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NRI Investments

Portfolio Investment in Shares/Debentures of Indian Companies and in Domestic Mutual Funds

Portfolio investments in shares/debentures by NRIs/OCBs are permitted only through designated branches of authorized dealers, preferably located at centers having stock exchanges. Authorized dealers should inform the names of such branches to Central Office of Reserve Bank and obtain approval. The Code number allotted by Reserve Bank should be quoted in all correspondence undertaken with Reserve Bank in this regard. Non-resident investors can also authorize Indian residents or stock exchange brokers as their agents in India to purchase/sell shares on their behalf under the schemes but all transactions should be routed through the designated branch of authorized dealer.

 

General Conditions for Purchase with Repatriation or Non-Repatriation rights

  • NRIs/OCBs will be permitted to make portfolio investment in shares/debentures (convertible and non-convertible) of Indian companies, with or without repatriation benefits provided the purchase is made through a stock exchange and also through designated branch of an authorized dealer. NRIs/OCBs are required to designate only one branch authorized by Reserve Bank for this purpose.
  • Investment in equity shares and convertible debentures will be permitted subject to an overall ceiling of (a) 10 per cent of the total paid-up equity capital of the company concerned; and (b) 10 per cent of the total paid-up value of each series of the convertible debentures issued by the company concerned for all NRIs/OCBs taken together both on repatriation and on non-repatriation basis.
  • The purchase of shares and debentures under the scheme is required to be made at the ruling market price.
  • NRIs / OCBs intending to invest on non-repatriation basis should submit their applications in Form NRI / NRC respectively, through a designated branch of an authorized dealer, to Reserve Bank (Central Office). Reserve Bank will grant general permission to the concerned authorized dealer to purchase shares/debentures of Indian companies, securities (other than bearer securities) of the Central or any State Government and Treasury Bills on behalf of the NRI/OCB subject to the condition that the payment for such investment is received through inward remittance or from the investor's NRE/FCNR/NRO/NRSR account.

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NRI FAQs

Who is an NRI?

  • An NRI is an Indian citizen who stays outside India.
    a. For purposes of carrying out employment or any business or vocation.
    b. Under circumstances indicating an intention to stay outside India for an uncertain duration.
  • Any Indian citizen deputed outside India for a temporary period in connection with employment.

Who is a PIO?

  • An NRI is an Indian citizen who stays outside India.
    a. For purposes of carrying out employment or any business or vocation.
    b. Under circumstances indicating an intention to stay outside India for an uncertain duration.
  • Any Indian citizen deputed outside India for a temporary period in connection with employment.
 

A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if:

  • He/She at any time held an Indian Passport OR
  • He/She or either of his parents or any of his/her grandparents was a citizen of India OR
  • Spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen (a) or (b) above.
 
What are the products offered to NRI?

NRI can invest in the following products.

  • Equity trading on BSE and NSE
  • Derivatives trading on the NSE
  • IPO online
  • Portfolio Management
  • Investments in Mutual Funds
 
What steps an NRI needs to take to start investing in the Indian Stock Market?
  • An NRI should open a new bank account (NRE/NRO or both) with designated bank which is approved by RBI (Reserve Bank of India) for this purpose.
  • He should apply for a general approval for investment in Indian Stock Market through his designated bank branch.
  • He should open a Demat Account with an NBFC to hold his shares and register to execute his buy/sell orders on the stock exchange(s).
What type of saving bank account(s) can be opened by an NRI or PIO in India?
Any NRI/PIO can open two types of savings accounts with any bank in India. They are NRE and NRO bank accounts.
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Life Insurance Products

Jeevan Anand
 
Features
 
Product summary:
This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.

Bonuses:
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.

 
 
Benefits
 
Benefits in case of death during the selected term:
The Sum Assured along with the vested bonuses is payable on death in a lump sum.

Benefits in case of survival to the end of selected term:
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.

Accident Benefit:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in instalments.

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.





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Current NFO & FMP

Scheme Name Axis Hybrid Series 9 Reg
Scheme Opens on 24-Jan-2014Scheme Closes on 06-Feb-2014
Entry LoadN.AExit LoadN.A
Fund TypeClose EndedFund ClassHybrid: Debt-oriented
Description The fund seeks to generate regular income through investments in high quality fixed income securities and a small portion in equity and equity related instruments.

Clients / Customers

Clients / Customers
Axic Mutual Fund
BOI
HDFC Mutual Fund
IDFC
TATA Mutual Fund
TAURUS
Uti

Know Your Client

Know Your Client
n order to comply with regulatory provisions under the Prevention of Money Laundering Act 2002, Rules issued thereunder and related guidelines/circulars issued by SEBI, KYC formalities are required to be completed for all Unit Holders, including Guardians and Power of Attorney holders, for any investment in mutual funds, all mutual funds have made special arrangements with CDSL Ventures Ltd. (CVL), a wholly owned subsidiary of Central Depository Services (India) Ltd. (CDSL)).
 
DOCUMENTS AND INFORMATION TO BE PROVIDED BY INVESTORS:
Investors in mutual fund schemes have to provide:
(1) Proof of Identity
(2) Proof of Address
(3) PAN Card
(4) Photograph
The originals of these documents along with a copy each to be presented and the original will be returned after verification. Alternatively, investors can also provide an attested true copy of the relevant documents. Attestation could be done by Notary Public/ Gazetted Officer/ Manager of a Scheduled Commercial Bank.
 
Instead of providing the required documents again and again to different mutual funds in which one would like to invest, CVL, on behalf of all mutual funds will carry out the process of KYC and issue an acknowledgement.
 
Investors have to provide the relevant documents and information ONLY ONCE for complying with KYC. After that Investors could invest in the schemes of all mutual funds by merely attaching a copy of the KYC acknowledgement slip with the application form / transaction slip when investing for the first time in every folio (Post KYC) in each Mutual Fund house, without the necessity to submit the KYC documents again.
 
Any subsequent changes in address or other details could be intimated to any of the POS (with relevant documentary evidence)  and the same will get updated in all the mutual funds where the investor has invested.
 
WHERE TO COMPLETE THE FORMALITIES:
 
Investors could complete the formalities by submitting the KYC form  and relevant documents at the Points of Services (POS).
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PAN Card

PAN Card
As per Securities and Exchange Board of India (SEBI) Circular dated April 27, 2007, Permanent Account Number (PAN) has been made the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction, effective July 02, 2007.

This means that submission of copy of PAN card is mandatory for all investors (including NRIs) for investing with mutual funds with effect from July 02, 2007. Those investors not having a PAN card should apply for PAN immediately and applications for investment should be accompanied by evidence of having applied for PAN (acknowledgement copy of Form 49A). Such investors should, in addition, submit a declaration in Form 60/61 with address proof, if the investment is for a value of Rs.50,000 or more.
Non-completion of PAN formalities

Please note that effective July 02, 2007, all transaction without PAN verification / evidence of having applied for PAN (along with Form 60/61 where applicable) for all holders, including guardians, are liable to be rejected.


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