Hello,
I want to close my demat account.
But without emptying it, I can’t close it.
I have only one company’s shares. And the company is out of market.
So I can’t sell it.
I am stuck in-between.
I even tried to contact the company; no reply so far.
I don’t want to pay demat charges; to hold this dead share.
Is there no way to close demat account for me?
Please help.
You will not be able to close your demat account in such case. The stock will be lying there. Btw, if the stock is of no value, your demat holdings will be of no value. In which case, automatically it will be treated as BSDA account and no AMC charges will apply.
Converting the suspened shares into remat is possible?
The RTAs of these suspended companies usually don’t respond so whether remat is possible or not depends on them.
Just a thought, if you stop paying AMC charges, your account will be dormant/inactive. If you cannot get rid of your holdings, why not just stop paying.
This is a possible idea.
But what if later, I want to open new demat account? This old demat account will effect to that? (for not paying charges and for making it dormat/inactive.)
Yes, kinda stuck situation; not finding way to out of it and get rid of the demat and suspended securities. I have emailed them; and the company haven’t replied; so chances are more to go to a ‘hang zone of remat’ too.
Why do you want to close your Demat?
Like Nithin said, if your Holdings haveno value, then your Demat will convert to a BSDA account and AMC charges will not apply. So no charges for keepnig the Demat active.
My portfolio says my holdings have value, but very low like 2k around only. It’s not zero.
I recently have changed name; and my aadhar, pan all are with updated name. My demat, trading account, securities all with old name. Axis securities (my dp) says can’t update it. I need to close old demat and open new. Also with this old demat, I can’t add link new aadhar; which I have to do before 31st march.
Next, currently i sold all shares and don’t want to keep paying for demat.
So I want the demat close along with getting rid of this single company’s suspended shares.
Not paying demat etc. seems if it creates bad repo for no reason or fault from my side. (just scared of, so wants to close).
You should have mentioned about your name change in the initial query. Then you should have good answers already.
Opening a new account is the good approach if your name and other important details got changed. You can start afresh.
I believe you can transfer the shares to other account even if you cannot sell them or the company shares are suspended for trading in an exchange.
Options 1) Open a new account and transfer your stocks there and close the old account.
Option 2) Transfer/Gift those shares to your relatives account. In case your wife or kid have an account, just transfer to it.
Or there is other option:
Tirupati Venkatachalapathy has a demat account and uses it as hundi. You can put them there. Surely crores of demonetised currency notes were dumped in His hundi.
If the transfer is not possible… leave the account as is and go on with the new account.
This might help.