The Indian market is thriving constantly and is one of the most stable markets across the globe today.
Investing in this market is definitely beneficial and it has helped a large number of people to earn that additional income that will help them lead an opulent lifestyle or fend for a rainy day, according to their convenience. There are a number of NRI’s who have realized the benefits of the markets in their own country and consider it a wise option to invest in the Indian markets. It is for this reason that we see a number of NRI depository services taking place in recent times.
Depository services in India have a certain set of guidelines and rules and everybody needs to abide by the same if they want to deposit anything in the Indian markets. They have a certain set of rules for NRI’s also and before making any transactions the NRI’s have to complete these norms and rules. For instance, if a NRI wants to sell a particular share on this date, it is mandatory for him to purchase something else on the same date as well. He cannot delay that process at all. Also, he cannot purchase a share and then gift or transfer the same to another NRI or an Indian resident as well without prior permission that is granted strictly by the RBI.
Those who wish to take benefit of the NRI depository services need to open a PINS account and this is a compulsory permission that enables NRI’s to carry out trading and transactions in the Indian stock markets. Also, only one bank can have the authority of handling the transactions under PINS account. As per the guidelines laid down by the RBI, NRI’s have to maintain the PINS account separately and they cannot carry out any sort of personal transactions via this account.
If NRI’s wish to start Depository services in India, they need to furnish a couple of documents that are vital and important. This includes overseas address proof, passport and via copies, PAN cards, OCI/PIO cards and a power of attorney in the name of the broker who they assign and register to undertake and look into the sale and purchase of their shares to the bank.
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