Account closure

Types of account closure

• Voluntary closure initiated by the client for personal reasons.
• Inactive account closure due to prolonged non-usage as per SEBI guidelines.
• Regulatory closure due to non-compliance with KYC or other requirements.
• Deceased account closure following proper legal procedures.
• Migration closure when transferring to another broker.

Closure timeline

• Standard closure typically takes 15–30 working days from request submission.
• Complex cases involving pending settlements may take 45–60 working days.
• Deceased account closures may take longer due to legal documentation requirements.
• Timeline depends on completion of all pending transactions and settlements.
• Final confirmation will be provided once closure is completed successfully.

Impact of account closure

• All trading activities will be permanently suspended upon closure initiation.
• Access to trading platforms and research reports will be terminated.
• Portfolio statements and transaction history will be provided for your records.
• Tax statements and other documents will be generated for the closure period.
• Re-opening the same account will require fresh application and KYC process.

Two separate accounts

• Your trading account is held with Sapphire Broking (SEBI Reg. INZ000329823).
• Your demat account is held with our DP partner, SMC Global Securities Limited.
• Closing your trading account does not automatically close your demat account.
• If you wish to close both, separate requests must be initiated for each.
• We will guide you through the process for both Sapphire and SMC closure.

Pre-closure transfers

• Existing demat holdings can be transferred to another DP via a Closure-cum-Transfer request.
• Alternatively, holdings can be sold and proceeds transferred to your bank account.
• Pending corporate actions (dividends, bonus, splits) should be received before closure.
• SIPs and recurring instructions must be cancelled before initiating closure.

Position settlement

• Close all open equity positions before initiating closure request.
• Square off all derivative positions including futures and options.
• Settle all commodity positions and clear any pending obligations.
• Ensure no pending buy or sell orders in the system.
• Complete all SIP/STP transactions and cancel future installments.

Fund settlement

• Withdraw all available cash balances from your trading account.
• Clear all outstanding dues, penalties, or charges.
• Settle margin shortfalls and pay any interest on borrowed funds.
• Ensure no pending fund transfers or payment gateway transactions.
• Verify that all dividends and corporate action benefits are credited.

Document collection

• Download and save all required statements and transaction reports.
• Collect annual tax statements and capital gains reports.
• Obtain contract notes for all executed transactions.
• Save portfolio statements and holding summaries.
• Backup any research reports or advisory recommendations.

Online closure request

• Log in to your Sapphire Broking account and navigate to account settings.
• Fill out the online account closure request form completely.
• Provide the reason for closure and any feedback about our services.
• Upload required documents and submit the closure request.
• You will receive a confirmation email with closure request reference number.

Offline closure request

• Download the account closure form from our website or collect from a branch.
• Fill the form completely with accurate information and signatures.
• Attach all required documents and submit to your nearest branch.
• Alternatively, send documents via registered post to our head office.
• Retain the acknowledgment receipt for your records and follow-up.

Verification and processing

• Our team will verify all submitted documents and information.
• Account reconciliation is performed to ensure clean closure.
• Any discrepancies or pending items will be communicated to you.
• Final approval is processed after all requirements are met.
• Closure confirmation is sent via email and registered post.

Mandatory documents

Additional documents (if applicable)

• Power of Attorney cancellation letter if PoA was granted.
• Legal heir certificates and succession documents for deceased accounts.
• No Objection Certificate from co-holders for joint accounts.
• Corporate resolution and board approval for corporate accounts.
• Court orders or legal documents if account is under litigation.

Outstanding dues settlement

• All outstanding brokerage and charges must be settled before closure.
• Interest on margin funding or MTF positions needs to be paid.
• Penalty charges for any regulatory violations must be cleared.
• Annual maintenance charges (AMC) are prorated till closure date.
• Refundable security deposits are processed after final settlement.

Refund process

• Excess funds are refunded to your registered bank account only.
• Refund processing takes 7–10 working days after closure completion.
• Security deposits are refunded after adjusting outstanding dues.
• Interest accrued on positive balances is calculated till closure date.
• Refund advice is sent via email with transaction details.

Deceased account closure

• Legal heirs must provide death certificate and succession documents.
• Nomination details on record will be verified for claim processing.
• Court succession certificate may be required for high-value accounts.
• Joint account holders can claim assets as per account mandate.
• All pending transactions are settled as per legal guidelines.

NRI account closure

• NRI status verification and current residential proof required.
• Repatriation permissions and foreign exchange regulations compliance.
• Tax clearance certificates may be required for fund transfers.
• FEMA compliance documentation for international fund transfers.
• Embassy attestation may be required for overseas residential proof.

Corporate account closure

• Board resolution authorising account closure required.
• Updated MOA/AOA and certificate of incorporation needed.
• Authorised signatory verification and specimen signatures.
• Compliance with corporate governance and audit requirements.
• Tax clearance and no-objection certificates from relevant authorities.

Closure confirmation

• Closure confirmation letter is sent to your registered address.
• Email confirmation with closure details and final statement.
• All account numbers and client codes are deactivated.
• System access is permanently disabled for security.
• Client records are archived as per regulatory requirements.

Data retention and privacy

• Client data is retained as per SEBI and legal requirements.
• Personal information is kept confidential and secure.
• Records retention period is minimum 8 years from closure date.
• Data access is provided only for legal or regulatory requirements.
• Client can request data deletion after the mandatory retention period.

Account reopening

• A new account opening process is required for reopening.
• Fresh KYC documentation and verification is mandatory.
• Previous transaction history is not accessible in the new account.
• Earlier client code and account numbers cannot be reused.
• A waiting period of 30 days applies before reopening the same account type.