NRI Trading with ProStocks, Step by Step Guide.

About ProStocks:

ProStocks is the fastest growing Online Stock Broker in India. The company offers low cost flat fee trading plans to stock market Traders and Investors.

ProStocks is providing its NRI Service to client with Flat Rs 100 per executed order. With its online eKYC process, you can register online and get OTP (One time password on your registered email), and fill your application form online, print and courier. Once account setup process completes, you can do trade on ProStocks desktop ,ProStocks Web and ProStocks Mobile application besides NSE NOW Desktop, NSE NOW Web and NSE NOW mobile for Android as well as IOS.

ProStocks provide most advanced trading platform to the investor. This includes a website for trading, mobile app and a trading terminal for high frequency traders. All trading software and tools are available for free of charge. ProStocks KeyStone is most advanced and costliest back office of India with advanced IVR is provided free to NRI Clients.

Excellent risk management, customer service and clients focus approach makes ProStocks unique broker offering advance broking services at ultra-low cost.

Steps to follow to open an account:

Step by Step process for NRI's customer to complete documentation -
This process is for the Equity Delivery Trade only -

  1. Click on https://www.prostocksaccount.com/
  2. On left hand side - register your information as Name, eMail id, Country code, Mobile Number, select status as Non Resident.
  3. Generate OTP
  4. OTP will deliver on your eMail id with subject “ProStocks Registration OTP”
  5. Validate OTP
  6. After OTP validation, you will receive your login name and password on your registered email id ( in case you want to re login and complete the form in multiple session)
  7. In next step you need to fill basic information - PAN CARD, Name as PAN Card, Date Of Birth, Country of Birth and Type of account you wish to open, Aadhar Card is an optional field
  8. eKYC have 5 section – Basic Information, Preference details, Additional details, Select and pay, Submit document. 
  9. Submit Document Requires copy of -[PAN CARD, ADHAR CARD, COPY OF PASSPORT, VISA STATUS, Passport size photo.

  10. Generate PDF Document

  11. Those who are KRA and IPV compliant, can sign PDF digitally (in case you have digital signature or sign digitally based on Adhaar OTP). You need to sign Nomination Form and PoA physically and need to courier to our Mumbai Office. Those who are not KRA and IPV compliant, Print PDF and do required client Signature and witness and follow the next point also.

  12. You need to notarized/attested your document – List of Documents for NRI Account

    • FATCA Annexure duly filled and signed
    • Attested copy of PAN card
    • Attested copy of Overseas address proof – Copy of Driving License/Foreign Passport/Utility Bills/Bank Statement (not more than 2 months)/Notarized copy of rent agreement/Leave & License agreement/ Sale Deed
    • Self-certified copy of Indian address proof. Indian address proof is mandatory for NRO Account. Your Indian Address on NRO Bank Statement ( if existing ) is accepted as Indian address proof.
    • Passport size photograph
    • In case of an Indian Passport: Attested copy of valid passport with copy of Valid Visa
    • In case of Foreign Passport: Attested copy of valid passport, Copy of PIO/OCI card.
    • Proof of Bank account (a cancelled cheque leaf of your NRO savings bank account)
    • Note: Copy of PAN card, Passport, Power of Attorney and Foreign address proof to be notarized by Indian Embassy or any other competent authority like Consulate General / Notary Public / Any Court / Magistrate / Judge / Local Banker in the country where the NRI resides. The attesting authority should affix a “verified with original” stamp, name, designation, signature and date on the said documents. In case client already have Trading Account anywhere than only passport needs to be attested, rest of the document can be self attested.
  13. Bank account requirement in India
    NRO Account:
    • Self-certified copy of NRO Saving Bank Statement.
    • Declaration from Bank that they will deduct TDS / withholding tax as may be applicable. PIS account is no more applicable for NRO Trading Account.
    NRE Account:
    • Self-certified copy of PIS permission letter issued by the Banker.
  14. Once Document is ready please courier document to us
  15. After receiving the document, we will update you with your back office and trading user Id and password
  16. Please refer the PIS bank list on NRI FQA Section.
    http://www.prostocks.com/trading/nri-trading.html

NRI Customer wants to trade in Equity Futures and Options:

If you intent to trade in Equity Derivatives Segment, you have to come through the custodial route. You will need to open NRO Custody Account. ProStocks offer NRO Custody account from ISSL, which is IL&FS Group Company. Your settlement obligation for trades in Equity Derivatives Segment will be done by ISSL from your custody account. ISSL charges custody account management charges and you need to do KYC with ISSL also. We will assist you in opening your custody account with ISSL. ISSL will permit custody account with assets not less than USD 5000.

 

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  • Non Resident Indian are not allowed to trade in Currency Derivatives and Commodity Derivatives. NRI through NRO Trading and Custody Account can trade in Equity Futures and Options

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  • Guest - Kailas

    I already have a HDFC Bank PIS Account & HDFC Sec NRE Trading + Demat account since 2008.
    If I have to open account with you I would like to know the process.
    My present account is with NSDL as Depository, does Prostocks use same or different?
    Whether demat account will be with Prostocks or some other entity?
    In case of new account, how to transfer existing shares to ProStocks?
    Is it necessary to have embassy attestation in case of submitting the documents personally?
    Do you have any office in Pune, Mumbai, Nashik, Sangli, Satara city in Maharashtra?
    I may be visiting India n June this year, is it possible to get scan copy of application checked by email before carrying hardcopy in June for across the couter submission?
    In case of buy/sell transaction, does money flow to/from PIS account without transaction charges? Or there are any charges applicable?Please let me know in order to decide.

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  • [b]I already have a HDFC Bank PIS Account & HDFC Sec NRE Trading + Demat account since 2008. If I have to open account with you I would like to know the process. My present account is with NSDL as Depository, does Prostocks use same or different? Whether demat account will be with Prostocks or some other entity?
    [
    ProStocks will open your Trading and Demat Account , both. We are Depository Participant of CDSL. We will open your Depository account with us and not anywhere else.
    Since Your PIS Bank Account linked with HDFC Sec ( HDFC call this online PIS Account ) , Please note
    In case your Trading and Demat Account is with any other broker other than HDFC Securities , You can use the same account and can change the broker. In case HDFC Securities is your Broker , than you will need to open new PIS Account ( HDFC calls this as offline PIS Account , your existing account linked with HDFC Securities is online PIS Account )

    In case of new account, how to transfer existing shares to ProStocks?
    Is there any charges on transfer of Scrips from my previous DP to ProStocks DP?

    Your depository can neither charge you for account closure nor for transfer affected through closes and transfer instructions, per SEBI regulation.
    ProStocks will provide you CML ( Client Master List ) of your demat account with us. This CML along with closure form of your existing demat account needs to be submitted to your depository participant ( Broker ) and they cannot levy any charges. This is SEBI regulation.

    Do I need a DIS ( Delivery Instruction Slip) for moving my Demat Account from my previous Broker to ProStocks?

    In this mode of closure, DIS is not required. ProStocks will provide you CML ( Client Master List ) of your demat account with us. This CML along with closure form of your existing demat account needs to be submitted to your depository participant.

    Is it necessary to have embassy attestation in case of submitting the documents personally?

    At least your Passport need to be attested if you are not KRA and IPV compliant. Generally , All banker do verified with original without any cost to client.

    Do you have any office in Pune, Mumbai, Nashik, Sangli, Satara city in Maharashtra? I may be visiting India n June this year, is it possible to get scan copy of application checked by email before carrying hardcopy in June for across the couter submission?

    We are Mumbai based Online Stock Broker and have office in Mumbai. All NRI clients send color scan of form before courier. Physical form is must before activating the account.

    In case of buy/sell transaction, does money flow to/from PIS account without transaction charges? Or there are any charges applicable?Please let me know in order to decide.
    There are no charges on money movement by your Banker. However You Banker will charges you per contract note basis agreed between you and HDFC.

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  • Guest - Nixon

    I am an NRI and would like to do options trading with Prostocks.
    Right now I do trading (equity as well as options) through NRI PIS / NRO account with HDFC.
    As I am only interested in trading options with Prostocks, do I need to have additional PIS account or an additional NRO account is enough.
    Also since I am outside India, how can I provide Cancelled Cheque of my NRO account?

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  • Guest - Nixon

    If you intent to trade in Equity Derivatives Segment, you have to come through the custodial route. You will need to open NRO Custody Account. Broker ProStocks offer NRO Custody account from ISSL, which is IL&FS Group Company. Your settlement obligation for trades in Equity Derivatives Segment will be done by ISSL from your custody account. ISSL charges custody account management charges and you need to do KYC with ISSL also. We will assist you in opening your custody account with ISSL.

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  • Guest - Guest

    Hi,

    Do you open minor nri demat and trading account? Minor has nre saving account in icici bank?
    What are the documents requirements?

    Thanks,

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  • Yes. NRI Minor can also open account.

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  • Guest - Babu

    i am in dubai and i have SBI NRE AND NRO a/c opened in calicut. how do i open a/c for NRI trading with you and what are the charges

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  • Guest - Babu

    Presently We support five Bank for NRI. Axis , ICICI , HDFC , Yes and Idusind. We do not support SBI as of now. We charge Rs 100 per executed order irrespective of value or quantity as Brokerage. Please send email on sales@prostocks.com for more detail.

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  • Can I open NRO Non PIS Trading and Demat Account ?
    Why NRO Non PIS Trading Account Brokerage is same or equal to NRE PIS Trading Account ?
    Does opening NRO PIS instead of NRE PIS make any sense ?

    Your investment in India through Stock Market are governed by the following regulation:
    1. Foreign Exchange Management Act ( FEMA ) supervised by RBI
    2. Income Tax Act , 1961 supervised by Income Tax Department , Govt of India
    3. SEBI regulation for Exchanges , Stock Broker and Depository

    You can invest on Repatriable Basis ( NRE ) or Non Repatriable Basis ( NRO ) or both.

    When you open NRE PIS Bank Account : Your Bank provided you the following THREE services besides usual banking Services :
    1. Applying to RBI and taking PIS (Portfolio Investment Scheme ) permission . This is one time activity. This is requirement under FEMA.
    2. Reporting all your transaction routed through PIS Bank Account to RBI on regular basis. This is requirement under FEMA.
    3. Calculating , Deducting and Depositing you tax liability arising out of shares sold through PIS Trading Account and proceeds credited to PIS Bank Account. This is required due to Section 195 of Indian Income Act,1961.


    FEMA has been amended in Feb, 2016 ,and NRI investing through Non Repatriable Basis ( NRO ) route are not required to take PIS permission and hence no requirement of reporting transaction to RBI.
    In nutshell , Service Number 1 and 2 mentioned here in above are no longer required for NRO Account . However Service Number 3 is still applicable.

    Banks are willing to provide Service Number 3 as mentioned here in above for NRO Account however at same charges which they are taking for NRE PIS Account. In such case your Banker will open your normal NRO Saving Bank Account , will insert Dummy PIS permission Number , so their software will behave as if this is PIS account and will rename this as NRO Investment Account and will provide you Tax Deduction Service. Since Bank need to provide this service , Stock Broker need to follow the same procedure even for NRO Trading and Demat Account which they are following up for NRE Trading and Demat Account , hence your Brokerage remain same whether you open NRE Trading and Demat Account or NRO Trading and Demat Account .

    Technically, you do not need NRO PIS Account but practically you need NRO PIS Account or so called NRO Investment Account .

    In case NRO Account is opened just to save the cost of PIS Account however funds are brought in from abroad , it is advisable to open NRE PIS Account. If all cost remain same , there is no point is giving away repatriation rights and or benefit which comes with NRE Account .

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