Demat a/c access from USA is legal if i have savings *** demat a/c in ICICI bank in india??
I m having a demat a/c with icici bank in india.I want to know whether trading can be done from anywhere in the world as it provides online service.
I m working abroad for past 2 years & may be continue for a year or two.I had applied for PAN no. also but i really want to know whether accessing demat a/c online (Trading) thru my icici a/c is legal while staying in USA or any other part of the world.
Answers:
First taking your additional question first. Earning money in Foreign currecny and than doing trading. It is perfectly correct and that's the reason NRI Online Share Trading account is for. All this is covered by PIS (Portfolio Investment Scheme) as called by RBI where NRI and OCBs (OVerseas Corporate Bodies) are allowed to do investment in Indian Stock Market through designated banks. ICICI is one of the bank.
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Portfolio Investment Scheme (PINS) is a scheme of Reserve Bank of India defined in Schedule 3 of Foreign Exchange Management Act 2000. As per the scheme the NRIs and OCBs can purchase and sell shares and convertible debentures of Indian Companies on a recognised stock exchange by routing such purchase/sale transactions through their account with a Designated Bank Branch. (With effect from 29/11/2001 RBI has restricted OCBs from making fresh purchases. They can however continue their existing holdings or sell off the same).
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Regarding trading from US - From Indian law there is no restrictions however I have certainly remember reading somewhere on some banks site where they have written except NRI in US. Do not remember whether it was ICICI Bank or some one else and what is correct reason for that. May be that is more to do with that particular bank since they may have some issue of registration or following US laws for offering services. Checkout ICICI site http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/online_trading.htm
There should not be any problems until you are a legal citizen of India.
The whole process of online trading is to enable you to trade from whereever you are. So there is nothing to worry. Happy trading
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