Soon after Indian finance minister Jaswant Singh announced measures to boost the equity market in his first budget, the Indian securities market regulator put out a code of conduct for market intermediaries that is unsettling foreign investors. Many believe the code for foreigners contains a veiled warning to stick to Indian rules or face the consequences just as one of them – Credit Suisse First Boston – did last year.
CSFB faced the ignominy of having an application to renew its registration as an institutional investor in India turned down by the Securities Exchange Board of India.
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