The number of people investing in the stock market in India is also increasing rapidly over time, as witnessed by the record number of demat account openings. Since the Corona epidemic, people have turned to the stock market to generate a new source of income. This is the reason why opening of demat account in the country has accelerated after that.
More than 11 crore demat accounts
In January this year itself, the number of demat accounts in the country crossed 11 crore. However, one of the main reasons for this is that many times people open more than one demat account. Many times people do this due to lack of knowledge and sometimes according to their business needs. In recent times, many discount brokers have come into the market, providing various facilities and offers.
In these cases it may be necessary
Let’s assume you have a trading account with another broker. Then you got a better deal from another broker. The deal could be about better features, a simpler user interface or lower commission fees. In this case, you will have to transfer your shares from the old account to the new account.
Can also work online.
Let us know today how to transfer shares from one demat account to another demat account? First of all, let us tell you that it is easy to transfer shares from one demat account to another. You can do this online as well as offline.
Here is the process of online transfer of shares from one demat account to another…
Ask your current broker for a DIS i.e. Delivery Instruction Slip.
After filling the DIS, submit it to the current broker.
The broker will send the completed form to the depository.
The depository will transfer your shares to the new account.
Shares will start appearing in your new account as soon as they are transferred from the depository.
What to do with the old account?
If you are transferring all your shares from an old account to a new account and you no longer want to use the old account, it is better to close the old demat account. If you don’t close the old account, it will continue to incur maintenance charges, causing you losses. Here we tell you one important thing that you can transfer shares online, but currently it is not possible to close demat account online.
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