This is to make it tougher to use these offshore instruments without disclosing the money-trail and details of their users. The new norms follow approval from the regulator’s board to amend its regulations for Offshore Derivative Instruments, aka P-Notes, after taking into account suggestions from the Special Investigation Team on Black Money to ensure this route is not used for money laundering.

SEBI puts in place a stricter KYC and disclosure regime for participatory notes

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