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How to open a share market account in India?

Published on Saturday, July 12, 2014 by Chittorgarh.com Team | Modified on Monday, December 3, 2018

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To trade (buy or sell) shares in a share market, an individual should have an account with a share broker. Share brokers are member of stock exchange (i.e. BSE, NSE, MCX etc.).

Once you choose broker; a traditional (i.e. ICICI, HDFC Securities or Sharekhan) or a discount broker (i.e. ProStocks, RKSV or Zerodha); the next step is to contact the broker and begin the process of opening the account (online or offline account opening).

You can open account with a stock broker in multiple ways. Some of the popular ways are:

  1. Online Account Opening - Paperless (No Printing, Signing or Sending Courier)

    New generation brokers (i.e. ProStocks) are using latest technologies like eKYC, Aadhar database integration and digital signature to offer 100% online account opening.

    With this you can literally open an account in just few minutes. Its 100% online and no paperwork is needed as long as your information is get validated by Aadhar database.

    ProStocks, a fastest growing flat fee online discount stock broker is among the first to offer this feature.

      Note:
    • You need a PAN Number to start the online application for eKYC. If you have done KYC (Know your customer) formalities before with any other financial institutions i.e. you bank account or another broker, your data will be pulled from there and you don't have to fill lengthy application form.
    • You also have to provide Aadhar card information to sign the account opening form electronically.
    • In the last step of this process, you will have to upload scan copy of required documents and photo.
  2. Fill Online Application, Download PDF, Sign and Send it

    As almost all stock brokers have their websites; opening an account has become very easy. This is also the quickest way to open the account with the broker. The usual account opening process is:

    • Visit broker's website and fill the online account opening form. Once you complete; it creates a PDF file.
    • Print the PDF file, verify the information printed on the form and sign the papers as indicated.
    • Attach the additional proof's which are required i.e. address proof, income proof etc.
    • Send the paper forms and mandatory documents to the broker through mail or deliver in person.

    This option of account opening is very easy, convenient and fast. This option is suitable for people who are moving from one broker to another and know what exactly they are looking for. People who require hand holding to begin trading and local support should choose the next option.

  3. Account Opening at Branch (or sub-broker office)

    Conventional but still very popular way of opening stock trading account is visiting the local branch of the broker or its sub-brokers.

    Financial firms like ICICI, HDFC Securities, Kotak, SBI, IDBI, Bajaj Capital etc. offers brokerage services though the branches which are widely available across cities in India. Simply visit the branch and ask for an online trading account.

    Traditional brokerage firms like Sharekhan, Indiabulls, Ventura, Angel Trade, Religare, Geojit etc. also have a wide spread networks of branches and sub-brokers across towns and cities in India. You can visit any of them and open a share trading account.

    Opening account at a branch or at a sub-broker office is very convenient for people who are beginners in stock market and need hand holding in early days of trading at stock exchanges.

    Note that most of the 'Discount Brokers', the new generation brokers offering very cheap brokerage compare to traditional brokers do not have branches and sub-brokers across India. For example RKSV has only offices in Mumbai and Delhi. Online account opening is the only option available to you if you do not live in these cities.

  4. Account opening at home (In-person visit to customer home or office)

    Many traditional brokers and banks offering stock, commodity and currency trading in India arrange a personal visit to customers home or office to help filling the forms and complete other formalities.

    If you are not comfortable filling the online account opening forms; feel free to ask if someone from the broker can visit you; give you a demo and help you filling the form. Note that none of the broker will tell you upfront that they offer this facility but most of them do offer personal account opening assistance.

    Most Indian Share Brokers offer this extended service to attract new customers.

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User Comment

avatar
1. Kmr  Jan 7, 2015 16:48 Reply
HI Chittorgarh Team

Wnt to open online trading account

Every one asking for power of attorney ( every one have different format , different reason for power of attorney )

what purpose they asking for Poa when it is clearly maintioned in the form this upto u if you want to gve not mandate

so please confirm is it mandate to submit poa for online trading account
what should be the format

for what it is required without poa online account can be open or not of anyone is forcing to submit poa for online trading account what should I do

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