We're proud to announce that RKSV has taken a giant leap forward and is now Upstox.
1) NRI’s can deal with only one bank at any point of time. PIS (Portfolio Investment Scheme) approval can be issued by only one bank.
2) Intra day trading is not allowed for NRIs. NRIs can trade only eligible for delivery trading.
3) BTST(Buy Today Sell Tomorrow) is not allowed to NRIs.
4) NRI’s will be allowed to invest only up to 5 % of the paid up capital of the company. NRI’s are NOT allowed to buy certain scrips under this regulation. Report of the same is available on the RBI website. http://www.rbi.org.in/scripts/BS_FiiUSer.aspx
5) NRIs need to have 100% funds at the time of buying. No exposure is given to NRIs. Same way, they need to have 100% stock available to them while selling. No short selling allowed.
6) Contract notes of NRIs are daily reported to respective Bank and bank in turn report them to RBI. Reporting is taken care by RKSV. (In this case RKSV will provide the contract note to HDFC Bank(Nodle Bank) and accordingly HDFC Bank will report the same to RBI)
7) A NRI is required to make bill-to-bill payments. No adjustments of purchase against sale consideration can be done. Purchase and Sales will be dealt separately for payments / receipts.
8) IPOs/Mutual funds can be applied through NON PIS i.e. through NRE/NRO Savings account.
9) FNO transactions can be routed through NRO NON PIS i.e. through NRO Savings account For FNO transactions separate code is allotted by NSE and the same has to be punched at the time of placing FNO order for NRI clients along with the client code.
It may kindly be noted that NRI A/c’s are controlled both by SEBI and RBI. Non compliance on the above defined parameters is a very serious offence and is taken very seriously as the same is taken a violations in FEMA