November 12, 2010 12:46 pm
I have Demat account with ICICI Direct
Now if I want to change my broker..
How can I handle by existing shares?
How I transfer my shares to new borker ?
Are there any charges involved ?
Yes, you can easily transfer your shares from one broker to another. You will need a new Demat account with the new broker. Many online trading account providers like My Value Trade open free Demat account.
To transfer your shares you will need a delivery instruction slip (DIS) with all the details like shares your want to transfer, is in number and DP id of new share broker. It is like transferring money from one bank to another through cheque.
You can easily transfer the shares to the new DEMAT account.
You have to give a transfer instruction (similar to a cheque) or over phone from the existing DEMAT a/c to the new DEMAT a/c. It should get transferred in a day. Same as in cheques, make sure you mention the target a/c details correctly, without which it’ll get transferred to someone else !
See here – http://www.icicibank.com/Personal-Banking/demat/serviceCharges.html for the charges.
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