Guaranteed clashes

India's structured product developers have been shackled by a strict regulatory regime that has prevented the product advances seen in many other Asian countries. But dealers are working hard to find ways of dealing with the rules, finds Sarfraz Thind

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India's late arrival on the retail structured products scene has meant that its regulations have evolved more slowly than in other countries. Use of over-the-counter (OTC) derivatives is prohibited, leverage is outlawed and, until recently, banks were unable to market capital-guaranteed structured funds to retail clients. "The laws on capital-guaranteed products are very prescriptive," says Sai Tampi, head of portfolio management services at HSBC in Mumbai. "As there are several small and first

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