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This article will walk you through the process of transferring unlisted shares online. We will cover the steps involved in using CDSL Easiest, a web-based system for transferring shares. This guide will provide you with the necessary information to transfer unlisted shares online without any complications.
CDSL Easiest is an online platform that enables the seamless transfer of shares, including unlisted shares. It is a web-based system provided by the Central Depository Services (India) Limited (CDSL), which is one of the two main depositories in India. CDSL Easiest allows investors to transfer shares online without the need for physical documents or delivery instruction slips (DIS). This platform is user-friendly, secure, and accessible to investors from anywhere in the world. In this article, we will guide you through the steps involved in using CDSL Easiest to transfer unlisted shares online, including how to register, add a beneficiary, initiate a share transfer request, and approve the share transfer request.
Please note that CDSL Easiest is available only for CDSL demat account holders and cannot be used by NSDL demat account holders. If you hold an NSDL demat account, you will need to do a different process for transferring unlisted shares.
Benefits of transferring unlisted shares online
There are several benefits of transferring unlisted shares online.
- Convenience: Transferring unlisted shares online is much more convenient than traditional method of transferring unlisted shares through a “Delivery Instruction Slip (DIS)”, as it eliminates the need for physical documents and reduces the time and effort required for the share transfer process.
- Speed: Online share transfers are much faster than offline share transfers, as the entire process can be completed within a matter of minutes, whereas you may need to wait for days or even weeks in the case of offline share transfer if you do not have “Delivery Instruction Slip (DIS)” available.
- Accessibility: Online transfers can be initiated from anywhere, making it easier for investors to transfer unlisted shares, even if they are located in different parts of the country or the world.
Process of transferring unlisted shares online through CDSL Easiest
Below is the step-by-step process on how to transfer unlisted shares online using CDSL Easiest facility.
Step 1: Register for CDSL Easiest using your CDSL demat account
To register for CDSL Easiest, follow below steps:
- Visit: https://web.cdslindia.com/myeasinew/Registration/EasiestRegistration.
- Enter 8 digit DP ID and 8 digit Client ID. You can check your DP ID and Client ID in your Client Master List (CML) provided by your demat broker (Click here to know how to get client master list).
You can also find it in your demat account profile section/ demat account statement.
- OTP: You will receive an OTP on your registered mobile number which is to be entered.
- Account Details: In this section, enter a username of your choice and answer the security question and select the “Trusted Account (PIN)” check-box.
What is Trusted account transfer?
Trusted accounts are the demat accounts where you want to transfer the shares or securities through CDSL Easiest. Trusted account transfer allows the transfer of shares or securities from one demat account to another. Account holders (Beneficiary Owners) can transfer the shares or securities to four CDSL demat accounts of their choice, which have been added as trusted accounts. Please note that transfers can be done from one CDSL demat account to another CDSL demat account only (within CDSL demat accounts only).
- Trusted Details: Here, you need to enter the BOID (16 digits BOID=8 digits of DP ID and 8 digits of Client ID) of the account to which you want to transfer shares or securities.
- Grouping: This is not compulsory to be filled. If you have another CDSL account (more than one account with another broker in CDSL), you can group it. Else, you can skip this option by clicking continue without mentioning/filling anything.
- Finish: The process of registration for CDSL Easiest facility required for transferring unlisted shares online is complete now. Once your demat broker appoves it, the CDSL Easiest facility will be activated for you. Normally it may take upto 48 hours for activation.
Note: You just need to wait for activation and no other form or any process is to be done for activation of CDSL Easiest facility, normally.
Step 2: Login to CDSL Easiest and Select ‘Setup’ from the Transaction section
After you have registered for CDSL Easiest, now you can follow below steps to transfer unlisted shares through CDSL Easiest facility.
- Log in to your CDSL Easiest account and go to the ‘Transaction’ section. Then, select ‘Setup’.
Step 3: Select Bulk Setup
- From there, select ‘Bulk Setup’.
Step 4: Enter Execution date and BOID
- In the ‘Transaction’ section, click “Sell”, enter the execution date and enter the Beneficiary owner ID (BOID) of the person to whom you want to transfer the unlisted shares. To add a trusted beneficiary account, refer to the instructions provided below.
- Next, select ‘NA’ from the drop-down in the Entity Identifier.
Step 5: Enter ISIN of shares, reason of transfer and pay stamp duty
- Click the “+” Sign.
- Select the ISIN of the shares you want to transfer. You can find a list of all your ISINs by clicking on ‘Account ISINs’.
- Enter the quantity you want to transfer and select the reason for trade from the given list. In case of sale of unlisted shares- the reason to be selected is “For Off-Market Sale/Purchase”.
Note that if the off-market transfer involves consideration, you’ll need to pay the stamp duty charges to CDSL before making the transfer as per the applicable rates. You can pay stamp duty online. Click here to know how to pay stamp duty online for transferring unlisted shares.
- Enter Bank Account Details from where you will receive funds for selling this shares.
Step 6: Review details and click Submit & Commit
- For off-market transactions, you don’t need to fill in the Exchange ID, Counter Party Exchange ID, Market Type, Counter Party Market Type, Settlement ID and Counter Settlement ID.
- Review the details and click on ‘Submit’
- After submitting, you’ll receive a message.
- Click “Commit”
- Enter OTP received on your registered mobile number and/or email id.
Step 7: Enter CDSL Easiest PIN
Enter your CDSL Easiest PIN. Note that this is not your 6-digit numeric CDSL TPIN, but an 8-digit alphanumeric PIN that you would have received on your registered email when you signed up for CDSL Easiest.
Once you’ve completed all the steps, your share transfer request will be sent to your DP for confirmation.
You may receive an email and/or SMS within few hours of doing the above process. On authentication of it, the unlisted shares will get transferred.
How to add trusted beneficiary account in CDSL Easiest?
If you have already added the trusted beneficiary account to whom the unlisted shares are to be transferred, you can skip this step.
In case, you have not added the trusted beneficiary account yet, follow the below mentioned steps to add a trusted beneficiary account. After adding the trusted beneficiary account, you can transfer unlisted shares to that account.
- After logging in to CDSL Easiest. Click on ‘Miscellaneous’ and then on ‘Edit Trusted Account.’
- Thereafter, click on ‘Add Trusted Account’ and enter 16 digits BO-ID of that account to whom the shares are to be transferred. Make sure that the BO ID entered is accurate. Once shares are transferred to the wrong BO ID, it is irreversible just like a money transfer to a wrong bank account.
- This trusted account should get approved in 24 working hours. Post that you can transfer unlisted shares to that account.
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We hope that this article helped you by providing information regarding the process of transferring unlisted shares online via CDSL Easiest. You may also like to have a look at our offerings of Unlisted Shares & Pre IPO Shares.
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