Deposit/Withdrawal at Custodian (DWAC)

Deposit/Withdrawal at Custodian (DWAC) is an electronic method used in the US securities market — operated through the Depository Trust Company (DTC) — that allows the transfer of securities between a transfer agent and DTC in book-entry form, eliminating the need for physical share certificates. Through DWAC, investors can deposit newly issued or previously certificated shares directly into their brokerage account electronically, or withdraw shares from DTC back to the transfer agent in certificate form. DWAC is commonly used in PIPE (Private Investment in Public Equity) transactions, IPO share distributions, and situations where investors hold physical certificates and need to convert them to electronic form for trading. For Indian investors and financial professionals on Ventura Securities engaging with US-listed securities, ADRs, or cross-border investments, understanding DWAC provides important context for how US securities settlement and share registration infrastructure functions — particularly relevant when dealing with dual-listed entities or global depository receipts.