How to open a Zerodha trading account without a demat account

Fri, 19 Jun 2026 00:00:00 +0000

A Zerodha trading account can be opened without a demat account when the intended trading is limited to futures and options, currency derivatives, or commodities, none of which involve taking delivery of shares. This guide covers when the no-demat route applies, the step-by-step opening procedure, and the firm limit it carries: without a demat account you cannot take equity delivery, so you cannot buy and hold shares.

The reason is structural. A demat account holds securities in electronic form. Derivatives contracts on the National Stock Exchange and Bombay Stock Exchange , and commodity futures on the MCX, expire and settle without any security being credited to a demat account. Zerodha’s own account guidance states that for futures and options you do not need a demat account whether you trade intraday or positional, and that only futures trade on MCX so no demat is needed for commodities.

Without Demat on WebNotes

How to open a Zerodha trading account without a demat account