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Yes as per the new SEBI regulation, even if you are trading only intraday equity, you will need to have a demat account mapped to the trading account.
I guess the logic behind SEBI bringing this is, what happens if a stock hits down circuit and client can’t sell it, where will the stock now be delivered to?
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Yeah you should have demat account.
In case of short delivery (read here http://zerodha.com/z-connect/queries/stock-and-fo-queries/consequences-of-short-delivery-nse-bse) the shares will go to your demat account.
So it is mandatory.
In case you are trading only F&O, there is no need of demat account, since F&O settlements are doing within trading account and there is no delivery.