Product Operations Manager NRI Portfolio Investment Scheme (PIS)

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We are currently seeking an experienced professional to join the International Wealth & Premier Banking — Operations & Product team in Mumbai, India, to own the end-to-end product and operational performance of the NRI Portfolio Investment Scheme (PIS) offering as an Authorised Dealer (AD) bank. The role ensures the PIS proposition is compliant-by-design and operationally robust across onboarding, trade settlement, tax withholding (TDS), repatriation processing, and RBI/NSDL reporting—delivering a safe, scalable client experience while meeting regulatory obligations under FEMA/RBI/SEBI and applicable tax requirements.

Principal Responsibilities

• Own the PIS product operating model (NRE-PIS and NRO-PIS), including client journeys, service standards, controls, and documentation.
• Translate regulatory requirements (e.g., single AD bank rule, exchange-traded-only scope, delivery-based trading constraints) into product rules, client disclosures, and operational procedures.
• Drive enhancements to improve turnaround times, straight-through processing, and client/broker experience while maintaining control integrity.
• Oversee end-to-end PIS lifecycle workflows including onboarding/account designation, broker linkage and DP PIS tagging, pre-trade checks, T+1 settlement and reconciliation, corporate actions processing, and account transfer/closure scenarios.
• Embed “no commingling” expectations in processes for PIS-linked accounts and transaction routing.
• Ensure adherence to RBI/NSDL cap monitoring requirements and timely actioning of caution/prohibition notices, including broker communications and blocked-scrip controls.
• Maintain a robust control framework covering single designated bank verification, dormant account reactivation enhanced due diligence, beneficial ownership/benami risk controls, and PMLA-aligned monitoring.
• Partner with Compliance/Financial Crime to support risk-based reviews, STR escalation readiness, and audit/inspection preparedness (including record retention).
• Own capital gains computation and TDS deduction at the time of sale proceeds credit (before net payout), including FIFO cost tracking and holding period classification.
• Implement DTAA documentation controls (TRC/Form 10F/PAN) including expiry tracking and client/broker communication to avoid incorrect withholding.
• Ensure timely TDS deposit and statutory filings (e.g., Form 26Q) and issuance of Form 16A within required timelines, with strong reconciliation to internal ledgers.
• Own repatriation processing controls for NRE-PIS (post-tax) including Form A2 handling, and NRO-PIS repatriation including Form 15CA/CB and monitoring of the USD 1 million per FY limit.
• Ensure accurate and timely reporting to RBI/NSDL (e.g., T+1 transaction reporting and monthly Form LEC (NRI) by due date), plus internal governance reporting and MI.
• Act as the key interface across Product, Operations, Compliance, Tax, Technology, Brokers, and Depositories (NSDL/CDSL) to deliver stable operations and change (UAT, procedures, training, go-live controls).
• Approve/decline operational processing within defined policy, prioritise product backlog and change roadmap, and escalate material breaches or suspected financial crime indicators per HSBC frameworks.

Role requirements / Educational Qualifications /Certification / Experience:

• Strong experience in banking operations and/or product management in capital markets/wealth operations (custody, broking operations, or NRI investment operations preferred).
• Working knowledge of PIS operating requirements: designated AD bank model, NRE/NRO flows, exchange settlement cycle (T+1), and cap monitoring concepts.
• Demonstrated control mindset with ability to design and run reconciliations, exception management, and maintain audit-ready documentation.
• Proven stakeholder management across Compliance/Tax/Technology and external market participants.
• Desirable: experience with RBI/NSDL reporting constructs and operationalisation of regulatory change.
• Desirable: exposure to TDS operations for non-residents (capital gains), DTAA documentation handling, and statutory filing cycles.
• Desirable: process automation/STP and workflow tooling experience.

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Issued by The Hongkong and Shanghai Banking Corporation Limited, India