Death knell sounds for India's P-note trade

Indian government moves to end tax exemption for Singapore and Mauritius

The Indian government is clamping down on overseas tax avoidance

A recent move by the Indian government to clamp down on overseas tax avoidance could spell the end for a particular kind of offshore derivatives instrument known as a participatory note (P-note), say market participants. Most P-notes are sold out of either Mauritius or Singapore, two jurisdictions where investors do not have to pay capital gains tax when selling Indian equities. But this cosy tax