Dear Traderji.com users,
I would be grateful for any advice about my situation.
I am a NRI from UK.
During a recent visit to India opened a NRE and PIS accounts with HDFC and submitted application to a Sharekhan franchise for online trading and DEMAT accounts. However the Sharekhan franchise has been very slow in opening the account. I filled in my contact details in the Sharekhan website and e-mailed them with general enquiries about NRI account, even after 2 weeks they have not contacted/responded. For the last 2-3 days I cant even look at the Sharekhan website (website does not load, at least from UK), I am having second thoughts about Sharekhan.
Being an NRI have limited choice of brokers. Had considered ICICI but the cost are high (Rs 6000/- account opening charges and 1.0% for delivery), HDFC is less expensive (Rs 2250/- account opening charges, Rs 500/- for DEMAT and 0.75% for delivery), Sharekhan charges Rs 2000/- (Rs 1000/- each for online trading account and DEMAT accounts) for account opening and the franchise has quoted 0.25% for delivery, so proceeded with Sharekhan.
If there are any NRI's out there please can you advice. My choice at the moment is between Sharekhan and HDFC as I have done some paper work with them. Do you think its worth trying some other broker for which I have to start all over again (remember a NRI can only have one PIS account but any number of DEMAT/trading accounts, but unlike for Residents Indians the account charges are quite high).
Also read about the KYC requirement for Mutual Funds, any NRI in UK has experience of getting documents attested from Indian embassy (I have heard that getting anything done in Indian embassy is nightmare.)
Sorry for the long post, would be grateful for any advice.
I would be grateful for any advice about my situation.
I am a NRI from UK.
During a recent visit to India opened a NRE and PIS accounts with HDFC and submitted application to a Sharekhan franchise for online trading and DEMAT accounts. However the Sharekhan franchise has been very slow in opening the account. I filled in my contact details in the Sharekhan website and e-mailed them with general enquiries about NRI account, even after 2 weeks they have not contacted/responded. For the last 2-3 days I cant even look at the Sharekhan website (website does not load, at least from UK), I am having second thoughts about Sharekhan.
Being an NRI have limited choice of brokers. Had considered ICICI but the cost are high (Rs 6000/- account opening charges and 1.0% for delivery), HDFC is less expensive (Rs 2250/- account opening charges, Rs 500/- for DEMAT and 0.75% for delivery), Sharekhan charges Rs 2000/- (Rs 1000/- each for online trading account and DEMAT accounts) for account opening and the franchise has quoted 0.25% for delivery, so proceeded with Sharekhan.
If there are any NRI's out there please can you advice. My choice at the moment is between Sharekhan and HDFC as I have done some paper work with them. Do you think its worth trying some other broker for which I have to start all over again (remember a NRI can only have one PIS account but any number of DEMAT/trading accounts, but unlike for Residents Indians the account charges are quite high).
Also read about the KYC requirement for Mutual Funds, any NRI in UK has experience of getting documents attested from Indian embassy (I have heard that getting anything done in Indian embassy is nightmare.)
Sorry for the long post, would be grateful for any advice.
