Can you transfer shares from one person to another
Investors tend to open different Demat accounts over time, making it increasingly difficult to keep track of these accounts separately. Consolidating shareholdings into a single Demat account helps investors take a single look at all their stocks and provides a comprehensive picture of returns on investment. It is possible to transfer shares from one Demat account to another using a simple procedure explained below.
Offline procedure
Concerning shares held with NSDL or CDSL depositories, the offline procedure for transfer of shares through off-market transfer is possible. One needs to fill out a DIS (Delivery Instruction Slip). ISIN number of the claims to be transferred, name of the company (security), Demat account and DP ID of the history to which the shares are being transferred must be filled up in the form. Must submit the form to the old broker’s office for further processing.
Online procedure
If shares are held with CDSL, there is an online facility for transferring shares using the ‘EASIEST’ platform. One needs to register on this platform using the link, https://web.cdslindia.com/myeasi/Home/Login and provide existing Demat account details. Next, a trusted account needs to be added, which essentially is the Demat account where the shares are to be transferred. Once the report is successfully added after 24 hours, one can transfer securities from the old Demat account to the new one.
Points to note
This transfer of shares does not amount to a change of beneficial ownership and does not amount to capital gains on transfer.The broker may charge a stated fee for processing the transfer request. However, if the old account is closed, no payment can be set.
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