I bought some IPO of uco bank. I have no demat a/c. How can i sell / encash the shares. Pl suggest?
Cinda asks:
I bought some IPO of uco bank. I have no demat a/c. How can i sell / encash the shares.. Can the amount be transfered to some of my near relative Demat a/c or any other easier way for selling/encashment. Pl suggest.
I bought some IPO of uco bank. I have no demat a/c. How can i sell / encash the shares.. Can the amount be transfered to some of my near relative Demat a/c or any other easier way for selling/encashment. Pl suggest.
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Without a Demat account you cannot sell your shares… you have to open a Demat account with any of the companies like HDFC, Chola DBS etc….
you will need to open a demat a/c with any leading broker , and then ask them to convert these paper shares to electronic shares linked to ur demat a/c ..thats the only way. Hope u have a pan number as without that you cannot open a demat a/c. Also using a relative’s demat a/c will not help unless you are “gifting” the shares to them , which will make the share holding in their name and when they sell it for profit they will have to pay the tax on the capital gains and then transfer back the money to you. Instead of this circuitous route it is advisable for you to open a demat a/c in your own name.
you have no opition but to open a d mat account.
If u want to trasnfer these shares to a relatives account, first u have to send the paper certificates to the company along with a trasnfer deed ( available with most brokers ) to have them tranfsrred to your relatives account. Once u received than back then ur relative has to handover these certificates to his Dmat service provider who will get them dematerialised. Only then these can be sold. Is is a long and time consuming affair. It is simpler for u to open a dmat a/c in ur name, get the shares converted in digital form and sell them. after that u can close the dmat account if not required
According the rules and regulations by SEBI the transactions of equity shares can be only in Dmat format. Although you holds the share in Physical format,you will have to open your Dmat Account for sale of the same. You also cann’t transfer the shares to anybody without Dmat A/c.
if want to sell your physical share certificate of uco bank .Plz
open demat account.unless physical shre certificate sell 20- 25 % less you share prize ,any broking house
plz contect –09329686068
first of all u have to open a demat account with a DP like karvy,reliance money or with ur banker. then u have to send the physical certificate along with the demat account details to the registrar of uco bank to convert these physical into demat form. it takes some 20 days time and after that u can encash it even part by part by placing the order thru ur trader