Which discount broker is offering NRI trading in Derivatives now?

kingkrunal

Well-Known Member
#21
I agree Finvasia support isn't always up to the mark but then, that's true of almost all brokers anyway but at least you can get a hold of Finvasia Live-Chat when you need it whereas with Zerodha or any other brokers, it might be days before they get back to you, & phone-lines often always busy. PLEASE go through the latest 5-10 pages of Zerodha & Upstox threads, & then, consider whether you really want to open account with these people, both of them have frequent glitches & RMS issues whereas Finvasia is more simplistic but at least they seem more stable & accessible. A lot of Traderji members are trading with Finvasia for years, so I don't know if they're a hoax; after all, they are a legitimate NSE registered broker like any other. Bigger doesn't always mean better, & that's certainly true with Zerodha & Upstox, in my opinion.



Regarding why brokers don't want NRIs, it's because there are a TON of restrictions & regulations imposed by the government on NRI accounts, so it's a lot of headache for brokers, like they have to ensure that NRIs don't buy more than a certain % of stock, the money has to be kept with either the bank or custodial participant & not with the broker as is the case with normal accounts so brokers have to have a tie-up for that purpose & co-ordinate activities since the bank is required to report all transactions to RBI, & I'm sure there's other regulatory nonsense as well. It's so hypocritical that the government has Pravasi Bharatiya Divas & all that, & they want the NRI dollars to stem the perpetual fall of the rupee against the dollar, & yet, they don't want to make it easier for NRIs to trade in India. Very hypocritical & sad. :mad:
agreed with finvasia support model.. it is good and rms are available on call...
so you mean NRI set in stone as you getting USA citizen ship or something else ? as you are nri if you are outside india for more than 183 days ..
 
#22
agreed with finvasia support model.. it is good and rms are available on call...
so you mean NRI set in stone as you getting USA citizen ship or something else ? as you are nri if you are outside india for more than 183 days ..
Yes, the latter, that I will be regarded as an NRI by IT department after having spent more than 182 days outside India in a financial year. Getting the citizenship isn't so easy, it takes anywhere from 5-10 years as far as I know; besides, I don't know if getting the citizenship is even worth it for everyone, given their tax-rules.
 

Finvasia

Well-Known Member
#23
Finavisia said they do NRI trading in derivatives and upon asking them to email me forms specifically only for F&O trading, they sent me regular forms to trade stocks, like PINS AOF, demat AOF etc. I could not locate any forms for F&O trading. So the first impression is disappointing.
Hi Eclipse,

In case our representative was not able to explain, we are sharing the process for your convenience

NRI Trading

Cash segment only

NRI need to open an NRE bank A/c and PIS account with any bank (most of our clients are having account in AXIS and YES bank). Once PIS account is opened, you need to open a Demat ac with us or you can even link your existing Demat account opened under NRI category. You do not need to transfer funds to Finvasia bank account since the settlement of trades is done between us and PIS Bank. In this case, we shall be sending you the same form but it shall be opened as NRI Demat account. Hence, no different Account opening forms (though additional forms are part of the process)

For FO Segment

This shall be just like opening a regular trading account. There is no need for PIS account to be opened since you need to open NRO Bank account. We shall apply for your CP (Custodian Participant code) with NSE as your clearing member. Once your trading account is opened with us, you need to transfer your funds to our bank account. In your case, we may have shared the trading A/c opening form along with CP code and other supporting documents to be physically signed.

Cash and FO Both

You need to open PIS, NRE and NRO accounts. Please note, to trade in FO, you shall be sending funds to our client account from your NRO account. Hope this clarifies all your doubts. In case, you need more information, we shall be glad to have an NRI ac expert to reach you. Please leave your contact details with our Live Chat agent.

Thanks !
 
#24
Hello @Finvasia

Thanks for this insight and detailed reply...

A few clarifications needed please...

When i last chatted with your rep they did say that i need to open NRE ACCOUNT ONLY WITH YES BANK OR AXIS BANK.... i said i had a NRE account with another bank and they said then it may not work... So please clarify this....

Secondly as far as i was explained by another broker (SHCIL I THINK) if i open and use ONLY NRO ACCOUNT to open demat account to trade in equities intraday and F&O intraday then i can do so.... I don't need a NRE account just for equities... Only issue in this is i won't be able to repatriate funds from the NRO account... Please clarify on this also as to what is your stand on this...

Another question, does Finvasia have a demo account that one can use to see how it will be for NRI trading? Will that be possible please?

Regards
Greg

Sent from my POCO F1 using Tapatalk
 

Finvasia

Well-Known Member
#25
Hi Greg


Hello @Finvasia

Thanks for this insight and detailed reply...

A few clarifications needed please...

When i last chatted with your rep they did say that i need to open NRE ACCOUNT ONLY WITH YES BANK OR AXIS BANK.... i said i had a NRE account with another bank and they said then it may not work... So please clarify this....
We have to coordinate with PIS bank for trade settlement. Yes and Axis are our preferred partner banks. So, we would advise to open in any one bank as per your convenience.


Secondly as far as i was explained by another broker (SHCIL I THINK) if i open and use ONLY NRO ACCOUNT to open demat account to trade in equities intraday and F&O intraday then i can do so.... I don't need a NRE account just for equities... Only issue in this is i won't be able to repatriate funds from the NRO account... Please clarify on this also as to what is your stand on this...
Yes, you can open NRO ac to trade in Demat and FO. Please note, you still need PIS account activated in NRO account with the bank to trade in Cash segment. Also, your thought around repatriation is correct.

Another question, does Finvasia have a demo account that one can use to see how it will be for NRI trading? Will that be possible please?
Regards
Greg

Sent from my POCO F1 using Tapatalk
NRIs can trade on NEST and ScalperT application. Please ask the live chat to arrange demo for it. Hope this clarify all your doubts.

Thanks !
 
#26
Hi Greg




We have to coordinate with PIS bank for trade settlement. Yes and Axis are our preferred partner banks. So, we would advise to open in any one bank as per your convenience.




Yes, you can open NRO ac to trade in Demat and FO. Please note, you still need PIS account activated in NRO account with the bank to trade in Cash segment. Also, your thought around repatriation is correct.



NRIs can trade on NEST and ScalperT application. Please ask the live chat to arrange demo for it. Hope this clarify all your doubts.

Thanks !
Hello @Finvasia

Thanks for your replies.

If i understand you correctly,

1. With just NRO account i can do trading in both EQUITY (and/or index) and EQUITY (and / or Index) DERIVATIVES both intraday and position trading ...... Provided i open a PIS account also using the same NRO account.

2. The bank you prefer is AXIX bank or YES BANK. So if i have a NRO account with any of them is that it ? Do i also need to have a DEMAT account with STOCK HOLDING CORP ? if no then where do i need to have the demat account ?? Please guide on this ?
P.S. I already have a DEMAT account with Stock Holding and they are ready to convert the same to NRE / NRO demat account depending on what i want.

3. Will chat with the live customer rep staff for demo.

regards
Greg
 
#28
I thought NRI's aren't allowed to trade intraday in Cash segment, & intraday is only allowed in F&O segment.:confusedd:
Nope... NRi's are now allowed to trade in basically everything EXCEPT COMMODITIES...
And here by everything i mean EQUITY DELIVERY / EQUITY INTRADAY / F&O for both equities and indices for intraday and position also etc...

This is as far as i know. Experts can always correct.

BUT NOT MANY DISCOUNT BROKERS ARE OFFERING FULL STUFF AS YET.. SO if we can get people like FINVASIA to give a good deal then they will be the first... AS more and more NRI's want to do trading.
 
#29
Nope... NRi's are now allowed to trade in basically everything EXCEPT COMMODITIES...
And here by everything i mean EQUITY DELIVERY / EQUITY INTRADAY / F&O for both equities and indices for intraday and position also etc...

This is as far as i know. Experts can always correct.

BUT NOT MANY DISCOUNT BROKERS ARE OFFERING FULL STUFF AS YET.. SO if we can get people like FINVASIA to give a good deal then they will be the first... AS more and more NRI's want to do trading.
This FAQ PDF is directly from NSE website - https://www.nseindia.com/content/members/faq_NRI_TA.pdf

Screenshot at 2019-05-05 17-46-06.png
 

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