Faq’s

Any individual can open a trading account as long as he has an identity proof and an address proof. These documents are necessary while opening a trading and a demat account. You can provide your voter’s ID, PAN card, driver’s license, passport or bills as identity proof. As proof of address, ration card, driving license, bank passbook, voter’s ID, electricity bill, telephone bill, etc. can be submitted. You should also have a savings account as it is needed to transfer/receive money when you buy/sell shares through your trading account. It is advisable to open a trading account once you are well versed with the fundamentals of trading.

The first step to open an online trading account in selecting a broker or a firm. Make sure that the broker/firm is registered with the Securities & Exchange Board of India (SEBI). Select the best service provider based on its reputation, service provided, security, brokerage fees and consultancy services. Once you’ve finalized the broker, fill the Account Opening form either online or collect it from the branch. Along with the duly filled form, submit the required KYC documents, such as your identity proof and address proof. Post verification of the application, you will receive your trading account details. You can then make online transactions and manage your stock portfolios as per your convenience.

Sometimes, applicants may face issues during the application; e.g. some may enter a different address in their Account Opening Form and their address proof may have a different address. In such cases, the verification process make take longer than expected, thus causing a delay in the opening of the account. Once, the verification of documents is done, a welcome kit is dispatched to you with your trading details.

You can link as many trading accounts as you have to a demat account, provided that your stockbroker has the Power of Attorney (PoA) for that demat account. It is necessary for the stockbroker to have PoA, as shares can then be pulled from the client’s account. When you purchase shares, you have the option of sending the shares to the same demat account through multiple trading accounts. However, while selling, you can do so with one trading account (the account for which the PoA is mapped with demat).

There are not many advantages of opening multiple trading accounts, except that brokerage charges are less. Instead, you have to keep track of multiple accounts, access your accounts through multiple platforms, and check multiple P&L statements, which may not be feasible.

The charges of Demat account vary as per the volume held in the account, type of account subscribed, and the terms and conditions laid by the depository and the stockbroker. While there are no Demat account opening charges, every stockbroker charges transaction/operation fees including the Annual Maintenance Charge (AMC). Failure to pay these fees may result in the freezing of the account.

In India, Demat account service is provided by depositories such as NSDL and CDSL through intermediaries / Depository Participant (DP) / stockbrokers such as BigFlyFx. To open a Demat account, you need to contact the DP and fill out the account opening form. Once completed, you need to submit the form along with Proof of Identity and Proof of Address documents. The documents required to open a Demat account are identity proof like PAN card, copy of valid residence proof, existing financial balance sheets and recent photographs. Once the applicant’s details are verified, the application is processed. The broker then dispatches a welcome kit with details of the applicant’s User ID and password. One can access their Demat account using these details and begin trading in the stock market. It is essential that you open a Demat account with a reputed stock broking company like BigFlyFx.

Usually, it takes about 48 to 72 hours to open a Demat account. However, with BigFlyFx, you can get your Demat Account activated in one hour.

A Demat account can be held by a single as well as in a joint ownership. A joint Demat account can have a maximum of three account holders, which includes the main holder plus two joint holders. In effect, the joint holders acquire rights to the shares held in the joint Demat account.