The National Securities Depository Limited (NSDL) on September 24, 2024, issued the guidelines for online closure of demat accounts.
The following has been stated namely: -
• It provides that clients can close their demat accounts online without providing reasons, and are permitted to request account closure through either online or offline modes, subject to SEBI and Depository compliance requirements.
• It states that account closure for balances can be completed via the DP's web portal or app using secured access with two-factor authentication, and clients can e-sign the closure form for verification, while requests via email or messaging apps will not be accepted.
• It states that clients with demat accounts having nil balances can request closure through the DP's web portal or app with two-factor authentication, or via email from their registered email ID, and the DP will acknowledge receipt of the closure request via the client's registered email or mobile number.
• It states that for demat accounts with balances, clients can upload a digitally signed Client Master Report (CMR) and e-sign the closure form and documents for processing, unless the DP can electronically verify the target account details match perfectly with the sole holder’s name and PAN, in which case the CMR requirement is waived.
[Circular No. - NSDL/POLICY/2024/0136]
