Portfolio Investment Scheme permits registered FIIs to buy and sell Indian securities under prescribed holding, pricing and account rules. FIIs may purchase and sell shares, convertible debentures or warrants under the Portfolio Investment Scheme through registered brokers on recognized stock exchanges, funded by inward remittance or designated accounts with authorised dealers; holdings are subject to per-FII and aggregate ceilings that may be raised to sectoral caps by company resolution, pricing for private placements must meet SEBI or internationally accepted arm's-length valuation standards, FIIs may engage in short selling and securities lending under RBI/SEBI conditions, and designated foreign currency or non-resident rupee accounts route receipts, payments and remittances of net sale proceeds.