How to merge two demat accounts on Zerodha

From WebNotes, a public knowledge base. Last updated 12 May 2026. Reading time ~9 min. Level: Intermediate.

Key facts

Can two demat accounts be merged directly?	No, SEBI and CDSL do not support a merge or amalgamation operation between demat accounts
Correct approach	Transfer all holdings from the secondary account(s) to the primary Zerodha account using off-market transfers, then close the secondary account(s)
Cost	Off-market transfer charges: Rs 25 + 18% GST per ISIN per instruction (source DP charge); closing the secondary account is free
One PAN, one DP rule	CDSL allows only one demat account per PAN per DP; multiple accounts at different DPs are permitted

Investors who have opened demat accounts at multiple brokers over the years often want to consolidate their holdings into a single account. This is a sound housekeeping practice that reduces annual maintenance charge (AMC) payments, simplifies portfolio tracking, and avoids dormancy-related complications at secondary accounts.

A direct merge of two demat accounts (where the accounts are combined into one under the same BO ID) is not possible under the SEBI Depositories and Participants Regulations, 2018, or under CDSL’s operational framework. Each demat account has a unique BO ID that cannot be combined with another. The correct approach to consolidation is to transfer all securities from secondary accounts to the primary account using off-market transfers, then close the secondary accounts.

This guide covers the consolidation process where the primary account is at Zerodha (CDSL), and the secondary accounts may be at any other broker (CDSL or NSDL).

Step 1: Identify all demat accounts linked to your PAN

CDSL MyCAS portal: Log in to mycas.cdslindia.com using your PAN and registered mobile OTP. The portal lists all CDSL-linked demat accounts for your PAN across all DPs, along with their BO IDs and current holdings.

Annual Consolidated Account Statement (CAS): CDSL issues an annual CAS (also separately for NSDL accounts via NSDL) that lists all demat accounts and mutual fund SoA holdings linked to your PAN. This is emailed to the registered email in the first week of each month for any month with a transaction.

If you have NSDL accounts, access the NSDL CAS via nsdl.co.in or the NSDL IDeAS portal.

List all accounts identified, with:

BO ID (16-digit for CDSL; DP ID + Client ID for NSDL)
DP name (broker name)
Current holdings in each account
Whether the account is active, dormant, or frozen

Step 2: Confirm the Zerodha BO ID as the target

Your Zerodha CDSL BO ID is displayed in Console under Profile > Demat account. It begins with 12081600. This is the target into which all holdings will be consolidated.

If you want to consolidate into a Zerodha account from a second Zerodha account (for instance, you have both a personal account and a Zerodha account opened for a family member before SEBI’s rules were tightened), note that SEBI now requires PAN-unique accounts; having two Zerodha accounts under the same PAN is not compliant. Contact Zerodha support for guidance in this situation.

Step 3: Handle pledged or locked-in securities first

Before initiating transfers, review each secondary account’s holdings:

Pledged shares: Unpledge at the secondary broker before transferring. Pledged shares cannot be transferred.
Lock-in securities: IPO allotment lock-in and ESOP vesting lock-in cannot be transferred until the lock-in expires.
Mutual fund units: Demat mutual fund units can be transferred via off-market transfer to another CDSL account; confirm that the target Zerodha account supports demat MF units (it does, via Zerodha Coin).

Step 4: Set up CDSL Easiest for each secondary CDSL account

For each secondary account at a CDSL DP:

Log in to easiest.cdsl.com using that account’s BO ID.
If not already registered on Easiest, complete registration using the secondary account’s DIB details or contact that broker’s support.
Add the Zerodha BO ID as a trusted target account (Setup > Add Target Account).
Wait for the CDSL physical PIN mailer (3–5 business days, sent to the address registered on the secondary account).
Activate the target: Setup > Activate Target Account, enter the PIN.

This setup must be done for each secondary CDSL account separately.

Step 5: Submit off-market transfer instructions

For each secondary CDSL account:

Log in to Easiest with that account’s credentials.
Navigate to Transactions > Off Market Transfer.
Submit one instruction per ISIN:
- ISIN (scrip), quantity, execution date, consideration = 0
- Target BO ID = your Zerodha BO ID

Authenticate with the account’s TPIN and OTP.

Off-market transfer charges of Rs 25 + 18% GST per ISIN are levied by the source DP (the secondary broker). Most brokers levy this charge at the time of instruction submission. Confirm the charge with each secondary broker.

Step 6: Transfers from NSDL secondary accounts

If any secondary account is at an NSDL-registered broker, the process is different:

Obtain a physical Delivery Instruction Slip (DIS) from the secondary NSDL broker’s DP desk.
Fill in the DIS with:
- Target DP ID: IN301549 or IN303376 (confirm Zerodha’s NSDL-linkage – note: Zerodha is a CDSL participant primarily; confirm inter-depository transfer details with NSDL broker)
- For inter-depository transfers from NSDL to CDSL: specify CDSL as the target depository and the Zerodha 16-digit BO ID as the target account.
Submit the DIS to the NSDL broker’s DP desk.
Inter-depository transfers via NSDL to CDSL take 1–3 business days.

Alternatively, if NSDL Speed-e is active on the secondary NSDL account, inter-depository transfers can be submitted online through the NSDL Speed-e interface.

Step 7: Verify all credits in Zerodha Console

After each batch of transfer instructions executes, log in to Console and check Portfolio > Holdings. Confirm:

Each expected ISIN has been credited.
The quantities match the transferred amounts.
No ISIN is missing (partial transfers may occur if some were pledged or locked-in).

If a credit does not appear within 2 business days, raise a ticket with Zerodha support and provide the secondary broker’s reference number.

Step 8: Close the secondary accounts

Once all holdings have been confirmed in Zerodha Console, submit account closure requests to each secondary broker:

Download the closure form from the secondary broker’s support page.
Ensure the account has zero holdings, zero funds, and no open positions.
Submit the signed closure form as per the broker’s instructions (typically by email or courier).
Confirm closure with an email from the broker.

Closing secondary accounts eliminates ongoing AMC charges and reduces dormancy risk.

Charges summary for a typical consolidation

Charge	Detail
Off-market transfer charge (source DP)	Rs 25 + 18% GST per ISIN per instruction (charged by each secondary broker)
Off-market transfer credit charge (Zerodha)	Nil
Stamp duty on transfer	0.015% of transaction value (collected by CDSL/NSDL)
Closure fee at secondary broker	Nil for most brokers; confirm before proceeding
CDSL Easiest PIN mailer	Nil

For a portfolio of, say, 20 ISINs across 2 secondary accounts, the total transfer charges would be approximately: 40 instructions x Rs 29.50 (Rs 25 + GST) = Rs 1,180 plus stamp duty on the market value.

What can go wrong

Pledged holdings stall consolidation: If any secondary account has pledged shares, the transfer is rejected. Unpledge at the secondary broker and reattempt.
Dormant secondary account: If the secondary account is dormant (not active for 12 months), the broker may require reactivation before allowing outbound transfers. Reactivate the secondary account first.
Secondary account has a debit balance: If the secondary broker holds a debit balance (negative ledger), they may refuse the account closure or the off-market transfer until the dues are cleared. Pay any outstanding charges at the secondary broker.
Corporate action entitlement during transfer: Plan transfers to avoid record dates. If a company declares a bonus or dividend between the transfer submission and the credit, determine with both brokers which account is entitled.
SoA mutual fund units in a secondary account: Demat MF units transfer via off-market transfer; SoA units at the same broker must be converted separately (see How to dematerialise mutual fund SoA holdings).

References

SEBI, Depositories and Participants Regulations, 2018, Regulation 24 (one account per beneficial owner per DP) and Regulation 38–40 (delivery instructions).
CDSL Operating Instructions, OI-00-031, Off-Market Transfers and Easiest Platform.
NSDL Operating Instructions on Inter-Depository Transfers.
Finance Act 2019, Section 9A (stamp duty on securities transfers, effective 1 July 2020).
Zerodha Support, “Consolidating multiple demat accounts”, support.zerodha.com (accessed May 2026).

WebNotes Editorial Team prepares factual how-to guides based on publicly available regulatory documents and broker disclosures. WebNotes is not affiliated with Zerodha Broking Limited. Procedures and charges are subject to change; verify current requirements at support.zerodha.com before acting.

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Last reviewed: 12 May 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.