online trading with existing HSBC demat and bank a/c

#1
Hi all,

Ive never traded online, only through my broker which i find more personal. but now since my brokerage is only on bse and does not offer F&O transactions, i want to get an ICICI online account as well? my problem is that i have an hsbc demat and bank account. will that be ok, or do i have to have a ICICI accounts? im not willing to open any new accounts as i already have more than i can manage. any other online brokerage is possible too? also i dont understand the way you pay for your shares bought and receive payment for sales? are there any demat slips to be signed on sale of stocks like in a regular broker? can i have 2 demat accounts? pls guide!

thanks,

shorttermer
 

murthymsr

Well-Known Member
#2
Hi shorttermer,

i was in the same dilema before opening account with icicidirect about 2 years back. as i was told then, one has to have all 3 accounts (trading, banking & demat) with icici only.

these three accounts are linked and it is this linking that makes icici trading one up compared to many others, inspite of slightly higher brokerage and problems related to log-in and availability of service sometimes.

all three accounts will be linked and if they are also internet enabled & trading can be very easy. icici provides the other investor services like ipo's and mutual funds and a few more.

it's very important that one selects the right on-line broker so that all his attention can be spared to investing only.

all the best
murthymsr
 
#3
hi murthy,

thanks a mill. for the help. another question... is it legal to have 2 demat accounts on one persons' name, similar to 2 savings accounts?

shorttermer

thanks again
 

murthymsr

Well-Known Member
#4
well shorttermer,

i'm not sure if one can open two demat accounts. i request other members to answer this question.

anyway, i do not remember to have made any declaration to the effect that i do not have another demat account with icici or any other party while opening a demat account with icici. (actually this is my only only demat account.)

best regards.
murthymsr
 

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