Financial Daily from THE HINDU group of publications
Wednesday, Nov 26, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 26, 2003 |
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Markets
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Regulatory Bodies & Rulings All FIIs have to file participatory notes details: SEBI chief Our Bureau
Mumbai , Nov. 26 FOREIGN institutional investors have to report details of participatory notes (PN) issued to beneficiaries every fortnight to the Securities and Exchange Board of India, Mr G.N. Bajpai, Chairman, SEBI, said here on Tuesday. Responding to news reports that SEBI had asked for details of PNs issued by Goldman Sachs and Citigroup, Mr Bajpai said PN details have to be filed by "all FIIs on a fortnightly basis and this should be a continuous process." "If any entity does not provide information within the specified timeframe, it would be subject to regulatory process, including adjudication," he told newspersons after launching the regulator's MAPIN database here. A section of the media had reported that SEBI had initiated adjudication proceedings against Citigroup for not disclosing details of PNs that it issued up to July 2003. Mr Bajpai did not comment on the entities named in the reports, but said, "We had asked for some information and they have not provided. So we have asked them for more information." Participatory notes allow otherwise overseas entities unregistered in India to make investments in derivative products that have Indian stocks as the underlying assets.
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