Account holders of Karvy

A lot of our clients who are also clients of Karvy Broking, have reached out to us wanting to know the procedure to transfer their securities from their Karvy demat account to their Zerodha demat. This is in the wake of CDSL having sent out the below email to investors:

Note: If you aren’t able to transfer out your securities by the 11th of December, do not worry. Please read on.

We’ve gotten a lot of queries, so creating this thread. You may post any questions you may have on this thread and we’ll do our best to answer them. Noting down a few things that we’re already aware of:

  1. CDSL has asked all investors to reach out to Karvy and effect a closure cum transfer. This is in the aftermath of the incident at Karvy and CDSL having terminated them as a depository participant.

  2. Investors can reach out to Karvy until the 11th of December 2020, to carry out a closure cum transfer. To do so, you will have to submit a closure-cum-transfer to Karvy

  3. To ascertain your actual holdings in your demat account, please register for easi. easi is a portal developed by CDSL for investors to check their holdings. The procedure to register for easi is available here: How do I register to CDSL easi? It is said that holdings that weren’t existing were being shown to investors as available holdings on the broker’s backoffice. By logging into easi, you can actually verify if the holdings exist or not.

  4. If you don’t find holdings that you expect to find in your demat account, you may need to take it up with the Exchanges. Please be sure to keep all copies of your contract notes and other such documents as proofs for submission.

  5. If the holdings are available, you will have to submit a closure-cum-transfer** form to Karvy along with a copy of your digitally signed client master report. If you are trying to transfer shares to your Zerodha demat account, you can request for the digitally signed CMR by logging into Console on the following path

Click on the profile icon on the top right corner -->Documents -->Select Document type as CMR → Click Submit

Your digitally signed CMR will be emailed to you.

If you’ve already sent digitally signed copies and if Karvy is insisting on a physically signed CMR, please forward them a copy of this regulation from CDSL:,%202020.pdf

(Refer page 5 of 15 of Chapter 10)

CDSL operating instructions allow a DP to initiate a transfer by accepting a digitally signed CMR copy.

  1. If you aren’t getting the required support from Karvy and are unable to transfer shares before the 11th of December, do not worry. Karvy must be inundated with transfer requests and they may not be in a position to process them all. After the 11th of December, your account will be transferred to CDSL. CDSL will issue a suitable notification on how to effect the transfer post 11th of December to an account of your choice.

  2. You will not be able to transfer out securities using any of the electronic methods including easiest.

  3. Lastly, if you don’t have an account at Zerodha, and would like to open one and then transfer your Karvy holdings, you may visit this link: The process of opening an account at Zerodha is completely online, simple, convenient and quick.

** Closure cum transfer can only be done between the same account holders. If you’re holding a joint account, the order in which the names appear in the demat account have to be the same in both accounts


what about NSDL to CDSL.

I submitted all form with CMR copy but this **** KArvy isnt replying to my mails & calls.

I swear that leave it cant say.

An inter-depository transfer can be made. You can wait until CDSL takes over, things may happen systematically then. There could be delays though.

Now, the depository(CDSL) is processing the Closure-Cum-Transfer for clients who hold Demat A/c in Karvy/Anugrah Stock Broking.


  • A request Letter addressing To CDSL stating transferring of Demat a/c from Karvy/Anugrah to your New Demat A/c (please mention From DPID; to DPID and wet signatures of all the a/c holders)

  • Self attested PAN copies of all the holders

  • Digitally signed CMR copy of new Demat a/c

Zip all the three doc in one and email to [email protected]


I received the same kind of email from NSDL on 22 Dec, as my demat account is with them.
Do we have to follow some different procedure to
transfer the shares from Karvy to Zerodha.
I tried asking nsdl about the procedure but they
haven’t replied to any of my emails as yet.
Can anyone please clarify the procedure for nsdl demat a/c holders?

Hi all,

Can someone confirm that CDSL is indeed able to close the acct at karvy and steering shares to new demat based on request being sent to cdslindia. Would appreciate if someone can share the experience and also the timeline by when cdsl is able to act on this. I am in a similar situation and based on this I had emailed a couple of days ago.

I would like to know this process as well. NSDL has terminated as of Dec 31 the DP partnership with Karvy. However unlike CDSL there is no info on how to transfer Karvy stocks from NSDL to a new broker. Thanks.

I am having NSDL account, can please anyone update on this?

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Source: Officials from NSDL Answer Pressing Queries from Investors of Karvy


Request you to wait for 30 days, your request will be processed within this timeline.

already 1 month going,still now shares not transfered

please send form-34

Please wait for some more time depositories they are already working on the closure request received from the clients, as the volume is very high it’s taking a little longer time for them.

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Did anyone manage to get through NSDL’s customer care? They dont answer the calls. They are not replying to the mails.

I have opened account with Zerodha. Received the physical CMR copy as well. From where do I get the Form 34? NSDL website is shit and doesn’t have the forms.

Also to which address should I send the documents to?



@mmaheshlic Are you looking for this form - (From a document on the NSDL website, I found that Form 34 is called - Application For Closing An Account (For Beneficiary Account only) - and then searched for it on the Karvy website. If you want to use the NSDL version of this form, then you can refer to Page 237 of the NSDL document that I mentioned above)

Thanks a lot!

Do you have the address to which we have the send the physical documents to?

or should we mail them the soft copies?

@Sanjay_Kumar_E mail sent,there is no response from NSDL,mail sent by 2 weeks

where did you send the letter and did you fill the Form from NSDL page 237-

AND also the karvy form - ?