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What is PIS?
PIS stands for Portfolio Investment Scheme (PIS). It is a scheme introduced by the Reserve Bank of India through which NRIs can purchase or sell shares of companies listed in Indian exchanges.
NRIs can get the PIS letter with the help of the bank where the NRE or NRO account was opened. RBI has authorized only designated branches of a bank to administer the PIS. To open a Flattrade account, NRIs must have a PIS account with HDFC Bank.