Opening of trading account by non-indian

Hi all,

I'm a foreigner and I want to open an account to trade Indian Equities and Futures on NSE. Anybody can point me in the right directions? I'm looking for the Interactive Broker equivalent ... discount broker minimal frills yet stable and reliable.

Thanks!

angel broking is best when it comes to stable and affordable brokerage

one new player called R K Global is there too, it dont charge any brokerage if u pay $20 a month to them, but i am yet to experience them, will let u know about them

Interactive borker also has limitation that only Non-Resident Indian (i.e. indian who are living abroad) can open account with connectivity to NSE.

It is regulation from Central bank of India (RBI), which does not allow retail foreign nationals to trade indian market.
But a investment company based anywhere in the world, hedgefund, Institutional investors are allowed to trade at NSE after taking proper approvals from authorities.
They are given special type of account where all there transactions are reported to regulators..

If you want to take exposure to Indian market, then you can use etfs like PIN, EPI or INP. They are traded in US market and anybody can open account with IB that gives trading access to US stock exchanges.

Happy Trading

RBI is the biggest fool and the biggest enemy of Indian government, RBI is actually making lot of loss to Indian citizens, and discomfort too

example:

Indians cant send money out of India without help of bank
various idiotic laws for loan's
various restrictions on banking

I really dont know what RBI gets out of this, but its a pure misuse of power and authority

to add to this, there are several more institutions our lovely government have made just like RBI:clap:

Sorry excivicky, I disagree with you. RBI has done outstanding job of managing our economy. It is not controlled by politicians/govt.. but it is independent body.
It is not like another department created by govt.. Central bank is core of banking in the country..

Economist all over the world appreciate the performance of RBI compared to other central bank. Those restriction are in place to protect the interest of majority, and not to risk the stability of system.

If you want to fund terrorism then u can't send such funds from any banking system. But if u have valid reason then RBI does not stop you. And as a common person, none of us will be sending millions of $ to other countries.

So you want subprime lending in India. You want to see a person earning 2 lacs a year, takes personal loan of 10 lac for whitegoods, holiday and eating out. On top of that, forget about saving.

Tell me a country where banking is non-regulated. That is job of central bank to manage money supply in country. If they let it loose (like US), or manage smartly (like Austraian central bank).

Let RBI do their job.. we do ours.

Wishing u happy diwali

Happy Trading

well, for the first point ...

1)Indians cant send money out without help of bank means that, we can send money only using bank wire transfer, and this takes 3 to 4 days minimum, to add to this, bank now needs import/export certificate if you want to send money out to anyone.

This means that RBI thinks "only import exporters need to send money out" in other words RBI says "others cant send money out at all"

this is such a stupid law, this makes it impossible for others to send money out, only import exporters can send money, no one else, RBI sucks in this one

while in other countries, people can send money out using Western Union or moneygram or xoom services without any reason to give to anyone

and as u say RBI thinks this way it regulates the money going out of India for terrorism, well there is another way called HAWALA which sends money to terrorists without showing anything in bank account's statements... and it is easy to track Western union like transfers than HAWALA transfers, so why not stop the reason people do HAWALA and give people legal support to send money out and track their activities?

to apply salt on this wound RBI has banned any wire transfer to Pakistan or other Gulf countries like Kuwait, Lebanon, Jordan (maybe RBI thinks Indians dont have any relatives at all in GULF) ....so, nowadays even an average Indian uses HAWALA to get money out of India, because in all other ways it is banned by RBI, and average Indian dont have any license.




2) About Loan regulations...

Everyone thinks that Mr. Reddy, the RBI governor did a very fabulous job by making Loan Lending very strict and limiting it, but actually he was just afraid like all Indian Government employees that he dont do any mistake, and it is very hard to believe that he had seen the future of Loan Defaulters, which even America could not see. India should have had comparatively even more Lending margin as India is Developing country with more GDI than America. Might be he just wanted Indian citizens to get Loan the hard way, as it is the policy in India, that an average citizen gets everything the hard way

If he wanted, he could have improved the loan lending a lot, like by making Loan Lending possible in a few hours, and not weeks, like it is in New Zealand, its citizens can take Loan and open any new business in 16 hours flat!


3) restrictions on banking

I agree to this point that every country has restrictions on banking....... but tell me, which other country's bank asks its citizens to deposit cash only a limited times in his current account? if you dont believe me, you can try to open a current account and try to deposit Rs. 50,000 daily, i bet, the bank will cry on this, and RBI would ban this activity.

i know the reason for this..... Fake currency being deposited this way.... so RBI limited cash deposit in a way, but it did not try any other way to stop Fake currency, a perfect example of misuse of power

no offence.... your one of last lines mr. AW10....Let RBI do their job.. we do ours.

this line should be changed to...

RBi dont let us do our jobs, we try our best to do it.

this is just my mann ki bhadas on RBI, this way i hope atleast some Indian's would try to stop RBI's such activities