I have 2 demat accounts in the same name
I want to close my account with Reliance Money,
because
1. Online trading is not possible as the security token numbers never gets accepted, as the system is slow and the token gets changed in the meanwhile;
2. The service is very poor and phone lines are always down everytime and there is no way to get in touch with them - online or offline to buy or sell shares; have made huge losses as I was unable to sell at the right time.

Now, have opened an account with a local broker- wanted to know the procedure to transfer shares to the new demat account and how much time will it take.
Again, as usual, the Reliance Money execs at the chembur and ghatkopar branch have no clue how to do it. I am stuck.
Need help

Doesn't Reliance Money provide a Delivery Instruction Slip Book?

Just like a bank account has a cheque book, a demat account has a delivery instruction slip (DIS) book.

To transfer shares from your Reliance Money account, you have to fill a DIS and submit it to the DP office of Reliance Money.

(Not all offices of brokers accept DIS.

For example, I have a ICICI Bank demat account, but the bank branch near my home does not accept DIS. To submit DIS, I have to go to the bank's main branch).

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There is a basic difference between Cheque and DIS.

The Cheque is deposited by the beneficiary at his own branch.

On the other hand, the person who is initiating the transfer deposits the DIS at his DP.

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Doesn’t ICICI have an e-instruction facility for transferring shares from one Demat account to another? I have never used this feature on the ICICI internet banking website. But I recollect reading that if you link your Demat account to your internet banking user ID, you can do the transfer via internet.

Yes, they do.

I haven't activated it.

I still use DIS.

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Hey,

Why dont you open account with HDFC or ICICIdirect rather than opening an account with local broker. It becomes very easy for you to buy and sell shares through internet and u even don't have to submit delivery instruction slip. I had very bad experience with local broker. His service is very poor, not reliable and you have to go to his office to submit DIS every time. And it becomes quite time consuming to change the order. And he took 3 months to transfer shares from old account to new HDFC account.

Does reliance security have e-instruction facility?

Last Diwali I had given a DIS request to transfer gold etf units to icicidirect, transfer has still not happened .

I am worried that DIS may be misused.

Another option is to sell in reliance and buy via icicidirect on the same day, I guess this way I won't have to pay any taxes.

I filled up my DIS slip to transfer shares from my account to another account.

My broker (Geojit) calls me and tells me that there's a signature mismatch. They need a bank manager to "attest" my signature.

I tell them that I don't have the time to get a bank manager attest my signature - I don't know any bank manager personally to have him attest my signature since most of my transactions are online.

I say that I can provide one more signature against the DIS slip , and some ID proof - like my PAN card - but they keep insisting on a "bank managers" attestation.

Are other brokers inflexible like Geojit? I understand that being particular about signature is a good thing, it adds to security, but beyond a certain point becomes a hassle and a frustrating experience.

This is not the first time that I'm facing a problem with Geojit when it comes to such things. I'm considering moving my account to another broker where things are hassle free - any suggestions ?

You need not know the bank manager to get a signature attestation. Just go to him with all the required documents and he will do it for you.

Doesn't Geojit allow you to transfer your shares online?

Kotak Securities allows that.

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There's no facility in Geojit for online transfer of shares - at least I'm not aware of it.

All I have is DIS booklet.