Client shall be entitled to close the trading account through online mode without giving any reasons to the trading member. Clients shall not be restricted from requesting, through online mode or offline mode, for the closure of trading account maintained with a member, subject to the compliance requirements as stipulated by SEBI / Stock Exchange from time to time.
Online request for closing of trading accounts shall be made available for the clients who have opened their accounts offline or online, by those trading members which provide facility of opening account online and provide various services to their clients in online mode. Those trading members that do not provide any services online and do not open accounts online may not be required to offer online closure of trading accounts.
In case of trading account, the client can request for account closure through web portal / app of the trading member through secured access with 2 factor authentication or by sending the trading account closure request on email through his/her/its registered email ID. The closure request received through SMS, other messaging apps, etc. shall not be entertained by the trading member.
Once the application for closure of trading account is received, the member shall provide acknowledgement to the client on registered email id and / or mobile number about the receipt of closure request and shall not permit any further requests for execution of trades by the client.
Trading account can be closed only if the client doesn’t have a negative account balance and / or client do not have any open position and there are no pending arbitration matters / orders prohibiting the release of the client funds & securities at the time of account closure request. In case the client has debit balance (after considering balance across Stock Exchanges) or open positions and applies for closure of trading account, the member shall send a written response to client asking him to clear the debit balance / open positions prior to initiating the process for closure of broking account.
On closure request, the member shall return funds and release all collateral and pledged securities back to the clients and close the trading account within 3 working days, subject to conditions mentioned in paragraph 5 above. Client needs to ensure that there are no securities / commodities available in the trading member's demat account at the time of account closure request.
If the member authorises the request received, the trading account will get closed. Once the trading account is closed, thereafter trading member shall inform the same to the client and update the client status in the UCC database of the Stock Exchange as inactive / deleted, as applicable and thereafter the member is not required to report details of such client in segregation and monitoring of collateral at client level reporting.
If the member rejects the client request for online closure of trading account received, the member shall mention the reason for such rejection and communicate the same to the client.
Members shall ensure that the applications are processed as per the timelines mentioned above. Trading Member shall maintain and store system logs of the closure instructions received in electronic form in a secured manner and the same shall be subject to 100% internal audit.
Notwithstanding any such closure of trading account, all rights, liabilities and obligations of the parties arising out of or in respect of transactions entered into prior to the closure of trading account shall continue to subsist and vest in / be binding on the respective parties or his / its respective heirs, executors, administrators, legal representatives or successors, as the case may be.
Exchanges shall continue its complaint redressal mechanism for dealing with complaints related to online closure of trading accounts
Client shall be entitled to close the demat account through online mode without mandatorily giving any reasons to the depository participant (DP). Clients shall not be restricted from requesting, through online mode or offline mode, for the closure of demat account maintained with the DP, subject to the compliance requirements as stipulated by SEBI / Depository from time to time.
Online closure of demat accounts shall be made available for the clients who have opened their accounts offline or online, by the DPs that provide various Depository related services in online mode. Those DPs which do not provide any services online and do not open accounts online may not be required to offer online closure of demat accounts.
Account closure for account with balance shall be done only through web portal / app of DP through secured access by way of client specific user ID and password (in case of internet clients) and the request send through emails, SMS, other messaging apps, etc. shall not be entertained by the DP. As the KYC process requires e-sign post which demat accounts can be opened by the DP, for online closure of accounts with balance also, client shall be required to e-sign the form (using Aadhaar based online electronic signature service) to be verified by the DP in accordance with guidelines as stipulated by SEBI / Depositories from time to time.
In case of clients having demat accounts with nil balances can be closed by the DPs on the basis of emails received from the registered email ID of the demat account holder.
Once the application for closure of demat account is received, the DP shall intimate to the client on registered email id and / or mobile number (on both if available) about the receipt of closure request. A confirmation regarding the request made shall be sought from the client by way of OTP sent on the email id and / or mobile number updated in its source account (to be closed account).
The request for demat account closure shall include target account details (in case of request for closure of demat account having security balances is made) where the client intends to shift the securities.
Client would have to upload the scan / photograph of his / her signature alongwith Client Master Report (CMR) of the target account digitally signed by official of the target DP (CMR applicable in case of account having security balances). Filled Account Closure form alongwith uploaded ink-signature of the client and CMR as uploaded, would be displayed in one single file to the client, subsequent to which, client shall then be required to e-sign the form (using Aadhaar based online electronic signature service) alongwith the documents and submit the same for further processing. The requirement of obtaining a CMR will be exempted if the DP is able to verify the target demat account details (i.e. sole holder’s name and PAN should match perfectly) directly from the Depository electronically.
If the DP authorises the request received, the account will get closed in the Depository system. If the DP rejects the client requests received, the DP shall inform the reason for such rejection to the client.
In case the target account of the client specified in the account closure form is not its own account i.e. not the same PAN both in source and target accounts, as per the extant requirements, it will be necessary for the client to submit an off-market transfer instruction delivery instruction slip for execution of such transfers along with the requirement of entering OTP as provided by the Depository.
After the closure of demat account by the DP, the same shall be intimated to the client through electronic mode enclosing the CMR & Transaction cum Holding Statement of the closed account.
DP shall maintain and store system logs of the closure instructions and e-signed electronic requests (uneditable) received in electronic form in a secured manner and the same shall be subject to 100% internal audit.
Notwithstanding any such closure of demat account, all rights, liabilities and obligations of the parties arising out of or in respect of transactions entered into prior to the closure of demat account shall continue to subsist and vest in / be binding on the respective parties or his / its respective heirs, executors, administrators, legal representatives or successors, as the case may be.
The above process shall be applicable in case of individual client accounts with single holder (without pledge / freeze / pending demat requests balances) and the closure requests accepted through above mechanism shall be considered as a valid client request and DPs / Depository shall not be held liable for acting on such requests.
Depositories shall put in place a complaint redressal mechanism for dealing with complaints related to online closure of demat accounts.
Issued in the “Interest of Investor”……………….
SEBI Regn. No. : INZ000184638
NSE : TM No. : 12788, BSE : TM No. : 6395, MSEI: TM No. : 21000
ICEX : TM No. : 2062, MCX : TM No. : 29905, NCDEX: TM No. : 00732
AMFI ARN No. : 78123
DP SEBI Regn. No.: IN-DP-261-2016
CDSL Depository Participant : DP ID: 12070600
CCRL Repository Participant : RP ID: 12070600
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Disclaimer: Investment in securities market are subject to market risks, please read all the related documents carefully before investing
ATTENTION INVESTORS:
Update your Mobile Number and E-mail IDs with your Stock Broker: “Prevent unauthorized transaction in your Trading/Demat account. Update your Mobile Numbers/Email Ids with your Stock Brokers/Depository Participant. Receive information/alerts of your transaction (Trading A/c) directly from Exchange at the end of the day & Demat Transaction for all debit and other important in your demat A/c directly from CDSL on the same day on your Registered mobile/email.
About CAS facility: For the benefit of the investors SEBI directed Depositories to send the Consolidated Account Statement (CAS) for the investment of an investor in Mutual Funds (MF) and Securities held in Demat form with Depositories. In case the client do not desire to receive CAS then they can opt out of the facility by submitting a request letter to the DP duly signed by all the holders stating that they do not wish to receive CAS as per guidelines prescribed by SEBI in communiqué no. 4816 and 4900
KYC is one time exercise: "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.),you need not undergo the same process again when you approach another intermediary."
Old DIS Booklet Phased out: DIS issued prior to 07-Jan- 2014 Phased out w.e.f. 06-Jan-2016 for Demat Transactions, Kindly contact your DP to receive New DIS to further transaction.
ASBA mandatory after January 1, 2016: "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
Pledge/Block Mechanism: Stock Brokers can accept securities as margin from clients only by way of pledge/block mechanism in the depository system w.e.f. September 01, 2020.
OTP directly from Depository: Update your email id and mobile number with your stock broker / depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.
FAQ: Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard.
Margin: Pay 20% (or as per exchange) upfront margin of the transaction value to trade in cash market segment.
CAS: Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month.
ITORS: “The Stock Exchange, Mumbai is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time. The Stock Exchange, Mumbai is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.”
Beware of fixed / guaranteed / regular returns / capital protection schemes. Stock Brokers (Brokers/Members) or their authorized persons or any of their associates are not authorized to offer fixed / guaranteed / regular returns / capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities / commodities given to the Broker under any arrangement / agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Do not keep funds idle with the Stock Broker. Please note that your Stock Broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities/commodities, without any transaction on the Exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your Stock Broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of Member as defaulter, the claims of clients against such Defaulter Member would be subject to norms for eligibility of claims for compensation from Member funds / IPF to the clients of the Defaulter Member.
These norms are available on Exchange website at following link: https://www.mcxindia.com/Investor- Services/defaulters/sop-process-faqs-for-handling-of-claims-of-investors-of-defaulter-member
Stock Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin / collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the Broker or associate of the Broker or authorized person of the Broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client.
Always keep your contact details, viz. mobile number / email ID updated with the Broker. Email and mobile number is mandatory and you must provide the same to your Broker for updation in Exchange records. You must immediately take up the matter with Broker / Exchange if you are not receiving the messages from Exchange / Depositories regularly.
Don't ignore any emails / SMSs received from the Exchange for trades done by you. Verify the same with the contract notes / statement of accounts received from your Stock Broker and report discrepancy, if any, to your Broker in writing immediately and if the Broker does not respond, please take this up with the Exchange/Depositories forthwith.
Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the Stock Broker, compare it with the weekly statement of account sent by Stock Broker and immediately raise a concern to the Exchange if you notice any discrepancy.
Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the Stock Broker, other than a SEBI registered Stock Broker.
Do not deal with unregistered intermediaries (who are not registered with SEBI/Exchanges).
CDSL INVESTOR MOBILE APPLICATION- MYEASI This enhanced CDSL investor mobile app are designed to empower investors by providing them with convenient, secure, and real-time access to their securities holdings and related information. The upgraded digital interface enables investors to easily view, monitor, and track their portfolios within a trusted and seamless environment.
The new unified features of the CDSL investor application are now accessible through the ‘MyEasi’ mobile application as well as the CDSL web platform ‘Easi/Easiest’. Investors can download the CDSL MyEasi app from the Google Play Store (for Android devices) or the Apple App Store (for iOS devices) by searching for “CDSL MyEasi App.” For web-based access, investors can visit the following link: EasiEasiest - https://web.cdslindia.com/myeasitoken/home/login
.......... Issued in the interest of Investors
Investor Grievance:
In case of any grievances please write to: grievances@msbetrade.com (for Trading) dpgrievances@msbetrade.com (For DP)
Information regarding SEBI Complaint Redress System (SCORES)
Filing of complaints on SCORES – Easy & Quick
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