Date:18/10/2008 URL: http://www.thehindu.com/2008/10/18/stories/2008101859901700.htm

Business

PNs: FIIs disclose details to overseas entities

MUMBAI: As many as 17 FIIs have provided information about participatory notes (PN) issued to overseas entities, which could be used like short sale, on October 10, 13 and 14.

Largest number

According to the information provided to the market regulator for the period of October 10, 13,14 the PNs issued to overseas entities had the largest number of ITC shares as underlying securities.

PNs for 22.91 lakh ITC shares and 12.67 lakh HDIL shares were issued, as per the information.

PNs were also issued for Reliance Communications, Reliance Industries and Reliance Petroleum, Tata group companies, Wipro, ICICI Bank, Hindustan Lever, Axis Bank and Infosys.

Overseas Derivative Instruments (ODIs) were issued for minimum number of 400 shares of HDFC Bank.

The information provided by the FIIs comes after a SEBI direction, which asked FIIs and their agents to provide their position on the quantity of PNs they have issued to overseas entities which could be used like short sale. Short selling implies to selling of securities that are not owned by the seller. — PTI