat account with the broker you open an account with as linking demat account (with another broker) always creates problem.
So better option will be to open a new demat account with RKSV and transfer all your holdings to this new demat account and close other demat account with HDFC Securities, (if you want to close it).
 
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rajin90

Well-Known Member
#8
#8
we all actually go through this problem and often we change brokers so creating new Demat with every new broker is quite annoying and cumbersome process.

well i did used my demat for more 2 brokers and never found it problematic the way it is mentioned by the topic creator
 
C

cvas

Member
#9
#9
TraderRavi said:
zerodha's tie up with ILFS for demat account is not good, people complaining in the zerodha thread about this....
my demat account is with IIFL and trading account with zerodha.....IIFL also charges some fee if I sell through zerodha.....
Click to expand...
1. What is the prob with ILFS?
2. What is the Power of attorney form in ILFS and Zerodha? Do I sign it or not?
 
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