Automated Global Market Intelligence

The VilfinTV Daily Market Report

Comprehensive analysis covering Macroeconomics, Top 10 Stocks, Global Equities, ETFs, Bonds, and Commodities—delivered automatically to your inbox every morning. Every report is driven by our proprietary Market Sentiment Score (-100 to +100). Discover exactly what feeds into the algorithm, how to read your daily score, and a practical framework for deploying capital at each market phase.

● Real market data, refreshed every trading day ● Sent every trading day, before 9:00am JST ● Free to subscribe
01 · The Scale

The Score Scale

The score starts at zero and moves up or down as each signal below is checked, then it's capped to a -100…+100 range. The final number lands in one of five bands:

< -50Extremely Bearish
-50 to -11Bearish Contraction
-10 to 9Neutral / Mixed
10 to 49Bullish Leaning
≥ 50Bullish Expansion
ScorePhaseWhat it means
≥ 50Bullish ExpansionMost tracked signals (volatility, momentum, risk appetite) are pointing the same confident direction: up.
10 to 49Bullish Leaning / NeutralMore good signals than bad, but not an overwhelming consensus yet.
-10 to 9Neutral / MixedSignals are roughly balanced — no real directional edge either way.
-50 to -11Bearish ContractionMore warning signs than good ones — caution flags outnumber the reassuring signals.
< -50Extremely Bearish / Risk-OffMultiple serious stress signals firing together (e.g. an inverted yield curve plus high volatility plus falling equities).
02 · Live Example

Today's Real Report, Broken Down

Not a mock-up — this updates automatically every morning right after the Daily Market Report email is sent, built from that same day's real scoring data, so you can see precisely how today's number was built, signal by signal.

100
Market Sentiment Score
Bullish Expansion
Example from July 15, 2026
Real data, real scoring model
SignalToday's real readingPoints
VIX (Fear Index)16.38, below its 20-day average (17.00) — in the 16–20 calm zone+10
Yield Curve — 30Y vs 10Y30Y 5.10% − 10Y 4.61% = +0.49% spread (moderate, not steep)+10
Yield Curve — 10Y vs 3-Month10Y 4.61% − 3-month 3.73% = +0.88% (not inverted)+0
Credit StressHYG -0.24%, IEF -0.36% same day — no stress pattern+0
Equity MomentumS&P 500 above both MAs (+10), Nikkei above 50-day only (+5), Nifty 50 above 50-day only (+5)+20
Risk AppetiteGold -0.83% (risk-on), Copper +0.73% (risk-on), S&P -0.79% (risk-off) — 2 of 3 signals agreed+10
Equal-Weight Participation (Proxy)Equal-weight S&P (RSP) -0.03% vs cap-weight (SPY) -0.77% (+0.73pp gap) — proxy for breadth, not a true advance/decline reading+10
Credit Spread (HY OAS)ICE BofA US High Yield OAS 2.69% (recent average 2.72%) — tight, healthy credit market+15
Labor Market (Jobless Claims)215,000 claims for the week vs 219,000 recent average+10
Liquidity & Financial ConditionsChicago Fed NFCI -0.515 for the week — looser than average+10
Volatility Term StructureVIX 16.38 vs VIX3M 18.57 (ratio 0.88) — contango, calm+15
Dollar StrengthDXY 100.92 vs its 20-day average 100.93+0
Growth vs Defensive LeadershipConsumer Discretionary (XLY) -1.02% vs Staples (XLP) +0.56% (-1.58pp gap) — sector-rotation proxy, not an earnings/EPS figure-10
Commodities Ratio (Copper vs Gold)Copper +0.73% vs Gold -0.83% (+1.56pp gap)+10
Risk Alerts
No risk alerts fired today — no extreme VIX, no yield curve inversion, no credit stress or spread widening, no labor-market deterioration, no tightening financial conditions, no volatility backwardation.
🌍 Strongest Region Today:

US Equities. 6 out of 6 tracked US indices are in a confirmed uptrend, led by Dow Jones (+2.90% above its moving average). US markets show strong relative strength with an average premium of 1.33% over their 50-day trendlines.

🚀 Top Growth Sector:

Semiconductor — currently shows the strongest relative momentum among tracked sectors, trading +1.10% above its 50-day average with a +60.81% year-to-date return.

⚖️ Top Value Sector:

Example — populated live from today's report.

💎 Top Long-Term Sector:

Example — populated live from today's report.

📋 Regime-Aware Read on the Picks Below:

—

🛡️ Quality — Equities

—

🛡️ Quality — Commodities

—

🛡️ Quality — Bonds

—

🛡️ Quality — Currencies

—

Each pick above shows its confidence level (how clearly it led the field it was chosen from) plus the risk and invalidation condition for that pick type — see How We Pick These for the full method.

What "Trending" and "Quality" mean, and how the sector picks above are chosen — see How We Pick These below.

Raw score: 10 + 10 + 0 + 0 + 20 + 10 + 10 + 15 + 10 + 10 + 15 + 0 − 10 + 10 = 110 → capped at 100 → Bullish Expansion (≥ 50) Example only — live data not loaded (viewing this file locally or offline)
03 · The Signals

The 14 Signals Behind the Number

The score is a sum of independent checks against real market data refreshed every trading day — plus two genuine weekly economic releases (jobless claims, financial conditions), not just market prices. Nothing here is a prediction — it's a same-day snapshot of how several classic macro/market indicators line up.

😨
VIX (Fear Index)
±20 points
The VIX tracks how much volatility options traders expect in the S&P 500 over the next 30 days. Low and falling VIX = calm markets; a rising, elevated VIX = fear.
VIX < 16 and below its 20-day average+20
VIX 16–20 and below its 20-day average+10
VIX > 20-20
VIX > 25 also triggers a standalone "High Volatility" alertflag only
📈
Yield Curve — 30Y vs 10Y
±20 points
Compares US 30-year and 10-year Treasury yields. Normally longer-dated bonds yield more; when that flips (inverts), it's historically one of the more reliable recession warnings.
Inverted (30Y yield below 10Y)-20
Spread > 0.8% (steep, healthy curve)+20
Spread 0.3%–0.8%+10
Spread ≤ 0.3% (flat)+0
🚨
Yield Curve — 10Y vs 3-Month
-30 only
A second, shorter-horizon version of the same idea, watched closely by the Federal Reserve itself. When the 3-month yield rises above the 10-year, it has preceded most recent US recessions.
Inverted (3-month yield above 10-year)-30
Not invertedno change
🧊
Credit Stress
-20 only
Compares junk bonds (HYG) against safe US Treasuries (IEF) on the day. When investors dump risky corporate debt and rush into safety at the same time, it's an early sign of tightening liquidity.
HYG falls >1% and IEF rises >0.5% same day-20
Otherwiseno change
🌍
Equity Momentum
±30 points
Checks the S&P 500, Nikkei 225, and Nifty 50 against their own 20-day and 50-day moving averages — a classic trend-following read on three major regions at once (up to 10 points each).
Price above both 20-day & 50-day average+10 each
Price above 50-day average only+5 each
Price below 50-day average-10 each
⚖️
Risk Appetite
+30 / -30
Checks whether Gold (falling), Copper (rising), and the S&P 500 (rising) all agree on the same "risk-on" story — gold is the classic safe-haven, copper tracks industrial optimism.
All available signals agree (risk-on)+30
All but one agree+10
Mixed / majority disagree-30
📊
Equal-Weight Participation (Proxy)
±10 points
Compares the equal-weight S&P 500 (RSP) against the standard cap-weight S&P 500 (SPY). If RSP keeps pace, gains are broad-based; if it lags, a handful of mega-caps are carrying the whole index — a fragile kind of rally. This is a relative-strength proxy, not textbook market breadth (% of stocks above their 200-day average, advance/decline lines) — that per-stock data isn't freely available here.
RSP outperforms SPY by >0.1pp (broad)+10
Within ±0.1pp of each other+0
RSP underperforms SPY by >0.1pp (narrow)-10
📉
Credit Spread (HY OAS)
+15 / -25
The ICE BofA US High Yield Index Option-Adjusted Spread (via FRED, series BAMLH0A0HYM2) — a genuine daily credit-risk-pricing figure in basis points over Treasuries, not a same-day ETF price comparison. Scored mainly on its absolute level against widely-recognized credit-cycle bands (below ~3% is historically tight/healthy, above ~6% is genuine stress) rather than only its own 10-day average, since a slow-building stress episode can already be "elevated relative to itself" without tripping a pure trend check. A fast widening move on top of an already-elevated level adds an extra penalty.
OAS < 3.0% (tight, healthy)+15
OAS 3.0–4.5% (normal range)+0
OAS 4.5–6.0% (elevated stress)-15
OAS > 6.0% (severe stress)-25
+ widening >5% vs its 10-day averageextra -10
💼
Labor Market
+10 / -20
US Initial Jobless Claims, sourced directly from the Federal Reserve's public FRED database (series ICSA) — a genuine weekly government release, not a market-price proxy. Compared against its own recent average since weekly claims are naturally noisy. The band is calibrated from real history: claims deviate from their own trailing average by more than 1.5% in roughly 3 out of 4 weeks, so a ±1.5% band lets this signal actually move most weeks instead of sitting at zero.
Claims >1.5% below recent average (strong)+10
Within ±1.5% of recent average+0
Claims >1.5% above recent average (weakening)-20
🏦
Liquidity & Financial Conditions
+10 / -15
The Chicago Fed's National Financial Conditions Index (NFCI, via FRED) — the standard professional composite for how loose or tight financial conditions are across money markets, credit, and leverage. Negative = looser than average. Trimmed slightly from its initial weight to keep it in proportion with the other signals.
NFCI < -0.5 (very loose)+10
NFCI -0.5 to 0 (loose)+5
NFCI 0 to 0.5 (tight)-5
NFCI > 0.5 (very tight — stress)-15
🌪️
Volatility Term Structure
+15 / -20
Compares spot VIX against 3-month VIX (VIX3M). Spot below the 3-month figure ("contango") is the normal, calm state; spot above it ("backwardation") means near-term fear has spiked above longer-term expectations — a classic acute-stress signal.
Ratio < 0.9 (strong contango, calm)+15
Ratio 0.9–1.0 (mild contango)+5
Ratio 1.0–1.1 (mild backwardation)-10
Ratio > 1.1 (strong backwardation)-20
💵
Dollar Strength
±10 points
The US Dollar Index (DXY) against its own 20-day average. A strengthening dollar typically pressures emerging markets and commodities (risk-off); a weakening dollar is usually risk-on and liquidity-friendly globally.
DXY >0.5% below its 20-day average+10
Within ±0.5% of its 20-day average+0
DXY >0.5% above its 20-day average-10
🛍️
Growth vs Defensive Leadership
±10 points
Consumer Discretionary (XLY) vs Consumer Staples (XLP) — a well-known market-based sector-rotation signal, deliberately NOT called an "earnings" metric since genuine forward-earnings-revision data isn't freely available. Weighted lightly and reduced from its initial weight since it overlaps with Risk Appetite and Commodities Ratio below — the same risk-on move can nudge all three together.
XLY outperforms XLP by >0.2pp (growth-led)+10
Within ±0.2pp of each other+0
XLY underperforms XLP by >0.2pp (defensive)-10
⛏️
Commodities Ratio
±10 points
Copper vs Gold — "Dr. Copper" is the classic industrial-demand growth barometer, while gold is the safe-haven. Copper also feeds the Risk Appetite check above (which only looks at each metal's own direction, not the ratio between them) — weighted lightly since it's a secondary confirmation of the same risk-on/risk-off move rather than fully independent evidence.
Copper outperforms Gold by >0.5pp (growth)+10
Within ±0.5pp of each other+0
Copper underperforms Gold by >0.5pp (fear)-10
💱 Currency Volatility is also tracked (any major pair moving >1.5% in a day gets flagged in the report), but it's an informational alert only — it does not change the score itself.
📈 CPI (year-over-year inflation) and Non-Farm Payrolls (month-over-month jobs added) also appear in the "Macroeconomic Health" section of the email, sourced from FRED — but like Currency Volatility, they're informational context only and are not part of the 14-signal score above.
04 · The Playbook

How to Actually Act on It: SIP vs. Lump Sum

A practical deployment framework for each band. This is a general heuristic tied to the score, not personalized advice — see the disclaimer below.

ScorePhaseSuggested approach
≥ 50Bullish ExpansionHistorically, lump sum tends to beat SIP in a confirmed rising market (more of your money is invested sooner, catching the upward drift). A score just over 50 is a lean, not a strong conviction signal — consider deploying the majority as lump sum while keeping a portion on a short SIP (2–3 months) as a hedge.
10 to 49Bullish LeaningSIP remains the default, but a shorter SIP horizon (e.g. 3 months instead of 12) can make sense given the building momentum.
-10 to 9Neutral / MixedClassic SIP territory — no directional edge either way, so staged investing minimizes the risk of a badly-timed entry.
-50 to -11Bearish ContractionStick with SIP; consider tilting toward buying more on down days specifically — VilfinTV's own NIFTY 50 backtest found a dip-buying approach meaningfully reduced losses versus a fixed schedule during a falling market.
< -50Extremely BearishEmotionally the hardest, but often historically a strong long-term entry window for investors with real conviction and a long horizon. Staying largely in cash ("Hold") is also a completely reasonable choice, especially for money needed within a few years.
05 · The Picks

How We Pick These: Momentum, Value, Long-Term & Quality

Every session in the Daily Market Report and on this page (Equities, Commodities, Bonds, Currencies) shows the same four picks. None of these are fundamental/earnings-based scores — this model only uses price history (today's change, the 20-day and 50-day moving averages, year-to-date return, and 3-year return), so every pick below is built purely from those numbers.

📈 Momentum / Trending — "what's moving right now"

Score = (20-day MA premium × 0.7) + (today's % change × 0.3). Weighted toward the 20-day trend rather than a single day's move, with today's session as a smaller confirming factor. Only assets that are up in the latest session are eligible at all — this deliberately favors things with real, current upward pull, not something merely "less bad" than everything else.

⚖️ Value — "washed out, not yet a falling knife"

Score = −(50-day MA premium) + (YTD return × 0.1) — rewards trading below its own 50-day average (cheaper relative to its recent range), with a small YTD tiebreaker. Anything down more than 15% year-to-date is automatically disqualified rather than ranked — being far below its average isn't "value" if the underlying trend is a genuine collapse, not a temporary dip.

💎 Long-Term — "the structural performer"

Score = (3-year return × 0.5) + (YTD return × 0.3) + (50-day MA premium × 0.2). Weighted mostly toward the 3-year track record on purpose — a single strong year can be luck or a short-term theme; three years of outperformance is much harder to fake.

🛡️ Quality — "consistent, not just spiky"

Counts how many of 5 timeframes (today, 20-day, 50-day, YTD, 3-year) are simultaneously positive — each one is worth 20 points, with total strength only used to break ties. An asset that's up big today but underwater on its longer averages scores lower here than a steady all-round performer — the opposite of what Momentum rewards, which is why the two picks can (and often do) point to different assets in the same session.

🏦 Bonds and yield instruments (e.g. "US 10Y" is a yield level, not a tradable price) get every one of these formulas sign-flipped automatically — a rising yield number means a falling bond price, so "positive" consistently means "bullish for the instrument" everywhere on this page, not "the number went up."
💱 Currencies session: alongside the ~16 permanently tracked pairs, the model scans a handful of additional liquid pairs (USD/ZAR, USD/TRY, USD/BRL, EUR/JPY, GBP/JPY) not in that regular list every day, and automatically surfaces whichever one moved the most that day as a "🆕 Notable FX Mover" — so an unusually large move in a pair you don't normally track still gets flagged.
📋 Regime-aware picks: the underlying calculations above never change based on the overall Market Sentiment Score, but how much weight to put on them does. Every Trending/Quality/Value/Long-Term pick is shown alongside a regime-aware note (e.g. Trending picks are flagged as less reliable during a Bearish Contraction or Extremely Bearish regime, since an "up" mover is more likely a short-lived bounce than a real reversal).
🎯 Confidence, risk & invalidation: each Trending/Quality pick also carries a confidence level (how clearly it led the field of candidates it was chosen from — a pick from a close 2-way field is weaker than one that clearly leads a wide one), a risk note (the general failure mode of that pick type, not a per-instance prediction), and an invalidation rule (the specific condition that would mean the pick's own thesis has broken down).
06 · Asset Positioning

Asset Class Playbook & Global Capital Flows

The same five score bands from above also map to which asset classes are typically favored in that regime — and two of the signals already powering the score double as a read on where capital is flowing across borders.

ScorePhaseFavored asset classes
≥ 50Bullish ExpansionGrowth Stocks, Small Caps, Industrial Commodities
10 to 49Bullish LeaningBroad-Market Indices, High-Yield Bonds
-10 to 9Neutral / MixedDividend Yielders, Short-Term Bonds, Cash
-50 to -11Bearish ContractionLong-Term Treasuries, Gold, Defensive Stocks
< -50Extremely BearishUS Dollars (Cash), Short Positions, Gold
🌍 Regional Strength

Comparing the premium of major indices (S&P 500, Nikkei 225, Nifty 50) over their own 50-day moving average shows which region is currently capturing the most capital — the index with the highest premium is the one attracting the most inflows right now. This is the same relative-strength read used by the Equal-Weight Participation (Proxy) signal and the regional recommendation above, just narrowed to these three benchmark indices.

💵 Dollar Valve (DXY)

A rising Dollar Index (DXY) tends to pull capital into US assets, while a falling DXY tends to release capital outward into emerging-market and international equities. This uses the same DXY-vs-20-day-average reading as the Dollar Strength signal above, framed here specifically as a cross-border flow indicator rather than a same-day scoring input.

07 · Get Started

Best Brokers & Apps

The same broker, bond, and app picks from the Daily Market Report — one place to open the accounts you'd need to actually act on any of this.

🎁 New-user offers vary by provider and country. Check the joining benefit and eligibility shown on the linked page before opening an account.

🌐 International Money Transfer Apps

Joining offers checked 25 October 2026. Availability and terms may change; the provider’s offer at signup applies.

🌍 Revolut
Currency exchange, international transfers & travel spending.
  • ✅ Standard account with no monthly plan fee
  • ✅ Spend abroad in 150+ currencies; exchange fees and plan limits apply
  • ✅ Physical & virtual cards; card and delivery charges may apply

Joining offer: No new-user cash bonus is advertised on this invite page. Check any personal offer shown by Revolut before signing up; eligibility, required steps and deadlines depend on the campaign.

Official referral terms ↗

Join Revolut →
💚 Wise (TransferWise)
International transfers and spending at the mid-market exchange rate, with fees shown upfront.
  • ✅ Send money in 50+ currencies
  • ✅ No exchange-rate markup; transfer fees apply outside the offer
  • ✅ Multi-currency account & debit card, subject to local availability

Joining offer: The linked Japan offer currently gives eligible new users a choice of a free card or a fee-free transfer on up to ¥75,000. This is the transfer amount covered, not a cash payout. Join through the link and check the benefit, limits and expiry shown for your country. External costs are excluded.

Official offer guide ↗

Join Wise →
⚡ Instarem code cWkMb3
International remittances with the exchange rate and fees shown before you send.
  • ✅ Send from supported countries to eligible overseas destinations
  • ✅ Compare the final recipient amount before confirming
  • ✅ Available routes, fees and transfer limits depend on your country

Joining offer: Eligible new users who sign up through the link can receive discounted fees or a special FX rate on their first transfer. Use referral code cWkMb3 if requested. The current campaign runs 1 October–30 November 2026 (UTC); sign up and complete your first transfer within that period. Check your local offer and transfer quote for the exact benefit.

Official offer terms ↗

Join Instarem →

📈 Stock Brokers

NRI KYC document lists below are practical preparation checklists, not a guarantee of acceptance. Requirements differ by residency, PIS/Non-PIS route, bank, trading segments and broker. Confirm current documents, certified-copy/attestation and in-person/video verification rules with the broker before applying.

🟢 Zerodha NRI & Resident
India's largest broker — Kite, Coin & Varsity ecosystem.
  • ✅ Stocks — India (NSE/BSE)
  • ✅ ETFs — via Zerodha Fund House (Nifty 50, Gold, Silver)
  • ✅ Bonds — govt-guaranteed, yields better than FDs
  • ✅ Commodities (MCX) & currency derivatives
  • ✅ Mutual funds — Coin, 2000+ direct funds, 0% commission
  • ✅ Market reports — free Varsity research & education
  • ✅ Algo trading — Kite Connect APIs for automated orders, GTT & portfolio tools; live/historical market data on paid plan; static-IP and exchange rules apply
  • ✅ US stocks & ETFs — live beta on Kite for eligible resident Indian individuals only; ~2,000 US stocks, ~1,000 ETFs, fractional investing from $1 (not available to NRIs)
  • ❌ No NISA (India-only broker)
  • 🏦 NRI PIS: NRE/NRO PIS supported; partner banks — HDFC, IndusInd, IDFC FIRST, Yes, Axis & ICICI
  • 🏦 NRI Non-PIS: NRO with any eligible Indian bank; no PIS letter required
  • 🔗 Official NRI bank & PIS guide ↗
  • 📄 NRI KYC (PIS & Non-PIS): PAN, passport, valid visa/residence permit or OCI/PIO proof, overseas address proof, Indian NRE/NRO bank proof, photo, signature and FATCA/CRS declarations; income proof for derivatives
  • 📄 PIS extra: bank-issued PIS permission/letter and linked NRE/NRO PIS bank account; Non-PIS: NRO account proof, no PIS letter. Attestation/video KYC may be required
  • 🔗 Zerodha NRI KYC checklist ↗
Free learning: Varsity ↗ · Stock screener: Kite Screener ↗ (inside Kite)
Open Zerodha →
📊 FYERS Resident & NRI
Indian trading & investing platform — FYERS Web, direct mutual funds, market tools & APIs.
  • ✅ Stocks — India (NSE/BSE), equity delivery
  • ✅ ETFs — equity, debt, gold & other eligible exchange-traded funds
  • ✅ Bonds — eligible government securities & corporate bonds; NRI restrictions apply
  • ✅ Equity F&O and MCX commodities — subject to segment eligibility; no NRI commodity trading
  • ✅ Mutual funds — direct plans, SIPs & one-time investments (scheme eligibility applies)
  • ✅ Trading tools — charts, screeners, market insights & FYERS API
  • ✅ Algo trading — FYERS Trading API for automated orders, real-time feeds, historical data & backtesting; access limits depend on plan
  • ✅ IPOs — eligible issues; NRI account and payment rules apply
  • ❌ Currency derivatives — currently restricted; NRI currency & commodity segments unavailable
  • ❌ No NISA — Indian-market broker
  • 🏦 NRI PIS: NRE PIS via HDFC, Axis, Federal & IDFC FIRST Bank
  • 🏦 NRI Non-PIS: NRO with any eligible RBI-registered Indian bank
  • 🔗 Official NRI account & bank guide ↗
  • 📄 NRI KYC (PIS & Non-PIS): PAN, passport, visa/residence permit or OCI proof, overseas/Indian address proof as applicable, photograph, signature, NRE/NRO bank statement or cancelled cheque and FATCA/CRS declarations
  • 📄 PIS extra: PIS bank approval/letter and linked PIS account; Non-PIS: NRO bank proof without PIS letter. Income proof may be required for F&O; attestation/in-person verification rules depend on onboarding
  • 🔗 FYERS NRI KYC requirements ↗
Referral code: FR4EHYK · Eligible new customers may earn up to 2,000 FYERS Credits after qualifying activity or Prime subscription; terms apply.
Learning & tools: FYERS Help & Guides ↗ · Stock screener: FYERS Screener / FIA ↗ (login may be required)
Open FYERS →
🔥 Dhan Resident · NRI F&O only
India-market investing for residents; NRI accounts currently support custodian-based NRO Futures & Options only.
  • ✅ Stocks — Indian equities for resident accounts; not currently offered to Dhan NRI accounts
  • ✅ ETFs, Bonds & NCDs — resident accounts only; not currently available through Dhan NRI
  • ✅ Commodities & currency derivatives — subject to resident account eligibility; NRI account limited to equity/index F&O
  • ✅ Mutual funds — direct plans for resident accounts; not currently supported for Dhan NRI
  • ✅ Market reports — Pre-Market & Post-Market Insights
  • ✅ Algo trading — DhanHQ Trading APIs, optional paid market-data APIs & subscription-based ready-made strategies; product/account eligibility and static-IP rules apply
  • ❌ No NISA (India-only broker)
  • ❌ NRI PIS: not offered; NRI equity delivery not available
  • 🏦 NRI Non-PIS: custodian-based NRO account for F&O only; NRO bank proof required. Supported-bank list not published — confirm with Dhan onboarding
  • 🔗 Official Dhan NRI restrictions ↗
  • 📄 NRI KYC (NRO custodian F&O only): PAN, passport, visa/residence permit or OCI proof, overseas address proof, NRO bank proof, photograph, signature, FATCA/CRS and recent income/financial proof for derivatives; custodian paperwork may apply
  • ❌ PIS equity KYC: not applicable — Dhan does not currently offer NRI PIS equity delivery. Confirm exact forms, attestation and onboarding process with Dhan
  • 🔗 Dhan official NRI onboarding policy ↗
Stock screener: ScanX ↗ (free for Dhan users) · Free ScanX guide ↗
Open Dhan →
💹 ProStocks Flat-fee
India's flat-fee specialist — cheapest for high-volume traders (60+ orders/month).
  • ✅ Stocks — NSE/BSE equity delivery & intraday
  • ✅ ETFs & Bonds/Debt
  • ✅ Currency derivatives (F&O)
  • ✅ ₹0 delivery, ₹15/order flat, or ₹899/month unlimited equity+F&O
  • ✅ ₹0 AMC (trading + demat), lifetime
  • ✅ NRI accounts — ₹100/order (PIS) or ₹40/order (NRO)
  • ❌ No commodities (MCX/NCDEX)
  • ✅ Mutual funds — can be held via demat (no direct purchase platform)
  • ❌ No research/market reports (confirmed by ProStocks)
  • ✅ Algo trading — ProStocks Star API for automated orders, WebSocket & historical data; paid API access and UAT testing before live trading
  • 🏦 NRI PIS: NRE PIS equity delivery via Axis, HDFC, IndusInd & Yes Bank
  • 🏦 NRI Non-PIS: NRO with any eligible Indian bank; equity delivery, intraday & F&O
  • 🔗 Official NRI banking & PIS details ↗
  • 📄 NRI KYC (PIS & Non-PIS): PAN, passport, visa/residence permit or OCI proof, overseas address proof, photo, signature, NRE/NRO bank proof, FATCA/CRS and income proof for F&O
  • 📄 PIS extra: PIS bank permission and designated PIS bank account; Non-PIS: NRO bank account proof, no PIS letter. Attested copies, IPV and signed account forms may be required
  • 🔗 ProStocks NRI account documentation ↗
Free education / dedicated stock screener: no broker-operated service verified; check ProStocks official site ↗ for current tools.
Open ProStocks →
🌐 Interactive Brokers Global
The global specialist — 170 markets, 40 countries, incl. Japan NISA.
  • ✅ Stocks — 170 markets, 40 countries
  • ✅ ETFs — 90+ market centers worldwide
  • ✅ Bonds — 1M+ bonds globally
  • ✅ Commodities/futures (30+ exchanges) & currency exchange (100+ pairs)
  • ✅ Mutual funds — 50,000+ funds worldwide
  • ✅ NISA — IBKR Securities Japan (Tsumitate & Growth, since 2025)
  • ✅ Fully English interface (TWS, Mobile, Client Portal)
  • ✅ Market reports — GlobalAnalyst, Morningstar, Zacks & 60+ providers
  • ✅ Algo trading — TWS/IB Gateway and Web APIs for automated global orders, advanced order types & strategy integration; permissions and market-data subscriptions apply
  • ❌ India NRI PIS: no Indian equity-delivery PIS route verified
  • 🏦 India NRI Non-PIS: NRO account required for eligible NSE derivatives; IB India does not publish a fixed supported-bank list. Global IBKR accounts follow separate funding rules
  • 🔗 IB India official NRI banking guide ↗
  • 📄 India NRI KYC (eligible NRO derivatives): PAN, passport, visa/residence status, residential address proof, NRO bank details, tax-residency/FATCA/CRS declarations and financial suitability/income information; custodian/exchange forms may apply
  • ❌ India NRI PIS equity documents: not applicable to the NRO derivatives route. IBKR global account KYC is separate and varies by legal entity, residency and products
  • 🔗 IB India NRI documentation ↗
Free learning: Traders’ Academy ↗ · Global screener: TWS Market Scanner ↗ (market-data subscriptions may apply)
Open IBKR →

🧾 Tax Filing & ITR (India)

Indian income tax filing, capital gains reporting and tax documentation for investors. NRI returns may require additional foreign-income, residential-status and DTAA checks.

🧾 ClearTax
Income tax return preparation and e-filing assistance
  • ✓ ITR filing workflows and tax return preparation
  • ✓ Capital gains, mutual fund and stock transaction reporting — confirm support for your ITR form
  • ✓ NRI tax filing needs: residential status, NRO interest, TDS and applicable DTAA reporting
  • ℹ️ Filing and expert-assistance fees may apply; verify current pricing and eligibility
Open ClearTax via referral link →

🏦 Bonds & Mutual Funds (India)

Compare products, costs, NRI eligibility, KYC and risks before investing. Bond coupon is not the same as yield to maturity (YTM); high advertised yields are not guaranteed and do not imply FD-like safety.

🌱 Kuvera
Direct mutual fund investing · goal tracking · portfolio consolidation
  • ✓ Direct-plan equity, hybrid, debt and index mutual funds; scheme availability varies
  • ✓ SIPs, lumpsum investments, portfolio tracking and tax-related reports
  • ✓ No platform commission on direct mutual funds; fund TER and applicable taxes still apply
  • ✓ NRI investors: onboarding, tax residency, bank account and fund-house eligibility vary
  • ✓ KYC: PAN, identity/address proof, bank verification, tax residency/FATCA; additional NRI documents may apply
  • ⚠️ Risk: market-linked NAVs; debt funds also carry interest-rate and credit risk
Referral code: 1T6BH · Official platform ↗
Explore Kuvera →
🏛️ IndiaBonds
Indian fixed-income marketplace · listed bonds and government securities
  • ✓ Explore corporate bonds, government securities and other available fixed-income issues
  • ✓ Compare yield to maturity (YTM), coupon, maturity, issuer and credit rating
  • ✓ Trading availability, lot sizes, minimum investment and fees vary by issue
  • ✓ NRI eligibility depends on security type, RBI/FEMA rules, demat and banking setup
  • ✓ KYC: PAN, demat and bank details, identity/address verification; NRI proof where applicable
  • ⚠️ Risk: higher yield may indicate higher credit risk; liquidity and market prices can fluctuate
Referral link · Official platform ↗
Explore IndiaBonds →
🪙 GoldenPi
Bond investment platform · corporate bonds and fixed-income discovery
  • ✓ Browse eligible corporate bonds, government securities and other listed offerings
  • ✓ Review coupon, YTM, credit rating, maturity, issuer disclosures and cash-flow schedules
  • ✓ Compare issues rather than treating advertised yields as fixed deposit guarantees
  • ✓ NRI access and settlement requirements vary by security and account type; confirm before investing
  • ✓ KYC: PAN, demat account, bank proof and identity/address documents; NRI documents as required
  • ⚠️ Risk: default, downgrade, early-sale price losses and limited secondary-market liquidity
Referral link · Official platform ↗
Explore GoldenPi →
💠 Wint Wealth
Fixed-income investment marketplace · listed bond opportunities
  • ✓ Browse available corporate bond and other fixed-income offerings
  • ✓ Review yield, issuer credit quality, maturity, security structure and repayment terms
  • ✓ Minimum tickets, liquidity and applicable charges differ by investment
  • ✓ NRI participation is product- and onboarding-dependent; verify before transferring funds
  • ✓ KYC: PAN, demat, bank account and address verification; extra NRI checks may apply
  • ⚠️ Risk: credit/default risk, concentration risk and limited exit liquidity; returns are not guaranteed
Referral link · Official platform ↗
Explore Wint Wealth →
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