How NRI's can invest in Indian Stock Markets? - NRI's का स्टॉक मार्किट में इन्वेस्टमेंट
What is an 'Overseas Corporate Body' [OCB]?
'Overseas Corporate Body' means a company, partnership firm, society and other corporate body owned directly or indirectly to the extent of at least sixty percent by Non-Resident Indians and includes overseas trust in which not less than sixty percent beneficial interest is held by Non-Resident Indians directly or indirectly but irrevocably.
OCBs were debarred from Portfolio Investment Scheme w.e.f November 29, 2001.
OCBs have been banned as a class of investor w.e.f September 16, 2003. However, they have been permitted to continue to hold the securities acquired by them prior to these dates. Accordingly OCBs may open a demat account, however it can be only for the purpose of dematerializing the existing holdings.