The board of market regulator Securities & Exchange Board of India will review the regulatory framework governing participatory notes (PNs), at its meeting today, 13 August 2008. There are expectations that Sebi may relax some of restrictions on PNs that were introduced in October 2007. At that time, Sebi had proposed that foreign institutional investors (FIIs) and their sub-accounts cannot issue or renew PNs with underlying as derivatives with immediate effect. They had to unwind their current position within 18 months. The capital market regulator
Wednesday, August 13, 2008
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