Economy
P-Notes investment into India reaches Rs.2.54 lakh crore
Participatory Notes, or P-Notes, mode investment into India's capital markets grew to Rs.254,000 crore (around $39 billion) at the end of September compared with the previous month, according to data by market regulator SEBI.
 
Securities and Exchange Board of India data showed that earlier investment through P-Notes has been declining in the June-August period after touching a seven-year high of Rs.285,000 crore in May. This was the highest investment since February 2008, when the cumulative value stood at Rs.323,000 crore.
 
The total value of P-Notes investment in Indian markets increased to Rs.253,875 crore at September-end, from Rs.253,310 crore in the previous month.
 
The drop in investment via P-Notes cames after the Supreme Court-appointed Special Investigation Team (SIT) on black money asked SEBI to review its regulations to help identify the end-users.
 
P-Notes, mostly used by overseas individual investors, hedge funds and foreign institutions, allow investors to invest in Indian markets through registered foreign institutional investors (FIIs).
 
These used to account for more than 50 percent of total FII investment in India till a few years ago, but their share has fallen after SEBI tightened disclosure norms and other regulations.
 
Currently, P-Notes make up around 15-20 percent of the total FII investment in India, as against around 25-40 percent in 2008.
 
The SIT on black money had recommended that the know your client norms for P-Notes be further improved.
 
However, the government has recently said it has no intention of putting an overnight ban on P-Notes and it is consulting the Reserve Bank of India and SEBI on the recommendations of the SIT.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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IRDAI allows point of sales persons
 For growth of insurance penetration in the country, watchdog Insurance Regulatory and Development Authority of India (IRDAI) on Monday decided to allow Point of Sales Persons (POSP) to sell policies.
 
In a guideline governing the POSPs, the IRDAI said they can sell only pre-underwritten policies that needs little or no intervention by an intermediary in its sale.
 
According to IRDAI, each POSP, appointed by an insurance company or an insurance intermediary who will be responsible for them. will be identified by his Aadhar card or his PAN card and should have passed class 10.
 
The POSPs can sell only motor insurance (comprehensive and third party); personal accident; home insurance, travel insurance and other products approved by IRDAI.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex may be headed lower – Monday closing report
A close below 8,220 may mean a few days of decline for Nifty
 
We had mentioned in Friday’s closing report that Nifty, Sensex are buoyed by global stimulus and that Nifty has to stay above 8,200 during the week for the rally to continue. The market failed to maintain its bullish trend and the major indices in the Indian stock markets were found to be moving sideways. The day’s low was at 8,252.25. Nifty and Bank Nifty closed with small losses.
 
The trends of the major indices in Monday’s trading are given in the table below:
 
 
India Vix closed at 17.23, up 6.41%. NSE turnover was at 70.11 crore.
 
A Chinese stimulus, domestic quarterly results and a US decision on a rate hike, coupled with the expiry of derivatives are expected to drive Indian equities markets in the next few days. As expected, the major indices in the Indian market opened on a higher note, but could not sustain the advantage and retreated to the listless trends of the previous week, leading to the indices closing with small losses.
 
Foreign funds were net sellers of shares worth $41.47 million. Some buying was observed in capital goods, power and Information Technology sectors, while selling pressure was seen in oil and gas, consumer durables and metal sectors.
 
In BSE, oil and gas index plunged 0.95%, consumer durables index dropped by 0.87% and metal index fell by 0.70%, while power index gained by 0.46%, capital goods index moved up by 0.38% and IT index got augmented by 0.24%.
 
The 100-scrip and 200-scrip indices were both down by 0.43%. Mid-cap index ended lower by around 0.52% and small-cap stocks fell 0.72%. 
 
HDFC was down 2% after the housing company's net interest income fell below analysts' expectations but profit beat analysts’ estimates and increased 18%. 
 
Bharti Airtel fell 2%. Consolidated numbers in Q2 were largely in line with analysts’ estimates. India business was impacted by seasonality. Analysts felt that investors were worried about its voice and data realisation decline and slower growth in data volumes. 
 
Asian Paints plunged 4.7% after its results missed analysts’ expectations.
 
The Sensex gainers were: BHEL, up 3.72% at Rs.217.55; Vedanta, up 2.40% at Rs.104.70; Bajaj-Auto, up 2.14% at Rs.2,567.55 and Tata Steel, up 1.38% at Rs.249.45.
 
The losers included: Coal India, down 2.40% at Rs.333.20; HDFC, down 2.09% at Rs.1,312.85; Bharti Airtel, down 1.91% at Rs.351.90 and Reliance Industries, down 1.34% at Rs.943.
 
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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