Can NRIs hold multiple trading accounts in India?

Yes, Non-Resident Indians (NRIs) can hold multiple trading accounts in India, but only one PIS account. However, there are specific guidelines and regulations they must follow:

1. Repatriation Basis: NRIs can open trading accounts on a repatriation basis using Non-Resident External (NRE) accounts or Foreign Currency Non-Resident (FCNR) accounts. This allows them to transfer funds abroad.

2. Non-Repatriation Basis: NRIs can also open trading accounts on a non-repatriation basis using Non-Resident Ordinary (NRO) accounts. Funds in these accounts cannot be transferred abroad.

3. Separate Accounts for Different Types: NRIs need to maintain separate trading accounts for repatriable and non-repatriable transactions. This means they can hold multiple accounts, but each account must comply with specific regulatory requirements.

4. Portfolio Investment Scheme (PIS): NRIs need to open a PIS account to trade in Indian stock markets. They can have one PIS account for repatriation and another for non-repatriation.

5. Compliance with RBI and SEBI: NRIs must comply with the guidelines set by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). They should ensure that their trading activities are within the prescribed limits.