NEW DELHI: Finance minister P Chidambaram intervened decisively on Wednesday morning after the sensex and nifty hit the lower circuit in early trading. Mr Chidambaram ruled out a ban on participatory notes (PN) and said that SEBI’s move to impose some restrictions on investments through the PN route was aimed at moderating capital inflows.
Endorsing SEBI’s move to place curbs on PNs, he said the proposals were aimed at moderating capital inflows and were in the interest of investors across all categories.
“Yesterday's SEBI decision is part of the series of steps that have been taken to moderate capital inflows. We are not in favour of banning PNs. We have not banned PNs. We have simply placed a cap on the proportion of money coming through PN notes vis-a-vis the total assets under management and the derivative position,” Mr Chidambaram told media persons.
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