20 Sub Accounts applied for FII Status

Sebi (Securities and Exchange Board of India) Chairman M Damodaran said that all 20 sub-accounts of Foreign Institutional Investors (FII) issuing participatory notes ( P notes) have sought FII status. The request of FII status came within 24 hours deadline set by Securities and Exchange Board of India on Monday September 22, 2007. Sub Accounts include foreign corporate , funds , individuals and institutions on whose behalf investments are proposed to be made by FIIs. There are over 1,100 FIIs presently registered with Securities and Exchange Board of India. Of these 34 deal in P Notes and have set up proprietary sub accounts to deal with the instruments