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Demat Account

5 Things To Check Before Opening A Demat Account

by admin
November 4, 2022
in Business
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A demat account and trading account are the essential tools you will need at your disposal if you wish to become an investor in the Indian stock market. Without a demat account, you cannot hold shares electronically. Likewise, you cannot buy and sell shares without a trading account. Both demat account and trading account services are provided by stockbrokers, and you can open both accounts simultaneously. You will require these accounts as long as you want to remain an investor in the stock market. Hence, ensure you check and research the following before opening a trading account and a demat account. 

Stockbroker’s Licence 

From the previous paragraph, you know that you approach a stockbroker to open a Demat account and trading account. However, it would be best if you did not approach any firm or individual that proclaims to have a stockbroking licence. Prevailing cases exist where some firms claiming to be stockbrokers swindle and exploit individuals attracted to the market. Remember that you must only open a demat account and trading account with those stockbrokers registered as depository participants. As per guidelines prescribed by SEBI (Securities and Exchange Board of India), the two depositories are to maintain all demat accounts. 

The Stockbroker only functions as an intermediary between investors and the two depositories, the CDSL (Central Depository Services Limited) and NSDL (National Securities Depository Limited). So, ensure that the broker is registered with at least one of the two depositories to avoid cases of swindling and exploitation. You can do that by visiting the website of the depository.  

Products Offerings 

When you open a demat and trading account, you can trade products like equity, futures, options, and IPOs (Initial Public Offering). As a beginner investor, only the equity and IPO segment may interest you initially. However, there is always the possibility that you may venture into the futures and options segment as you find success. Moreover, every leading broker nowadays generally provides all four services, so it is better if you opt for a broker that offers trading in all four segments.  

Additional Features 

The main function of your broker is to function as a DP providing demat and trading account services. However, a broker may provide plenty of other value-added services and facilities to help you invest in the stock market. After opening a trading account with a broker, you get access to their trading platform. Ensure that your trading platform is integrated with all the essential facilities like real-time data, price charts, market depth, and price alerts. In addition, also find out if your broker provides you with premium facilities like stock recommendations, market research reports, and algo trading facilities. Brokers that have invested well in technology can provide you with the most accurate data and advanced services. 

Trading Platforms and Multiple Device Access 

After the introduction of electronic trading, investing in the stock market has become convenient and accessible. The factor of convenience and accessibility has helped attract new investors to the stock markets. So, before you open a Demat account and trading account with a broker, check whether their trading platform is accessible on multiple devices. Most beginners prefer investing or trading using a mobile app. So, ensure that the broker you are considering choosing offers a trading app. In addition, consider researching the app as well. And that does not compromise on features, and a user-friendly interface is considered the best.  

At the same time, you would want to be able to trade on your laptop, so visit the broker’s official website and assess its interface. However, you will have to open a trading account to access the trading platform. Lastly, if you plan on becoming a serious investor or trader, check if the broker provides dedicated trading software integrated with artificial intelligence. A broker that lets you access the trading platform on multiple devices is considered best. 

Demat Charges 

Lastly, evaluate their pricing model after authenticating the broker’s depository licence and evaluating their services. Some brokers provide free demat accounts and trading accounts for free. At the same time, some brokers may even impose no annual maintenance charges (AMC) for the first year. Some brokers may also charge zero brokerage on delivery, while others do the same with intraday. If you want to invest long-term, zero brokerage for delivery will benefit you. If you want to get into futures and options trading, find out the brokerage imposed per lot. 

Conclusion 

So, before opening a trading account and demat account, evaluate your broker based on the criteria mentioned above. It may not be possible that a broker may be able to offer everything you desire at your preferred prices. The more services they provide, the higher their fee will be. However, research well and select the best broker to satisfy the criteria in the most bang-for-buck manner. 

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