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Best brokers for NRI trading in India-2017

Best brokers for NRI trading in India-2017

In this article we are listing best brokers for NRI trading in India.

NRI ("person resident outside India" who is a citizen of India or is a person of Indian origin), PIO or OCI card holders can trade in Indian stocks under Portfolio Investment Scheme (PIS).

NRI accounts are controlled both by SEBI and RBI, so there are some restrictions in NRI trading. NRI can trade only in equity delivery, no exposures, no short selling, no BTST (Buy today sell tomorrow), no Currency derivative trading. NRIs can invest in mutual funds and IPOs through NON PIS [NRE/NRO saving accounts].

Latest Update

With the recent amendment in FEMA regulation, NRIs can now invest in Equity Market like resident individuals. Earlier NRIs were allowed to invest in Equity market through a PIS account only. Now PIS account is required only if you have NRE Account by which you can repatriate (take out the funds out of the country) the sale proceeds.

NRI with NRO Account can trade in Equity Delivery as normal resident Indian. You just need to open a normal trading and demat account and link it with your NRO Saving Account.

NRI is no longer required to open PIS Bank Account for investment in Indian stock market without repatriation benefits.

1. Zerodha Review

2.Sharekhan Review

3.Ventura Review

4.Geojit Review

5.HDFC Securities Review

6.Kotak Securities Review

Process to open a NRI trading account:

  • Need to open RBI-approved bank account, PIS(Portfolio Investment Scheme) approval require.
  • Client can trade only with one bank account.
  • Trading & Demat account opening forms with brokers using KYC 'Know Your Client' guidelines.
  • This process can be done only when person is in India for visit because Passport and Visa copies are mandatory.

Document required to open a NRI account:

  • Indian Passport or Foreign passport with place of birth as India accompanied with PIO/OCI card.
  • If on Indian Passport then Valid Visa.
  • PIS permission letter from RBI approved bank & Bank Account details.
  • PAN card.
  • Overseas Address Proof - driving license/Bank Statement/Lease paper.
  • Indian Address Proof (Aadhar Card/Voter ID/Driving License/Bank Statement/Utility bill)
  • Latest photographs of applicant.

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