If a non-resident becomes resident in India, does he require to change status?

Yes, NRIs who have shifted or returned to India and becomes resident has to change their status from NRI to Resident. In such a situation, NRI has to inform the designated authorized bank and DP with whom NRI has a Demat account.

NRI has to open a new demat account as “Resident” status and transfer all of his current holdings from NRI Demat account to Resident Demat account.