How To Close IIFL Demat Account?- An online account called an IIFL Demat Account stores electronic versions of equities shares, bonds, mutual funds, and ETFs.
Frequently, people confuse a Demat account with a trading account, which enables them to transact on stock exchanges. You require a trading and Demat account for online trading or stock market investing. To purchase and sell shares, you need a trading account.
The Demat account functions similarly to a bank account, except instead of holding cash, it stores electronic versions of mutual funds, ETFs, and shares of securities companies. A Demat account is a secure and practical way to make online stock market investments.
How To Close IIFL Demat Account?
1. Get the account closure form by downloading it and completing it with the necessary information.
2. Every account holder must sign the form.
3. Send the form by courier to the specified location or drop it off at your branch office with the DIS attached.
- The processing of the closure request takes between 7 and 10 days.
- Before requesting account closure, pay off all outstanding debts.
- Put current securities in other Demat accounts.
How To Close IIFL Demat Account?
Taking Action If Your Broker Is Not Closing Your Trading Account
Since clients are typically in high demand, no broker wants to lose them. Most brokers will make their best effort to prevent you from closing your trading or Demat account. The broker must process your closure request if you have chosen to continue, provided there are no outstanding fees on the account.
Here are some options available to you if the broker continues to find justifications for keeping your trading account open.
- First, send a letter to the brokerage head outlining your documentation and the status of your accounts. Assuming everything is well at this point, the request will be processed in a week.
- You might take the problem of the trading account’s non-closure further by bringing it up with the CEO and the approved Compliance Officer of the broking firm. Mention the route and the fact that you’ve reached the brokering head. Take note of all entries like this. Compliance officers must report complaints and unresolved issues to SEBI and the stock exchange. Cases rarely progress past this level, on average.
- If there has been no improvement after writing to the CEO, compliance officer, and head of broking, the next step is regulatory escalation. NSDL or CDSL should be contacted if the disagreement relates to a Demat issue. Escalate to NSE/BSE if the problem involves the trading account.
- You can make a formal complaint with the SEBI SCORE system and keep track of the reference number if you still don’t see any progress. If the broker still doesn’t close your account after repeated requests from the depository and the exchange, this should only be a final resort. The SEBI website offers the SCORE system, which is accessible online. An automated audit trail is also provided.
- Don’t forget to exert pressure on numerous discussion forums and social media. There is no assurance that this will succeed, but since businesses are paying more attention to their social media presence, it aids in quickly and affordably forming public opinion. Use forums like Facebook pages, LinkedIn groups, and Twitter handles.
Also, read – How To Close HDFC Securities Account?