In India, holding equities and other securities in digital format requires a demat account. This account protects your investments from forgery, theft, or damage, which was a concern with physical share certificates.
But what if you’re unhappy with your current broker and want to switch to a new one? Can you transfer your shares to another broker without selling them?
Yes, you can. This guide explains how to transfer shares from one demat account to another—whether both accounts are under the same depository (CDSL or NSDL) or different ones—via online and offline methods.
How to Transfer Shares from One Broker to Another in India?
Transferring shares between brokers is straightforward if you follow the right steps. Here’s how to do it:
Step 1: Open a New Demat Account
Start by choosing a reliable SEBI-registered broker (e.g., Dhan). Complete the online application by submitting your:
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PAN card
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Aadhaar card
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Bank proof
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Signature and photo
You may also be asked to complete video KYC verification.
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Step 2: Add Beneficiary
Before transferring any shares, you must add the new demat account as a beneficiary. This step is mandatory and helps prevent unauthorized transfers.
Note: You can do this via the CDSL’s Easiest or NSDL’s SPEED-e platform, depending on your depository.
Step 3: Choose the Transfer Mode
There are two types of share transfers:
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Intra-depository Transfer (CDSL to CDSL / NSDL to NSDL)
Transfer is done online via the depository portal. -
Inter-depository Transfer (CDSL to NSDL or vice versa)
Requires an offline process using a DIS (Debit Instruction Slip).
Step 4: Initiate the Transfer
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Log in to your depository’s online portal (e.g., CDSL’s Easiest).
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Enter the details:
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ISIN (International Securities Identification Number)
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Quantity of shares
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Target demat account (BO ID)
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Reason for transfer
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For offline transfer, fill out the DIS and submit it to your current broker.
Processing Time:
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Online (same depository): Within 24–48 hours
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Offline (different depositories): May take 2–3 business days
Step 5: Verify and Confirm the Transfer
Monitor your old and new demat accounts to ensure shares are correctly transferred.
If you face delays, report them on the SEBI SCORES grievance portal.
Step 6: Close Old Account (Optional)
Once the transfer is complete:
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Withdraw any remaining funds
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Submit a demat account closure form (signed by all holders)
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Account closure takes about 5–7 working days
How to Transfer Shares Offline – DIS (Debit Instruction Slip) Method
If you’re doing an inter-depository transfer, or prefer the traditional method, follow these steps:
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Request a DIS booklet from your existing broker.
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Fill in:
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ISIN
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Quantity of shares
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16-digit BO ID (Beneficiary Owner ID) of the new demat account
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Submit the signed DIS form to your broker.
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The broker verifies and forwards it to the depository (NSDL or CDSL).
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The depository processes the request and updates both accounts.
Timeline:
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If SMS confirmation is received before 4 PM, shares reflect by T+1 day.
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After 4 PM, the shares reflect by T+2 day.
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Charges for Share Transfer From One Broker To Another
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Brokers charge a nominal fee per ISIN.
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Example: Dhan charges ₹12.50 + GST per instruction/ISIN.
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Charges may vary by broker, so check their fee schedule in advance.
Important Tips for a Smooth Transfer
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Clear all dues with your current broker.
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Ensure beneficiary details are entered correctly.
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Keep a copy of the DIS and track all transactions.
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Contact broker support immediately for any discrepancies.
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There are no tax implications for transfers (ownership remains unchanged).
Conclusion
Switching brokers doesn’t mean you need to sell your shares. With proper steps, you can seamlessly transfer your holdings to a new demat account, whether through CDSL, NSDL, online, or offline.
Just remember:
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Follow the correct procedure
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Keep all documentation safe
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Be aware of fees and timelines
A better broker experience is just a few steps away!
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Note: Please do not take this as any recommendation, to trade or invest. This is just for reference, to make you understand about How to Transfer Shares from One Broker to Another in India, under no circumstances intended to be used or considered as financial or investment advice, a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset.
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