HDFC Securities to Groww
Are you looking to consolidate your money and have a smooth trading experience with Groww? Transferring shares from HDFC Securities to Groww is a simple process that can help you better manage your portfolio. Whether you want better services or lower brokerage fees, this guide will help you through each step.
Transferring shares from one demat account to another is a process that can be made easier if you follow the right steps. A detailed guide on transferring shares from HDFC Securities to Groww via both offline and online methods is given below.
Let’s get started on making your investment transition as seamless and efficient as possible!
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HDFC Securities
HDFC Securities Limited is a financial services intermediary and a subsidiary of India’s private sector bank, HDFC Bank. It is the stock-broking arm of India’s largest private-sector lender, HDFC Bank, commenced operations in April 2000.
Groww
Groww is a Bangalore-based broker that provides online flat cost discount brokerage services for investing in equity, IPOs, and direct mutual funds. Groww is the brand name for Nextbillion Technology Private Limited, a SEBI-registered stockbroker and member of the NSE and BSE. Groww provides free mutual fund services, including no expenses for investing or redeeming mutual funds.
Before you can begin the transfer process, you must have an active Groww Demat account. If you don’t already have one, follow these steps to set up an account:
- Download the Groww app which is available for both Android and iOS.
- Register using your email address and create a password.
- You must finish your KYC (Know Your Customer) process. Please have the following documents handy:
- PAN Card, Aadhaar Card, Bank Account Details, and Signature on White Paper.
- After you submit your documents, Groww will validate your information. This process may take few days ( mostly 2 days).
- Once your account is activated, you will receive the CMR, which includes information such as your Groww Demat account number and DP ID.
Share Transfer Process Participants
Before digging into the steps, it’s important to understand the primary people engaged in the transfer process:
- The Investor who initiates the transfer process.
- The Current Broker (HDFC Securities)
- The New Broker (Groww)
- The Depository Firm (CDSL or NSDL) that facilitates the transfer of shares.
Offline Transfer Method
To use an offline method, it entails using Delivery Instruction Slip (DIS). Here is how manually you can transfer your shares:
Collect a Delivery Instruction Slip (DIS):
- You should visit HDFC Securities office or request for DIS slip online.
Fill in the DIS Slip:
- Beneficiary Broker ID and Enter 16-digit IDs of both HDFC Securities and Groww in this part of the form.
- International Securities Identification Number (ISIN) in which the number identifies each security uniquely. Fill out ISIN carefully along with number of shares which you want to transfer.
- Off-market for intra-depository transfers or inter depository while shifting between CDSL and NSDL.
Sign and Submit the DIS Slip:
- Sign filled up DIS slip and give it to HDFC Securities.
- Check for the specific charges since it can be levied by HDFC Securities while transferring.
Acknowledgment and Processing:
- Get an acknowledgment from HDFC Securities.
- It typically takes approximately 3-5 days for transfer process to complete.
Online Transfer Method
For more convenience, you can use online method of transfer which is offered by CDSL known as EASIEST. Do the following:
Register at EASIEST on CDSL:
- Go to Myeasi (BO/CM)” link found in CDSL website’s home page.
- Select the option “To register for EASIEST click here’” and fill in your Client ID and DP ID (data from HDFC Securities).
Complete your Registration Process:
- A one-time password will be sent to your linked mobile number. Insert this OTP to proceed further for registration steps.
- Fill in relevant details with an account type ‘Trusted Account (PIN)’.
- You need to enter Groww demat account number (it is available in either your Client Master Report or CMR from Groww).
- For up to four brokers, you can provide their details too.
Verification and Credentials:
- Once submitted, your information will be verified by CDSL.
- You will get three emails containing login credentials (Login ID, password, pin).
Log into CDSL EASIEST:
- Utilize your credentials to log in.
- Feed the info like Buyer BO ID and PAN details for BO Linking Setup and click on ‘Submit’.
Initiate the Transfer:
- Go to ‘Transaction’ tab and select “Setup for transferring stocks through EASIEST”.
- To add ISIN, quantity, and transfer reason, choose ‘Bulk Setup’ option.
- Click on final submission after filling in the details and validating OTP received on registered mobile number.
- Groww will authenticate it at their end followed by processing off market transaction request submitted by you.
Note
- Groww charges a small amount of money while you transfer shares from your Demat account to another broker. Transfer Fee is Rs 15.93 per company. For example, if you have four different companies with shareholdings then you will be required to pay a total sum of Rs 63.72 as fees.
- Make sure enough funds are maintained in the Groww balance before making payment of transfer fee to avoid rejection.
Tax Implications
When transferring shares, it’s crucial to understand its tax implications:
- Transfer to Self: No tax liabilities.
- Transfer to Another: No tax liabilities provided done through gift deed within limits. Otherwise there might be applicable capital gain taxes.
- Capital Gain Tax: When these shares were initially received through Demat transfer.
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Conclusion
Transferring shares from HDFC Securities to Groww is a simple process that may be completed offline or online. The procedure consists of multiple steps, but with careful attention to detail and good documentation, your investments will migrate seamlessly. Always consider the tax implications and keep a sufficient amount to pay any transfer fees.
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