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