Comment on NRI trading on Indian Stock Exchanges

Sam commented on 14 Mar 2016, 05:22 PM

Hello,

I recently opened up an NRE (gosh it took two months!!) account and when i asked the customer service at the designated axis bank branch, the representative responded that Axis does NOT do PIS account for US based NRIs.

Is it true. Its just only getting frustrating with Axis when it comes to creating PIS. They clearly said they wont let US based NRIs open trading/demat account with them due to the fact that the bank would then be obliged tor report to US SEC on those earnings. How about zerodha? Do you report to US SEC or is it done at RBI level?

As i see, almost every bank in India does not cater to US based NRIs for trading on indian markets (i.e. to open demat/trading accounts). If i remember correctly, the other brokerage Sharekhan does not entertain US based NRIs either. Looks like its only Zerodha!

your comments are much appreciated.

thanks
Sam

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