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The Securities and Exchange Board of India (Sebi) plans checks and balances on overseas investors taking the 'private bank route' for investing in domestic markets.The move comes after several industry players expressed concerns that new route allowed by Sebi could be misused by investors like participatory notes (p-notes). Last week, Sebi - through a circular titled "Easing of access norms for investment by foreign portfolio investors - allowed clients of private banks to trade in the Indian equities without having to register with Sebi.While Sebi has only given an in-principle nod to the proposal, regulatory sources said a fine print of the framework will be released by Sebi in the next one month. "I want to assure that Sebi will put enough safeguards so that the route is not exploited. Only the banks which are ready to forgo their client confidentiality agreements will be allowed to use the route," said a Sebi official.It is also learnt that Sebi will keep the investment structure .