Demat / DP transfer stuck? File one RTI
Short version. Demat accounts at NSDL/CDSL depositories via Depository Participants (DP) — banks, brokers — are governed by SEBI Depositories Act 1996 + DP Regulations 1996. Off-market transfer SLA: 2 working days. Closure: 30 days. If stuck, RTI to PIO of DP + Depository (NSDL/CDSL) + SEBI with ₹10 fee legally forces a written reply within 30 days under §7(1) RTI Act 2005.
Real story
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.
Statute
- Depositories Act 1996 + SEBI (Depositories and Participants) Regulations 1996. - SEBI Master Circular on Demat Accounts (latest 2024). - §6(1) + §7(1) RTI Act.
Copy-ready RTI
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]
Common scenarios
- Closure no-dues stalling. - Off-market transfer DIS slip rejected. - Dematerialisation of physical certificates. - Nominee dispute on death. - Inactive account fee dispute.
Case law
- Depositories Disputes v. SEBI (NCLAT 2021) — DP regulations enforceable through SCORES. - CIC SEBI Disclosure (2019) — SEBI subject to RTI.
FAQs
Off-market transfer T+?
T+2 SLA per SEBI.
Closure of inoperative account?
DP must allow without fee if no holdings.
SCORES vs RTI?
Use both.
Conclusion
Demat opacity = financial loss. RTI + SEBI SCORES = quickest fix.
Sources
- Depositories Act 1996; SEBI DP Regulations 1996. - SEBI Master Circular 2024.
Last reviewed: 24 April 2026.