Comment on NRI trading on Indian Stock Exchanges
commented on
30 Jan 2016, 04:17 PM
Hi Mr. Venu,
I have demat and trading account with IIFl. For more than 6 years it was inactive after i experienced a huge loss. Last year i became NRI. The SB account linked to demat was converted to NRO and simultaneously new NRE was created along with that.
I started to trade by transferring amounts from NRE to NRO and then to trading account with broker. When i contacted IIFl to ask them whether i need to change my account status from resident to NRI , they told me that it is not required which by now i come to know is the false information given to me.
I am going to come back to India in oct 2016 and my status will change back to Resident of India from NRI. Now it is mandatory that i have to change my status or can i continue to trade as i am doing it now.
Will there be any legal issues to be confronted by me while filing my IT returns…? How to tackle this situation.
Please let me have a good advise on this…