So I found this article [1] about domain name transfer. Which clarified one doubt that I had. As I was under the impression that you were hopelessly stuck at paying rent for life middleman (to a reseller or in this case a registrar).
This raises another question. Is it worth starting you own registrar? Or it is fee prohibitive?
[1] http://lifehacker.com/5794507/how-to-jump-ship-from-godaddy-...