In India I used to operate my mother's trading account however later this year, I'll be moving to USA.

My mom will stay in India itself.

So, would it be legal if I'm operating my mother's trading account from USA?

Few things you must know: I do not have PoA from my mother as it is based on trust.

  • 1
    Without POA, how do access account? May 7 '17 at 12:39
  • 6
    I'm voting to close this question as off-topic because this is a legal question, not a question about personal finance. May 7 '17 at 12:58
  • @JoeTaxpayer I agree I require a POA to proceed legally but in my case; my mom trusts me and she is totally fine with letting me operate her account. It is entirely based on trust and it's not going to tarnish. Also, I may sound edgy but please do not advise me about the consequences if my mom decided to take legal action against me. It's India, after all. lol, sorry if that offends anyone. ;-)
    – Anoneemus
    May 8 '17 at 8:25

It's not legal unless you have written permission to do so and have cleared it with the broker. You'll probably get away with it until one time when communicating with your broker, you'll mention you're not the account owner, in which case the account is frozen and closed immediately (money laundering regulations).

  • okay, so assuming I get a POA from my mom and then I went on to becoming an NRI; what will then be the scenario like? And thanks for the heads up.
    – Anoneemus
    May 8 '17 at 17:25
  • I don't know what NRI is. One option is to form an LLC where both you and your mom are on the board. Alternatively, IB offers the ability to add family members for account access: ibkb.interactivebrokers.com/node/1004
    – misantroop
    May 9 '17 at 3:37

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