To start trading in the Indian stock markets, a trading and demat account is mandatory; you cannot trade without a Trading and demat account. Therefore, you are required to submit a set of documents along with the account opening application form to get your trading and demat account opened with Fyers.
The documents required to open an account are as mentioned below:
Breakdown of each required document:
1. – A self-attested photocopy of your PAN Card has to be submitted with the trading and demat account opening application form. Self-attestation (Your signatures) are mandatory to be marked as a valid document.
2. – You are required to submit any one of these following documents as an address proof. Please note, that the below list is a requirement as stated by the regulator SEBI, NSE and the KYC registration agencies.
• AADHAR Card
• Driving License
• Telephone bills
• Electricity bills
• Bank Statement
Take a note that you need to mention about your correspondence and permanent addresses in the account opening procedure. In case the correspondence and permanent addresses are the same then only one proof can be submitted. However for the different correspondence and permanent addresses you need to provide a proof for each of address separately.
The PAN card and address proof are not required if the applicant’s KYC is already registered. We would appreciate your efforts if you get the documents attested by a gazetted officer. This is because according to the SEBI norms the authentication of the proofs submitted has to be done.
3. – If you wish to trade in F&O or commodities segment then you are required to provide us with a proof of income. Some examples of income proof include,
• Copy of ITR Acknowledgement submitted to the Income Tax Department.
• Copy of Net Worth certificate duly signed and certified by a Chartered Account.
• Copy of Form 16 or the latest salary slips.
• Bank account statement of last 6 months.
• Demat account holding statement.
4. – You need to provide 2 passport size photographs with account opening application form. If you wish to add a nominee to your Demat and Trading accounts then you will have to provide your nominee’s photograph along with his/her proof of identity.
5. – To confirm your bank details we require an original canceled cheque (with your name above the sign here section) with account opening application form. This would ensure that the account holder’s bank details are authenticated and in compliance in accordance with SEBI guidelines. The canceled cheque leaf is an important document because it gives important information about the account holder:
• Name of account holder
• Bank account number
• IFSC code
- 5 Simple Steps to Open a trading and demat account with Fyers
Account opening related documents: If you want to print the account opening forms yourself and fill it manually, you can find it in the downloads section.
Account opening charges:
• – Opening a trading account with Fyers is free! We do not charge any account opening fee to clients. We also do not charge any fees for call & trade unlike other stock brokers in India.
• – For demat accounts, we are tied up with IL&FS (Independent, third-party depository participant). They do not have an account opening charge per se, however they do charge an upfront fee of ₹400 + taxes for FYERS clients.
Disclaimer: Fyers account opening process can change without prior notice due to necessary regulatory requirements or efficient alternatives as applicable from time to time.
We have answered many queries in our FAQs. Do get in touch with us if you need any further clarifications. The comments section is a good place to start. If you want us to get in touch with you, please leave your details here.
Tejas is the Co-Founder & CEO @ www.fyers.in, the youngest team to get NSE’s broker license. FYERS was started as a mission to enhance the terrain for traders and investors in India. He previously worked at Zerodha, Futures First & has been a professional trader for several years.