Is Sebi overstating money laundering concerns?
It had expressed concerns about unsponsored DRs and some of the other new proposals during the committee's deliberations
The Securities and Exchange Board of India (Sebi) has told the government that it is not comfortable with unsponsored depository receipts (DRs), according to a report in The Economic Times. This is unusual, to say the least; and is unwarranted. Unsponsored DRs are issued by depository banks without involving the company that has issued the underlying shares. See bit.ly/1Tugf1E.