The Securities and Exchange Board of India (SEBI), which is the regulatory body responsible for regulating and developing the capital markets, issued a Discussion Paper on 16 October 2007 concerning Offshore Derivative Instrument (ODIs). The Discussion Paper proposes to restrict Foreign Institutional Investors (FIIs) and their sub-accounts in issuing/renewing Participatory Notes (popularly known as P-Notes) with underlying derivatives with immediate effect.
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