What steps and NRI needs to take to start investing in the Indian Stock Market ?
• An NRI should open a new bank account (NRE/NRO or both) with designated bank which is approved by RBI (Reserve Bank of India) for this purpose. • He should apply for a general approval for investment in Indian stock Market through his designated bank branch. • He should open Demat Account with Kunvarji Finstock Pvt. Ltd. To hold his shares and register with Kunvarji Finstock Pvt. Ltd. To execute his buy sell orders on the stock exchange (S.) • For opening these accounts, NRI has to submit documents of identity proof and residence proof apart form PAN Card obtained from Income Tax Department. • As per revised procedure for obtaining PAN card, an NRI residing abroad can apply for and obtain PAN card either by applying from abroad or through a representative in India. • He has to execute authority letter in favour of Kunvarji Finstock Pvt. Ltd. Authorizing them to get shares transferred from demat account of NRI client to their account against his sale obligation.
