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Is it possible for a person who is both a non-resident and non-NRI to buy Indian stocks? I am specifically interested in buying stocks listed on the NSE and BSE. Are foreign mom-and-pop retail investors able to buy stocks listed on Indian exchanges? If so, what is the typical administrative process? Are they allowed to set up brokerage accounts and buy stocks through Indian stock brokers?

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Foreign national can invest directly as individuals. Broadly they need to complete KYC and open account with a depository participant, can't buy more than 10% in any company.

Complete details at the SEBI link.https://www.sebi.gov.in/sebi_data/faqfiles/jan-2017/1485859985712.pdf

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