NRI selling fractional Liquidbees in CDSL

General
1

I am an NRI and I want to close my resident account. But I have a dependency to sell my fractional units of Nippon India Liquidbees in CDSL and facing a major roadblock when trying.

Zerodha keeps rejecting my request, stating I need to add Nippon India as a beneficiary, requiring their PAN. Unfortunately, neither Zerodha nor Nippon India customer support can provide this PAN information.

I’m at a standstill, unable to close my resident account due to this dependency. Navigating this process has been incredibly frustrating, especially with the lack of clear customer support and conflicting information.

I believe a solution, even a temporary workaround, would greatly benefit me and countless other NRI customers facing similar challenges.

1 Like
2

Hi @haripriyatv,

Sorry to hear about this. The redemption of fractional units of liquidbees can be made through the off-market transfer to the AMC’s demat account by following the process mentioned in this Support article.

Do confirm if you have followed these steps.

Is there a ticket through which you’ve communicated with the Zerodha team? Can you please DM the same and I’ll have this checked?

I can understand the difficulties in closing your resident account as an NRI due to the dependency on selling your fractional units of Nippon India LiquidBees in CDSL. Will have this checked and addressed on priority.

3

Hi Akshay @AkshayAtur ,

Unfortunately, I’ve encountered technical difficulties in both the online and offline processes.

Issue:

Adding Nippon India Mutual Fund (AMC) as a beneficiary in CDSL Easiest is required for both online and offline redemption, as per the recent circular by CDSL. However, the Support article fails to provide crucial details concerning the AMC’s PAN, which is mandatory for adding the beneficiary.

Consequences:

  • My online request is rejected due to missing PAN information.
  • My offline request is on hold for the same reason, despite diligently following the suggested process.

Frustration:

This situation is highly frustrating. I invested significant time and effort going through the offline process after encountering difficulties online. I’m disappointed that neither online support nor the offline process provided complete instructions. My delayed response to your reply was due to diligently pursuing the offline route, only to discover another roadblock.

Request:

Given the urgency of closing my resident account and opening NRO/NRE accounts, I kindly request your help in prioritizing my case with the following options:

  1. Locate the AMC’s PAN: Please assist me in obtaining the missing PAN information through Zerodha or official AMC channels.
  2. Alternative methods: Explore alternative redemption methods for fractional units that don’t require the PAN.
  3. Expedite offline request: If finding the PAN isn’t feasible, prioritize processing my offline request to minimize further delays.

I trust that you understand the importance of this matter and will take prompt action to find a workable solution.

Please find my open tickets for this issue reference:

Thank you for your time and support.