Key takeaways
- NRIs can apply in Indian IPOs via ASBA from an NRE or NRO account with an NRI demat account.
- NRE keeps proceeds fully repatriable; NRO is limited to USD 1 million a year.
- Jio Platforms' IPO is reported for 21–23 October 2026; confirm dates, price and NRI eligibility in the RHP.
How NRIs apply
- Apply through ASBA (net banking or your broker’s UPI/ASBA flow) from an NRE or NRO account.
- Hold the shares in an NRI demat account linked to the same type of account (repatriable or non-repatriable).
- A PIS permission is generally not needed for IPO applications; some brokers restrict US and Canadian residents — check before applying.
- Always check the offer document (RHP) for whether NRIs are eligible in that issue and in which category.
NRE or NRO?
- NRE (repatriable): invest with money from abroad; sale proceeds can go back out freely after tax.
- NRO (non-repatriable): use Indian income; proceeds stay within the USD 1 million-a-year repatriation limit.
- More: NRE vs NRO vs FCNR.
Tax on IPO gains
Sell within 12 months: 20% short-term capital gains. After 12 months: 12.5% above ₹1.25 lakh. Brokers deduct TDS for NRIs; treaty relief and credits at home may apply. Details: tax on IPO listing gains.
Big IPOs to watch
- Jio Platforms: a fresh issue of 27 crore shares. Reports put the issue at 21–23 October 2026 (anchor book 19 October) and listing around 28 October, with a price band around ₹1,065–1,119 — final terms only in the red herring prospectus (RHP). Check the RHP for NRI eligibility.
- NSE listed on 24 September 2026.
- PhonePe: approved by SEBI; launch postponed, no date set.
Sources
Frequently asked questions
Can NRIs apply for IPOs in India?
Yes. NRIs apply through ASBA from an NRE or NRO bank account and hold allotted shares in an NRI demat account; check the offer document for NRI eligibility in each issue.
Should NRIs use NRE or NRO for IPO investment?
Use NRE for money brought from abroad if you want proceeds to be freely repatriable; NRO for Indian income, with repatriation within the USD 1 million-a-year limit.
How are NRI IPO gains taxed?
Shares sold within 12 months: 20% short-term gains; after 12 months: 12.5% above ₹1.25 lakh a year. TDS is deducted, and a return can recover any excess.
Please note: this guide is general information based on the rules as they stood on the review date above. Regulations and RBI/CBDT procedures change often — please get advice on your specific facts before acting.