Restriction on NRI

#1
Hi,

I have just opened NRI trading account and I came to know all
the restriction.

1) No intraday trading
2) No cash on spot
3) No margin trading.

Look like this scheme is just opened to block money from us.

for example I bought share couple of days ago and i cant sell
it either it's price is going down or going up.

I just have to wait till I will get share in my demat account:mad:.

What is your views Senior and specially those who
are doing trading as a NRI

How you are dealing with this situation.:confused:

Regards
 

tomjerry

Well-Known Member
#2
Two Options:

1. While you are in India, open new account by showing resident indian proof, that means you are not NRI but a resident indian. By using this account you can do all types of trading even though you are NRI and living out of India.

OR

2. Open new account in the name of your family member, trade on his/her account with your money. By using this account you can do all types of trading even though you are NRI and living out of India.

NOTE: Do not link any trading account with your NRI Banking account. Open separate new resident indian bank account.

There are thousands of NRIs following these two methods without declaring this secret to anyone!

Hi,

I have just opened NRI trading account and I came to know all
the restriction.

1) No intraday trading
2) No cash on spot
3) No margin trading.

Look like this scheme is just opened to block money from us.

for example I bought share couple of days ago and i cant sell
it either it's price is going down or going up.

I just have to wait till I will get share in my demat account:mad:.

What is your views Senior and specially those who
are doing trading as a NRI

How you are dealing with this situation.:confused:

Regards
 
#3
Thanks:D

I thought about it.:) and this is only best option came in
my mind also.

Other wise Trading with NRI account is just watching like
dumb who cant do anything.

if I knew all the restriction I would not waste whole month just
for doing all the paper work.
 
Last edited:

tomjerry

Well-Known Member
#4
Government of India is shameless in this matter by allowing Individual Foreigners to trade in India while barring NRIs.

May be Govt. is thinking that NRI means Not Required Indian :lol: (Just joking, don't mind it).

Thanks:D

I thought about it.:) and this is only best option came in
my mind also.

Other wise Trading with NRI account is just watching like
dumb who cant do anything.

if I knew all the restriction I would waste whole month just
for doing all the paper work.
 
#5
yaa that's true.

I have account with icicidirect.com so far look ok easy to use.

which is best site for opening resident trading account go for
icici or any other.
 

tomjerry

Well-Known Member
#6
Most of brokers' discussion in this section: http://www.traderji.com/brokers-trading-platforms/

RKSV: for daily high volume traders.
Zerodha: for daily medium/low volume traders.
Sharekhan: for Positional(next day sell) traders because Chart software is good.

Choose according to your Daily Trading Turnover/Volume.

yaa that's true.

I have account with icicidirect.com so far look ok easy to use.

which is best site for opening resident trading account go for
icici or any other.
 
#8
Hi,

Someone please advise what is best idea for opening new account

1) most of sites recommended by senior does not allow 3 in 1 account
like infoline, indianbulls, and it is safe to do transaction with these
type of companies

RKSV: for daily high volume traders.
Zerodha: for daily medium/low volume traders.
Sharekhan: for Positional(next day sell) traders because Chart software is good.

2) Again going with icicidirect or axis or sbicap is better idea or not
which one is providing lowest brokerage rate for intially investment of 2,4
lakhs.

Regards
 

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