How to open share market account with SMIFS – A Detailed Insight

Soon after the stock market trading process started online, people became more aware about the share market Demat Account and Trading Account. But what does each of these share market accounts do?

The Demat Account is an account that stores stocks as well as securities that are already owned by an investor. The Trading Account on the other hand, is an account that stays in action, while trading in securities.

SMIFS has brought a hassle-free method via which you can unlock the process of share market account open online, anytime, anywhere.

Visit www.smifs.com and click on ‘OPEN AN ACCOUNT’ (https://ekyc.smwml.com/index.aspx)

You will then be redirected to the client registration page which is the first step to opening your share market account.

Ensure you have the below documents ready with you. All these documents are necessary while creating your share market account.

• PAN Card
• Aadhaar Card
• 10-digit Mobile number that is linked with the Aadhaar Card
• Bank Details
• Latest Photograph
• Scanned signature

Also check that your smartphone or mobile has an active internet connection.

What is a Demat Account?

A Demat Account is an account that helps an investor to store his securities in dematerialized form. Such an account is used for investing and securities can be sold indefinitely and sold later. 

At SMIFS, we offer our clients Free Demat Account Opening, with low brokerage plans.

What is a Trading Account?

A Trading Account in share market is created for the sole purpose of trading securities (stocks, commodity, currency, etc). This account can be opened online by anybody. Further, clients are not required to visit any branch for carrying out the process.

Investor shall be able to trade through exchanges like the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Under SMIFS, one can easily execute trading through our mobile application, anytime, anywhere.

Note: Any citizen above 18 years will be able to create a share market account (Demat Account and a Trading Account). Even minors are eligible for the same, provided he/she has a guardian.

How does a broker help you?

Demat Accounts are usually created by a broking firm since the investor cannot directly start investing in securities. Clients need to provide a ‘Power Of Attorney’ (POA) so that the broking firm can act on their behalf, like buying and selling of securities.

There are certain things that a broker does to help investors. These are:

• Provide guidance and support to the investor
• Help in the buying and selling of stocks
• Directs investors by giving them suggestions on investment options related to the market.
• Provide beneficial information on rising stock prices
• Help you get informed about different market moves

7 Steps to create a Share Market Account with SMIFS

The procedure for opening of Demat Account and Trading Account at SMIFS is really simple.  Go to https://www.smifs.com. On the upper right-hand corner, click on ‘Open an Account’.

Step 1: Client Registration

• On the first page of client registration, enter your contact details. Enter the number that is linked with your Aadhaar Card. Also enter your email-ID details and relation and click on client consent to generate OTP.
• After entering OTP, you will be redirected to the PAN details page. Enter your PAN details in the given slots. Enter the last 4-digits of your Aadhaar Card and select ‘Fetch From Digilocker’. A series of steps shall be followed thereafter. In the end, you will be shown your Aadhaar details.
• Enter your personal details like your name, your father’s name, gender, nationality, etc.
• Next, type in your address details for both correspondence and permanent address (if your correspondence address is not same as permanent address).

Step 2: Trading Preference

• Select your desired trading preference and Exchange (NSE/BSE).
• Choose ‘Digital’ mode for receiving contract notes as it reduces the chances for misplacing vital documents. For ‘Digital’ mode, the notes will be sent to you via e-mail ID. In case you choose ‘Physical’ mode, the notes will be sent to you via post.
• Choose the depository (CDSL/NSDL) you prefer, from the dropdown menu.

Step 3: Nomination Details

• Type in your nomination details if you want to keep one or more than one nominee.
• Enter their details in the given slots. Also mention the percentage of shares that each nominee is going to hold. Ensure that the sum total value of all the share holdings is 100%.

Step 4: DP Details

• Under DP details, choose ‘Yes’ if you have an existing Demat Account or else choose ‘No’.
• Enter your DP ID, DP Name and Beneficiary ID. Also choose ‘Investor’ as your DP scheme
• Select ‘Yes’ for the services you would like to be benefitted with or else choose ‘No’. The services of ‘Revocable Authorization for Modification in Trading Account’ and ‘Demat Debit and Pledge’ option are set ‘Yes’ by default.
• On the next page, i.e., Terms and Policies, choose ‘None of the above’ for Client Special Category.

Step 5: Bank Details

• Enter your primary bank details. If you want to add another bank, click ‘Yes’ or move to the next step.
• Under Regulatory Disclosure, fill in the mandatory slots like Annual Income, PEP Status and Occupation.
• Also ensure that SEBI does not have any actions pending against you by selecting ‘Yes’.

Step 6: Upload Documents

• The documents required for completing the e-kyc process of your share market account are already mentioned above. Start by uploading your PAN card, Aadhaar Card (as address proof), a scanned signature and a cancelled cheque.
• You live picture will be captured using your phone or PC via a link.
• Ensure that all the documents uploaded are within 15 MB.

Step 7: Brokerage and Deposit

• Select Brokerage Scheme from the dropdown menu. Also select the mode of payment.

After the verification of your documents from our side, you will then be re-directed to the e-signing page. Here, you will have to  choose ‘sign KRA by OTP’ and enter your VID/Aadhaar number on the NSDL e-sign page. Note that this process is to happen twice. Once done, you have officially become our client. You can now start trading and investing in the stock market.

For better understanding of the process, follow our article ‘How to open Demat Account with SMIFS‘. Open free demat account with SMIFS and enjoy our services. 

Happy Trading!