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.


#133

Thanks!

Still waiting …

Have gotten response from zerodha support helpline, twice, that “someone will reply to your open ticket within 24 hours”. Yet to receive even a single reply back to such an old open ticket.

I am not in a hurry to switch to cdsl or anything. I just want to get back to my trading without fear of short delivery/auction penalty.

Can you please let me know if it is safe to trade right now when the demat transition is in limbo?


#134

In my case all my docs (except the doc with voluntary sign) were sent on 19/9 then i was informed after 3 weeks to send all docs inc voluntary ones. This I sent on 8/10 todate hv no idea of my application. Numerous tickets are all laying unanswered in fact its a waste of effort to generate tickets. @Bhuvanesh any feedback would be appreciated!!!


#135

Finally all my shares now got transferred to Zerodha demat. I am feeling relieved. It was a tedious wait of 2 months. But I am happy that it is finally done without any glitch. I sincerely thank Mr. Kausthub and Ms. Shalini for their personal attention & support which ultimately took my pending case to closure. I want to appreciate their dedication.

Tips for those who are still waiting:

  1. Please check & clear your dues with IL&FS. This is the single-most important roadblock in the transfer process. This is so hectic because Zerodha cannot calculate what is your dues pending with IL&FS and IL&FS can delay the process just because there are dues pending. You won’t be able to know what is due and you wont be able to pay it. No one else will even bother and things will linger. And once the transfer gets stuck for this reason or any other reason, once it gets stuck, it gets piled under numerous other cases and takes a back seat. Then it becomes even more difficult to push it further as it is deprioritized by everybody. So the first thing you should do is, enquire about your dues and get it paid by any means suitable to you. I paid it through my trading account, but it did not happen smoothly. Sending a consent letter, following up, escalation, sending another consent letter, connecting with accounts dept, following up with IL&FS - all sorts of push were required.

  2. While the primary delay was from IL&FS side, there was delay even from Zerodha side. I will not blame them because everyone is a human. Forgetting and/or missing a task is natural. Some employees are very efficient, some employees are dilly-dallying types. It is common to any organization. Do not get angry on anyone, it is not going to help. Do a rigorous followup and be firm on your need while showing empathy also to the support employees who are working very hard. Someone will definitely help you and it will be done. Believe me, once I got someone really helpful & dedicated, everything got resolved within 48 hours and I got msg for share transfer. So the technical part is not complex at all. It needs someone to take up your case & follow through diligently.

  3. Please remember, Zerodha is expected to help us in transferring the shares from IL&FS. But Zerodha is not legally bound to do this. Legally it is our own task. So be thankful to whatever help you get. To speed up the process, you can always initiate the process yourself by visiting any IL&FS office and submitting the transfer form yourself. In some cases it can be much faster. There is no harm if you try this also parallelly while waiting for Zerodha to get this done for you.

Meanwhile, be focused & followup, but also keep patience & do not panic.

@nithin :: Can you please pass-on my sincere thanks to Mr. Kausthub and Ms. Shalini for their great help ? I am, as a client of yours, appreciating their dedication to work and I wish they get rewarded in some way or the other for their excellence in work.


#136

Thanks Z at long last I was informed yesterday that my application was been taken up for processing. THe next hurdle (an even bigger one) is closure & transfer of my ILFS holding. @Bhuvanesh One q once my Z Demat is opened can I buy shares?


#137

You can buy the shares any time. If your Z-demat is not opened, the shares will get credited to your IL&FS demat. Once your Z-demat is opened, from that point onward, any share that you buy, will by default go to your Z-demat. You can sell the shares as well any time. It will get deducted from Z-demat or IL&FS wherever it is currently.

The things get complicated when you have some shares of a particular script in IL&FS and you buy additional shares of the same script. You will be able to buy and the additional shares will get credited to your Z-demat. But in your holding in Kite, you may see wrong quantities and wrong purchase price, your profit calculation will be also wrong. And it does not follow any particular format, so you cannot even back-calculate. At this moment if you try to sell the shares, it will get even more complicated because it can get debited from IL&FS or from Zerodha. I have gone through all these.

My suggestion would be:

  1. If you are a long term investor, buy anything blindly. The reporting anomalies will get resolved once the transfer is done (please note, the purchase price can still show wrong - but not extremely wrong - some 1 or 2 Rs deviation, I dont know why). But better not try to sell shares that are there both in IL&FS and Zerodha. Waiting until the transfers are done. If you MUST sell them, try to call Zerodha & take help from them to place the sell order. It may cost few Rs as the service charge, but it will help you to avoid lot of headache that may otherwise arise afterwards.

  2. If you are a short term trader, before you buy additional shares of the same script that you hold also in IL&FS, try to first sell those in IL&FS. Then add fresh in Z-demat (by default any new purchase will go to Z-demat).

  3. If you are dealing with some other share that is not already in IL&FS, then you don’t need to bother about the points above. Do your buy and sell transactions comfortably. It will all get done through Z-demat.

These are my 2-cents based on 2 months experience. Someone from Zerodha can definitely throw a better light.


#138

Thanks a ton Mam for the detailed explanation much appreciated. BTW am a long term investor so I just wait for my Z demat to b active.


#139

I hv sold most of my LIq BeeS holdings but some fraction and a bit remain. Can any1 pls confirm if Liq BeeS will also be transferred from ILFS to Z. @Bhuvanesh Thanks


#140

I am struggling to get my address updated in pre filled demat forms.

The address is already updated elsewhere.
Can someone please help me . TIcket #20181020167489

I am getting a generic reply saying address is updated. I know its update but no in pre filled forms ! @Bhuvanesh


#141

"We would like to inform you that as of now, the details will not be updated in Q back office/Console profile section (pre-filled form) and we will have this fixed once our new back office is completely live.
"

I am forced to open Zerodha demat account and you guys dont even accept responsibility to update all address in pre filled forms ? I am hearing this story about new back office /console and cant fix this issue etc from very very long time ! Please check and update my pre filled forms…