Regarding RBI Approval
This query is : Resolved
19 March 2010
Dear Sir
My client is NRI since last 10 years but was operating a Demat Account with Bank. No he permanently close the account from India.
Whatever stock he is holding, he wants to redeem and he does not have Trading Account so he has to redeem by physically submitting the form.
I want to know that for doing this, does he have to take RBI permission? and what is the procedure?
My client is NRI since last 10 years but was operating a Demat Account with Bank. No he permanently close the account from India.
Whatever stock he is holding, he wants to redeem and he does not have Trading Account so he has to redeem by physically submitting the form.
I want to know that for doing this, does he have to take RBI permission? and what is the procedure?
M Prabhakar Menon
(Expert)
23 March 2010
In demat form how does your client have physical share/debenture certificates? The demat account must be with some bank or broker of the stock market.Was RBI permission taken at the time of purchase? If yes then conditions for liqudating will also be stated in the permission.If no permission is there then it depends on the amount,percentage of holding etc for attracting RBI norms.
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