Best way for Transferring Demat account from one broker to another, like transferring shares from Upstox to Zerodha or Zerodha to Upstox ?
Steps for Transferring your Demat Account:
You have 2 ways to transfer your shares from one demat to another demat account. To transfer shares manually, you can ask for the Delivery Instruction Slip from the broker you hold your shares Once you fill up the slip, you can submit that to the broker whom you wish to transfer the shares.
I think i’m right person to answer this question. An important one for investors and traders especially beginners. Have you tried transferring shares? or Have you ever thought How to transfer shares from one Demat account to another?
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.
- 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!
- You wish to try a new discount broker offering low brokerage plan.
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 is as follow:
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. In some case it may be discontinued.
- 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.
First of all you need to open up new demat account with your preferred Broker, let us assume new broker to be Zerodha and old broker to be abc ( ICICI, HDFC, UPSTOX, PROSTOCKS etc any )
Other Best way that I personally prefer
In case you have less stocks in your old account and you should sell those shares, and take out your funds from your old demat account. And can continue to start fresh with Zerodha Account.
- Aadhaar card
- PAN card
- 300 ₹ ( 100 ₹ Coupon )
Then all you need is to ask your previous Broker to release your shares to your current broker Zerodha that’s it.
You can check this article for how to fill up the DIS slip or any other form.
Different Articles of Demat and Trading Account and how to choose the best Discount Broker in Indian Stocks Market:
- BEST AND CHEAP STOCKS BROKERS IN INDIA
- OPEN DEMAT AND TRADING ACCOUNT WITH ZERODHA INSTANTLY IN 2020?
- All stocks Articles
- Best online stocks broker in India for beginners in 2020
- Which discount broker is better, Zerodha or Upstox or FYERS in 2020?
- Best way to invest money in Stocks Market in India?
- Low slippage Broker in India
- Most Important Features of Online brokers for Successful trading
- Steps to OPEN DEMAT AND TRADING ACCOUNT WITH ZERODHA INSTANTLY IN 2020?
- Best way to Transfer Demat account from one broker to another?