Transfer of shares from Karvy NRI to Another Broker NRI

I want to move my holding from my Karvy (Demat/Trading) to another broker or 3-in-1 type of account.
I have PIS with another bank. I would want to close it as well.

All existing banks are focused on opening NRO/NRE bank account. What I want is a


  1. As one can have only one PIS, should I close my existing PIS and open new one ?
  2. How and when will transfer happen ?
  3. Can DIS slips be used ?
  4. How long does the entire process take ? Do I need to visit India as a lot of guys I talk to tell me that they cannot process when someone is present in USA.

Thank you

Please confirm if you have an account with Axis, HDFC or Yes Bank? In that case, you wouldn’t be required to close the PIS account.

  1. Correct, You cannot open multiple PIS accounts. You can have one NRE-PIS linked with one broker. The same NRE-PIS cannot be linked with another broker nor will you be allowed to open another NRE-PIS with a different bank. An NRI isn’t allowed to obtain multiple PIS Permission letters. As informed above, in case you wish to open an account with Zerodha you need an account with one of our partnered banks then you wouldn’t be required close the PIS account.
  1. You can initiate the transfer of securities from the Karvy account once you open an account with any broker.
  1. You can transfer shares from your demat account with the other broker to your any demat account using the off-market transfer process or closure cum transfer.

Your broker may charge you to transfer shares out of your account with them using the DIS method. However, if you are closing your DEMAT account and transferring the shares from another broker to Zerodha, i.e ‘Closure cum transfer’ there won’t be any charges for the transfer.

  1. If the documents are in order, the whole process should not take more than 7 working days. It’s not necessary that you need to be in India.

Please wite to nridesk[at]zerodha[dot]com and we’ll assist you further.