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New Delhi, Dec 4 The Union Finance Minister, Mr P. Chidambaram, said on Tuesday that no total ban has been imposed on issuance of participatory notes (PNs) by foreign institutional investors (FIIs).

“There is no absolute ban on PNs,” Mr Chidambaram told Rajya Sabha on Tuesday.

The Securities and Exchange Board of India (SEBI) had, in October, barred FIIs from issuing P-Notes, based on derivatives, through their sub-accounts.

As on November 15, 1,157 FIIs and 3,488 sub-accounts were registered with the capital market regulator.

On October 25, when imposed ban on certain P-Notes, 1,125 FIIs and 3,450 sub-accounts were registered with the SEBI.

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