How To Transfer Shares From Upstox To Zerodha (3 Methods Explained) (2024)

Personally, I have both Upstox and Zerodha Demat accounts. I primarily use the Zerodha account for both my investing and trading purposes. I opened the Upstox account for my first-hand experience with their service. I personally feel Upstox needs to work on customer support to hold the existing customers.

I have divided this article into 2 parts.

• Upstox account closure cum transfer
• Only share transfer and keep the Upstox account

Upstox doesn’t provide an online process for account closure. So, you need to follow the offline process for account closure cum transfer. Whereas you have both online and offline options for only transfers of shares.

In this article, I have explained Upstox to Zerodha share transfers process but you can use the same steps to transfer shares from the Upstox Demat account to any other broker in India.

Closure Cum Transfer From Upstox to Zerodha

You can close your Upstox account only through the offline method. You need to follow 2 step process to close your Upstox account along with transferring your holdings to your Zerodha account.

Step I. Get Zerodha CMR Copy

You need to Submit a Zerodha CMR copy to the Upstox team along with Demat Account Closure Form. Client master report or CMR copy is the document provided by Indian brokers that contains all the details of your Demat account with that broker.

You can find your Zerodha CMR (Client Master Report) copy in the Console portal in the Documents section under the Account tab.

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Step II. Submitting Demat Account Closure Form

You need to courier the Upstox account closure along with a Zerodha CMR copy to the Upstox head office. You can find the Demat account closure form in the “Download Forms” section at the bottom of the Upstox homepage.

Or you can download the demat closure form from here.

Take a printout of this form, fill it out precisely, along with Zerodha CMR Copy, and mail it to the address below.

Upstox,

30th Floor, Sunshine Tower,

Senapati Bapat Marg, Dadar- W,

Mumbai – 400013

Upstox will analyze all the information, transfer your shares to the Zerodha account, and will close the Demat account. The whole process will take around 7-10 days.

Ensure that you fulfill the account closure requirements (discussed below) before sending the form.

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Upstox Demat Account Closure Requirements

• Clear the outstanding amount if any. Your account can only be terminated if you do not have a negative account balance.You can check the Upstox account charges to know the outstanding amount.
• Keep no securities like stocks, mutual funds or other holdings in your Demat account. You can either sell or transfer your holdings if any using any of the above-discussed methods.
• Withdraw your funds before closing the account.
• Close all the F&O open positions

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Share Transfer From Upstox to Zerodha Without Account Closure

You can transfer shares from Upstox to Zerodha online and offline both ways. The online process is more simple and will take about 2 to 3 days whereas the offline process can take up to 15 days.

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#1. Online Share Transfer from Upstox to Zerodha

You can transfer shares from your Upstox account to your Zerodha account online through the CDSL portal. CDSL (depository) has launched this portal to help Demat account owners manage their securities and their holdings online.

You have to do CDSL registration to transfer the shares through CSDL portal.

I. CDSL ‘Easiest’ registration

Step #1 – Visit the “CDSL MyEasy” portal. Click on “To Register for Easiest”.

Step #2 – Enter Upstox DP ID and Client ID. Click on “Next” and enter OTP that you’ll receive on your registered mobile number.

You can access your Upstox Demat account number in the “Profile” section under the “Accounts” tab.

Note – Your first 8 digits of the Demat account number are the DP ID and the last 8 digits of the Demat account number are the client ID.

Step #3 – Fill in personal information like username, and security question.

Step #4 – Enter Zerodha BO ID (Demat account number) in the “Trusted Details” section and click on “Submit”. Now click on Continue. If you don’t have opened a Zerodha account, you can check the Zerodha annual account charges to open the account.

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The next tab is “Grouping” which allows you to access multiple Demat accounts with different brokers from one CDSL ID. So you don’t have to make multiple CDSL IDs to register each Demat account.

Follow the process mentioned below to add different Demat trading accounts with this CDSL ID.

• Click on Add button
• Enter the BOID of the demat account you want to attach with the CDSL ID
• Click on ADD BOID.

(You can skip this step if you are not going to add multiple Demat accounts.)

Step #5 – Click on Finish and your registration process is complete.

After completing the easiest registration process, you get two emails from CDSL.

• First e-mail concerning registration approval
• And another email would provide login credentials

II. Share transfer online through the CDSL portal

Step #1 – Login to the CDSL Myeasinew portal

Step #2 – Click on the transaction menu and then click on the Setup option.

Step #3 – Click on the Bulk Setup button on the left side.

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Step #3 – Fill in the required details. The execution date would be the present-day date on which you are executing the share transfer.

Select the Zerodha BO-ID from the “Counter BOID” menu.

No need to fill in other fields like counter settlement id, and market type.

Step #4 – Fill in ISIN details as shown below. If you don’t know ISIN details click on the orange button “Account ISINs” and select all the shares from there.

Fill quantity of shares you want to transfer in the “Quantity” field. Consideration amount is not a mandatory field so you can skip it.

Select “Transfer to own account” in the “Reason for Trade” option and Click OK. You’ll see all shares’ ISIN details below. Check the details and now you can click on “Submit”.

You’ll get a temporary transaction number.

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Step 5 – Click on the “Verify” button and you’ll be able to check all your transactions. You can select the transaction entry and click on the “Commit” button in green color.

Now enter OTP delivered to your registered mobile number and then enter “TPIN”.

That’s it. Once you complete the above-shown process. Upstox would verify the transactions and after verification, the shares would be reflected in your Zerodha dashboard within 2 working days.

You can also read our detailed review of Zerodha demat account for a better understanding.

#2. Offline Stock Transfer From Upstox to Zerodha

You need to fill Delivery Instruction Slip (DIS) and send it to Upstox via courier to transfer the Upstox account shares to the Zerodha account.

Step 1 – Get the DIS booklet from Upstox

Since Upstox does not provide a DIS booklet online, you have to fill out an application form first.

Download the DIS application booklet form from here.

Print the form, fill in the required details, and courier it to Upstox’s head office address mentioned below.

Upstox,

30th Floor, Sunshine Tower,

Senapati Bapat Marg, Dadar- W,

Mumbai – 400013

Upstox team will dispatch the book within 2 to 3 days and will take a total of 5 to 7 days to receive the booklet.

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Step II – Submit DIS booklet with Upstox Team

You have to fill in the DIS received from the above step. The DIS booklet would look like the below snapshot.

Here’s what you need to fill out on the instruction slip:

• Depository (DP) Name –Target Depository Name (fill in the broker’s name where you want your shares to be transferred to). In your case, fill out Zerodha Broking Ltd. or just Zerodha.
• Counter DP ID – Zerodha’s DP ID (first 8 letters of your Zerodha’s demat account number)
• Counter Client ID – Your Zerodha’s client ID where you are transferring the shares (Last 8 digits of your Zerodha’s demat account number).
• Security details – Scrip (stock) name, ISIN, and quantity.

After filing the DIS you have to send it to Upstox’s head office mentioned above.

Upstox will verify your details and transfer the shares to your Zerodha demat account within 5 to 7 business days after receiving the DIS form.

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