Geojit BNP Paribas Financial Services Ltd and State Bank of India inked an agreement to extend Portfolio Investment Services (PIS) to NRI customers, mainly from the Gulf region.

Using the SBI PIS account, NRI's can purchase and sell shares/convertible debentures through stock exchanges, subject to limits prescribed by the RBI. The investments can be on repatriable or non-repatriable basis.

NRIs can visit any SBI branch in West Asia to open a NRE PIS account for repatriable and NRO PIS account for non-repatriable investments to commence investing in the stock market.

Following the opening of the PIS account, NRIs who wish to trade can open a trading and DP account with Geojit BNP Paribas Financial Services Ltd through the offices of joint ventures in the Middle East at Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Al Ain, Riyadh, Muscat, Damam and Jeddah.

Ideal combination

Mr V. Murali, Deputy Managing Director of SBI, said that this joint initiative is a major step taken by SBI in providing PIS service to a large number of NRI customers in the Gulf region, particularly from Kerala.

SBI with its wide network of branches across India and Geojit BNP Paribas with its presence across the gulf countries will form the ideal combination in extending PIS to NRIs, he said.

Mr C. J. George, Managing Director of Geojit BNP Paribas said the scheme would help NRIs to look beyond bank deposits and traditional investments in physical assets. At a time when Rupee has depreciated and valuations are relatively inexpensive, this service will be of immense use to NRIs to grow their wealth through Indian stock market, he said.

> sajeevkumar@thehindu.co.in

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