DEPOSITORY
SMIFS Limited is registered as a Depository Participant with Central Depositories Ltd
(CDSL) and National Securities Participant Ltd (NSDL), to Individuals and Corporates to
hold their shares in electronic form as participant of two leading central depository
services. At SMIFS Limited, clients are offered the dual benefit of trading and having
a reputed depository service under a single roof and experience an efficient, risk-free
and prompt depository service. We also offer legal / advisory services to recover stuck
up finances in physical shares, whose title are in dispute as bad deliveries.
Depository service facilitates holding of securities in the electronic form and enables
securities transactions to be processed by book entry. The Depository Participant (DP),
who as an agent of the depository, offers depository services to investors. According to
SEBI guidelines, financial institutions, banks, custodians, stockbrokers, etc. are eligible
to act as DPs. The investor who is known as beneficial owner (BO) has to open a Demat Account
through any DP for dematerialization of his holdings and transferring securities.
There are many benefits associated with a depository account, if you buy and sell shares in
the depository mode:
No bad deliveries
Immediate transfer of ownership rights
No risk of loss, mutilation or theft of share certificates
No stamp duty for transfer of shares
Reduced paper work
Fast settlement cycles
Highly simplified method for pledging/hypothecation of securities with banks
Facilitates securities lending
Facilitates freezing / de-freezing of security accounts
Increase in liquidity of your securities because of faster transfer and registration
of securities in your account
Instant disbursement of non-cash benefits like bonus and rights into your account
Regular account status updates available at any point of time