Zerodha is forcing demat account conversion (From their own ILFS to Zerodha CDSL)

[2021]

Does it include Finvasia too? They do not charge demat AMC fees for their own demat accounts

I knowingly avoided taking names of any broker who are ready, for sake of being impartial and neutral. Though yes, finvasia is ready to link old demat too with allowing a zero AMC demat of their own to choose from. Note that they charge 200+gst for poa so it's not completely free.

 

[traderniftybull]

Zero brokerage on equity, tempting for swing trades.

zero brokerage on equity only,
but how about, if you get zero brokerage not only on equity but derivative and mcx trading also.

 

[bpr]

Many may feel its not a big issue but it IS !


1) Apart from what all I buy from Zerodha, I have Govt Bonds ( GOI bonds) ; These are not even tradable ! What will happen to that ? Will that be transferred also to my Zerodha demat ??

2) The prefilled forms only talks about new demat creation. Where is the form to transfer all my holdings?

3) The statement made by Zerodha is wrong - "You simply need to print, sign and courier this to us" , You dont need cancelled cheque ? I see in pre-filled documents its mentioned that we need a cancelled cheque.

4) Also some bonds(especially GOI and Gold bonds) cannot be transferred from NSDL to CDSL. What will happen to those ?

5) Who will take responsibility to close the IL&FS demat account ? Why should i pay double AMC charges each year ?

6) Will the POA given to you for the IL&FS demat account be revoked or I should do that also ?

7) Tax implications , Demat transfer charges ??

Already have wrote my concerns to Zerodha team; Waiting for their response. Feeling angry and pissed off - You cant force customers to move; Zerodha only created ILFS demat accounts for us when they had not yet launched their own Demat account

Please update if you receive any reply.

I just checked my old emails. I asked zerodha about this long ago and they had sent an ILFS closure form.
probably this is what we need to sent along with the other form.
attaching here ...

 

[bpr]

No broker is accepting other broker's created demat account now
Its a serious violation of all SEBI rules. Demat was supposed to be interchangeable
Every broker runs always saying its too much hassle to issue a new POA etc etc


I never want to use DIS slips, It scares me to think that it will go through so many manual process and I am welcoming frauds by doing so. Many cases where DIS slips have been forged or duplicated by people and they lost their lifetime worth holdings

wow I was just considering using DIS to move my holdings from one broker to another ...I was not totally comfortable after reading your comment I will rather sale and buy again and incurr all the charges
I have 3 demat accounts and soon it will be 4 Why the torture ??
Where is sebi when you need it ?
Simple fix only one demat account should be allowed per person. that the person can electronically give buy(receive) and sell(debit) privelege (Instead of the POA mess) to various brokers.
Sell privilege can be given to one broker at a time naturally.
and Buy privilege can be given to many brokers

is that too hard for them to come up ??

 

[superman]

bump !
Anyone successfully migrated their demat ?

I am thinking of leaving this IL&FS demat standalone. WIll manage it myself. I can submit a debit freeze and keep it for cold storage
I still have not started the process ; Many in other forums are crying that there are issues during migration of demat accounts.

Worst thing is IL&FS Securities is now acquired by Indus Ind bank and I dont know what plans they have for us retailers who have standalone demat accounts !

 

[bpr]

bump !
Anyone successfully migrated their demat ?

I am thinking of leaving this IL&FS demat standalone. WIll manage it myself. I can submit a debit freeze and keep it for cold storage
I still have not started the process ; Many in other forums are crying that there are issues during migration of demat accounts.

Worst thing is IL&FS Securities is now acquired by Indus Ind bank and I dont know what plans they have for us retailers who have standalone demat accounts !

yes I think I did.
I received a verification call during the new demat opening.
Also received my CMR for the new demat and also see my holdings in kite and all qtys are in bracket I think they migrated.
I will give them a call and confirm.

 

[newtrader101]

ha ha
you are still with 0dha
shayad fevicol ka majboot jor hai

I have bid adieu to 0dha, a few years back.

Traderniftybull, who is your broker now, and are they any better?

 

[traderniftybull]

Traderniftybull, who is your broker now, and are they any better?

I am trading with WisdomCapital, since last more than an year.
No major issue happened with them, aur chhoti moti problem toh har broker ke saath hoti rahti hai but that too should be, once in a while, not regular.
My theory is, in this online trading era, if you have to call your broker regularly, (not for queries/knowing something but for complaint or getting something done) then better to/time to change broker