How can the NRI demat account be switched from IL&FS to Zerodha?
To switch the NRI demat account from IL&FS to Zerodha, submit the following documents:
- 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?
- Demat application form (PDF).
- Demat Debit and Pledge Instruction (DDPI), (PDF) allows brokers to debit shares from the demat account. See, What is Demat Debit and Pledge Instruction (DDPI)? Alternatively, shares can be sold without the DDPI using the CDSL TPIN. See How do I generate the CDSL TPIN required to authorise my CNC sell transactions?
- A copy of the NRE or NRO bank account. Any of the following: Cancelled cheque, bank statement containing the IFSC, MICR and branch details.
- Copy of PIS permission letter.
- Foreign Exchange Management Act (FEMA) declaration form (PDF).
- Foreign Account Tax Compliance Act (FATCA) declaration (PDF).
- Declaration of P.O. box of the country of residence (PDF).
- ID proof of the nominee if a nominee is being added. The proof can be any one of the following: Passport, Aadhaar, Voter’s ID or Driving licence.
- A self-declaration (PDF) if there is a minor mismatch in the name between the supporting documents.
- The latest immigration copy if the client is in India and submitting the documents to the Zerodha branch or if the notary is being done in India.
Equity F&O trading is not available by default with NRI accounts. F&O trading requires a Custodial Participant (CP) code with Zerodha partner for custodial services, Orbis Financial Services. See Can a Non-resident Indian (NRI) trade in futures and options (FnO)?
In-person Verification (IPV)
As part of the mandatory In-Person Verification(IPV) requirement for all brokers, a Webcam or a physical verification is required. See What is In-Person Verification (IPV), and why is it required?
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:
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 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 first to be transferred to Zerodha's demat account.