TradeSmart Demat Account Charges, Review, Opening

TradeSmart Demat Account Opening Charges

To open a new demat account with TradeSmart, the customer may have to pay demat account opening charges. The broker may also charge Annual Maintenance Charges (AMC), a yearly fee to maintain the demat account.

TradeSmart Depository Service Charges for Resident Retail Customers

1. 1. What is a Trade Smart Online Demat account?

   A demat account is an online depository wherein securities like shares, mutual funds etc., are held in the electronic form. It works like a bank account wherein a unique number is assigned to you. Every time you buy shares or mutual funds, the securities are credited to your account and it gets debited on selling.

   The Demat accounts are managed by national depositories- NSDL and CDSL- and the brokerage companies only act as an intermediary between the depositories and the customers.

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2. 2. What is PoA for a Trade Smart Online Demat account? Why is it required?

   A power of attorney or POA is a written permission from you that gives specific rights to your broker in relation to your demat account. The right includes the debit/credit/block/create lien/pledge of your depository accounts and transfer or pledging of securities etc., held in the account. The PoA ensures that some demat activities like transfer and pledging of securities can smoothly happen online without the human intervention.

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3. 3. Do I need to open both a trading account and a Demat account to use the services of Trade Smart Online?

   Opening a trading account only with Trade Smart Online is enough to use its trading services. However, without a Demat Account from Trade Smart Online, you won't be able to sell shares held in the Demat account of your other broker using the Trade Smart's trading account.

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4. 4. What is an Inter DP transfer with Trade Smart Online?

   NSDL and CDSL are two national depositories of the country. A transfer of Demat accounts between the two depositories is called an inter-depository transfer.

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5. 5. Why does my TSO bank account need to be linked to my TSO Demat account?

   Shares and Mutual Funds held in the Demat Account earn dividends and bonuses which are credited to the bank account linked with the Demat Account.

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6. 6. Can I sell shares held in my other Demat account through my Trading Account with Trade Smart Online?

   Yes, you can sell shares held in your other Demat account through Trade Smart's trading account. However, to do so you need to transfer the securities to TSO's Demat account as the company currently doesn't offer services for delivery selling from stocks held with another DP.

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7. 7. I already have a Demat Account with another broker; do I need to open another Demat Account with Trade Smart Online? Can I use both Demat Accounts?

   Yes, you can use your existing Demat account but it would be better if you open another Demat account with Trade Smart Online. This is because you cannot sell the shares holding in the Demat account of another broker through Trade Smart's trading account as the company currently doesn't offer services for delivery selling from stocks held with another DP. You need to transfer the securities to be able to sell it using TSO's trading account. To do so, you have to use the trading account of the other broker.

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8. 8. What are the AMC charges for the Demat Account with TSO?

   Trade Smart Online charges an Account Maintenance Charges (AMC) of ₹300 + GST per year. The AMC is free for the first year.

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