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Eligibility for NRI Trading Accounts
Kotak Securities welcomes all NRI(Non Resident Indian) investors residing in the Gulf Co-operation Council countries (GCC) to invest with us. This includes NRIs from the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar.
Who is called as ‘NON RESIDENT INDIAN (NRI)’?
‘Non – Resident Indian (NRI)’ means a person resident outside India who is a citizen of India or is a person of Indian origin;
Person residing outside India means:
A person who has gone out of India or who stays outside India, in either case
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For or on taking up employment outside India, or
For carrying on outside India a business or vocation outside India or for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period."Person Resident outside India" is simply put as " a person who is not Resident in India
Person of Indian Origin :includes a person, being a citizen of any country other than Pakistan and Bangladesh who :
- held an Indian Passport at any time . or
- himself or either of his parents or any of his grand parents were citizens of India, or
- is a spouse of an Indian citizen, or
- is a spouse of a person covered under (i) or (ii) above.
As per Indian law, NRI investors can trade only in delivery based transactions.