Securities Transfers
Securities may be transferred from one account to another without executing a trade when the following conditions are satisfied.
These are (a) No change in beneficiary ownership, (b) Inheritance and (c) A gift or a donation to the beneficiary.
- (a) A client may transfer securities held through one DP to another DP where there is no change in beneficial ownership. An investor may have more than one account with the same or different participants. In this instance, the investor may transfer securities from one participant to another without executing a trade. This request may be executed by the CSD through the relevant Participants.
- (b) When securities are being transferred as a result of inheritance, the CSD will require the appropriate legal documentation specifying the beneficiary of the said securities. This may include Letters of Administration or Probate.
- (c) When the transfer is as a result of a gift or a donation, the requisite gift tax clearance certificate would be required before the transfer would be executed by the CSD.
A request for transfers shall be effected by following the procedures prescribed by the Central Securities Depository.
