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'Participatory Notes rules are strict, robust'

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  4 Dec 2015 12:00 AM GMT

New Delhi, December 3: The government on Thursday said the current regulatory framework on Participatory Notes (P-Notes) mode of investment into India’s capital markets is strict and robust. “As of now, the kind of reporting requirement and the kind of vigour with which we follow through on the identity of P-Notes holders is actually fairly good and strict in terms of really understanding who is it and whether they are legitimate institutions that are transacting through P-Notes,” Minister of State for Fince Jayant Sinha said here.

“Overall, the framework is quite robust,” he added, speaking at a global semir here on sharing of tax information. He said the Securities and Exchange Board of India (SEBI) has strengthened the know-your-customer (KYC) norms relating to P-Notes.

In July, a Supreme Court appointed Special Investigation Team (SIT) on black money had asked capital markets regulator SEBI to review its regulations on P-Notes and identify their end-users. (IANS)

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