- trading account provides a wide coverage of international stock compared to other broking houses. For ICICI Direct and Reliance Money the initial deposit is only $1000 but they are limited to trading in only US stocks. There are also account opening fees of approx. Rs 1000 for all trading accounts.
Saturday, April 5, 2014
Q.4. What are the general permissions available to persons (individual) resident in India for purchase / acquisition of securities abroad?
- A. General permission has been granted to persons (individual) resident in India for purchase / acquisition of securities as under:
General permission is also available to sell the shares so purchased or acquired. A resident Indian can remit up to USD75,000/- per financial year under the Liberalised Remittance Scheme (LRS), for permitted current and capital account transactions including purchase of securities. The resident individual is allowed to set up/acquire JV/WOS overseas within the LRS limit with effect from August 5, 2013 in terms of FEMA Notification No. 263 subject to the terms and conditions specified therein.
- Out of funds held in the RFC account;
- As bonus shares on existing holding of foreign currency shares;
- When not permanently resident in India, from the foreign currency resources outside India.
Welcome to "Overseas Trading"
Rationale of overseas trading facility offered by ICICIdirect Under Liberalized Remittance Scheme of Reserve Bank of India, Resident Individuals are allowed to remit up to USD 2,00,000 in a financial year (April to March) for any current or capital account transaction or combination of both. Under this scheme ICICIdirect has facilitated its customers to invest in various Stocks and Options that are traded on the exchanges in United States of America. Customers of ICICIdirect are eligible for this service All resident individuals are eligible to avail this facility. This facility is currently not available to corporate, partnership firms, HUF, Trusts, and NRIs etc. Products offered under overseas trading facility
- Exchange Traded Funds
- Stock Options
- Index Options