Zerodha, Sharekhan and others will do it for you, but if you are an NRI, keep your life simple, trade and make the difference in the commissions and open an account at ICICI or HDFC. You will be happier with the 3 in 1 account.
Hope this helps.
I am not with icici.
Kotak if you have a large trading can be negotiated down. Kotak charges brokerage only on purchase and a fixed fee on sale not a percentage.
ICICI platform is good, what you are getting with icici is best. I was trading with icici before but was not able to negotiate them down
Can you advice how you got the 15CA/CB form - I havent looked at it and would appreciate some pointers
Hi,
@edwardlobo
I have done this a couple of times for my relative in USA , consult your CA
The duly filled 15CA and 15CB should be submitted to the concerned bank branch , who will forward the same documents to the Forex Department who will process it.
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Thank you for the updates.
Yes, it took me years to get them down, but I do invest for 10+ years (specific ideas) and then do some swing trading (all in SIP mode).
To answer your question on the forms, it is a process that your bank will explain since it is well documented for taking NRO funds and moving it back to your Resident Country. The forms justify that the funds you are moving out are legal, have taxes paid on it, and also are yours. In addition, it verifies your resident country. My CA took care of all of the forms, and Bank took care of the other half.
From the moment I initiated the request, to the money transferred to my bank, it was exactly 2 days, so if you start at 1PM sitting at the bank in Mumbai on Day 1, the fund deposit notification will come on Day 3 morning (sometimes very early in the morning). All of the above is for India to USA.
KKP
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Thanks I just donât have a ca as I do my own filing but I will get one just to get the form for this years filing after March
I just opened non pins demat account with ProStock. If someone has NRO account and aadhar linked to indian mobile number then it is very easy. I opened in 30 mins online kind off without any problem. I never thought it could be so easy.
Can i open Zerodha also online like i did in prostock? Any body has experience with ProStock as NRI?
I did not purchase or sell anything but just opened account and just checked that my login works.
What about KYC update or are you already registered as NRI in CKYC? I guess it is easier if you are already registered as NRI in KYC.
for zerodha i guess you will need to post them the form and other document, not sure though
I do have nre nro PMs demat account tooâŚit seems kyc may have been taken care with that earlier
If am not mistaken NRIs are not allowed trade,correct?
NRIs are not allowed to do day trading,isnt it
you are not allowed for Day trading means⌠you should buy stocks for delivery.
Buying and Selling Stocks with no intraday-trading is OK. Every so often if you sell a stock that you might have bought by mistake is not prohibited, but cannot form any patterns.
I swing trade stocks regularly for almost 4 years now, and it has proven to be almost better and safer than doing it in the US. US is these massive movers of the large caps and not a fan, but do trade in US also. Gains for me are better in India so spend 3-4 hours on Indian market and have buying phases and selling phases based on Nifty charts.
KKP
I might be confused here.
Do you mean you do swing trade by buying and then selling on the same day?
My understanding is that swing trade is also done on the same day just like intraday(which is prohibited)
Would be great if you can clarify @kkpatel1924
To me daytrading is intraday trading. Not allowed.
To me, swing trading is multi-day/multi-week trading. Allowed.
KKP
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NRI is not allowed to do day trading. In normal trading, we get Shares credited to our dmat account after 2-3days.
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NRIs, be careful of the Taxation factors for USA and India if you are doing investing / trading in USA and India.
There are some tough laws to follow on Interest, Dividends, STCG, LTCG, Marginal Tax Brackets and also filing requirements with IRS, ITR2 and also FBAR. Read up on this since almost 101% of the info is online, but do it religiously since the crackdown will happen sooner than later. India and US direct linking is happening and I have heard that they are going after the big accounts now and it will ONLY be a matter of time.
Just as Amazon Prime can easily catch where you are logging in from, where you are filing returns from, and what sources of income you have, it will be happening with IRS, ITR and also Brokerage logins.
Good luck to all - Not a Tax Advisor to give more advice.
KKP
Hi All, This is applicable to UK as well. The worldwide income is taxable in your country of residence and it is also taxable in India. Only advantage is : You get to reduce the tax in your country of residence by the amount which you have already paid in India. As indicated earlier, Not a tax advisor so cannot explain more. Good Luck to all investors.
Hi KKP, I have NRO account with PINS and N-PINS account. All the shares I have purchased before I became NRI, are available in N-PINS account. All shares I have bought after I became NRI are in PINS account. If I need to buy any more shares, it should be bought from money in relevant savings account. You can transfer the money to/from NRO Savings account to account linked to PINS account/N-PINS account freely. When you buy Mutual Funds, you can buy from NRO Savings account and MF Units are credited to N-PINS account. Hope it is clear. I have been trading (Selling and buying) Indian Shares since last 2-3years. Happy to answer questions if any in my e-mail.
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Yes, Sir-jiâŚThis is exactly the official process. Trying to buy from NRO funds into N-PINS will not work - it is disabled. PINS is the only place to do it.
But, we have a large % of Original Indians that feel that they can get away without officially declaring and migrating to this new model, and there will be some big surprises. I have friends who are trading in their parents accounts, not realizing that those accounts will have to later on stamped NRI account. Sooner it is done better, and made official with asset declaration to be compliant to the Patriot Act. Remember accessing these accounts from US or UK with your IP address or VPN server being known (by originating IP address) is very easy and common. VPN does NOT prevent one from being identified source of IP packets. Not trying to scare, but trying to educate. Hope moderators will not cut this message out.
KKP
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I am not quite sure I understand what you are saying.
If the typical delivery time is T+2 for example, then doesnât it simply mean you cannot do the round-trip of your transaction until that time? (and yes, that is a swing trade.)
Intra-day is not allowed as per regulations (at least the banks and brokers are telling me that.)
On to the other topic of this thread: NRO PINS. It surely is expensive with HDFC+ FundsIndia. I contacted FundsIndia to ask why did they force me to get NRO PINS and the answer was that without PINS, the administrative overhead for them is too much and they donât want to take the hassle. I asked âhow come other brokers are able to offer this then?â and they said 'thank you for the feedback".
I contacted Kuvera recently and their customer support is very slow in responding.
Hope there are other alternatives soon.