Dhan Launches US Stocks and ETF Investing for Indian Investors via GIFT City Framework

What Happened

Dhan launched investment access to US-listed stocks and exchange-traded funds (ETFs) for Indian investors through the GIFT City framework. Indian investors can now invest in stocks listed on the Nasdaq and NYSE through the Dhan app under a structure aligned with RBI and FEMA requirements.

The service is structured through Raise IFSC, Dhan's GIFT City subsidiary, in partnership with India INX, ViewTrade, and GlomoPay.

Who Decided and Why

Dhan founder and CEO Pravin Jadhav said: "Dhan solves the same for Indian investors by offering US investing via the IFSC GIFT City route." Founder Pravin Jadhav emphasized that the product was designed with investor protection in mind.

By running through India INX, the platform benefits from exchange-level safeguards and a grievance-redressal mechanism, all within the IFSCA-GIFT City framework.

Regulatory Framework and Compliance

The platform is IFSCA-regulated, enjoys India INX membership, and adheres to RBI and FEMA guidelines for custody and reporting. The offering provides access to over 7,000 US stocks and ETFs, emphasizes investor protection under IFSCA-RBI rules.

Fund transfers have been integrated with leading Indian banks to enable compliant movement of money into investors' US investment accounts, with additional banking partnerships expected over time.

Pricing and Features

The company applies a fixed brokerage fee of 0.25% on the transaction value. Dhan has structured its pricing to exclude account maintenance and custody charges.

Investors will also have access to features, such as systematic investment plans (SIPs) in US stocks and ETFs, super orders, and portfolio tracking tools.

The US market offers investment opportunities across sectors, such as technology, artificial intelligence, semiconductors, healthcare and consumer businesses, along with globally tracked ETFs.

Tax Treatment

Dividend income from US investments will be subject to withholding tax under the Double Taxation Avoidance Agreement (DTAA) framework, and capital gains will be taxed in accordance with Indian tax regulations.

Dividend income from US stocks will be subject to US withholding tax under the DTAA, although investors can claim tax credit in India. Capital gains will be taxed according to Indian rules, with short-term gains taxed at the investor's slab rate and long-term gains taxed at 12.5%.

Market Context and Competition

SAMCO Securities announced the launch of its global investing platform after receiving a broker-dealer licence from the IFSCA at GIFT City, enabling Indian investors to invest in US-listed stocks and ETFs. The platform will provide research coverage on more than 700 global securities, including constituents of the S&P 500, NASDAQ 100 and over 100 ETFs.

India's leading stockbroking platforms, including Zerodha, Groww, Angel One, and Upstox, have received regulatory approval to facilitate international investing through the International Financial Services Centre (IFSC) at GIFT City. The services are expected to go live within two to three months, pending final technology integrations and compliance testing.

Broader GIFT City Context

With over 1,034 registered entities and $100 billion in banking assets, GIFT City is reshaping how Indians access global markets. Budget 2026 extended the tax holiday for units in GIFT City to 20 consecutive years out of a block of 25 years.

In the October 2025 Global Financial Centres Index, GIFT City ranked 43rd worldwide. It is the only Indian city on that list.

What's Next

The infrastructure is already in place to add new markets and securities as the platform grows, positioning Dhan as a regulated gateway for Indian investors seeking direct access to international equities.

Other brokers' international investing services are expected to launch within two to three months after brokers complete technology integration, testing and regulatory approvals for the wider market.