Myths vs facts, in plain English

A demat account and a trading account are the same thing.

They are two different accounts that work together. Your demat account holds your shares in electronic form. Your trading account is what places the buy and sell orders on the exchange. You usually open both together, but they do separate jobs.

Grey market premium (GMP) guarantees a listing gain.

GMP is an unofficial, unregulated number quoted by some traders before a share lists. It reflects rumour and sentiment, not a fixed or promised price. Shares can and do list below their issue price whatever the GMP said.

Direct and Regular are two different funds.

They are the exact same fund, run by the same manager holding the same shares. The only difference is cost. A Regular plan has a higher expense ratio because it includes the cost of how it is sold. A Direct plan skips that extra cost, so more of your money stays invested.

IPO shares are allotted first come, first served.

When an IPO is oversubscribed, retail allotment is decided by a computerised lottery, not by who applied first. Applying early does not improve your odds, and beyond one lot, applying for more does not help in the retail category once demand passes the shares on offer.

A SIP guarantees returns.

A SIP is only a schedule for investing a fixed amount at regular intervals. The money still goes into a market-linked fund whose value rises and falls. A SIP can average out your buy price over time, but it does not promise a profit or protect against a loss.

Zero brokerage means the trade is free.

Zero brokerage only waives the broker's own fee. Statutory charges still apply on top: Securities Transaction Tax, exchange transaction charges, the SEBI turnover fee, stamp duty, GST, and a DP charge when you sell delivery shares. No broker can waive these.