Transfer of bonds/shares

This query is : Resolved

c.v.naik

c.v.naik (Querist)
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20 April 2010 I am holding some Rural Electrification Corporation Ltd.(REC)- 54EC CAPITAL GAIN TAX EXEMPTION BONDS-SERIES VIII in dematerialized form.

I am having Demat a/cs in Saraswat Co-op. Bank Ltd (DP ID : IN300829)and another demat with Sharekhan Ltd. ( DP ID: IN300513).

I wanted to close my Demat with Saraswat Bank and transferred all my shares/bonds to Demat a/c with Sharekhan Ltd.

The Saraswat Bank transferred all my holdings except above said REC bonds to Sharekhan. According to Saraswat Bank the bonds having lockin upto 31/05/2012 can not be transferred.

In fact this is not the sale, merely transfer of these bonds from my one Demat accout to another Demat account.

I therefore can't close my demat with the bank. I don't know what I should do now.

Please advise.

C V Naik

taxindiaconnect

taxindiaconnect (Expert)
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20 April 2010 You need to convince the bank that this is not a transfer from me to any other person. It is a transfer from my one demat account to another.