Using the SBI PIS account, NRIs can purchase and sell shares/convertible debentures through stock exchanges, subject to limits prescribed by the RBI.
The investments can be on repatriable or non repatriable basis. NRIs can visit any SBI branch in the Middle East to open a NRE PIS account for repatriable and NRO PIS account for non repatriable investments to commence investing in the stock market.
Following the opening of the PIS account, NRIs who wish to trade, can open a Trading and DP Account with Geojit BNP Paribas Financial Services Ltd through the offices of joint ventures in the Middle East at Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Al Ain, Riyadh, Muscat, Damam and Jeddah.
V Murali, Deputy Managing Director of SBI highlighted that this joint initiative is a major step taken by SBI in providing PIS service to a large number of Non Resident Indian customers in the Gulf region, particularly from Kerala. SBI with its wide network of branches across India and Geojit BNP Paribas with its presence across the gulf countries will form the ideal combination in extending PIS to Non Resident Indian customers, he said.
“This partnership between SBI and Geojit BNP Paribas for Portfolio Investment Scheme will help NRIs to look beyond bank deposits and traditional investments in physical assets. At a time when Indian rupee has depreciated and the valuations are relatively inexpensive, this service from Geojit BNP Paribas and SBI will be of immense use to NRIs to grow their wealth through Indian stock market,” C J George, MD of Geojit BNP Paribas said.