Account Closure

1.1. 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.

1.2. Account Closure Timeline

• Standard closure process 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.

1.3. 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 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.

2.1. 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.

2.2. Fund Settlement

• Withdraw all available cash balances from 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.

2.3. 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 if needed.

3.1. 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 reason for closure and any feedback about our services.
• Upload required documents and submit the closure request.
• You will receive confirmation email with closure request reference number.

3.2. Offline Closure Request

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

3.3. Verification and Processing

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

4.1. Mandatory Documents

4.2. 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.

4.3. Document Guidelines

• All documents should be clear, legible, and properly signed.
• Self-attested copies are acceptable unless originals are specifically required.
• Documents should be recent and within validity period.
• Foreign documents may require apostille or consular authentication.
• Digital signatures are accepted for online submissions.

5.1. 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) will be prorated till closure date.
• Any refundable security deposits will be processed after final settlement.

5.2. Refund Process

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

6.1. 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 will be settled as per legal guidelines.

6.2. 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.

6.3. Corporate Account Closure

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

7.1. Closure Confirmation

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

7.2. Data Retention and Privacy

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

7.3. Account Reopening

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