Product Owner
Mumbai, MH, IN, 400063
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Within International Wealth and Premier Banking (IWPB), we serve 41 million customers globally, including 6.7 million who are international, from retail customers to ultra high net worth individuals and their families. We help our customers to take care of their day-to-day finances and to manage, protect and grow their wealth. Our international network and breadth of expertise enable us to deliver on HSBC’s purpose of opening up a world of opportunity by providing our customers with borderless banking and world-class wealth management through best-in-class, mobile-first capabilities and exceptional people. Our key areas of operations include Retail Banking and Wealth Management, Asset Management, Global Private Banking and Insurance.
Wealth and Personal Banking serves more than 50 million customers worldwide with a complete range of banking and wealth management services to enable them to manage their finances and protect and build their financial futures. It is a global business that brings together management responsibility for Retail Banking, Wealth Management, Insurance and Asset Management with a focus on customer-centric propositions and innovative and efficient distribution channels.
Job Description— Product & Operations, NRI Portfolio Investment Scheme (PIS)
Job Title
Product & Operations Manager — NRI Portfolio Investment Scheme (PIS)
Business / Function
International Wealth & Premier Banking— Operations & Product (PIS), Authorised Dealer (AD) Bank responsibilities
Location
Mumbai, India
Grade
GCB 5
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.
Eligibility Criteria
- India Bank / INM employees will be eligible to apply to this role after completion of 12 months in the current role/position at the time of application on level transfer and/or promotion.
- Entity Employees (not from India Bank) to be guided by their internal policy on tenure completion in current role at the time of application before applying and share line manager approval once shortlisted
- INM Employees in scope of WPB Career Progression Framework not eligible to apply to roles within the purview of the Framework.
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