Investing in the stock market is a great way to grow your wealth, but you need to work with a broker you can trust. Motilal Oswal is one such broker that provides a range of investment services to its clients.
However, sometimes you may need to cancel a verification or eDIS modification that you have requested through the platform.
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In this article, we'll show you how to cancel your Motilal Oswal holdings verification so you can rest easy knowing your investments are managed as you desire.
What is eDIS?
Before we get into the primary topic of this article, let's first understand eDIS. eDIS stands for Electronic Delivery Instruction Slip, which is an electronic document used for transferring shares from one demat account to another.
It is a secure and convenient way of transferring shares without the need for physical documents. eDIS can be used for both buying and selling shares in the stock market, and investors in India widely use it.
The Process to Cancel Your Holdings Verification (eDIS Modification)
If you've requested a holdings verification or eDIS modification with Motilal Oswal and need to cancel it for any reason, the process is fairly simple and can be done through the platform.
There are two ways to cancel a holdings verification request with MO:
Through Online
To cancel a holdings verification request online, you need to log in to your MO account and follow these steps:
- Click on the "My Account" tab.
- Click on the "Holdings Verification" link.
- Click on the "Cancel" link next to the request that you want to cancel.
- Click on the "Confirm" button.
Through Phone
If you prefer to cancel your holdings verification request by phone, simply call Motilal Oswal's customer service department at 022 40548000 or 022 67490600 and provide your account number and the reference number of the request you want to cancel.
After cancelling, MO will send you a confirmation email, but it may take a few days for the cancellation to be processed.
Note: You can cancel your holdings verification at any time of the day. But if you do this after market hours, then your holdings verification will be cancelled for the next trading day.
How to Reactivate Your Trading Account
If you have not used your trading account for more than a year, it may become dormant due to regulatory reasons. To reactivate it, you have to follow these steps:
- Intimate Motilal Oswal by sending an email or letter by post using your registered email ID or address.
- Complete a fresh set of KYC formalities as required by Motilal Oswal.
- Undergo an in-person verification at the head office or branch office of Motilal Oswal.
- Once these formalities are done, your trading account will be reactivated for use.
Conclusion
Cancelling your holdings verification or eDIS modification request with Motilal Oswal is a straightforward process that can be done through the platform or by calling customer service.
Cancelling your request gives you more control over your money, whether you're reconsidering selling your shares or switching brokers.
By following the steps outlined in this guide, you can cancel your holdings verification with ease and ensure that your investments are managed exactly the way you want them to be.
FAQs
Q: In what situations I should cancel my holdings verification request?
A: You might want to cancel your holdings verification request if you change your mind about selling your shares or if you want to switch to a different broker.
Q: What Happens When You Cancel Your Holdings Verification?
A: After cancelling your holdings verification with Motilal Oswal, the request will be processed within 24 hours. MO will no longer have access to your account information, but if you've already sold your shares, the transaction cannot be reversed. You can still withdraw the proceeds from the sale.
Q: What happens if I don't cancel my holdings verification request?
A: If you do not cancel your holdings verification request, MO will proceed with the sale of your shares. You will be notified of the sale by email, and you have the opportunity to cancel the sale at that time.
Q: Is there a fee to cancel my holdings verification request?
A: There is no fee to cancel your holdings verification request with MO.