Sebi's ISIN guidelines hit market for structured products in India

A maximum of five ISINs maturing per financial year are allowed only for structured products/market-linked debt securities

The Securities and Exchange Board of India’s (Sebi) guidelines in June last year, to restrict the issuance of International Securities Identification Numbers (ISINs), has dented the market for structured products in the country. 

Structured products came into limelight in 2007 and 2008, when equity valuations were at their peak. Products worth Rs 35 billion were reportedly issued in June and July 2008. The issuances were led by overseas brokerages such as Merrill Lynch, Deutsche and Barclays. 

Wealthy investors became wary of these products in the aftermath of the global financial crisis. However, there was another round of uptick a few years later.