PIS Bank Account is not mandatory if NRI Trading Account is opened for following reasons:
> To liquidate shares acquired in primary market or secondary market in resident status
> To liquidate shares acquired as a promoter
> To dematerialise physical share certificates and liquidate thereafter
> To exercise stock options ( ESOP ) and liquidate thereafter
> To liquidate shares acquired by you in IPO
> To liquidate shares acquired by you as a gift
> To invest in IPO and Mutual Funds
> To invest in F&O segment
The NRI Demat Account will be opened as per the holding status of your existing shares. If your existing holding has repatriation benefits we will open a NRE Demat Account and Trading Account. If your existing holding does not have repatriation benefits we will open a NRO Demat and Trading Account.
Your NRI Trading Account for the above reasons (except F&O Trading) can be opened in 2 working days from the time of receiving the completed forms. In case of F&O Trading Account it takes 7 working days.