Discount broker Zerodha announced a new platform for gifting stocks, ETFs and gold bonds to friends and loved ones, as reported by The Economic Times. Zerodha will soon enable gifting of mutual funds to minors as well.
Commenting on the development, Nithin Kamath, Founder and CEO, Zerodha, said, “One of the things we always wanted to do at Zerodha for a long time was to make gifting stocks, mutual funds, and bonds easier, but making the process seamless and online wasn’t possible. Thanks to the recently introduced CDSL’s e-DIS (Electronic delivery instruction slip), we now have built a platform to gift stocks, ETFs, and gold bonds to your friends and loved ones.”
Earlier, the only way to gift stock was to execute an off-market transfer by filling up a physical delivery instruction slip (DIS) and then sending it to the brokerage to complete the transfer.
“The process for transferring the stocks is quite simple and can be done fully online in a few easy steps. The sender has to just enter the mobile number of the recipients, verify the demat account details of the recipient and authorize the transfer of stocks, that’s it. If the recipients don’t have a Zerodha account, they can open an account completely online in a few minutes and then accept the gift,” Zerodha said.