How to close Kotak Securities Demat Account?
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- Updated On:27-Sep-2022
- Replies:1
Short Answer
Kotak Securities demat account can be closed by sending a dully-filled demat account closure form to the nearest branch. Following the submission of the form, your account will be closed within 7 working days.
Detailed Answer
Kotak Securities, one of the oldest and biggest equity brokerage firms in India, was founded in 1994. As a subsidiary of Kotak Mahindra Bank Ltd., it serves as a full-time service broker.
Kotak Securities is a BSE, NSE, and MCX trading member to allow trading in equities, derivatives, commodities, currencies, IPOs, bonds, mutual funds, and ETFs. Additionally, it provides third-party insurance, depository services, and margin trading.
One can open a demat account with Kotak Securities through online mode, but the same is not the case for closing the demat account.
Today we will see how to close a Kotak Securities demat account in simple steps.
How to close Kotak Securities Demat Account?
Step 1. Download the Kotak Securities Demat Account Closure Form
Step 2. Fill in all the details like holder name(s) and Demat account number.
Step 3. After this, you get three options.
- There are no balances/holdings in this account
In this case, you will have to simply ensure that there are no pending positions and balances in your demat and trading accounts.
- Transfer the balance/holdings
If you want to transfer your balance and holdings to another active account, you will have to provide target account details like DP ID and Client ID and enclose a duly filled Delivery Instruction Slip (DIS).
- Rematerialise/Reconvert the securities.
Check this option. If you want to rematerialize your securities like mutual funds, then you will have to submit the Reconversion Request Form along with the closure form.
Step 4. After this duly sign the closure form and submit the documents to the nearest DP branch.
How can I get the Delivery Instruction Slip?
To get the Delivery Instruction Slip (DIS), you can send an e-mail to service.securities@kotak.com requesting the delivery instruction slip. You will then receive the DIS at your registered home address.
Closing Kotak Securities Demat Account
Kotak Securities demat accounts can only be closed in offline mode. There is no fee for closing a demat account, but make sure to clear all dues and holdings before sending the closure request. Your account will be closed within 7 working days following the successful submission of the closure form.
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