Hi Tejas,
In the process of opening an account for my dad with you guys and honestly I'm a bit disappointed with your support team. I've had some queries with regards to transferring shares held in another demat account and have called your support team thrice regarding this and in all three instances, they've told me they need to check some details and will get back to me later in the day and I've never received a call back from them. I hope this wont be the kind of support I can expect going forward.
Coming to my issue, maybe you could help me out on this since the team hasnt got back to me as yet. The issue I'm facing is as follows:
My dad had opened a demat account in the 1990's and has some shares in that account. The issue is that his name mentioned in that account is
Nelson Do Rosario Afonso whereas on the pan card, its mentioned as Rosario Nelson Alphonso Do. (Alphonso is spelled as Afonso and the order of the names is incorrect). The PAN number linked to the account is the same though and the bank account liked to this demat account has the name mentioned correctly. This demat account is with NSDL and I have tried contacting them to make this change but it seems impossible to get through to them.
My dad has sold some shares from this account in the past through off market transactions /DIS without an issue and the bank has told me that if I make an account with another broker, I can transfer all shares from the current account to the new account, however will not be able to select the option "Transfer and close" since there will be a name mismatch. I spoke to your support team and they say that even this will not go through due to your policies.
The alternate solution I suggested to them was transferring the shares to my demat account through an off market transfer but they said that even that will not go through since they will check dads name on demat and pan, and if there is a mismatch, the transaction will be cancelled. They said they would check what could be done and get back to me.
My point is, if dad was able to transact through off market transactions in the past, it should happen now as well, shouldnt it? If not, please let me know what needs to be done in this case, and if possible put me through to someone senior from your support team who can assist with me this. I spoke to Manjunath from your team.
In the process of opening an account for my dad with you guys and honestly I'm a bit disappointed with your support team. I've had some queries with regards to transferring shares held in another demat account and have called your support team thrice regarding this and in all three instances, they've told me they need to check some details and will get back to me later in the day and I've never received a call back from them. I hope this wont be the kind of support I can expect going forward.
Coming to my issue, maybe you could help me out on this since the team hasnt got back to me as yet. The issue I'm facing is as follows:
My dad had opened a demat account in the 1990's and has some shares in that account. The issue is that his name mentioned in that account is
Nelson Do Rosario Afonso whereas on the pan card, its mentioned as Rosario Nelson Alphonso Do. (Alphonso is spelled as Afonso and the order of the names is incorrect). The PAN number linked to the account is the same though and the bank account liked to this demat account has the name mentioned correctly. This demat account is with NSDL and I have tried contacting them to make this change but it seems impossible to get through to them.
My dad has sold some shares from this account in the past through off market transactions /DIS without an issue and the bank has told me that if I make an account with another broker, I can transfer all shares from the current account to the new account, however will not be able to select the option "Transfer and close" since there will be a name mismatch. I spoke to your support team and they say that even this will not go through due to your policies.
The alternate solution I suggested to them was transferring the shares to my demat account through an off market transfer but they said that even that will not go through since they will check dads name on demat and pan, and if there is a mismatch, the transaction will be cancelled. They said they would check what could be done and get back to me.
My point is, if dad was able to transact through off market transactions in the past, it should happen now as well, shouldnt it? If not, please let me know what needs to be done in this case, and if possible put me through to someone senior from your support team who can assist with me this. I spoke to Manjunath from your team.
