Sebi removes restrictions on PNs

Sebi removes restrictions on PNs
PTI
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First Published: Mon, Oct 06 2008. 05 27 PM IST
Updated: Mon, Oct 06 2008. 05 27 PM IST
Mumbai: Market regulator Sebi decided to lift curbs on the issuance of the Participatory Notes (PNs) by the Foreign Institutional Investors, a move that may revive the stock markets troubled by the global financial meltdown.
“The regulator will remove the 40% restriction for issuance of PNs for both cash and derivative segments,” Sebi chairman C B Bhave said after the Board meeting.
Sebi has also decided to undertake a comprehensive review of FII framework in the backdrop of global developments triggered by ongoing global turmoil.
The regulator had imposed the restrictions on the PNs in October last year amid excessive speculation.
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First Published: Mon, Oct 06 2008. 05 27 PM IST