Moving stocks and bonds between two Demat accounts: A step-by-step guide.
An electronic demat account stores shares, bonds, and securities in electronic format and is necessary for online trading and converting physical shares to electronic ones. There are three types of demat accounts: regular, repatriable, and non-repatriable. Regular accounts are for Indian investors who hold equity shares and repatriable accounts allow NRIs to transfer wealth abroad with a restriction of $1 million per year. Non-repatriable accounts are also for NRIs, but funds cannot be transferred abroad.
Demat accounts enable shareholders to purchase shares, mutual funds and securities, receive dividends, bonus issues, and right issues. It reduces costs, paperwork, and provides instant transactions, in addition to features like online access, mobile trading apps, instant updates, research reports, stock recommendations, and portfolio analysis tools.
Transferring shares, bonds, and ETFs from one demat account to another is a complex process. Investors may transfer securities to consolidate their stock units in a single account, making it easy to manage and monitor. NSDL and CDSL are the two depositories in India that hold financial securities in dematerialized form.
When transferring shares from one demat account to another, it's essential to understand that shares are under depository systems (CDSL or NSDL), and the transfer mode depends on the depository associated with brokers. An intra-depository transfer is between the same depository, and an inter-depository transfer is between different depositories.
To transfer shares online, investors must register on the NSDL or CDSL platform and select the “easiest” facility, providing their details, printing a slip, and sending it to the Depository Participant (DP). Investors must fill out a Delivery Instruction Slip (DIS) for the offline process, submit it to their current broker, who verifies the details, and issues an acknowledgement receipt. Then, the broker forwards the DIS form to the concerned depository, which transfers shares from the current broker to the new broker after some checks.
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