Zerodha’s Nithin Kamath Welcomes SEBI’s Simplified NRI Investment Rules
Nithin Kamath hopes SEBI changes will boost NRI capital inflow to Indian markets.
Zerodha co-founder and CEO Nithin Kamath has expressed optimism about recent regulatory updates from the Securities and Exchange Board of India (SEBI) that simplify investing for Non-Resident Indians (NRIs). In a detailed post on X, he highlighted how these changes make Non-PIS (Non-Portfolio Investment Scheme) accounts far more accessible, bringing them closer to the seamless experience enjoyed by resident investors. Zerodha now supports fully online Aadhaar-based onboarding for NRIs visiting India, along with expanded trading options like intraday, BTST (Buy Today Sell Tomorrow), and futures & options (F&O) without the need for a Custodial Participant (CP) code.
Kamath shared key statistics to underscore the potential impact: Zerodha currently serves around 40,000 NRI customers, with their average account value at ₹40 lakh—nearly 10 times higher than the ₹3.6 lakh average for resident accounts. He noted that many NRIs historically opened accounts through cumbersome physical paperwork, limiting wider participation. “If onboarding were fully online, this base would be much larger,” he wrote, pointing to procedural hurdles as a major barrier in the past.
The SEBI reforms, implemented in phases during 2025, removed the mandatory CP code requirement for NRIs in July 2025, enabling direct F&O trading without custodians. This has allowed Zerodha to slash brokerage fees for Non-PIS NRI accounts from ₹100 to ₹50 per order (or 0.5%, whichever is lower). Kamath explained the two main routes for NRIs: NRE accounts for full repatriation (but more complex) and simpler NRO Non-PIS accounts with a USD 1 million annual repatriation cap. These updates make NRO Non-PIS the easier, more practical choice for many.
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Looking ahead, Kamath framed the changes as a win for Indian markets and businesses. He expressed hope that easier processes and lower costs would encourage more overseas Indian capital to flow back into domestic equities and enterprises. With NRIs holding significant wealth abroad, these streamlined rules could unlock substantial fresh investments, benefiting the economy amid India’s growing global appeal.
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