NRI brokerage at Zerodha: PIS and non-PIS accounts

Mon, 11 May 2026 00:00:00 +0000

Overview

Non-Resident Indians (NRIs) who wish to invest in Indian equity markets through Zerodha operate under a regulatory framework that differs from resident Indian clients. The Foreign Exchange Management Act 1999 (FEMA) and SEBI regulations prescribe two primary routes for NRI equity investment: the Portfolio Investment Scheme (PIS) administered by the Reserve Bank of India (RBI), and the non-PIS route for non-repatriable investments. Each route carries different brokerage rates and compliance requirements at Zerodha.

Zerodha NRI account (non-PIS)

Mon, 11 May 2026 00:00:00 +0000

Zerodha NRI account (non-PIS) is a trading and demat account offered by Zerodha to non-resident Indians (NRIs) and Overseas Citizens of India (OCI) cardholders who wish to invest in Indian financial markets without obtaining Portfolio Investment Scheme (PIS) permission from the Reserve Bank of India. The non-PIS route is governed by the Foreign Exchange Management Act, 1999 (FEMA) and the FEMA (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, which distinguish between exchange-traded equity (requiring PIS) and instruments that NRIs may hold without PIS permission.

Non-PIS on WebNotes

NRI brokerage at Zerodha: PIS and non-PIS accounts

Overview

Zerodha NRI account (non-PIS)