Zerodha, India's largest technology-driven digital brokerage firm, has launched a new platform for gifting stocks, ETFs and gold bonds to friends and loved ones with a few easy steps for its clients.
The company said it would soon enable gifting of mutual funds to minors as well.
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 Zerodha 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," Zerodha explained the process
Founded in 2010, Zerodha is an Indian financial service company (member of NSE, BSE, MCX) that offers brokerage-free equity investments, retail and institutional broking, currencies and commodities trading, and free direct mutual funds.
Zerodha has a loyal client base of over 3.5 million clients which contributes up to 15 percent of retail trading volumes on Indian stock exchanges.
Original Source: https://www.moneycontrol.com/news/business/zerodha-launches-platform-for-gifting-of-stocks-etf-6136991.html