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 in case of a physical settlement of stock F&O contracts. See What is Zerodha's policy on the physical settlement of equity derivatives on expiry?