India curtails $88bn p-note business
Securities and Exchange Board of India springs sudden move
The Securities and Exchange Board of India (Sebi) caught out market participants in October by introducing legislation aimed at curbing the issuance of participation notes (p-notes). These synthetic instruments linked to domestic equities had become the major entry point for foreign institutional investors (FIIs) into Indian equities.
At a stroke, the legislation blocked out a large portion of the foreign investment in India's equity markets. Total outstanding p-notes as of August this year stood
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