Hello everyone, I am an nri based in Dubai. I have trading and demat account in SBI. As sbi doesn’t support fno for nri I will have to do this through a different broker. Can someone suggest a broker who supports sbi nro account to Dela with fno.
I would prefer to have the new broker for fno only and would not require trading and demat account with then, at least for the time being. Thanks.
NRIs are required to get a Custodial Participant (CP) code to trade in F&O. We, at Zerodha, have tie-ups for custodial business (currently with ORBIS), who will issue you a CP code.
You can map your SBI-NRO account and open a Trading account only for Futures and Options with Zerodha linking the Orbis CP code.
Please do write to nridesk[at]zerodha[dot]com and someone from the Zerodha team will connect with you and assist you with the processes.
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Thanks Siva and Akshay for the Swift response.
Will there be any additional charges from Orbis other then brokerage of 100rs per order.
Secondly - will I be able transfer and park funds in my trading account or will you be requesting it from my bank?
why is this so ? what is the logic behind this rule ?
This is as per the prescribed norms mentioned by regulatory bodies. Here’s a snapshot of the same mentioned in the NSE NRI FAQs
yes. I know . BUT , question remains the same : what is the logic/advantage/benefit behind this rule for the NRIs ? If this is a privilege to the NRIs ; what is the benefit of this ? and why Residents Indians are deprived of this privilege , if any ?
I have no idea, let some expert reply.
This is a different question but imagine I am recently moving out of India for a job and I have an active trading account in India.
How will the broker or any one else get to know I am not a resident anymore?
The broker will not know your residential status unless you declare it. The onus of declaring one’s residential status vests entirely on the investor.
@AkshayAtur : I had contacted your team but they aren’t getting cp code for banks that are not listed with you guys.
Seems like some miscommunication. Since settlement happens by the custodian there isn’t any issue mapping a bank of your choice. The funding from your account would happen directly to Orbis. I’ll have this checked.
Thanks, here is the Ticket #20200507832290 if this can help tracking.