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Investors panic as India proposes new legislation, trading temporarily suspended From FinanceAsia.com: Proposed SEBI restrictions on participatory notes cause markets to turn bearish but sentiment recovers and the rationale for the move draws support from various quarters. India's stockmarket watchdog has tabled a proposal curtailing unregistered foreign investors from trading in Indian securities. Equities lost ground in early trading on Wednesday but made a significant intra-day recovery as specialists endorsed the logic behind the move.

Equity investors panicked after the Securities and Exchange Board of India (SEBI) issued proposed new guidelines governing foreign investment in stockmarkets. The main stock index, the Sensex, lost 9.15% after markets opened on Wednesday to fall to 17,308 points, triggering a circuit breaker which saw authorities suspend trading for an hour.

Comments were made that the correction was one of the largest in the history of the Sensex but equally, to put the fall in perspective, the Sensex has never scaled the levels at which it currently trades. Full article: Source

Opalesque Exclusive: Proposed changes - likely to become law on 25th October 2007 This is an excerpt of Atyant Capital’s communication to investors:

• FII sub-accounts cannot issue any further ODI......................

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