The Supreme Court on Friday asked the central government, market regulator SEBI and apex bank RBI to file their response to a plea for seizing Participatory Notes (P-notes) and the profits accrued on them as they were "camouflaged black money".
A bench of Justice Dipak Misra and Justice C. Nagappan also sought response from the Central Bureau of Investigation (CBI) on the plea to direct the investigating agency to seize the entire records of the P-notes, mostly used by overseas individual investors, hedge funds and foreign institutions, to allow investments in Indian markets through registered foreign institutional investors (FIIs), under their control.
The bench sought response from the central government, the market regulator, the apex bank, and the CBI on an application by PIL petitioner, advocate M.L.Sharma, who has also sought direction to the SEBI not to release/transfer P-notes amount without the nod from the court.
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A bench of Justice Dipak Misra and Justice C. Nagappan also sought response from the Central Bureau of Investigation (CBI) on the plea to direct the investigating agency to seize the entire records of the P-notes, mostly used by overseas individual investors, hedge funds and foreign institutions, to allow investments in Indian markets through registered foreign institutional investors (FIIs), under their control.
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