Short answer

The process to map your Portfolio Investment Scheme (PIS) account with Arrow varies by bank. Each bank requires specific documents and follows different procedures for broker mapping. As per the Master circular on foreign investment in India, NRIs are allowed to hold only one Portfolio Investment Scheme (PIS) permission with a single bank at any given time.

Additionally, only one broker can be mapped to each PIS account. This means if you already have a PIS account mapped to another broker, you cannot directly map the same account to iRage. However, if you want to trade with multiple brokers, you can use a PIS extension account with select banks that offer this facility.

What is a PIS extension account?

A PIS extension account is a solution for NRIs who want to trade with multiple brokers. Banks create a second PIS account under your name using the same PIS permission. This extension account functions as a separate PIS account, allowing you to map it to a different broker while keeping your original PIS account with your existing broker.

Banks that offer PIS extension accounts:

HDFC Bank

Axis Bank

IndusInd Bank

ICICI Bank

Banks that do not offer PIS extension accounts:

With IDFC and Yes Bank, you can only trade with one broker at a time and must switch completely if you want to change brokers.

How to map PIS accounts by bank?

HDFC Bank

HDFC Bank requires the Debit authorisation (PDF) and Sweep-in declaration (PDF) to map iRage as a broker. These forms are part of the PIS account opening application form and HDFC requires the hard copy of the same.

Debit authorisation: Updates the bank’s records with your registered broker.

Sweep-in declaration: Allows the bank to debit your NRE/NRO account if your PIS account lacks sufficient funds.

If you specified iRage during the account opening process, your account will automatically map to iRage.

For multiple brokers, contact your HDFC Bank PIS relationship manager to request a PIS extension, then submit the extension letter to iRage when opening your account.

You must also provide an e-Net/CBX form (PDF) to enable iRage to view your HDFC PIS account balance and update margin on Arrow.

Axis Bank

Create a ticket and upload a signed copy of the Letter of Authority (LOA) (PDF). iRage will coordinate with the bank to complete the process

If switching from another broker: Provide a Revocation Letter (PDF) along with LOA (PDF) to remove your existing broker before mapping to iRage.

If you want multiple brokers: Contact your Axis Bank Relationship Manager (RM) to request a PIS extension account.

IndusInd Bank

If you mentioned iRage during PIS account opening: Your account automatically maps to iRage once your Arrow account activates. Your balance will reflect in Arrow after 2 working days.

If switching from another broker: Send a scanned copy of the broker change form (PDF) to map your PIS account with Arrow.

For multiple brokers: Contact your IndusInd PIS Relationship Manager (RM) to open a PIS extension account, then submit the new account details to iRage during account opening.

ICICI bank

If you mentioned iRage during the PIS account opening: Your account automatically maps to iRage once your Arrow account activates. Your balance will reflect in Arrow after 2 working days.

For multiple brokers: Contact your ICICI Bank Relationship Manager (RM) to request a PIS extension account, then submit the new account details to iRage during account opening.

IDFC Bank

Your PIS account automatically maps to iRage after opening your Arrow account. Funds will reflect in Arrow after 2 working days.

If switching from another broker: Update the broker via IDFC First Bank Internet banking: Investment Tab → Portfolio Investment Scheme → Broker Update → Broker Addition

Multiple brokers: Not supported. You can only trade with one broker at a time.

Yes Bank

If you mentioned iRage during PIS account opening: Your account automatically maps to iRage.

If switching brokers or didn’t specify iRage: Provide a debit instruction (PDF) from your registered email at Yes Bank. iRage will coordinate with the bank to complete mapping.

Multiple brokers: Not supported. You can only trade with one broker at a time.

How can I change the PIS account after opening a Arrow account?

If the PIS account you provided is already linked to another broker, you’ll need an PIS extension account to trade. To update this extension account, please submit a hard copy or e-signed copy of the modification form (PDF), along with a self-attested copy of the PIS extension letter.

Courier all the documents to the following address:

iRage Customer Support Centre 192A 4th Floor, Kalyani Vista, 3rd Main Road, JP Nagar 4th Phase, Bengaluru, 560076

For further assistance, contact the bank.

Broker details

iRage Broking Services LLP (SEBI registration INZ000011262), product name Arrow. Registered office: Gift City, Gandhinagar.