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How to transfer your shares from another broker to flattrade?
You can transfer shares from one demat account to another by either closing the old demat account and transferring shares to new demat account or you can keep the old demat account and just transfer your shares from old demat account to new demat account. To close the older demat account, you must not hold any shares in the particular demat account and there should not be any negative balance in the old demat account.
Option 1: Closure and shifting of demat account
In this scenario, you can close your account with exisiting brokerage and transfer your shares from old demat account to new demat account. In this process, you can close your current account with your exiting broker and move your holdings to new demat account.
You have to submit closure and transfer form along with Client Master Report (CMR) from your new broker to your existing broker. A Client Master Report (CMR) is a digitally signed or physically signed certificate issued by the new broker to a client with the details of their demat account such as demat ID, date of birth, bank details, nomination details etc. CMR copy is used to transfer stocks in a demat account from one broker to another.
Option 2: You want to transfer only shares from one demat account to another and you do not want to close your old demat account.
To proceed with this process, firstly, you have to get a Delivery Instruction Slip (DIS) from your existing broker. Normally, this DIS will come with your welcome kit when you had opened a demat account though a broker. In this slip, all the necessary information related to the transfer of shares must be filled and only then the shares will be transferred. The mandatory details that must be given in DIS are as follow,
Beneficiary Broker ID – This will be the 16 digit ID of the broker. On this slip, you have to provide the ID of both the current/existing broker and the new broker.
International Securities Identification Number – This is created to identify the individual shares and is to be entered carefully in the slip as the same will be transferred to the ID you have entered.
You must also mention if it is a inter-depository or intra-depository transfer.
After filling up the DIS with the details, you have to sign the slip. After these steps, you will submit it to the existing broker. The charges for this transfer will vary according to various brokers.
Both the process must be completed manually to transfer your shares from other brokers to Flattrade. In both the cases, you can transfer shares only when the Beneficiary Owner (BO) status is same. For example, you can transfer shares from an individual account to an individual account only. You cannot transfer shares from an individual account to a Joint/NRI/HUF account and vice versa.