In India, we currently have two depositories - the National Securities Depositories Limited (NSDL) and Central Depository Services Limited (CDSL). Depending on the depository participant (DP) that you choose to go with when opening an online demat account, you can either end up with an NSDL demat or a CDSL demat account.
Let’s say that you possess a demat account with CDSL and that you have some shares stored in it. As you might already be aware of, you can manually transfer the shares held in your demat account to another one outside of the stock exchange. This transfer of shares can be effected in one of two ways - offline or online through CDSL EASIEST.
In the case of the offline method, you would have to manually fill up a Delivery Instruction Slip (DIS), sign it, and hand it over to your depository participant. Your DP will then process the request and effect the transfer of securities from your account. On the other hand, the online method is extremely easy and takes just a few minutes to complete with CDSL EASIEST. Wondering what it is? Let’s take a look.
EASIEST is an acronym for Electronic Access to Securities Information and Execution of Secured Transactions and is basically an electronic portal that allows you to access your demat account through the internet. In addition to being able to access your demat account, you can also effect transfer of shares through the portal. The EASIEST facility is offered to all holders who have demat accounts with CDSL.
Thanks to this facility, all that you have to do is log into your demat account using your CDSL EASIEST user credentials, select the shares that you wish to transfer, enter the demat account number of the recipient, and authorize the transfer through PIN and/or OTP.
Here’s a quick look at some of the benefits that you get to enjoy by using the CDSL EASIEST portal.
1. Access to your demat account
With the CDSL EASIEST portal, you can access your demat account at any time and from anywhere in the world. You can view, download, and print transaction and holding statements.
2. Single point login
Thanks to CDSL EASIEST, even if you possess multiple demat accounts with CDSL, you can access all of them under a single roof with just one login.
3. Transfer of securities
As you’ve already seen above, you can easily initiate the online transfer of securities through CDSL EASIEST. You no longer have to do it manually by filling and submitting DIS to your depository participant.
4. Maximum security
All of the transactions that you make through CDSL EASIEST are safe, secure, and encrypted. Even the transfer of securities can only be made after multiple checks and authorizations on your part.
As you can see, CDSL EASIEST offers a lot of convenience to demat account holders. If you don’t already possess a demat account but would like to have one, visit Motilal Oswal right away. You can open an online demat account for free within minutes.
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