Can a trading account be opened without opening a demat account?

No, a trading account cannot be opened without opening a demat account for the following reasons:

• A demat account is required to settle open equity intraday positions if they are not closed by the end of the day.
• A demat account is required for the physical settlement of stock F&O contracts. To learn more, see What is Zerodha's policy on the physical settlement of equity derivatives on expiry?