Hello all,
This is my first post on this wonderful forum. I have been reading the various posts from all the people here and have decided to enter the world of online trading and mutual fund investing.
I have a question the answer for which I have not yet found on the forum.
I am an NRI in the UK and have an ICICI NRE and NRO account.
I thought that I would open an account with ICICI direct as their 3-in-1 facility sound attractive and since I am in learning phase will be less hassle.
However after contacting ICICI they mentioned that I CANNOT invest in either Mutual funds or IPO's only in secondary market. Further I cannot invest in any commodity markets.
Another issue was that all the supporting documents like drivers licence etc for proof of identity and proof of address have to be verified by the Indian consulate in the UK.
Even my NRE account cannot be linked to my demat or ICICI Direct account according to the mail I received from ICICI Direct
Is this actually how it works? If I cannot invest in mutual funds / IPO's and have to go through such a long winded process just to invest in shares with what I hear highest brokerage charges?
Is there any way for a UK based NRI to invest in shares and Mutual funds and IPO's online ?
Below is part of the email sent to me by ICICI Direct
1. As you are an NRI (Non-REsident Indian) residing in U.K. through ICICI Direct Account you cannot invest in Mutual Fund and IPO, you can invest only in secondary market.
<snip>
5. It takes 15 working days for online trading account to be opened once the duly filled completed documents are received at the below mentioned address:
CUSTOMER SERVICE.
ICICI Securities Limited,
ICICI Bank Tower
A - Wing, 3rd floor,
Behind Chandivali studio
Chandivali, Andheri (E)
Mumbai - 400072
6. The account opening documents sent by you needs to be verified from Indian Ambassy / Consulate General / ICICI Bank official. You cannot link your existing NRE account to your PINs account.
To open an NRI ICICI Direct Account follow the below mentioned steps:
Step 1: Click on the following link
https://secure.icicidirect.com/customer/customer_open_acct_nri.asp
Step 2 : Request you to select the UK option.
Step 3 : Register yourself on the site and get your user Id and password. Please take a note of this user Id and password. This is the same, which you
would be using for trading after your account is opened with ICICIdirect.While setting your User Id and Password you will be given an Account Reference Number (ARN). Kindly take a note of ARN.
Step 4 : You would receive a mail at the email ID provided by you.
Step 5 : Download the forms from the links given in the email.
Step 6 : Take a print of the forms, fill the details and send it to us, along with the required documentation as mentioned on the form.
Any help/advice will be appreciated. Please help with specific info to UK NRI's .
Many thanks,
This is my first post on this wonderful forum. I have been reading the various posts from all the people here and have decided to enter the world of online trading and mutual fund investing.
I have a question the answer for which I have not yet found on the forum.
I am an NRI in the UK and have an ICICI NRE and NRO account.
I thought that I would open an account with ICICI direct as their 3-in-1 facility sound attractive and since I am in learning phase will be less hassle.
However after contacting ICICI they mentioned that I CANNOT invest in either Mutual funds or IPO's only in secondary market. Further I cannot invest in any commodity markets.
Another issue was that all the supporting documents like drivers licence etc for proof of identity and proof of address have to be verified by the Indian consulate in the UK.
Even my NRE account cannot be linked to my demat or ICICI Direct account according to the mail I received from ICICI Direct
Is this actually how it works? If I cannot invest in mutual funds / IPO's and have to go through such a long winded process just to invest in shares with what I hear highest brokerage charges?
Is there any way for a UK based NRI to invest in shares and Mutual funds and IPO's online ?
Below is part of the email sent to me by ICICI Direct
1. As you are an NRI (Non-REsident Indian) residing in U.K. through ICICI Direct Account you cannot invest in Mutual Fund and IPO, you can invest only in secondary market.
<snip>
5. It takes 15 working days for online trading account to be opened once the duly filled completed documents are received at the below mentioned address:
CUSTOMER SERVICE.
ICICI Securities Limited,
ICICI Bank Tower
A - Wing, 3rd floor,
Behind Chandivali studio
Chandivali, Andheri (E)
Mumbai - 400072
6. The account opening documents sent by you needs to be verified from Indian Ambassy / Consulate General / ICICI Bank official. You cannot link your existing NRE account to your PINs account.
To open an NRI ICICI Direct Account follow the below mentioned steps:
Step 1: Click on the following link
https://secure.icicidirect.com/customer/customer_open_acct_nri.asp
Step 2 : Request you to select the UK option.
Step 3 : Register yourself on the site and get your user Id and password. Please take a note of this user Id and password. This is the same, which you
would be using for trading after your account is opened with ICICIdirect.While setting your User Id and Password you will be given an Account Reference Number (ARN). Kindly take a note of ARN.
Step 4 : You would receive a mail at the email ID provided by you.
Step 5 : Download the forms from the links given in the email.
Step 6 : Take a print of the forms, fill the details and send it to us, along with the required documentation as mentioned on the form.
Any help/advice will be appreciated. Please help with specific info to UK NRI's .
Many thanks,
