Yes, under the RBI’s LRS (Liberalized Remittance Scheme), any Indian resident can invest up to a limit of $250,000 in a financial year in the foreign markets.
LRS also includes other remittances that you might be doing like, foreign travel, education, etc. under the same transfer mode.
In this case, it would particularly be for foreign portfolio investments.
All LRS based investments are moderated by RBI guidelines.