For Non-Resident Indians (NRIs), managing assets back in India is often a headache. Old physical shares lying in a cupboard, frozen bank accounts, and unclaimed dividends can create anxiety, especially when distance is a barrier.
The Challenge of Distance
Bureaucracy in India often demands physical presence. From visiting the local SDM (Sub-Divisional Magistrate) for affidavits to signing papers at a bank branch, the system isn't always digital-friendly. For an NRI, a trip to India just for paperwork is expensive and time-consuming.
Remote Management: Is it Possible?
Yes, but it requires strategy. Here are key steps for NRIs to manage investments remotely:
1. Consolidate Folios
If you hold shares in the same company under slightly different name spellings (e.g., "Amit Kumar" vs "Amit Kumar Sharma"), consolidate them. This reduces paperwork.
2. Update KYC and Signatures
Signatures change over time. If your signature on record doesn't match your current one, your claims will be rejected. You must undergo a Signature Verification process with your banker.
3. Open NRO Accounts
To receive dividends or sale proceeds in India, you need an **NRO (Non-Resident Ordinary)** bank account and Demat account. Do not use your old savings account if your status has changed to NRI.
4. Use Specific Powers of Attorney (PoA)
You can issue a specific PoA to a trusted relative or a professional firm to handle *administrative* tasks (filing documents) without giving them the power to sell or transfer assets.
Don't let distance erode your wealth. With the right support, your Indian portfolio can be regularized without you boarding a flight.