One may end up in a situation where transfer of shares from one demat account to another demat account needs to be done. Following can be some scenarios.
• You want to move from one broker to another broker but you don’t want to exit your current holdings
• You want to gift shares to someone

All demat accounts are held with one of the two depositories in India.
• NSDL – National Securities Depository Limited
• CDSL – Central Depository Services Limited

Any transfer of shares will happen among these two depositories.
• Intra-depository transfer: If the transfer is within a depository itself (CDSL to CDSL or NSDL to NSDL), it’s called intra-depository transfer.
• Inter-depository Transfer: This is valid when the transfer is from one depository to another (CDSL to NSDL or NSDL to CDSL).

Transfer of shares can be done either Offline or Online mode. Earlier, it used to be only offline and later both the depositories, NSDL and CDSL started providing online options for transfer.

Offline Transfer

When the transfer is done by submitting forms, it is called as offline transfer. Two documents are involved in this process.

• DIS – Delivery Instruction Slip
• CMR – Client Master Report

Transferor (source demat account) need to obtain DIS slip. Some brokers issue this DIS booklet at the time of account opening while some brokers offer this only when requested. There can be charges associated to obtain this. One need to check with their broker for the same. Once DIS booklet is available, transferor need to fill the DIS with ISIN, quantity, transferee demat account number (BO ID), reason for transfer.

Transferor need to obtain CMR copy for transferee demat account from target broker. Some brokers make this available online while some issue hard copy. As per latest guidelines of depositories, online CMR is valid for transfers.

Then Transferor need to submit the filled DIS and CMR copy to the source broker from which shares need to be transferred.

On receiving the documents, broker verifies the transfer request via call or email for security purposes. There may be charges for transfer of shares, kindly check with source broker. This process takes up to a week’s time.

This process is same for all types of transfers,

Online Transfer

CDSL provides an extremely beneficial feature EASIEST that allows the online transfer of shares between Demat accounts. Before you can initiate the transfer, you need to register on CDSL’s website.
Similarly, NSDL has a facility Speed-e. You need to register yourself on this website before you begin.

CDSL Easiest:

Visit and complete the registration process.


Once you have registered for easiest, you can follow the following steps to transfer shares:

● Log in to CDSL Easiest by visiting
Select 'Setup' on the Transaction section
● In this page, you need to select 'Bulk Setup'
● You need to select 'Transaction' and enter the execution date and enter the Beneficiary owner ID(BOID), you need to transfer the shares to.
● You need to select the ISIN. When you click on Account ISINs, you can see a list of all the ISINs in your holdings. Select the ISIN and enter the quantity and select the reason for trade from a list given.
● On submission, you need to verify your request using the 8-digit alphanumeric PIN that you would have received on your registered email id when you registered on CDSL easiest.
● This is now sent to your DP for confirmation. On confirmation, the request is approved and the transfer will be done on the same day after 6PM


While registering, Ensure to select the Account type as “Account of choice” instead of Trusted account. Trusted account is selected for transfer from CDSL to CDSL.
(Follow same steps except Account Type).

You need to purchase e-Token from any of the e-Token vendors that may cost around ₹2500 and e-Token may be valid for 2 years. Once it is purchased, you need to contact your broker to map this e-Token to your CDSL Easiest login. This may take around a week’s time. Once this is done, then process is same like CDSL to CDSL and you can refer the steps explained above.

Note: Given the cost and additional tasks involved, it is recommended to go for Offline Transfer option for inter depository transfer (CDSL to NSDL and NSDL to CDSL).
Registering for NSDL Speed-E:

Speed-e facility from NSDL allows all the Demat account holders to manage and transfer the shares at ease using the Internet. It is simple, easy and convenient to register and enable the Speed-e facility in few steps

• Demat Account holders need to visit the NSDL eServices website (NSDL e-SERVICES).
• Select : New User Registeration --> SPEED-e
• The link will take you to the registration process page. Select the REGISTER link
• The register link above will open the Registration Request Form.
• You are required to fill in all the details as requested in the form.
• Select SPEED-e and IDeAS facilities
• Once all the fields are filled click on the Submit button.
• The submit button takes us to the Mobile verification form, whereby the system sends you a "One Time Password" (OTP).
• Enter the OTP received on your mobile no and press the Submit button.
• Once Mobile verification through OTP is confirmed, you will get the Registration Confirmation page.
• Verify all the details in the form and press the Confirm button.
• Once confirmed, the system will give the unique registration number on the success page.
• The page also contains the links for the printing of the registration forms.
• You are required to take out the printout of the forms and submit it to broker.

The Speed-e facility is available to users only when their DP has subscribed to the Speed-e facility.


You can transfer the shares from NSDL to NSDL by using the online Speed-e facility. Post the registration, one need to login, select the ISIN, quantity and then pick the target demat account to place the request. The request need to be authorised by the user.


You can transfer the shares from NSDL to CDSL by using the online Speed-e facility.

User need to obtain a Smart Card Kit, DSC (Digital Signature Certificate) and then use it to do the transfer online.

Note: Given the cost and additional tasks involved, it is recommended to go for Offline Transfer option for inter depository transfer (CDSL to NSDL and NSDL to CDSL).