Dhani Stocks NRI Account Review

Dhani Stocks is a Discount broker that offers a range of trading and investment services to NRIs. The company offers a 3-in-1 account facility by acting as a single point of contact for opening trading, Demat, banking, Custodial Participant, and PIS account that allow NRI to trade online in Stocks, Equity Derivatives and IPOs.

The company offers its powerful proprietary trading platforms of Dhani Stocks App, Dhani Stocks Web, and Dhani Stocks PIB to NRI investors for a seamless trading. These platforms provide a host of features to NRIs like charting, real-time stock prices, news updates, etc.

Dhani Stocks offers various in-house mutual fund schemes to non-resident Indian investors through its sister company Indiabulls Asset Management Company. NRIs can invest based on a repatriable and non-repatriable basis.

Dhani Stocks NRI Account

To trade and invest in Equity, Equity F&O, Mutual Funds, and IPOs, NRIs need to open the following accounts:

1. NRI Bank Account (with PIS permission)
2. NRI Custodian Account (for F&O Trading only)
3. NRI Trading Account
4. NRI Demat Account

1. NRI Saving Banks (SB) Accounts

   Dhani Stocks doesn't offer banking services. NRI investors have to open NRE/NRO Bank Accounts with an RBI designated bank offering this service. The bank will also help them obtain PIS permission from RBI. PIS approval is mandatory for trading in stocks. Dhani Stocks act as a single point of contact for NRI and helps them open NRI bank account along with trading and Demat account.

2. Custodian Account

   Dhani Stocks provides the custodian services through a Bank. If you are interested in trading in Equity Derivatives (F&O), you can get a CP Code from the bank.

3. Dhani Stocks NRI Trading Account

   Dhani Stocks offers a trading account to NRI investors. The trading account is required to buy and sell securities on BSE and NSE, IPO and Mutual Fund investment.

   Dhani Stocks NRI Trading Account Features

   • Online trading through Mobile, Website, and Installable Trading Terminal.
   • 3-in-1 account opening facility.
   • The NRI Trading Account gets linked with the NRI Demat Account and the NRE PIS Bank Account or NRO PIS Bank Account.
   • Facilitates trading in Stocks, Derivatives, Mutual Funds, and IPOs.

   Read more about NRI Trading Requirements in India

4. Dhani Stocks NRI Demat Account

   The Demat account holds securities in digital format and is mandatory for trading in Indian stock exchanges.

   Dhani Stocks is a depository participant (DP) with both NSDL and CDSL depositories. This membership allows Dhani Stocks to offer Demat services to NRI as well as residential customers.

   Note:

   • A Demat account is similar to a bank account. But instead of money, it holds the securities in electronic form i.e. shares, bonds, mutual funds.
   • NRIs can open repatriable and non-repatriable Demat account with Dhani Stocks.
   • NRIs can open a Demat account as a joint account with another NRI.
   • The dividend earned on the securities in the Demat account get directly credited to the linked NRI bank account.
   • Online access to Demat accounts anywhere, anytime.
   • SMS & Email notifications on credit/debit of securities.

   Read more about NRI Demat Account - Online Opening Procedure, Charges, Rules

Dhani Stocks NRI Trading Steps

Dhani Stocks offers an effortless trading experience to NRIs through its advanced trading platforms. Once you have obtained access to Dhani Stocks trading & Demat account and PIS permission, you can trade-in Equity Delivery segment by following the steps below:

• Place Buy/Sell Order

  Login to the Dhani Stocks App/Web/PIB online trading software and place buy or sell orders. The system will first check for the availability of funds in the linked NRI PIS bank account in case of a buy order and shares in the Demat account in case of a sell order. If the funds/stocks are in place, then the order is sent to the exchange (BSE or NSE) to find a match. The order gets executed once the exchange finds a match for your order

• Contract Note Delivery

  At the end of the trading day, Dhani Stocks prepares the contract note for all the transactions executed in a day. It further submits these contract notes to the bank for settlement of funds/stock.

• Settlement of Funds

  If it is a buy order, the NRI bank account gets debited with the value of the trade. In the case of a sell order, the NRI bank account gets credited with money by the broker. The bank will account for the TDS and will accordingly transfer/receive the funds to/from the broker account.

• Settlement of Shares

  If it's a buy order, the Demat account gets credited with shares on T+2 (T being the trading day). If it's a sell order, the stock gets debited from the Demat account. These shares are then delivered to the buyer by the broker.

• Reporting

  All transactions in the PIS Bank Account get reported to RBI at the end of the day.

Note:

• NRIs cannot place intraday and BTST orders.
• NRIs cannot trade in commodity and Currency.
• NRIs cannot do short selling. NRI needs to have sufficient stock before placing a sell order.
• NRIs cannot invest in banned and caution scrips. The list of banned scrips is available on the RBI website.

Dhani Stocks NRI Trading Software Review

Dhani Stocks trading platform for NRI includes three trading software:

1. Dhani Stocks App
2. Dhani Stocks Web
3. Dhani Stocks (PIB) Power Indiabulls

The brief detail of these robust online trading platforms is as below:

1. Dhani Stocks App

   Dhani Stocks App is a mobile trading platform by Dhani Stocks offering convenient trading/investment using a Smartphone. This app is available for Google Android and iOS devices and can be downloaded for free from PlayStore or App Store. The key features include live stock market updates and stock tips from the research team.

2. Dhani Stocks Web

   Dhani Stocks Web is a browser-based online trading website. It is a lightweight website that runs in any web browser and offers live streaming market data, advanced charts, portfolio tracker, IPO, news, and a simple user interface.

3. Dhani Stocks PIB (Power Indiabulls)

   PIB is a desktop-based online trading platform. It is an installable trading terminal with a host of advanced features such as live trading reports, news updates, charting facilities, and real-time stock prices.

Apart from the above trading software platforms, Dhani Stocks also offer a free call and trade facility to NRIs along with resident customers. NRIs can reach out to the NRI service desk and place their orders over the phone.

Read Dhani Stocks Trading Platforms for more details.

Dhani Stocks NRI Account Opening Process

Dhani Stocks acts as a single point of contact for opening trading, Demat, bank, and custodian account for NRIs. The company does not have a banking license. It still offers an NRI 3-in-1 account by acting as a one-stop-shop for all NRI account openings.

For Dhani Stocks NRI account opening, an NRI has to download the account opening form, fill it, sign it. The company then arranges for the pick-up of these documents from anywhere in the world.

Dhani Stocks NRI Account Opening Prerequisites

Before opening the NRI trading and Demat account with Dhani Stocks, an NRI needs:

1. PAN Card
2. NRI Bank Account (NRE or NRO Saving Bank Account)
3. PIS Bank Account (NRE or NRO)
4. Custodial Account (For derivatives trading)

Note:

• Dhani Stocks has a tie-up with the bank for account opening and would co-ordinate with the bank to assist NRI Bank and Custodian account opening.
• NRI customers looking to trade only in F&O need an NRO bank account without PIS permission.
• RBI has waived off the PIS requirement for NRO mode of transactions, but currently, not many brokers (including Dhani Stocks) are allowing trading without PIS in equity markets
• NRI can trade in the Equity segment using NRE or NRO account based on whether they want to trade on a repatriation or non-repatriation basis.
• If you do not have a PAN Card, you can obtain it by filling up Form 49AA online for allotment of permanent account number through the websites of UTIITSL and NSDL.

Once you get the PAN Number and an NRI PIS Bank Account gets opened, you can then open the following two accounts with Dhani Stocks:

• Dhani Stocks NRI Trading Account
• Dhani Stocks NRI Demat Account

Note: In the case of equity derivatives trading (F&O), an NRI also needs Custodian Account and CP Code with the Bank.

Dhani Stocks NRI Account Opening

Dhani Stocks NRI account opening is partially online and partially physical. An NRI needs to download the form and fill it. The company then arranges for pick-up of these documents through their tie-ups with courier companies across the globe.

Steps to open NRI account with Dhani Stocks

1. Obtain a PAN Card.
2. Open the NRI bank account (NRE or NRO) with an authorized bank.
3. Get the Account Application Formfrom the Dhani Stocks website or by calling the sales team.
4. Print it, fill it, and sign it.
5. Make a copy of the supporting documents.
6. Get the documents attested by authorized officials.
7. Scan and send the documents to the NRI help desk.
8. If all looks good, the company will arrange for the pick-up of these documents.
9. The company will conduct in-person verification to verify the details.
10. On completion of all the verification, you will get an ID and password for the NRI trading and Demat account.

Steps to Download Dhani Stocks NRI Account Opening Form

1. Visit the company website.
2. Go to the Contact Ussection.
3. Click on the Important Guidelines.
4. Look for 'Trading Registration Form- Dhani Stocks Limited- Individuals'.
5. Click on the above form and download it.

Note:

• The account opening form is common for both residents and NRIs.
• NRI can only trade in Equity and Equity Derivatives.
• NRI cannot do Currency and Commodity trading.

Dhani Stocks NRI Documents

You will need the following documents to open an NRI trading and Demat account with Dhani Stocks:

• Copy of Passport
• Copy of Valid Visa
• Copy of PAN Card
• Two Passport sized color photographs.
• FEMA Declaration Form
• Standing Instruction Form
• Overseas and Indian Address Proof.
• Proof of NRI bank account (cancelled cheque of NRE or NRO savings account)
• Income Proof (required for Derivatives trading)

Documents required for NRO Bank Account Opening:

• Onboarding Form.
• Product Application Form.
• KYC Declaration and Certification.
• Overseas address Proof.
• Indian Address Proof (required if chosen for communication purpose).
• Valid Visa.
• Copy of Passport.

Documents required for NRE Bank Account Opening

• Onboarding Form.
• PIS Application.
• Referral agreement
• KYC Declaration and Certification.
• Overseas address Proof.
• Indian Address Proof (required if chosen for communication purpose).
• Valid Visa.
• Copy of Passport.

Documents required for Custodian Participant account

• Custodial Participant Agreement.
• Clearing Member Custodial Participant Exchange.
• Declarations and undertakings.
• Fax Email indemnity.
• Standing instruction for operation of Bank account.
• Permanent & Foreign address proof.
• NOC from the existing Clearing Member in case of shifting.

Note: All the documents should be attested by any of the below competent authorities with their name, designation, signature, and seal visible.

• Indian Embassy in the country where the client resides
• Consulate General in the country where the client resides
• Notary Public.
• Court
• Magistrate
• Judge or Local Banker.

Dhani Stocks NRI Mutual Fund

Indiabulls Mutual Fund is a SEBI authorized Asset Management Company (AMC) of India. By opening a mutual fund account with AMC, NRIs can invest in various schemes offered by the fund house under equity and debt segments.

Key Facts:

• NRIs can buy/sell Mutual Funds from Saral App.
• No PIS permission is required to purchase or sell mutual fund units.
• You can monitor the performance of the mutual fund online.
• NRI can start a Systematic Investment Plan (SIP) for Mutual Funds.

Dhani Stocks NRI Trading Account Advantages

• Online discount broker offering low brokerage charges.
• 3-in-1 account facility.
• Online investing with the advanced Dhani Stocks trading platform.
• Access to online mutual funds investment to NRIs.
• Part of reputed Indiabulls Group, a diversified financial services company.
• Free Call and Trade facility.

Dhani Stocks NRI Trading Account Disadvantages

• Higher brokerage as compared to the brokerage charged by discount brokers.
• Doesn't offer unlimited trades/discount brokerage to NRI customers.

Conclusion

Dhani Stocks is a decent choice as a broker for NRI traders who need the online trading facility, personalized services, and prefer investing in mutual funds. The Dhani Stocks powerful trading platforms offer many useful trading features to NRI investors. Being a full-service broker, the brokerage charges are slightly on a higher side, making it a little costly broker for NRIs. Except for higher brokerage, the services offered by Dhani Stocks to NRI customers are competitive.

Frequently Asked Questions

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Information on this page was last updated on Wednesday, February 16, 2022