Dmat account?

Question

I have a Dmat account at Karvey.Any harm in continuing my account at Karvey

Answer 1

Don't transfer your account now, otherwise you will ahve to pay from your own pocket. If SEBI asks karvy to close its operations then you can go to other DP and that time karvy will not be able to charge you.

Other good DP's are

Motilal Oswal, IL&FS Investsmart, or you can go for nationalised banks also but they will not provide you any research reports, HDFC securities.

Answer 2

I will rather suggest going for ICICI Demat services.. its very easy, safe and trusted one.. Karvy being in trouble atleast for now.. i don't see any point in continuing with Karvy.. get your shares trasferred..

Answer 3

Opening a depository account is as simple as opening a bank account. You can open a depository account with any DP convenient to you.

To Open An Account You Have To:

Fill up the account opening form, which is available with the DP.

Sign the DP-client agreement, which defines the rights and duties of the DP and the person wishing to open the account.

Receive your client account number (client ID).

This client id alongwith your DP id gives you a unique identification in the depository system.

There is no restriction on the number of depository accounts you can open. However, if your existing physical shares are in joint names, be sure to open the account in the same order of names before you submit your share certificates for demat.

To Dematerialise Your Share Certificates You Have To:

Fill up a dematerialisation request form, which is available with your DP;

Submit your share certificates alongwith the form; (be sure to write "surrendered for demat" on the face of the certificate before submitting it for demat).

Receive credit for the dematerialised shares into your account in 15 days..

no harm in continuing your acoount.