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Sunday, October 17, 2021

Want to transfer your shares from one demat account to another? Know what is its easy way

Investors investing in stocks have demat accounts through which shares are bought and sold.

Shares are bought and sold through Demat account. However, many times it happens that investors have more than one demat account, then shares have to be transferred from one account to another. Transfer of shares from one demat account to another is very easy and can be done both offline and online. However, according to your convenience, instead of transferring all the shares from one account to another, you can also transfer some shares. There will be no change in the date of purchase of shares on transfer.

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Share transfer needed for these four reasons

  • You have more than one demat account and want to see all your shares in one account.
  • You want to keep your shares in different accounts as per your requirement like the shares you hold for long term plan, you want to keep them in a separate account and for the rest of the shares in a separate account.
  • Changing your current broker due to brokerage amount so as to increase your trading amount.
  • Switching to full service broker where every day some tips and more reports are available.

closure-cum-transfer

Under this process, you close your existing account and transfer your entire holdings to the demat account opened through the new broker. For this, you need to submit the account closure form as well as the Client Master Report (CMR) of the new broker to your existing broker. It should be noted here that if a share is locked-in, there will be no transfer of shares between CDSL and NSDL depositories. Apart from this, both the accounts should be in the name of the same person or if there is a joint account then the primary holder should be same in both the accounts.

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offline transfer

To transfer the shares offline, a DIS (Delivery Instruction Slip) has to be submitted with your current broker. Apart from this, a copy of the CMR received from the new broker has to be submitted along with this form. If the current broker is NSDL then inter depository slip has to be used and if it is CDSL then intra-depository slip has to be used. In this slip, the ID of both the brokers, ISIN number of the shares to be transferred, transfer mode (by default inter-depository transfer) etc. have to be filled. Keep in mind that only freeholdings can be transferred under this and if you are closing the account then there will be no transfer charge i.e. if both the accounts are running then there may be some charge for share transfer.

online mode

  • If the shares are with CDSL, then through its ‘Easiest’ feature, you can transfer the shares online. For this you have to register by visiting CDSL website.
  • Click on the ‘Register Online’ link.
  • Select the ‘Easiest’ option.
  • Fill all the requested information.
  • Take a print out of this and give it to the Depository Participant (DP).
  • The DP will send it to the Central Depository who will authenticate your entered details.
  • Within a few days you will get the Lawn in Credentials on the e-mail.
  • Now you can login and transfer your shares.
    (Inputs: Kotak Securities and Zerodha)

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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