Demat account and services of officers?

Question

Dear sir/madam, i was calling to your officers but did not responsibile and that person said that your account closed because of services is not provided.i am calling last 20 days but not any positive response and at end said that i am not provided that service and closed account. branch name : chandlodiya (728) Name of Officer : Mahesh

Answer 1

Mr Sunny,

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any query / complaint / grievance in respect of financial services.  This site does not belong to any Bank or a Regulator, which may please be noted.

If I understand correctly, it is regarding your Demat account that was closed by the Bank for reasons unknown or on the ground that Demat services are not provided. It is not clear whether you had any holdings in the Demat account or had you transacted in securities in the past. If you had not transacted for quite a long period or if you had not paid AMC for Demat account or there was no holding in the Demat account for a long period of time, these could have resulted in closure of Demat account but it should have been done after giving due notice at the last recorded address with the Bank. As per SEBI guidelines, Demat services can not be offered at a branch where DP Certified Officer is not available, which could be another reason. But these services could be offered through nearest branch in the absence of DP Certified official.

If you do not fall under any of the above mentioned category, you may lodge a complain with nodal officer - grievances whose coordinates (contact) would be available on the Bank's website. If you are not satisfied with the response of the nodal officer, you may escalate the matter to SEBI.

Regards

Deepak