Portfolio Investment Scheme

Portfolio Investment Scheme (PIS) is a scheme of Reserve Bank of India defined in Schedule 3 of Foreign Exchange Management Act 2000. As per the scheme the NRIs and OCBs can purchase and sell shares and convertible debentures of Indian Companies on a recognised stock exchange by routing such purchase/sale transactions through their account with a Designated Bank Branch. (With effect from 29/11/2001 RBI has restricted OCBs from making fresh purchases. They can however continue their existing holdings or sell off the same).

NRIs can invest on repatriation and non-repatriation basis under PIS route upto 5 percent of the paid-up capital/ paid-up value of debentures of listed Indian companies.

NRIs can appoint only one Designated Bank for the purpose of routing the transactions under PIS. NRIs can open a single designated NRE/ NRO account with such designated bank.

Payment for purchase of shares/debentures on repatriation basis has to be made by way of inward remittance of foreign exchange or out of funds held in NRE/FCNR (B) account maintained in India. If the shares are purchased on non-repatriation basis, NRIs can also utilise their funds in NRO account in addition to the above.

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Latest RBI Regulations

Master Circular on Non-Resident Ordinary Rupee (NRO) Account

Master Circular of instructions relating to deposits held in FCNR (B) Accounts

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

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Disclaimer :

The information on this webpage is not tax, legal or investment advice, and no member of ICICI Bank Group has given you any advice.
Nothing in this document is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, or a solicitation of any type.

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