Covers Every Need & Ensures Peace
of Mind - Abhipra
Operations . . .
Account Opening To utilise
depository services, one needs to open an account with Abhipra.
There are two categories of accounts that Abhipra can maintain:
Beneficiary Account
A beneficiary account is an account held with Abhipra by Individuals
/ Corporate / HUF/ Trust or by the broker himself for the purposes
of holding their securities
The beneficiary account holder(s) can also appoint attorney(s) to
operate the depository beneficiary account by executing a Power
of Attorney in specified format on stamp Paper of Rs. 50/-.
Clearing Member Account:
A clearing member account is an account held with Abhipra by a Clearing
Member of the Clearing Corporation (viz. The Broker). Clearing and
settlement functions in respect of de-materialised securities are
carried through this account.
Dematerialisation
DRF filled in duplicate,
share certificates, requisite fee for demat will be submitted at
the DP counter of Abhipra Capital Limited.
Following should be ensured
before submitting the documents.
Signature on DRF is same as in Specimen Card
of Account Opening Form.
Transposition- Cum-
Dematerialisation
In case of transposition cum dematerialisation, the client can get
the securities dematerialized in the same account if the names appearing
on the certificates match with the names in which the account has
been opened but there in a different order, by submitting the security
certificates along with the Transposition Form.
In case of death of one of the clients in a joint account, if the
shares are held in Physical Form, the surviving client(s) shall
request Abhipra Capital Limited to transmit and Demat the balances
in the surviving client(s) account. The surviving clilent(s) shall
make an Application
alongwith a copy of death certificate duly notarised & Demat
Request Form.
Pledging or hypothecating securities in dematerialised form is far
easier in comparison to physical securities.
Procedure for pledging / hypothecation
of dematerialised securities.
The Depository Participant of the account
holder i.e. pledgeor / hypothecator may request for creation
of pledge/ hypothecation on receipt of the Pledge / Hypothecation
Creation Form
The Depository Participant of the pledgee
/ hypothecatee shall request confirmation for creation of
pledge / hypothecation on receipt of the pledge / hypothecation
creation confirmation form
On receipt of the request
and confirmation for creation of pledge / hypothecation
from the pledgor / hypothecator and pledgee / hypothecatee
respectively through their Participants, Abhipra will create
the pledge / hypothecation.
The Depository Participant
of the pledgor / hypothecator will request closure of pledge
/ hypothecation on receipt of the pledge / hypothecation
closure form.
The Participant of the
pledgee / hypothecatee will request confirmation of closure
of pledge / hypothecation on receipt of the pledge / hypothecation
closure confirmation form.
On receipt of the request
and confirmation for closure of pledge / hypothecation from
the pledgor / hypothecator and pledgee / hypothecatee respectively
through their Participants, the Depository will close the
pledge / hypothecation.
The Participant of the
pledgee / hypothecatee will request invocation of pledge
/ hypothecation on receipt of the pledge / hypothecation
invocation form.
On receipt of the request
for invocation of pledge / hypothecation from the pledgee
/ hypothecatee through its Participant, the Depository will
amend its records.
The forms submitted
by the pledgor / hypothecator and pledgee / hypothecatee
will be checked by the Participant to ensure the completeness
of the form and validity of the signature of the pledgor
/ hypothecator or pledgee / hypothecatee before the requests
on these forms are executed.
Freezing
Account freezing means suspending any further transaction from
a depository account till the account is de-frozen. A depository
account maintained with a DP may be frozen in certain cases.
1. If a written instruction is received from the client by the
DP, requesting freezing of account, or
2. If written instructions are received from the depository pursuant
to an order of the Central or State Government, SEBI, or any order
by the court, tribunal, or any statutory authority.
An account
may be frozen only for debits (preventing transfer of securities
out of the account). By freezing an account for debits only, no
securities can be debited from the account, however, the client
can receive securities in his account. An account can also be
freezed for debits as well as credits (preventing any movement
of balances out of the account). No transaction can take place
in such an account until it is reactivated. A frozen account may
be de-frozen or re-activated, by taking the reverse steps.
1. On the valid written request of the account holder where he
had requested freezing,
2. On directions of depository made in pursuance of the order
of the order of the appropriate authority.
The DP should immediately inform the client about change in status
of the account from ‘active’ to ‘suspended’
and vice versa.
Transmission
The word Transmission means devolution of title to shares for
example devolution by death, succession, inheritance etc. the
person on whom the shares devolve has to Prove this entitlement
by submittimg appropriate documents and seek transmission.
Different Cases of Transmission: 1) In Case of Joint Account
Documents Required:
i)
Transmission form (Annexure O) to be signed by the surviving
client.
ii) A Copy of Death Certificate duly notarized.
iii) Individual demat account in the name of surviving client.
2) In Case of Individual Demat Account
(I) With Valid Nomination
(II) Without Valid Nominee
Documents Required: (in case of valid
nomination)
i)
Transmission form (Annexure O)
ii) A Copy of Death Certificate duly notarized
iii) Affidavit
on stamp paper of approprite value and duly notarized
iv) Individual demat account in the name of Nominee.
Documents required: (in case of without
valid nomination) If value of holdings is more than Rs.
One Lac:
i) Transmission
Form (Annexure O)
ii) A Copy of Death Certificate duly notarized
iii) A copy of Succession certificate duly notarized OR an order
of a competent court OR a copy of the probate duly notarized.
If value of holdings is less than Rs.
one Lac:
i) Transmission
Form (Annexure O)
ii) A Copy of Death Certificate duly Notarized
iii) Affidavit
on non judicial stamp paper of appropriate value and duly notarized.
iv)
Letter of Indemnity duly notarized on Non-Judicial stamp paper
of appropriate value.
v) No
objection Certificate from all the legal heirs separately
duly bank verified.
vi)
Letter of Surety from an independent Surety acceptable to
DP, duly bank verified.
In all the case mentioned under point II), claimant to have
an individual demat account also and dues in the account of the
deceased are to be cleared.
Closing In case where there are no dealings in Securities,
Account Holders can close his/her account. A client desiring to
close an account shall make an application in specified format.
Remat Remat is the the reverse of the
demat process whereby the credit in an investor's securities account
is re-converted into physical stock. Transfers the process of
moving securities, represented by book entries with the DP, to
and from the investor's securities account. This could be on account
of either purchase or sale of securities by the investor.
Account Opening
Beneficiary Account
Click here for the Application Forms:
SEBI
