i am currently moved out of india on work so neither i can maintain any indian bank accounts nor zerodha doesnt accept NRI/NRO accounts like rkglobal
sad i may have to move all my delivery shares to another broker now.
For NRI/NRO, SEBI has suddenly gotten very strict on the regulatory aspect of it.. We had some issues with HDFC, with whom we had a tie up for the PIS accounts..
The issue is, if you are an NRI, any money that comes into the market has to be routed through your PIS Bank account,
So assume you want to invest Rs 1lk, HDFC suddenly informed that the money from your bank account can be transferred to the trading account only at the end of the day after the bill is sent to the bank..
What happens if a client buys stock for 1lk and sees the market dip and withdraws money from his NRI account?? It is a big risk management issue..
By brining this rule, SEBI has almost made it mandatory that the banks to be the only brokers who can serve NRI/NRO clients( like hdfc sec, icici sec) etc..
We are trying to tie up either of these banks such a way that, the money in the bank account is blocked instantly the shares are bought.. Sharekhan has a similar tie up with HDFC... Once done, we will start catering to NRI clients again...