To close an Angel Broking account one must download the “Closure Form” from the Angel Broking website under the “Important Documents” section. After which one has to follow some simple steps such as submit the KYC details, User ID & DP id, etc. and submit the filled form to the nearest Angel Broking branch in person.
Angel Broking-
Angel broking is one of the oldest Listed Stock brokers in India established in 1987 but was Incorporated as a Wealth management & retail and corporate Broking Firm in December 1997 as a Full-service broker but later it turned into a Hybrid Broker that provides the services of a Full-Service broker but charges the fees of a Discount Broker.
It is a member of the BSE (Bombay Stock Exchange), NSE ( National Stock Exchange), National Commodities and Derivatives Exchange Limited, and MCX (Multi Commodity Exchange).
The account opening process of Angel Broking is very seamless and one can finish the account opening process online in less than 5 minutes but the account closing process is not so simple.
Account Closure process-
To close a Demat account in Angel Broking, there is no online process hence one has to either visit their near Angel Broking Branch with the required documents or send the documents via Post to the mentioned office of Angel broking.
There are some points to remember before closing their Demat & trading account.
- There should be no Holdings (Shares) in that particular Demat account. If one has some remaining shares then one should either sell them or transfer the same to their other account.
- There should be no Remaining balances or any excess cash balance in the account. The account balance should be 0. There should not be any positive or negative balance in their account.
Steps to Close Account-
- The first step to close the account is to download the Closure form. It can it downloaded from the angel Broking website under the “Important Documents” section-
https://www.angelbroking.com/get-pdf-report-wp/Account%20Closer%20Form_19022018.pdf - One will have to fill up all the details In the Account closure form which is shown below-
The Account closure form has to fill and signed by the user and if the account is in the name of more than one user then all the users have to sign it in the presence of a DP (Depository Participant) official.
Some documents have to be attached and submitted along with the duly signed Account closure form, they are-
- Your Angel Broking ID & DP ID.
- KYC details which include the address proof and identity proof of the user.
- Reason for the closing of the Account.
- A bank official must verify and submit the above documents. This step is mandatory. Also, ensure to return the unused part of the account closing form or the DIS (Delivery Instruction Slip) back to the DP.
After completing the above process the form has to be submitted to the nearest branch in person by the account holder.
Conclusion-
The account closing process in Angel Broking is not possible online and one has to submit the necessary documents to the nearest branch in person to start the account closing process. The account closing process will start after the successful submission of the necessary documents and can take up to 7-10 working days to finish the process.