Markets regulator Sebi has sought clarification from the Special Investigation Team, set up by Supreme Court to check black money, regarding stricter norms for Participatory Notes (P-notes) used by overseas investors.
The new regulations, which have come into effect today, replaces the existing Sebi regulations for Foreign Institutional Investors (FIIs) and the new class of investors, FPIs, would encompass all FIIs, their sub-accounts and Qualified Foreign Investors (QFIs).