I have a few mutual funds in Demat formate the are in my name with Groww broker, I am trying to transfer it to my mom Zerodha account from Groww via CDSL easiest.
But it getting rejected " setup by you through “easiest” (electronic access to securities information and execution of secured transaction) for transaction, has been rejected by your DP, for the following reason (reason for rejection)
In case you require any further details, please contact your DP"
can anyone help me how to process should I approach to Sebi, if yes How can I because on score I cant login
Contact your DP (groww) first, they probably will resolve it.
If you want to make a complaint against your DP then first register yourself in SEBI - SCORES or make a compliant in CDSL.
Mutual funds in Groww are held in SoA form not in Demat form. No wonder it got rejected.
It was first in coin by Zerodha as my employer want me to close Zerodha account I transferred it to groww in demat, it show in cdsl account but not on groww, When I query they informed me that they don’t support and sent it back as my account is close with zerodha I am trying to transfer to my mom account with zerodha
First thing first - Your employer has no say in where you hold your investments, its literally none of their business. And now coming to the issue, my understanding is - You held your Mutual Funds in Coin and upon the insistence of your employer you moved them to Demat account held with Groww. And since Groww’s is a SoA based Mutual Fund platform it will not show the Demat based Mutual Fund units on the Groww dashboard even though they are held on the Demat account linked to Groww.
Now you are caught in the middle of nowhere, where your investments are not visible anywhere and to just get out of this situation you want to move them to your mom’s account.
Right course of action would’ve been,
- Your employer has no right to say where your investments are held. You must have said NO to move them in the first place.
- Now you decided to move them to Groww without knowing it is a SoA based Mutual Fund platform. You must have Re-Materialized the Mutual Fund units in Coin and then moved it to Groww, then it is considered a SoA Mutual Fund Unit and you wouldn’t have faced any of these issues.
- Now Groww won’t Re-Materialize it for you, it is out of scope for them. Moving it to a mom’s account / third party is entirely a different process.
- You must choose either to re-materialize or move to mom’s account. There are quite a few loops to be jumped here, get in touch with a Zerodha representative immediately if you want to move to your mom’s account. For re-materializing i have no idea, since Groww won’t do it on your behalf
Under insider trading policy they can, every brokering, rating, and ib firm have these policy if I say no they will terminate me.
Life without job
Yes I am able to trasfer to my mom account after sebi take steps
If the MFs are in CDSL/ NSDL, please try submitting a filled and signed Dmat transfer form to Zerodha (holding & transfer details to be filled ). Also approach your MF they will suggest a way. regards