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


#41

That will not reduce the paperwork. Just think 10k new account and 1 page for nominee ID and you have extra 10K A4 sheets. I often wonder where and how long they keep those papers. I am pretty sure they are sold after few months as scrap and there goes your private information.
I still don’t get the logic of asking for Nominees ID at this stage. I can understand during the claim process. But they why not ask for nominees photo, address and signature proof as well.
Nomination is pretty much a self declaration. Who comes up with these ideas.


#42

Hi All,

Is this transfer completed for any one of you? How is your experience?

About me, I have to change my address first and then initiate closure/transfer form.


#43

Same here , Need to change address and then initiate the demat transfer
Hope when I update the address, they update the pdf document of the demat opening form


#44

Hi Bhuvanesh,

Please tell us how is this process going on. Are there any limitations for the closure and transfer?

I would like to know whether you have placed the designated people for this activity to ensure error-free and smooth transition.

Some more clarifications are required for the below

  1. I have some holdings which are under demerger/spin off process before record date. I observed historically it takes 5 to 6 moths after record date to get the new demerged entity shares in the demat and availability for sale. In case if IL&FS demat is closed what will happen?
  2. If some demerged entity shares are already in IL&FS demat and yet to get permission for trading, will you able to transfer these inactive shares without any issues?
  3. Will you see any time delay more than normal if we have 400+ stocks in demat?
  4. I have some suspended, illiquid shares also in demat. Will there be any problem for transfer from nsdl to cdsl?
  5. Is the transfer an automated mechanism for all shares in the demat or some one manually have to do one by one with entering quantity in each line?? I mean to ask whether it is error prone activity.

Please clarify and assure us. We would like to have long term relationship with Zerodha without any issues.


#45

I have sent the documents! Will let you know when it is done!


#46

@siva, I’ve messaged you the same. Kindly take a look.

This process is taking way too much time with no updates. Support tickets remain unanswered for several days.


#47

Will get this checked.


#48

Hello , Anyone has the new demat account opened and mapped ??

I intent to transfer my holdings later ,So If I just open new demat account it should be fine right ? It will be created and mapped to Zerodha

Later stage , I can send the closure form of demat + transfer all holdings option selected for ILFS demat account.


#49

You can transfer your holdings to Zerodha and then write to the company RTA with the transaction/holdings statement, CMR of ILF&FS and the new Zerodha demat.

As long there is an active ISIN, the securities will be transferred.

Nope, this is automated.

These cannot be transferred as they won’t have an ISIN. You can send a closure request for your IL&FS demat and the status will be “To be closed”. You won’t have to pay an AMC charge.

It’s automated.


#50

Why so much hassle for your 1% IL&FS demat holders. Why can this not be done by yourself without us being made to do all the work. I didn’t even knew that I have to transfer my demat to cdsl until I had a query about Coin. If I transfer my demat, will I be able to receive the bonus shares from Infosys. How will you ensure that all my holdings are transferred without any errors?


#51

Hi Gaurav, dexter007, I would like to get in touch with you people. Can you please share your twitter ids or any other possible way of connect.


#52

Hi GS,

You can send me message here, just click on my profile name and send me a message if you have any questions. I don’t use twitter, so send me a message on this profile!


#53

gsrao1:
[/quote]

@Bhuvanesh,

The new demerged entity shares will be in freeze mode till they get permission from exchanges. During the freeze period, will you be able to transfer from IL&FS to Zerodha?


#54

I have sent my prefilled form last month through Speed Post, it was delivered.
Again I have submitted my prefilled form in local zerodha office as well.
But no response received till date from Zerodha end, also my tickets are not responded by support team.
Any one please share there experience.


#55

My experience has been very similar to yours. Ticket remains unanswered. Haven’t even received an acknowledgement that the documents were received. However, it appears that my new demat account has been opened. Not sure when the IL&FS account will get closed and holdings transferred to the new demat account. Meanwhile, the quantity for a couple of stocks, which I accumulated over the past week or so, is displaying incorrectly in kite. Anxious moments!

Some updates from the Zerodha team would be nice.


#56

Its been 1 month and still your demat account is not opened ??

Someone here mentioned they have a dedicated account to manage demat transfers ?!
Guess its a lie !

I am yet to fill the form , I dont intend to sell shares so it should be okay I guess. IF i buy some shares, hopefully it should go to my ILFS Demat


#57

Yes, yesterday I received a mail from Zerodha that new Demat account has been opened.
But securities are not transferred yet, may be they are working on it.


#58

This has been a horrendous experience for me. My zerodha demat opened on 7th of this Month and troubles have started since then. My IL&FS account is still mapped to zerodha.

Many of my holdings simply reduced overnight in kite’s holdings display, as if the stocks were stolen from my demat account .

Support from zerodha is exceptionally poor, they never bother to update any support tickets. After speaking to one of the customer care executives , one of the holdings did get updated properly the next day, but another one of my holdings got reduced by a big amount. And now i cannot even connect to their Customer care.


#59

I am glad I didn’t start the process. I think its better that I keep my IL&FS account standalone. Will manage on my own.

May open Zerodha Demat only for new shares/transactions that too in future when I need them. Cant deal with this hassle of holdings disappearing.

BTW you can see your IL&FS folio details directly

https://www.ilfsdp.com/depository_login.asp

I dont remember how did I create the account but somehow its possible to manage it online

But One thing that scares me is IL&FS is having troubles lately due to default of other subsidiary companies.

IL&FS securities is already acquired by Indus ind bank and also they use NSDL for demat holdings. It should be safe but i do get scared thinking about the problems with IL&FS.


#60

@nithin @Bhuvanesh

Please set up a dedicated hot line and team to assure the people for this transition. Sudden disappearing of holdings can cause heart break as it is life time savings for people. Demat means custody. You are the custodians of our money!! Please put extra people to answer all the possible questions and make us feel comfortable. If you provide an online tool to see the status of each step that will help us great!!.

Hope you listen to us seriously!!