Question 1

Does global access require a new trading account?

Accepted Answer

Yes, your PM Securities trading account for trading in Indian equities shall remain as a separate account. For investing globally you'd have to open one more account, that shall be opened by us in tie-up with INDIA INXGA (A wholly owned subsidiary of Bombay Stock Exchange) to provision global investing for you.

Question 2

Who are eligible to open Global Access account?

Accepted Answer

Following categories of clients are allowed 
a) Individual resident in India (as per Liberalised Remittance Scheme of Reserve Bank of India)(https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10192) 
b) GIFT IFSC Entities 
c) Foreign Residents / Non-resident Indians / Foreign corporates d) AIF/PMS/AMC

Note for Corporate Entities: LRS is not available to corporates, partnership firms, HUF, Trusts, etc. If corporates have approval to hedge underlying on international exchanges from RBI, they can open account with INDIA INXGA.

Question 3

Which international exchanges can I invest in?

Accepted Answer

Global Access offers direct access over 135 exchanges across 33 countries in 23 currencies worldwide covering global exchanges in America, Europe, Asia Pacific, and Africa. Some of the exchanges offered are NYSE, NASDAQ, LSE, Canadian Securities Exchange, Toronto Stock Exchange, BATs Europe, Euronext France and Tokyo Stock Exchange.

Question 4

How much can an individual invest in global stocks from India?

Accepted Answer

Foreign investments fall under RBI guidelines (https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10192)for remittance which is called Liberalised Remittance Scheme (LRS). As per current LRS limits, an individual can remit funds up to USD 250,000 every Financial year. This full amount can be utilised for investment in global markets.

For more information refer this link. (https://m.rbi.org.in/scripts/FAQView.aspx?Id=115)

Question 5

Is there any minimum investment or balance required?

Accepted Answer

There is no minimum investment or balance required.

Question 6

Do investors need to open a separate Bank account for global investing?

Accepted Answer

Investors can use their existing bank account to remit or receive funds

Question 7

What are fractional shares? Can I buy fractional shares?

Accepted Answer

Fractional shares allow you to buy a dollar value of a stock irrespective of its price. This means that you can own a fraction of a share in a stock on the US markets! For example, Stock ‘A’ is trading at USD 3000 per share, Investor can buy fraction worth USD 300 of share ‘A’. So, investor will own 0.1 share. India INXGA provide facility to buy fraction on more than 6600 shares of United States.

Question 8

How to transfer funds?

Accepted Answer

Global Access Account provides seamless experience to add funds through banks under Liberalised Remittance Scheme (LRS) guidelines. You can Transfer funds online OR  offline through existing bank account in India to Global Access account.

Once you've completed you have opened your Global Access Account, follow the below step-by-step guides to add funds:

1) Online Method
Select your bank from the below list to view step by step bank specific guide:
- Kotak Bank (https://www.indiainxga.com/download/InstructionsFundTransferKotakBank.pdf)
- Indusind Bank (https://www.indiainxga.com/download/InstructionsFundTransferIndusIndbank.pdf)
- ICICI Bank (https://www.indiainxga.com/download/InstructionsFundTransferICICIbank.pdf)
- HDFC Bank(https://www.indiainxga.com/download/InstructionsFundTransferHDFCBank.pdf)

If, your bank is not a part of the above, list please use the "Offline Method" to add funds:

2) Offline Method
- Download the 'A2 Form' from this link (https://rbidocs.rbi.org.in/rdocs/content/pdfs/03MD11022016_AN.pdf)
- Fill the 'A2 Form' and submit it to your bank.

*NOTE: 'A2 Form' has a field called 'Purpose Code' please mention 'S0001' as the purpose code in the form.

Question 9

When will the funds I deposited be credited to my account?

Accepted Answer

It takes from 1 to 4 business days depending on bank.

Question 10

Who is the executing and clearing broker?

Accepted Answer

PM Securities has a tie-up with India INX Global Access (A wholly owned subsidiary of Bombay Stock Exchange) who in-turn has tie ups with multiple international brokers. They will execute and clears your trades.

Question 11

Where is my investing account held? Who holds my shares? Who is the custodian of my account?

Accepted Answer

Global Access Account works  tied up with multiple international brokers like Interactive Brokers, Sova Capital, EDF Man Capital etc. When you will do KYC , your investing account will be opened with INDIA INXGA's partner platform Interactive Brokers LLC - regulated by FINRA and SEC in US. Interactive Brokers is also the executing and clearing broker as well as a global custodian of securities.

This means that the securities will be held in the custody of Interactive Brokers LLC. This is a common practice internationally. Client-owned, fully paid securities are protected in accounts with custodians that are specifically identified for the exclusive benefit of clients. Interactive Brokers reconciles positions in securities owned by clients daily to ensure that these securities have been received at the depositories and custodians. In addition, every customer is protected by the Securities and Investment Protection Council Insurance (SIPC insurance) by up to USD 500,000 split as USD 250,000 in cash and USD 250,000 in stocks for investment in US.

Question 12

Will I be able to get leverage ?

Accepted Answer

As per RBI guidelines, margin/leverage trading is not permissible for Resident Indians. However, GIFT IFSC entities in India, Foreign Residents are allowed to margin/leverage trading as allowed in their respective jurisdiction.

Question 13

Is Intra-Day trading allowed?

Accepted Answer

For IFSC entities and Non-Resident Intraday is allowed. For Resident Indian Individual investors system will allow to sell the share bought in intraday however margin will remain blocked till settlement (T+2) because RBI does not permit trading for resident Indian investors under LRS.

Question 14

What is the brokerage / pricing for Global access acocunt?

Accepted Answer

The pricing varies across countries / regions. The detailed pricing can be found in the below PDF:

Besides the above pricing, there are no other costs to open / maintain the account. Kindly, note that Global Access accounts are an Online only accounts. PM Securities team shall be able to provide limited offline support for the same.