Accounts that do not renew their demat accounts by mid-July will be frozen. The depository members have issued a notice urging to renew the demat account by mid-July.
There is a provision to renew the demat account by the end of each financial year. The depository members renew such account after paying an annual fee of Rs 100.
So far, 3.557 million people have opened demat accounts across the country. The number of institutions (depository members) opening such demat accounts is 77.
The account can be renewed to the same member to whom the account has been opened. You can also request for account renewal by paying the amount online recently.
Siddhartha Capital has issued a notice requesting to renew the demat account. The company has stated that payments can be made through electronic means like Mobile Wallet Isewa, IME Pay, Prabhu Pay or Connect IPS.
Also, it can be renewed from any branch office of Siddhartha Bank, said Capital. The demat account of the beneficiaries who have not paid the annual fee by July 31 will be frozen until the fee is paid, Capital said in a statement. Also, since my share service is being used, it will have to be renewed within one year of operation.
Similarly, NIBLS Capital has also issued a notice requesting to renew the demat account by mid-July. Capital has stated that there is an arrangement to pay the fee through various electronic payment means by going to the investment bank’s bag wallet and my share profile. The company has stated that the account will be frozen if the fee is not paid by mid-July.
Similarly, Global IME Capital has also requested to pay the renewal fee through IME Pay, Isewa, Connect IPS or e-banking services. Otherwise, the beneficiary’s demat account will be frozen from the system, the company said. The company has also requested me to pay the annual fee for my shares.