Sebi tightens participatory notes rules for foreign funds – Times of India
MUMBAI: Markets regulator Sebi on Tuesday barred foreign portfolio investors (FPIs) from issuing offshore derivative instruments, popularly called P-Notes or participatory notes that have derivatives as the underlying assets. Sebi also barred FPIs from hedging their P-Notes with derivative positions on Indian bourses. The moves would increase the cost of holding these assets, people who…