How to Transfer Shares
Since you are looking to transfer shares from your current stock broker (or DP) to another, it is most likely that either:
- You have had pretty nasty experiences with your stockbroker, or
- You want to try your hand at a full-service broker (research reports and tips are need of the hour), or
- Check out Discount brokers to save some decent brokerage you have been paying
- Multiple demat accounts don't really hurt, right?
99% of cases are most likely to fall in one of the reasons above. If your reason does not fall in the above ones, please let us know in the comments below.
Coming back to the topic, how can you transfer shares from one demat account to another. Well, there are two ways to do it - Manually and Online.
Let's discuss both one by one:
Transfer Shares from one Demat account to Another - Manually
When you open an account with a stockbroker, you are provided with a Delivery Instruction Slip or DIS as part of the welcome kit.
Some of the important fields you need to take care of are:
- Target Client Id - This is a 16 digit identification number allocated to you.
- ISIN - ISIN abbreviates for International Securities Identification Number and is a 12 digit code that assists in identifying securities such as stocks, equities, notes, bonds, debt, funds and more. Here you have to mention to individual shares with quantities and other details.
- DP Name - Name of the stockbroker
- Inter Depository - this will be required to be filled in, in case you are transferring shares to some other depository
- Off Market - this will be required to be filled in, in case you are transferring shares within depository
To know rest of the process and to understand the online way of shares transfer, you can check this article on How to Transfer Shares from one Demat account to Another?