The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Market code raises foreign concerns

India

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. Sebi said CSFB was "not fit and proper" because its broking affiliate is "inextricably linked" to a suspended Mumbai stockbroker.


The broker, Ketan Parikh, faces charges of rigging stock prices. This month CSFB's two-year suspension on stockbroking activity will end, and it can re-apply for registration. But sources at its almost-deserted Mumbai office say it is unlikely to restart business soon.


CSFB advised the Indian government on one of the biggest privatization sales last year - telecoms company Videsh Sanchar Nigam - but is now out in the cold. Some bankers blame the firm's weak rules on compliance, others point out CSFB got caught doing what others got away with.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree