P Note

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

P-note investments continue to drop, hit nearly 11-year low till December-end

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

SEBI releases norms for P-Notes having derivatives as underlying asset

Last month, SEBI tightened P-Note norms by levying a fee of USD 1,000 on each instrument and barred their issuance for speculative purposes to check any misuse for channelising black money.

P-Notes investments fall to 33-mnth low at 1.8 lakh cr in Nov

According to the data available with Sebi, the total value of P-Notes investment in Indian markets -- equity, debt and derivatives -- fell to Rs 1,79,648 crore in November-end, from Rs 1,99,987 crore at the end of October.

Nifty upside capped at 7,900; +ve on financials barring PSBs: PL

Dilip Bhat says that a combination of recent reforms like the Mauritius Treaty, P-Note amendment and a possible US Fed rate hike in June have been overwhelming for the market in the short term.

Don't fret over crude prices as of now: Economic Affairs Secy

Shaktikanta Das also spoke on the P-note norms that were tightened by the Sebi on Thursday. He said the market regulator‘s decision follows extensive and detailed consultations with all P-note issuers – about 37 of them.

Expert take: Will new SEBI norms kill p-notes as an instrument?

In an interview with CNBC-TV18's Kritika Saxena, Jayesh H of Juris Corp, JN Gupta, former ED of Sebi and Motilal Oswal, CMD of Motilal Oswal, discussed the development and outlined what it means for the stock market.

Sebi tightens P-note norms, seeks greater disclosure

Acting upon recommendations of the Supreme Court-appointed Special Investigation Team on black money, Sebi tightened the due diligence requirements for issuance and transfer of p-notes and put the onus on investors to ensure the anti money laundering law compliance.

SIT asks Sebi to clamp down on tax evaders, P-Note misuse

Concerned over flow of black money into stock market, the Supreme Court-appointed SIT on Friday asked regulator Sebi to compulsorily identify real owners of foreign funds coming through the controversial P-Note route and also prosecute those using equities for tax evasion

Sebi's new ODI rules may not be a dampener for fund flows

Fund flows from unregulated entities stands at USD 550 million (approximately Rs 3,400 crore), which account for a minimal 0.01 percent of total P-Note investment that amounted to over Rs 2.65 lakh crore as of October 2014.

New DRs opens door for new pool of foreign cap

In a bold new step for the Indian capital markets, the depository receipts scheme, 2014, permits listed and unlisted Indian companies and their security holders to issue new kinds of depository receipts.

Sebi changes for P-Note investors decoded

Here onwards ODIs can be issued only to an investor who is a resident in a country which is 1) FATF compliant where the 2) securities market regulator is an IOSCO signatory 3) the central bank is a BIS member.

New P-note rule: Sebi‘s test will be to track beneficiaries

P-notes are often issued onwards, ostensibly to create layers so that the beneficial owners are shielded

FII investments via P-Notes surges to USD 43bn in Oct

According to market analysts, investment into the equity market via P-Notes had been rising in the past few months, mainly on account of the government's reforms agenda and a rally in the country's equity markets.

P-Notes investment rises to Rs 1.64 lakh crore in Feb

Foreign investments into Indian markets through participatory notes (P-Notes), a preferred route for HNIs and hedge funds, rose moderately to Rs 1.64 lakh crore (over USD 30 billion) in February.

'ODI holders may see respite from double taxation'

Siddharth Shah of Nishith Desai Associates is positive about the clarifications that the FM has given on the P- Note. He feels it offers some respite for the market and only the issue of FII remains to be seen.

Govt intent to not tax P-note holders comforting: Experts

Ketan Dalal, Joint Tax Leader, PwC and Aliff Fazelbhoy, Partner - Tax, M&A and Employment, ALMT Legal think that the FM’s clarification that there will not be double taxation of both the FIIs and the P-Note holder. But it still remain unclear on the extent and the geographical limit of taxing the FIIs.

SEBI hears out FIIs, brokerages on P-note issue: Sources

Market men say Sebi held a concall with some of these structured product sellers, but didn't offer any comments. CNBC-TV18's Latha Venkatesh reports.

The day the market went up & down the hill, but around 5200

It was a story of flip-flops, says Udayan Mukherjee, managing editor of CNBC-TV18, summerising the market movement for the day.

Sensex breathes 205 pts sigh on GAAR clarity; rupee spikes

The BSE Sensex showed smart recovery on Tuesday after CNBC-TV18, citing unnamed finance ministry officials, reported the government would not target the participatory notes under its newly proposed General Anti-Avoidance Rule (GAAR).

Overseas pledge share loans on rise lately, say dealers

Despite fairly tight liquidity conditions in the last couple of months, there have not been too many instances of mid and small cap companies borrowing money by pledging shares with non-banking financial companies (NBFCs).

Are FIIs dumping shares borrowed from P-note accounts?

The price pattern in many stocks indicate that some foreign players are borrowing shares held in participatory note accounts, dumping those shares, and then buying them back at lower levels.