Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account?

bihanjay

bihanjay

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Is it possible for a non resident investor to Buy/Sell shares using a NRFC (US$) Account? Is there any limitations? if so, what are those limitations ?

cse_investor

cse_investor

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As far as I'm aware you can only invest through a SIA (formerly known as SIERA) account, which is always in SLR. Just check with any of the larger banks in Sri Lanka, they should be able to give you the exact details.

cse_investor

cse_investor

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SIA = Share Investment Account
SIERA = Share Investment External Rupee Account

Chinwi

Chinwi

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You have to open special account as cse-invester said. You have to remit dollars to it from abroad. Also you can transfer NRFC Dollars to it .

Main feature of this special account is - you can send back any amount of money in your account as forex (out of the country) including profit you gain by selling the shares.

Else, if you do not want dollars back you can transfer NRFC money to a normal current account and pay for shares but you cannot change them back to forex.

manula

manula

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I am also non resident investor and my broker firm is Accuity Stock Brokers which is collaboration with HNB. I am doing online trading through CDAX system and they will simply deduct money from the my HNB Sri Lanka rupees savings account. It is very easy. No need for NRFC account, converting to SLRS etc... Very Happy

bihanjay

bihanjay

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thanks everybody for ur valuable info....
Only thing that is not clear for me is whether I can transfer the money I am investing in shares back to my US$ account....so that I can maintain my US$ account...

cse_investor

cse_investor

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@bihanjay

Through a SIA account you can convert any initial deposit plus capital gains into USD/EUR/GBP when taking the money out again.

factFINDER

factFINDER

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manula wrote:I am also non resident investor and my broker firm is Accuity Stock Brokers which is collaboration with HNB. I am doing online trading through CDAX system and they will simply deduct money from the my HNB Sri Lanka rupees savings account. It is very easy. No need for NRFC account, converting to SLRS etc...

I doubt whether you could take back your money out of Sri Lanka, without following prescribed route. (then it will limited to migration allowance of initial US$ 150,000/- and US$ 20,000/- annually only)

manula

manula

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factFINDER wrote:

manula wrote:I am also non resident investor and my broker firm is Accuity Stock Brokers which is collaboration with HNB. I am doing online trading through CDAX system and they will simply deduct money from the my HNB Sri Lanka rupees savings account. It is very easy. No need for NRFC account, converting to SLRS etc...

I doubt whether you could take back your money out of Sri Lanka, without following prescribed route. (then it will limited to migration allowance of initial US$ 150,000/- and US$ 20,000/- annually only)

The thing i am doing the share market activities from my savings and from other income in SL.
So no need to take back money to here. From here i am sending my savings as SLRS to my savings account and after selling the shares also they send the money as SLRS to my savings account only. So i don't have to worry about any thing and i am monitoring my account from internet banking. No need for NRFC and $ account. Main thing is we have to save money and has send to SL.

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Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account?

1 Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 12:50 am

bihanjay

2 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 9:17 am

cse_investor

3 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 9:18 am

cse_investor

4 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 9:42 am

Chinwi

5 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 9:45 am

manula

6 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 1:32 pm

bihanjay

7 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 2:05 pm

cse_investor

8 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 8:34 pm

factFINDER

9 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account? Mon Jun 27, 2011 9:41 pm

manula

10 Re: Non Resident Investor - Is it possible to Buy/Sell shares using a NRFC (US$) Account?

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