NRIWallah team
Updated September 2026
Buying Indian shares as an NRI takes more set-up than it does for a resident: a PIS-linked account at your bank, a demat and trading account with a broker that accepts NRIs, and, if you live in the US or Canada, a broker willing to handle the extra reporting.
Discount or full-service broker
Discount brokers charge the least and suit investors who know what they want to buy, but some do not accept NRIs living in the US or Canada. Full-service brokers, often linked to banks such as ICICI, HDFC and Kotak, cost more, offer research and a dedicated NRI desk, and are more likely to accept US and Canadian residents. The table above compares brokerage, PIS support and which countries each broker accepts.
If you live in the US or Canada
Both countries require Indian financial institutions to report accounts held by their residents, and many Indian brokers and fund houses would rather not. Check each broker’s current policy before you apply. For US residents there is a second reason to think carefully: Indian mutual funds are usually treated as PFICs by the IRS, which makes them expensive to hold, so many US-based NRIs prefer to own Indian shares directly. Our AMC eligibility checker shows which fund houses accept investors from each country.
Opening an account
- A PAN card, if you do not already have one.
- An NRE or NRO account at a bank that offers PIS. Our NRI banking guide explains the difference: shares bought with NRE money can be sold and the proceeds sent abroad freely.
- PIS set-up at that bank, usually alongside the account.
- A demat and trading account with your chosen broker, using your passport and proof of your overseas address.
- Funding. Transfer money from the NRE or NRO account and start trading. NRIs cannot trade intraday.
Most brokers now open NRI accounts at least partly online, though the whole process can still take a few weeks. For what to hold once the account is open, and how Indian investments fit alongside those where you live, see our NRI investment guide .
