What is the Portfolio Investment Scheme for NRIs?
The Portfolio Investment Scheme (PIS) is an initiative by the Reserve Bank of India (RBI) that allows Non-Resident Indians (NRIs) to invest in Indian stock markets through designated accounts. Under this scheme, NRIs can buy and sell shares and convertible debentures of Indian companies on recognised stock exchanges, either on a repatriation or non-repatriation basis.
Key aspects of PIS accounts
| Feature | Description |
|---|
| Equity-only scope | PIS accounts are exclusively meant for trading in equity delivery on Indian stock exchanges |
| Restricted segments | F&O, Currency, Commodities, and Mutual Fund transactions are not allowed under PIS |
| Regulatory oversight | All trades are reported to the RBI by the designated bank to maintain regulatory compliance |
| Repatriation options | Investments made through PIS accounts (via NRE accounts) are fully repatriable |
| Investment segregation | Shares bought via PIS must be sold through PIS accounts only; Non-PIS accounts can't be used interchangeably |
What if...
| Scenario | What you should know |
|---|
| You want to repatriate profits abroad | Use an NRE PIS account for full repatriability |
| You trade in derivatives or mutual funds | You’ll need an NRO Non-PIS account, as PIS accounts don’t permit such trades |
| You already have an NRO PIS account | Trades made through this account are on a non-repatriable basis but still monitored by RBI |
PIS accounts are best suited for NRIs focused on equity investments with RBI compliance. For broader access to market segments like F&O or mutual funds, consider adding an NRO Non-PIS account.
To begin your PIS account application with FYERS, submit your details here.
Last updated: 24 Jun 2025
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