P.S- You can refer to my previous question if you want to know why I’m asking this.
As per as my best knowledge, when client closes his/her DEMAT and Trading account with a stock broker, stock broker finalizes all charges before closing account and then account is closed. Settling previous dues, transferring securities, etc as part of procedure of account closure.
So let’s say, I closed my DEMAT and Trading account with 5Paisa. Now transferred back all amount after deduction of all charges, dues, etc. Into my bank account.
But let’s say, 5Paisa went a little greedy and asked me to pay for XYZ charges for no reason even after I closed my account long ago.
Is that possible?
Main question: Stock Broker deduct and finalize all dues at time of account closure and transfers remaining funds to registered bank account. Am I correct?
PLEASE DON’T LAUGH.
Ignore if you’re looking for someone to troll. I’m not your right prey.
Before account closure all dues are cleared on both sides, without that account closure won’t go through. You have successfully closed your account, which means everything was settled.
So what you are thinking might not even happen.
What documents one can expect from broker as a confirmation of closure of trading + demat account? A retail investor need to have proof in hand or mail copy, am I right?
@ShubhS9 , Dear Zerodha / anyone with this knowledge , can you please advise, i have closed my trading and demat account with another broker 2 months back and have received demat account closed CMR copy that time and also there official email confirmation that my trading & demat both are closed. however still after 3 months in this Feb 2023 I am getting NSE BSE and MCX alerts SMS/Email for my funds of 0.08 INR which is nothing-- is it possible that broker has not closed my trading account and is therefore not making this 0.08 as 0. When i asked them, they officially replied below that they have been advised by Exchange (NSE and BSE) to report the accounts falling into below categories
a. Account closed (irrespective of closure year) but there is debit/credit balance in client’s accounts
b. Account closed in last 12 months and zero balance.
My humble question, is its possible that my account is not closed, especially trading account (as demat is closed i have proof of closed status CMR copy), if my trading account is closed then due to 0.08 INR i will keep getting exchange SMS and email forever or they will consider it as zero or should i ask broker to make it zero, please advise
Hi @Alpha_AA, not sure about this. Will check and get back to you.