Representatives of Indian brokerage companies in the UAE have become cautious about dealing with non-resident Indian (NRI) customers as they are not licensed to open internet trading accounts for the Indian stock market or sell Indian investment products.
This follows a police raid last week on the Muscat office of Sharekhan, an Indian brokerage firm that also operates in the UAE.
More than a dozen Indian brokerage companies and banks operate in the UAE under representative office or other licences that authorise them to market – rather than sell – Indian investment products to NRIs here.
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