Zerodha co-founder Nithin Kamath is hoping the recent regulatory changes by the Securities and Exchange Board of India (SEBI) will help expand Zerodha’s NRI customer base as it will become easier for non-resident Indians (NRIs) to invest in Indian markets.
Here is Nithin Kamath’s post:
We, @zerodha, have ~40k NRI customers with an average account value of ₹40L, nearly 10x our overall average of ₹3.6L for resident accounts. Most of them opened accounts the hard way, with physical paperwork. If onboarding were fully online, this base would be much larger.
SEBI… pic.twitter.com/G4d4FwBqNp
— Nithin Kamath (@Nithin0dha) January 27, 2026
In the X post, Kamath said Zerodha currently has “~40k NRI customers” and pointed to the financial strength of this segment, adding that their “average account value” stands at “Rs 40L”, compared with “Rs 3.6L for resident accounts.”
According to Kamath, this means NRI accounts on the platform are “nearly 10x” larger on average than those of resident investors.
Kamath suggested that procedural hurdles have historically held back wider participation. “Most of them opened accounts the hard way, with physical paperwork,” he wrote, adding that “if onboarding were fully online, this base would be much larger.”
Kamath credited SEBI’s recent changes for allowing Zerodha to “significantly simplify Non-PIS NRI accounts,” bringing them closer to the experience resident investors already have. Kamath said these accounts “now work like resident accounts,” enabling “fully online Aadhaar-based onboarding (when visiting India).”
Beyond onboarding, he said the revised framework also expands what Non-PIS NRI customers can do in the markets. According to Kamath, Zerodha now offers “intraday, BTST, and F&O access” for these accounts, “with no need for a CP code.”
Zerodha has also reduced the cost of trading for this segment. “We’ve also reduced the brokerage from Rs 100 to Rs 50 per order,” Kamath said in his post. To clarify the broader structure for overseas investors, Kamath explained that NRIs can open either “NRO (without PIS) or NRE accounts to invest in India.”
He added that NRE accounts are designed to allow “repatriation of funds to your country of residence,” but can be “more complex to operate.” In contrast, he described NRO (Non-PIS) accounts as “simpler to open and operate,” though “repatriation is capped at USD 1 million per year.”
Kamath framed the regulatory and operational changes as an opportunity for Indian markets and businesses, closing his post with an optimistic outlook. He said, “Hoping to see more NRI capital flowing back into Indian businesses.”
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