InvestorQ : Is it possible to close my demat account once opened?
Jignesh Gupta made post

Is it possible to close my demat account once opened?

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Dia Deshpande answered.
3 years ago
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Are you clear why you want to close your demat account? Ok, there can be 3 reasons. For example, you may be having a demat account with X broker and may not be happy with the services. So you have decided to change the DP. Probably, you opened a new trading account and want the DP account to be in the same place. That is fine. Secondly, you may not be holding any shares and see no point in holding the demat account. Thirdly, you may want to convert these demat shares back into physical share and hold the share certificates. For all the 3 purposes of closure, you can use the form below.
If you are satisfied with the current DP, you can fill up the above form for closure. You can instruct your DP to transfer all your shares in the demat account via off-market transfer to your new DP account (mention the DP id and BO id clearly). Yes, if there are any dues, your DP will first ask to clarify. If there are no shares, then the DP will just deactivate your DP account after you clear dues, if any. Lastly, if you want to convert into physical shares, just tick the column “Rematerialize Shares”. The DP will send the instruction to the registrar and you will automatically be issued physical shares and your demat account will be closed.
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