What to do with ABG Shipyard shares in the Demat account as the company went insolvent?

[Jagdev_kt]

What to do with ABG Shipyard shares in the Demat account as the company went insolvent? I cannot close my Demat account due to this. Please someone guide.

[Prayag]

You could try converting those shares to physical form and then close the account. Also, you could do an off-market transfer of those shares to your (or your family) other demat accounts and then proceed with closing the account. Also, refer to this thread -

@VenuMadhav

If you’re holding shares in a demat account that you want to close but aren’t able to transfer/sell such securities for any reason, you can still give a closure request to the DP. The DP will then mark the account under the ‘to-be-closed’ status after which no AMC charges will be applied. You will have to move the securities through an off market subsequently/sell them in order to eventually close the account.