'Shock, confusion, and paralysis reigned.' 'Pakistan was caught in a most embarrassing situation. It could neither claim credit for the operation nor admit to a dismal intelligence failure and lack of army preparedness.'
The Securities and Exchange Board of India (Sebi) on Monday issued a show cause notice and prohibited foreign institutional investor (FII) Societe Generale from issuing, subscribing or transacting in off-shore derivative instruments (ODIs), which are also known as participatory notes, or PNs.
The government said on Friday there is no proposal to ban participatory notes, which are instruments through which unregistered entities invest in the Indian securities markets.
Participatory notes are instruments through which foreign investors trade in the country's equity and debt markets.
Everybody talks of China as the real threat, but we aren't even building a decisive capability against Pakistan, asserts Shekhar Gupta.
At the end of December 2012, the notional value of outstanding PNs stood at Rs 1.51 lakh crore (Rs 1.51 trillion), higher than Rs 1.38 lakh crore (Rs 1.38 trillion) at the end of 2011.
Glimpses of the Pakistan navy's Multinational Exercise AMAN-23 in the North Arabian Sea near Karachi.
The warship was to anchor outside the Chattogram port from August 7 to 10 on its journey from Shanghai to Karachi.
China's PLA Navy has deployed a number of platforms including frontline warships and a submarine for the exercise from November 11 to 17.
The Chinese and Pakistani navies at a naval base in Karachi on Saturday kicked off the 'Sea Guardians-3' exercise in the waters and airspace of the northern Arabian Sea in drills that include anti-submarine operations, Dawn News reported on the exercises which will end on Friday.
According to the Inter-Services Public Relations, the media wing of the army, the terrorists attacked the security post in Dera Ismail Khan's Daraban area bordering the South Waziristan tribal district in the early morning hours.
Designed and built by China State Shipbuilding Corporation Limited (CSSC), the frigate was delivered to the Pakistan Navy in a commissioning ceremony in Shanghai, according to Global Times.
Lead managers to the ensuing public issue of Oil and Natural Gas Corporation have agreed not to charge any commission on participatory notes aimed at attracting large foreign investors as part of its underwriting agreement.
But contrary to conventional wisdom, the share of hedge funds in total PN investments in the Indian stock markets could be as little as 8-9 per cent.
A spokesperson of the Karachi Police confirmed in a statement that the Karachi police chief's head office had come under attack.
India was continuously keeping an eye on the movement of the Pakistani military but after Indian Air Force hit the Jaish terrorist factory in Balakot, one of the most advanced Pakistani Agosta-class submarines - PNS Saad - vanished from the Pakistani waters, a senior government source said.
The finance ministry has constituted a working group to recommend changes in the existing policies on FII inflows and participatory notes, with a view to attract more foreign portfolio investments.
PNs allow such investors (primarily hedge funds, other leveraged investors and high net worth individuals) to enter and exit the India market without the need to register and establish settlement facilities and other requirements. Since it has been difficult for regulators to know those using PNs, questions on the source of such funds have risen.
The action took place on the high seas at the peak of the Monsoon season in the first half of July when Pakistan Navy Ship Alamgir moved from its side to Indian waters across the maritime boundary line between the two countries, Government sources told ANI.
This will be the first review meeting after the curbs were imposed on Participatory Notes last year, sources said adding, "You don't expect the first review meeting to relax curbs." Participatory notes are the instruments through which unregistered foreign players invest in Indian securities.
The MV Suez's 22-member crew, including six Indians, were on Sunday transferred to a Pakistani warship when the Egyptian merchant vessel, which was recently released by Somali pirates after payment of ransom, began taking on water in the Arabian Sea.
Volatility will rise in the near term as not more than 40% of an FII's assets can be invested via P-Notes
The indigenously-built missile was launched from PNS Himmat and it successfully hit the target, it said.
My first suggestion is that having already belled the cat, there is no need to feel apologetic about it. RBI has been long concerned on this front and SEBI has done an excellent job in terms of reducing the instances of PN use, though holes remain. And these holes may have been deliberately left open so as not to snub this segment of investors.
Days after the brush off incident between their warships in the Gulf of Aden, Indian Navy on Friday said Pakistani ship PNS Babur had damaged a part of INS Godavari by moving too close to it.
If you are serious about countering the Chinese threat, then the best weapon is investing in real freedom, plurality, elections and democracy. Unfortunately, it isn't an approach all Indians currently seem to agree on, asserts Shyam G Menon.
What must be worrying the mandarins in the North Block is that the reply of the finance ministry completely contradicts the decision of the SAT in the Goldman Sachs case. Surely we are in for interesting political times.
Eleven Indians along with 172 others have been evacuated by a Pakistani ship from strife-torn Yemen's southeastern city of Mokallah, which is now almost entirely under control of Al-Qaeda militants.
Citigroup Global Markets on Thursday said that foreign inflows into India will be negatively impacted in the next 3-6 months if Sebi's proposals on curbing Participatory Notes are implemented in the current form. Users of PNs are largely hedge funds, a fast-growing asset class globally in recent years and lack of any new issuance of Offshore Derivative Instrument with underlying derivatives would take away hedging options for exposures in the cash market.
Minutes after the carnage at the bourses, government on Wednesday said it is not in favour of banning Participatory Notes and hoped that "the initial sense of alarm in stock markets" will quieten as the day progresses.
Black money can take the form of a high-end property in Southeast Asia, a cruise ship floating on the Mediterranean or blue-chip shares held via an offshore fund manager.
The Ghazi Attack tells the story about one of the 'last unsolved greatest mysteries of the 1971 war.'
RBI's elbow room is limited in the matter of capital inflows because the finance minister will not ban PNs.
The navy finds itself fighting for relevance, with navy planners lamenting that its share of the budget has dropped dramatically.
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