Can an NRI from the USA invest in PMS in India?
Yes. NRIs from the USA can invest in PMS in India. PMS stands for Portfolio Management Services. They need the following 3 accounts to invest in PMS :
- A PIS Bank Account (a normal bank account where your money resides),
- A Trading Account (a share broker account which allows you to trade in equity, F&O etc. segments) and,
- A Demat account (it holds the equity shares purchased by you)
Note: The rights to all these accounts will be with the Portfolio Manager (person responsible for handling your account)
Here is a list of the Best PMS providers for NRIs in India:
- IIFL Investment Managers
- ASK Investment Managers
- Alchemy Investment Managers
- Motilal Oswal Investment Managers
Non-resident Indians or NRIs can invest in the PMS scheme by opening a Portfolio Investment Scheme (PIS)* Account as required under the RBI guidelines which can be done through various distributors such as banks and other financial advisors or third party providers like Zerodha.
You either need to visit the designated bank branch in India or send the required documents to that branch in India or to third party providers like Zerodha via courier in order to open the PIS Account.
The documents required for a PIS account for NRIs are:
- Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature)
- Proof of NRI status (by way of valid Employment/Residence Visa copy or Work/Residence Permit)
- Copy of Indian PAN card
- Proof of Overseas and Indian Address
- Recent passport size colour photograph
*Portfolio Investment Scheme (PIS): Through this scheme of the Reserve Bank of India, NRIs can purchase and sell shares and debentures of Indian companies on a recognized stock exchange.
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