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Switching stock broker apps can be encouraged by a variety of factors. The main reasons for switching from one broker to another could be the following:
Whether it's better terms, a better trading interface or regulatory compliance, there are many reasons why traders may choose to switch broker apps.
When investors are ready to transfer their dematerialised assets to a new broker.
The process is quite simple if an investor has all the demat credits of the shares he has purchased. If both the existing and new DP are with the same depository i.e. NSDL or CDSL, investors can transfer their shares online after registration.
However, if it is a different DP from the existing DP, the investor will have to submit a DIS i.e. a Debit Instruction Slip to the existing DP to transfer all holdings to the new DP.
Account holders must apply for closure of their trading account after their demat account is closed. Account holders must retain a photocopy of their application for account closure and obtain a stamped confirmation from their broker/DP as proof.
If an investor wants to change their trading account while still holding open positions.
At this stage, investors and traders often face difficulties in connection with their online demat accounts. For example, investors may have bought shares but not received a credit to their account, or they may have sold a share but not received a bank credit. It is also possible that their trading profits have been delayed.
The first step in such cases is to check the ledger for any debits and, if they are acceptable, authorise the broker to offset them against the payouts.
To resolve the issue, investors must write to their broker requesting them to transfer all outstanding shares to their free demat account and transfer any credits to their bank account.
Usually, brokers comply with investors' instructions within a week and can then close the account. However, if the broker refuses to follow the instructions, investors should escalate. In this case, investors should escalate the issue to the DP in the case of delivery delays and to the exchange in the case of delayed payouts.
If the issue remains unresolved, investors can write to SEBI.
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