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Are any stocks restricted for Non-Resident Indians (NRIs)?

Yes, the list of restricted stocks for the NRI-PIS account can be found by visiting the following websites:

The Reserve Bank of India (RBI) monitors the investment position of NRIs in listed Indian companies daily through designated banks. When the total holdings of NRIs reach 2% below the set upper limit, a notice (caution list) is issued to the designated banks. Any further purchase in that particular Indian company will require prior approval from RBI. The upper limit may be increased with the approval of the board and the general body of the company after passing a special resolution.

If the holdings by NRIs reach the overall ceiling limit, RBI places the company on the ban list, after which NRIs can purchase the company's shares under the portfolio investment scheme. NSDL and CDSL also publishes the Red flag list, Caution list, Breach List and Foreign Investment Limits.

Non-PIS account holders have no such trading restrictions. To know the difference between a PIS account and a Non-PIS account, see What documents are required to open a Zerodha account as an NRI?