Tax implications on transfer of trading account

Gopi (Engineer) (123 Points)

19 July 2022  

I had a trading account with Karvy. A few years back Karvy was shutdown due to violations and they transferred the account to IIFL. 

This account with Karvy was held jointly with my wife (wife - 1st applicant and myself as the second applicant).

I already have a trading account with IIFL (soley owned by me but my wife is a nominee).

I would like to transfer the securities from the IIFL account (jointly owned) to my other IIFL account (solely owned by me).

Would there be any tax implications if I transfer the securities?

If so, are there any other options?

Thank you!