My father along with his brother-in-law have joint demat accounts with multiple brokers.
Now, he wants to close the accounts, but the brother-in-law is absconding.
We are unable to transfer shares/close accounts and have been paying AMC every year.
Is there a way for my father to transfer the shares to his name and close the account?
What should we do in such a situation?
You can transfer the shares with the help of CDSL EASIEST. As the case is of absconding i don’t know if nominee can sign in place of joint holder or not. But you can transfer the shares easily via cdsl easiest.
The demat is with NSDL(Saraswat Bank). I may figure out how to transfer the shares, but how should I close this demat account? Can anyone please help?
Saraswat Bank employees themselves have no idea.
@siva-reddy @ShubhS9
With which brokers do you have the accounts? Have you reached out to those respective brokers for the process? What are they saying?
Fill the closure form of demat account of the respective bank(google it you will find it easily) & then give them to the employees they will close it within 7-10 days.
What do you mean? The closure form requires two signatures, because it’s a joint account. Who will sign at the second signature?
Can the joint account be closed with just one signature?
Offline method will require signatures of both holders better to transfer the shares with cdsl easiest and to close the demat account nominee of joint holder absconding will be required to sign it.
There is no nominee in the demat account.
To close the account you need to submit account closure form. You can download this from website of the broker with whom you hold and want to close the account.
going by what you have said above… this is personal issue between your father and brother in law… not much others can do to help in this case… best to talk to the other party and get them to agree to close the accounts…