Delivery Instruction Slip (DIS)
A DIS is like a cheque leaf that enables an off-market transfer of securities from one demat account to another. It needs to be filled in and signed, before being handed over to the depository participant's office.
The DIS will hold the unique ISIN of the demat holdings that are being consolidated, the name of the security, and the details of the source and target demat accounts and DP ID. The DIS has to be signed by holders of the demat account as per the mode of operations.
The off-market transaction will be put through by the system, and if the target account has the same account holders, there will be no tax implications. The demat account and the DP ID will be modified in the records of the depository, but the beneficial owners will remain the same.
After the transfers have been completed and credit to the single demat account has been confirmed, all demat accounts with zero balance can be closed by submitting an account closure form.
Securities with a lock-in or lien cannot be transferred.
Securities Transaction Tax (STT) is not payable for off-market transactions.
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