What happens if a person has NRO/NRE status but is using a normal account?

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2

I guess what you are trying to ask is, what if someone is an NRI (NRO/NRE) but is using his local savings bank account and address and trading under normal resident status.

This is a grey area, unless the client declares that he is an NRI, the broker will not get to know and will continue offering services under normal trading account.

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3

Hi Karthik,
An Individual cannot have his status as ‘NRO/NRE’. NRO & NRE are types of Bank accounts held by NRI’s. Could you rephrase your question and ask what you intend to?