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October 2013

A. P. (DIR Series) Circular No. 29 dated 20th August, 2013

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Investments by Non-resident Indians (NRIs) under Portfolio Investment Scheme (PIS) Liberalisation of Policy

Presently:

(a) An NRI can invest under PIS on repatriation and/or non-repatriation basis in shares and convertible debentures of listed Indian companies on a recognised stock exchange in India through a registered stock broker.

(b) An NRI can purchase and sell shares/convertible debentures under the PIS through a branch designated by an Authorised Dealer for the purpose and duly approved by the Reserve Bank of India.

This circular has made the following changes:

(a) Unique Code Number will be allotted only to Link office of the AD Category-I bank

(b) Allotment of Unique Code Number to each branch designated by that AD Category- I bank administering the Scheme is being dispensed with. Accordingly, banks are free, subject to certain terms and conditions, to permit their branches to administer the Portfolio Investment Scheme for NRIs.

Salient features of PIS for investments by an NRI are annexed to this circular.

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