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Learn how you can renew your Demat and Meroshare account in the steps below.
Depository banks have called on their customers to renew their Demat accounts by Ashadh 31. Failure to do so would result in your Demat account freezing. That means the balance in your account will freeze, and share trading operations would not be possible but you can apply for IPOs. Therefore, to get a complete functions, you should hurry up and renew your Demat account online.
To have a complete share market solution, both Demat and Mero share accounts are necessary. While the Mero share expires in twelve months counting the day since the account was created, the Demat account’s expiry is different. There is a common myth regarding the 12 monthly account validity of Demat. First, let’s clear the air about it.
Many have entertained a misbelief about the 12-month validity of their Demat accounts. The account does expire in 12 months. But, what you need to remember is, the validity doesn’t count as a calendar year, but a Fiscal Year.
Nepal’s Fiscal Year begins on Shrawan 1 and concludes on the last day of Ashadh. So, even if you created your Demat profile in Ashadh, you will need to renew your Demat account because it is expiring on Ashadh 31. You can check for both Demat and Meroshare’s validity by logging in to your Meroshare account and going to Meroshare Profile. There you will see the validity detail of both Meroshare and Demat.
Since, mega-popular IPO’s like NRIC, NIFRA, Chandragiri hills, and many Lagubitta, Demat account holders have multiplied and continues to grow every month by a huge margin. Currently, there are over 3.5 Demat account holders and 77 Depository Members who help create these accounts. With IPOs arriving successively, the need to renew their Demat and Meroshare accounts is much necessary if you want to continue trying your luck, renewing a Demat account is mandatory.
If you are going to renew the Demat and Mero Share account, you need to know that it comes with a cost. The cost of the Demat Renewal for a year is Rs 100 whereas the cost of Mero Share renewal for a year is Rs 50. You can also visit the respective bank to pay for the renewal but that would be inefficient. So, it is preferred to do the renewal of Demat and Mero Share directly from the Mero Share account or from several digital wallets.
To renew your Demat and Mero Share accounts, you can either start directly from your Mero Share web page profile or start on a digital wallet like IME Pay, Connect IPS, Khalti, eSewa, or others. You can also go to your Depository bank and get it renewed there. but remember, the service is not available on the Meroshare app. For our demonstration, we did it on Mershare’s webpage. Now, to the steps.
That is it. These steps will help you renew your Demat account as well as your Mero share on your own without visiting your depository participant bank. After successful Demat renewal, you can start trading your shares till the end of next Fiscal Year.
Check out: How to buy and sell shares online in Nepal?
If you need further assistance, let us know in the comments below.