Portfolio Investment Scheme (PIS) for NRIs/PIOs

Building your portfolio in India

NRIs wanting to invest in Indian stock market should:

Open a NRE/NRO savings bank account with a designated bank (AD) branch approved by the RBI for this purpose.

Apply for a general approval for investment in the Indian stock market through a designated bank branch (PIS approval).

Open a DEMAT account with a depository participant (DP) to hold their shares.

Register with a broker to execute their buy/sell orders on the stock exchange(s).


Portfolio Investment Scheme (PIS)

The PIS allows NRIs to acquire shares/debentures of Indian companies or units of domestic mutual funds through the stock exchange(s) in India.

Documents required for opening a PIS account:

Identity proof:
PAN card copy

Passport copy (relevant page where the photograph and address appears)

In case an NRI is applying in India, a visa (on arrival) page where the immigration stamp appears, indicating the NRI’s presence in the country

PIO card/Passport of parents with Indian citizenship for proving PIO status.


Address proof:

For overseas and Indian residential or correspondence address-certified copy of any one of the following will be required:

Recent bank statement or passbook (not more than two months old) is required. In case of a PAN application, an original bank statement for the residential address will be needed.

Copy of driving license

Electricity bills (not more than two months old)

Residence telephone bills (not more than two months old).

Attestation:

If applying in India:

Documents need to be self attested and attested by an employee of the bank in which the account is being setup.
If applying from outside India:

To adhere to know-your-customer (KYC) norms, signature and photo in the account opening form, identity and address proofs, PAN card copy (if given) along with the proof of address should be attested by a notary public, local banker, or official of the Indian Embassy in the country of residence. The attestation is to the effect that copies have been “verified with the originals.” All documents have to be also self-attested.