Getting Started

What is the process to convert a resident demat account into an NRI demat account?

Specific documentation and procedures must be followed to convert a resident demat account to an NRI demat account with Firstock. The process requires the submission of application forms along with identity documents, address, and bank proofs.

Important Pre-Conversion Requirements

Residential Status: Ensure your residential status is updated as “non-resident” on the relevant ITD website.
Name and Signature Verification: Confirm that your current signature on file is correct.

Steps to Convert a Resident Account to an NRI Account

Pre-Conversion Requirements:
- Settle all debit balances in your account.
- Withdraw any available credit balance.
- Ensure that all open positions are closed.
Document Preparation:
- Download and Complete Forms: Obtain the necessary forms from Firstock’s website.
- Supporting Documents: Gather all required supporting documents as per the guidelines.
- Signature Consistency: Ensure that the signatures on the new forms exactly match the signature proof on record.

For any further assistance, you can contact the support team at support@firstock.in

Initial Submission:
- Email Submission: Send the completed documents to Firstock’s designated email address (sales@firstock.in).
- Document Review: Await feedback from the document review team and make any necessary corrections.
Complete In-Person Verification (IPV):
- Online IPV:Online in-person verification is conducted through a video call using WhatsApp, BOTIM, or Google Meet, during which the client must present their PAN card and Aadhaar card.
- Offline IPV: Visit a Firstock branch office.
Final Submission:
- Courier Documents: Dispatch the original verified forms and documents to the Firstock office.
- Office Address: Firstock Customer Support Centre:

FIRSTOCK, No 350, 1st floor, 36th A Cross, 7th Main Rd, 5th Block, Jayanagar, Bengaluru, Karnataka 560041

Processing time:Once we receive the documents, the process typically takes up to 4-5 working days to complete.

Document Requirements for Conversion

For residents with a non-resident KYC status, notarisation of documents is not required. Otherwise, documents must be notarised by one of the following authorities:

The Indian embassy in the NRI’s residing country,
Authorised officials from the overseas branches of scheduled commercial banks registered in India,
Public notaries, court magistrates, or judges,
Indian Consulate General in the country of residence. (Clients in India should visit their nearest notary office.)

The attesting authority must include a verified original stamp, name, designation, employee or authority code, signature, and date on each document. To verify your KYC status, you may need to share your PAN card photo with us via sales@firstock.in (If not already submitted)

Note: Equity trading is available only; F&O trading is not enabled by default on NRI accounts. Should you wish to trade in F&O, you will require a Custodial Participant (CP) code through Firstock’s partner for custodial services.

Required Documents:

The table below outlines the documents needed for converting a resident account to an NRI account with Firstock:

Type of Document	Requirements
NRI Application Form	- Complete the NRI application form (PDF). . -Custodian application form (Orbis)[If client opts for F&O trading]
Account Closure Form	- Complete the Account closure form (PDF) with your existing correspondence address.
Account Modification Form	- Complete the Account modification form (PDF).
FATCA Declaration	- The FATCA declaration (PDF).
FEMA Declaration	- Complete the FEMA declaration (PDF)
NRI Client Details Form	- Fill in the NRI client details form (PDF) as per instructions.
Passport	- Indian Passport: Self-attested and notarised copy showing place of birth as India, along with a valid visa. - Foreign Identification proof: Self-attested and notarised copy, visa, and relevant residency permit (PIO/OCI/resident card). Note: These documents must be notarized or validated by the embassy if KYC is not done.
PAN Card	- Submit a self-attested and notarised copy of your PAN card. Note: The Document must be notarized or validated by the embassy if KYC is not done.
Address Proof	- Provide a self-attested and notarised copy of your Indian address proof (if available) or overseas address proof. - Acceptable proofs include a driving licence, foreign passport, utility bills, bank statements, rental agreement/lease/sale deed, or other valid documents. Note: These documents must be notarized or validated by the embassy if KYC is not done.
Marriage Certificate	- A notarised copy of your marriage certificate (if your name has changed due to marriage). Note: These documents must be notarized or validated by the embassy if KYC is not done.
Immigration Copy	- If submitting documents in India or notarizing locally, provide your latest immigration copy.
Self-Declaration	- Submit a self-declaration (PDF) in cases of minor mismatches between the documents.
Banker Letter	- If your signature has recently changed, include a banker's letter (PDF) with your updated signature, along with the bank’s seal and signature.
Bank Proof	- Provide a self-attested, personalised cheque or bank statement from your designated NRO bank account.
Income Proof	- As an NRI (Client of Special Category), submit one of the following as income proof: • Bank statement/passbook (last six months) • Latest salary slip • Form 16 or ITR acknowledgement • Net worth certificate • Statement of demat holdings Note: These documents must only be submitted if the client opts for F&O trading.

FATF Compliance

Blacklisted Countries: Clients residing in countries blacklisted by the Financial Action Task Force (FATF) are not eligible to open a Firstock account.
Greylisted Countries: Clients residing in greylisted countries may proceed only after approval from Firstock’s compliance team.

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