The 30-share index of the BSE (Bombay Stock Exchange,India), SENSEX; which reached a life-time high upto 18000, crashed 1744 points, after the SEBI put up its suggestion late on Tuesday evening.
The market was closed for an hour.
The p-Notes are said be behind the hugh surge in foreign inflows, which caused the latest market rally.
"The steps taken by SEBI are in the right direction," the Finance Minister of India - P.Chidambaram said.
The Securities and Exchange Board of India (SEBI) on Tuesday proposed to tighten the rules for purchase of shares and bonds in Indian companies through the participatory note (p-Note) route .
The move is aimed at arresting the surge in foreign inflows through p-notes.
By Saurabh Patil
2007-11-04
Reasons for Indian Stock Market's Biggest Crash(1)
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