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POSTED BY ON May 25, 2013 3:26 pm ONE COMMENT
Hello Friends:
I have became NRI due to 183 days stay outside India. I am in US right now.
As per the Indians Rule, existing Demat account should be closed by selling the MF/Stocks.
When i checked with ICICI and all other providers ( HSBC/SBI.), NRI staying in US cannot transact in Indian Stocks/MF.
ICICI says, after becoming NRI, you need to come back to India and open NRI Demat account and start trading. This account CANNOT be opened while in USA. Since i am going for resident account to NRO conversion, ICICI Demat account gets delinked and i may or may not be able to login to ICIC Demat.
For now since i dont have a plan to visit India just for Account Opening, i want to know
1) Is it ok just to keen the current demat account as it is with old SIP/MF/Stocks ? I am planning not to transact as it will be delinked from saving account. Is it illegal just to keep it active?
2) What are the other options for NRI staying in US to trade in Indian stock market/MF ?
Thanks
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Dear Pratibha, technically, you should close your Resident Demat account before leaving the country. In case you are already out of India,let it remain dormant. After conversion of your existing RO account to NRO & delinking of Demat account from bank account, from where the annual maint. charges ‘ll be recovered by ICICI Direct? I do not know. Better to discuss your matter with ICICI people. Alternatively, please sell all the stuff & close the account.
Just for your information, even if you do not transact, being in US, you ‘ll be taxed for your investment all over the world. You can check it with a tax professional in USA.
Thanks
Ashal