The broker has two registrations
A broker like Upstox carries a stockbroker registration for trading and a separate DP registration for the demat side, both published on its website. The two jobs are related but regulated separately, which is why complaints about trading go to the exchange and complaints about demat services go to the depository.
What the DP actually does
Maintains your BO account, processes credits when you buy and debits when you sell, collects DP charges on sells, forwards corporate actions like dividends and splits, and sends you statements. Every interaction with your holdings, except the depositories’ own monthly CAS, runs through the DP.
Changing your DP
You can move shares from one DP to another with an off-market transfer or by simply opening a new account elsewhere and transferring holdings. The DP charges for off-market transfers (₹100 or 1.5% of value, whichever is lower, at Upstox). For most people the cheaper route is the one brokers usually support: open the new account and transfer in bulk.
The DP charge, compared across brokers
The depository debit on a sell is identical for everyone, but the total you pay differs because the broker adds its own service fee. Upstox publishes ₹20 + GST per scrip per day on the sell side. Zerodha publishes ₹15.34 per scrip including GST, the lowest of the four major discount brokers. Groww splits its ₹20 into ₹3.50 depository fee and ₹16.50 Groww fee, with a lower ₹3.25 depository rate for women as first holder. Angel One publishes ₹20 + GST per ISIN. These figures were read from each broker’s pricing pages on 16 August 2026.
Changing your DP, step by step
Open the new demat account first, then transfer holdings from the old account to the new one, then close the old account. Off-market transfers between DPs cost ₹100 or 1.5% of the transfer value (whichever is lower) at Upstox plus stamp duty, and need your TPIN. The cheaper bulk route is the broker-assisted portfolio transfer, which most brokers process without the per-transfer fee. Until the old account is closed, its AMC keeps running, which is why the close step is not optional.
A concrete example
You open an account with Upstox, which is a DP of CDSL and NSDL. When you buy shares, the exchange settles them into your BO ID through Upstox. When you sell, Upstox debits the BO ID against your TPIN and charges ₹20 + GST for the debit.
Questions people ask about Depository participant (DP)
Most stockbrokers are. The stockbroker registration and the DP registration are separate licences with separate regulators and separate complaints channels. Your broker’s website shows both registration numbers; the DP one is the one that matters for holdings-related complaints.
Yes. The standard route is opening an account with the new DP and transferring the holdings. Off-market transfers between DPs cost ₹100 or 1.5% of the transfer value, whichever is lower, at Upstox, and need your TPIN.
They are separate registrations and close separately. Closing the demat account ends the AMC obligation; the trading account can stay open or be closed through its own request. If you are leaving a broker, close both, and keep the closure acknowledgment.
Two layers: the DP holds a SEBI registration, and it is also a participant of NSDL or CDSL, which supervises its day-to-day depository operations. Complaints about holdings go to the depository; complaints about trading go to the exchange; SEBI’s SCORES portal sits above both.
Ready to put the words to work?
The account costs ₹0 to open, and the first year of AMC is free.