Allowing PN Mischief to Continue

Lobbyists for foreign institutional investors (FIIs) crowed with joy when the Securities and Exchange Board of India (SEBI) decided to reverse its decision to cap the issuance of Participatory Notes (PNs), a move that was then seen as a precursor to eliminating investment through this non-transparent route by the end of 2008. (PNs are financial paper issued overseas by foreign brokerage firms...

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