Since the closure process has been taking a lot of time, I got in touch with IL&FS directly. It seems the closure form provided by Zerodha is an old, outdated one. IL&FS asked me fill a new closure form where there was a provision to mention my bank details. They asked me to pay slightly in excess of the amount due, so that any new dues that arise between the time I pay and the time the account gets closed, will also get covered. Any excess amount will be refunded, on a pro-rata basis, to the bank account.
Thanks for that. I am already past that point. I assume my holdings have been transferred.
ILFS has my bank details with them, so they should be able to push refund though I am not sure if there is a SEBI mandated time line (<15 or 30 days) for refund.
The entire process has been handled very poorly!! Firstly the email goes to yr spam folder then yr posts on this forum r for ever in approval stage (dont know if this will c the light of day) and finally the Support team r totally incompetent. MY tickets since 2 weeks r still NOT answered… Classic way to kill goodwill. And to think we (the guys with ILFS links) were the first batch of investors to support/ advocate Z we hv really been very shabbily treated. I hv posted my stuff last week…GOD KNOWS WHEN I TURN WILL COME as I c guys waiting since 1 month in the q. @nithin
Saw in another reply from Zerodha that we (these old IL&FS holders) are less than 1% of their current client base. They did not mention that they put lower importance due to this, but it seems to be the case. So what if we were the seed from where this tree originated, we are now less-valued to the big corporation. I hope people concerned here soon understand that disasters always start with a “small” mistake.
Can you DM me your client id?
Thanks for opening at least 1 line of communication! DMed u the details
This transition could be handled may be this way
- Make it mandatory to opt for Zerodha Demat say from Dec 1.
- Keep Link to IL&FS Demat without end date for Sale only.
So that everyone will able to sell IL&FS Demat shares progressively. But all new purchases will go to Zerodha Demat.
In this way, the clients will have better control on what is going on. This is useful especially for customers who are having large holdings. Over a period of time IL&FS demat will become empty.
Good & effective suggestion.
The other issue we have is mapping two DP’s to one trading account and supporting it. But it is a good idea to allow selling until new zerodha demat account opened and stock moved.
@VM1 is checking.
Its been so many days since I received the email from Zerodha saying that my documents have been received.
Nobody from the support team is even replying back with a simple status update when asked on the ticket thread.
I had to alter my trading plan significantly to meet the sept-end deadline for switching the demat.
It feels like I am begging for information when writing on the ticket.
Yr last sentence is exactly how I feel too. Totally helpless… I now feel if the whole exercise does not go thru its a good thing so that I can move on (am a firm believer in fate!!!). Now suggestions r being made to keep ILFS open only to sell…but I had signed on to this exercise on the premise that my shares in ILFS would be transferred to Z. Hope this option (transfer) is still ON.
Please dont confuse. The suggestion lastly flowed is to keep both IL&FS and new Z-demat mapped to the trading account & allow only sale until the transfer happens. It is not an alternate option, it is an intermediate option without having an end date or cutoff date. In the backend it is expected that Zerodha team will continuously followup with IL&FS to complete the transfer. And Z-demat will continue to support buy & sale both.
In my case, Zerodha acknowledged the receipt of my docs on 11-sep and the Zerodha Demat Ac has not yet been opened for me.
Also, the IL&FS Ac being in limbo, I am not sure whether I can buy and sell safely without risking the trades going into short delivery auctions etc.
Just checked the ledger, without consent AMC was debited twice, when I have already paid the AMC directly to ILFS. How can zerodha do this. The original email said they will pay when requested now they are doing this without explicit consent. Support is pathetic and incompetent as well.
I don;t expect them to reply to my ticket. I will just take this to SEBI in 7 days.
My trading account seems to be still mapped with IL&FS demat. A few hours ago, I received alerts of all my shares debited out of the IL&FS demat account, which I assume, have been transferred to the Zerodha demat account. I have sold some shares yesterday, which need to be delivered by tomorrow, to the buyer. I hope there wouldn’t be any confusion arising out of moving shares from IL&FS to Zerodha demat which will result in ending up in a short delivery auction.
Yes please support IL&FS demat till it is not closed. We are okay to live without new features . I am also okay if you give me rusty old NEST platform to operate IL&FS demat account as you said you need to migrate the entire infrastructure and it handles only Zerodha Account.
I’ve received the following SMS from NSDL last night.
“Insufficient qty in your demat a/c xxxx7009 for transfer of 150 shares of XXXXX. Available qty will get transferred by pay-in date 27/09/18.”
@nithin, @Bhuvanesh, Looks like the system is still looking for the sold shares in the IL&FS demat account with NSDL. That account has been closed and the holdings have been transferred to the newly opened Zerodha demat account.
I opened 2 tickets regarding this. The ticket numbers are #20180926510123 and #20180926535608. There has been no response to either of the tickets until now. Please get someone to look into this before it is too late to avoid short-delivery and auction.
Will have this checked
Just got an SMS from CDSL saying the shares have been debited from my Zerodha account. I feel very relieved.
I am having the same issue. The support staff said it will take 2 days to transfer once application is received. It’s already been a week and they haven’t transferred yet. And you have a deadline of 30th. What am I supposed to do? You guys are giving big headache now. Atleast you should give longer notice if you weren’t capable of quick transfer of account.