MFs through ICICI Direct

I do buying and selling through ICICI Direct. I am having lots of investment in MF through ICICI Direct. These MFs, I am holding in through demat holding in ICICI Direct. Now due to high charges of ICICI Direct, I am moving my shares to another online broker. Can I also transfer my MFs also? If yes please suggest me some good and cheap demat account.

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Originally Posted by Sharma

I do buying and selling through ICICI Direct. I am having lots of investment in MF through ICICI Direct. These MFs, I am holding in through demat holding in ICICI Direct. Now due to high charges of ICICI Direct, I am moving my shares to another online broker. Can I also transfer my MFs also? If yes please suggest me some good and cheap demat account.

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No you cannot transfer it to another account. It is not holding as demat holding. It is holding as ICICI Direct online MF account. But you can close your online account and submit an application to ICICI Direct and ask them to convert your Online MF holding to physical holding. They would do that.

Sharma - What I suggest you that ICICI Direct Online trading account is a 3-in-1 account. So you can close your demat and trading account, but still can keep your Online MF account. And there is no annual charges for the same. So no need to transfer into paper form as suggested by PolicyWala.

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Originally Posted by Expert

Sharma - What I suggest you that ICICI Direct Online trading account is a 3-in-1 account. So you can close your demat and trading account, but still can keep your Online MF account. And there is no annual charges for the same. So no need to transfer into paper form as suggested by PolicyWala.

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Good Info - Expert :thumb:

Thanks a lot guys! You have made my day.