It’s possible to transfer the SGB from an NSDL Demat account to a CDSL Demat account. However, this is an offline process for which you’ll have to submit a Remat request to DP with NSDL and a Demat request to DP with CDSL at the same time.
You’ll have to approach NSDL-DP and ask them for the Remat request form, fill it up and submit it to them.
You needn’t have to wait for them to issue you the certificates and then approach your CDSL-DP and get it Dematerialised. If you’ve opened a NSDL account at ILFS through Zerodha, you may forward the copy of the remat form to us and we’ll facilitate the transfer.
When you submit them the Remat request you’ll also have to initiate the Dematerialisation request with the CDSL-DP
To remat you will have to provide a rematerialization form along with an ID proof and address proof to your NSDL-DP. The remat form will have to be filled with details of the number of units of SGB and the relevant series that you wish to remat.
After you’ve submitted the remat form to your NSDL DP, simultaneously, you’re also required to send the Demat request form to the CDSL DP along with a letter for Value Free Transfer Letter (Format attached) and the Statement of Holding of the Account from NSDL DP duly stamped and signed by the authorized signatory of the DP indicating that you are holding the SGB units in your NSDL Demat account.
On receipt of the above-mentioned documents from the customer, the DP will then have to set up the Dematerialisation request and forward the physical documents to CDSL for further action.! CDSL would then co-ordinate with NSDL and facilitate the transfer from NSDL to CDSL of the SGB units.
