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

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

  1. IL&FS closure letter ( PDF ), See How do I fill up the IL&FS closure form?
  2. Non-individual demat form ( PDF ).
  3. Authority letter ( PDF ) and Annexure - 4 ( PDF ) required for a partnership with the authorised partner's signature and the firm's seal affixed on the authorised partner's signature.
  4. Along with these, submit PAN and address proof of firm and partners.
  5. 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 ).
  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 firm KYC is not registered, Zerodha requires the following additional documents:

  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. A copy of the partnership deed, that is attested by a public notary. With the investment clause mentioned. The first 3 pages of the partnership deed (on all pages, if lesser) should have the seal and signature of the authorised signatory.
  4. A copy of the certificate of registration for registered partnerships only.
  5. Annexure ( PDF ) required for a partnership with the authorised partner's signature and the firm's seal affixed on the authorised partner's signature.
  6. As part of the mandatory IPV requirement for all brokers, physical verification is required for non-individual accounts. Either a partner of the client 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 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 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:

Zerodha HO

#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.