How to transfer shares from one Demat account to another?
Smart2Investor last edited by Smart2Investor
I just wish to discuss a very basic query. An important one 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.
Ishu last edited by
@Smart2Investor These days more and more stock brokers are emerging with lucrative and free or less brokerage plans. So, one tends to switch over to a better discount broker or full-service broker as per choice.
And, knowing the process to transfer shares from one demat account to another shall definitely help. Thanks for sharing the same.