NRIs can trade in both Equity delivery and Futures and Options. However, to trade futures and options, the NRI customer must appoint a custodian and get a 'Custodian Participant' (CP) code.

Zerodha has a tie-up with ORBIS for providing custodial services. An NRI client may contact us and we would help the client for enabling a Custodian Participant code.

Zerodha allows an NRI to invest in mutual funds but only to NON-PIS customer(USA and Canada NRIs are not allowed to invest in Mutual funds)

Intraday trading on equities/stocks is not allowed. Currency or commodity trading is not allowed either. However, Intraday trading on futures and options contracts is allowed.(Only through CP code)

Other things to note:

1. By mapping an NRE account, you can only trade in the Equity segment. You won’t be able to trade in futures and options segments if you’re mapping an NRE account.
2. By mapping an NRO account, you could either trade in equity or derivative segment (Futures or Options)
3. You can also map both the accounts i.e NRE and NRO , in such case you need to send 2 applications for opening the account.