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My Friend's Axis Demat Account Is Suspended: What Are His Options?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 23, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by arup on Sep 23, 2024Hindi

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my friend had dmat a/c in axis. for some reason they had suspended his trading. is it possible to go for opening another dmat a/c with some other and start trading ? shall he get the ownership of those shares bought from axis dmat ?

Ans: First and foremost your friend should demand the reason for trading/demat account suspension from Axis.

For eg. Maybe he took FNO trades more then the MTF limits and the broker liquidated his portfolio to recover funds and hence the suspension.

Maybe KYC needs revalidation to reactivate the account.

Unless the exact reason is known cannot comment on the matter.

Asked on - Sep 23, 2024 | Answered on Sep 23, 2024

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reason is kyc.....and they are not doing it after taking all the docs

Ans: He has the option of escalating the matter with Compliance Officer of Axis. If this doesn't resolve he can register a complaint against Axis with exchanges/sebi online providing all the photos of documentary evidence.

These are resolved pretty fast by the regulators then what one would typically expect in India.

Asked on - Sep 24, 2024 | Answered on Sep 24, 2024

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can he open another demat with another Co to Trade in all those shares ?

Ans: If there is problem with KYC at Axis similar issue might be raised by other broker too.

Also to transfer share holdings from Axis he will need a CML report from them. Without CML you can transfer shares to other through DIS but again it has to go through Axis, so best way forward is to resolve concerns from Axis amicably.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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can he open another demat with another Co to Trade in all those shares ?

Ans: If there is problem with KYC at Axis similar issue might be raised by other broker too.

Also to transfer share holdings from Axis he will need a CML report from them. Without CML you can transfer shares to other through DIS but again it has to go through Axis, so best way forward is to resolve concerns from Axis amicably.

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Hello Sir ! I got to know that my uncle has purchased 213 share of Vijaynagar Steel in 1995 and I have seen your response on one of similar query which you shared that it should be roughly translate to 32000 shares, but I need help to add them into the DMAT account , can you please provide us your consultation and help on the same, I would be more than oblized for this.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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