InvestorQ : Who approves dematerialization? Is it the DP or the depository?
Riya Dwivedi made post

Who approves dematerialization? Is it the DP or the depository?

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Niti Shenoi answered.
2 years ago

The DP will first satisfy itself that the application and the documents submitted are entirely satisfactory. Once the application for demat is satisfactory, you can obtain an acknowledgment from the DP. This is a very important acknowledgment document and you must keep this copy in a separate file and ideally, you can also scan it and keep it in your cloud storage for future reference. Also, take photocopies of the share certificates and note down the folio numbers and distinctive numbers separately before submitting the physical shares.
On receipt of DRF, the DP will generate a dematerialization request number (DRN), which is electronically transmitted to the Company or the share transfer agent through the concerned Depository. AT the same time, the DP will send the physical certificate(s) with the original DRF to the Company or STA for verification and confirmation. This process takes around 25-30 days for completing the loop. If it is not completed within that time, you can escalate to the DP first, then to the NSDL and then to the registrar and finally to SEBI.