DEMAT AC CLOSURE
When u want to close a Demat a/c remember to chk that the Depository Participant managing your account refunds u the balance of the annual charges they have debited from ur demat account.
SEBI vide circular no. CIR/MRD/DP/20/2010 dated July 1, 2010 has advised that in the event of closing of the Demat account or shifting of the Demat account from one Depository Participant (DP) to another, the AMC collected upfront on annual / half yearly basis by the DP shall be refunded by the DP to the Beneficial Owner (BO) for the balance of the quarter/s.
DEMAT AC CLOSURE/TRANSFER
One cannot transfer a demat a/c from one Dp to another. If however your unhappy with ur DP service and want to shift out but have a large holding of shares , make sure u open the new demat account in a manner such that it is similar in all respects to the older account. When you close the account, attach a copy of the new client master to the account closure form , to save on transfer charges.
SEBI has vide circular No. MRD/DoP/Dep/Cir-22/05 dated November 09, 2005 advised that with effect from January 09, 2006, no charges shall be levied by a depository on DP and consequently, by a DP on a Beneficiary Owner (BO) when a BO transfers all the securities lying in his account to another branch of the same DP or to another DP of the same depository or another depository, provided the BO Account/s at transferee DP and at transferor DP are one and the same, i.e. identical in all respects.