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IIFL Demat Account – IIFL Securities is a part of IIFL Group which was recognized as a group in a meeting on 31st January 2018. Three companies collectively form this group a strong and successful entity: IIFL Securities, IIFL Wealth and IIFL Securities.
IIFL group’s IIFL Finance LTD has been successfully operating in the financial services field since 2009 which was engaged in loans and mortgages. The Strength of the IIFL Securities can be ascertained by its large market share of 4% into a daily turnover of shares in the cash segment.
One of the key strengths of the company it that it has been continuously innovating and reinvesting its digital systems.
IIFL Finance company has a wide and strong network of around 2366 branches in more than 500 cities in India.
It has been a great advantage to establish a wealth and securities business. IIFL Securities is also one of the very few brokerage firms which could maintain more than 10 lac active accounts with it.
IIFL Securities to further operate in a very effective manner divided into three subsidiaries with its wide range of services.
IIFL Capital Incorporation, IIFL Insurance brokers and IIFL Facilities services. IIFL capital includes some major financial products like Stocks, Derivatives, Commodities, Insurance, FD’s, Loans, Bonds, etc
IIFL Demat Account Opening Process
IIFL having a very simple process to open demat and trading account via both the ways either online and offline.
Via Online process, if the KYC is already registered with other brokerage firms or for any kind of financial services availed, account opening will take hardly a few minutes after filling the inquiry form of IIFL.
The Online process has been very easy since 2011 when SEBI (Securities and Exchange Board of India) came up with centralized KYC norms which save a lot of time once the KYC is already done, there are few KRA (KYC Registration Agency) which help is maintaining records and availing to the organizations.
Whereas the offline process is very conventional and standard and there are following steps to open Demat and trading account with IIFL:
- Collect offline account opening form and duly sign and submit the properly filled form along with self-attested required documents.
- If having securities in physical form they need to be converted into dematerialized form and charges for the same to be paid in advance.
- Annual account maintenance charges and other charges to be paid to the IIFL branch office.
An account can be opened either for individual or with a joint holder name or on multiple names. An account can also be opened on the name of a minor, but it is mandatory to update guardians’ names along with it.
IIFL Demat Account First Time Login Process
IIFL provides its clients with the state-of-the-art trading terminal and mobile trading application which millions of their clients are using successfully on a daily basis. Following is the screenshot of the login interface.
IIFL Demat Account Charges
IIFL is an experienced brokerage firm in the market and is known for its trading platform and free account opening process but there are multiple charges a trader and investor have to go through during an actively trading.
Charges like account opening, maintenance, transaction, and taxes incurred on a continuous basis.
Following are the charges in a given table:
IIFL Account opening charges:
|Type of Transaction||Charges|
|One-time charges for trading account||INR 750/-|
|Annual AMC charges||INR 0/-|
|One-time demat account charges||INR 555/-|
|Annual Demat AMC Charges||INR 400/-|
Read Also: Sharekhan Vs IIFL: In Detailed Comparison
How Long Does It Take to Open An IIFL Demat Account?
IIFL Demat account can be opened within 24 hours. After submission of application form along with required KYC documents.
The documents are checked and verified to proceed further and generally within a working day, the account is activated, and user credentials are conveyed via SMS and email on registered mail id of the client.
How to Transfer Shares from One Demat Account To Another IIFL Demat Account
At IIFL, shares can be transferred from one demat account to another demat with a standard process.
To initiate the transfer of securities instructions are given to the respective DP (Depository Participant) by giving DIS (Depository instructions slip).
If the securities are sold in the stock exchange, they are transferred from the Demat account to the pool account of the brokerage firm.
But in case of securities are transferred aftermarket hours then one needs to instruct DP by DIS to transfer the shares to the concerned Demat account.
The following can be the reasons behind the transmission of shares:
- Having multiple accounts and want to operate another one.
- Want to close the account and get the securities in rematerialize form.
- In case of event od death of the shareholder
Let’s understand one of the important aforesaid reasons. In case of death of the shareholder following are the steps to follow to transfer the securities in the name of legal heir or nominee.
If having nominee in the account, the following documents are required:
- Physical certificate
- Duly filled Request Form
- An affidavit /declaration by the nominee
- Death certificate notarized copy
- Photocopy of PAN
If there is no nominee in the account, then the process gets a bit difficult but still, there is a way to complete provided the required documents are properly available:
- Shares held in Demat
- Death Certificate notarized copy
- Transmission Request Form
- NOC (no objection certificate) from legal heirs.
- Surety form
- Succession certificate
- Probated will
- Letter of Administration
Time frame to transmit the securities:
The DP has to transmit the securities from one demat to another account within a week once DIS along with required documents submitted successfully.
How to Close IIFL Demat Account?
Demat and trading account with IIFL is very effective if used consistently with active trading, sometimes there comes along gape and account becomes dormant and it attracts annual maintenance and other charges.
In such a case account must be closed, following are the steps to close the account:
- First of all, download and print the closure form
- Fill the form and duly sign it along with the required documents and mention the reason behind the closure of the account.
- All the holders must sign the form and required documents.
- The bunch of the documents to be submitted to the nearest branch of IIFL, the account is closed within 7-10 working days.
Note: Securities must be transferred if any available in the account before the closure process by submitting the DIS and remaining DIS slips must be submitted to the branch of IIFL.
IIFL Demat Account Pros & Cons
- Customers prefer IIFL because of its flexible brokerage plans.
- Sustainability due to wide networks.
- Reliability as IIFL is an award-winning firm.
- “Trader Terminal” is one of the best trading platforms which is supported by desktop and laptop.
- User-friendly IIFL mobile app.
- They have a very high number of complaints against than at stock exchanges.
- They don’t provide 3 in1 account facilities.
- Traders and investors are not satisfied with IPO and mutual fund services as compared to other brokerage firms.
- Trading terminal missing some basic functions and tools as per client reviews and need to be updated.
IIFL is a good choice to open a Demat account with it after understanding the features and services that IIFL provides to investors and traders.
Trader Terminal is a well-known and trusted brokerage firm in the market so there is no risk of system failure as its back-tested for years.
Consistent awards in the field of financial services for years make IIFL stand apart from the major player in the same industry. Team of experts and financial analysts is a great advantage to new clients with IIFL.
IIFL Demat Account FAQs
Q1. What does pledge of securities mean?
Securities in a depository account are pledged to avail of loan/credit facility. When securities to be pledged there is a condition that the borrower and lender both must have an account with any of the DP either NSDL or CDSL.
Q2. What is the settlement cycle and how much time it takes to settle?
Settlement cycle means when shares are transferred from trading account to demat account and this cycle takes T+2days time, T stands for “Trading Session” here.
Q3. Is it required to open both Demat and Trading account if I want to trade only in commodities?
Not only a trading account is sufficient to trade in commodities because demat account is specifically required when you want to keep shares in it.
Q4. What is a depository?
A Depository is a body that we call a DP (Depository Participant) keeps the shares in digital form securely in an account called demat account. There are 2 major DP available NSDL and CDSL.
Q5. Whats a KRA?
A KRA (KYC Registration Agency) is a body which maintains a record of online KYC of market traders and investors and allows different market participants and financial service providers to download it to save time. The Following are the names of KRA’s: CVLKRA, CAMSKRA, NSEKRA, DOTEXKRA etc.
IIFL Securities Alternative:
|Broker Name||Rating||A/c Opening Charges||Application|
|A >>⭐⭐⭐||Rs.0 Free|
|A ++⭐⭐⭐||Rs.0 Free|