Comment on NRI trading on Indian Stock Exchanges

Venu commented on 17 Jun 2016, 07:53 PM

1. Yes, but we’ve found the rates & the service levels better with Axis Bank. If you wish to continue using your HDFC account, you could do so.
2. No, you’ll have to open a new demat account with us along with a trading account.
3. You cannot hold 2 PIS accounts with 2 different brokers. While there’s no problem with you keeping your trading & demat account with HDFC open, it’s redundant to do so because you cannot execute any transactions after mapping your PIS account with Zerodha. It’s best to close it. Once your new demat is opened, you can initiate a ‘closure cum transfer’ whereby you can transfer all shares from your HDFC demat to your Zerodha demat. All ‘closure cum transfers’ are done free of cost.
4. No, as an NRI you cannot/should not transfer funds to your broker. Funds will be kept in your PIS account and the broker will report contract notes to the Bank and receive/pay against purchase/sale transactions you make.
5. Yes, we could assist you with opening an account with Axis. You could write to Akshay Atur from my team who could assist you with this. As I said earlier, you can’t have 2 different PIS accounts, so you’ll have to close and can only hold one. Holdings can be transferred as explained earlier.
5. Yes,you can find our address on Pune here: You can get in touch with an office closest to you. If you’re in India at the time of account opening, there’s no need to get your documents attested.

In short you’ll have to:

*Decide if you wish to stick with HDFC or move to Axis.
*If you wish to stick with HDFC, you’ll have to get the PIS account mapped to your Zerodha Trading Account. The PIS account will have to be an offline PIS. Your RM at HDFC should be able to help you with this.
*Transfer holdings from HDFC to Zerodha. Initiate a closure cum transfer of your demat to avoid paying charges for transfer.
*Start trading at Zerodha!

Do get in touch if you have any other queries.

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