Charges for transfer of shares from one DP to another DP

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Old 19th November 2011, 06:46 PM
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Default Charges for transfer of shares from one DP to another DP

Hi Gurus,

I am closing my account with Sharekhan and moving to SMC online.
I have opened DP account with SMC in same name and PAN.
I have 11 script with Sharekhan which I would like to transfer to SMC.

Sharekhan states :
You need to fill up the "Off Market" trade portion of your Delivery Instruction Slip to transfer the share to another DP.
The charges for off-market transfer of shares will be levied as under.
"Minimum Rs.30/-per ISIN OR 0.03% of value of transaction (whichever is higher)"
This amount will be charged in your monthly DP Bill.

SMC Online states:
I will be charged Rs. 12 per ISIN for the transfer

But I went to your forum and found that there should not be any charges for transfer of shares if we close the account.
This was in 2005-2006

http://articles.economictimes.indiat...y-participants (Point 15)

Should the Depository charge for transfer of shares from one DP to another if we close the account ?

Any answer to my query is highly appreciated.


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Old 22nd November 2011, 03:19 PM
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Default Re: Charges for transfer of shares from one DP to another DP

I have transferred shares from one account in HDFC to another and no charges were levied. Not sure, if this was due to both accounts being HDFC.
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Old 29th November 2011, 01:14 PM
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Default Re: Charges for transfer of shares from one DP to another DP

There should be no charges for share transfer if you're closing your Demat account as per (Point 15).

Eventhough i have not yet done this myself, the right procedure is as follows. Don't give DIS to your current broker for off-market transfer. Instead ask for account closure form. If they don't have a form, then write a plain paper request based on this format

Transfer charges will be waived if account/s of transferee DP and transferor DP are the same, i.e., identical in all respects . To avail of the waiver, a Client Master List (CML) for the target account/s needs to be submitted along with the Closure Form.


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