US based NRI can't get demat accounts?

#1
I am sure this topic has been beaten to death so sorry about that.

ICICI bank just told me that US and Canada based NRIs cannot get a demat account.

What are the ways in which a Green Card holder can trade stocks on the Indian bourses - other than getting a demat account by giving them your Indian address?

Thanks!
 
#2
All the NRIs are eligible to open DMAT account. I am an NRI living in USA and I have a DMAT account with ICICI Bank. Only problem is that the NRIs cannot use their Broker services - electronically or otherwise. You will have to use services of a private broker to do any transactions.
 
#3
Thanks for responding. I wonder why this person told me otherwise.

One more question: I don't have a PAN card. Does this need to be done before I apply for a demat account? Or will then automatically get me a PAN card as well?
 
#4
Thanks for responding. I wonder why this person told me otherwise.

One more question: I don't have a PAN card. Does this need to be done before I apply for a demat account? Or will then automatically get me a PAN card as well?
Yes. You need to have PAN number for opening any bank account DMAT/ NRO/NRE. this is a must for resident Indians as well as for NRIs. If it is a joint account then all the holders need PAN
 

rs74

New Member
#6
All the NRIs are eligible to open DMAT account. I am an NRI living in USA and I have a DMAT account with ICICI Bank. Only problem is that the NRIs cannot use their Broker services - electronically or otherwise. You will have to use services of a private broker to do any transactions.
Is there a good broker who allows online trades for NRI's ?
Please guide. I am planning to invest in India stock market.
 
#8
Hi brother has converted to Canadian Citizen recently. Can he open
his DMAT account.
Actually he has some shares (in physical mode ) of some reputed companies. Now he wants to dmat them and to keep them for long in DMAT form.

Please advise.
 
#9
Hi
My brother has converted to Canadian Citizen recently. Can he open
his DMAT account.
Actually he has some shares (in physical mode ) of some reputed companies. Now he wants to dmat them and to keep them for long in DMAT form.

Please advise.
 
#10
Well according to US Securities Act, no one can do investment abroad on solicitation basis. So ICICI has decided that they will not open Demat account, if you are in USA, however if you are physically in India and you wonder into their branch you can open the account. Fundsindia.com seem to be happy opening account if you apply online and mail them the paperwork. Guess if you download the form and send it to them, they seem to think its OK. Well I have just applied so I will see.
 

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