Portfolio Investment Scheme (PIS) is an RBI scheme that enables Non-Resident Indians to buy and sell shares on a repatriation basis in Indian stock markets.
Important features of a PIS account:
The PIS bank account is used only for investing in Equity delivery in the Indian stock markets
NRIs are not allowed to trade or invest in any other segments such as Equity F&O, Currency, Commodities, and Mutual Funds.
All the transactions in a Portfolio Investment Scheme account are reported to RBI.
Funds can be transferred in foreign currency and are repatriable.
An NRI cannot sell the holdings bought using PIS in a Non-PIS account
You can open both an NRE PIS account and NRO PIS account in Fyers.