Yes, Foreign Nationals no more have to open a NRI Bank Account in India to sell the Stocks allotted to them through ESOP. It is quite simple now. All that you got to do is set up a Trade and Demat account with us and attach your existing foreign bank account. You actually don't need any Indian bank account to start exercising your ESOP shares or the shares allotted to through promoters’ quota

The below given FAQs will provide you more insight on this

1. Do you open an account for Foreign Nationals?

Yes, we do open. However, there are 2 types of accounts, one is Foreign Portfolio Investment (FPI) Account and other is simple Foreign National (FN) Account.

2. What is the difference between FPI and simple FN accounts?

FPI or Foreign Portfolio Investment account allows a foreigner national to Invest / Trade in Indian Market with prior permissions from the required Regulators.

A simple FN account is opened for a special purpose, such exercising of Employees Stock options, Sale of these stocks and remittance of the sale proceeds.

3) How does FN Account Work?

a) Open a Trading, Demat (in India) with Tradeplus

b) Attach your existing Foreign Bank account to your Demat Account. Alternatively you can also open a Bank account in India and attach the same to your Demat Account.

c) Share your Demat account details (opened with Tradeplus) to your Employer

d) Get credit of ESOP shares to your Demat account. Your employer make this credit transfer on submission of the Demat Account details

e) Sell the Stock Options (ESOP) shares

f) Remit the sale proceeds to foreign bank account

3. What is the procedure to open a FN account?

The procedure to open a FN account is listed below sequentially

a) Produce your existing Foreign Bank account details or Open a NRO bank account in India

b) Open a Demat account with Tradeplus and link your foreign bank Account or the newly opened Bank Account in India to the Demat account.

c) Open Trading account with Tradeplus

4. Does Tradeplus help in opening all the above said account to set up a FN account?

Yes, we help in opening all 3 accounts. We coordinate with our strategic partners to open bank account in India and we open the Trading and Demat account with us.

5. What are the documents required to open a FN account?

The following are required to open the account:

a) 2 sets of Notarized and self- attested copy of Pan Card. In case a Foreign National does not have a PAN we assist him / her to get one.

b) 2 sets of Notarized and self- attested copy of Foreign Passport

c) 2 sets of Notarized and self- attested copy of Foreign Proof of address, which can be a Driving

License / Latest Utility bill/ Last 2 months bank statement and other documents as accepted by the


d) ESOP allotment letter

e) Proof of exercising options, payments made to exercise options, tax paid (if any)

f) Filled and signed bank application form if a Indian bank account is to be opened or simply share your foreign bank account details

g) Filled and signed Trading and Demat account opening form

h) Four passport size photographs signed across the document.

Your account will be opened within 24 hours of receiving the above listed documents if you choose to attach your existing Foreign Bank Account to your Demat Account / Trading Account with us

6. How do a FN get the dividends credited ?

The dividends declared by the company will be credited via ECS (Electronic Clearing System) in the bank account which is linked to the Demat Account.

7. How do a FN sell shares?

Once the Trading Account is set up with Tradeplus, the FN will receive login credentials to access the secondary market trading terminal vide an email. FN may place an order online to sell the shares or may drop an email or call from registered mobile number to execute sell orders. The orders thus executed will be intimated to the FN on the email ID that is registered with Tradeplus.

8. What are the steps to remit the sale proceeds to home country?

The FN will be required to place a request to withdraw funds to Tradeplus and simultaneously submit a Remittance form to the Bank. Based on this Tradeplus will do the following:

a) Arrange to deduct Tax at source (if any)

b) Arrange for an Auditor's certificate to certify the tax that's been deducted

c) Submit the documents along with sale contract note to the bank

d) The bank will process the remittance to the foreign bank account on receiving Remittance Form from the FN and the documents from Tradeplus as mentioned in point (c)

For more details / clarification please do email or call +917338822169

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