Frozen For Debit in Meroshare

Frozen For Debit in Meroshare

This is the same problem I encountered when trying to sell shares from my Meroshare account. If you are also encountering this issue, this blog will be helpful for you. Firstly, there's no need to worry, as there are only two reasons that can lead to this problem, both of which are listed below:

1. Your DMAT or Meroshare Account is Not Renewed

  To check whether your DMAT or Meroshare account is up to date, follow these steps:

  - Log in to your Meroshare account.

  - By default, you will be directed to the dashboard page.

  - Click on your profile to see the expiry date of your DMAT and Meroshare accounts.

  - If your accounts have expired, you need to renew them to unfreeze your Meroshare account, allowing you to sell your stocks.

2. You Turned 18 After Opening a Minor Account

  If you recently turned 18, you might encounter this issue. The process to unfreeze your account in this case is slightly more complicated, but here’s how you can resolve it:

  Changes You Need to Make After Turning 18:

  - Bank Account Number: Since you have turned 18, you will receive a different bank account number. You need to update this to keep it connected with Meroshare, as your old account will be terminated after you turn 18.

  - Other Details (Optional): You may also update your new phone number, address, etc., though these are not as critical as the bank account number.

  Steps to Update Your Information:

  - Visit your bank and ask at the reception for the form to convert your minor DMAT account to a major one.

  - For example, if your account is with Garima Bikas Bank, you can contact them at 014529149/50 for any DMAT-related issues.

  Updating Your TMS Account:

  - After converting your minor DMAT account to a major one, make sure to update your TMS (Trading Management System) account details. This is crucial because when you sell your stocks, you must provide the correct bank account number so that the broker can deposit the funds into the correct account.

  - To do this, visit your broker's office and fill out the form to convert your minor account to a major one. They will assist you in updating your account number.

There are many brokers available. Please find your appropriate broker number and use Google Maps to locate their office.

If your account is with TMS49, you can contact them at: 015970049.

Some brokers also provide online forms to update your KYC and convert a minor account to a major one. Therefore, it's best to first inquire with your broker’s office.

You can find your broker's contact information here.

Important: When visiting the bank, be sure to carry the following documents:

- Birth Certificate

- Citizenship (Your own)

- Guardian’s Citizenship (Required if your account was previously a minor account)