Thanks Alpesh for the links. They certainly offer NRI to trade, but does not spell out the conditions which is my interest. Anyway after weeks of research I have now found out a few things as follows:
- An NRI can trade in only delivery equities
- An NRI can trade in derivatives only with a NRO account (that is, funds are non-repatriable)
- I wanted to trade via my Superannuation Fund (my wife and I are its trustees). I understand that RBI has banned any trade by an "Overseas Corporate Body" which has over 60% NRI ownership
To summarise, if you wish to trade as an individual and want to be able to repatriate your funds anytime then equities are the only option (probably non-intraday trading, but I am not sure). If you wishes to trade as an individual and in derivatives then its non-repatriable. If you wish to trade via a partnership, company, trust, etc, forget it!
If anybody can confirm or elaborate on my understanding that will be most appreciated