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


#122

Zeordha will eventually get it done, I guess. I had significant holdings in my demat account and the delay was making me nervous and anxious. So I decided to be more proactive and deal directly with IL&FS.


#123

@Roy

Your inputs were highly useful.
So, I will wait for a week more. If things don’t get done by then, I will follow up with ILFS.
Thanks a ton.
Have a great day.


#124

Just wanted to share my positive experience here with timelines; hoping it is of help.

Warning: Long post follows

  1. 14 Sep 2018 - Sent documents to Zerodha via courier (ILFS closure, Zerodha demat opening form, Nominee ID proof)
  2. 17 Sep 2018 - Documents delivered to Zerodha (as per the courier; no acknowledgement from Zerodha)
  3. 24 Sep 2018 9AM - Raised ticket on Zerodha support, enquiring about status of the documents.
  4. 24 Sep 2018 1PM - No response on support ticket but received a separate acknowledgement email(s) from Zerodha about the receipt of documents. (Not sure if this happened due to 3)
  5. 25 Sep 2018 1PM - Email from zerodha with CMR copy (New DP details).
  6. 26 Sep 2018 - Having received no emails or notification from CDSL, signed up on CDSL MyEasi and they had the zerodha account details with correct nominee details
  7. 04 Oct 2018 - Email from zerodha on scanned application forms (DP account opening form with franking done on 1st Oct 2018)
  8. 05 Oct 2018 - Got a bunch of SMSes from NSDL that said all my shares have been debited. (No SMS from CDSL; so tried logging into CDSL myeasi and all the shares were credited pronto)
  9. 07 Oct 2018 - Tried logging into ILFSDP and got error that my account has been closed
  10. 08 Oct 2018 - Received remaining amount of Demat AMC from ILFS to my bank account.

I may just be lucky that I didn’t have to push anyone much to get things done. Please make sure to have all the documents properly filled up & ILFS dues cleared. I guess the application processing takes a backseat on the first hurdle it faces in the process.


#125

Having our team check this.


#126

Lucky you still waiting for refund. My AMC was paid thrice.


#127

Oh. sorry to hear that.

I think it helps to have proper documents with no mistakes + no dues with ILFS for a smooth transition. or I may just be lucky :neutral_face:

Just tried a couple of delivery trades today to see if the shares are getting credited properly. :crossed_fingers:


#128

I am here, waiting for 2 months long. Forget the shares transfer, I am not able to get any proper update where it is stuck. Following up almost everyday. They initially had no idea why it is taking time. One day they said I need to send my written consent to deduct the AMC pending. I did that weeks ago. Nothing has changed since then. Neither AMC is deducted, nor any update has come on my open ticket. No progress :fearful: My Z-ID 6963.


#129

Thanks Sandeep for the long, detailed reply.

I sent the filled up documents, duly signed, to Zerodha on 11th September 2018.

I received the EMail from Zerodha with the attachment of Scanned application forms, on 4/10/18, same like you. But I received the EMail with CMR Copy today only.

Today, I called up chennai office of IL&FS. Staff of IL&FS asked me to provide the following details

  1. IL&FS account closure papers forwarded by Zerodha to IL&FS Mumbai office or IL&FS Chennai office?
  2. Date on which the papers were forwarded to IL&FS office.

If I don’t see the IL&FS account getting closed within the next few days, I have to continue the follow up with Zerodha.

Thanks friend for you time and efforts towards writing the long detailed reply.


#130

My transfer was done. Just that no refund. Just getting canned responses.


#131

Strange they are asking for consent. My AMC was deducted without consent not once but twice that after I have already paid directly to ILFS. I wonder if there is any process or they just act randomly.


#132

@zomby
Thanks for sharing your experience.