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Can I open a trading account without opening a Demat account?

No, unfortunately, you cannot open a Trading account without opening a DEMAT account for the following reasons -

  1. Equity intraday(trade within a day) - As open intraday positions can go into delivery if the position is not closed before the end of the day. A Demat account is needed to settle the shares.
  2. F&O contracts( Futures and Options/ Contractual) - All Stock F&O contracts starting from October 2019 are being settled physically. In case of taking delivery positions or giving delivery positions, a Demat account is needed for settling the stocks or debiting the stocks. You can read more about the physical settlement of stock F&O contracts here.