NRIs can visit any SBI branch in the Middle East to open accounts for repatriable and non-repatriable investments to commence investing in Indian stock market
Mumbai: Brokerage firm Geojit BNP Paribas Financial Services signed an agreement with State Bank of India to offer portfolio investment services to non-resident Indians (NRIs), reports PTI.
The facility is targeted at NRIs in the Middle East and they can purchase and sell shares or convertible debentures on the domestic stock exchanges, subject to limits prescribed by the RBI, the firms said in a joint statement.
NRIs can visit any SBI branch in the Middle East to open accounts for repatriable and non-repatriable investments to commence investing in stock market, it said.
The customers can trade through the offices of joint ventures in Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Al Ain, Riyadh, Muscat, Damam and Jeddah.
“At a time when the rupee has depreciated and valuations are relatively inexpensive, this service from Geojit BNP Paribas and SBI will be of immense use to NRIs to grow their wealth through Indian stock market,” Geojit BNP Paribas managing director CJ George said.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
