Closing of Trading and DEMAT account

pannet1

Well-Known Member
#1
Hi,

Over the course of many years of trading, i have opened many trading/demat accounts. I realized that by inadverdently opening DEMAT account , i have to pay AMC for stale accounts. I will discuss my ordeal with closing of the accounts. Hopefully you can help me along the way because I am yet to start closing the accounts one by one. The trick is to determine which broker to keep. While the choice may look simpler, i am not trading F&O now but I may need it in future. I have uploaded the necessary papers to zerodha but not to other brokers. List of brokers I have on hand (to close) are ..

in the order of opening

1) India Infoline (5 paise)
2) Zerodha
3) Kotak
4) Wisdom
5) Upstox
6) Aliceblue.

Day by day i am bleeding and loosing before even earning.
 

pannet1

Well-Known Member
#4
Close the ones that you wont use, esp if there is AMC. I had no issue closing ICICI and ILFS, just have to go through the hassle of paperwork. FnO does not need demat account.
yeap. they trained us to be lazy when opening the account and comparitively closing is the hassle (paper work).

someone said that if account opening is done online, SEBI had made it mandatory for broker to provision closing the account online too. don't know if this is implemented or even if is true.
 

pannet1

Well-Known Member
#5
I would have only 2 open at given time. One for long (longerrrr) period and one for swings etc. you can either keep 3rd one for fno or could utilize second account for fno.

If using occasionally i guess brokerage wouldn't matter but AMC will.
the way i trade, i think even 2 is a luxury

:D
 

pannet1

Well-Known Member
#7
Do not forget that the demo version is good in order to test different trading techniques on it.
hi chapman,

this is not FOREX platform, i am referring to. i think you are foreigner and not realising that this is about indian equity market and exchanges.
 

pannet1

Well-Known Member
#9
From those 6, which one is the most valued broker for you ,as per your trading setup. Just curiosity.
Obviously Z,
I don't have any shame to admit.
If someone is blaming them then it means the blamer is not honest.
Z has many flaws but the no.2 contender is still far behind.
 

Bro

New Member
#10
Well it's a great choice sir . I ran behind many , but taking some things into consideration, i still lean toward Z. Especially the ease of use and simultaneous logins ,which many don't provide. Hanging platform is the only issue they need to work on.