Regarding closure of angel broking demat account

[gunnerTH]

Hello TF Community,

Has anyone closed angel account and transferred there shares to other broker.
I have done the process almost 12 days back and was told the process will be done in 5 to 7 days. It's almost twice the duration but haven't received any update from them.
Tried reaching out on mail but no reply then called them and was told it will be done in a day 3 days ago but still not processed.

Want to know the timeline if anyone has done the same process.

Reason for closing and transferring shares that if you close and transfer they don't charge you or else they take charge per script.

 

[RaviAglRaviAgl is verified member.]

Hello TF Community,

Has anyone closed angel account and transferred there shares to other broker.
I have done the process almost 12 days back and was told the process will be done in 5 to 7 days. It's almost twice the duration but haven't received any update from them.
Tried reaching out on mail but no reply then called them and was told it will be done in a day 3 days ago but still not processed.

Want to know the timeline if anyone has done the same process.

Reason for closing and transferring shares that if you close and transfer they don't charge you or else they take charge per script.

Look, if the securities are less than 1 lac, then, I would transfer them and bear the transfer charges.

What you are trying to do is more headache than it is worth.

Else sell them from angel and buy in open market at the other broker on the same time and price. That will be more economical. You will have to bear 2 way brokerage, market fees and buyer seller market price gap, but if you are smart, then you can job your trades and minimize the loss.

Once your security balance is zero, angel will happily close your account.

Also there are different accounts for demat, derivatives, mcx, ncdex, etc. A trading account is a totally separate account.

Make sure you close all of them by applying individually and get it in writing from them.

Else they will debit account maintenance charges every year and give a big headache.

Thanks!!

 

[Mr. BeanMr. Bean is verified member.]

Reason for closing and transferring shares that if you close and transfer they don't charge you or else they take charge per script.

Mmm. I am not aware of skipping charges this way, even though I wouldn't recommend doing so.

Why did you want to close AngelOne? Due to monthly maintenance charges?