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| Discuss Charges for transfer of shares from one DP to another DP at the Investors Grieviences within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi Gurus, I am closing my account with Sharekhan and moving to SMC online. I ... |
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#1
19th November 2011, 06:46 PM
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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 http://www.sebi.gov.in/faq/faqdemat.html (Point 15) IS THIS STILL APPLICABLE ? 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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#2
22nd November 2011, 03:19 PM
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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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#3
29th November 2011, 01:14 PM
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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 http://www.sebi.gov.in/faq/faqdemat.html (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 0173069www.icicibank.com/Personal-Banking/demat/PDF/Dematclosure.pdf 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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