Participatory notes or PNs are back in the news, with the SEBI (Securities and Exchange Board of India) issuing a draft discussion paper on ODIs (overseas derivatives instruments).
If that is too much of an alphabet soup to start, on a day that saw the markets in a tizzy, here is Ms Bahroze Kamdin, Director, BSR and where notional value of ODIs outstanding as a percentage of their AUC in India is more than 40 per cent, only against cancellation, redemption or closing out of the existing PNs
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