Do you have multiple demat accounts, know how to transfer shares from one account to another
Demat Account: Demat account is opened for investing in share market. Trading in the stock market is not done without a demat account. Demat account helps you take advantage of an online trading platform where you hold your financial security on a standardized electronic system.
An investor can have multiple demat accounts. If you have multiple demat accounts, you can transfer shares from one account to another. This work is done both online and offline.
offline share transfer
- Shares can be transferred offline from one demat account to another demat account when the shares are held in a depository of NSDL or CDSL.
- For this, you have to fill the delivery instruction slip.
- These things have to be filled in the form- ISIN number of the share to be transferred, company name, demat account and DP ID of the account in which the shares are to be transferred.
- After filling the form, this form has to be submitted in the office of the broking company.
- After the form is processed, the shares will be transferred to another demat account.
- Keep in mind that the broker may charge you a fee for processing the share transfer application. By the way, no fee will be levied on closing the old demat account.
online share transfer
- If the shares are kept in the depository of CDSL, then they can be transferred online.
- You have to use ‘EASIEST’ platform.
- First of all you have to register on this link https://web.cdslindia.com/myeasi/Home/Login.
- Fill the details of the demat account in which the shares are kept.
- Add the demat account to which the shares are to be transferred.
- You can transfer the shares after 24 hours after the account is linked.
Demat account opening process
- Visit the official website of Preferred Depository Participant (Broker).
- Fill out the simple lead form, giving your name, phone number and place of residence.
- After this you will get an OTP on the registered mobile number.
- Enter the OTP to get the next form. Fill your KYC details like date of birth, PAN card details, contact details, bank account details etc.
- Your demat account has now been opened. You will get the details like demat account number on your email and mobile.
Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investment in the market is subject to market risks. Always consult an expert before investing money as an investor. ABPLive.com It is never advised here to invest money on anyone’s behalf.)
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