With the accessibility that trading accounts provide, trading in financial markets has become a viable investment opportunity for many Indians today. However, there could be a number of reasons why despite the many benefits, people might opt-out of a trading account. To do this, they must follow a certain procedure and make note of a few factors. Here is a closer look at how to close a trading account:
# Before closing a demat or trading account, a trader should carefully review the terms and conditions of their account and consult with their broker to understand any potential fees or penalties associated with closing the account.
How to close a demat account
Here are the steps you should follow to close a demat account:
– The first step to closing your demat account is to notify the brokerage company or depository participant that you had opened it with.
– You will be requested to fill out an Account Closure form, the details of which you must check carefully. You can easily find this form either on their website or at one of the DP branches. CBSPL_CLOSURE
– If there is more than one holder of the demat account, the form should be signed by all holders. It is also important to fill out the appropriate reason for closing the account in your Account Closure form.
– After filling the Account Closure form, you will be required to submit it to your nearest DP branch.
– Since your trading account and demat accounts deal with securities, make sure you clear the board before opting to close your demat account. Here are a few important things to keep in mind regarding the matter.
Closing of demat account things to keep in mind
If you are planning to close a demat account, there are several things you should keep in mind:
Demat accounts can be a goldmine of opportunities to trade in various financial markets. However, owing to circumstances, it might be necessary to close your demat account. In such a case, you can simply follow the aforementioned procedure and close your demat account.