Yes, a Non Resident Indian (NRI) is allowed to invest without any limit on non-repatriation basis in shares and convertible debentures of Indian Companies issued either by public issue or private placement or right issues under Portfolio Investment Scheme.

According to regulations, NRI can also purchase, on non-repatriation basis dated Govt. Securities (other than bearer securities), Treasury bills, units of domestic mutual funds, units of money market mutual funds, National Plan/Savings Certificates, Exchange traded derivative contracts approved by the SEBI, from time to time, out of INR funds held in India on non-­repatriable basis, subject to the limits prescribed by the SEBI.