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Introduction

Are you a Non Resident Indian (NRI) citizen looking for opportunities to invest in India's booming equity market?

Bonanza Portfolio Limited offers a One Stop Solution services to cater to the investment requirements of NRIs residing across the globe. Bonanza Portfolio Limited Offers the of art online trading solution to NRIs, so they can feel at home while taking investment decisions.

Bonanza's NRI Desk is dedicated to bringing the best investment options to its clients from the financial products to real estate sectors in a transparent and process oriented manner. We support our valued NRI customers by having a dedicated NRI desk where they can also transact via offline channel (as required by the guidelines of the respective overseas country).

Our Products and Offerings:

  • E-broking : Seamless Online trading experience to invest in the Indian equity market through the leading stock exchanges (NSE / BSE).
  • Retail Broking : Enjoy personalized service through dedicated Relationship Managers.
  • Portfolio Management Services (PMS) : Get the best returns from our dedicated and efficient research desk offering Sebi registered Portfolio management services.
  • Demat : Address your Dematerialization needs like Transfer of shares in Demat form, dematerialization, dematerialization and pledging of shares.
  • PIS : Reporting to RBI, compliance of statutory regulations, calculation of capital gains tax liability and issuance of TDS certificate done on customer’s behalf based on the information furnished, undertaken by the Bonanza, NRI Desk, Mumbai.
  • Equity Research : Regular reports and updates that help you pick the right company/stock to invest in, from amongst a wide universe of listed companies.
  • Advisory : Investment assistance and advices through our qualified dealers.
  • Real Estate : Real estate investment opportunities in India.
  • Mutual Funds/IPO/Bond : Appropriate investment vehicle to avail the benefits of a diversified portfolio and an excellent way to diversify risk.
  • Lowest Brokerage Rates : Lowest brokerage rates in the industry.
  • 24x7 Back office : Anywhere access to reports and client ledgers throughout with low band width option.
  • Customer Care : Direct contact to our dedicated NRI customer service desk.
 

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FAQs

 

Who qualifies as a Non-Resident Indian (NRI)?

An NRI is a person residing outside India but who is a citizen of India or is a person of Indian origin. Under the Foreign Exchange Management Act (FEMA), generally, a person is residing outside India if the person is in India for less than 182 days during the course of the preceding financial year and also includes any person who stays abroad:.

  • for employment, or
  • for carrying on any business or vocation, or
  • for any other purpose indicating an intention of stay outside India for an uncertain period
  • for education*

* provided the student has stayed overseas for more than 182 days in the preceding financial year. 

Who is a PIO?

You are deemed to be a person of Indian origin if you are a foreign citizen (other than of Pakistan or Bangladesh), and if:.

  • you have at any time held an Indian passport or
  • you or either of your parents or any of your grandparents were

Why Invest in India?

According to the World Bank, India was already the third largest economy in terms of Purchasing Power Parity. With a consistently high GDP, and a buoyant and dynamic economy, India continues to outpace other economies in the region. India’s GDP has also grown at around 7.9 per cent between 2003 and 2012. This trend, according to the International Monetary Fund (IMF), is likely to continue for the next five years with an average GDP growth rate of 7.7 per cent per annum till 2017

India’s steady economic liberalization and its embrace of the global economy have been key factors in attracting FDI. The government recently opened up multi-brand retail and civil aviation markets to 51 and 49 per cent FDI respectively and with more reforms expected in insurance and pension sectors, among others, India will continue to offer compelling opportunities to the global investment community.

Indian companies are making their mark globally with remarkable progress being made in IT, Pharmaceuticals, Biotechnology and a host of other sectors. There is reason enough to believe that these sectors will source the stock markets as a prospective avenue to source capital for expansion plans

India has a vibrant domestic credit market with an active corporate and government bond market, interest rate and credit derivative markets. More importantly, the interest rates in India are determined by the market.

One of the best predictors of the long-term potential of a growing, mostly market-based economy is demographics. India offers a young population; more than 50% of its population is below the age of 25.

Consumer spending in India grew from US$ 549 billion to US$ 1.06 trillion between 2006 and 2011, putting India on the path to becoming one of the world’s largest consumer markets by 2025. India’s consumption is expected to rise 7.3 per cent annually over the next 20 years.

This rise of India’s “new middle class” is globally significant as it will usher fundamental changes in India and around the world by triggering waves of innovation in the production, distribution and delivery of goods and services, including government services. Innovations - like the US$ 2200 Nano car by Tata Motors, the inexpensive hand-held electrocardiogram (ECG) machine from GE Healthcare, a low-cost water purifier called ‘Tata Swach’ by Tata Chemicals, a battery-powered ‘ChotuKool’ refrigerator by Godrej, and a mobile phone application called ‘Nokia Life Tools’ by Nokia for rural consumers to access agricultural, educational and entertainment content - are some examples of frugal engineering that are primarily aimed at the Indian market, but will likely find buyers in many other parts of the world as well.

What are the products offered to NRI / PIO by Bonanza?

NRI can invest in the following products with Bonanza:

  • Investments in Equities through Secondary Market transactions
  • Derivatives (Equity Futures & Options) trading
  • Investments in Equities through IPOs (Initial Public Offerings)
  • Portfolio Management Services
  • Investments in Mutual Funds

What steps does an NRI need to take to start investing in the Indian Stock Market?

An NRI should have a Bank Account (NRE/NRO or both) with a designated bank, which is approved by the RBI (Reserve Bank of India) for this purpose.

He/She should apply for a general approval for investment in the Indian Stock Market through his/her designated bank branch.

He/She should open a Demat Account with Bonanza Portfolio Ltd. to hold his/her shares and register with Bonanza Portfolio Ltd. to execute their buy/sell orders on the Stock Exchange(s).

What type of saving bank account(s) can be opened by an NRI or PIO in India?

Any NRI / PIO can open two types of savings accounts with any bank in India. They are NRE and NRO bank accounts.

What is a NRE account?

A NRE (Non-Resident External) Bank Account is a Rupee Saving Account for the Non-Resident Indians. Fund held in this account is in Rupee. This account needs to be funded from the NRI’s offshore money/fund. This is why it is known as Non-Resident External Account. Money held in this account can be invested in India as per RBI guidelines or used for expenses etc. The funds in this account & the income generated in this account are repatriable or it can be converted into any foreign currency at the behest of the account holder and can be remitted outside the country.

What is a NRO account?

A NRO (Non-Resident Ordinary) Bank Account is a Rupee Savings Account for the Non-Resident Indians, just like the ordinary Saving Account of a Resident Indian. This is why it is known as Non-Resident Ordinary Account. This account may be funded form the NRI’s Indian Money / Indian Income / Indian Assets and also from NRI’s Foreign Money. Since it is as good as a normal saving bank account, money / Funds in this account (NRO account) cannot be taken outside the country (i.e. funds in this account are Non-Repatriable).

Can money be transferred from NRE account to NRO account?

Yes, money can be freely transferred from the NRE account to the NRO account.

Can money be transferred from NRO account to NRE account?

No, money cannot be transferred from NRO account to NRE account.

In case a Resident Indian becomes a Non-resident, will he / she be reqiured to change the status of his / her holding from Resident to Non-resident?

As per section 6(5) of FEMA, an NRI can continue to hold the securities, which he / she had purchased as a resident Indian, even after he / she has become a non-resident Indian, but has to transfer the shares to his / her NRO (Non Resident Ordinary) account.

Can NRI’S invest in Shares, Debentures and Units of Mutual Funds in India?

NRI’s are permitted to make direct investments in shares / debentures of Indian companies / units of mutual fund. They are also permitted to make portfolio investments i.e. purchase of share / debentures of Indian Companies through stock exchange. These facilities are granted both on repatriation and non-repatriation basis.

Can NRI’S subscribe to IPO? What are the permissions/approvals required?

Yes. NRI’s can subscribe to IPO without any permission. The issuing company is required to take specific or general permission from GOI/RBI.

Does an NRI require any permission to receive bonus / rights shares?

No.

What is PIS?

Portfolio Investment Scheme (PIS) is a scheme of the Reserve Bank of India (RBI) defined in Schedule 3 of Foreign Exchange Management Act 2000 under which the 'Non Resident Indians (NRIs)' and 'Person of Indian Origin (PIOs)' can purchase and sell shares and convertible debentures of Indian Companies on a recognized stock exchange in India by routing all such purchase/sale transactions through their account held with a Designated Bank Branch. Any NRI or a PIO wanting to trade/make fresh investments in the Indian Equity Secondary Market needs and must have one PIS account with only one designated bank in India. Notes

  • PIS account is applicable only for NRIs and not for resident Indians.
  • It is only for trading in Indian markets and not any other foreign markets.
  • It is applicable only for equity trades and not MF investments.

What are the types of PIS accounts?

There are two types of PIS account:

  • NRE PIS account
  • NRO PIS account

Why is PIS required?

For all the Indian companies or companies listed on Indian stock exchanges, there are certain limits which have to be monitored under FEMA regulations. For any company the foreign investment into that company cannot cross certain limit. This limit is different from company to company and sector to sector. Also individually any NRI or a PIO cannot invest more than 5% in any Indian company.

How many PIS account can a NRI open?

NRI/PIO can open only one PIS account with any designated banks (Preferred bank - Axis Bank) in a prescribed format for PIS account, upon which the bank can issue a PIS approval letter to the investor.

Can I invest in all products through PIS account?

No. Any investment done in secondary market should be routed through a PIS account. For other products the investment can be done through direct subscription route.

What types of transactions are allowed under NRE / NRO Savings Account?

  1. Investments in ETFs & Exchange Traded Debentures
  2. Investment in IPOs (Initial Public Offerings)
  3. Personal Expenses & Gifts to relatives or otherwise
  4. Investment in Mutual Funds.

What is meant by investment through direct subscription route?

As per the regulations NRIs are allowed to invest up to a certain percentage of the total paid up capital of the company by directly subscribing to the equity/convertible debentures of the company either though a public offering made by the company or through private placements on one to one basis. Regulations provide for different ceilings on such investments based on the industry to which the company belongs and also the nature of investments (repatriation / non-repatriation basis).

Do investments made through IPO’s or Private placements come under PIS?

No. Investments made by NRIs though subscription to Initial Public Offerings (IPO's) or Private placements are not covered by Portfolio Investment Scheme. Such investments are covered by RBI's regulations with regard to Foreign Direct Investments.

Do NRI’s need approvals from RBI for selling securities acquired through IPO’s / Private Placement?

No. NRI’s can sell such shares / debentures on the Exchange without any approval. However, while seeking the credit of sale proceeds to NRE / NRO account, the bank should be provided with the details regarding date of allotment and cost of acquisition to calculate the taxes, if any.

Can an NRI have investments under PIS on repatriation and non-repatriation basis?

Yes. Investment can be made on repatriation as well as non-repatriation basis. However, an NRI will have to open NRE account as well as NRO account with designated bank branch as the sale proceeds of non-repatriation investment can only be credited to NRO account..

Under what circumstances can investments made under PIS be repatriated?

The repatriation of the sale proceeds, net of taxes, are allowed if the original purchase was made on repatriation basis and such investments were made out of funds from NRE/FCNR account or by means of remittance from abroad..

What are the provisions for corporate benefits for investment on repatriation and non-repatriation basis?

Corporate benefits may be in the form of dividend, interest, rights, bonus, etc. Any corporate benefit resulting out of investment in securities on non-repatriation basis will not carry the right of repatriation. Similarly any corporate benefit resulting out of investment in securities on repatriation basis will carry the right of repatriation. This is subject to change depending on prevailing RBI regulations..

Where can an NRI / PIO open a Demat account?

An NRI / PIO needs to open a Demat account with Bonanza Portfolio Ltd.

Can investments made under different schemes be held under a single Demat account?

No. Securities received against investments under ‘Foreign Direct Investment scheme (FDI)’, ‘Portfolio Investment Scheme’ (PIS) and ‘Scheme for Investment’ on non – repatriation basis have to be credited into separate Demat accounts. Investment under PIS could be on repatriation or non – repatriation basis. Investment under FDI scheme is on repatriation.

What is the procedure of Dematerialization?

Client submits a DRF form along with the physical share certificate to Bonanza Portfolio Ltd, who in turn forwards it to the Registrar & Transfer agent for confirmation from the company. After the confirmation is received the depositories credits the client a/c with the same no. of shares.

end faq

 

Contact us

For all Queries/ Clarifications/ Account Opening/ Processing information, please feel free to reach us at:

NRI DESK – MUMBAI ZONE

Bonanza Portfolio Limited

Bonanza House, Plot No. M-2,
Cama Industrial Estate, Walbhat Road,
Goregaon (East), Mumbai, INDIA – 400063.

Contact Person : Mr Ashish Sanghavi

Mobile : +91-9987152742

Telephone : +91-022-30863707

Email ID : nridesk @ bonanzaonline.com

 

Customers can send in their grievances to:

grievances@bonanzaonline.com

 

For DP related complaints clients may send their grievances to:

dpsupport@bonanzaonline.com

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