What's an off-market transfer?
A trade that *doesn't* go through NSE/BSE. Both buyer and seller instruct their respective depository participants (brokers) to move shares directly from seller's demat to buyer's demat.
The DIS
The seller fills out a Delivery Instruction Slip (DIS) which tells their DP to deliver N shares of ISIN X to a specific demat account (yours). The DIS must include:
- Client ID + DP ID of the seller
- ISIN of the share
- Quantity
- Execution date
- Target client ID + DP ID (your demat)
- Consideration amount (for stamp duty calculation)
The DP validates, executes, and the shares move — typically within T+1 working day.
Stamp duty
0.015% of consideration, collected by the seller's DP at the time of execution. If you see this split on your invoice, that's why.
What can go wrong
- ISIN mismatch: seller fills wrong ISIN → your DP rejects receipt. Fix: cross-check against the company's published ISIN on CDSL/NSDL.
- Quantity mismatch: off by 1 because seller miscounted or has pre-emption rights → your DP rejects receipt. Fix: reconcile before signing.
- Signature mismatch on paper DIS: if the seller has an old signature on file, the DP kicks it back. Fix: electronic DIS (e-DIS) if available for that depository.
Polemarch reconciles the DIS pre-execution for every trade, so these issues are rare on our platform — but if you're transacting P2P outside Polemarch, these are the three things that kill 90% of failed trades.
Timelines
- Seller signs DIS → same day
- DP processes + shares move → T+0 or T+1
- Shares reflect in your demat → T+1 to T+2 (depending on DP's clearing cycle)
After the move, you'll see the holding in your CMR/statement. Confirmation emails typically take another 1–2 hours.