Charges for transfer of shares from one DP to another DP

[v.avinash20]

Hi Gurus,

I am closing my account with Sharekhan and moving to SMC online.
I have opened DP account with SMC in same name and PAN.
I have 11 script with Sharekhan which I would like to transfer to SMC.

Sharekhan states :
You need to fill up the "Off Market" trade portion of your Delivery Instruction Slip to transfer the share to another DP.
The charges for off-market transfer of shares will be levied as under.
"Minimum Rs.30/-per ISIN OR 0.03% of value of transaction (whichever is higher)"
This amount will be charged in your monthly DP Bill.

SMC Online states:
I will be charged Rs. 12 per ISIN for the transfer

But I went to your forum and found that there should not be any charges for transfer of shares if we close the account.
This was in 2005-2006

http://articles.economictimes.india...owner-depositories-or-depository-participants
http://www.sebi.gov.in/faq/faqdemat.html (Point 15)

IS THIS STILL APPLICABLE ?
Should the Depository charge for transfer of shares from one DP to another if we close the account ?

Any answer to my query is highly appreciated.

 

[abdriver2000]

I have transferred shares from one account in HDFC to another and no charges were levied. Not sure, if this was due to both accounts being HDFC.

 

[prabuanand]

There should be no charges for share transfer if you're closing your Demat account as per http://www.sebi.gov.in/faq/faqdemat.html (Point 15).

Eventhough i have not yet done this myself, the right procedure is as follows. Don't give DIS to your current broker for off-market transfer. Instead ask for account closure form. If they don't have a form, then write a plain paper request based on this format 0173069www.icicibank.com/Personal-Banking/demat/PDF/Dematclosure.pdf

Transfer charges will be waived if account/s of transferee DP and transferor DP are the same, i.e., identical in all respects . To avail of the waiver, a Client Master List (CML) for the target account/s needs to be submitted along with the Closure Form.