To start investing, an NRI needs the following:

1. NRE or NRO Bank Account

• NRE Account: Repatriable (funds can be taken back abroad)
• NRO Account: Non-repatriable (used for income earned in India)

2. PIS or Non-PIS Account

• PIS (Portfolio Investment Scheme): Required for equity buying and selling as per RBI rules.
• Non-PIS: Used for mutual funds, IPOs, and some equity segments depending on broker.

3. Demat & Trading Account with a Discount Broker

• The broker will link your Demat to your NRE/NRO account and set up your trading access.

4. Required Documents

• Passport
• Visa / OCI / PIO card
• Overseas address proof
• Indian address proof (if any)
• PAN card
• Bank account proofs
• FATCA declaration

What NRIs Can Invest In

Equity Delivery
NRIs can buy and sell stocks through NRE or NRO accounts.

Equity Futures & Options (only through NRO Non-PIS)
Some discount brokers allow NRI F&O trading through custodial accounts.

Mutual Funds
Can invest through NRE/NRO accounts without PIS.

IPOs (Initial Public Offerings)
NRIs can apply for IPOs using UPI (where supported) or net banking ASBA.

Bonds & NCDs
Available depending on issuer rules.

Advantages of Using Discount Brokers

• Low brokerage fees compared to full-service brokers
• High-quality trading platforms (mobile & web)
• Transparent charges with no hidden fees
• Easy online onboarding for NRI clients
• Access to IPOs, mutual funds, and equity markets
• Faster digital support

This makes discount broking ideal for NRIs who prefer cost-efficient, fully online investing with modern tools.

Restrictions for NRIs (Important)

• No intraday trading allowed for NRIs.
• No commodity trading on MCX.
• F&O trading allowed only via NRO Non-PIS, and only with approved brokers.
• Trading is subject to RBI and SEBI regulations.