MARKET EYE-Investments into Indian P-notes surge in October
* The total value of participatory notes into Indian equity and debt, including derivatives, rose to 176 trillion rupees ($3.21 trillion) in October, its highest since February, according to Securities and Exchange Board of India (SEBI) data. (link.reuters.com/bag74t) * The rise in investments via P-notes marks a significant recovery from the fiscal 2012-13 year-low in May when the value fell to 1.29 trillion amid worries the government was looking to tax foreign investors under the General Anti Avoidance Rule (GAAR). * Participatory notes are offshore instruments issued by foreign institutional investors to overseas investors who want to invest in India without having to directly register with Indian capital markets regulator SEBI. * However, the deferral of the implementation of GAAR, valuations in equities and the government's fiscal and economic reforms have revived investments into P-notes. ($1 = 54.7900 rupees) (email@example.com /; firstname.lastname@example.org)
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