Start NRI Trading with Upstox

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India's economic prospects continue to be bright and its long-term growth story remains intact. As an Indian residing overseas, if you want to take advantage of the high growth back home, you can do so by investing in stocks. NRI's trading through Upstox can purchase shares or convertible debenture of an Indian company through stock exchanges under the Portfolio Investment Scheme (PIS) on a repatriation and /or non-repatriation basis.

Portfolio Investment Scheme (PIS)

PIS is a scheme of Reserve Bank of India under which - Non-Resident Indians (NRIs) can purchase/sell shares/convertible debentures of Indian companies on Stock Exchanges.


An NRI is defined as a person who resides outside India and who is a citizen of India by birth or by virtue of technical capacities or is a person of Indian origin. NRI's include PIO and OCI card holders as well.

It is to be noted that PIO and OCI card holders can also invest in the Indian Equity market with equal parity to NRI's in respect of all the facilities available in economic, financial and educational fields except in certain matters related to the acquisition of Agricultural properties.

How can NRIs invest in shares in India?

As per the Reserve Bank of India (RBI) guidelines, an NRI who wishes to invest in shares in India through a stock exchange needs to approach the designated branch of any authorized dealer (Bank) authorized by the Reserve Bank of India to administer the PIS (Portfolio Investment Scheme) to open an NRE (Non Resident External) /NRO (Non Resident Ordinary) account under the scheme for routing Investments.

Upstox currently offers the same with HDFC Bank and Yes Bank.

NRI Trading products:

  • Shares: Direct from the Secondary market through PIS Scheme under the designated exchange. (Includes Bonus/Rights/ESOPS)
  • In Cash/Equity Segment, Intraday transactions are not allowed for NRI customers.
  • Derivatives: NRIs are allowed to invest in futures & options segment of the exchange out of Rupee funds held in India on non-repatriation basis, subject to the limits prescribed by SEBI.
  • Bonds/Debentures: NRIs are allowed to buy the Bonds issued by Public sector undertaking.
  • Currency: Currency Trading is not allowed to NRI Customers.
  • Commodities: Trading in Commodities is also not allowed to NRI customers.
  • Mutual Funds: Mutual funds are allowed to NRI Customers subject to FATCA (Foreign Account Tax Compliance Act) approvals. (For US Citizens only.)
  • Exchange Traded Funds: Allowed in the same line with Equities.
  • Margin Products in cash segment are not available to NRI Customers.

Why is a CP Code required?

An NRI who wishes to trade on the F&O segment of the exchange is required to approach the exchange through a clearing member, through whom the NRI would like to clear his trades for allotment of a custodial participant (CP) code. The clearing corporation will assign a CP code to the NRI customer based on the application received from the clearing member of the NRI. The NRI client shall have only one clearing member at any given point of time.

What is the brokerage charge for an NRI?

Upstox charges a Flat Brokerage of Rs.200/- per order traded plus applicable taxes as per actual irrespective of the value of the order.

What are the documents required to open an NRI account?

  1. Passport Copy**
  2. Valid Visa Copy
  3. Pan Card (It is mandatory irrespective of residential status.)
  4. Identity Proof (Pan Card, Driving license, Voter card, Overseas Citizen of India card).
  5. Overseas Address Proof (Driving License, Bank Statement, Lease/Rent Agreement. Utility Bill)
  6. Indian Address Proof (Optional for OCI/PIO). (Aadhar Card/Voter ID/Driving License/Bank Statement/Utility bill)
  7. Photograph as per Account Opening Form requirement.

In case the client does not visit the branch (nonface to face) to open these accounts then all photocopies of documents must be attested by the customer and by an Indian Embassy or by a notary or by a banker overseas. (This will be applicable for all the documents)

* Demat Account opening form and above documents are mandatory to open PIS, Trading, and Demat Accounts.
** In case of Foreign Passport, must be accompanied by OCI/PIO Card with matching passport number.

In case the client is in India and can visit the branch in person, IPV (In Person Verification) can be done by an authorized representative of Upstox.

Few Terminologies:

  • Repatriation: Repatriation means the money invested in Indian financial instruments can be converted in any of the designated foreign currencies. In other words, an investor can remit the funds outside of India.
  • Non-Repatriation: Non-Repatriation means the money invested in Indian financial instruments cannot be converted into any of the designated foreign currencies. In other words, an investor can not remit the funds outside of India.
  • Designated Bank Branch: Reserve Bank of India has authorized few branches of each authorized dealer bank to conduct the business under portfolio investment scheme on behalf of an NRI. The NRI customers can only select one authorized dealer bank for the purpose of investments under portfolio investment scheme and route the transactions through the branch designated by the authorized dealer bank.

Great- what's the next step?

Shoot us an email at and we will get back to you right away and hand-hold you through the process. In no time, you can begin investing as an NRI!


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