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News From Press NRIs in the US cannot continue their SIPs but can hold the units

NRIs in the US cannot continue their SIPs but can hold the units

Source: Mint Oct 12, 2017

I am moving to the US for a few years. I am told that India mutual funds cannot be bought by NRIs in the US and Canada. I have substantial mutual fund holdings and SIPs. After I move, can I continue my SIPs, or will I have to discontinue it. Also, can I maintain my mutual fund holdings or will I have to liquidate them before leaving India?

—Sarang Kidwai

Non-resident Indians living in the US or Canada are subject to restrictions when it comes to investing in Indian mutual funds. So, yes, once you become a US-resident NRI, you will not be able to continue investing in many of the mutual funds in India. There are some exceptions though, such as Sundaram Mutual Fund, Parag Parikh Financial Advisory Services Pvt. Ltd (PPFAS), and L&T Mutual Fund. So, you may want to verify with the fund houses where you have holdings. That said, your existing investments (existing units from past investments or systematic investment plans (SIPs) can still be held in your name without any issue.

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