Once you have opened your NRI account with Zerodha, you can transfer shares from your Demat account with the other broker to your Zerodha Demat account using the off-market transfer process. You can now transfer your shares to CDSL Demat accounts online via CDSL Easiest .

To transfer shares from an NSDL DEMAT account to a Zerodha Demat account, you will need to fill up the ‘ Delivery Instruction slip ’ (DIS) the other broker provides & submit it to them along with a CMR copy provided by Zerodha.

The bank maintains a PIS ledger for you when you open a PIS account with the bank.

Before transferring shares to your Zerodha account, here are a few things that you have to make sure of:

1. The PIS account linked to your Zerodha account should be the same as the one linked to your previous broker. If not, you will need an NOC (No Objection Certificate) from the bank. You must submit the NOC to the bank where you hold your other (or new) PIS account. The NOC contains all information about your trades with the previous broker.

2. Please ensure that the shares from an NRE (repatriable) account are transferred to an NRE Demat and NRO {non-repatriable}-NRO. Do make sure that the shares acquired only by the account holder are transferred.

3. You can transfer shares from a resident Demat account to an NRO (non-repatriable) account.

4. If you hold an NRO Non-PIS account , you will be able to transfer the shares from another NRO Demat or Resident account. Kindly ensure that you update the prices for the transferred shares . If prices for these shares are not updated, the tax (TDS) will be debited when you sell the shares.

You can reach out to us for the requisite documents in case of an NRO account (annexures), as the NOC isn’t issued for NRO accounts.

The trades we report get updated in this PIS ledger. The bank maintains a PIS ledger for you when you open a PIS account with the bank. It is pretty similar to the ledger in your Zerodha account. To ensure the correct tax (TDS) is computed, the PIS bank needs to know the acquisition details of shares that have been transferred.

We recommend you update about these transfers with the bank as they're responsible for the fund settlements. If the banks are not updated on the acquisition details (share prices), the money to be credited to your PIS account (when you sell these shares) will be delayed.

Here’s an image of how the format of an annexure looks.

We don’t facilitate opening NRO (PIS) accounts anymore unless requested. Therefore, there wouldn't be a requirement for an annexure.