Earlier, I too had my Demat account with HDFC Securities (NSDL) and I had SGBs too in my holdings. 2 years back, when I made up my mind to move out to Zerodha (CDSL), my ex-relationship manager discouraged me that SGB can’t be moved from NSDL to CDSL so I would not be able to close the HDFC Securities A/c, so it’s better to abandon the idea. But I went ahead and submitted the DIS slip and another form. It’s mentioned in this thread.
@nithin you should hear the funny part. At the counter of the nearest HDFC Securities branch when I submitted the forms he asked me where am I moving to. And then saw the CMR copy of Zerodha and smiled. And when the paperwork was complete and I was about to leave, he told me quietly he too has an account with Zerodha. Tells you why he smiled earlier.
One big lesson for any company is - its employees are the real stakeholders, not the share holders or investors who have only put in money. Though he was working at HDFC Securities, he had an account with Zerodha. That’s life!