We relate the notion of unitarity of a (0 + 1)-D conformally (SL(2, R)) invariant field theory with that of a nonrelativistic conformal (Schrodinger) field theory using the fact that SL(2, R) is a subgroup of nonrelativistic conformal (Schrodinger) group. Exploiting SL(2, R) unitarity, we derive the unitarity bounds and null conditions for a Schrodinger field theory (for the neutral as well as the charged sector). In noninteger dimensions the theory is shown to be nonunitary. The use of the SL(2, R) subgroup opens up the possibility of borrowing results from (0 + 1)-D SL(2, R) invariant field theory to explore Schrodinger field theory, in particular, the neutral sector, which has otherwise been unexplored.