Stock broking firm, bank tie-up to attract NRI investments

This will enable NRI clients to invest in Indian equity markets on repatriable and non-repatriable basis. The partnership will facilitate NRI investment in India’s vibrant equity markets through the PIS and the tie-up will emerge as customer-friendly and hassle-free mechanism for Indians living abroad to invest in Indian equities without losing the NRI status of their savings. 

Federal Bank Ltd has a network of 1,253 branches, 1,693 ATMs, and 227 Cash Deposit Machines (CDMs). It has its Registered Office in Coimbatore. In South, Fortune has over 60 branches spread across Tamil Nadu, Karnataka and Kerala. The average daily turnover of the company currently is around Rs 125 crore. The promoter of the Company Jose C Abraham has a track record of over 25 years in the Capital Market. 

Jose C Abraham, MD, Fortune said the partnership will enable the Bank to cater to all the needs of NRI clients to invest in Indian Stock market and offers PIS services with best in class service at extremely competitive rates. 

The PIS is a scheme of RBI defined in Schedule 3 of the Foreign Exchange Management Act 2000. As per the scheme, NRIs can purchase and sell shares and convertible debentures of Indian firms on a recognised stock exchange by routing such purchase/sale transactions through their account with a Designated Bank Branch.