Saxo, the Danish multi-asset broker formerly known as Saxo Bank, stopped onboarding clients from several countries in 2024, including India.
In this article, we explain what happened, what it means for Indian investors today and which alternatives you can use to invest abroad from India.
Is Saxo available in India?
No. Saxo has not accepted clients from India since 1 July 2024, and India is still not on its list of serviced countries (September 2026).
You can check Saxo’s full list of accepted and restricted countries in our article on where Saxo is available.
If you try to open a Saxo account from India, you won’t find “India” in the country selector:
What happened to existing clients in India?
Clients in India were not offboarded immediately. Saxo said it expected to offboard all clients in unsupported regions by the end of 2024, and it contacted affected clients directly with their timelines. That process is long finished, so Indian residents can no longer open or keep a Saxo account.
Since March 2026, Saxo has also had a new majority shareholder, the Swiss J. Safra Sarasin Group, but this doesn’t change its country restrictions.
Why did Saxo leave India?
Saxo didn’t give a country-by-country explanation. It said the decision was about aligning its operations with its risk appetite and regulatory requirements, and about improving operational efficiency. In practice, this usually means:
- Regulatory compliance: serving clients in many jurisdictions requires local licences, reporting and monitoring, which is expensive.
- Operational focus: concentrating on core markets in Europe, the Middle East and parts of Asia-Pacific.
- Risk management: fewer markets means fewer legal and operational risks.
In June 2024, Saxo had also confirmed it was reviewing strategic options for its Asia-Pacific business.
Alternatives for investors in India
If you want to invest in global markets from India, these are the main options:
- Interactive Brokers: the closest equivalent to Saxo, with a wide product range and low commissions. It accepts Indian residents and gives access to stocks, ETFs, options, futures and bonds in many markets.
- Indian platforms with US investing: apps such as Vested, INDmoney and Groww let you buy US stocks and ETFs, usually with fractional shares and low or no commissions, although currency conversion and withdrawal fees apply.
- Full-service Indian brokers: ICICI Direct Global gives access to several international markets, and Zerodha covers Indian markets if you want to keep your investments at home.
What to keep in mind when investing abroad from India
Indian residents can invest abroad under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), which allows remittances of up to $250,000 per financial year for permitted purposes, including buying foreign shares.
Two points are worth checking before you start:
- Tax collected at source (TCS): remittances under the LRS above a yearly threshold are subject to TCS, which you can usually set off against your income tax. The rate and threshold change with each budget, so confirm the current rules with your bank or tax adviser.
- Currency and reporting: you pay a currency conversion cost on the way in and out, and foreign assets have to be reported in your Indian tax return.
Conclusion
Saxo’s exit from India closed one door for Indian investors, but several alternatives remain open. Interactive Brokers is the closest match in terms of products and fees, while local apps are simpler if you only want US stocks and ETFs.
Whichever platform you choose, check that it accepts Indian residents, compare the full cost of investing (commissions, currency conversion and withdrawal fees) and keep the LRS rules in mind.
