BAML and Morgan Stanley shift Indian P-notes to Europe

Photo of rupees — Take note: India investments are losing their tax advantages

Frances Ivens
18 May 2017

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Bank of America Merrill Lynch (BAML) and Morgan Stanley are using their European subsidiaries to retain favourable tax treatment on offshore derivative instruments that access the Indian stock market, following moves by the Indian authorities last year to end capital gains exemptions with Singapore and Mauritius.

While taking this approach is likely to lead to more regulatory scrutiny from the Indian authorities, it gives the two banks a temporary advantage over their US peers in the

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