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Are OCBs allowed to make investments under the Portfolio Investment Scheme for NRIs?

April 26, 2017allowed Investment investments NRIs ocbs portfolio Scheme

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Are OCBs allowed to make investments under the Portfolio Investment Scheme for NRIs?

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RBI has banned OCBs (Overseas Corporate Bodies) from investing under the Portfolio Scheme that is solely for the benefit of NRIs. In fact, the category of OCB has been abolished on a whole and they can’;t invest in India in any manner. However, OCBs can continue to sell and hold shares purchased before 29th November 2001.