Demat / DP transfer stuck? File one RTI

Arvind tried to close his old demat account at a bank. “Pending no-dues” for 3 months. Bank kept charging maintenance.

RTI to bank DP + NSDL + SEBI. 15 days later the bank closed account; refunded maintenance.

- Depositories Act 1996 + SEBI (Depositories and Participants) Regulations 1996. - SEBI Master Circular on Demat Accounts (latest 2024). - §6(1) + §7(1) RTI Act.

To, PIO, [DP Bank/Broker] + NSDL/CDSL + SEBI, [Address]

Subject: §6(1) RTI Act — demat [issue]

   Account holder : [Name]
   DP ID + Client ID: [16-digit]
   Issue          : [closure / transfer / dematerialisation / SEBI grievance]
   Application date: DD-MM-YYYY

Please provide:
1. Current status + stage.
2. Reason for delay beyond SEBI 2-day (transfer) / 30-day (closure) SLA.
3. Name + designation of dealing DP officer.
4. SEBI SCORES grievance escalation status.
5. Maintenance charges levied; refund of overcharge.

Citizen. Fee: ₹10 IPO/DD enclosed.
[Name + signature + address + date]

- Closure no-dues stalling. - Off-market transfer DIS slip rejected. - Dematerialisation of physical certificates. - Nominee dispute on death. - Inactive account fee dispute.

- Depositories Disputes v. SEBI (NCLAT 2021) — DP regulations enforceable through SCORES. - CIC SEBI Disclosure (2019) — SEBI subject to RTI.

T+2 SLA per SEBI.

DP must allow without fee if no holdings.

Use both.

Demat opacity = financial loss. RTI + SEBI SCORES = quickest fix.

- Depositories Act 1996; SEBI DP Regulations 1996. - SEBI Master Circular 2024.

Last reviewed: 24 April 2026.

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