Standing Instruction Facility
DP enters the advise for the transfer of securities to or from a beneficial owner's account only on receipt of instructions from the client. The clients need to give delivery instruction to transfer securities from their account & receipt instruction to get credit into their account. However, for ease of operation, a facility of standing instruction is provided to the clients for receiving securities to the credit of their accounts without any further instruction from them.
Change in Address
The client can change his address by submitting the changes in writing to the DP along with proof of identity, proof of new address with original document of new address for verification and latest transaction statement received from the DP of the client. The changes conveyed to the DP will be automatically communicated to the companies in which he is holding shares in dematerialised form.
Bank Account Details
Details of bank account of the client, including the 9-digit code number of the bank and branch appearing on the MICR cheques issued by the bank have to given to the DP at the time of account opening. Companies use this information for printing them on dividend/interest warrants to prevent its misuse. In case the client wish to change this bank account details, he can do so by submitting the changes in writing to the DP.
Nomination
A client can make a nomination of his account in favour of any person by filing the nomination form with his DP. Such nomination is considered to be conclusive evidence of the account holder'(s) disposition in respect of all the securities in the account for which the nomination is made. The nomination can be changed/deleted anytime by the account holder/s by simply filling the nomination form and submitting it to the DP.
Transposition cum Demat
This is a facility whereby securities held jointly can be dematerialised in an account of same joint holders but having different sequence of names. e.g. securities held in joint names of X and Y can also be dematerialised in an account opened in the names of Y and X by submitting an additional form called Transposition Form alongwith Dematerialisation Request Form (DRF) to the DP.
Consolidation of Accounts
Some clients could have opened multiple accounts to dematerialise their shares held in multiple combinations & sequence of names. However, they may not need so many accounts after they have dematerialised their securities and may want to bring all their shareholdings into one or fewer accounts. Using off-market account transfer instruction such consolidation can be done.
Closure of Account
A client can close a depository account by giving an application in the prescribed form. In case there is any balance in the account sought to be closed, the following steps are necessary:
- Re-materialisation of all securities standing to the credit of the account at the time of making the application for closure; or
- Transferring the balance to the credit of another account opened by the same account older(s) either with the same DP or with a different DP.
Freezing of Accounts
Account freezing means suspending any further transaction from the depository account till the account is de-frozen. A depository account maintained with a DP can be frozen if the DP receives a written instruction in prescribed form from the client. A frozen account can be de-frozen or re-activated if the client submits written instruction in prescribed form to the DP.
