Why do I have to transfer my Demat account from IL&FS Securites Services Limited to Zerodha?


#21

The way we have planned this is that holdings will move out of ILFS and show up in Zerodha the same time. So your trading remains unaffected. If your holdings are pledged for F&O, it can continue to remain pledged. When you unpledge, it will come back to the Zerodha account.

And of course, if we are not able to smoothly transition by the due date, we will extend it. We can’t say 1 year and all, no one will bother to take the effort now. :slight_smile:


#22

We will assist you with all the help that’s required to smoothen the whole transfer process. We have also co-ordinated with IL&FS and have requested them to have designated people in place in order to facilitate the transfers.

  1. You may choose to keep your ILFS demat account open till the time that the new shares get credited to your account and then initiate a transfer.
  2. Dividends get credited to the Bank account mapped to your demat, so regardless of whether the stocks are in NSDL/CDSL, you will receive the credit to your account, if you are eligible.
  3. As stated earlier, you can choose to keep your ILFS account open till you receive credits of these units. In the event that your account is closed, and you don’t receive stocks, your broker would receive them and pass it to your demat account.
  4. Your opening an account at Zerodha will not have any bearing to your trading activity. You’ll open a demat account at Zerodha in parallel that will get mapped as your primary demat account. There would be no effect on your trading.
  5. Again, there won’t be any effect whatsover. You would have already transferred stock to our margin account to receive margins for F&O trading. This has no relation with your demat account. Only in case you decide to unpledge, you would receive credit to your Zerodha demat instead of the ILFS.
  6. You will continue to receive Liquidbees dividends to the account in which you hold the bees. So if you’ve held them in Zerodha demat, additional units would get credited to your Zerodha demat.

The intention behind requesting our clients to migrate to Zerodha was to ensure all of them get comprehensive error free, readily available reports along with access to all the platforms that we’ve to offer. It also helps us reduce our operational burden and limiting dependencies on third party service providers like IL&FS for different reports like holding statements etc.


#23

Do we have to send all documentary proofs afresh for new demat accounting with zerodha ?
Can i send both zerodha demat account opening form and IL&FS account closure form together? ’

My CKYC is already registered. Can i just quote my ckyc instead of sending documentary proofs like PAN,Cancelled cheques etc afresh ?


#24

Hello,

I am confused about the 3rd and 4th Point of ILFS closure form https://s3.ap-south-1.amazonaws.com/intranet.zerodha.net/intranet_file_uploads/2018/03/12/Article/W5O2O8IV_ILFSclosureletter.pdf

The 3rd one is asking for Client ID (of the account to be closed) so which client id do I have to fill in that, is it ILFS BENEFICIARY ID or is it something else? and the 4th one about Target account details, I don’t know which option to tick in that and what to fill in Target Account details? Can anyone here help about those 2 points?

@Bhuvanesh @nithin


#25

Check this article
https://support.zerodha.com/category/your-zerodha-account/account-modification-and-segment-addition/articles/how-to-fill-ilfs-closure-form?ref_query=IL&FS


#26

Hello Bhuvanesh,

The above mentioned article doesn’t say anything about “Target Account Details”, so do I have to keep it blank? Or do I have to enter the existing NSDL DP ID? I just had a conversation with the Zerodha support care, and he said I have to include the existing NSDL DP ID on “Target Account Details”!

Please let me know!

Thank You!


#27

The Support team called and made it clear!

Thank you!


#28

Hi Gaurav,

What they told you? Can you please describe for the help of others?


#29

Yes, they just told me to print out the prefilled Demat form from Q backoffice and sign all the F boxes (First Holder Boxes), and sign the ILFS closure form and send them to Bangalore head office!

You can get the ILFS closure form from here https://s3.ap-south-1.amazonaws.com/intranet.zerodha.net/intranet_file_uploads/2018/03/12/Article/W5O2O8IV_ILFSclosureletter.pdf

They told me to sign both the documents and rest of the work they will do!


#30

Hi Nithin,

As per my understanding we are supposed to leave target DP ID empty so that zerodha staff fills it once they open new demat for us? is it right? And also we can tick mentioning it is transfer to our own account? Is my understanding correct.

Is there any option that first we open Zerodha Demat account and after a few days when we get the new demat account details send the closure cum transfer form with the new demat account details in the form.


#31

Did they ask you to send any documentary proof for opening Zerodha Demat account viz. cancelled cheque etc ? If yes, which documents were asked for ?


#32

They just told me to sign demat form and closure letter and no need to send anything else!


#33

I read this on zerodha support pages. After zerodha demat account is opened, no hard copy of CMR would be sent, only digitally signed copy. DIS booklet would be provided only on request.
So we need to send signed hard copies of ISSL closure form and zerodha demat opening forms, no other supporting documents e.g cheques address proof etc.
Charges applicable are 300(AMC)+50 (stamping charges) and GST.


#34

Is id proof for Nominee must for Nomination?


#35

This article is half hearted written.
I was just informed that Nominee ID proofs also must be attached. Why stop there? Just ask for Nominee KYC too. I have never been asked for Nominee IDs. It is a nuisance, when they don’t live with you. Did you guys considered these things when you guys suddenly decided to stop Non- Zerodha. You guys expect this to happen in 2 months.

I am pretty sure it will be NOT be a smooth change.


#36

You have to send Nominee’s ID proof.


#37

You can add Nomination later after transferring your ILFS to Zerodha Demat! Right now it’s just about transferring of demat.


#38

@nithin, request you to kindly ensure Zerodha Support team provides proper support to make this process smooth. I sent the requested documents through courier on 16th and they were delivered to Zerodha HO on 18th August. Since I did not hear from the support team, I raised a ticket a couple of days later and was informed that my application was put on hold since there was some problem with my signatures on one of the pages in the demat application form. On the 22nd, I requested for information regarding this issue and how to fix it. However, there has been no response to the ticket till now. I’ve since raised a ticket with the complaints department, as per the escalation matrix, but that ticket too remains unanswered.

I just want to get this process done and over with. Request someone to kindly take a look and help me complete this process.


#39

Can you message me the ticket number.


#40

There you go, so much for the planning and smooth transition.