Can NRI trade in equity derivatives?

Yes, NRIs can trade in equity futures & options segment on a non-repatriation basis using their NRO non-PIS account within the SEBI prescribed limits.

NRIs have to allocate funds separately for trading in equity delivery and equity derivatives. To trade in F&O, it is mandatory to get a CP code from custodian participants and transfer funds to their custodian account to buy and sell equity F&O contracts.