ICICI Direct For UK NRI

Hello all,

This is my first post on this wonderful forum. I have been reading the various posts from all the people here and have decided to enter the world of online trading and mutual fund investing.

I have a question the answer for which I have not yet found on the forum.

I am an NRI in the UK and have an ICICI NRE and NRO account.
I thought that I would open an account with ICICI direct as their 3-in-1 facility sound attractive and since I am in learning phase will be less hassle.

However after contacting ICICI they mentioned that I CANNOT invest in either Mutual funds or IPO's only in secondary market. Further I cannot invest in any commodity markets.

Another issue was that all the supporting documents like drivers licence etc for proof of identity and proof of address have to be verified by the Indian consulate in the UK.

Even my NRE account cannot be linked to my demat or ICICI Direct account according to the mail I received from ICICI Direct

Is this actually how it works? If I cannot invest in mutual funds / IPO's and have to go through such a long winded process just to invest in shares with what I hear highest brokerage charges?

Is there any way for a UK based NRI to invest in shares and Mutual funds and IPO's online ?



Below is part of the email sent to me by ICICI Direct

1. As you are an NRI (Non-REsident Indian) residing in U.K. through ICICI Direct Account you cannot invest in Mutual Fund and IPO, you can invest only in secondary market.

<snip>

5. It takes 15 working days for online trading account to be opened once the duly filled completed documents are received at the below mentioned address:
CUSTOMER SERVICE.
ICICI Securities Limited,
ICICI Bank Tower
A - Wing, 3rd floor,
Behind Chandivali studio
Chandivali, Andheri (E)
Mumbai - 400072

6. The account opening documents sent by you needs to be verified from Indian Ambassy / Consulate General / ICICI Bank official. You cannot link your existing NRE account to your PINs account.

To open an NRI ICICI Direct Account follow the below mentioned steps:

Step 1: Click on the following link

https://secure.icicidirect.com/custo...n_acct_nri.asp

Step 2 : Request you to select the UK option.

Step 3 : Register yourself on the site and get your user Id and password. Please take a note of this user Id and password. This is the same, which you

would be using for trading after your account is opened with ICICIdirect.While setting your User Id and Password you will be given an Account Reference Number (ARN). Kindly take a note of ARN.

Step 4 : You would receive a mail at the email ID provided by you.

Step 5 : Download the forms from the links given in the email.

Step 6 : Take a print of the forms, fill the details and send it to us, along with the required documentation as mentioned on the form.


Any help/advice will be appreciated. Please help with specific info to UK NRI's .


Many thanks,

bump

No one from the UK using ICICI?

try kotak. u can do it off-line, IPOs and mututal funds. The contact person for NRIs is Pankaj Bhagat - 00 91 22 67409 644

Hi, I am from UK, I had filled the online form for ICICIdirect a week back. I received an email from them saying that an official will visit my residence for completing the documentation. No one has come yet. I'm still waiting.
Luiza

Hi,

Been with ICICI Demat in UK for 2 yrs. The service is crap.
It took me 5 months to open the account from UK. They keep rejecting application for mundane reason.

Even for simple address change, u need to go to Embassy or consulate to get the support documents attested. Going to embassy and getting it signed is a sure waste of 2 days if u r living outside embassy area.

Am pissed off with ICICI Direct. Looking for a new brokerage firm in India to do trading (PINS/NON-PINS)....