The wealth manager has got the green light to offer portfolio investment services to the NRI population segment.

Fortune Wealth Management Company India has been given official clearance to provide portfolio investment services to non-resident Indians, media reports said.

“This agreement would enable the bank’s NRI clients to invest in Indian equity market on repatriable and non-repatriable basis, without losing the NRI status of their savings,” Jose C Abraham, managing director, Fortune Wealth Management Co, was quoted as saying by Business Line.

Portfolio investment services (PIS), operating under licence from the Reserve Bank of India, the country’s central bank, have the feature whereby the amount invested retains NRI status, and money invested by non-resident Indians can be sent abroad whenever NRIs sell holdings after paying any tax that applies, Abraham was quoted as saying.

The wealth management firm was founded by Abraham in 2003, taking over the business of stockbroker J C Securities.