How to transfer shares from IIFL to zerodha

Transfer shares from IIFL to zerodha

Transfer shares from IIFL (India Infoline) to Zerodha entails two steps: closure cum transfer and off-market transfer. Here are the detailed steps for both methods:

1. Closure and transfer.

This method is used to cancel your IIFL demat account after transferring the shares to Zerodha. It is necessary that you submit the application for account closure. You must include the Trading and Demat IDs, as well as the signatures of all account holders.

Furthermore, DP transfer fees are exempt if you submit for Transfer Cum Closure. In the event of a transfer cum closure, IFFL require the CML of the destination Demat Account with DP Stamp and Sign, as well as the closure letter.

(Name with another DP is required in the same order as in the existing account). In the closure letter, specify the reason for closure as “”Shifting of Account “”.

Before requesting for Account Closure, you must first clear the debit balance on your account. If there is any credit balance existing in your Ledger account, same will be transferred to your bank account mapped with our records.

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Submission of form

Step-by-Step Process to Submit Account Closure Form to transfer your shares from IIFL to Zerodha:

Download the Account Closure Application Form:

• Go to the IIFL official website.
• Look for the ‘Downloads’ or ‘Forms’ section, usually found under ‘Customer Service’ or ‘Support’.
• Download the ‘Account Closure Application Form’.

Fill Out the Form:

• Mention your Trading ID and Demat ID.
• Ensure all account holders sign the form.
• Mention the reason as “Shifting of Account” in the closure letter.

Clear Any Debit Balance:

• Ensure there is no debit balance in your account.
• Any credit balance will be transferred to your linked bank account.

Obtain Client Master List (CML) from Zerodha:

• Log into Zerodha Console
• Go to the ‘Account’ section and click on ‘Documents’.
• Download the Client Master List (CML) with DP Stamp and Signature.

Submission:

• Ensure you have the filled Account Closure Application Form and the CML from Zerodha.
• Locate the nearest IIFL branch using the branch locator on the IIFL website under the ‘Contact Us’ section.
• Submit the Account Closure Application Form and the CML to the branch.
• Ensure you mention the reason for closure as “Shifting of Account” in the closure letter.
• Obtain an acknowledgment receipt for the submission.

Verification and Transfer:

• IIFL will verify the details and initiate the transfer process.
• The shares will be transferred to your Zerodha demat account within a 3-5 business days.
• Confirm the closure of your IIFL account.

Online Option

If IIFL offers an online submission option, the process may be slightly different:

• Visit IIFL’s online portal.
• Look for ‘Account Closure’ under ‘Customer Service’ or ‘Support’.
• Upload the filled Account Closure Form and the CML from Zerodha.
• Complete the online submission process as guided on the portal.

Check Holdings on Zerodha

After the transfer is complete, log into Zerodha Kite or Zerodha Console to ensure that all shares have been transferred and update the buy average price for accurate portfolio tracking.

• It takes a minimum of 24 hours for the amount to get transferred.

2. Off-market Transfer.
This strategy is utilized for transferring shares to Zerodha without shutting your IIFL demat account.

• Obtain the Delivery Instruction Slip (DIS).

Request a DIS booklet from IIFL. You may need to go to your nearest IIFL location or obtain it online.

• Fill out the DIS.
• Your IIFL demat account information (source account).
• Zerodha demat account information (target account).
• ISIN numbers of the securities being exchanged.
• The quantity of each security being transferred.
• The mode of transfer (intra- or inter-depository). Because IIFL and Zerodha both use CDSL, you will need intra-depository slips.
• Submit the DIS.

Sign and submit the DIS to IIFL. Ensure that you receive an acknowledge receipt from IIFL for the submission.

• Verification and transfer:

IIFL will validate the information and initiate the transfer. Shares will be sent to your Zerodha demat account within a 3-5 business days.

Steps for obtaining the DIS

Please follow the steps below for obtaining a Delivery Instruction slip (DIS):

Through the IIFL Mobile App:

1.Log in to the mobile app.

2. Select My Reports.

3. Issue DIS.

4.Check your DP details.

5. Select Issuance Type and click Slip Request.

6.You will receive your Delivery Instruction Booklet at the address you provided with IIFL.

Through the TT Web:

1. Log in to https://ttweb.indiainfoline.com/trade

2. Select My Account.

3. Select DP.

4. Select Issue DIS.

4.Check your DP details.

5. Select Issuance Type and click Slip Request.

6.You will receive your Delivery Instruction Booklet at the address you provided with IIFL.

Steps for Online Transfer

The account holder must visit the CDSL website and sign up for an account. Then you must submit the EASIEST (Electronic Access to Securities Information and Secured Transaction Execution) form to the DP. After the DP completes the verification process, the account holder can make additional transactions. To accomplish the share transfer, follow the steps below:

• After visiting the CDSL website (www.cdslindia.com), select the ‘Register Online’ option. Then, in the menu, select EASIEST (Electronic Access to Securities Information and Secured Transaction Execution).
• Complete the EASIEST Registration form with the relevant information. Enter your DP ID (your broker’s ID), BO ID (the Beneficial Owner, who owns the Demat account), email address, phone number, and so on. You will receive a one-time password (OTP) via your registered mobile number.
• Enter your OTP in the supplied area. Your registration will be completed within 24 to 48 hours of your telephone number being authenticated, and you will be able to transfer shares from one Demat account to another online.
• After completing the EASIEST Registration form, select “Print Form” from the menu.
• Once the DP has finished the form’s verification procedure, you will receive a password via email.
• You, as the account holder, can log in and transfer shares using the password.

Submission of DIS

1. Fill out the DIS form completely.
2. Obtain the Client Master Report (CMR) from Zerodha, signed and stamped.
3. Visit the nearest IIFL branch.
4. Submit the filled DIS form and CMR documents to the branch officer.
5. Request an acknowledgment receipt for your submission.

• The DIS request form can be submitted online by individual account holders if their Aadhaar is linked to a mobile number.

Confirmation of the closure IIFL account.

For any confirmation of the closure of IIFL account. You can check these details by logging into your account online by contacting a registered branch of your brokerage. Ensure you download the ‘Account Closure Form’ and other important paperwork which will be necessary for you to submit when you request for closure.

Will user receive any emails for the updates of entire process?

Yes, you may get notifications to you via email or in writing as a hard copy notice, or through conspicuous posting of such notice on our Website page. You may choose to opt out of certain means of notification as you may deem fit.

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IIFL Customer Care Number-1860-267-3000 / 7039-050-000

Additional points:
Online transfer:

If IIFL provides an online transfer option through their portal, simply log in to the IIFL website and follow the steps to transfer shares online. This normally entails comparable stages, but it can be done without the need for physical documents.

Check Holdings:
After the transfer is complete, check your Zerodha holdings on Kite or Console to ensure that all shares have been moved.

Updated Buy Average Price:

Manually adjust the buy average price for transferred stocks on Zerodha to ensure correct portfolio tracking.

Transfer Charges:
While closure cum transfers are often free, there may be fees for off-market transfers. Contact IIFL for information on any applicable costs.

Following these precise instructions will allow you to effectively transfer your shares from IIFL to Zerodha via the Closure cum Transfer or Off-market Transfer methods.

Conclusion

You can transfer shares from IIFL to Zerodha using either the closure cum transfer or the off-market transfer technique. For closure cum transfer, obtain the appropriate documents from IIFL, precisely fill them out using Zerodha’s CMR, send them to IIFL, and await verification and completion.

In the case of an off-market transfer, receive a DIS from IIFL, complete it with the necessary information, submit it, and validate the transaction. Closure cum transfers are typically free, but off-market transactions may incur fees. Overall, these measures promote a smooth transfer process and good portfolio management.