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| Discuss How can NRIs in USA do Online Trading at the Equities within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi I am new to this field itself. I am going to get some stock ... |
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#1
13th June 2005, 12:34 AM
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How can NRIs in USA do Online Trading
Hi
I am new to this field itself. I am going to get some stock options from a company in India and they are only going to transfer it to a DEMAT account. For that purpose I am opening an NRI - Repatriable account with ICICI, but I understand NRIs in USA can not open account with online trading companies like ICICIdirect.com. Here are my questions: - What is the easiest way for me to sell off these shares. I don't mind paying a little extra charge for convenience. - Is the NRI - Repatriable account the best choice. I would like to be able to get the money back to US but I am afraid it should not affect my ability to sell the shares. Please note I am not a regular investor and for the most chance this might be my only transaction. Thanks 
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#2
13th June 2005, 06:25 AM
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Re: How can NRIs in USA do Online Trading
Quote:
If you re not going to be visiting India in the near future you could always ask your friend/relative help you sell them.
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#3
13th June 2005, 10:32 AM
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Re: How can NRIs in USA do Online Trading
Quote:
Check out HDFC securities site for information on online trading account, http://www.hdfcsec.com/equity/nriShow.php. But I understand there are restrictions for NRIs whose primary residence is USA. Anyways I hope it helps you. Regards!
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#5
1st September 2006, 04:33 AM
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Re: How can NRIs in USA do Online Trading
hi sans,
I am trading from uk, you have to get a PIO card (person of indian origin) from the Indian embassy. It costs aroung $300, once that is done you open an account with icici and i think kotak mahindra. you need 4 accounts 2 are NRE accounts which is repatriable and two are NRO accounts which is non-repatriable. The NRE and NRO account has a PINS account and a non PINS account. PINS account is one where you can buy and sell, non PINS account where you can sell. If you are getting the shares as part of an inheritance in India etc it goes into a non PINS NRO account. You will need to get a PAN number for Indian Tax purposes, at the moment you are not going to pay any taxes on your income from the your trading in India, however when you do take it back to USA Uncle Sam might be interested. It took me a while to get everything done through ICICI, it works quite well. I am aware I am paying a bit extra. Hope this helps, Buddy
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