Murky rules mire ODIs

Offshore derivatives instruments (ODIs), or participatory notes (PNs), are issued through pre-approved foreign institutional investor (FII) accounts to foreign entities that may not have qualified for direct investment, but are seeking direct exposure to the Indian market. However, certain investors prefer this means of access as it often has lower transaction costs and recordkeeping overheads and is useful if an investor wishes to access multiple markets through a single ODI issuer.

But the