SEBI Chief Explains on P-Notes:”Everything Can Be Rolled Over”
October 18th, 2007 - by 2point6billion.com
Yesterday was a day of Halla Gulla (turbulance in our context) for Indian Stock markets. Inspite of that they opened quite strongly this morning.
After the crashing of the Sensex, there were some clarifications brought on the PNotes front with regard to Roll Over of the outstanding notes.
Mr Damodran has expained them in an interview with Udyan Mukharjee at CNBC TV18 and you just need to be “logged” on to 2point6billion to catch whats happening in India/China. If its relevant its here!
Some excerpts from the Channel:
Q: You are saying that all underlying futures positions held by P-Notes have no problem of rolling over from month-to-month for the next eighteen months, right?
A: Let me read to you what it is that it stated - it says that an outstanding PN with an Indian exchange traded derivative as underlying, can be renewed, subject to such reviewed PNs being wound up over a period of eighteen months.
Q: Was it the case that you spoke to the top five or seven large issuers of P-Notes in this country and they refused to cooperate in disclosing the identities of their clients which is why you had to take this step otherwise you could have had a sunset clause for those P-Note investors to move towards an FII registry route after which they could not have done it, why did you not choose that route?
Ans: ……
Watch this Video if you want to know what the Secuties Head had to say for India, for thats the benchmark for the future!
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