Transfer shares from Joint account in Upstox to Single Account in Dhan

Need Help ℹ️
1

I want to close my Upstox trading / demat account and transfer all shares to Dhan.

I want to avoid taxes / charges due to transfer. So I want to do a complete closure of Upstox account with transfer of shares. As per rules closing DEMAT and complete transfer are not charged at all.

But here is a catch:
Upstox DEMAT account has 2 holders (Joint holders)
Dhan DEMAT account has 1 holder (single)

Can such a transfer be done? Or mode of holding needs to be same?

If it needs to be same, then can I add additional holder to my DHAN DEMAT account?

Please guide.

I know other way is to use EASIEST and transfer shares, but for that Upstox is going to charge me 20Rs per scrip. Which will be costly.

Thank you.

2

I believe the only way to transfer is via Easiest, as the shares are held in the depository and not by a broker.

3

No. If you close you DEMAT account completely then SEBI has mandated that transfer of ALL shares to another DEMAT account should be free of charge and DP should do it (Upstox in this case)

I posted question here as Upstox has not responded to my query yet. (Possibly for obvious reasons!)

4

hello Dhan team.
Please reply.
Thank you.

5

Hi @amish, In case of a Joint account holder, you can either transfer your shares via CDSL Easiest or via DIS booklet to an individual account. For closure-cum-transfer, the account holder should be the same in both the Demat account.

Please note that in the case of account closure-cum-transfer, the shares are transferred without any DP charges. For more detailed information, we recommend referring to the SEBI-issued FAQ available at the link below: SEBI FAQ on Depositary

1 Like
6

Thank you @Mohseen_Usmani for reply.

the account holder should be the same in both the Demat account.

In mycase First (Primary) account name is same. But Upstox DEMAT account also has second holder, Dhan does not have second holder.

Will this work for account closure-cum-transfer?

If not then is there anyway I can add second holder to Dhan demat account?

Please clarify.

Thank you.

7

Hi @amish, Please note Closure-cum-transfer is only for transferring shares between your own accounts. It can’t be used to transfer shares to someone else.

If you’re transferring between joint accounts, the order of primary and secondary holders must be the same in both accounts, however at Dhan we only offer individual Demat account.

8

Thanks @Mohseen_Usmani again,

Yes its between own account.
Upstox - Mr. X - Mrs. Y (Husband-Wife)
Dhan - Mr. X only (Husband only)