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India is renowned for having one of the world’s largest and richest ex-pat populations. These affluent people are looking more and more favorably at investments in Indian shares as the Indian economy expands. Many banks, advisory businesses, and brokerage companies now provide goods and services targeting the NRI population. The PMS, or Portfolio Management Services, is one of these goods and services.

The Investment Criterion

For NRIs with a larger investment budget (more than 50 Lakhs), PMS will guarantee higher returns and more flexible investments. In comparison, Mutual Funds will be a better choice for NRIs with a smaller budget (minimum investment of Rs. 500).

Tax Guidance for an NRI Investor

The brokerage business deducts at source (TDS) the relevant taxes for NRI investors in PMS services and pays the net earnings. You receive tax statements from the portfolio Managers (those in charge of managing your account) at the end of the year, which you may use to file your taxes. Additionally, they maintain transparency throughout the whole investing process and won’t sell or invest money without informing you first. 

An NRI should submit a tax return, even if the capital gain in India is less than Rs. 2,50,000, to request a reimbursement of the taxes withheld at the source.

Most NRIs find it complicated and unsure how to participate in the Indian stock markets. For many Indians living abroad, the lack of knowledge about the rather involved documentation and account-setting procedures has proven to be a barrier.

How Can an NRI Invest in PMS

  • All Indian citizens, whether they are residents or not, are welcome to use these services. By creating a Portfolio Investment Scheme (PIS) Account as required by the RBI regulations, non-resident Indians, often known as NRIs, can participate in the PMS program.
  • The NRI must designate an Indian resident stock broker who can purchase or sell shares on his behalf. The NRI must enter into a contract with the PMS Service Provider and create a unique NRI PMS Account. Usually, the stockbroker or service provider handles the paperwork procedure on behalf of the NRI.
  • Under the PIS Scheme of the RBI, all other dos and don’ts apply to NRIs. These include restrictions on single stock investments, rules on investments made on a repatriation or non-repatriation basis, and restrictions that apply to share short sales.
  • The NRI may also transfer existing investments to the PMS service provider. If the NRE PIS Account was used to make the investments, NRI investors could repatriate the net investments after taxes upon the expiration of the PMS contract.
  • Payment for PMS services may be set, performance-based, or both. These are specified in the agreement between the two parties and made plain to the NRI investor. Other fees, such as those that apply to running the PIS Account, demat maintenance fees, and brokerage fees for transactions, must also be paid.
  • Although more expensive and without any tax advantages for NRIs, PMS services provide the advantages of individualized, professional money management with simple access to the fund manager and freedom in investment choices, making them appealing investment options.

How AIF & PMS Experts India Will Help You

With the assistance of our knowledgeable investment experts at AIF & PMS Experts Pvt. Ltd., NRIs may make informed investment choices. Get in touch with; write your inquiries and choose your investments with wisdom.

List of Documents for NRI A/C Opening

  • AN Card
  • Passport
  • VISA / Permit Card / Resident Card
  • Overseas Address Proof
  • Indian Address Proof
  • OCI / PIO Card, if applicable
  • Latest Indian arrival stamp on Immigration Page – Passport
  • IT Return / Bank Statement / Holding Statement with Valuation of  50,00,000/- & above as an AML Supporting
  • Registered Bank Proof

Mandatory details

  • Overseas Mobile No.
  • Mother’s Name for HDFC CKYC Form & ASKIM Form
  • Email ID
  • Country of Tax Residency, TIN No. & TIN Type
  • If Account Holder’s Occupation Salaried: Complete details of Office – Company name with a postal address.
  • If the Account Holder’s Occupation is Business: Nature of Business, Type of Company, Date of Incorporation, Company Name with Postal Address.
  • Annual Gross Income, Net Worth
  • In the case of the Nominee – The nominee’s Name, Date of birth, PAN No, and Relationship need to provide.
  • Latest bank statement or Investment / Holding statement attested by the banker or IT Return self-attested as an AML Supporting.

Points to Note:-

  • Accounts to be Opened :
  1. NON-PIS Bank a/c & PIS with HDFC Bank
  2. Demat a/c with HDFC Bank
  3. PMS Account with ASKIM
  4. Broking a/c with JM Financials
  • All the KYC documents are to be self-attested by the client. Original seen and verified stamping is to be done by Intermediary RM (Only banks are allowed) stating details such as RM Name, Employee code, Company name, date, and OSV.
  • If the client is unavailable in India during the signup or for in-person verification. All the KYC documents must be attested to the effect that it has been verified with the Originals by a Notary Public, any Court Magistrate, Judge, Local Banker, and the Indian Embassy/Consulate General of the country where NRI is residing.
  • Existing PIS Account with the bank, if any, needs to be closed.


Kindly note that NO CLIENT ACCOUNT shall be on-boarded from these jurisdictions immediately.

NRIs can also invest in PMS

The NRI has to appoint a stock broker who is a resident of India and can buy or sell shares on his behalf. The NRI also has to open a separate NRI PMS Account and sign an agreement with the PMS Service provider. The documentation process is typically handled by the stockbroker or service provider themselves on behalf of the NRI.
All the other dos and don’ts are applicable to NRIs under the RBI’s PIS Scheme. These include limits on the investments made in single stocks or on the procedure for investments made under repatriation & non-repatriation basis as well as those applicable for short-selling of shares.
The NRI can also transfer existing investments to the PMS service provider. On the expiry of the PMS contract, NRI investors can repatriate the net investments, post-tax, if they were done through the NRE PIS Account.
Charges for PMS may be fixed or performance-linked, or a combination of both. These are clearly communicated to the NRI investor and documented in the agreement between the two. Other charges, those applicable for operating the PIS Account, demat maintenance charges as well as brokerage charges for transactions are also required to be paid.
For NRI’s, PMS services offer the benefit of personalised, professional money management with easy access to the fund manager as well as flexibility in investment decisions – making them attractive avenues for investment.


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