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

If the KYC of the partnership firm and the partners is registered, the following documents are required to switch a partnership account from IL&FS to Zerodha:

• 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

The annexures should be on the partnership firm letterhead with the authorised partners' signatures and the firm seal.

• Authority letter (PDF).
• Annexure 4 (PDF).

Supporting documents

• A PAN copy of the partnership firm with the seal and signature of the authorised signatory or partners.
• Address proof in the partnership firm name with the seal and signature of the authorised signatory or partners. Address proof can be any of the following: The latest month's transaction copy of the bank statement, utility bill, lease or rent agreement or registration certificate.
• Self-attested individual PAN copies of all the authorised signatories or partners.
• Self-attested individual address proof of all the authorised signatories or partners such as passport, Aadhaar, driving license etc. If an Aadhaar is being submitted as proof, ensure that a masked Aadhaar is submitted, To learn how to get the masked Aadhaar, see How to download masked Aadhaar?

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 those holding 15% or more.
• A copy of the PAN and address proof with self-attestation of those holding 15% or more.

If an entity has more than 15% of the shareholding, capital or profits in the firm. In that case, the entity should identify as an ultimate beneficiary, and the following documents are to be submitted:

• A copy of the UBO annexure (PDF) with signature on the 3rd page of the partner, whole-time director, or individual promoters of such an entity holding 15% 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 15% or more.

Latest shareholding pattern (PDF) of an entity holding 15% or more, with the signature of the whole-time director or individual promoters.

If the KYC of the partnership firm and the partners 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 copy of the balance sheet of the latest two financial years with the seal and signature of the authorised signatory or partner. A Chartered Accountant (CA) must attest to the balance sheet 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 partnership deed with the investment clause included and attested by a public notary. The first 3 pages of the partnership deed (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 partnership is registered.
• Annexure A - List of partners (PDF)
• Authority letter (PDF).
• Annexure 4 (PDF).

In-person Verification (IPV)

As part of the mandatory IPV requirement for all brokers, physical verification is required for non-individual accounts. One of the partners would be required to visit a Zerodha branch office, or a representative of Zerodha would be required to visit the offices or residences 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, 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.
• Self-attested 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 first to be transferred to Zerodhas 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.