In the day and age of digital revolution, convenience is what drives towards the products and services we choose. After all most of us love shopping for our necessities online and ordering food using the app instead of driving to a food takeout. If you are planning to trade in the equity or commodity markets the one question that would have surely crossed your mind is – can I open demat and training account online? The good news is you can and this will allow you to avoid the obvious hassle of driving to a broker’s office and filling out pages of form to get your demat and trading account. Here’s how you can open your demat and trading account online easily –
- Find a broker – Not all brokers let you open your account online and hence you need to find a broker that lets you do so. Google search would help you find many such brokers across India. Once you have found many there are two things you need to do – first research on the credentials of the broker and secondly compare the brokerage they charge. The lesser the brokerage more would be your profits and also increase your prospects in intraday trades.
- Sign up with the broker – For signing up with the broker you need to fill in the form and keep your PAN ready. Using your Aadhar Card you can easily verify your credentials. You will need to furnish your POA (Proof of Address) and POI (Proof of Identity) along with your Bank Details complete with IFSC and MICR code. Next you will need to upload a scanned copy of your signature that will be used in the future for all physical communication and account changes.
- Power of Attorney – The only physical document that you need to offer is Power of Attorney empowering the broker with the right to trade on your behalf. Upon successful form filling brokers would send over a copy of the POA which you need to print and sign and send them physically and once the broker receives the same your demat and trading account would be activated.
It’s easy and simple and when you find a good broker they will offer you and a good platform to trade on. The options of opening demat and trading account online has empowered people across the country and allowed them to enter the equity and commodity markets. Whether you are located right across the Dalal Street in Mumbai or in the hinterland of the country you are equidistant from finding a broker.
Summary – In this write-up we look at the procedure of opening demat and trading account online and why it is extremely easy.