NRI wants to buy Indian Mutual Funds

[Balvinder]

Hi,

I live in the USA and wish to buy mutual funds in India. I would appreciate any help on how I should go about. ICICI Direct says on its website that only NRIs from Gulf countries are eligible.

Thanks

Balvinder

 

[Traderji]

Your best bet would be to invest in Indian dedicated funds listed on NYSE.

 

[Aneeliyo]

Balvinder

You can buy it. I am here in Thailand and recently purchased SBI Magnum MultiCap and Birla Top 100 fund through New Fund Offers. I checked the following websites..

1. http://www.moneycontrol.com
2. http://www.mutualfundsindia.com
3. http://www.way2wealth.com
4. http://www.personalfn.com

After doing some research on the above websites, I downloaded the application forms for both the funds filled and send them to the Investers Service Center (Normally the addresses are mentioned in the application form), send them alongwith the cheque drawn from your NRE account. Thats it. If you want to buy existing funds than some website are offering it online like www.sbimf.com or hdfcmf.com to name it.

Hope this helps you. Cheers!

 

[Balvinder]

Thanks Traderji and Aneeliyo for your response.

 

[rckaushal]

Did you send the cheque by post?

If so, will this not pose any danger of misusing the cheqe in somebody's else's name, if it goes in wrong hands?

I am also an NRI and wanted to invest in MFs.

Thanx for your answer

Warm regards

Kaushal

 

[Inisght]

How about investments in single stocks? Has anyone tried that from USA?

 

[nikhilrajput]

I would counsel you take help by getting in touch with a good Indian broker. Their online trading services will assist you in knowing the process involved for NRIs wanting to invest in India. The Indian laws define a non resident Indian differently from a foreign individual investor. You will have to check where you fit in. The procedures involved will also vary if you have a native here in India or you hale from Gulf countries or even from Pakistan, Bhutan and Nepal. NRI Investors can invest in mutual fund schemes either through the operating of a NRO / NRE / FCNR Account or through approved Banking Channels.