The Securities and Exchange Board of India removed the restrictions on issuing participatory notes (P-notes) where the underlying asset is a derivative, Chairman C.B. Bhave told reporters at a news conference after markets had closed.
It also scrapped a rule which said P-notes could only account for up to 40% of the value of assets held by a foreign fund, but said it still wanted foreign institutional investors (FII) or foreign funds to register.
"The curbs were no longer considered necessary. P-notes issuance has gone down substantially. A lot of FIIs have pulled out money," Bhave said.
In October last year, the Indian regulator had imposed the curbs to cool down markets and calm a strengthening rupee by stemming arrivals of anonymous money.
RBI ===== The Reserve Bank of India (RBI) on Monday said it would cut the cash reserve ratio (CRR) by 50 bps for banks to alleviate a cash squeeze caused by the global financial crisis
Insurance industry grew -5% last month.
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It also scrapped a rule which said P-notes could only account for up to 40% of the value of assets held by a foreign fund, but said it still wanted foreign institutional investors (FII) or foreign funds to register.
"The curbs were no longer considered necessary. P-notes issuance has gone down substantially. A lot of FIIs have pulled out money," Bhave said.
In October last year, the Indian regulator had imposed the curbs to cool down markets and calm a strengthening rupee by stemming arrivals of anonymous money.
RBI ===== The Reserve Bank of India (RBI) on Monday said it would cut the cash reserve ratio (CRR) by 50 bps for banks to alleviate a cash squeeze caused by the global financial crisis
Insurance industry grew -5% last month.
Latest Stock Exchange NewsBombay Stock Exchange block deal: Bharti tele-ventures 252005 shares at 726.75 inr
Bombay Stock Exchange consumer durable index down over 11 pct; metals and realty index slip 10 pct
Bombay Stock Exchange realty, consurable durable indices close down 10-11 pct; sterlite industries top Mumbai Share Bazaar loser, sheds nearly 14 pct
Bombay Stock Exchange Mumbai Share Bazaar extends fall to 5 pct on day, trading down more than 600 points as investors across asia worry over u.s. financial mess ringing in a global economic slowdown
Bombay Stock Exchange small-cap index down over 6 pct; mid-cap index slips 7 pct
Dynamatic tech says buys uk-based co
Ganesh housing says to consider buyback on oct 25
Index heavyweight reliance industries trading 6 pct down at 1645 rupees per share
Jaipan ind says board oks 1-for-2 bonus issue
Jaipan ind says board oks raising $25 mln via adr/gdr
NSEI block deal: container corporation of india 100060 shares at 815.00 inr
NSEI block deal: jindal saw 160619 shares at 490.35 inr
NSEI block deal: mahanagar telephone nigam 1255183 shares at 81.05 inr
NSEI block deal: reliance industries 32051 shares at 1651.80 inr
Rural electrification corp to raise at least 3 bln rupees via bonds - bankers
Sadbhav engg says gets order from surat municipal corp
Sadbhav engg says gets order worth 543.8 mln rupees
Sadbhav engg says has 50 pct share in jv for order from visakhapatnam municipal corp
Sadbhav engg says jv gets order worth 1.66 bln rupees
SEBI says eases some restrictions on p-notes
SEBI says need to review entire structure of fii participation
Mumbai Share Bazaar down 6 pct at 11775 as global financial scenario continues to be worriesome
Mumbai Share Bazaar down over 700 points on day as global financial scenario looks bleak
Mumbai Share Bazaar extends fall to 700 points trading at 11813
Sterlite industries down 13 pct; stock trading at 338 rupees per share, top Mumbai Share Bazaar loser
Sterlite industries extends losses to 14 pct on day, stock trading at 340 rupees per share; top Mumbai Share Bazaar loser
The market started fall from 21206.77 on Jan 10. CNBC TV 18 stocks editor Udayan Mukherjee said many stocks lost 20 to 25%. January the fall was more technical. Now we see portfolio selling is happening.". Just take Friday and today 1000 points fell so may be we can see sporadic rally. Don't think that bottom is here. May see small pullback rallies. More volatility on cards."
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