Abolishing of account closure charges

Press Release

PR No.:243/2002
October 31,2002

Sub: Abolishing of Account closure charges

In respect of Demat Beneficial Owner accounts, representations from various sections have been received requesting SEBI to direct Depository Participants not to levy Account closure charges and to allow free movement of securities when the accounts are closed. The matter was taken up in a recently held meeting of Working Group on Dematerialisation and it has been decided that the Depository Participants shall not charge any account closure charges on Beneficial Owner accounts with effect from November 1, 2002. However, the transaction charges will remain to be charged as may be applicable.

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