SEBI meet on P-Notes

• Sebi board cleared proposal to have a separate exchange for SME Segment
• Date of calculation of AUC will be Sept 30
• Sub accounts not to be allowed to issue PNs
• PNs can't be issued with ODIs as underlying
• FIIs shall not issue P-notes as underlying as derivatives has been approved
• Current position to be wound up within 18 months
• Board has decided further issuance of P-notes by sub accounts of FIIs to be discontinued with immediate effect
• Sub accounts issuing P-notes have applied for registration of FIIs: Sebi
• Until a final decision is taken on their being FIIs, sub accounts can continue as normal
• Both proprietary and corporate sub-accounts will be allowed to do business till final decision is announced.