Guaranteed clashes

India Risk - Structured products


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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