How can an NRI open a bank account in India to trade on IB?

garchbrooks · Jan 1, 2010

I would like to open a bank account in India so I can trade Indian stocks from the US over Interactive Brokers. Is there a way that NRIs can do this remotely without having to make a trip to India?

Has anyone done this?

jagadish · Mar 3, 2010

Quote from garchbrooks:

I would like to open a bank account in India so I can trade Indian stocks from the US over Interactive Brokers. Is there a way that NRIs can do this remotely without having to make a trip to India?

Has anyone done this?

I've a trading account in https://secure.icicidirect.com/customer/logon.asp which I'm rarely using.
I can give it to you, if you pay me a nominal fee.

laserwolf · Mar 3, 2010

Quote from jagadish:

I've a trading account in https://secure.icicidirect.com/customer/logon.asp which I'm rarely using.
I can give it to you, if you pay me a nominal fee.

is this a joke?

jagadish · Mar 3, 2010

Quote from laserwolf:

is this a joke?

No, if you are

law abiding citizen
pay capital gains tax to govt aka http://www.icicidirect.com/mailimages/variable.htm
pay ICICI brokerage charges
and you pay me nominal fee

TraderZones · Mar 3, 2010

Quote from jagadish:

I've a trading account in https://secure.icicidirect.com/customer/logon.asp which I'm rarely using.
I can give it to you, if you pay me a nominal fee.

Why would anyone trust an unknown; deposit money into an account owned by someone else in a foreign country?

Sheer lunacy, but at least the fee is only nominal

falcontrader · Mar 3, 2010

if any thinks about going for this deal, i give you one better, deposit money in my account and i want charge the nominal fee

jagadish · Mar 3, 2010

Quote from TraderZones:

Why would anyone trust an unknown; deposit money into an account owned by someone else in a foreign country?

Sheer lunacy, but at least the fee is only nominal

I'm not unknown http://www.facebook.com/ijagadish and I'm employee of http://www.mahindrasatyam.com/

Daal · Mar 3, 2010

I will do the work for free

laserwolf · Mar 3, 2010

Quote from garchbrooks:

I would like to open a bank account in India so I can trade Indian stocks from the US over Interactive Brokers. Is there a way that NRIs can do this remotely without having to make a trip to India?

Has anyone done this?

About OP's original Q, I'm resident in India and opened an account with them last year. Someone from their Bombay office actually met me here in Bangalore as part of their "due diligance", ie, they have to meet their clients it seems.

Give them a call: 91 22 40261015

crgarcia · Mar 3, 2010

Quote from garchbrooks:

I would like to open a bank account in India so I can trade Indian stocks from the US over Interactive Brokers. Is there a way that NRIs can do this remotely without having to make a trip to India?

Has anyone done this?

As far as I know you don't need an indian bank account to trade indian (or any of the foreign stocks offered on IB).

Any bank account will do IMO.