No, OCBs are not permitted to invest in Indian markets. Since September 16, 2003, OCBs have been de-recognized as an investor class in India.

An overseas corporate body is a business, partnership firm, society, or any other corporate body owned directly or indirectly by a Non-Resident Indian, and includes overseas trust in which Non-Resident Indians directly or indirectly control not less than 60% of the beneficial interest. They must have such an ownership stake in their name, not a nominee.

An OCB cannot register a new account in any name, according to the Foreign Exchange Management Regulations of 2003. The OCBs, on the other hand, can keep and sell shares purchased before November 29, 2001.