What are the transactions covered under PIS?
For transactions to be covered under PIS, they need to satisfy two conditions: • They should be purchased from Indian Equity Secondary market; and • They should be purchased by you as an NRI Thus, you are allowed to carry on the following transactions under PIS: • Fresh purchase from the secondary market as an NRI • Sale of shares, which were bought under PIS The following transactions are not allowed or are not covered under PIS: • Sale of shares, which were not bought under PIS like: Gifts, subscription to IPOs or shares bought as resident Indian.
For transactions to be covered under PIS, they need to satisfy two conditions: * Purchase from Indian Equity Secondary market * Purchase as an NRI Thus, following transactions are allowed under PIS: * Fresh purchase from the secondary market as an NRI * Sale of shares, which were bought under PIS The following transactions are not allowed or are not covered under PIS: * Sale of shares, which were not bought under PIS like: Gifts, subscription to IPOs or shares bought as resident Indian. * Fresh subscription for the IPOs as an NRI * Investment in Mutual Funds. Examples * An NRI has bought few shares when he was a resident Indian. Now he has become an NRI. Since he did not buy these shares under PIS (as they were acquired when he was a resident Indian), these shares cannot be sold by him under PIS. * X, an NRI has bought some shares under PIS. He has now gifted those shares to Y, also an NRI. Although X under PIS bought these shares, these shares represent a gift received by Y. So Y cann
For transactions to be covered under PIS, they need to satisfy two conditions: • Purchase from Indian Equity Secondary Market • Purchase as an NRI Thus, following transactions are allowed under PIS: • Fresh purchase from the secondary market as an NRI • Sale of shares, which were bought under PIS The following transactions are not allowed or are not covered under PIS: • Sale of shares, which were not bought under PIS like: Gifts, subscription to IPOs or shares bought as resident Indian. • Fresh subscription for the IPOs as an NRI • Investment in Mutual Funds.
