How to switch from a Limited Liability Partnership (LLP) IL&FS demat account to Zerodha demat account?
To switch the demat from IL&FS to Zerodha for an LLP account, submit the following documents:
- IL&FS closure letter ( PDF ). See How do I fill up the IL&FS closure form?
- Non-individual demat form ( PDF ).
- Board resolution ( PDF ).
- PAN and address proof copy of firm and partners.
- If an individual is a shareholder of the applicant, having more than 15% of the applicant's shareholding or capital or profits, they should identify as an ultimate beneficiary and submit Annexure A ( PDF ).
- 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 firm KYC is not registered, Zerodha requires the following additional documents:
- Non-individual KYC page ( PDF ).
- 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.
- Copy of the LLP Agreement attested by a notary public with the investment clause mentioned. The first 3 pages of the LLP agreement (on all pages, if lesser) should have the seal and signature of the authorised signatory.
- Copy of certificate of registration for registered LLP firms.
- Annexures ( PDF ) needed for an LLP with the firm's seal affixed and signed by the authorised partners.
- As part of the mandatory IPV requirement for all brokers, physical verification is required for non-individual accounts. Either a partner 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 partner is a foreign national or an NRI, then the individual KYC ( 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 partner's signatures are required with a stamp on all the above documents, except on the partner's individual PAN and address proof.
Courier all the forms form to the following address:
#153/154 4th Cross Dollars Colony,
Opp. Clarence Public School,
J.P Nagar 4th Phase, Bangalore – 560078
Once the forms are received, Zerodha will open the demat account within 48 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 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.