Foreign investors seek Sebi relief on p-note ban

Ask for a 3-month extension to roll over their July positions; say curbs will kill the p-note market

Foreign banks met with markets regulator, the Securities and Exchange Board of India (Sebi), to seek relief from a new rule that requires investors to liquidate some of their offshore derivatives contracts, people with knowledge of the matter said.

Sebi on Friday issued a circular that said the derivatives must be liquidated by the end of 2020 or by the instrument’s date of maturity, whichever was earlier. Banks, representing their clients, met with Sebi officials on Monday to seek a three-month extension to roll over their July positions. The contracts usually have monthly maturity, meaning existing products will have to be