I am interested to invest in Indian Stock Market; does any one here knows what is the procedure on account opening and is there any restriction on foreign buying? Thanks in advance!
You will need to demonstrate parental linkage with India or ancestral. Remember its still a 3rd world country despite all the nonsense about it being the next superpower ( or a BRIC) its still pretty much behind in terms of freedom of funds movement in its capital markets. Until mid last year, foreign banks let alone people who are not NRI (non residential indians) could do f#*% all. GS , JP, ML, and other banks had to buy small local brokerages and then do their dirty deeds using them as fronts, but there is strict regulation regarding total ownership. Situation is equally screwed in South Africa if you are an institution. Pity though, until recent sell off they had easiest IPO's to flip in the world on BSE (Bombay Stock Exchange). Its definetly more overheated that Shenzhen or Shanghai. (poor grammar?-but heck am a trader !) I tried all tricks in the book to trade there, including open an account at London branches of an Indian bank www.icici.co.uk an then do a brokerage account, but you guessed it some pimple faced teenage clerk asked for ID verification of NRI status Anyway they are no different from "emerging market" exchanges. P.S. Before any arguements start, l am from a very 3rd world country originally.
Yes PLEASE !!! They think my money ain't good enough to flip their IPO's They do have great industrialists, but for a country with 1 billion+ people its just a numbers game. The sooner Bombay Stock Exchange submerges the better. Do excuse me but l still have some anger in being told that my money ain't good enough. I personally hope this market slump takes down their market, brokers and everything else