Diabytes
Offshore Derivative Instruments News
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Sebi has put in place restrictions on foreign portfolio investors from issuing participatory notes where the underlying asset is a derivative, as the markets regulator continues to make norms stricter for such instruments.
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Markets regulator Sebi on Monday proposed to levy a regulatory fee of USD 1,000 for each P- Note issued by foreign investors and bar issuance of such derivative-based instruments for speculative purposes to check any misuse of these products for channelising black money.
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A number of foreign investors including HSBC and UBS have stopped issuing controversy-ridden P-Notes as regulatory and enforcement agencies step up their clampdown on misuse of this once-popular instrument among foreigners to invest in Indian markets.
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In a crackdown on alleged misuse of P-Notes for round-tripping, markets regulator Sebi has found five foreign funds to have issued these controversy- ridden offshore investment instruments to Indian nationals.
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With Sebi tightening norms for P-Notes, the regulatory regime for these offshore instruments for investing in Indian markets has become more stringent than in any other part of the world.
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Mumbai: Looking to prevent money laundering, SEBI Chairman U K Sinha on Thursday said the regulator is in discussions with the industry on tightening Know Your Client (KYC) mechanism for participatory notes (P-Notes) and will take a final decision on it soon.
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Acting upon recommendations of the Special Investigation Team on black money, market watchdog Sebi plans to tighten due diligence requirements for issuance and transfer of controversy-ridden P-Notes and put the onus on investors to ensure compliance with anti-money laundering law.
Delhi High Court Thursday said that Participatory Notes (P-Notes) are not illegal and were regulated under the law.
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