Stock brokers look to set up shop overseas to tap rising interest from NRIs

Setting up offices in off-shore destinations, dedicated teams to talk to investors in their time zones

Brokers are looking to set up shop abroad to tap non-resident Indians (NRIs). Assets under custody of NRIs are up 147.1 per cent since 2013-14. They accounted for Rs 1,318 crore as of 2013-14, rising to Rs 3,257 crore as of November 2018, the latest month for which figures are available with the Securities and Exchange Board of India (Sebi).
 
A fall in the local currency, a better perception of local fundamentals coupled with developed market issues have contributed to an increasing number of NRIs looking to invest in India.
 
“We now have the approvals and recently set