Guide to NRI Equity Investments in India
The procedure for investment is the same as that of the Resident Indian.But there are some dissimilarities also:-
1.The form in case of NRI/OCB investment is different in colour and content.
2.An NRI can invest in equities allowed under non-repatriable basis only if he/she holds an account on a Non-Repatriable basis.
3.The NRI/OCB can not apply more than the amount of equity shares reserved by the company for NRI or the amount of shares the company is willing to float in the market.
4.Investment can be made in single name or jointly.
5.The application can be made in the name of an NRI and the second applicant can be a resident Indian.
6.The payment has to be made by cheque/ demand draft drawn in Indian rupee and should be payable to the company.
7.The details of the bank in which the NRI/OCB holds the non-repatriable account is compulsory, else the company reserves the right to reject the application.
8.The application duly completed and accompanied by an account payee cheque/draft should be submitted at the designated collection centre or the bankers to the issue.
9.The NRIs can also sent the application forms duly completed in all respect to the company through registered post or courier but should reach the company before the closure of the issue.
10.The NRIs can also participate in the Book-building portion of the issue.
11.For any complain/clarification at the time of the issue the NRI can contact the lead manager of the issue whose address and telephone numbers are given on the forms.
12.After the closure of the issue the NRI/OCB can contact the Registrar of the issue if there is any complain/clarification.
13.The NRI can trade in the shares at the stock exchange where the shares are listed.
14.Investment can be made by NRIs through Power of Attorney also.