How can NRIs in USA do Online Trading

#1
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
 

Traderji

Super Moderator
#2
sanxxx said:
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
On our next visit to India you can contact banks like Kotak and or other stock brokers who will be able to sell your shares!

If you re not going to be visiting India in the near future you could always ask your friend/relative help you sell them.
 
#3
sanxxx said:
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
Hi!
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!
 
#4
hi

online trading is not permitted at present due to some restrictions.
best thing is to approach reputed traders such as geojit .com and sell
thanks
svkrishna
 
#5
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
 
#6
NRIs should follow some procedure to trade in indian stocks
we TRADEWELL SECURITIES LIMITED will guide and help you to follow the procedures and opening accounts for NRIs.

for more information visit our website:xxxxxxxxxxxxxx
 
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#7
nri's are required to obtain a PIS no. from RBI under which they can do buy and sell
NRI's are not allowed to short sell or do futures under PIS
 

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