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Is it possible for a Non-Resident Indian (NRI) to trade futures and options?

Yes, NRIs who have linked a Custodial participant code (CP) to their NRO account can trade futures and options (but not currency).
To see their F&O responsibilities, an NRI client must refer to the margin statement. A contract note produced by SS Corporate will not include the obligations. They will be unable to trade in the equities market with the same account.

Note:
- For futures and options, the brokerage fee is Rs.100 per order.
- When obtaining margins, NRI clients cannot pledge their holdings.
- The same account cannot be used by an NRI client to trade in the equity section