Just create account through our portal. Your brokerage account is, in turn, automatically created with DriveWealth for clearing and brokerage services. It will take 2 business days for your account to get approved.

List of valid Photo identification proofs:

• Government issued Photo identification (non–expired)
• Valid Driver’s License (non-expired)
• Passport (non-expired)
• Voters identification with photo or PAN card

List of valid Address proofs:

• Aadhaar Card
• Utility Bill (Examples: Gas, Electricity, Water, Property Tax or Mortgage Receipt)
• Mobile Phone Bill, Bank or Credit Card Statement.
• A letter from your landlord, employer, doctor, dentist, accountant, lawyer, serving police officer or Notary Public stating and confirming your residential address.

Note: All Bills and Statements submitted must be current to within the last 3 months

Note: Government issued photo identification with Address can be used for Proof of Address as long the permanent address is the same, if not the customer must submit an alternative proof of address.

You will have to make a wire transfer to the designated broker-dealer account from your bank account. You may use a bank in India, or overseas to fund the account. Please note that the funds must be transferred from an account in your name, otherwise they will get rejected by the broker-dealer.

The broker dealer account needs to be funded in USD. Your bank will convert domestic currency into USD during the transfer.

We have detailed instructions and pre-filled forms available to make it convenient for you to fund your account.

All you need to do is click the "Withdraw" button on your Portfolio page or inside "My Account".

You will be shown how much money is available for you to withdraw. This is the "cash" in your account - either uninvested money or generated from sales of securities you, previously, owned. You can place a withdrawal request and the money will be wired to your domestic bank account. It takes 4-5 business days for the money to hit your account. Any request above $10,000 requires an additional email approval.

There is a $10 fee associated with withdrawals, charged by the US bank, so the cash balance in your account should be at least $10 at the time of placing the withdrawal request.

No.

Unlike most traditional investing platforms, we place no restrictions on user accounts. There is no account minimum . That said ,we recommend starting with a minimum of 25,000 (~ $350)

Not really . Indian residents can start building a global portfolio with as little as they want and invest as much as USD 250,000 per year (LRS limit).

An ETF or Exchange-Traded Fund is a basket of assets like stocks, bonds, or commodities that are often designed to track an index, sector or investment strategy. They are like mutual funds, but can be traded on an exchange just like stocks. For example the SPDR S&P 500 ETF tracks the S&P 500 index which is a market index of the 500 largest publicly traded companies in the U.S.

Fractional shares are less than one full share of equity in a company. Many stocks are priced very high for small investors which can make stock ownership in that company out of reach. Fractional shares give investors the ability to trade any fraction or dollar value in a listed company. For example, you may buy fractional shares worth $50 in Amazon or buy 0.05 shares of Netflix, which are otherwise priced much higher. Note that you do not get voting rights on the fractional shares that you own. You will still have the voting right for each full share that you own in the same company. So if you own 34.5 stocks of a company, your voting rights will be for 34 shares.

Dividends, however, are distributed proportional to the fraction of the share that you own, rounded down to the nearest cent . If a hundred dollar dividend per share is announced, you will get $3,450. The only limitation is that we cannot give you fractional money so if you own 0.0001 stock and the dividend announced is $5 per stock, you will not be able to receive half a cent. 

Tax implications of investing in US stocks are actually quite straight-forward. There is no income tax on capital gains in the US for non-US Persons. You will however have to pay capital gains tax in India, which will depend on the duration of the investment (Short term capital gains tax for investments held for less than 24 months, long term capital gains otherwise). If you receive a dividend, your tax liability in the US would be a flat 25% .This tax will be withheld before you receive the dividend, which means that you will receive 75% of the dividend as cash payout. You will receive foreign tax credits for the US tax, which you can utilize against your tax liability in India (as US and India have Double Taxation Avoidance Agreement).

The Union Budget 2020 introduced a tax collected at source (TCS) on forex transactions. A 5% TCS will be applicable on all remittances above INR 7 lakh under RBI’s Liberalized Remittance Scheme (LRS). The same rate is also applicable to payments for foreign travel packages without any exemption threshold. In case you do not provide your Aadhaar or PAN Card to the Authorized Dealer, a 10% TCS will be applicable. The payer will get a TCS certificate and can claim a refund while filing the annual IT returns.

Yes, NRIs can invest via this platform. If NRIs are adding funds via India, they can use their existing NRE or NRO account and if they are adding funds from their foreign bank account which does not fall under LRS, they can directly remit funds from their bank account online. Please reach us out on globalaccess@mnclgroup.com for further details.

Currently only US Stock markets.

Over time, we will make investing totally ubiquitous - if you have an idea or come across a company you want to invest in, you will be able to make that investment without having to think if that stock is listed domestically or in some other country.

Interestingly, many large global companies have US listed ADRs which are available on this platform. From Chinese giants like Alibaba to many Indian and European companies are all available.

We offer nearly 3,400 securities - listed on NASDAQ and NYSE - as of now. These are a mix of stocks and ETFs (Exchange Traded Funds). Almost all the marquee listed companies in the US with USD Billion+ market caps, are available.

Stacks are pre-configured baskets of stocks & ETFs that you can invest in with a single click. We aim to solve the challenge of “what to invest” with curated ready-made portfolios that are centered around an idea or a theme. Each stack is developed by leading financial experts to match different investment strategies, risk-tolerance, and investing goals. A rigorous research process ensures accurate matching of investment ideas to opportunities - multiple forward-looking macro & micro uptrends are analyzed to identify drivers of value-creation in the ecosystem. For more details on Stacks, please contact globalaccess@mnclgroup.com

Yes. Please contact us at globalaccess@mnclgroup.com, and we will be happy to add a nominee in your DriveWealth account.