The market regulator issued a circular on March 27, 2023 requiring holders of demat accounts to either offer a ‘option of nomination’ or opt out of nomination entirely. This mandate took effect the following day. Earlier, SEBI issued a warning that demat accounts that have not yet reached a conclusion will have their funds frozen beginning September 30, 2023.

On March 16, 2023, it had sent out a circular with instructions instructing holders of physical securities in listed businesses to provide their PAN, nomination, contact details, bank account data, and a specimen signature for their respective folio numbers. These instructions were similar to those that had been published earlier.

The Securities and Exchange Board of India (SEBI) stated in a news release that the “submission of ‘choice of nomination’ for trading accounts has been made voluntary as a step towards ease of doing business.”

In addition to this, SEBI issued instructions to stock exchanges, depositories, RTA (Registrar and Transfer Agents), and listed firms to “take necessary steps to implement the provisions of this circular” and to “monitor the compliance of this circular.”

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Demat accounts come with their own set of costs, including fees and upkeep. consequently, all dormant or zero-balance accounts Stop using your Demat account immediately. If we don’t, we’ll end up with a financial loss. That’s why it’s so important to know the proper procedure for closing a demat account. With Motilal Oswal, closing a demat account is a breeze. The best part is that it costs you nothing.

• Before you close your demat account, there are a few things you should know.

Demat accounts cannot be closed by submitting a simple web form or sending an email request. To apply, you must bring a hard copy of the necessary paperwork with you when you visit the office. If you’d like to complete the closure form quickly, you may find a fillable PDF version of it here.

There are a few basic steps to do if you want to learn how to shut a Demat account online:

1. Check to see whether there are any shares in the account.
2. Check to see if their account has a negative balance.
3. Check your account information by checking in to your account or contacting your registered branch.
4. Account Closure Form can be downloaded from the Motilal Oswal website.

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• What is the procedure for deactivating a Demat Account?

Fill out the Demat Account Closure Form if you want to close your demat account. If more than one person has access to the demat account, all of them must physically sign the closure form in the presence of a representative from the depository participant (DP). The DP can be any financial institution.

When submitting your closure form, be sure you include the following information:

1. Your ID and DP ID KYC information, such as name and address, are in sync with your records.
2. Explain why the Demat account is being closed.
3. The self-attested identity proof copy must be submitted and verified by a bank employee.

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• What to do if you still have holdings in your Demat account?

1. Fill out the closing form after downloading it.
2. To transfer the remaining stocks in the account to another Demat account, fill out the delivery instruction slip (DIS). Demat account holders’ names and data must be the same on both new and old accounts.
3. Submit the client master report, as well as the required stamp, signature, and logo, from the central depository of the new account where the transfer is being suggested.
4. Submit the closure form, along with the DIS, CML, and other required documents, to the DP’s Head Office or the nearest branch.

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