An NRI is an Indian citizen who stays outside India for the purpose of employment, business or vocation, or under circumstances indicating an intention to stay outside India for an uncertain duration, or Any Indian citizen posted outside India for a temporary period in connection with employment, the period of stay being 6 months or more.
NRIs hold Indian passport. Overseas Citizens of India do not hold Indian passport, however it is the closest thing to a dual citizenship that India Offers.
Yes, NRI and OCIs can invest in Indian stock markets on Repatriable and Non Repatriable basis through NRE and NRO accounts respectively.
Investment avenues are
An NRI can open NRE, NRO or Both types of accounts in India.
An NRI can open NRE, NRO or Both types of accounts in India.
NRIs can trade only on delivery based equities. Intraday can be done in F&O Trading. SMC is a Trading and Clearing Member so for NRIs, we apply for the Custodian Participant Code for client and clear their trades in F&O Segment.
If a client is interested in only applying for IPOs only, No PIS is required. They can go for NRE or NRO Demat and apply for IPOs through their net-banking login of their respective bank account.
In this case the existing resident status Demat account is to be converted to NRO Demat account. The client would have to submit the KYC again with the broker to change the status and map the NRO account. Once it is done, the client can continue to hold the stocks under NRI status or choose to sell the stocks and take the funds in their NRO accounts.
In case of NRO trading any bank can be added.
NOTE : If the client is not in India at the time of account opening, all the documents are to be attested by Notary, Banker of Indian Embassy,