The number of NRIs who want to invest in India but don’t because of the complex account opening process is quite high. NRI accounts are also much higher in value compared to resident Indian accounts, by at least 10 times.

Hardly a day goes by without emails or messages from NRIs asking us to make account opening easier at Zerodha. The paperwork today is onerous, especially the need to visit an embassy.

Recently, SEBI took a step in the right direction by removing the need for a CP (custodial participation code) to trade in F&O. So, we are reducing brokerage on all non-PIS accounts to Rs 50 or 0.5%, whichever is lower.

However, given the operational complexities, NRIs trading through PIS will continue to pay Rs 200 or 0.5%, whichever is lower.

We also just launched a new onboarding flow for NRIs, which simplifies the account opening process.