Off-Market Share Transfer: Effortlessly Transfer Shares Just Like Online Banking Transactions
Discover the convenience of off-market share transfers by simply adding beneficiary Demat account details for a secure, quick, and hassle-free experience, enhancing your financial portfolio growth.
image for illustrative purpose
Off-Market Share Transfers Contribute to Individual’s Financial Growth
Starting January 1, 2024, transferring shares to someone else's account just got easier, thanks to a new off-market transfer process. The off-market share transfer method allows you to move shares directly to another individual's Demat account without the need to wait for the stock market to open, making it as straightforward as transferring money via net banking.
ICICI Bank recently outlined this revised process, which mandates the addition of the recipient's Demat account details before initiating the transfer. There are many off-market share transfer benefits. It is aimed at streamlining the process and enhancing security, ensuring a smoother experience for both parties involved.
A step-by-step guide to do off-market share transfer
Step 1 - Add the Recipient as a Beneficiary
First, you need to add the recipient's Demat account (including DP ID, Client ID, and PAN details) as a beneficiary in your own Demat account. This requires filling out a form provided by your stockbroker. ICICI Bank customers can find this form through a provided link, while customers of other banks should inquire with their respective brokers.
Step 2 - Receive a Confirmation Link
After submitting the beneficiary details, you'll receive a short URL via SMS or email. This link is sent by the depository and is crucial for the next step.
Step 3 - Confirm the Beneficiary Details
Clicking the link directs you to a webpage showing the beneficiary's details for confirmation. To verify the information, you must enter an OTP that the depository sent. Off-market share transfer limits ensure secure transactions within defined parameters.
Step 4 - Finalise the Addition
After successfully entering the OTP, the beneficiary's Demat account becomes officially linked to yours, and you will receive a confirmation of this linkage.
Once you complete these steps, you're ready to transfer shares using the Delivery Instruction Slip (DIS), following the usual procedure. It's important to note that off-market share transfers may incur fees and charges, so being informed about the associated expenses is crucial.
