To dematerialize physical mutual funds into demat form, you need to follow these steps:
- Procedure to dematerialize
1. Dematerialization Request Form: Fill out the Demat Request Form (PDF) signed in with DP and RTA fields for each ISIN, Fund or Folio (same or different AMC).
You are required to furnish information, including your demat account details, mutual fund folio number, the quantity of units for dematerialization, and other relevant details.
Additionally, please submit the latest Statement of Account (SOA) issued by the AMC (Asset Management Company)/RTA (Registrar and Transfer Agents).
2. Dematerialization of Units: Upon successful dematerialization, the mutual fund units will be deposited into your demat account, and you can review the dematerialized units in your demat account statement.
3. Courier the documents to the below address -
Harishchandra Sawant (Upstox),
30th Floor, Sunshine Tower,
Senapati Bapat Marg,
Mumbai - 400013
The RTA requires up to 25 days to dematerialize and credit the units to the demat account, after which they will be visible on Upstox.
Charges for dematerialising
It's important to note that dematerialization of physical mutual fund units may involve certain charges or fees, such as transaction charges, depository charges, or registrar fees. It's advisable to check with your DP, registrar, or transfer agent regarding any applicable charges before initiating the dematerialization process.
Dematerialising ELSS schemes
SIPs should be paused or stopped before dematerializing ELSS. When the investment is not stopped, it will remain in physical or non-demat mode, and only the RTA or AMC will be able to track it.
Dematerializing ELSS schemes will follow the same process as above.