Overseas investors have written to the Securities and Exchange Board of India (Sebi), opposing the proposed curbs on participatory notes (p-notes), or offshore derivatives instruments (ODIs). In a discussion paper floated last month, the market regulator proposed to bar p-notes from taking speculative positions in the derivatives market. Also, the paper talks about levying fees of $1,000 per ODI per subscriber every three years. Sebi has suggested that ODI issuers be given time till December 31, 2020, to wind down any outstanding derivatives exposure taken for a purpose other than.

Overseas investors have written to the Securities and Exchange Board of India (Sebi), opposing the proposed curbs on participatory notes (p-notes), or offshore derivatives instruments (ODIs). In a discussion paper floated last month, the market regulator proposed to bar p-notes from taking speculative positions in the derivatives market. Also, the paper talks about levying fees of $1,000 per ODI per subscriber every three years. Sebi has suggested that ODI issuers be given time till December 31, 2020, to wind down any outstanding derivatives exposure taken for a purpose other than.