How can the corporate demat account be switched from IL&FS to Zerodha?

To switch the corporate demat account from IL&FS to Zerodha, submit the following documents:

If the KYC of the company and the directors are registered, the following documents are required:

• IL&FS closure letter (PDF). To learn how to fill out the IL&FS closure form, see How to fill up the IL&FS closure form?
• Non-individual demat form (PDF).
• Foreign Account Tax Compliance Act (FATCA) declaration (PDF).

Annexures on the company letterhead

• Board resolution on the company letterhead (PDF).

Ultimate Beneficial Owner (UBO)

An individual is identified as an ultimate beneficiary if they have shareholding, capital or profits of 10% or more in the company. They are required to submit the UBO annexure (PDF).

If no individual is identified, the senior managing official may be considered the UBO, and the following documents are to be submitted:

• A copy of the UBO annexure (PDF) with signature on the 3rd page of an individual holding 10% or more.
• A self-attested copy of the PAN and address proof of those holding 10% or more.

If an entity has more than 25% of the shareholding, capital or profits in the company. The entity should identify as an ultimate beneficiary and is required to submit the following documents:

• A copy of the UBO annexure (PDF) with signature on the 3rd page of the whole time director or individual promoters of such an entity holding 10% or more.
• A copy of the PAN and address proof with self-attestation of the whole-time director or individual promoters of such an entity holding 10% or more.

Latest shareholding pattern (PDF) on the company letterhead of such an entity holding 25% or more, with the whole-time director's or individual promoters' signature.

If the KYC of the corporate is not registered, the following additional documents are required:

• Non-individual KYC page (PDF).
• Non-individual demat form (PDF).
• Foreign Account Tax Compliance Act (FATCA) declaration (PDF).
• A PAN copy of the company with the seal and signature of the authorised signatory or director.
• Address proof in the company's name with the seal and signature of the authorised signatory or director. The proof can be any one of the following: certificate of incorporation, the latest month's transaction copy of bank statement, utility bill, Ministry of Corporate Affairs (MCA) copy, or lease or rent agreement.
• Self-attested individual PAN copies of all the authorised signatories or directors.
• Self-attested individual address proof of all the authorised signatories or directors.
• Additional copy of PAN and address proof of the authorised signatories with company seal and signature.
• Individual KYC form (PDF) signed by each whole-time or executive director. The director has to sign without the stamp on individual KYCs and supporting documents.
• A copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or partner. The balance sheet must be attested by a Chartered Accountant (CA) and have the CA's name, CA company name, member registration number (M. NO), UDIN, date and city. Refer to the sample balance sheet (PDF). The balance sheet has to be submitted every financial year after the account is opened.
• The company's certificate of incorporation with the seal and signature of the company's authorised signatory.
• The Memorandum of Association (MOA) and the company's Articles of Association (AOA). The first 4 pages of the MOA and AOA should have the seal and signature of the company's authorised signatory.
• If the names of present directors do not appear on the MOA or AOA, Form 32 or DIR-12 filed by the company must be submitted.
• Board resolution on the company letterhead (PDF).
• List of directors (PDF).
• Latest shareholding pattern (PDF).
• Annexure A on the company letterhead (PDF).

If a director is a foreign national or an NRI, the following documents must be submitted:

• Individual KYC form (PDF) filled and signed by the authorised signatory or directors. The partners have to sign without the stamp on individual KYCs and supporting docs.
• Notarised copy of the overseas address proof. The address proof can be any one of the following: Driving licence, foreign passport, utility bills, a bank statement, banker letter attested by the bank (on the bank's letterhead) (PDF), rental agreement or lease or sale deed.
• Notarised copy of the Indian address proof.
• Notarised copy of the PAN.
• In the case of an Indian passport, a valid passport with the place of birth as India and a valid visa.
• In the case of a foreign passport, a valid passport and visa/PIO/OCI or resident card.

Need help? Call on +91-080 4719 2020 or 080 71175337 or create a ticket.

Once all the documents are ready, e-mail the soft copy of all the forms to [email protected]. The forms will be reviewed in case any corrections are required. After the forms are reviewed, courier the documents to the following address:

Zerodha,
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078

Once the forms are received, Zerodha will open the demat account within 72 working hours, and the IL&FS demat account will be closed in 15 working days.

Did you know?

• This transfer would be considered as a closure cum transfer, i.e., closure of the account with IL&FS and transfer out the shares, for which there are no charges.
• If the IL&FS demat account is linked to the Zerodha trading account, holdings cannot be seen or sold on Console and Kite, respectively. Stocks have to first be transferred to Zerodha demat account.
• IL&FS closure form, Zerodha Demat application, annexures, KYC page & supporting documents must be signed with the seal and signature of the authorised signatory or director.
• Clients are required to verify the KYC details once the Zerodha demat account is opened. To learn how to update the KYC details, see How to reactivate the Zerodha account?