Non Resident Indian (NRI)
A Non-Resident Indian (NRI) is an Indian citizen or a person of Indian origin residing outside India for employment, business, or other purposes. Under FEMA (Foreign Exchange Management Act) guidelines, an individual is considered an NRI if they spend less than 182 days in India during a financial year.
NRIs are permitted to invest in the Indian stock markets but must comply with the regulatory framework laid down by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Unlike resident Indians, NRIs cannot open trading accounts entirely online—some offline steps are required.
NRI Account Opening Process with Firstock
At Firstock, the NRI account opening process is hybrid—it starts online and is completed offline through physical document submission and in-person verification (IPV).
Investment Routes Available
NRIs can open an account through one of the following two options:
1. Portfolio Investment Scheme (PIS) Account
- Requires RBI approval, facilitated through Firstock’s partner bank, HDFC
- Supports investments via NRE or NRO accounts
- Subject to RBI-mandated investment limits
2. Non-PIS Account (Recommended)
- No RBI approval required
- Operates only through an NRO account
- Offers:
- Lower compliance costs
- No investment limits
- Direct tax reporting by Firstock
- Eligibility for Futures & Options (F&O) trading
Steps to Open an NRI Account
Step 1: Submit Your Application Online
- Visit: https://nri.thefirstock.com
- Upload scanned copies of the required documents (see below)
- Fill out and submit the online application form
Step 2: Courier the Signed Documents
Once your online application is reviewed and approved, you’ll receive a downloadable application set. Sign the printed forms and courier them to:
Firstock Broking Private Limited
No. 350, 1st Floor, 36th A Cross,7th Main Road, 5th Block,Jayanagar, Bengaluru, Karnataka – 560041Required Documents
Submit self-attested and notarized copies of the following:
- PAN Card
- Passport with a valid visa (or OCI/PIO card)
- Overseas and Indian address proof
- FATCA & FEMA declarations
- PIS permission letter (if opting for the PIS route)
- Proof of bank account (any one):
- Cancelled cheque with your name
- First page of the passbook
- Recent bank statement (with name, account number, and IFSC)
In-Person Verification (IPV)
As per SEBI rules, IPV is mandatory. You can complete it through:
- A video call (via WhatsApp, BOTIM, or Google Meet)
- An in-person visit to Firstock’s office
Trading in Futures & Options (Custodian Account)
NRIs can trade in F&O only through an NRO – Non-PIS account. Here's what you need to know:
- F&O is not allowed via NRE–PIS accounts
- Requires a custodian account with NSE, facilitated through Globe Capital Market Limited
- Firstock automatically includes the custodian application form in your downloadable documents—no separate application needed
Account Type Comparison
If you need further guidance or wish to initiate the process, visit https://nri.thefirstock.com or contact the Firstock support team.
