ELSS in DEMAT

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PRANAY JAIN

PRANAY JAIN (Querist)

27 February 2011 Can the demat account be used for keeping units of ELSS?

K V Subba Rao

K V Subba Rao (Expert)

27 February 2011 Yes

I do hold Units in several Schemes (including ELSS) of MFs in my Demat Account maintained by ICICI Securities Ltd

PRANAY JAIN

PRANAY JAIN (Querist)

27 February 2011 Whats the procedure to do the same, if i have it in physical form.

K V Subba Rao

K V Subba Rao (Expert)

27 February 2011 I adopted following procedure:

(1) Obtained latest statements by visiting CAMS (click Mailback Service option)

(2) I took print-outs and approached ICICI Direct.com Branch with (a) copies of latest statements as above, (b) PAN Card copy and (c) one cancelled Cheque

(3) ICICI Direct.com Branch printed out Transfer-In Applications on which I wrote my signatures and left there

(4) ICICI Direct.com Branch sent my Transfer-In Applications to their HO in Mumbai who in turn sent to respective AMCs and transfers are affected

After my submission, it took about 20 working days. ICICI Direct.com did not collect any chrges from me

I think, similar procedure has to be followed for Deamt Accounts with others also. Please check up. This relieves us of many problems especially for redemption (signature mismatch) purpose

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