Can NRIs apply for IPOs through the FYERS account?
Yes, Non-Resident Indians (NRIs) can apply for Initial Public Offerings (IPOs) using their FYERS Demat account—specifically when it's linked to an NRO Non-PIS (Non-Portfolio Investment Scheme) account. This setup is preferred as it avoids the complex compliance requirements associated with NRE PIS accounts and ensures a smoother investment experience.
Why NRO Non-PIS is preferred for IPOs?
- Regulatory simplicity: The NRO Non-PIS route doesn't require RBI permissions for every IPO investment.
- Greater acceptance: Issuer companies are more likely to allow IPO applications through NRO accounts due to simplified compliance.
- Straightforward UPI process: NRIs can apply using the same UPI-based flow as resident investors, as long as their bank supports it.
What if...
| Scenario | What you should know |
|---|
| You try to apply using an NRE PIS account | The application may be rejected by the issuing company due to compliance restrictions |
| The IPO does not permit NRI participation | This is at the discretion of the issuer; some IPOs specifically exclude NRI categories |
| Your bank doesn’t support UPI for NRO accounts | You’ll need to use a bank that supports UPI-linked NRO accounts for IPO payments |
Always verify the IPO Red Herring Prospectus (RHP) or company announcement to ensure NRIs are eligible for that particular offering.
To apply for IPOs seamlessly, begin the NRI onboarding process here.
Last updated: 25 Jun 2025
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