Opening your demat account and trading account is the very first step to kick-starting your investment journey. Regardless of whether you’re a hands-on investor or one who prefers your investments to be managed by experts, you need to choose the right brokerage firm that offers you the type of services and level of guidance you need. Look into the firm’s breadth of services and its intuitive trading platform, research capabilities and educational tools to assist you in your investment and trading decisions.
Let’s look at setting up your demat account and trading account online in India with these steps.
How to open a Demat Account Online in India
- Pick Your Depository Participant [DP].Choose the right DP to open your demat account. Several investment platforms, banks, financial institutions and stockbrokers provide DP services. Search for a service provider that extends the right kind of services matching your investment and trading needs.
- Submit the filled demat account opening form. On visiting the DP’s website, fill out the online account opening form to open your demat account. Several reputed Depository Participants offer a unique option of 3-in-1 account — bank savings account, demat account and trading account, all with a single firm. This can be a particularly easy and hassle-free experience when trading, as all three work seamlessly together.
- Complete your Know Your Customer [KYC] requirements. On filling the account opening form, you will now be required to complete the KYC norms. For this, you will need to submit scanned copies of your address proofs, identity proofs, bank account statement and income proofs.
- Finish the verification process.On submitting the documents required for KYC and the filled demat account opening form, you will need to complete an In-Person Verification process [IPV]. It is a mandatory requirement, and it aims to verify the authenticity of your documents. Most full-service and reputed DPs offer IPV services online through the use of your smartphone or laptop camera.
- Sign on the agreement and submit. On completing your IPV, you will now need to sign an agreement with the Depository Participant. This agreement typically contains the DP’s duties and your rights as an investor. Scan through the terms and conditions carefully before you sign on the document.
- Receive your BO ID credentials. Having completed the formalities and successfully verified the documents, your DP will process your demat account form. On approval, you will be presented with a BO ID number — Beneficial Owner Identification Number. You will need to use this number to access your demat account.
How to Open Trading Account Online in India
As stated above, if you’re looking to open a trading account, the requirements and processes are similar. If you’ve chosen to open a 3-in-1 account, you do not need to go through the process all over again to open a trading account. Similarly, if you decide to open a 2-in-1 account with a demat account and trading account together, you can do so in just one application. However, if you’ve opened your demat account and now wish to open your trading account separately, you would need to:
- Choose your Depository Participant
- Complete the trading account opening form and submit the filled document
- Complete your KYC requirements
- Finish the In-Verification Process
- Read the agreement and sign on the copies
- Obtain your trading account number
Disclaimer – ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. – ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, India, Tel No : 022 – 6807 7100. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.