Dear Hari,
Thank you very much for this valuable information. I have a problem, hope you will post your reply. Im NRI presently working in Trinidad & Tobago, West Indies for more than 2 years now. I contacted many brokers in India for NRI trading account, many of them did not reply and some of them said they are unable to extend NRI Online Trading Account for west Indies.
Hari, I have my NRE account( Joint with my wife who is NRI as well) with SBI but not yet internet banking enabled. Since my intention is to go back & settle in India when I finish my contract @ after 2-3 years. I don't want to repatriate any amount to abroad by using NRE repatriable account.
When I read your post, I have decided to go with NRO savings bank account with normal Demat & Trading account ( as what resident Indians do). Is it possible & legal this way? Then I don't need to have PINS account and PAN card on foreign address. I already have PAN card on Indian address.
If above option do not work, another option is to open savings bank account, Demat account and Trading account in my parents name in India and take POA in my name to operate it from overseas ( my parents are not literate enough).In this case I can transfer funds from my NRE a/c to my parents savings bank account to do trading.
For your knowledge, I'm planning to visit India by next month. awaiting for your valuable suggestions asap.
Kind Regards.
Sikandar