Comment on Various Types of Accounts

Dr. Santhi commented on 12 Mar 2016, 04:53 PM

Hi Nithin,
You are an inspirational personality. First, My best wishes to you… 🙂
I have a demat account with Motilaloswal with many scrips in it. To transfer from them to your DP account, they have asked per scrip 0.03% of the Market value of the shares or or 30/- which ever is higher (Not lower). For me this 0.03% charges leads to too much of a bill because AUM is a Big number.
I read some where in the internet that, as per SEBI, if I apply for closing down the existing Demat account (of Motilal), then they are not supposed to charge me anything at all And should transfer all my scrips to my new Demat account (Zerodha account) for free. Is this information right? Is there such rule existing? If YES, I don’t mind closing down that Demat account and getting in to Zerodha full time. Please let me know.

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