Can we transfer shares from one broker house to another?

prst

Well-Known Member
#1
Hi friends,

I need some info about closing my demat+trading acount with one broker (angel broking) and open a new one with a different broker.
In a way, I want to transfer my shares/scrips to the new broker.
Is it possible, and if so, what would be the charges levied for the same.?

Second query i have is regarding AMC.
I created a new account with a broker house, but haven't deposited any money into that account. Later i realised that i dont want to trade with that account. Now, will they charge me AMC every year, even though i am not using it anymore?

Thanks in advance.
prashanth
 

nac

Well-Known Member
#2
Yeah, you can transfer all your shares from your angel account to another account. Contact your broker (angel) for charges (if you still feel that they ain't gonna answer your query, hope for TJ members or better go in person and finish off your work). I ain't got any idea about charges. But charges will be based on per Stock basis.

AMC is depends on the broker and plan, in religare and IIFL they won't charge AMC, no matter account is active or not. But you sound like they are charging you AMC. Check them ...
 
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aijaz159

Active Member
#3
Hi Friends
I have an account with a franchisee of IIFL/5P im not happy with the service, as the franchisee is not giving me any service. I found a franchisee of IIFL/5P
in the city currently im staying. I have requested my account to be transferred to the new branch where im currently staying. I sent couple of requests and reminders but my broker is not obliging. What options i have. Should i sell my stocks nd close the a/c and open new or should i approach the iifl/5P customer care. Kindly advise me the correct course of action.
thanks.

aijaz
 

nac

Well-Known Member
#4
Hi Friends
I have an account with a franchisee of IIFL/5P im not happy with the service, as the franchisee is not giving me any service. I found a franchisee of IIFL/5P
in the city currently im staying. I have requested my account to be transferred to the new branch where im currently staying. I sent couple of requests and reminders but my broker is not obliging. What options i have. Should i sell my stocks nd close the a/c and open new or should i approach the iifl/5P customer care. Kindly advise me the correct course of action.
thanks.

aijaz
Contact IIFL head office and make the things work. If you're gonna open account with IIFL, closing your existing account is waste. If you are gonna open with any other broker, then fine. But still no need to close your position you can transfer your shares to your new broker.
 
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#5
Hi Prst, to close your Angel demat & trading account, you may simply walk into the branch & ask for the same. They will ask you to submit few documents & then will close your account. Also, you may have received DIS(Delivery Instruction Slip) book from Angel which will help you transfer your shares from one demat account to another.

Moreover, Acronym AMC stands for Annual Maintenance Charge & as the name suggests involves payment of few hundred bucks towards accounts maintenance charges. It doesnt matters much whether you do trading much or less. AMC is levied by brokers but in cases of good brokerages may get waived off. For details you may speak to your Branch Manager or Relationship Manager. Angel broking waives AMC charges off for the first year.
 

raj_9

New Member
#6
Hi Friends
I have an account with a franchisee of IIFL/5P im not happy with the service, as the franchisee is not giving me any service. I found a franchisee of IIFL/5P
in the city currently im staying. I have requested my account to be transferred to the new branch where im currently staying. I sent couple of requests and reminders but my broker is not obliging. What options i have. Should i sell my stocks nd close the a/c and open new or should i approach the iifl/5P customer care. Kindly advise me the correct course of action.
thanks.

aijaz
What you have to do is fill a map form from your new sub-broker and tell him to submit to the head house but the problem is it takes time to map your account from franchisee to franchisee has your old sub-broker has put an obligation with the head office Hence the best way is to MAP your account with the branch office then map it with the new sub-broker.Regards...
 

raj_9

New Member
#7
Hi friends,

I need some info about closing my demat+trading acount with one broker (angel broking) and open a new one with a different broker.
In a way, I want to transfer my shares/scrips to the new broker.
Is it possible, and if so, what would be the charges levied for the same.?

Second query i have is regarding AMC.
I created a new account with a broker house, but haven't deposited any money into that account. Later i realised that i dont want to trade with that account. Now, will they charge me AMC every year, even though i am not using it anymore?

Thanks in advance.
prashanth
Usally if your Demat account is in CDSl it takes 25 rs to transfer per form but if it is with the NSDL it takes minimum 500 rs. has NSDL charges 0.05 pasie per 100 rs of shares.:eek:
 

raj_9

New Member
#8
Hi friends,

I need some info about closing my demat+trading acount with one broker (angel broking) and open a new one with a different broker.
In a way, I want to transfer my shares/scrips to the new broker.
Is it possible, and if so, what would be the charges levied for the same.?

Second query i have is regarding AMC.
I created a new account with a broker house, but haven't deposited any money into that account. Later i realised that i dont want to trade with that account. Now, will they charge me AMC every year, even though i am not using it anymore?

Thanks in advance.
prashanth

Usally if your Demat account is in CDSl it takes 25 rs to transfer per form but if it is with the NSDL it takes minimum 500 rs. has NSDL charges 0.05 pasie per 100 rs of shares.:eek:
 

alroyraj

Well-Known Member
#9
Also in CDSL,if you activated easiEST feature then you can transfer all the shares online to the new demat account.