Market Updates
SEBI Revises P-Notes Guidelines
123jump.com Staff
25 Oct, 2007
New York City
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The Securities and Exchange Board of India clarified the rules for foreign investors and account registration. The so called P-notes, a popluar form of investment used by unregistered investments will have to unregistered in the next eighteen months. Non-profit organizations and pension funds will be required to register with the SEBI.
SEBI in a press statement released after the market close said that foreign investors will have to unwind so called Participatory Notes in eighteen months. Sub accounts of foreign institutions will not be allowed to issue P-notes. Non-profit international institutions including endowment funds, university funds, charitable trusts, and pension funds will have to register with Sebi to invest in Indian stock market.
The registered foreign investors may issue only 5% of incremental assets as p-notes till they meet 40% limit.
The revised rules are close to the earlier draft proposal discussed in the media by the SEBI Chairman, M. Damodaran. Through the tighter restrictions on assets managed by the foreign institutions SEBI hopes to limit market volatility and direct investment through registered accounts only.
Since the beginning of the year 2007, net foreign portfolio investments have exceeded $16.5 billion ahead of annual inflow in 2006 of $10.7 billion.
Indian stock market has received more than $8 billion of foreign investments in less than four weeks after the United States cut interest rates in mid-September. However, foreign institutions have sold nearly $1.3 billion since the announcement of the plans.
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