{"id":43392,"date":"2026-10-05T20:30:00","date_gmt":"2026-10-05T15:00:00","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=43392"},"modified":"2026-10-05T19:47:54","modified_gmt":"2026-10-05T14:17:54","slug":"can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/","title":{"rendered":"Can NRIs Invest in Indian IPOs? Eligibility, Process, Rules and Tax Implications"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#the_account_that_decides_the_category\" >the account that decides the category<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#no_dedicated_quota_and_no_PIS_needed\" >no dedicated quota, and no PIS needed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#the_%E2%82%B92_lakh_line_and_which_category_applies\" >the \u20b92 lakh line and which category applies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#the_application_process\" >the application process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#tax_when_the_shares_are_sold\" >tax when the shares are sold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#what_NRIs_should_check_before_applying\" >what NRIs should check before applying<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">Most IPO guides written for residents skip past this. An NRI reading them would assume the process is identical. It is not, and the differences show up at the worst possible moment, either at the payment stage or at the tax return years later.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the_account_that_decides_the_category\"><\/span><strong>the account that decides the category<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An NRI cannot apply for an IPO from a regular savings account. The application has to be funded from an NRE or NRO account, and the choice between them sets the repatriation rules for the rest of the investment&#8217;s life.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRE account holds foreign earnings remitted to India. An IPO funded from here is treated as a repatriable investment. The shares can be sold later, and the proceeds can be sent abroad without a cap <a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/how-nris-can-invest-in-ipos-in-india#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRO account holds income earned in India. An IPO funded from here is non-repatriable in the same way. Proceeds can still be moved overseas, but only within the USD 1 million annual limit, and the process involves Form 15CA and 15CB documentation <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/nro-demat-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That single choice matters more than anything else in the application.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"no_dedicated_quota_and_no_PIS_needed\"><\/span><strong>no dedicated quota, and no PIS needed<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Two things surprise NRIs who have invested in Indian equities before.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, there is no reservation for NRIs in most Indian IPOs. The Red Herring Prospectus for several issues states plainly that eligible NRI bidders are treated on the same basis as other applicants within their category, with no separate allocation <a href=\"https:\/\/nsearchives.nseindia.com\/emerge\/corporates\/content\/Draft_Prospectus_Par_Drugs_and_Chemicals_Limited.pdf#68#57\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.kotaksecurities.com\/pdf\/ipo\/shringar-house-of-mangalsutra-limited-ipo.pdf#102#89\" target=\"_blank\" rel=\"noopener\"><\/a>. Some issuers reserve a portion for employees or anchor investors, but not for NRIs as a class.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second, IPO applications do not require PIS approval. The Portfolio Investment Scheme is needed for secondary market trading, but applying for shares in the primary market through ASBA or UPI does not trigger that requirement <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/prezi.com\/p\/tmctxqz5ihxp\/equity-research--nri-advisory-report\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>. An NRI can apply for an IPO with an NRE or NRO bank account and a demat account, without the PIS letter that secondary market trades require.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not every issuer allows NRI participation, though. The RHP is the document to check, and some companies restrict applications to residents only <a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/how-nris-can-invest-in-ipos-in-india#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/support.fyers.in\/portal\/en\/kb\/articles\/can-nris-apply-for-ipos-on-fyers\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the_%E2%82%B92_lakh_line_and_which_category_applies\"><\/span><strong>the \u20b92 lakh line and which category applies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An NRI&#8217;s application is categorised by the bid amount.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bid of up to \u20b92 lakh is considered under the Retail Individual Investor category. A bid above \u20b92 lakh moves into the Non-Institutional category <a href=\"https:\/\/www.sebi.gov.in\/sebi_data\/attachdocs\/aug-2018\/1535533795754.pdf#90#78\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The practical consequence is the cut-off price. Retail investors can bid at the cut-off, which means they agree to pay whatever price is discovered. Non-institutional bidders cannot bid at cut-off; they have to specify a price within the band <a href=\"https:\/\/www.sebi.gov.in\/sebi_data\/attachdocs\/aug-2018\/1535533795754.pdf#90#78\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most NRI retail applications fall under the \u20b92 lakh threshold, which keeps them in the retail category and eligible for the cut-off option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the_application_process\"><\/span><strong>the application process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The mechanics are similar to a resident application, with the account requirement as the main difference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>ASBA through net banking.<\/strong> The NRI logs into the NRE or NRO bank&#8217;s net banking portal, selects the IPO under the investments section, enters the demat account number and bid details, and submits. The bank blocks the amount in the account. It is not debited unless shares are allotted <a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/how-nris-can-invest-in-ipos-in-india#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.cholasecurities.com\/blogs\/how-to-apply-for-an-ipo-for-residents-and-nris-in-india\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UPI through a broker.<\/strong> If the broker supports it, the NRI places the bid through the trading platform, receives a UPI mandate request, and approves it. The UPI ID must be linked to the NRE or NRO account. If the UPI is mapped to a resident account, the mandate fails <a href=\"https:\/\/www.cholasecurities.com\/blogs\/how-to-apply-for-an-ipo-for-residents-and-nris-in-india\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/support.fyers.in\/portal\/en\/kb\/articles\/can-nris-apply-for-ipos-on-fyers\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After allotment, shares are credited to the demat account, and the blocked amount is debited. If no shares are allotted, the block is released <a href=\"https:\/\/www.cholasecurities.com\/blogs\/how-to-apply-for-an-ipo-for-residents-and-nris-in-india\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"tax_when_the_shares_are_sold\"><\/span><strong>tax when the shares are sold<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The tax treatment for NRI capital gains on listed equity mirrors the resident rates, with TDS deducted at source and the possibility of DTAA relief.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Holding for more than 12 months makes the gain long-term, taxed at 12.5% above the \u20b91.25 lakh exemption for the financial year. Selling within 12 months makes it short-term, taxed at 20% <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/m.economictimes.com\/markets\/ipos\/fpos\/ksh-international-ksh-international-ipo-gmp-live-updates-subscription-status-price-band-expert-review-bid-or-not\/amp_liveblog\/125993239.cms#3\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dividends are taxed at the applicable slab rate, with TDS deducted <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The repatriation rules follow the account used. NRE-funded investments can be repatriated freely. NRO-funded investments are subject to the USD 1 million cap and the Form 15CA and 15CB process <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/nro-demat-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DTAA relief is available where India has a treaty with the NRI&#8217;s country of residence, but it must be claimed. A Tax Residency Certificate and Form 10F are typically required <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/prezi.com\/p\/tmctxqz5ihxp\/equity-research--nri-advisory-report\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what_NRIs_should_check_before_applying\"><\/span><strong>what NRIs should check before applying<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RHP is the first document to open, not the application form. If the issuer restricts NRI participation, no amount of paperwork will make the application go through <a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/how-nris-can-invest-in-ipos-in-india#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/support.fyers.in\/portal\/en\/kb\/articles\/can-nris-apply-for-ipos-on-fyers\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second check is the bank account. An application funded from a resident account will be rejected, and an NRE application routed through an NRO UPI will fail at the mandate stage <a href=\"https:\/\/support.fyers.in\/portal\/en\/kb\/articles\/can-nris-apply-for-ipos-on-fyers\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The third is the bid amount. Crossing \u20b92 lakh moves the application out of the retail category and removes the cut-off price option .<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Can NRIs apply for Indian IPOs?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, if the issuer allows NRI participation. NRIs apply through ASBA or UPI, funded from an NRE or NRO account. There is no dedicated NRI quota in most IPOs, and eligible NRI bidders are treated on the same basis as other applicants within their category <a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/how-nris-can-invest-in-ipos-in-india#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/nsearchives.nseindia.com\/emerge\/corporates\/content\/Draft_Prospectus_Par_Drugs_and_Chemicals_Limited.pdf#68#57\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Is PIS approval required for IPO applications?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No. The Portfolio Investment Scheme is required for secondary market equity trading, but primary market IPO applications through ASBA or UPI do not need PIS approval. An NRE or NRO bank account and a demat account are sufficient <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/prezi.com\/p\/tmctxqz5ihxp\/equity-research--nri-advisory-report\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. What is the difference between applying through an NRE and an NRO account?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRE-funded IPO is a repatriable investment. The shares and proceeds can be sent abroad without a cap. An NRO-funded IPO is non-repatriable beyond the USD 1 million annual limit, and moving the proceeds overseas requires Form 15CA and 15CB <a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/how-nris-can-invest-in-ipos-in-india#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/nro-demat-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. How are NRI IPO gains taxed?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The same as resident gains. Held over 12 months, long-term capital gains tax is 12.5% above \u20b91.25 lakh. Held under 12 months, short-term capital gains tax is 20%. Dividends are taxed at slab rates <a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/m.economictimes.com\/markets\/ipos\/fpos\/ksh-international-ksh-international-ipo-gmp-live-updates-subscription-status-price-band-expert-review-bid-or-not\/amp_liveblog\/125993239.cms#3\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. What is the \u20b92 lakh threshold in an NRI IPO application?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bid of up to \u20b92 lakh is treated under the Retail Individual Investor category, which allows bidding at the cut-off price. A bid above \u20b92 lakh moves into the Non-Institutional category, where cut-off bidding is not permitted <a href=\"https:\/\/www.sebi.gov.in\/sebi_data\/attachdocs\/aug-2018\/1535533795754.pdf#90#78\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most IPO guides written for residents skip past this. An NRI reading them would assume the process is identical. It is not, and the differences show up at the worst possible moment, either at the payment stage or at the tax return years later. the account that decides the category An NRI cannot apply for [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/can-nris-invest-in-indian-ipos-eligibility-process-rules-and-tax-implications\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":41,"featured_media":43393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[144],"tags":[],"class_list":["post-43392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-resident"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Most IPO guides written for residents skip past this. 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