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What are the procedures to be followed with respect to investment in securities in case person resident in India becomes NRI?

April 26, 2017Case followed India Investment NRI person procedures resident respect securities

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What are the procedures to be followed with respect to investment in securities in case person resident in India becomes NRI?

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On becoming an NRI, a new depository account with appropriate NRI status is to be opened and all the balances held in account with ‘Resident’ status should be transferred to the account with NRI status & securities held under this account will be treated on non-repatriable basis. Change of status should be informed by client to registrar of Company mentioning a change of his/her status for each script he/she is holding in resident account.