I need to close my Upstox account and transfer my shares to Angel broking. And for that Upstox is insisting on submitting original hard copy of CMR received from Angel broking. On request, Angel broking has provided digitally signed soft copy instead of original hard copy of CMR. Angel broking says that they cannot provide hard copy as their offices are not functioning. Now I am unable to transfer my shares. What course of action should I take next?
@Kiran_G hope Upstox is cdsl
- Transferring only stocks ? - use cdsl "easiest " - best of all options
- mutual funds included as well ? - Try transferring stocks first and mutual funds any way will take 1 months to get transferred so get the hard copy and submit
- Digital singnature is equivalent to orginal copy - try to educate him - else complain with local police / atleast threaten him he will do immediately.
I faced the similar harassment from ICICI direct one of the worst brokers out there , They do these nasty tricks so that we will be locked in their eco system . I had to quarrel with many of their employees to get to know how it works.
with ICICI direct its fairly simple now - close the account immediately and give the transfer out request they have to dump everthing to your zerodha with in 7 working days
I am sure with Upstox it is the same procedure , since you cant get the original best is it to use" easiest" in cdsl account.
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I need to transfer only shares. But the problem is that Upstox’s share transfer and account closure are manual processes. We cannot register for easiest using Upstox. Only easi can be registered using Upstox, in which no transfer of shares can be done.
now you left with only two options
1.if the quantity is more i.e if it affecting your LTCG/ STCG calculation : use force say that I will call the cops if you dont respect the digital signature copy as it is equivalent to original it will be done .just take a constable in the worst case scenario and pay him 500 it will be done.
2. if quantity is less better sell in upstocks and buy in angel.
Physical copy of CMR is a regulatory requirement if you are transferring shares as part of your account closure.
Angel is being lethargic and not providing you the CMR copy. I received CMR copy from Zerodha last week as I had to transfer shares to Zerodha from another broker and close the account. In Bangalore also there is lockdown situation, but the signatory person still provided me with the hard copy.
You need to call Angel and ask the authorized person to print and sign the hard copy and courier it to you. It is the obligation of Angel to accept your request and do the needful. Else, you can complain on the SCORES platform.
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Doesn’t this CDSL guideline indicate that digital signature is sufficient.
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