NRO Trading Account for Equity Futures and Options (derivatives) Trades :

NRIs are allowed to invest in futures & options segment of the exchange out of Rupee funds held in India on non-repatriation basis, subject to the limits prescribed by SEBI.

ProStocks will open your NRO Trading Account for Equity Future and Options.

ProStocks will map NRO Saving Bank Account with your NRO Trading Account. You can have multiple NRO Saving Bank Account with same Bank or multiple Banks and all can be mapped to your Trading Account for transferring funds to ProStocks. You can have NRO Savings bank Account in any Bank of your choice and there are no restrictions on the number of Bank-supported. You will operate your NRO Saving Bank Account for equity derivatives trades similar to Resident Indian. You can transfer funds to us any time, you can withdraw your funds from ProStocks any time with just one exception, compliance of Section 195 of the Indian Income Tax Act, 1965 with regard to withholding tax (TDS). ProStocks will do compliance of Section 195 of Indian Income Tax Act, 1965 for a fixed fee of Rs 12k per annum and would be able to trade in equity futures and options just like Resident Indian. No Custody Account, No hassle of dealing with Custodian as well as Stock Broker.

You are no longer required to open custody account with ISSL or anyone when you do equity derivatives trades through ProStocks. Since you are not required to open Custody Account, you will save a significant amount, which was otherwise, you were required to pay to Custodian. ProStocks will take your CP code from the exchange which will allow you to trade equity derivatives at NSE as well as BSE.

 

NRO Account with Bank of NRI for Equity Delivery Trades :

You will also need to open one more NRO Saving Bank Account, which is now called NRO Invest Account (similar account was earlier called NRO PIS Bank Account). ProStocks can assist you in opening your Bank Account.

ProStocks will map NRO Invest Bank Account (earlier NRO PIS Bank Account) with your NRO Trading Account and NRO Saving Bank Account with your NRO Demat Account.

Dividend will be credited to your NRO Savings Bank Account by the respective companies whose shares are held in your NRO Demat account on record date for dividend.

You need to keep balance in your NRO Invest Bank Account (do not transfer to ProStocks) for buying. Your NRO Invest banker will inform us balance of your NRO Invest Bank Account and ProStocks will provide you buy limit based on balance reported by your Bank. Once you buy, ProStocks will submit one copy of your Buy Contract Note to your Bank. Your NRO Invest Banker will debit your NRO Invest Bank Account and credit ProStocks bank account. Similarly, when you sell the shares, ProStocks will submit one copy of your Sell Contract Note to your NRO Invest Bank. Your NRO Invest Banker will debit ProStocks bank account and credit your PIS bank account minus tax liability if any. RBI reporting is not required for NRO Invest bank Account after February, 2016 however compliance of Section 195 of the Indian Income Tax Act, 1965 with regard to with-holding tax (TDS) is required.