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| Discuss NRI US - new acct urgent! at the Brokers & Demat Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; hi all, Can an NRI in US open a demat and ICICIdirect accnt to trade ... |
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#1
14th February 2008, 01:30 AM
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NRI US - new acct urgent!
hi all,
Can an NRI in US open a demat and ICICIdirect accnt to trade on BSE? can they link the NRE savings account with their brokerage acct? how does it work? and what are the tax implications vs open a local accunt and giving india address gurus pls respond thanks all 
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#2
14th February 2008, 09:48 AM
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Re: NRI US - new acct urgent!
That is exactly what I want to know.
I've heard that a US NRI cannot trade in India. A Middle-East NRI (from GCC countries) can tarde, however. But what would the repercussions be if an NRI opened a Demat account showing his Indian address. Someone answered this in at traderji saying that brokerages for NRI accounts are more. Can someone shed more light on this whole thing. Thanks. I'm gonna shoot of a mail to ICICI customer support as well. Lets see if they can help.
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#3
14th February 2008, 01:57 PM
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Re: NRI US - new acct urgent!
I have already posted this another chain, again posting it here for your convenience.
"As I mentioned in my previous post, NRIs from US cannot open online trading accounts (I am not sure about DEMAT account) because under US laws the trader needs to be registered in US and be subject to US laws, I guess no traders want this. As regards registering with Indian address, its illegal/unlawful. If you are a NRI but declaring yourself as a resident you are making false declaration and breaking FEMA regulations, SEBI/RBI/etc.., guidelines. The Tax department/Govt can easily check through PAN number about your transactions and query source of funds, tax returns, etc.., My understanding is that most US NRIs trade in the name of resident relatives. The RBI is even looking at this practice. The Indian Govt is making it further difficult by insisting on PAN number for all sort of things and introduced the KYC requirement for Mutual Funds (above Rs 50000/-), in the KYC one has to declare resident status."
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#4
14th February 2008, 06:33 PM
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Re: NRI US - new acct urgent!
Hi all,
As of latest RBI guidelines July 02, 2007 regarding FIIs and NRIs investment from India its legal under RBI Guidelines for NRIs from US to trade in Indian market's. Reference: RBI/2007-2008/22 Master circular No./6/2007-08 Facilities for Residents Outside India Annexure A9 page no 13,14
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