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Geojit BNP Paribas Financial Services Ltd. and State Bank of India have inked an agreement to extend portfolio investment services (PIS) to NRIs, mainly from the Gulf region.
Using the SBI PIS account, NRIs can purchase and sell shares and 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 an 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 said the joint initiative is a major step taken by SBI in providing PIS service to a large number of NRIs in the Gulf particularly from Kerala. C. J. George, MD of Geojit BNP Paribas said the partnership will help NRIs to look beyond bank deposits and traditional investments in physical assets.
Source: EconomicTimes
Using the SBI PIS account, NRIs can purchase and sell shares and 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 an 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 said the joint initiative is a major step taken by SBI in providing PIS service to a large number of NRIs in the Gulf particularly from Kerala. C. J. George, MD of Geojit BNP Paribas said the partnership will help NRIs to look beyond bank deposits and traditional investments in physical assets.
Source: EconomicTimes
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