Dhan, the SEBI-registered Indian broker, now offers a fully digital demat account, confirmed NRI onboarding alongside standard Resident accounts, and a new US Stocks & ETFs feature via the GIFT City route. Here is everything you need — documents, real fees, and what to do once your account is live.
What Is Dhan?
Dhan is operated by Raise Securities Private Limited (formerly Moneylicious Securities Pvt Ltd), a SEBI-registered stockbroker (SEBI registration INZ000006031) and CDSL depository participant. Per Dhan's own site: 1 Cr+ app downloads, 1 Mn+ active users, and a 4.7 Play Store rating. The company was founded in 2021 and became a fintech unicorn in October 2025 after raising about $120 million led by Hornbill Capital, at a reported valuation of $1.2 billion.
Being balanced: SEBI's public enforcement records show a ₹3 lakh adjudication penalty against this entity (then named Moneylicious Securities) in November 2022, tied to compliance gaps found in an inspection covering 2018–2019 — years before Dhan's current scale. No SEBI action against Dhan/Raise Securities has been found for 2025–2026.
Opening a Demat Account — Step by Step
Per Dhan's own account-opening page, this is fully digital and takes less than 10 minutes, with no account-opening fee:
- Verify Mobile & Email — OTP verification, under a minute.
- Digital Account Opening — submit documents from your phone, laptop, or desktop.
- E-Sign — Aadhaar-based e-sign activates your account.
Documents needed: PAN card (photo & signature clearly visible); address proof (Aadhaar, passport, driving licence, voter ID, or 6 months' bank statements); bank proof (6 months' statement, cancelled cheque, or passbook); income proof (6 months' statement, 3 months' salary slips, or ITR); a photo of your signature on plain white paper; and a recent passport-size photo.
Who Can Open One — Individual, NRI, HUF & Corporate
Dhan's onboarding page lists four account categories. NRI support has been directly confirmed with Dhan support alongside standard Resident accounts. NRIs can open a Demat account either repatriable (linked to an NRE bank account — funds can move abroad) or non-repatriable (linked to an NRO bank account — funds stay in India). Onboarding can be completed digitally using DigiLocker for e-KYC, provided you can supply NRI address proof. Dhan's written support articles are still catching up to this, so confirm your exact document checklist and segment access (equity/F&O) with Dhan support when you start onboarding. HUF accounts (operated by the Karta) and Corporate/Partnership/Trust accounts are also supported with the relevant entity documentation.
Charges — What It Actually Costs
| Item | Charge |
|---|---|
| Equity Delivery | Free (₹0 brokerage) |
| Equity Intraday / MTF | ₹20 or 0.03% of trade value, whichever is lower |
| Futures & Options | ₹20 per executed order (flat) |
| Account opening | ₹0 (all account types) |
| Annual Maintenance Charge (AMC) | ₹0 for Individual/HUF; ₹800 + GST/year for NRI, Corporate, LLP, Partnership & Trust |
| Platform charges | ₹0 |
| DP transaction charge | ₹12.50 / instruction / ISIN + GST |
| Pledge / unpledge / invocation | ₹15 / transaction / ISIN + GST |
| Auto square-off (intraday, before close) | ₹20 / order + GST |
Exchange transaction charges, STT, SEBI turnover fee, stamp duty and GST are separate statutory charges every Indian broker collects — not a Dhan-specific markup, but real costs worth knowing.
Dhan US Stocks & ETFs (via GIFT City)
Existing Dhan users can invest directly in US-listed stocks and ETFs — Apple, Nvidia, Tesla and 10,000+ stocks & ETFs — from just $1 (fractional investing), via Raise IFSC Private Limited, a GIFT City-based subsidiary regulated by the IFSCA (International Financial Services Centres Authority) rather than SEBI directly. Trades execute through ViewTrade, a US-registered broker-dealer, with fund routing via GlomoPay. Dhan says existing users don't need to repeat KYC to activate this.
Fees: brokerage is 0.25% of trade value (minimum $0.01); adding funds costs $1 below $100 and is free above that; withdrawals are free; forex conversion markup is not publicly disclosed but shown at transfer time.
The LRS limit still applies: the most commonly misunderstood point. Even though GIFT City is a distinct financial zone inside India, money sent there to buy US stocks still counts against your personal $250,000/year RBI Liberalised Remittance Scheme (LRS) limit — the same cap that applies to any other route for Indian residents buying foreign shares. GIFT City does not create an LRS-free allowance for retail investors. NRI eligibility for this specific US Stocks product is not addressed either way in Dhan's public documentation — confirm directly with Dhan support if this applies to you.
Your First Week, Step by Step
- Open your account using the link below, verify mobile/email, upload the documents above, and e-sign. Activation can take 1–2 business days after the ~10-minute application.
- Link and fund your bank account via UPI, NEFT, or IMPS.
- Start with equity delivery, not F&O — delivery is free on Dhan and far lower-risk than leveraged intraday or Futures & Options.
- Decide SIP vs. lump sum using VilfinTV's calculators below.
- Check market conditions with VilfinTV's daily Market Sentiment Score before big decisions.
Jargon, Explained Simply
- Demat Account: holds your shares electronically, like a bank account but for stocks.
- KYC: "Know Your Customer" identity/address verification required by law.
- F&O: Futures & Options — leveraged derivatives, higher risk, not for beginners.
- LRS: the RBI rule letting Indian residents send up to $250,000 abroad per year, including to buy foreign stocks.
- GIFT City / IFSC: a special financial zone in Gujarat regulated by the IFSCA instead of mainland SEBI/RBI rules.
- NRE vs NRO Account: NRE = foreign earnings, repatriable. NRO = income earned in India, non-repatriable by default.
- AMC: Annual Maintenance Charge — a yearly fee to keep an account open.