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Why did CDSL send an email with the revised process for submission of off-market transfer?

CDSL sent this email to update clients about a change in the process for off-market transfers, effective December 30, 2023. According to CDSL's circular (WEB), off-market transactions can only be carried out if the buyer's (receiver’s) demat account is added as a beneficiary in the seller's (sender’s) demat account. This change is implemented to prevent incorrect transfers of securities. To learn how to add a beneficiary on CDSL, see How to add a beneficiary on CDSL to transfer securities?