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How to switch from a corporate IL&FS demat account to Zerodha demat account?

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

  1. IL&FS closure letter ( PDF ). To know how to fill out the IL&FS closure form, see How do I fill up the IL&FS closure form?
  2. Non-individual demat form ( PDF ).
  3. Board resolution ( PDF ), FATCA declaration ( PDF ).
  4. PAN and address proof of company and directors.
  5. If an individual is a shareholder of the applicant, having more than 25% of the applicant's shareholding or capital or profits, they should identify as an ultimate beneficiary and submit Annexure A ( PDF ).
  6. If an entity is a shareholder of the applicant and has more than 25% of the applicant's shareholding or capital or profits. In that case, the entity should identify as an ultimate beneficiary and submit Annexure A ( PDF ) along with – self-attested copies of the KYC documents of the whole time director or  individual promoters of such an entity holding 25% or more; and shareholding pattern on the company letterhead of the entity holding 25% or more.

To check the KYC status, see What is Know Your Customer(KYC)? How can I check my KYC status?

If the company KYC is not registered, the following additional documents are to be submitted:

  1. Non-individual KYC page ( PDF ).
  2. A copy of the company's balance sheet with the seal and signature of the authorised signatory on all the pages for the last two financial years. After the account is opened the balance sheet is to be submitted annually.
  3. The certificate of incorporation of the company with the seal and signature of the authorised signatory of the company.
  4. The Memorandum of Association (MOA) and the Articles of Association (AOA) of the company. The first 4 pages of the MOA and AOA should have the seal and signature of the company's authorised signatory.
  5. In case the names of present directors do not appear on the MOA or AOA, Form 32 or DIR-12 filed by the company needs to be submitted.
  6. Annexures ( PDF ) with the authorised director's signature and the company's seal affixed on it.
  7. As part of the mandatory IPV requirement for all brokers, a physical verification is required for non-individual accounts. Either a director or authorised signatory would be required to visit a Zerodha branch office OR a representative of Zerodha would be required to visit the offices or residence of the client to complete the IPV procedure. See What is in person verification and why is it needed?

If a director is a foreign national or an NRI, then the individual KYC page ( PDF ) is required. Documents such as PAN, Indian and overseas address proof have to be notarised by authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy or consulate general in the country that they reside.

Authorised director's signatures are required with the company stamp on all the documents except on the director's individual PAN and address proof.

Courier all the forms form 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, the demat account is opened within 3–4  working days and the IL&FS demat account is closed within 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 transferring 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.