Global investing should not come with extra paperwork: Ashish Kashyap

INDmoney CEO says logins and trades need multi-factor verification and that investor accounts are held in GIFT City, after unauthorised stock liquidations at Stockal

Unauthorised liquidation of some US stocks at Stockal has rattled some investors. Founder and CEO Ashish Kashyap of INDmoney, whose global assets under management stand at $3.5 billion, tells Vedant Vichare in an interview that every login on their platform needs two factors: credentials and biometric verification on investor's registered device, and every buy or sell needs a third. Investor's account, he added, is opened and held by us in GIFT City, and none of the personal data is shared with foreign brokers. Edited excerpts:

Investors worry that what Stockal is accused of could happen elsewhere. What safeguards protect customer money and holdings, and what happens to them if INDmoney faces trouble?

 

Every login needs two factors: credentials and biometric verification on investor's registered device, and every buy or sell needs a third. Investor's account is opened and held by us in GIFT City, and none of the personal data is shared with foreign brokers. Shares are settled and held at the DTCC (Depository Trust & Clearing Corporation), the US central depository and equivalent of India’s NSDL and CDSL, through US clearing and custody firms that are SIPC (Securities Investor Protection Corporation) members. SIPC covers up to $500,000 per customer, including $250,000 in cash. Cash sits in a segregated client account at an international branch of an Indian bank in GIFT City, supervised by the IFSCA (International Financial Services Centres Authority), the GIFT City regulator. We only net-settle with the US clearing and custody entities.

You say you aren’t just a front-end for a US broker. What does that mean?

Most platforms introduce the customer to one US brokerage partner. We built our own regulated infrastructure in GIFT City. We are the principal Global Access Provider (GAP), licensed directly by IFSCA, and not an introducing broker. It includes broker-dealer and payment-service-provider capabilities. Because we own the payments rails, deposits can reflect within minutes depending on the bank, though some take 12–14 hours.

What does that mean for a $1,000 investment?

At today’s pricing, take $1,000 put into Alphabet in August 2023 and sold in October 2026. The outlay, including brokerage, forex markup and GST (Goods and Services Tax) on the markup, was ₹83,102. The investor got back ₹2,47,846 after all charges and dividends, a net gain of about 198 per cent. Total brokerage and forex-related charges across the journey were ₹3,076. This is a historical illustration using closing prices and reference rates, and the 18 per cent GST is illustrative.

You have cut brokerage. What does it cost to invest globally now?

Brokerage is now 0.10 per cent per transaction, capped at $10, down from 0.25 per cent capped at $25. There are no account-opening or annual maintenance charges, SIPs (systematic investment plans) in eligible stocks and ETFs (exchange-traded funds) carry no brokerage, and we charge no fixed fee for remittances. The forex markup is set by the investor’s own bank, typically 0.50–1.25 per cent. The same pricing applies to US stocks, global ETFs and UCITS (Undertakings for Collective Investment in Transferable Securities) ETFs.

You launched free tax filing this year. How does it work?

This is the part most investors fear, so we automated it. INDmoney is an Income Tax Department-authorised e-Return Intermediary (ERI), so filing is free and digital. The platform calculates capital gains, prepares Schedule FA (the foreign asset disclosure), reports foreign income and adjusts for US withholding tax, across global and Indian assets, salary and deductions.

Who is the platform built for?

India’s salaried, income-tax-paying retail investor, not only wealthy individuals making large remittances under the LRS (Liberalised Remittance Scheme) route. Global investing should not come with extra paperwork either.

What is the minimum investment?

$1, so even small investors can start building a global portfolio.

How has the response to UCITS ETFs been?

Extremely encouraging. Accumulating funds reinvest dividends automatically, and non-US-domiciled UCITS funds can help avoid US estate tax exposure.

What’s next?

We are working to launch additional markets and exchanges across Southeast Asia and Europe by December 2026.