Portfolio Investment Scheme (PINS) is a scheme of RBI through which NRIs and PIOs can buy and sell shares and convertible debentures in Indian Stock Exchanges.
Investment in Indian markets can be made only after approval from RBI. Designated Banks are authorized to issue permission on behalf of RBI.
NRIs can authorize only one Bank for Portfolio Investment Scheme, and as such can have only one PINS account. Application for PINS to ICICI Bank is made on behalf of the NRI client through the ICICI Direct application form.
A NRI or a PIO can have only one PINS approval in India.
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