I created a 5Paisa broker account. I tried creating it’s easiest account but it’s been more than 48 hours and I still haven’t received my login details from CDSL. I am assuming this is happening because CDSL doesn’t allow multiple login IDs for one Pan card as per the discussion : https://tradingqna.com/t/upgrade-bo-to-easiest-option-is-not-coming-in-grouped-boid/140540. Since I already have one easiest account opened using Zerodha BOID. Hence I choose to do grouping of BOIDs( of brokers : 5Paisa, Paytm Money, Dhan) in the already created CDSL easiest account.
I see that my grouped BOIDs have “EASI” as their account type instead of “EASIEST”. I am not sure if that will be an issue or not. Nevertheless, my goal is to transfer some securities from “Zerodha BOID” to “5Paisa BOID”. Is that possible by just adding “5Paisa BOID” as trusted account and then initiating the transfer.
Then the secondary and less important question is : Can I transfer securities from “Paytm Money BOID”( grouped and EASI ) and “Dhan BOID”( grouped and EASI) by adding them as trusted BOID?
I have already read it many times and several others like it on zerodha support website. Did you read my question? My question is related to a very specific problem and not general question of : “How to transfer shares?”
A grouping facility is provided for the convenience of viewing shares held in multiple demat accounts under a single set of login credentials.
You will NOT be able to transfer shares from the primary demat account, in which you are registered with CDSL easiest, to other grouped IDs. If you wish to transfer shares from your Zerodha demat account to another demat account, you need to add the transferee’s BO ID as a trusted account in CDSL easiest. For detailed instructions, please refer to How to add a trusted account on CDSL Easiest?
Additionally, if you wish to transfer shares from your Paytm demat account or 5Paisa demat account to your Zerodha demat account, you need to first remove them from the grouping (if they are grouped with your Zerodha demat account) and then register the Paytm demat account or 5Paisa demat account separately with different usernames/login names in CDSL easiest. Afterward, add your Zerodha BO ID as a trusted account.
The “request of share transfer” was rejected by Zerodha ( i.e. DP ) and I received the following mail from Zerodha:
Dear Arpit,
Your off-market share transfer has been rejected due to the absence of beneficiary details associated with your account. As per CDSL’s circular, to avoid any incorrect transfers, all off-market transfers will only be processed if the sender of the shares (transferor) adds the receiver’s (transferee’s) demat account as a beneficiary on CDSL. You can follow the steps mentioned in this article to add beneficiary details for your account and reinitiate the transfer.
This step is applicable only the first time you transfer a stock to someone, similar to adding a beneficiary for bank accounts.
Regards,
Team Zerodha
I thought that once a BOID is added as a trusted account then the shares can be transferred. And BOID needed not be added as a beneficiary. I followed the process of share transfer exactly as given in first link in this reply
Please note that the process of adding beneficiary details is an additional step after adding the trusted account.
According to SEBI’s later circular released on December 30th, 2023, when transferring shares from one demat account to another, the transferor must add the transferee’s BOID as a beneficiary and authenticate it before the transfer.