Q: Can I close my Trading account and keep the demat account active or vice versa?

Yes that’s possible , the Trading account can be closed. If the Trading account is active, Demat account can be closed only if: The Demat account is a standalone Demat account or The Demat account is mapped as an addition with the clients Trading account or If the Demat account to be closed is mapped as default with your trading account we cannot close the same. You will have to map another DP account as default to the trading account and then initiate Demat account closure.

Question 1

What is the account closure process?

Accepted Answer

You can close your account online or by submitting physical account closure request. 
Online Process -

Go to www.nuvamawealth.com 
Login and Navigate to Profile section and then select &ldquo;Service Request&rdquo; 
Click on &ldquo;Create Service Request&rdquo;
Select 'Account Closure'
Choose the account to be closed i.e. Trading and/ or Demat
Provide the necessary details as required. In case there are free holdings in your demat account you need to upload Digital Signed CMR of Target Account along with wet signature.
Enter OTP received on Mobile & Email address separately and click on Verify
Click on, "Confirm & E-sign"
Complete the Esign process using your Aadhaar number and your request will be submitted.

Please note the pointers below for the closure of account:

There should not be any open order of MFSS
Debit/Credit balances need to be settled before closure
Account should not be closed already
You need to ensure there are no securities in your Demat account
You need to ensure that there are no open positions in your account
You need to ensure that no stocks placed in collateral with Nuvama
You should not have custody or NBFC POA account
You should not have any running SIP

Offline Process - 
You can sign the account closure form and submit the duly filled hard copy to your Relationship Manager/ Equity Advisor or to a branch nearest to you. Both trading and demat accounts should have NIL balance (debit/credit) in order to process the closure request.

Question 2

Where do I get the account closure form?

Accepted Answer

The account closure form is available with your Relationship Manager/ Equity Advisor or at a branch nearest to you .You can also get the soft copy of the form on your registered email id  by calling us on our Toll free no 18001023335 or by writing to us on helpdesk@nuvama.com.
However, in order to process the account closure, we require the original hard copy of the account closure form.

Question 3

Do I need to submit any proofs along with the account closure form?

Accepted Answer

If there are stock holdings available in your account :

You have to submit the account closure form, along with the Client Master List ( CML) of the other demat account.
This Demat Client Master List ( CML) document, should have the CDSL / NSDL logo and should be duly stamped & signed by the DP official of the outside Demat account. The Client Master List ( CML)  is required along with the Demat account closure request . This will help us to transfer the stock balance, from your Nuvama Demat account (which has to be closed)  to the outside Demat account. The outside demat should be in the same holder&rsquo;s name (also joint holders if any)

If there are no stock holdings available in your account :

You will have to submit the account closure form, duly filled and signed by all holders with your trading and demat account details mentioned therein.

If there are funds (credit) in your trading account:

On closure of your trading account, cheque would be issued for the credit balance in the trading account. You can also request for a payout to the linked default bank by calling us on our Toll free no 18001023335 or by writing to us on helpdesk@nuvama.com

If there is outstanding debit in your trading/demat account:

You are required to clear any outstanding debit balance in your trading/demat account in order to close it.
 
You can submit the account closure form along with the proofs to your Relationship Manager/ Equity Advisor or your nearest branch .
 
You can also opt for first having the shares transferred via DIS to another demat account and then initiate the closure process.

Question 4

Where do I submit my account closure form ?

Accepted Answer

The original hard copy of the account closure form can be submitted to your Relationship Manager/ Equity Advisor or to a branch nearest to you.

Question 5

Can I close my Trading  account and keep the demat account active or vice versa?

Accepted Answer

Yes that&rsquo;s possible , the Trading account can be closed.

If the Trading account is active,  Demat account can be closed only if:

The Demat account is a standalone Demat account or
The Demat account is mapped as an addition with the clients Trading account or
If the Demat account to be closed is mapped as default with your trading account we cannot close the same. You will have to map another DP account as default to the trading account and then initiate Demat account closure.

Question 6

What is the time duration required to process my account closure?

Accepted Answer

It takes 7 working days for us to process the closure from receipt of the account closure form at our Head Office.

Question 7

Are there any charges involved for account closure?

Accepted Answer

No , there are no charges involved for closure of the account.

Question 8

What is my account closure status ?

Accepted Answer

It takes 7 working days for us to process the closure from receipt of the account closure form at the Head Office , you can get the status of the account closure from your Relationship Manager/ Equity Advisor or your nearest branch . You can also acquire the status by calling us on our Toll free no 18001023335 or by writing to us on helpdesk@nuvama.com

Demat account closure intimation is sent via normal post to your registered address with us .
Trading account closure intimation is sent via Email to your registered email id with us .

The full and final closure is subject to settlement of DP dues, Current month transactions and Trading ledger balance .
Collateral holdings should be nullified before proceeding with Trading/ Demat account closure request.

Question 9

How can I reactivate my closed account ?

Accepted Answer

An account once closed cannot be reactivated . As a process you will be required to open a new Demat and Trading account . In order to open an account please visit the nearest branch or visit www.nuvamawealth.com and click on, "Open an account section" - https://www.nuvamawealth.com/open-new-account-online/

Question 10

If account holder is deceased, what is the process to close the demat and trading account ?

Accepted Answer

In order to close the demat and trading account for a deceased please visit the nearest branch with the following details.Death ceritificate, PAN copy and Address proof of the deceased person.

Question 11

Where can I send the hard copy of the account closure form ?

Accepted Answer

You can locate the nearest branch address on www.nuvamawealth.com > Support Center> Locate Us.Alternatively you can also call us from your registered mobile number on 1800-102-3335 or write to us on helpdesk@nuvama.com

Frequently Asked Questions (FAQ)

ACCOUNT CLOSURE