turar Posted October 24, 2011 Share Posted October 24, 2011 Does anyone know of a broker that allows Canadian retail investors to trade on Indian exchanges? I always thought IB did, until I wasn't able to even purchase Rupees via IB. Talking to customer service, it turns out IB only allows Indian residents to trade on NSE. Link to comment Share on other sites More sharing options...
MrB Posted October 24, 2011 Share Posted October 24, 2011 Don't believe it is possible Link to comment Share on other sites More sharing options...
smathew Posted October 24, 2011 Share Posted October 24, 2011 If you are a person of indian origin(NRI/PIO) it is possible . Link to comment Share on other sites More sharing options...
seshnath Posted October 25, 2011 Share Posted October 25, 2011 Does anyone know of a broker that allows Canadian retail investors to trade on Indian exchanges? I always thought IB did, until I wasn't able to even purchase Rupees via IB. Talking to customer service, it turns out IB only allows Indian residents to trade on NSE. If you are an NRI try:- http://www.kotaksecurities.com/nriaccount/fpgnriwhyindia.html Can you tell me if you are a PIO (at least one grand parent born in India)? Or no connection with India at all? Link to comment Share on other sites More sharing options...
turar Posted October 25, 2011 Author Share Posted October 25, 2011 Hi seshnath, my wife is Indian citizen, but I have no other connections to India. She's on my IB account in Canada, so I'm thinking of trying to see if that would be enough to trade in India via IB from Canada. From the requirements, she will need to get a "PAN" card, and then open 2(!) bank accounts in India. Does Kotak securities have a simpler process? What are recommended Indian brokers in general, with online trading? Link to comment Share on other sites More sharing options...
smathew Posted October 25, 2011 Share Posted October 25, 2011 Process is same with all brokers .You need to open a PIS account and NRE bank account. Most of the big brokers like icicidirect/hdfc securities won't allow NRI residents from USA/canada to open brokerage account . Some of the brokers allow opening of brokerage account for NRI's from USA/Canada to my knowledge are Navia markets and Sharekhan. 1)Navia markets http://www.naviamarkets.com/nri-pio-online-investment-in-stocks.html http://blog.naviamarkets.com/news/index.php/navia-in-canada-interactive-seminars-saturdayjuly-16th-at-scarborough-sunday-17th-at-etobicoke 2) sharekhan http://www.sharekhan.com/onlineservices/nri.aspx If you contact the broker they will give you all forms for opening bank accounts , brokerage account ,dmat account etc. They will take a care of dealing with banks etc. But be prepared to make around 100 signatures in all these forms :). Link to comment Share on other sites More sharing options...
savant Posted October 25, 2011 Share Posted October 25, 2011 Hi seshnath, my wife is Indian citizen, but I have no other connections to India. She's on my IB account in Canada, so I'm thinking of trying to see if that would be enough to trade in India via IB from Canada. From the requirements, she will need to get a "PAN" card, and then open 2(!) bank accounts in India. Does Kotak securities have a simpler process? What are recommended Indian brokers in general, with online trading? Open a 3-in-1 account with HDFC (bank, trading and demat). I've found their process to be the easiest and fastest and they are willing to negotiate on the transaction fee. Link to comment Share on other sites More sharing options...
seshnath Posted October 26, 2011 Share Posted October 26, 2011 Hi seshnath, my wife is Indian citizen, but I have no other connections to India. She's on my IB account in Canada, so I'm thinking of trying to see if that would be enough to trade in India via IB from Canada. From the requirements, she will need to get a "PAN" card, and then open 2(!) bank accounts in India. Does Kotak securities have a simpler process? What are recommended Indian brokers in general, with online trading? PAN card is easy to get:- https://tin.tin.nsdl.com/pan/index.html They can send the PAN card to Canada. Once you have the PAN, it should be easy to open an account with Kotak - especially since she is an Indian citizen. Kotak also has a 3-in-1 account. In addition to Kotak, I have used Sharekhan (pure broker - you will need a separate bank account.) and ICICI Direct. I haven't had any issues with any of them. I recommend Kotak first though due to their tech platform and research. I don't know why you need two bank accounts - are you talking about bank and Demat accounts - demat is for holding shares in electornic form. This is separate from the broker (unlike US) - most brokers though have their own depository participants to handle this. The idea is even if the broker goes bust; your holdings are safe. Link to comment Share on other sites More sharing options...
seshnath Posted February 9, 2012 Share Posted February 9, 2012 https://tin.tin.nsdl.com/pan/Instructions49A.html Looks like you can apply for PAN with a foreign address now. Link to comment Share on other sites More sharing options...
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