subject: Documents required for NRI depository services [print this page] Documents required for NRI depository services
A number of non-resident Indians wish to buy and sell shares and have a couple of investments in their own country. If you are a non resident Indian and wish to invest in shares and stocks in the Indian market, it is very much possible. There are a number of NRI depository services which one can easily follow and benefit from.
Depository Services India have a few guidelines which the NRI's need to abide by. If the NRI is selling shares, it is necessary for him to buy on the same day too. If the NRI'S purchase a couple of shares, they cannot gift it or privately transfer it to another individual who is a non-resident or resident of India without asking the RBI for prior permission. The NRI can compulsorily have one PINS account only and there cannot be more than one bank which is assigned the task to handling the transaction under PINS. They require a PINS account as it is the permission which is mandatory if they wish to carry out trade in the stock markets of India.
Recently the RBI stated that a NRI should open a bank account entirely for the purpose of PINS only. They cannot link the PINS account to personal bank transactions or transactions of shares that they acquire.
NRI'S who want to know more about NRI depository services and indulge in it, need to procure a few documents like the PAN card, their address proof overseas, copies of their visa and passport, PIO and/or OCI cards are required for non citizens. They also need to issue a power of attorney in the name of the broker whom they register to undertake the purchase and sale of shares to the bank on his behalf.
