Access
India's Markets
with Structured
Expertise
for NRIs
Our Expertise
Dedicated
Relationship Managers
120+ Branches
accessible across India
Access to
Mirae Asset Sharekhan’s Research Centre
Trade-on-phone
facility
Price alerts for real-time portfolio tracking
Dedicated NRI Customer Service Desk
Dubai office
support
Secure transactions with automated funds and securities settlements
Invest with
India’s #1 Retail Broker
Invest with
India’s #1 Retail Broker
-
29+ Years
of Experience
-
Backed by
Global Financial Expertise ofMirae Asset Group
-
Presence in 900+
Cities
-
Trusted by 30 Lakh+
Investors across India
-
3 Lakh+ Crore
of Customer Assets
-
4.5
App Rating #
What can NRIs invest in, with Mirae Asset Sharekhan?
EQUITIES
Futures
Options
Mutual Funds
IPOs
ETFs
Bonds
PMS
AIF
Insurance
Elevate your investing with a robust platform packed with powerful features
Mirae Asset Sharekhan Office in Dubai
- 009714-3963889 / 0097155-8990251
- satish.pillai@sharekhanone.com
Mirae Asset Sharekhan Office in Dubai
- 009714-3963889 / 0097155-8990251
- satish.pillai@sharekhanone.com
-
In‑person onboarding
-
Assistance with document attestation & verification
-
Faster communication & response times
-
Regional support tailored for the Middle East NRI community
Types of
NRI Accounts with
Mirae Asset Sharekhan
Repatriable Demat
Account (NRE)
Non-Repatriable
Demat Account (NRO)
PIS & Non-PIS
Route Options
Documents Required
Pan card
Passport
Visa
TAX ID Proof
Foreign Address Proof
Latest Photograph
Bank Proof
Open your NRI Demat Account now!
Connect with us &
Share documents
We prepare
your forms
Share
signed forms
Submit physical forms
& Account Opening
Frequently Asked Questions
Who is an NRI?
As per Indian Income Tax Act, 1961, any Indian person staying outside India more than 182 days is considered as NRI (Non-Resident Indian).
An NRI (Non-Resident Indian) is an Indian citizen who is either residing outside India for employment, business, or other valid purposes, or staying abroad for an indefinite period. As per the Income Tax Act, an individual qualifies as an NRI if they spend less than 182 days in India during a financial year.
Categories of NRIs:
- Indian citizens who stay abroad for employment or for carrying on a business or vocation or for any other purpose in circumstances indicating an indefinite period of stay outside India.
- Indian citizens working abroad on assignments with foreign Governments/government agencies or International/Regional Agencies like the UNO,IMF,World Bank, etc.
- Officials of the Central and State Governments and Public Sector Undertakings deputed abroad on temporary assignments or posted to their offices (including Indian Diplomatic Missions) abroad.
Who is PIO? Can he / She Open NRI Account?
PIO is person of Indian Origin. He/ She can open account in NRI capacity.
A citizen of any country (other than a citizen of Bangladesh or Pakistan) is deemed to be a Person Of Indian Origin (PIO), if,
- He, at any time, held an Indian passport, or
- He or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955, or
- A spouse (not being a citizen of Bangladesh or Pakistan or Sri Lanka) of an Indian citizen or of a person of Indian origin is also deemed to be PIO.
What is Tax deducted at source (TDS)?
As per regulatory guidelines, Tax (if applicable) has to be deducted at source (TDS) for all the profits made in the equity ,ETF & Derivative market transactions.
What are the types of rates applicable for Equity transactions?
Tax deduction at source rate is different as per the tenure of the investment. It can be classified into
- Short-term capital gain - If the period of holding is less than 1 year the TDS rate would be 15.54% for the current Financial Year
- Long-term capital gain - If the period of holding is more than 1 year the TDS rate would be NIL.
TDS CHARGES
| NET GAIN | EQUITY SHARES | ||
|---|---|---|---|
| Listed on recog exch with STT (paid on acquistion and transfer) | Without STT (STT not paid either on acquistion or at the time of transfer) | ||
| Listed on Recog. Exch. (sold off market) | Unlisted | ||
| LONG TERM (9) | |||
| With Surcharge | 11.96% (4)(9)(13)(14) | 23.92% (1) (6)(13) (9) | 11.96% (1) (6)(13)(9) |
| With out Surcharge | 10.4% (4)(13)(14) | 20.8% (1)(6)(13) | 10.40% |
| Period of Holding (5) | >365 days | >365 days | >730days (12) |
| SHORT TERM(9) | |||
| With Surcharge | 17.94%(9)(2)(13) | 35.88%(3)(13) | 35.88%(3)(13) |
| With out Surcharge | 15.60% | 31.20% | 31.20% |
| Period of Holding (5) | |||
Note - TDS is deducted by Banker. For further clarifications, kindly get in touch with your PIS Bank.
Can NRIs obtain loans abroad against the collateral of shares/debentures of Indian companies?
Yes. Authorized dealer have been permitted to grant loans/overdrafts abroad to NRIs through their overseas branches and correspondents against collateral of the shares/debentures of Indian companies held by them, provided the concerned shares/debentures were acquired on repatriation basis.
What are the permissions required for the transfer of securities by NRI/ PIO through off-market trade (transfers outside the purview of Portfolio Investment Scheme of RBI)?
- Off market transfers between NRI accounts are not allowed under PIS.
- NRI can receive shares as gift from his close relative(relative” as defined under Section 6 of the Companies Act, 1956). A proper gift deed needs to be executed for this transfer. Also it has to be submitted to bank along with declaration of particulars of shares. Transfer of shares from NRI to resident Indian is not allowed.
- Shares transfer from NRE to NRO demat account or NRO to NRE demat account is not allowed under PIS.
( Kindly refer master circular of foreign investments on RBI for more details regarding shares transfer.)
Can I sell transferred shares from my PIS Account?
No. One can sell shares only those shares through PIS which are bought through PIS.
Can I avail DP to margin trading facility as NRI?
No. In case of NRIs all trades need to be settled on bill to bill basis.
Can I transfer money from NRE TO NRO account?
Money can be transferred from NRE to NRO account, however, vice versa funds transfer is not allowed.
Can I invest in IPO and Mutual funds through PIS Account?
No. Mutual funds and IPOs can be applied through Non PIS Account.
In case NRI becomes resident Indian, can he transfer his holdings to resident Demat account?
Yes, he can close his NRI account and open new resident trading and demat account with us by submitting the required proofs of residential status and can get shares transferred from NR demat account to resident demat account.
In case a person who is resident in India becomes a non-resident, will he/she be required to change the status of his/her holding from Resident to Non-Resident?
As per section 6(5) of FEMA, NRI can continue to hold the securities, which he/she had purchased as a resident Indian, even after he/she has become a non-resident Indian, on a non-repatriable basis.
Conversion procedure would be as follows:
- Please close your resident trading account with the help of the Sharekhan Account Closure form. Don’t mention Demat Account if it has any holdings.
- Submit NRI Account Opening Form along with all due documents for opening your NRO account.
- Once the NRI Trading Account and Demat Account are opened, submit the Closure cum Transfer form and get your shares transferred from Resident Demat Account to NRO Demat account.
- Please note that all existing holdings need to be updated with the Bank in the specified format for TDS calculation for future sale.
- You can mark an email to nridesk@sharekhan.com for relevant forms and other details in this regard.
^Mirae Asset Sharekhan has been ranked as India's No.1 Retail Broker by Asiamoney Brokers Poll 2023.
Our research team members have been top ranked for India under Best Analysts/Commentators category in the Asiamoney Brokers Poll 2023.
