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.
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.
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.
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.
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.
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.
Online banking application for
personal banking users