Pinning down P-Notes

The regulators are faced with a choice between the devil and the deep sea in grappling with the rising phenomenon of anonymous investments into the stock markets via the Participatory Note (PN) route. Allowing PN issuances to rise unchecked, no doubt, exposes the market to systemic risks, apart from creating a conduit for round-tripping of black money and allowing such investments to go untaxed.

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