I just converted my savings account to NRO and created a new NRE account. Now the bank is asking me to convert my demat to NRO demat where I need to close my exising demat account and open a new NRO demat account. I only have option to either transfer my stocks to some one in India or sell the stocks and get the money since shares cannot be transferred from demat to NRO demat.
Just wanted to know if I am really required to convert my demat to NRO demat? Or I can just keep it as is and still trade and pay income tax on the profits?
please advise. whats the best solution in this case? I am still an Indian citizen.