Can NRI apply in IPO, FPO or other public issues?

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Yes, NRIs are permitted to invest in IPO, FPO and other public issues provided the issuer company allows NRI to subscribe to their issue. There is no restriction from RBI on the NRI IPO/FPO investment.

However, generally, the issuer company is reluctant to allow NRIs to invest in IPO /FPO due to the additional compliance requirement on the part of the issuer company to inform RBI on NRI shares allocation. Hence, an NRI should check the Red Herring Prospectus (RHP) of the issuer company to check for NRI eligibility for investment.

Topic: NRI Trading Account Charges, Questions, Guide - India Stock Market Article

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