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


#102

@Bhuvanesh I had speed posted my docs from Kol on 19/09/18. Can u pls confirm receipt.


#103

@Bhuvanesh , @nithin :: It has been more than a month since my case is pending after I sent all documents for IL&FS closure. I am not even getting a simple update where it is stuck, whether any prob or any action pending. Can you please check ? I have spoken to your support team numerous times. Everyday they say that I will get the updates by “tomorrow”. And that tomorrow never comes. How can we have no update in one month ? My Zerodha ID is RS6963 and the ticket number is 20180811705211. Sorry to bother you through public forum but this is the last resort. I am not getting any help or update from your support team. After Nithin took my ticket number, someone from the support team called me and gave the same msg that updates will come “tomorrow”. It has been 4 days from then. Please do something to get the status. No fee has been deducted from my ledger balance yet. Means there could be other problems also. I am just not getting any info for one month.


#104

Guys, Urgent??? I just found out this forum and checked my spam folder and even i received the similar mail.
It looks like it should be done by Sep 30th!!.
im an intraday trader and i dont carry positions.
the question is , will i be able to trade intraday today?

thanks alot.


#105

@nithin @Bhuvanesh , i hv been calling to Zerodha daily to enquire about the status of my request, & daily getting a reply that there will be callback soon but no one calls from zerodha neither there is any update. Kindly help me on this. My ticket no #20180925589581.


#106

Calling thrice everyday to enquire about the status. I get the same reply “we will call you in sometime”.

Their service is deteriorating day by day.

Waiting for PayTM to enter this market. I will be one of the first to move out of here.


#107

Same here


#108

IL&FS is in the middle of being taken over by Indus Ind bank. Finding it extremely tough to coordinate with them. We have extended this last date to support IL&FS accounts until Nov 30th.


#109

Just want to let you know guys that my transfer is completed successfully! All the listed holdings are transferred from NSDL to CDSL associated with Zerodha Demat! Only the holding in demerging process is still in NSDL, and I think it will be transferred once the stock starts trading in NSE after completing the demerging process!

So, don’t worry and don’t panic, everything will be fine!


#110

@Bhuvanesh- Any feedback on receipt of my application? I had DMed to u my speed post tracking no. It was del on 22/09. Kindly check


#111

Thanks Nithin for the extension. If it helps anyone, just sharing my experience today. I called up Zerodha support as usual in the morning and enquired for the status of this transfer, and received same response that “we are following up with IL&FS”. However, I proactively asked if any AMC or closure charge etc is pending which I need to pay - although I know it can be deducted from my ledger (& Nithin in fact confirmed it). The support person checked and told me that there is indeed some Rs 250 charge pending in my IL&FS account - and it can be the reason for this delay. However, he said I have to provide my consent in writing so that this amount can be deducted by Zerodha from my ledger. It is surprising because I never paid any AMC directly to IL&FS, it was always deducted from my ledger - so Zerodha must be already having my consent. Anyway, I sent the consent in writing. If this simple thing was holding up the transfer, I think it could have been told to me easily by anyone of the support staffs earlier. Let us see if this resolves the issue or not. Meanwhile IL&FS sent a mass mailer to us that they are having a big change in their board of directors due to merge with Indusind Bank. What Nithin said is true, they are going through big change.


#112

@nithin, @Bhuvanesh,
I am an old client of zerodha and my demat account is il & fs that is linked to zerodha trading account. I only do Futures and Options trading.

If i continue to keep my demat account with Il & fs ( I dont have any shares to sell ), will this create a problem with the overnight liquid fund buying and selling that zerodha does ( I think my demat account is necessary for this ) , which i have opted for quarterly settlement. For buying these funds, and overnight transactions to happen, is it necessary that i need to have Zerodha demat account, or is my existing il & fs demat account linked to zerodha is enough in this regard

Regards
Sunith


#113

My IL&FS account was closed and holdings transferred to Zerodha last week. I spent considerable amount of time and effort on this process.

My suggestion to those who are facing the delay; go directly to the IL&FS office in your city and get the account closed. It’s much faster and easier.


#114

But my Zerodha demat account has not opened. Can I go to the IL&FS and close it?

Please explain the full process or your experience.


#115

It takes only 2 days to open the Zerodha Demat account! So, send them the prefilled demat document and your demat will open, and after that you can transfer the IL&FS holdings! Make sure to open the Zerodha demat first, then think about closing the existing demat of IL&FS so that you can transfer your holdings to Zerodha demat!


#116

Hi @Bhuvanesh still wait for yr feedback on my app. It was del on 22/9 I had sent u the tracking no, Am a Sr Ctz with high BP and this wait is literally killing me!!!. All I want to know if u guys hv received my app. It that tooooooo much to ask. @Nitin


#117

My experience is also worse. Zerodha promptly opened a new Demat account, but God only knows when the ILFS account will be closed.

Quantity of a few stocks is less under holdings in kite. If you check the holdings under portfolio in backoffice, it shows something different with some other mistakes. Holdings under console show something which is entirely different from the holdings under kite and portfolio of Back office. None of these shows the correct quantity of shares. But the purchase price is right, (i.e.)the average of the total quantity. I have requested Zerodha on 6/10/18 to send me the correct portfolio of mine for my reference.Let’s see, whether they do it.

Worse, qty of one of the shares was 65 on 4/10/18, 100 on 5/10/18 and again 65 on 6/10/18 under holdings in kite.

I called up the support staff and explained. She assured that everything will be alright, once the ILFS demat account is closed. I don’t think that non closure of ILFS can be the only reason for all the whole array of problems, I am facing.

I actually wanted to sell a few shares of mine, as the market keeps falling everyday, but could not, as the displayed quantity is less. If someone has invested seriously big amount in some shares and could not sell them due to similar problems, he would have lost helluva lot of money.

I have contacted support.zerodha.com repeatedly and they give generic replies, not at all convincing.

Would like to know the experience of others. Would like to hear from someone, whose ILFS Account was closed and all the shares from ILFS account were promptly moved to Zerodha demat account.


#118

Don’t worry. The shares are likely to be safe. The quantity shows incorrectly because the shares you bought around the time when the Zeordha demat account was opened are credited to the Zerodha demat account which is not mapped to Kite. Once IL&FS account is closed and holdings transferred to Zerodha demat, the quantity will show correctly in Kite.

If you reside in Chennai, visit the IL&FS office in T Nagar and get in touch with Mr. Yuvaraj. He, along with Mr. Kiran from the IL&FS Bangalore office helped me in getting the IL&FS account closed and holdings transferred.


#119

Having our team check this.


#120

@Roy,

Thanks a lot for your prompt reply.

I am in Coimbatore. Do we have to follow up with IL&FS to close their demat account closed? Or zerodha can’t follow up with IL&FS?

I will google to get the numbers of IL&FS Chennai office and try to expedite the process.

Once again thanking you,

Regards, Karthikeyan


#121

Hi @Bhuvanesh

My zerodha demat has not yet been opened. I am getting no replies to my support ticket #20180918116493. After one month, today, I called the zerodha helpline and I got a response that “the concerned person” will reply back on email “soon”.

Please help me with the answer to this:

My Zerodha demat has not yet been opened. My ILFS demat has not yet been closed by zerodha. Can I safely buy and sell shares RIGHT NOW in this LIMBO state and not get into issues of short delivery/auction?

A lot of my trading has been affected due to this transition not being completed on time. I was under the impression that this was going to be a 48-hour ordeal. Its been a month now.

Thanks