Are Foreign citizens of Indian origin eligible to invest in Indian Mfs?

[investorFirst]

According to AMFI foregin citizens of Indian origin are not allowed to invest in Indian MFs. But if they come to India and settle down in India; suppose a US citizen of Indian origin returns to India and starts working in India is such a person allowed to invest in Indian Mutual Funds?

 

[Candiasg]

Yes, foregin citizen of indian origin are allowed to invest in indian market in stocks or in mutual fund.

I am not sure about USA but i am from canada and planing to invest in mutual funds, which is bit simple then to invest in stocks.

 

[investorFirst]

Yes, foregin citizen of indian origin are allowed to invest in indian market in stocks or in mutual fund.

I am not sure about USA but i am from canada and planing to invest in mutual funds, which is bit simple then to invest in stocks.

Thank you for the response. Where did you check this information? If you don't mind if there is a source on internet for this information? This is very important for me I checked with AMFI association of mutual funds in India and their person said it is not allowed. But if it is then that is great!

 

[VVKB]

In terms of FEMA, NRI s ( including Non resident Indian citizens and foreign citizens of Indian origin) can invest in Indian mutual funds.

 

[rckaushal]

Are NRIs taxed separately than Indian residents as far as investments in MFs are concerned?

I am aware of the resident taxes.

Thanx for expert advise.

 

[gourimaya]

Hello Experts,

Reliance Mutual fund cutomercare tells, it is not possible for a foreign citizen to invest in Indian mutual fund, even if he holds PIO/OCI cards.

Is this information correct ?

 

[milind]

Hello Experts,

Reliance Mutual fund cutomercare tells, it is not possible for a foreign citizen to invest in Indian mutual fund, even if he holds PIO/OCI cards.

Is this information correct ?

Not correct. NRIs and PIO holders can invest in MFs. Its been a while ago, but I had referred to ICICIDirect site, and also RBI site. Also, note that the staff at customer service at various banks and AMCs is usually not very knowledgeable. You can not trust their answers, unless there is a written reference.

-- Milind