Moving holdings from Sharekhan to Zerodha

Zerodha
1

I have had a Sharekhan account forever but only started actively investing once i opened up a Zerodha Account. Since then i have been moderately satisfied with the platform and decided to move whatever holdings i had in other places to Zerodha in a sort of consolidation. The idea was to make life a little simpler. :slight_smile:

However, my attempts at moving my holdings and closing my Sharekhan account seem to be hitting a wall.

First Attempt:
I had sharekhan support email me a closure form. I attached a list of my holdings and the CMR report and sent someone to the local branch to process the transfer & closure. They were sent back saying the form was in old format and unacceptable. The branch gave him a new form to be filled out with the instructions to write down the holdings on the back of the form.

Second Attempt:
Form filled out, Zerodha CMR report attached. Sent back saying they did not need the list of holdings on the back of the form and to fill out a fresh copy.

Third Attempt:
Form filled out again, CMR from Zerodha attached. Sent back saying that the CMR report from Zerodha needed a Stamp & Signature.

There doesn’t seem to be an option to get that. Any ideas on how do i go about getting a stamped and signed CMR from Zerodha to satisfy these bureaucratic imbeciles?
@nithin - help…

2

Definitely, sir. Write to ‘[email protected]’ requesting a sealed copy of your CMR. They’ll courier it to your registered address.

Also, see what Sherekhan was about to do to Baloo. He bit his bum a few seconds later.

image

3

Appreciate the prompt response. Email request sent.

OT - how does the stamp & sign matter? Can a valid digital signature not suffice? Is it just a bureaucratic way of appealing to the customer’s inertia in an idiots vision of customer retention?

Thoughts?

-N

4

Well, not exactly. They’re only following Depository compliance. This is to eliminate any fake docs as a seal and sign would make the Target DP responsible for the CMR. Also, this is an account closure cum transfer, once transfer is initiated, it cannot be reversed. So preventive measures only.

image

CDSL compliance manual

5

Hi,

I transferred my holding from sharekhan to zerodha and i didnt face any issue. When i went to the branch, the manager tried to negotiate for retaining the account by reducing the brokerage. Later he given clearance. I think it is the branch who is creating issue for you.

6

I am also willing to transfer my holdings from Motilal oswal to Zerodha account.But I want to retain MO account also for now ,Only my interest is to transfer holdings ,charges will apply or its free on both ?

7

There will be charges. It will be free only when the account is closed.

8

You have to use a DIS slip for this and provide Zerodha’s DP details to MO. The DIS charges are usually Rs.25 or 0.03%-0.04% per instruction/per stock transfer, whichever is higher. You can confirm this with their chargesheet.