I have 150 yes bank shares in my Karvy account (NSDL) of which 113 are locked in and 37 are sellable. If I transfer my shares to Zerodha, will all 150 shares be transferred or only the share which are open to sell will be transferred?
You can transfer Yes Bank shares in the lock-in period to your Zerodha account by doing closure cum transfer. To initiate closure-cum-transfer, you will have to submit the account closure form along with a CMR copy of your Zerodha account to the broker where you want to close the account with.
Once you have completed all the formalities and process the securities in your Demat account will be transferred to your Zerodha account and the account with other broker will be closed.
Sir, but in my case Kotak Security (my account in NSDL) telling that I can’t transfer the locked shares of yes bank to Zerodha (CDSL) account. Is it true? and they are not allowing me to close my Demat account with them. Please clarify.
Take a print of this form , fill and it hand over to DP along with CMR copy of Zerodha demat .
please note that you have to apply for closing both your trading and demat account and there should be no debit balance .
you can very well transfer your lokced in share from one DP to another through this process of transfer cum closer.
On repeated request by email also they are not ready to transfer the shares and not to close the trading and Demat account. Where to go for complaint.
Is it possible to transfer this locked-in shares to rematerialise and transfer to zerodha demat accout.
just a question, do we need to fill a DIS slip for this closure-cum-transfer? Also, is the process same for all the brokers or can one broker ask for the DIS slip while the other may not need it?
EDIT: Can someone please also help me understand this line in the closure form:
Submit a duly-filled Delivery Instruction Slip [DIS] (off market instruction slip) if the balances are to be transferred to another account.
This requirement is not applicable in the case of “shifting of account”.
What is shifting of account?
@Haridas_L …Process to rematerialise demated share has to be done through your DP(kotak) only where the demated share are. it is time consuming and expensive process to get the same again demated with another dp (zerodha) in your case when the DP and Broker is not ready to cooperate in closing your trading cum demat account ( i am assuming you do not have any debit balance ) , my suggestion is to send the duly filled account closer cum transfer form along with CMR of Zerodha by registered post /hand delivery duly acknowledged .
@hihfhyu74 : Shifting of account means closing demat with existing DP ( say A) and transferring all securities to another DP ( say B) on proof of CMR of having opened account . this process do not incur any charges even if you have 100 scrips in DP (A) but rather you will get proportionate refund of AMC . this is called closer cum transfer of demat account .
I have already submitted the closing form and CMR copy of Zerodha to Kotak security. They transferred my Old 75 Yes Bank shares out of 300 shares. But they denied to transfer 225 shares. Due to that they are telling they can’t close the demat and trading account. T I don’t have any debit balance with them.
If you have submitted closer cum transfer request they are bond to close the demat account . how did they transfer your free 75 share of Yes bank ? if it was on the basis of this form closer cum transfer than they can do locked in share too .
@ShubhS9 PLEASE GUIDE .
No idea about this, when you do closure-cum-transfer all your shares are transferred even if they are in lock-in period. @Haridas_L, maybe you should reach out to Kotak and get more explanation.
That is their reply. I can show their emails. They are not ready to close. All the other shares are transferred. Old 75 shares of yes bank out of 300 transferred + new yes bank 1000 shares recently bought. But deny for 225 shares and they charge me monthly for keeping that in demat. That also high amount. Because the reason they are telling, I have new zerodha account. Therefore my account is not normal account to them. Where to complaint about this or can I go to customers complaint court for this.
Even i am facing same issue with ICICI demat account. I visited branch as well to transfer locked shared of YES BANK and they denied to transfer it as per guidelines it can’t be transferred and their system does not allow them.
You cannot directly transfer the shares in lock-in period, only way to transfer them is by doing closure-cum-transfer:
You have all the rights to take matter to a logical end as they can not deny you closer of account and transfer of shares to other demat account . no need of any consumer court to approach but matter will be solved by speaking to customer care or in worst case registering your complaint at https://scores.gov.in/ .
Download the demat account closer cum transfer form /or collect it from brnach , fill it up and alongwith CMR copy of other demat account send by registered post to HO of DP .
Thanks for your advice.
They are proceeding my request to transfer and close of my demat account through RTA. I don’t know when it ill close. it’s already been one week now.
Yes karvy also not transferring all yes bank stocks to another demat account … Transferring only 25 percent
Even in my case, Kotak not transferring 75% of shares for my transfer-cum-closure application. They have transferred all my other shareholding to my new demat at Zerodha. Have complained to SEBI through SCOREs. Let us see