Steps taken sufficient are enough to address P-note concerns: Sebi
Sebi today said steps taken by it on P-notes are “sufficient enough” to address the concerns of SIT on black money, but the regulator is open to further suggestions, even as it asserted that consistent tightening of norms have made these instruments less attractive. “The consistent tightening of Offshore Derivative Instrument (ODI) norms by Sebi has not only been through increased compliances but also improved transparency,” the regulator said after its board meeting where the issue was also discussed. Over the years, foreign portfolio investments through ODIs, popularly known as Participatory Notes (P-notes), has come down significantly.
The regulator said the simultaneous liberalisation in registration process of foreign portfolio investors has made the P-notes “less attractive vi...