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POSTED BY ON April 5, 2012 7:10 pm COMMENTS (3)
Hi,
Both myself and my wife are joint holders in my mutual fund folios while I am sole holder in demat account holding of my equity portfolio .
Now, for consolidation of these two portfolios, I would like to convert the mutual fund folios to demat form and transfer same in an existing demat account( with Kotak Securities) of which I am the sole holder.
Since the holding pattern in the physical MF folio should match with that in the demat account, my query is, whether I shall open a new demat account of joint holding with my wife, then convert and transfer the MF folio to this new demat account. After the same is done, can I transfer this holding from this Joint Demat account to my single holding demat account?
Regards,
Arup
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No, my basic aim is to consolidate my MF portfoilio with the equity portfolio. And since I already have my bank account, trading account and demat account all at one place( Kotak) , would not like to open another account.
Dear Arup, In that case a new Demat account under joint ownership should be open or ask Kotak, ;ll they allow a temp. demat account for this consolidation service. As far as I know, Icici-direct was offering such consolidation service for old physical shares scattered under different names in a family & joint ownership in different combinations.
Thanks
Ashal
Dear Arup, if keeping your units online/electronic is your aim, I w’d ask you to use http://www.fundsindia.com or http://www.moneysight.com
Thanks
Ashal