SC sends notice to CBI, SEBI on plea seeking seizure of P-Notes

The Supreme Court on Friday sought a response from the Securities and Exchange Board of India (SEBI) on a plea seeking seizure of participatory notes from the stock market.

A notice has also been sent to the Central Government, the Reserve Bank of India and the Central Bureau of Investigation regarding the matter.

The PIL was filed by advocate M.L. Sharma, who had already filed a PIL on Panama black money revelations, has filed this fresh application.

The plea alleges that the Indian black money stashed abroad has been routed back through the participatory notes.

The petitioner has urged the Apex Court to order the seizure of the money invested in form of the participatory notes.

According to reports, Sharma alleged that soon after the court issued notice on the PIL, SEBI started to manipulate entire P-notes scenario to protect them

The Supreme Court is set to further hear the matter on July 25.

On May 9, the Apex Court had issued notice to the Centre and the CBI for an investigation against the Indians' offshore account holders, and others.

P-Notes are typically instruments issued by registered foreign portfolio investors to overseas investors who wish to invest in Indian markets without registering themselves directly in India to save on time.