CDSL EASIEST is an initiative by Central Depository Services Ltd. (CDSL) that allows you to access your demat account details from anywhere using the CDSL website. Once you’ve done CDSL EASIEST registration, you are provided a login ID and password which you can use for logging in. What is CDSL EASIEST, what purpose does it serve, and how to register for CDSL EASIEST? Read on to find out.
What is CDSL EASIEST
EASIEST stands for Electronic Access to Securities Information and Execution of Secured Transaction. Every time you make a buy or sell transaction using your demat account, it goes through a number of intermediaries beginning with your depository participant (DP) who also acts as the broker, to the stock exchange such as NSE or BSE. Since the advent of online trading using demat accounts, centralized depositories have also been included in the process. A centralized depository keeps track of the ownership of shares in a dematerialized trading environment. India has two major centralized depositories – the CDSL and NSDL. Even though a buy or sell transaction may show up on your screen, clearance usually takes T+2 business days where T is the date on which the transaction was initiated. Once you initiate a transaction, it goes through the following steps:
- Shares are transferred first to your DP’s pool account.
- Funds are cleared from your bank account.
- The shares are finally transferred to your demat account.
Sometimes, the shares may not be transferred to your demat account and might be kept with the DP’s pool account. This means that even though you have paid for the shares, you still do not own them. This is where CDSL EASIEST comes in. It allows you to constantly monitor the details of your demat account to ascertain whether the trades you have executed are reflecting your ownership or not. CDSL EASIEST also comes in handy when you need to transfer shares from one demat account to another.
How to Register for CDSL EASIEST?
Before beginning the CDSL EASIEST registration process, you need to keep the following details handy :
8-digit depository participant (DP) ID or CM ID which Is the ID of your broker. CM stands for Clearing Member.
Your BO ID. BO stands for Beneficial Owner. This is usually an 8-digit number.
Once you have these details handy you begin the CDSL EASIEST registration process.
- Log on to the website of CDSLwww.cdslindia.com and head to the Register Online tab on the homepage. From there select EASIEST from the list of options.
- You will be asked to enter your DP ID followed by your BO ID. Enter these details followed by your phone number as well as your Email ID. You will then receive a One Time Password (OTP) on your registered mobile number
- Enter the OTP received to verify your phone number.
- Once you enter your account details, the portal will ask you to select the type of account. It will show two account types:
– Trusted Account transfers – Using this option allows you to transfer securities to any other 4 demat accounts registered with CDSL that you trust.
– Account of Choice Transfer – This option allows you to transfer securities to any other demat account. Transactions need to be verified using a digital signature in this case.
You can select the option applicable to you. For most retail investors, the Trusted Account Transfer option is recommended.
- In case you have selected Trusted Account, you need to enter the BO number of the accounts that you wish to transfer securities.
- The next option is Grouping. In case you have CDSL registered accounts with other brokers, these can be added here. If you don’t have any such accounts, then this step can be skipped.
- Once you click on Submit, your CDSL EASIEST registration processis complete.
After you finish the CDSL EASIEST registration, it can take between 2 4 to 48 hours to get activated.
Benefits of CDSL EASIEST Registration
- It allows you to view statements of your current holdings as well as financial statements of all transactions on your demat accounts for the past 365 days. You can also download or print these details.
- In case you have multiple demat accounts, CDSL EASIEST Registrationallows you to view statements of multiple demat accounts through a single login on the CDSL portal.
- You can transfer securities to other demat accounts using CDSL EASIEST.
- You can view consolidated account statements and you can print your holding statements based on the valuation of your holdings as per the previous day’s closing price.
- No need to provide an instruction slip to the DP for debit transactions.