You can now buy US stocks such as Facebook, Apple and Google on NSE

You can now buy US stocks such as Facebook, Apple and Google on NSE

The NSE IFSC will be the first in the world to allow Indian retail investors to trade stocks in the United States. “Unsponsored depository receipts will be used to make the offering.”

The NSE International Exchange (NSE IFSC), a wholly-owned subsidiary of the National Stock Exchange (NSE), said on August 9 that it will shortly begin trading in select US companies.

The NSE IFSC platform would be used to enable the trading, according to a press release “Unsponsored depository receipts will be used to make the offering. Under the Regulatory Sandbox, IFSCA has made this possible.”

The entire trading, clearing, settlement, and holding of US stocks will be governed by the IFSC authority’s regulatory system.

“This effort is a first of its type at IFSC, where Indian retail investors will be allowed to transact on the NSE IFSC platform within the Reserve Bank of India’s (RBI) Liberalized Remittance Scheme (LRS) limits,” NSE IFSC stated.

The RBI’s LRS framework, for example, allows residents to remit up to $250,000 per fiscal year for any allowed current or capital account transaction.

“The business model offered by NSE IFSC will not only provide additional investment opportunities to Indian investors but will also make the entire investing procedure simple and inexpensive,” the stock exchange noted.

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When compared to the underlying shares traded in US markets, investors will be able to trade in fractional quantities/values, according to the company.

The new structure will make US stocks more accessible to Indian ordinary investors, according to the NSE IFSC.

The NSE IFSC Clearing Corporation Limited (NICCL) will provide a solid risk management framework, enabling clearing and settlement of all trades in depository receipts, and provide settlement assurance for all trades performed on the NSE IFSC platform, according to the company. Furthermore, all trades will be protected by the NSE IFSC’s investor protection structure.

According to the announcement, investors will be able to keep the depository receipts in “their own Demat accounts formed in GIFT City” and will be eligible for corporate action benefits related to the underlying stock.

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NSE IFSC will release operational information soon and will launch the product as soon as feasible, according to the company, which also stated that depositories, banks, and brokers have already begun working with NSE IFSC to make these investment products available to Indian customers.

The introduction of trading in US stocks through NSE IFSC, according to Vikram Limaye, MD and CEO of NSE, will be one of the stock exchange’s important achievements.

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Aadhaar, PAN mandatory for Customs Broker License

Govt. notifies Aadhaar, PAN mandatory for Customs Broker License

The Central Government has reported the Aadhaar number and the mandatory permanent number (PAN) for the customs broker’s license. In a notification issued by the CBI, Aadhaar,

The PAN is mandatory for persons seeking a customs broker license.

“Customs Broker” means the person authorized to act as an agent on behalf of the importer/exporter for the business of entering or leaving the means of transport or goods at any customs station, including the audit. The license issued under the regulations is valid for 10 years.

Aadhaar, PAN mandatory

The Government has also issued the following conditions for applicants to meet;

  • He is a citizen of India.
  • It is the person’s proper mind;
  • Not to be judged as insolvency.
  • Holds Aadhaar number.
  • Holds valid PAN card;
  • No offense under the law, the Central Tax Act, 1944 (1 of 1944), the Finance Act, 1994 (32 of 1994), the Central  Goods and Services Act, 2017 (12 2017) 13 of 2017);
  • She has not been convicted by a competent court of a crime or any criminal proceedings pending against him in   any court of law;
  • An individual applicant or in case the applicant is a company or partner, or in the case of a company or its manager or an authorized officer who may perform the customs work.

#. Graduated from a recognized university;
#. A professional degree such as a master’s degree or equivalent in accounting, finance, management, CA / CS / MBA / LLM / ACMA / FCMA or a diploma in customs clearance work from any institute or university recognized by the government oris after at least two years. Experience in conducting the work of the customs broker as a G-Card owner;

(I) The applicant has financial authority as evidenced by a certificate issued by a bank or other acceptable evidence to the Chief Customs Commissioner or the customs commissioner, as appropriate, in respect of the acquisition of assets of not less than Rs.5 per lakh.

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