I agree Finvasia support isn't always up to the mark but then, that's true of almost all brokers anyway but at least you can get a hold of Finvasia Live-Chat when you need it whereas with Zerodha or any other brokers, it might be days before they get back to you, & phone-lines often always busy. PLEASE go through the latest 5-10 pages of Zerodha & Upstox threads, & then, consider whether you really want to open account with these people, both of them have frequent glitches & RMS issues whereas Finvasia is more simplistic but at least they seem more stable & accessible. A lot of Traderji members are trading with Finvasia for years, so I don't know if they're a hoax; after all, they are a legitimate NSE registered broker like any other. Bigger doesn't always mean better, & that's certainly true with Zerodha & Upstox, in my opinion.
Regarding why brokers don't want NRIs, it's because there are a TON of restrictions & regulations imposed by the government on NRI accounts, so it's a lot of headache for brokers, like they have to ensure that NRIs don't buy more than a certain % of stock, the money has to be kept with either the bank or custodial participant & not with the broker as is the case with normal accounts so brokers have to have a tie-up for that purpose & co-ordinate activities since the bank is required to report all transactions to RBI, & I'm sure there's other regulatory nonsense as well. It's so hypocritical that the government has Pravasi Bharatiya Divas & all that, & they want the NRI dollars to stem the perpetual fall of the rupee against the dollar, & yet, they don't want to make it easier for NRIs to trade in India. Very hypocritical & sad.
Regarding why brokers don't want NRIs, it's because there are a TON of restrictions & regulations imposed by the government on NRI accounts, so it's a lot of headache for brokers, like they have to ensure that NRIs don't buy more than a certain % of stock, the money has to be kept with either the bank or custodial participant & not with the broker as is the case with normal accounts so brokers have to have a tie-up for that purpose & co-ordinate activities since the bank is required to report all transactions to RBI, & I'm sure there's other regulatory nonsense as well. It's so hypocritical that the government has Pravasi Bharatiya Divas & all that, & they want the NRI dollars to stem the perpetual fall of the rupee against the dollar, & yet, they don't want to make it easier for NRIs to trade in India. Very hypocritical & sad.
so you mean NRI set in stone as you getting USA citizen ship or something else ? as you are nri if you are outside india for more than 183 days ..