A Simple Guide to Effortless Share Transfers via CDSL Easiest [2024]

As an investor, you've likely accumulated shares and mutual funds across multiple demat accounts. You could be using different brokers, opening new accounts for better services, or promotional offers. Managing this scattered portfolio can be a daunting task, but the good news is that you can now transfer your holdings from one demat account to another with ease. In this comprehensive guide, we'll walk you through the updated process of transferring shares, stocks, and mutual funds using the CDSL Easiest platform.

What is CDSL Easiest?

Central Depository Services (India) Ltd (CDSL), India's largest depository, offers a user-friendly platform called CDSL Easiest that streamlines the process of transferring your investments between demat accounts. Whether you're consolidating your portfolio, gifting shares to loved ones, or simply reorganising your holdings, CDSL Easiest makes it a breeze to complete the transfer in just 10 minutes:

Step 1: Create Your CDSL Easiest Account

1. Visit the CDSL Easiest website and click on the "Register for Easiest" option. You'll need to provide your DP ID and client ID, which you can find in the 'Profile' section of your broker's website. The DP ID is the first eight digits and the client ID is the next eight digits of your Demat account number

2. Once you've entered this information, you'll receive an OTP to your registered mobile number and email address. Submit the OTP to verify your registration.

3. Next, create a username, set a security question, and register the Demat account to which you want to transfer shares.

Important note: Let's say you're transferring holdings from a Zerodha account to an IIFL Securities account. You will need to have a CDSL Easiest account in the name of the Zerodha account from which you are transferring.

Step 2: Link Your Beneficiary Account

A major update in 2024 is the mandatory step of linking the beneficiary account before transferring shares.

1. Go to the "Transaction" tab, click on "BO Linking," and set up the beneficiary account. Enter the Demat account number of the account you want to transfer shares into and your PAN number.

2. You will receive an email from CDSL. Follow the instructions to confirm the beneficiary addition and complete the OTP verification process.

Step 3: Transfer Your Shares

Now that your CDSL Easiest account is set up and your beneficiary account is linked, it's time to initiate the share transfer.

1. After your account and beneficiary linking are approved (this can take up to 24 hours), log in to CDSL Easiest platform.

2. To initiate the transfer, go to the "Transaction" tab, click on "Setup," and select the "Bulk Setup" option.

3. Select the current date or the next working market day as the execution date. Choose the account to transfer shares into and enter the ISIN (International Securities Identification Number) of the stocks you wish to transfer.

4. Verify the transaction details, commit the transaction, and complete the OTP and transaction PIN verifications.

Advantages of Using CDSL Easiest

• The platform simplifies the share transfer process, eliminating the need for physical visits to the broker's office.
• There are no tax implications as you're not selling or buying shares.
• You can transfer shares as many times as needed.
• Apart from a nominal stamp duty charge, there are no additional costs.

Disadvantages of Using CDSL Easiest

• After transferring shares, the average buying price of the shares will not be available, which can complicate tax filing.
• Some brokers may take longer to approve the CDSL Easiest account. For instance, Zerodha may take up to 48 hours.
• The portal may not work after 5 PM, and while there is a new option for CDSL to NSDL transfers, its reliability is yet to be tested.

Conclusion

By leveraging the CDSL Easiest platform, you can now effortlessly consolidate your investment portfolio, transfer shares between accounts, and even gift stocks to your loved ones – all without the hassle of tax implications or complex paperwork. Follow the steps outlined in this guide, and you'll be well on your way to a simplified and organised investment journey!

Watch: Transfer Shares to any Account in Just 10 Minutes! | Demat to Demat Stock Transfer with CDSL - marketfeed