I am one of those loyal customers who have been with Zerodha since the initial days. As I read the above comments, it is the same experience I am having for my IL&FS demat with Zerodha. First of all, I must say Zerodha team is very helpful & they are doing whatever best possible. But unfortunately, it is not enough. My Zerodha demat was opened 1 month back. Your team said 3 weeks back that they sent the closure & transfer forms to IL&FS. But then it got stuck. There is no meaningful update in last 3 weeks. The trading is happening in Kite, but I am more worried about the safety of my holding. Besides the dividends, splits, bonus etc pointed out by another member here, I am worried actually for the shares itself. Can there be an organization level link-up between Zerodha and IL&S to make this one-time bulk transition better ? It is not an issue of 1 account or 2, there will be thousands customers like us - and taking everything on 1-1 basis will just make everything very slow & error-prone. If needed, please charge a fee for this transfer. That is also fine. But please deploy a dedicated team to do the followup and closure of this issue in person. That is the need of the hour. You must understand that it is a business loss for IL&FS. So they will not give a damn. We - at Zerodha - we need to put a pressure and make it fast. Otherwise it will just take ages, increasing the risks.
Now the matter got even worse with the bankruptcy situation of IL&FS, resignation of their CEO etc. The whole scenario is very dark now. We trusted IL&FS because we actually trusted you. Now it is very concerning that the company got bankrupt and God knows what will happen to our shares. I know you will think that I am over-reacting to the credit-default case of IL&FS. But what we have seen in last one year in this land, it is now very difficult to trust any financial institution. ANYTHING can happen. It is better to transfer all the IL&FS shares to Zerodha as soon as possible. And it is very difficult to do that followup at our individual level. Please Please deploy a dedicated team to close this forever & smoothly, without a loss to our holdings. If that needs extra cost, I am sure we customers will happily bear the extra fee. It is better to pay 500 Rs to safeguard our lakhs of savings. Please consider this as an urgent requirement. It is about the very basic safety of our fund & shares.