Investments & Insurance

 
 

Portfolio Investment Scheme

    Non Resident Indians (NRIs) are not permitted to trade in Secondary market (Equities / Debentures ) of Indian Companies as per FEMA 1999, unless routed through Portfolio Investment Scheme (PIS). NRIs should approach AD Category – I bank authorized by RBI to administer the Portfolio Investment Scheme for routing investments as above.

    Product Highlights:

    • At the request of NRI customers our bank will issue permission to open PIS account (repatriable and non repatriable basis) as per extant RBI guidelines.
    • PIS account will be separate from existing NRE / NRO SB account.
    • NRIs holding valid PIS permission are allowed to trade in shares / convertible debentures of listed Indian companies in recognized stock exchanges on repatriation and non repatriation basis.
    • Such trades in secondary market should be on delivery basis only. Short Selling / Intra day trading is not permitted.
    • Funding for purchase of shares / debentures on repatriation basis, should be either through inward remittance of foreign exchange or out of funds held in NRE / FCNR (B) account maintained in India
    • In case of purchase of shares / debentures on non repatriation basis funds in NRO account can also be used.
    • All secondary market trading fund movements will be routed through PIS account.
    • Details of trading in secondary market by NRIs should be directly conveyed to PIS-CPC through contract notes, for further processing.
    • Reporting to RBI, on a daily basis, (Form LEC), will be done centrally.
    • Holdings in PIS cannot be transferred by way of sale under private arrangement or by way of gift to person resident in India or outside India without prior permission from RBI.


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