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I moved abroad 5 months ago, and want to invest in mutual funds. As per my financial adviser, legally I am not allowed to invest in my own name. Is that so? As an alternate, should I transfer the money to my parents' account in India and invest in their name from their trading account?
-Manish
You have been misguided by your adviser. Firstly, you can invest in mutual funds from abroad or if you become a non-resident Indian (NRI). But US and Canada-based NRIs are restricted from investing by most mutual fund houses. You will need to update the KYC (Know Your Client) details with the change in residential status. As an NRI, you can invest in mutual funds either on repatriable basis or on non-repatriable basis. To invest on a repatriable basis you must have an NRE account with a bank in India. In this case the investment amount should be remitted from the NRE account of the NRI investor. In case you choose the non-repatriable mode, you are allowed to use the NRO account. Please note fund investments cannot be made in a foreign currency in India.
This article was originally published on February 10, 2017.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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