In this series, I will try to bring the information for Demat account closure for our Top Brokerage firm so that as a customer you don’t end up paying a huge maintenance fee otherwise it will dig a big hole in your pocket. So let’s cover “How to Close Sharekhan Account Online?”
Well, so far there is no option to close the Sharekhan Account digitally. It’s still the old way of submitting an account closure form at the branch and then getting it closed. You can close this account by dropping a mail or calling the helpdesk number. Think twice before you open an account with Sharekhan Firm. Gone are the days when you have to visit the branch in person and submit the hardcopies.
But still, if you hold the account with Sharekhan and are not satisfied with their services please follow the below Offline process to avoid losing your money:
- Fill out the enclosed account closure form and get it duly signed by all the account holders in the presence of the depository participant official.
- Provide the reason for account closure in the application request.
- Provide a copy of KYC documents for Identity & Address Proof.
- Fill out the delivery instruction slip in case of transfer to securities to another account of yours.
- If DIS is submitted then fill client master report from the central depository to transfer the proposed holding along with the relevant stamp, signature, and logo.
- Now submit all the documents stated above to your Relationship Manager or Equity Advisor or to a branch of Sharekhan to get your account closed.
Guidelines
Before submission of documents, ensure your account holding is nil or you transfer it to other accounts of yours. Or else you provide additional documents like delivery instruction slip or RRF if balances are to be rematerialized.
In case you have any outstanding charges please ensure you add some funds so that while closing the account they can adjust outstanding dues and can transfer the remaining amount to your linked saving bank account. However, in order to process the account closure, it requires the original hard copy of the account closure form.
It takes 7 working days for us to process the closure from receipt of the account closure form at our Head Office, you can get the status of the account closure from your Relationship Manager/ Equity Advisor or your nearest branch. You can also acquire the status by calling on number 022-61150000 [from 8 am to 6 pm] or by writing to myaccount@sharekhan.com
Time needed: 5 minutes
Instructions for filling the closure form:
- Account Holders
The closure request needs to be signed by ALL the account holders. POA holder (if any) cannot sign the closure request.
- Authenticated
Corrections (if any) have to be authenticated by ALL the holders. Please strike off as “NA” for details that are not applicable.
- Outstanding Charges
The closure request would be rejected in case of any outstanding charges.
- Trading account
In case of Trading a/c is linked to this Demat account, Kindly check on the trading account closure checkbox.
- Corporate account
Certified True Copy of Board resolution required in case of ‘Corporate account’ closure.
- RRF
Submit a duly-filled RRF if the balances are to be materialized.
- DIS
Submit a duly-filled Delivery Instruction Slip [DIS] (off-market instruction slip) if the balances are to be transferred to another Account. This requirement is not applicable in the case of “SHIFTING OF ACCOUNT”.
- Transfer
In case of transfer cum closure please ensure the following:
a. At least one of the account holders visits the branch.
b. He/she carries a valid original identity proof for verification.
c. Additionally, for obtaining a waiver of charges please note:
i. The target account should be in the same combination of names and of the same type/subtype as the source account
ii. Submit Client Master List (in crystal format) duly stamped and signed by an official of the target DP
iii. For CDSL closure, a Self-attested Demat account holding statement is required
FAQs
You do not have to pay any charges for closing your Demat account.
You must mention the following details while submitting your closure form:
– DP ID and client ID
– KYC details like name and address. These should be in line with the records.
– Reason for closing the Demat account.
– Is there more than one person holding the Demat account? Then, all holders must sign the closure form.