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Friday, Nov 01, 2002

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SEBI scraps demat a/c closure fee

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THE Securities and Exchange Board of India (SEBI) has notified that from November 1, no closure charges should be collected for closure of demat accounts.

In a communication to all stock exchanges, depositories and custodians issued on October 30, SEBI said that in view of the representations received regarding account closure charges, the issue was discussed in the meeting of the working group on dematerialisation on October 18. It was decided that no account closure charges be levied on the closure of beneficial owner accounts.

However, transaction charges as applicable may continue to be charged. The decision comes into effect from November 1, 2002, SEBI has said.

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