Demat joint account between 2 brothers - how to settle by transferring the shares to singly held dem

Respected Experts,

My self & my younger brother hold demat account jointly for the last 20 years...
We hav decided to settle this demat account by transferring to our individually held demat accounts separately...

Humbly request how to effect the transfer of equity shares to our singly held demat account ?

Can we "off market" the shares to our respective account as gifts ?
What would be income tax implication ? Or capital gains tax implication?

Thanks