How to sell demat shares?

352 views 2 replies

Debashish

Consultant

66 Points Posted on 05 February 2021

Hi,

I have some shares in a demat account with a bank for the last 10 years. I now wish to sell them. When I enquired at the bank, the man at the counter said I need to open a trading account with the stock exchange. The bank itself does not facilitate this but he gave me the contact number of a person (a broker) who will assist in opening the trading account. He will charge an annual fee for maintenance of the trading account. I also came across a few apps on Google Play Store (such as Groww) which claim to help trade in stocks/shares with zero brokerage.

My query is this: I am not interested in trading in shares regularly. I just want to sell off my shares and close the demat account. So is it mandatory to open a trading account? If yes, then which is a safer option....using a broker/brokerage firm or the numerous online apps? Or is it possible to sell the shares online without any assistance from a broker or online apps?

Thanks.

Replies (2)

Yamina

Senior Analyst

36 Points Posted on 08 February 2021

Hi.

To sell or buy, having a demat account is not enough. When your consider selling it that means you are trading your shares in exchange of money. Hence, you will need a trading account to sell your shares. Like you mentioned groww.in , even I use that and it is very simple than having to deal with a broker.

Debashish

Consultant

66 Points Posted on 08 February 2021

Thanks for the response. I will check out Groww. I wasn't sure just how safe these mobile apps are considering the recent news about defraud by some loan apps in India.

Apart from Groww, can you suggest other mobile apps or online tools for opening trading account and trading in shares?