SEBI issues stricter KYC, disclosure norms for P-Notes
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Markets regulator SEBI has put in place a stricter KYC norms and disclosure regime for Participatory Notes. The aim is to make it tougher to use these offshore instruments without disclosing the money-trail and details of their users. The measure comes after taking into account suggestions from SIT on black money to ensure this route is not used for money laundering.
Under the new norms, all the users of P-Notes would have to follow Indian KYC and Anti Money Laundering Regulations, irrespective of their jurisdictions. The P-Note issuers will be required to file suspicious transaction reports with the Indian Financial Intelligence Unit. #casansaar
Under the new norms, all the users of P-Notes would have to follow Indian KYC and Anti Money Laundering Regulations, irrespective of their jurisdictions. The P-Note issuers will be required to file suspicious transaction reports with the Indian Financial Intelligence Unit. #casansaar
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