According to the publication, Renaissance Technologies was granted permission in January 2008. Securities and Exchange Board of India (SEBI) has been trying to see that foreign investors directly participate in the Indian market than through participatory notes which are derivative instruments that do not come under SEBI.
Since October 2007, SEBI has been trying to stiffen rules respecting trading with participatory notes so that it can have control over the flow of foreign investments.
Business Standard reported Prabhat Awasthi, head of equity research and managing director at Lehman Brothers, as saying: "It is good. At the end of the day, it is money and SEBI has made the inflow of money into our markets more transparent."
A service of YellowBrix, Inc.
Source : blackenterprise.com