Im so excited to see these forums... US NRI Online trading...

[cooldude2]

Hello All,

Im newbie out here. Im really happy to see these forums here

I m Rahul from USA. Just want to quick start on online trading. I wanted to do it when I was in india... It never happed. But now it looks like I cant open an online trading account, as Im in USA. I have savings, currents accounts in India with ICICI Bank and I have PAN# too in India.

Can one please suggest on how can I get online trading account. May be, getting account opened for my brother / mother is not a bad idea at all.

But they do not have PAN# for them.... I know this is a typical situation most of the guys seen. Can you please help me on this ?

Thanks a bunch!
-Rahul

[cooldude2]

No single reply ??????? ((

[Traderji]

I don't think you have any other option. If one does not have a PAN card one cannot open an account with a stock broker. Check out the following site for more info on the PAN card!

http://filereturn.com/

[aca_trader]

Originally Posted by cooldude2

No single reply ??????? ((

Hi Cool Dude!

You can do online trading in India. For the purpose, you need to have an account with any of the online brokers and also a D-mat account. Thereafter, you can trade in shares. Indiabulls does provide this facility to the NRI's.

There won't be any problem in opening the account as you have all the required documents but the Million dollar question is "How You Will Sign the Member-Constitunet Agreement as it's supposed to be signed in presence of the broker/his representative?"

Regards,
--Ashish

[GlobalGyan]

aca_trader,
I thought only NRIs in Arabian Gulf region were eligible for trading...

[chachi]

I am also a newbie from Saudi and opened the account recently during my India visit.

If you have access to any of ICICI, HDFC bank representatives at your place, then defenitly they can help you to open Dmat and Trading account. they will get you all the forms required, you can fill them and hand over the forms to them. They will be corresponding with their central offices in India and get you all the required username passwords for trading to you. At least this is happening in Middle East.
Another option is to ask your close ones in India to open the account in their name and you can send the funds to their account. Get all the passwords by calling them and you can trade. (dont know about any bad implications of this) PAN card, is not a must I think. Even the voter card, resident bank accounts will be sufficient. check it out.
All the best.

[aca_trader]

Originally Posted by GlobalGyan

aca_trader,
I thought only NRIs in Arabian Gulf region were eligible for trading...

Dear Gyan,

There is no such restriction upon NRIs living in other parts of the world. All the NRIs can trade in shares through a designated bank. However, they can't do intraday trade. Taking Delivery is a must for an NRI. Besides, there are limits on the extent of shareholding by NRIs in a domestic company.

Best Regards,
--Ashish

[Neal]

According to icicidirect.com This service is not available to foreign residents including Non-Resident Indians (NRIs) in United States

[jamx03]

hi,

I am also interested in trading online. Is it possible to open account in India on the name of your close relatives (who is in India) and operate it thro' USA.

Any reply appreciated.

thanks,

James