Transfer from ICICI to Sharekhan

[blackcobra]

My brother In law has around 10000 Satyam( He was working for satyam earlier)shares and were deposited into ICICI demat a/c on 9th May 2007 and he lives in US ) . He wants to sell around 5000 of them through Sharekhan as Brokerage is less compared to ICICI.


I have few queries
1) Can he transfer all his shares to Sharekhan
2) What would be the charges applicable while transferring
3)What would be Brokerage charges applicable while selling shares from ICICI and Sharekahan.
4)What sork for Taxes would be applicable While / after selling the shares.

 

[rajeshtrades]

Hi. it is not wise to transfer and sell. Becoz DP to DP transfer charges + taxes. And then in addition there will be brokerage of sharekhan also. So, you can directly sell from ICICI demat.

 

[blackcobra]

what would be the charges applicable for selling shares through ICICI

 

[rakamath]

i had read somewhere that if you transfer all your holdings from one demat account to another in the same name no charges are required to be paid. pl check from sebi site.

 

[blackcobra]

Further, SEBI has vide circular dated November 09, 2005 advised that with effect from January 09, 2006, no charges shall be levied by a depository on DP and consequently, by a DP on a Beneficiary Owner (BO) when a BO transfers all the securities lying in his account to another branch of the same DP or to another DP of the same depository or another depository, provided the BO Account/s at transferee DP and at transferor DP are one and the same, i.e. identical in all respects. In case the BO Account at transferor DP is a joint account, the BO Account at transferee DP should also be a joint account in the same sequence of ownership.

Does this mean that i can transfer from ICICI to sharekhan without any transaction fee?