An inter-depository SGB transfer means moving dematerialized SGBs from one depository to another (CDSL to NDSL or vice-versa). Your Upstox account is maintained with CDSL.

Hence, the process to transfer SGBs from CDSL DP to an NSDL DP is explained below:

  • You will have to submit a Demat request to the NSDL Target DP and a remat request to the CDSL DP (at Upstox) at the same time. 

  • For remat, provide the remat form along with an ID proof and address proof to CDSL DP i.e. Upstox (address mentioned below).

  • The remat form will have to be filled with details of the number of units of SGB and the relevant series that you wish to remat. 

Once you have submitted the remat form to your CDSL DP, you’re also required to send the Demat request form to the NSDL DP with a letter for ‘Value Free Transfer’ and the ‘Statement of Holding of the Account’ from CDSL DP duly stamped and signed by the authorized signatory of the DP indicating that you are holding the SGB units in your CDSL Demat account.

On receipt of the above-mentioned documents, the NSDL DP will raise the dematerialization request and forward the physical documents to NSDL for further action. CDSL would then coordinate with NSDL and facilitate the transfer from CDSL to NSDL of the SGB units.

Check the documents required for the rematerialization of SGB below:

1.    Rematerialization request form for each SGB series/ISIN

2.    Self-attested PAN

3.    Value-free transfer letter for each SGB series/ISIN

4.    NSDL Demat account CMR with DP seal and signature.


Once you fill up the form then you can send us on the below mentioned address with the required doc

Harishchandra Sawant (Upstox)

30th floor, Sunshine Tower,

Senapati Bapat Marg,

Dadar (W),Mumbai : 400013

Ph: +91-22-6130-9999


Once the courier is received,  it will be completed within 3 - 4 working days. 

If your query is still not resolved, please raise a ticket here.