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How can the Limited Liability Partnership (LLP) demat account be switched from IL&FS to Zerodha?

To switch the Limited Liability Partnership (LLP) demat account from IL&FS to Zerodha, submit the following documents:

If the KYC of the LLP and the partners are registered, the following documents are required:

Annexures

The board resolution and annexures should be on the LLP letterhead.

Ultimate Beneficial Owner (UBO)

An individual is identified as an ultimate beneficiary if they have shareholding, capital or profits of 15% or more in the company. They are required to submit the UBO annexure (PDF).

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

  • A copy of the UBO annexure (PDF) with signature on the 3rd page of such who holds 15% or more.
  • A copy of the PAN and address proof with self-attestation of those who hold 15% or more.

If any entity has more than 15% of shareholding or capital or profits in the company. In that case, the entity should identify as a UBO, and the following documents are to be submitted:

  • A copy of the UBO annexure (PDF) with signature on the 3rd page of the authorised partner or signatory of such an entity holding 15% or more.
  • A copy of the PAN and address proof with self-attestation of the authorised partner or signatory of such an entity holding 15% or more.
  • Latest shareholding pattern (PDF) on the company letterhead of such an entity holding 15% or more, with the signature of the authorised partner or signatory.

In-person Verification (IPV)

As part of the mandatory IPV requirement for all brokers, physical verification is required for non-individual accounts. Either any one of the partners or authorised signatory would need 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. See What is in person verification and why is it needed?

If the KYC of the LLP and the partners are 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 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.
  • A copy of the LLP agreement with the investment clause included and attested by a public notary. The first 3 pages of the LLP agreement (on all pages, if less than three) should have the seal and signature of the authorised signatory.
  • A copy of the certificate of registration if the LLP is registered.
  • Annexure A - List of partners (PDF).

If a partner 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 partners. 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.

Documents need to be notarised by the Indian embassy or any other competent authority, such as authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrates, judges, or the Indian embassy or consulate general in the country that they reside in the country where the NRI resides. The attesting authority should affix a verified with original stamp, name, designation, authority or employee code, signature and date on the said documents.

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 partner.
  • 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?

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