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How to close ICICI demat account

Discussion in 'Investors Grievances' started by arunesh, Dec 18, 2008.

  1. arunesh

    arunesh New Member

    Dec 18, 2008
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    I am currently in US for 4 months, and will stay here for some years atleast. I hold an ICICI Demat account in India with some significant number of stocks. I submitted an address change (new address was my ancestral home in India) for that account before I left India, the documents for which ICICI has lost. Also the ICICIDirect website sucks.
    My questions are
    1. Can I just close the account and get the shares on paper (I have heard ICICI makes life painful here)
    2. Can I open a new sharekhan account and transfer shares to that and close the ICICI account ? (I will be an NRI in few months - so I am not sure if I can trade anymore)
    3. Even if I cannot trade because I will be an NRI - can I just hold the shares and get divident on that

    Thanks for any reply
  2. tell me about it bro,those m*r*ns couldnt issue me a debit card pin number for 3 years while i was abroad,neither were they ready to close the account.

  3. fast_rizwaan

    fast_rizwaan Active Member

    Apr 30, 2007
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    1. i think you need to be physically here to convert shares (remat-arialize) on paper. because they'll need your signature in front of the executive/officer.

    2. same with transfer to other accounts - need your signature in the presence of the officer.

    3. Yes, you will get the dividend, as your name/bank account is provided to the company as beneficiary. dividend will be credited to your bank account directly. only notifications will be sent to the address provided.

    icicidirect provides online trading, using internet access / online interface you can trade. nobody will ask you whether you are an NRI or not.

    If you want to transfer your shares, do, open NRI/other account and buy the same shares there. sell the stocks at, as converting and trasferring will be a hassle.

    NOMINDTR Well-Known Member

    Jan 5, 2008
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    Before closing you must transfer your holdings to the other broker (once you open the account with other broker) by TIFD

    You can get physical form and you have sign and send it to any ICICI branch which has a demat desk.


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