Every day, non-resident Indians (NRIs) send messages saying they want to invest in India—especially through platforms like Zerodha. But they face a lot of hurdles during account opening, like heavy paperwork and the need to visit an Indian embassy. This makes many NRIs give up even before starting. Their potential investment value is also high—often 10 times more than regular resident Indian accounts, so this is a big missed opportunity.
Zerodha Responds with Lower Charges and Easier Access
Zerodha has listened. They’ve announced a simpler onboarding process for NRIs and reduced brokerage fees for all non‑PIS NRI accounts. Now, trading charges are just ₹50 per order or 0.5%, whichever is lower. This move is designed to attract more NRIs who earlier found the system too complicated to use.
SEBI Takes a Big Step—No CP Code Needed for F&O
Recently, SEBI removed the requirement for a CP Code (Custodial Participant code) and clearing-member notification for NRIs trading in derivatives (F&O). Now, exchanges will track positions directly at the client level using PAN numbers, just like they do for resident Indians. This important change has made F&O trading for NRIs much easier and more transparent.
What About PIS Accounts?
Even with these changes, PIS (Portfolio Investment Scheme) accounts will continue to follow the old fee structure—₹200 or 0.5% per trade, whichever is lower. This is because PIS accounts involve extra steps with RBI-approved bank accounts, making them harder to manage. So, for now, PIS traders will not get the reduced brokerage benefit.
Competitors Are Also in the Game
Other brokers like ProStocks are also offering easier NRI account opening processes—some even handle documents through WhatsApp. Many NRIs feel ProStocks is quicker than Zerodha when it comes to setup. Platforms like Groww and Angel One are also growing fast. In fact, Groww now has over 12.6 million active users, compared to Zerodha’s 8 million, while Angel One is close behind. This shows strong competition in the market.
Why This Matters and What’s Next?
India is a fast-growing investment hub, and NRIs have huge capital potential. Making account opening easy, reducing brokerage, and removing old rules like CP codes helps attract more NRI investors. If platforms continue to make digital onboarding smoother—without embassy visits—NRI participation could grow rapidly.
Zerodha’s decision to lower brokerage for non-PIS NRIs, combined with SEBI’s rule changes, is a big win for investors abroad. While PIS accounts still need updates, overall things are moving in the right direction. Competitors are stepping up too, which means better options and more ease for NRIs. The future of NRI investment in India is looking much brighter.
