How to transfer shares from one Demat account to another?
- Asked By
- Updated On:17-Jan-2021
- Replies:2
Short Answer
A very basic but an important query. You can transfer share manually. You also have a procedure to transfer shares online. CDSL has the facility for transferring shares online.
Detailed Answer
An important query both for investors and traders especially beginners. Have you ever thought How to transfer shares from one Demat account to another? or Have you tried transferring shares?
Sometimes you may wish to open a new demat account with a different stock broker. In fact, there can be various reasons for doing so.
- You may have more than demat accounts and wish to consolidate to one.
- Or you want to try services of a different popular stock broker.
- You wish to try a new discount broker offering low brokerage plan.
- To shift from discount broker to a full service broker.
Whatever the reason for transfer of shares, you are looking for an easy way out. Right!
So, if you already have shares in your existing demat account. What to do about it? You may wish to transfer shares from one demat account to the other. So, now the question is: How to transfer shares from one Demat account to another?
Firstly, there are 2 types of transfers based on 2 national depositories i.e. NSDL and CDSL.
- Intra-Depository transfer or Off-market transfer: within a Depository itself.
- Inter-Depository transfer: Transfer from one depository to other.
Let's check out how this is actually possible in easy steps.
Transfer shares from one Demat account to another: Process
1. Manual transfer of shares:
- Get Delivery Instruction Slip (DIS) from your stock broker.
- Complete all the details like beneficiary owner ID, International Securities Identification Number(ISIN) as required in DIS.
- You also need to provide the mode of transfer and sign the form.
- Submit this to your present broker.
- You may have to bear some charges for transferring shares that vary for different stock brokers in India.
2. Online transfer of shares:
You also have a procedure to transfer shares online. CDSL has the facility for transferring shares online.
- Register at the CDSL website.
- Select "Register Online" Link.
- Click the "Easiest" option.
- Fill the form with all the relevant details.
- Print the form and give it to Depository Participant(DP).
- Your details shall be verified.
- Once verification is complete, you will receive login details in your registered e-mail ID.
- You can login and transfer your shares easily.
That sound a simple process to transfer your shares online. Isn't that? Did I miss any crucial detail here? Do let me know and add it to increase our knowledge.
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Discussion (1)
Reliance Securities demat accounts can be closed in both offline and online modes, but the offline mode is more formal and authentic. You can download the closure form from their website and send it to the address mentioned on the closure form.
Yes, a demat account is completely safe if it is opened with a SEBI registered broker. This is because all SEBI registered brokers are regulated and monitored by SEBI.
The Axis Direct Demat Account Closure Process is quite simple. You need to fill up the account closure available online and submit it at the nearest branch or post it to the address mentioned in the form.
In order to close your Demat account with ICICI direct, you are required to download its closure form available online: https://www.icicibank.com/managed-assets/docs/personal/demat/Dematclosure.pdf and submit it in an ICICI bank branch that has a Demat services desk.
Are you looking to close your Demat account with SBICap. You are required to download the demat account closure form available online from the SBI official website.
To close a 5paisa account, you will have to contact customer support and then download the closure form. Fill in all the details along with a signed copy of your PAN card. Send it to the designated address, and you should get a confirmation of the closure of your account.
EPFO has made the system extremely flexible. Instead of withdrawal, employees can make a transfer to save for their retirement. Moreover, heading to their website can give you all the information you need to execute a PF transfer.
Kotak Securities demat account can be closed by sending a dully-filled demat account closure form to the nearest branch. Following the submission of the form, your account will be closed within 7 working days.
You can download the account closure form the given link - Demat Account Closure Form and post it to the address mentioned in the form.
To close your Groww Demat account, go to your profile, click on "Help & Support," then type "I want to close Groww Demat account," then click on "Contact Us." From there, you can call or submit a ticket to the team, and they will assist you further.
Harshil Patel
Head to the CDSL online website and you can do it from there. While there are many others ways to do it, it all revolves around the CDSl website.