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SMC Global NRI Account Review


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SMC Global is a diversified financial service provider offering a wide range of financial products and services to resident and non-resident Indians (NRI) investors. NRIs can invest in Equity, Debt, Derivatives and Real Estate Funds with SMC. NRIs can also invest in Mutual Funds and IPO through SMC Global.

Incorporated in 1990, SMC Global is one the largest full-service broker offering its services in 500+ cities through 2500+ sub-brokers.

SMC's NRI trading services are available to PIS account holders of HDFC Bank, Axis Bank, Yes Bank, IndusInd and Federal Bank. The company is also a SEBI registered portfolio manager-providing client-specific portfolio & wealth management services to NRIs.

SMC Global is a TCM (Trading-cum-Clearing) member with stock exchanges. The company offers custodian services to NRI clients to clear and settle trades in equity derivatives.

SMC Global has a dedicated research desk that offers trading recommendations and expert insights on stocks, market and economy.

SMC Global charges brokerage fee on Equity Delivery at 0.50% and Equity Futures at 0.05% of the value of the trade to NRIs. The brokerage fee for Equity Options is ₹75 per lot for NRI customers.

SMC offers powerful trading platforms for free. This includes trading website, mobile trading app, and desktop trading terminal. It also offers SMC AUTO TRENDER, a unique trading tool that provides fast and rich insights on market-based upon technical and quant research.


SMC Global NRI Account

To invest in India Stock Market, an NRI need 3 accounts.

  1. NRI Bank Account (PIS Certified)
  2. NRI Trading Account
  3. NRI Demat Account

SMC Global NRI Account is a 2-in-1 account. This account includes a trading and a demat account, linked together for seamless transactions. The NRI Bank Account has to be opened with a bank like HDFC.

1. NRI Bank Account

SMC Global doesn't provide NRI Bank Accounts as it doesn't have a banking license. Before opening SMC Global NRI account, an NRI needs to open an NRI Bank Account and get PIS certificate from RBI.

SMC Global has a partnership with HDFC Bank, Axis Bank, Yes Bank, IndusInd and Federal Bank for NRI Bank Account.

Note that to trade and invest in the Indian share market, NRIs are required to obtain PIS permission from RBI. The bank with you has opened NRI Bank Account can help you in getting PIS permission. The bank will report on all trading transactions made under PIS certified bank account to the RBI.

2. SMC Global NRI Trading Account

The trading account with SMC Global allows investors to buy and sell securities in electronic format. NRIs can invest across equity, debt funds, mutual fund, IPOs and equity derivatives segment through the trading account.

It also offers online trading platforms for NRIs with advanced charting and technical analysis. The NRIs are allowed to invest through a mobile app, website and software-based trading platforms.

3. SMC Global NRI Demat Account

SMC Global offers NRI Demat account services through its membership with NSDL and CDSL. The NRIs can hold Indian securities (shares, bonds, mutual funds etc.) in electronic format in Demat account. It works like a bank account but instead of money, it holds equity shares or units of mutual funds.

Note:

  • The Demat account opening form is similar for resident and NRI investors.
  • Demat account holds shares, mutual funds, and ETFs in electronic forms.
  • NRIs can check the holding and transaction details online anytime.
  • Dividends and interest are automatically credited to the linked NRI bank account.

Note: SMC Global is registered as a clearing and settlement member with SEBI to work as a trading settlement member for NRIs. So, NRIs are not required to open a custodial account and get CP Code with other 3rd party clearing companies.


SMC Global NRI Trade Process

SMC Global NRI customers can trade online or by calling the trading desk. The process is easy, simple and convenient. Below are high-level steps for NRI Trading with SMC Global:

1. Allocate Funds for Trading

Transfer funds to NRE PIS Bank Account. Once the funds are available in the PIS Bank Account, the bank informs SMC Global to update the trading limit for the customer.

2. Place Buy/Sell Order

Log in to one of the trading software and place buy or sell order. You could also call the trading desk and place the order. The order is validated and sent to the stock exchange.

If a matching order is found in the exchange, the order gets executed.

3. Settlement of Funds and Shares

Based on buy or sell order, the corresponding NRI bank account is debited or credited with money, respectively. Contrary, the Demat account is debited or credited with shares depending on sell or buy order. It takes T+2 days for settlement of the trade.

4. Contract Notes

At the end of the day, the broker sends the buy and the sell contract note separately to the bank. The contract note is an invoice with the detail of the transaction, fees and taxes. Bank settles the transactions with the broker based on this contract note.

5. Reporting to RBI

Bank reports all the transactions in NRI PIS Bank Account to the RBI daily. It's important to note that PIS enabled NRI bank account should only be used for investing in the stock market to avoid any wrong reporting.


SMC Global NRI Trading Account Charges

SMC Global NRI brokerage charges for trading in Equity and Equity Derivatives.

TransactionFee
NRI Account Opening Charges₹1000
NRI Account AMC₹0
Equity Delivery Brokerage0.50%
Equity Future Brokerage0.05%
Equity Options Brokerage₹75 per lot
Other ChargesDemat AMC: ₹1180, Min Brokerage: ₹20

SMC Global NRI Trading Software Review

SMC Global, a leading full-service broker, offers 3 online trading software:

  1. SMC Easy Trade - Mobile Trading App
  2. SMC Easy Trade - Trading Website
  3. SMC Privilege (ODIN Diet) - Installable Trading Terminal

SMC Easy Trade - Mobile Trading App

SMC Easy Trade - Mobile Trading App

SMC Easy Trade - Trading Website

SMC East Trade - Trading Website

SMC Privilege (ODIN Diet)

Read ODIN Review

SMC Global Investment Options

The investment options available to an NRI at SMC Global.

Investment OptionStatus
StocksYes
Mutual FundsYes
IPOYes
OthersDebt Funds, Bonds, ETF, Insurance

SMC Global NRI Account Opening Process

An NRI needs 3 accounts to invest/trade in Indian Stock Market.

  1. NRI Bank Account (PIS Linked)
  2. NRI Trading Account
  3. NRI Demat Account

As SMC Global doesn't offer NRI Bank Account, the NRI has to open this account with one of the banking partner i.e. Axis Bank, Yes Bank, Indusind Bank, HDFC Bank or Federal Bank. NRI also have to take the PIS permission on this account through the bank.

SMC Global offers a 2-in-1 account which includes trading and demat account. Below are the steps to open the account.

Steps to open NRI account with SMC Global

  1. Visit smctradeonline.com website and click on 'Open an A/C' button.
  2. Fill the inquiry form for new account opening.
  3. Go to 'Download' page of the website.
  4. Download 'Non-Resident Account Opening Form'
  5. Print and fill the application form.
  6. Attach self-attested copies of the supporting documents.
  7. Send the form attached with documents to the designated branch of the broker.
  8. If the form and documents are correct, a representative from the brokers' office will contact you for In-Person Verification (IPV)
  9. After completing the account opening process, the broker will provide you with login credentials to access the trading platforms.

Note: You could also send a soft copy for scanned form and supporting documents to the broker before you send the paper form. This is to ensure that all the information, sign and attestation are done correctly.

SMC Global NRI Account Documents

To open an NRI account with SMC Global, following documents along with the client registration form is required:

  • PIS permission letter (from the bank where you have NRI account)
  • Passport size photographs (signed across by the NRI)
  • Photocopy of PAN card
  • Photocopy of valid Visa
  • Photocopy of address proof
  • Photocopy of Passport
  • Proof of bank account (Bank Passbook/ Bank Statement) attested by Bank

All the documents are required to be attested by any competent authority such as Any Court/ Local Banker/ Magistrate/ Notary Public/ Consulate General/ Judge of the residing country or by the Indian Embassy.


SMC Global Key Features

FeatureStatus
3-in-1 AccountNo
Free Research and TipsYes
Automated TradingNo
Other Features

SMC Global NRI Mutual Fund

SMC Global offers online Mutual Fund investment services to NRIs. Through the online mutual fund platform, NRIs can invest online in schemes from different fund houses. Mutual fund units are held in the NRI Demat account. NRIs can invest in a wide range of Mutual Funds including liquid, gilt, debt, equity and balanceded funds.

SMC Global Research and Advisory team provide weekly and monthly research reports about Mutual Funds. These reports provide industry & fund update, info about new fund offers and performance of equity funds, balance fund, debt fund, funds of fund and gilt funds.

Key Features

  • Online hassle-free investment.
  • Select from a large number of schemes, from leading fund houses
  • Make a purchase, redeem, switch online or in branches
  • SIP/SWP/STP facility available
  • Check your holdings online
  • Covert your offline folio to online
  • Check order history
  • Online fund transfer facility with HDFC, ICICI & Axis Bank

SMC Global NRI Customer Care

SMC Global NRI Support Desk contact information. Find SMC Global NRI contact number.

SMC Global NRI HelplineNumber
SMC Global NRI Customer Care Number+91-11-25754371, 91- 9650988009
SMC Global NRI Customer Care Email IDnridesk@smcindiaonline.com

SMC Global NRI Trading Account Advantages

  • NRIs doesn't require separate Custodial Account to trade in Equity Derivatives as SMC is a registered clearing member who can get CP code for and clear the trades. This offers a huge saving for NRIs.
  • Provides research and recommendation tips based on technical analysis.
  • NRIs can trade and invest through mobile, software and web browser
  • Dedicated relationship manager to assist the NRIs in account opening to investing process.
  • SMC is a full-service broker offering a wide range of products and services.

SMC Global NRI Trading Account Disadvantages

  • Offers NRI trading services only to NRIs who have bank accounts with Yes, Axis, HDFC, Indusind, or Federal Bank account holders.
  • It offers 2-in-1 account means NRIs have to open an NRI bank account and PIS with other banks. It also means that they have to transfer funds in their PIS account before trading.
  • Good Till Date/Time (GTD) and Good Till Cancelled (GTC) orders are not available.

Conclusion

SMC comes across as a good choice for NRI investors who are looking for a company that offers a wide range of financial products under one roof and investment recommendations. The broker offers a good online trading platform. It also provides wealth management services to NRIs. It has a corporate office in Dubai which makes it easy for NRIs residing in the city to avail various services through branch visits. The brokerage charges of SMC Global are high in comparison to discount stock brokers.


Frequently Asked Questions

  1. 1. Can I open trading account with SMC Global if I have NRE Bank account with ICICI?

    No, you cannot open NRI trading and Demat account with SMC Global if you have NRI Bank Account with ICICI Bank.

    SMC Global has a partnership with Yes Bank, Axis Bank, HDFC Bank, Indusind Bank, and Federal Bank for NRI Account.

    Discuss this question

  2. 2. Does SMC Global offer custodian account services to NRIs?

    Yes, SMC Global offers custodial services for NRIs as it is a registered Trading-cum-Clearing member.

    A custodial account is necessary for NRIs who want to invest in the equity derivatives segment. With SMC offering custodian services, it reduces the charges to be paid to the 3rd party by NRIs for clearing the trades.

    Discuss this question

  3. 3. Who are the banking partners of SMC Global for NRI Account?

    For opening an NRI trading account with SMC Global, you need to have an NRI bank account with the following banks:

    1. Axis Bank,
    2. HDFC Bank,
    3. IndusInd Bank,
    4. Yes Bank
    5. Federal Bank

    Discuss this question

  4. 4. What are the AMC charges for SMC Global NRI demat and trading account?

    SMC Global charges AMC for NRI demat and trading account in 2 ways- Annual Plan and Advance AMC Scheme (5 Years). In the annual plan, the AMC is Free for the first year and ₹1180 from Second Year Onwards. In the Advance AMC scheme, NRIs have to pay ₹2950 for 5 years.

    Discuss this question

  5. 5. What are the SMC Global NRI brokerage charges?

    The brokerage charged by SMC Global is as follows:

    SMC Global NRI Charges

    Segment

    Brokerage Charges

    Equity Delivery

    0.50%

    Equity Options

    0.05%

    Equity Options

    ₹75 per lot

    Discuss this question

  6. 6. Can NRI get a loan against securities held in NRI Demat Account?

    Yes. NRIs can borrow against shares or other securities held in NRI Demat Account.

    Discuss this question

  7. 7. Can NRIs invest under PIS out of funds borrowed in India?

    No, NRIs cannot invest borrowed funds in India.

    Discuss this question

  8. 8. Can NRIs sell without having the shares with them?

    No. For NRIs, all transactions of sales and purchase must be delivery based. Short selling is not permitted to NRIs. NRIs are also not permitted to trade in Intraday, Commodity Derivatives and Currency Derivatives.

    Discuss this question

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Information on this page was last updated on Friday, April 10, 2015


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