Hello everyone,
Does anyone have an idea how to close a local demat account opened with a local broker, where a security was purchased long ago by my father?
He had bought shares of Tripex Overseas Limited, which is no longer trading / inactive.
When I contacted the broker, they said the account has to be activated and kept running until SEBI gives permission for transfer or resolution of the security. However, the AMC charged by this broker is quite high, and their service has been unreliable.
I don’t want to continue paying AMC indefinitely for a non-trading security.
Has anyone faced a similar situation?
- Is it possible to close the demat account with a non-trading stock?
- Can the shares be transferred to another broker or written off?
- Any guidance on SEBI rules or practical steps would be really helpful.
Thanks in advance 🙏