Despite discount brokers came into the picture and bought a revolution in how trading was done still, there can be various reasons to close your trading account.

One reason could be that despite many efforts, a trader did not achieve much success. Retail investors lack patience, discipline, and fail to overcome emotions. It’s not that their strategy is incorrect but the reality is they don’t have deep pockets like institutional investors.

The second reason may be the availability of a better alternate option. For example. in the last one year, many traders and investors moved to Zerodha Broking Ltd. due to better interface, easy to use mobile application and transparent pricing which moved its client base to over 3 million.

Another reason can be that an investor does not actively trade due to the unavailability of time and busy schedule. This is also a common reason why people close their trading account as even the idol account will bear AMC charges.

So, the list of reasons can be endless, let’s move on to the step-by-step process of how you can close your Angel Broking account.

How to Close Angel Broking Trading Account?

1. Check the Pre-requirements:

You must clear all your dues, and there should be no debit balance while you apply for the closure of the account.

Also, to close your account there shall be no shares in your Demat account. You can either sell them or get them transferred to another active account of yours.

2. Obtain the Account Closure Form:

To close your account, you need to fill the account closure form. You can get the closure online from the Angel Broking website or you can even collect a physical form from the nearest branch.

3. Fill Account Closure Form:

Fill the form carefully and sign it. Details in the form might include DP ID, KYC details, the reason for closing, and a self-attested ID proof verified by a bank official.

If you want to transfer existing shares to another account of yours, you must also fill the DIS (Delivery Instruction Slip).

4. Submit the Form:

You can not submit the form online, but a physical submission is required. You can either post the form or submit it to the branch.

If you want to transfer shares, you will also need a CMR Copy (Client Master Report) with the relevant stamp and logo. You can easily obtain the CMR copy by contacting the other broker where you want your shares to get transferred.

5. Get the Account Closed:

You will get your account closed within 3-5 days.

If you have closed the account and transferred the shares, then you can verify the transfer of shares by checking your new broker’s Demat account.

Conclusion

Yes, it’s much easier to open a trading account than to close it. This is because when you want to open an account you get a lot of customer support at every step. Many brokers even offer promotional offers when a new account is opened. But you have to submit a physical form to the branch when you decide to close your account.