Have you ever wanted to transfer your shares from one brokerage to another but didn’t know where to start? Today, we’ll go over the process of transferring shares from ICICI Direct to Upstox. Transferring shares might be a good way to take advantage of superior features, lower brokerage costs, or just consolidate your investments.
Understanding the process will help you prevent problems and ensure a seamless transfer. Whether you want to expedite your portfolio administration or use Upstox’s advanced trading capabilities, you must understand the actions needed.
Let’s look at the specifics of shifting your shares from ICICI Direct to Upstox to ensure a smooth transition.
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ICICI Direct
ICICIdirect is a major full-service retail stockbroker that provides a range of brokerage products targeted to different investor types. These plans feature a number of low-cost choices that allow for brokerage-free Futures trading as well as access to a variety of value-added services.
Upstox
Upstox is a reasonable online discount broker that offers trading services in different segments including Equities, Commodities, Currency, Futures & Options, Mutual Funds, as well as IPOs.
Before transferring your stocks from ICICI Direct to Upstox, you must initially open a Upstox Demat and trading account. Opening a Upstox account is easy, and it should be done before the transfer is initiated. Here are some specifics and steps involved:
- Go to the Upstox website or download the Upstox app from App Store or Google Play Store or Visit www.upstox.com
- Look for ‘Open Account’ Option: Click on this option to start a new account.
- Open an account with Upstox– Click here
- Fill in details like name, contact information, PAN card number, Aadhar card etc for KYC check.
- Scanned copies of documents such as PAN card, AADHAR card, cancelled cheque and passport-size photo should be submitted via upload.
- To verify eSign process through document verification use your mobile number connected with Aadhar Card.
- The email and SMS will contain your Upstox account details after successfully creating your account that include demat account number (client ID), DP ID.
Details required from your Upstox account.
When transferring shares from ICICI Direct to Upstox, you will require precise information from your Upstox account. These details will be utilized during the transfer process:
- Upstox DP’s name is Upstox Securities Private Limited.
- Upstox DP ID can be found in your Upstox account details (for example, 12081800 for CDSL).
- Upstox Client ID is the 16-digit number assigned to your Upstox Demat account.
Process of Transferring Shares
The process of transferring shares from an ICICI Direct Demat account to an Upstox Demat account can be completed offline or online. Here is a thorough guide on both methods:
Offline Method (Using the Delivery Instruction Slip – DIS)
1. Obtain the DIS Booklet: Obtain the Delivery Instruction Slip (DIS) booklet from the Depository Participant (DP) for your ICICI Direct account.
2. Fill out the DIS slip.
- Depending on whose depository holds your shares, choose either CDSL or NSDL.
- Write down the ISIN (International Securities Identification Number) for the shares you want to transfer.
- The target DP’s name is Upstox Securities Private Limited.
- Target DP ID, you may locate this in your Upstox account information. (Example: 12081800 / 12081801 for CDSL)
- This is the 16-digit Target Client ID number associated with your Upstox Demat account.
- Quantity of Shares: Enter the number of shares you wish to transfer.
3. Sign the DIS slip. Make sure your signature matches the one registered with ICICI Direct.
4. Submit the DIS slip: Submit the completed DIS slip to your ICICI Direct branch or mail it to their office.
5. Verification and Transfer: The ICICI Direct staff will validate the information and initiate the transfer. The process typically takes two to three business days.
Open an account with Upstox– Click here
Online Method (Using CDSL Easiest Facility)
If both your ICICI Direct and Upstox accounts are covered by CDSL, you can use the CDSL Easiest feature.
1. Register for CDSL Easiest
To register for CDSL Easiest, go to the website.
Register your ICICI Direct Demat account for the most convenient service. Complete registration process and link up with your demat accounts.
2. Add Trusted Accounts:
Set your Upstox Demat account as a trusted account in CDSL easiest system.
Enter DP Name (Upstox Securities Private Limited), DP ID, Upstox Client Ids.
3.Initiate Transfer:
Log into Your CDSL easiest Account to Initiate A Transfer. Fill in all details including ISIN number, quantity of shares and demat numbers of trusted account (Upstox) .
4.Verification and transfer:
The verification is done by CDLS itself that then initiates transfer. The whole process lasts 24 hours usually after Confirming transaction.
Important Points to Remember:
Verify Fees: Ascertain if there are any charges for transferring shares. ICICI Direct may levy fees on the DIS booklet and transfer processing.
Precision is needed. Make sure that all details like ISIN, DP ID, and Client ID are correct to prevent rejection of the Transfer request.
Ask support: Call customer care at ICICI Direct or Upstox in case of doubts.
Conclusion
Transferring your shares from ICICI Direct to Upstox can provide new options for improved features and lower costs. Following the steps given will ensure a smooth transition, whether you use the offline DIS method or the online CDSL Easiest tool. Simply double-check all details to avoid any difficulties.
If you encounter any problems, please not hesitate to contact customer service for help. Accept this modification as a step toward improving your investment plan and making the most of what Upstox has to offer. Happy investing!
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