Transferring shares between brokers in India involves moving your holdings from one demat account to another. You need to submit a Delivery Instruction Slip (DIS) to your current broker, giving details of the shares you want to transfer and the new broker's demat account information. Once your broker processes this request, the shares will move to your new broker’s demat account, usually within 2 to 3 working days.
What is a Delivery Instruction Slip (DIS)?
A DIS is a physical or electronic form used to request your current broker to transfer shares from your demat account. It contains details like the ISIN number of shares, quantity, your client ID, and the target demat account details. Filling the DIS accurately is important to ensure smooth transfer.
Most brokers now offer online DIS for easier and faster processing.
Steps to transfer shares from one broker to another
1. Open a demat account with the new broker where you want to transfer shares.
2. Collect the Delivery Instruction Slip (DIS) book or access the DIS online from your current broker.
3. Fill in the DIS with your details, including the ISIN codes and quantity of shares to transfer, and the new broker’s demat account number.
4. Submit the DIS to your current broker either physically or online.
5. Your current broker will process the transfer request and move the shares to your new demat account.
6. The transfer is usually completed within 2 to 3 working days.
Are there any charges for share transfer?
Generally, share transfers attract nominal charges from the current broker, but many brokers offer free transfers to retain clients. The new broker usually does not charge for receiving shares. It’s best to check with both brokers about any fees before initiating the transfer.
Some brokers also provide free online transfers which are faster and cheaper.
How long does the share transfer take?
The transfer of shares between brokers usually takes 2 to 3 working days after submitting the DIS. However, the timeline can vary depending on the broker’s processing speed and the completeness of the DIS form. Online transfers can be faster, often completed within 1 to 2 days.
It’s advisable to follow up with your broker if the transfer is delayed beyond the expected period.
Can shares be transferred partially?
Yes, you can transfer all or part of your shares from one broker to another. You just need to mention the exact quantity of shares you want to transfer in the DIS. This allows you to keep some shares with your current broker and move others as needed.
Partial transfers give you flexibility to manage your investments across different brokers.
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