No you can’t trade in the equity segment without having an Demat Account.
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Demat account is required for equity trading.
Zerodha is having tie up with IL&FS to open demat account. Yearly maintanence charges around 400 rupees. It will take around 5 to 10 days to open the account.
If you have other demat account you can link it to zerodha, but you cannot take deliveries directly. Hence it is better if you open one with zerodha, while you open your trading account.
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You can open online trading account with no demat account. There are quite a few website that does recommend online trading in stock market free of charge but officially they are accuse you brokerage accusation when you exchange your trading win currency to your bank/check/PayPal and so on. Tradebulls.in