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Friday, August 6, 2010

Closing/shifting your Demat account, get refund of AMC collected upfront on annual/half yearly basis by Depository Partcipant (DP) now

Account Maintenance Charges collected upfront on annual/ half
yearly basis on demat accounts
The Depository Participants (DPs) have a system of collecting account maintenance charge (AMC) from beneficial owners (BOs) towards maintenance of demat accounts for varied periodicity of collection (viz. monthly, quarterly, half yearly and annually). It has been noticed that in cases where AMC is collected on an annual upfront basis, on closure/shifting of demat account, the AMC for the balance period for which no service has been provided by the DP, is not refunded to the BO.

In view of the above, it has been decided that in the event of closing of the demat account or shifting of the demat account from one DP to another, the AMC collected upfront on annual/half yearly basis by the DP, shall be refunded by the DP to the BO for the balance of the quarter/s. For instance, in case annual AMC has been paid by the BO and if the BO closes/shifts his account in the first quarter, he shall be refunded the amount of the balance 3 quarters i.e. 3/4th of the AMC. Likewise, if a BO closes/shifts his account in the third quarter, he shall be refunded the amount for the balance one quarter i.e. 1/4th of the AMC.

For the purpose of the above requirement the year shall begin from the date
of opening of the account in quarterly rests.

The above requirements shall be applicable to all existing and new accounts held with DPs which collect annual/half yearly upfront AMC. It is hereby clarified that the above requirements shall not be applicable to those DPs who collect quarterly/ monthly AMC.

Source: CIR/MRD/DP/ 20 /2010 dated 1st July 2010

14 comments:

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It has been noticed that in cases where AMC is collected on an annual upfront basis,

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