How do I switch my DEMAT from IL&FS to Zerodha - Corporate account?
To switch your DEMAT from IL&FS to Zerodha for a Corporate account, follow the steps mentioned below:
- Download the IL&FS closure letter, print it out & fill it up. (Refer to this article to know how to fill the IL&FS closure form)
- Download, print, and fill up this Non-individual DEMAT form.
- Download, print and fill up this Board resolution, FATCA declaration.
- Along with these, submit PAN and address proof of Company and directors.
- Suppose an individual is a shareholder of the applicant, having more than 25% of the applicant's shareholding or capital or profits. In that case, the individual should identify as an ultimate beneficiary and is required to submit Annexure A.
- Suppose an entity is a shareholder of the applicant, having more than 25% of the applicant's shareholding or capital or profits. In that case, the entity should identify as an ultimate beneficiary and is required to submit Annexure A along with - self-attested copies of the KYC documents of the Whole Time Director/ Individual Promoters of such an entity holding 25% or more; AND shareholding pattern (with the company letterhead) of the entity holding 25% or more.
You can check your KYC status by following the steps mentioned in this article.
If the Company KYC is not registered, we require the following documents and the above documents.
- Non-individual KYC page.
- A copy of the Company's Balance Sheet for the last two financial years is to be submitted every year. (The balance sheet should have the seal and signature of the Authorised Signatory on all the pages)
- The Certificate of Incorporation of the Company with the seal & signature of the Authorised Signatory of the Company.
- The Memorandum of Association ("MOA") and the Articles of Association ("AOA") of the Company. The first 4 pages of the MOA & AOA should have the seal and signature of the Company's Authorised Signatory.
- Form 32 filed by the Company. (In case the names of present Directors do not appear on the MOA/AOA).
- Duly filled Annexures (With the authorised director's signature and the Company's seal affixed on the authorised director's signature)
- As part of the mandatory IPV requirement for all brokers, a physical verification is required for non-individual accounts. Either a representative of the client would require to visit a Zerodha branch office OR a representative of Zerodha would be required to visit the offices/residence of the client to complete the IPV procedure.
If any of the directors is a foreign national or an NRI, then the individual KYC page is required and documents (Pan, Indian & Overseas address proof) have to be notarized by Authorized officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside.
Note: Authorized Director's signatures are required with a stamp on all the above documents except on the director's individual PAN & Address proof.
Send all of the documents to the address mentioned below -
#153/154 4th Cross Dollars Colony,
Opp. Clarence Public School,
J.P Nagar 4th Phase, Bangalore - 560078
Once we receive the forms, Zerodha will open your Demat account within 48 hours & your IL&FS DEMAT account will be closed in 15 working days.