The Reserve Bank of India's Portfolio Investment Scheme (PIS) allows NRIs to buy and sell shares in Indian companies on stock exchanges.

The PIS letter can be obtained from the bank where you opened your NRI/NRO account. The NRI must apply for the PIS approval letter at a bank that has been authorized by the RBI to administer the PIS.

All PIS route stock transactions are processed through a specific bank branch. The NRI/PIO must apply to a bank's designated branch that specializes in Portfolio Investments.