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C B Bhave, chairman of the Securities and Exchange Board of India, said on Monday that the 40 per cent limit on investment through offshore derivative instruments, or Participatory Notes, will be removed.

He said that the Sebi will take up a comprehensive review of the rules governing foreign participation in Indian stock markets.

He also said that there was a beed to review FII structure.

The Sebi meeting was held in light of the global financial turmoil and the impact of the meltdown on the Indian stock markets.

• What are P-Notes?