Portfolio Investment Scheme

A non-resident Indian (NRI) or an overseas corporate body (OCB) may purchase/sell shares and/or convertible debentures of an Indian company, through a registered broker on a recognised stock exchange, subject to the following:

• The NRI/OCB designates a branch of an authorised dealer for routing his/its transactions relating to purchase and sale of shares/convertible debentures under this scheme, and routes all such transactions only through the branch so designated.
• The paid up value of shares of an Indian company, purchased by each NRI or OCB both on repatriation and on non-repatriation basis, does not exceed 5 percent of the paid up value of shares issued by the company concerned.
• The paid up value of each series of convertible debentures purchased by each NRI or OCB both on repatriation and non-repatriation basis does not exceed 5 percent of the paid up value of each series of convertible debentures issued by the company concerned.
• The aggregate paid up value of shares of any company purchased by all NRIs and OCBs does not exceed 10 percent of the paid up capital of the company and in the case of purchase of convertible debentures the aggregate paid up value of each series of debentures purchased by all NRIs and OCBs does not exceed 10 percent of the paid up value of each series of convertible debentures.
• Provided that the aggregate ceiling of 10 percent referred to in this clause may be raised to 24 percent if a special resolution to that effect is passed by the General Body of the concerned Indian company.
• The NRI or OCB investor takes delivery of the shares purchased and gives delivery of shares sold.
• Payment for purchase of shares and/or debentures is made by inward remittance in foreign exchange through normal banking channels or out of funds held in NRE/FCNR account maintained in India if the shares are purchased on repatriation basis and by inward remittance or out of funds held in NRE/FCNR/NRO/NRNR/NRSR account of the NRI/OCB concerned maintained in India where the shares or debentures are purchased on non-repatriation basis.

With effect from 29th November 2001, Reserve Bank of India has restricted OCBs from making fresh purchases. They can, however, continue their existing holdings or sell of the same.

All out of pocket expenses such as postage/telegram/telephone/fax charges, payment to solicitors, tax consultants and other persons for services rendered by them and travelling and other expenses, if any, incurred by bank will be on the customer's account.

Note: This schedule of charges is subject to periodical review and change.

For any assistance, please contact our NRI, Mumbai branch at

Specialized NRI Branch Mumbai:
Bank of Baroda bldg. 1st Floor, 10/12 Mumbai Samachar Marg,
Near Horniman Circle, Fort, Mumbai 400 001. India.

D : +91-022-4340 8400
T : + 91-022-4340 8401/08
F : +91-022-2287 1729
SWIFT : BARBINBBNRS
E mail:- NRIMUM@bankofbaroda.com