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Sebi suggests restrictions on P-Notes
2007-10-16 20:00:13 Source : moneycontrol.
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The Sebi has released its report on P-Notes. It has suggested that FIIs should not renew or issue PNs with underlying as derivatives. It also wants sub-accounts to not issue P-Notes.
The Sebi has asked for comments on its paper by 20th October 2007.
It has further suggested that the PNs issued against derivatives should wind up in the next 18 months, adding that there should be an unwinding of PNs issued by sub-accounts in 18 months. It has suggested an incremental rate of 5% for issue of P-Notes for FIIs with less than 40% of assets in P-Notes and regarding issue of P-Notes by FIIs with assets of more than 40% in P-Notes, on redemption/cancella
The Sebi has informed that the value Of PNs is up from Rs 31,875 crore to Rs 3.53 lakh crore in 3 years. It has also informed that PNs based on derivatives, account for 30% of total PNs, at Rs 1.17 lakh crore.
The Sebi panel has said that proposals on P-Notes will be implemented urgently.
The Finance Minister has said that this is an attempt to control leveraging flexibility of P-Notes
BigGains !!
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