How to Transfer Shares Between Demat Accounts (2026)
You can move shares between your own demat accounts three ways: a closure-cum-transfer when you are leaving a broker, an off-market transfer using a Delivery Instruction Slip (DIS) or your depository’s online facility (CDSL easiest, NSDL SPEED-e), or by selling and buying again. Off-market fees are set by your broker: ₹25 at Zerodha, ₹20 + GST per ISIN at Upstox, ₹10 at INDmoney, none at mStock.
Last updated: October 2026
Moving shares from one demat account to another does not mean selling them. The depositories (CDSL and NSDL) let you transfer holdings directly. Which method fits depends on whether you are closing the old account or keeping both. This guide covers transfers between accounts you own, using the depositories’ and brokers’ own published procedures, read in October 2026.
Which method should you use?
| Situation | Method | What it needs |
|---|---|---|
| Leaving a broker and moving everything | Closure-cum-transfer | Account Closure Request Form (or a letter) signed by all holders, with the target account’s Client Master Report (CMR) |
| Moving some shares and keeping both accounts | Off-market transfer | A DIS given to your DP, or an online instruction through CDSL easiest or NSDL SPEED-e |
| Moving shares to another person | Not covered here | A closure-cum-transfer is only for self-transfers (Zerodha’s guide, following depository rules) |
Before you transfer
- Same holders, same order. The target account must be in the same holder names and the same order as the current one. Joint accounts do not transfer if the primary and secondary holders are swapped.
- Same account type. Transfers are within the same status, such as individual to individual, not individual to joint, NRI or HUF.
- Unpledge first. Pledged shares and shares frozen for debit or credit are not transferred.
- Registered mobile and email. CDSL’s easiest registration sends a one-time password to the mobile number registered with your DP.
- Know both accounts’ IDs. You need the target DP ID and client ID (for a CDSL account these make up a 16-digit number).
Method 1: closure-cum-transfer (moving brokers)
A closure-cum-transfer closes the old account and moves the holdings in one request. You submit the Account Closure Request Form, or a letter signed by all holders, to the old DP with the target account details and the target account’s Client Master Report, digitally signed by an official of the new DP. Zerodha says it makes no additional charge for this. Within CDSL, balances that are locked-in or pending demat or remat move along with free securities; pledged and frozen ISINs do not. When the target is at the other depository, only free balances move. Read the full steps in our guide to closing a demat account.
Method 2: off-market transfer
On paper. You give your DP a Delivery Instruction Slip for the shares you want to move. CDSL notes that holders using its online facility do not need to submit a DIS for those transactions.
CDSL easiest (online). CDSL’s easiest facility lets you set up off-market, on-market, inter-depository and early pay-in instructions online. To register you enter your DP ID and client ID, receive a one-time password on your registered mobile, choose a username and security question, and print the registration form. A sole holder can register online without the DP authenticating the form; joint holders must submit the signed form to the DP within 90 days. There are two modes:
- Trusted Account: you pre-notify the accounts you will send to, and can add or remove them in the login.
- Account of Choice: lets you send to any other demat account. CDSL’s FAQ says these instructions are authenticated with a digital signature certificate (e-token), obtained from a registered authority at an additional cost.
CDSL’s easiest FAQ is dated January 2022, so the screens and authentication steps may have changed. Confirm with CDSL or your DP.
NSDL SPEED-e (online). For NSDL accounts you use SPEED-e or IDeAS. NSDL states that e-Token users can transfer securities to any account they choose, including off-market transfer, while password users can transfer only to a maximum of six pre-notified clearing member (broker) accounts.
What an off-market transfer can cost
| Broker | Off-market transfer fee as published |
|---|---|
| Zerodha | ₹25 per transaction |
| Upstox | ₹20 + GST per ISIN (to transfer shares between brokers) |
| INDmoney | ₹10, including depository charges |
| mStock | No charge |
| Sharekhan | DP charge on market and off-market sales not via Sharekhan: 0.03% of the value or a minimum of ₹30 per transaction |
| Others | Not stated on the pricing pages checked. Ask your DP, because the charge is set by the DP, not the depository |
Closure-cum-transfer carries no transfer charge at Zerodha, and Axis Bank lists account closing as nil. Compare with the DP charges you pay on selling.
Mistakes to avoid
- Submitting the request before unpledging or before selling positions that tie up the shares.
- Entering the target DP ID or client ID wrongly; check them against the target account’s Client Master Report.
- Assuming joint account names can be in any order; the order must match.
- Using a self-transfer route to move shares to someone else.
Compare brokers one to one on the broker comparisons hub, or test your own order sizes in the brokerage calculator.
Transferring shares: FAQs
Can I transfer shares from one demat account to another without selling?
Yes. Use an off-market transfer, or a closure-cum-transfer if you are closing the old account.
Is there a charge to transfer shares?
Your DP sets it. Published examples: ₹25 per transaction at Zerodha, ₹20 + GST per ISIN at Upstox, ₹10 at INDmoney and none at mStock. Closure-cum-transfer has no transfer charge at Zerodha.
Do I need a DIS to transfer shares?
Not if you use CDSL easiest or NSDL SPEED-e. Otherwise you give your DP a Delivery Instruction Slip.
Can I transfer pledged shares?
No. Unpledge them first. Pledged and frozen shares are not transferred.
Can I move shares from CDSL to NSDL?
Yes, through an inter-depository transfer or a closure-cum-transfer. In a closure-cum-transfer to the other depository only free balances move.
Is STT different between brokers?
No. STT is set by the government: 0.1% on buy and sell for delivery, 0.025% on the sell side for intraday, 0.05% on the sell side for futures and 0.15% on the sell premium for options. It is the same at every broker.
Sources
Official pages and documents read in October 2026: CDSL easiest FAQ (Jan 2022); CDSL account closure FAQ; NSDL SPEED-e; Zerodha: closure-cum-transfer; Zerodha charges; Upstox charges; INDmoney pricing; mStock pricing; Sharekhan pricing; Axis Bank demat charges.
Depository and broker procedures change and differ by DP. This guide is for information only, not legal or tax advice. Check your own DP’s current form, portal and charges before you submit anything.
