Several investors often open many demat accounts to avail of the trading benefits offered by different brokerages. Consequently, they end up with many demat accounts and their complete stocks portfolio is divided between different demat accounts and trading app. This prevents the investor from having an integrated view of all his holdings and he is forced to juggle between different apps to trade shares.
However, there is a way around this bottleneck. Investors and traders can now easily transfer shares from one demat account to another. The share transfer can be done in two modes: online as well as offline. Shareholding can now be effectively consolidated in one place and investors can get a clear picture of their total holdings and the return on investments. Transferring shares from one demat account to another can be done in a few minutes.
If the investor or the shareholder is holding shares in NSDL or CDSL depositories, he has the option of transferring shares offline. He can do so by filling out a Delivery Instruction Slip (DIS). Other information such as the ISIN number of the shares, the name of the shares, the DP ID of the account to which the shares are to be transferred also need to be filled out. These forms will then have to be submitted to the broker for further processing.
In case the shares are held with CDSL, the depository now provides investors with the facility of transferring shares online via the ‘EASIEST’ platform. However, transferring shares using the Easiest platform can be done only if the transferee account is a trusted account. One can register on the platform by visiting the link: https://web.cdslindia.com/myeasi/Home/Login and filling in the demat account details. After this, details of the account to which the shares are to be transferred must also be filled. Once the account has been added, there is a waiting period of 24 hours. On the completion of the waiting period, one is allowed to transfer shares from the old to the new demat account.
The final word
Please note that your broker might levy charges for the transfer of shares from one demat to another. Additionally, the transfer of shares will not give rise to any capital gains and will not create any beneficial ownership of the shares. Your online trading account opening can be done in no time with Motilal Oswal and you can start trading immediately. You can also transfer shares online to your Motilal Oswal demat account.
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