The Nuvama Wealth (formerly Edelweiss) is one of India's leading financial services companies which provides a broad range of financial products and services to a substantial and diversified client base. Depending on such a widespread client base, the company provides different brokerage plans which are suited for all types of investors, including beginners. Apart from that, Nuvama has strong search and advisory services, which helps their clients with their investment decisions. This is also a good service for beginners or new investors who need assistance in selecting good, trending, and profitable stocks.
For closing the Demat and Trading Account with Nuvama, you will be required to fill and sign the account closure form and submit the same in hard copy to the Nuvama Relationship Manager/ Equity Advisor or to the branch nearest to you. Both trading and demat accounts should have an NIL balance (debit/credit) in order to process the closure request.
The account closure form will be available with the Relationship Manager/ Equity Advisor or at your nearest Nuvama branch. A soft copy of the form can also be availed on your registered email id through online Nuvama customer support.
However, in order to process the account closure, the original hard copy of the account closure form will be required.
To withdraw money from your Nuvama account, proceed with the following steps:
Login on https://nuvamawealth.com
Under the “Buy/Sell” section, select “Fund Transfer”.
Select “Withdraw Funds”.
Enter the withdrawal amount, and remark, and click “Submit”.
Yes, Nuvama Demat Accounts are safe as all demat accounts are opened with Central Depository Services Limited(CDSL). It act as only an intermediary between the customer and the central depository.
There are no charges of opening an account with Nuvama. The other charges include maintenance charges, brokerage, and other charges, depending upon the products, plans and segments.
Nuvama offers two different plans, brokerage charges start from 0.1% or flat Rs. 10 depending upon the products, segments, and the type of plan chosen by the customer.
Click the link to know about the Nuvama brokerage charges in detail.
The Nuvama brokerage fee is basically calculated as a percentage of the value of the turnover. The calculation of a brokerage fee involves multiple parts, which include the brokerage cost, Service tax, Securities transaction, and stamp duty, etc.
To close your Nuvama Demat account the following details must be furnished with the account closure form:
Your ID and your Depository Participant ID.
KYC details like name and address that match with details submitted to Nuvama.
The reason for closing the demat account.
Ensure that there are no dues on your account as well as no untraded securities.
A bank employee must mandatorily submit and verify the self-attested identity proof copy.
Nuvama is a full-service broker which offers a variety of financial products and services to its customers. It also offers a discount brokerage plan but it is not a discount broker.
To open an account with Nuvama, follow the below steps:
Click on the ‘Open an account' button to begin the online trading account opening process. If you have all the documents in hand, the process should not take more than 15 minutes. To know the entire process of opening an account with Nuvama in detail, click here.
To activate trading on Nuvama, log in to either the Nuvama mobile app or log onto the website. Upon the activation of the trading account on Nuvama, you may use either of the following options to start with the trading and buy or sell an instrument:
Across the website, you will see a ‘Buy/Sell/Trade’ button placed against various credentials if you are not logged in already.
Step 1: Log in to your account
Step 2: Click on the ‘Buy/Sell’ link in the menu
Step 3: Search for the instrument or scheme you wish to order
Step 4: Select ‘Buy’ or ‘Sell’.
Step 5: After this, enter the Quantity, Price, Product Type, Order, and other details to place your order.
Margin is the money borrowed from a broker/brokerage firm by an investor, in order to purchase an investment which costs more than what they have in their account balance. In simple words, margin refers to the resources which help a trader to buy more quantities of stock than they can afford at any point in time.
Adhoc margin is a provision which allows a broker to add or remove additional margins during the day.
Account Opening in Nuvama is free as well as the AMC for the first year. After the completion of a year, the AMC is Rs. 500+ taxes per year.
Nuvama is a SEBI-registered stock broker and depository participant. It is a trusted stock broker which has been in the business since 2006. Nuvama Wealth and Investment Limited is a part of the well-known Nuvama (formerly Edelweiss Group), which is a diversified financial service provider. The company is also a member of BSE, NSE and MCX exchanges. Additionally, no major violations by the company have been reported in the audits by the stock exchanges so far.
Hence, Nuvama can be considered as a safe and trustworthy financial platform for trading, owing to its reputed brand name and years of service and experience in the industry.
A margin account provides its holder with the resources to buy more quantities of stock than can be afforded at any point in time. The Margin Trading Facility at Nuvama allows the user to buy up to 4 times the value of shares with the existing resources at hand – Cash and Cash equivalent (Stocks Collateral). It also allows you to hold the stocks for a longer period subject to minimum margin requirements.
The value of stocks purchased by you through Margin Trading over and above the cash available in your trading account will be funded by Nuvama Wealth and Investment Limited. As Nuvama provides funding for the shares bought by its customers, you need to pay only part of the total value of the shares bought.