In light of SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/139 dated August 8, 2023, the process for submission of off-market transfer instructions (i.e., transfer of securities from one investor's demat account to other investor's demat account) has undergone a change with effect from Monday, January 1, 2024. In this regard, you will be required to add the target beneficiary demat account (one-time) details before executing the off-market instruction.
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In this context, please follow the below steps :
1. Add the target demat account (viz., DP ID, Client ID and PAN details) as "Beneficiary" in your demat account by submitting the requisite form. Your Depository Participant will provide the prescribed form for adding the target beneficiary demat account details. The sample form is enclosed for your information.
2. Once your DP enters the target beneficiary demat account details in the NSDL Depository System, a bitly link will be generated and sent by NSDL to your registered mobile number and email address mentioned in your demat account.
3. On clicking the said bitly link, you will be redirected to a web page wherein the details of target beneficiary demat account will be displayed (as mentioned by you in the prescribed form). Please verify and confirm the target beneficiary demat account details and enter the OTP received from NSDL.
4. On submitting the correct OTP, the target beneficiary demat account will be added in your demat account and NSDL will send a confirmation on your registered mobile number and email to this effect.
5. Post this addition, you can go-ahead to submit the delivery instruction slip for initiating off-market transfer as per existing process.
Please note that the aforesaid mentioned process will be also required to be followed in case you wish to delete the beneficiary account details from your demat account.
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