GEOGRAPHY

Paper-I
Physical Geography
Majid Hussain/ Savindra Singh
Modern Physical Geography
Strahler and Strahler (Optional)
Certificate Physical and Human Geography Goh Cheng Leong
Physical Geography Made Simple Rupa Publication
Dictionary of Physical Geography Penguin
Evolution of Geographical Thought
Majid Hussain
Economic and Social Geography Made Simple
Rupa Publication
Models in Geography Majid Hussain
Dictionary of Human Geography
Oxford Student Atlas
Paper-II
India A Comprehensive Geography
Khullar
Regional Planning in India Mahesh Chand
India Year Book
Publication Division
Yojana and Kurukshetra Magazines
Bear cartel behind P-Notes bogey?
The market authorities are in the process of analysing trade data for all shortpositions over the past few days
A bear cartel is suspected to have been creating a bogey about regulatory clampd
own against P-Notes with an aim to pull down the stock markets to make illicit g
ains, sources said on Wednesday.
These bear operators are said to have created huge short positions in the stock
market over the past few days, which mean they were betting on a fall in the mar
ket values.
It is suspected that these operators could have been behind widespread rumours l
ast week that authorities were all set to ban Participatory Notes (P-Notes), whi
ch are used by overseas HNIs (high net worth individuals), hedge funds and other
foreign institutions to invest in Indian markets through registered overseas en
tities.
While there have been long-standing concerns about the possible misuse of offsho
re derivative instruments, or P-Notes, for money laundering and other such purpo
ses, these instruments are also used widely by genuine investors looking to save
on time and costs attached with direct investments.
While no clampdown has taken place against P-Notes, the Securities and Exchange
Board of India on Monday reiterated its regulatory framework for such investment
s by stating that the foreign investors need to ensure compliance with all neces
sary norms before issuing such notes.
However, the SEBI s move was taken as further regulatory tightening on P-Notes, re
sulting in a significant plunge in stock market indices on Tuesday.
Sources, however, said that a preliminary analysis of trade data for Tuesday, th
e first trading session after SEBIO s latest circular, shows that the sale of shar
es were mostly conducted by domestic investors and not the foreign entities.

As per the provisional stock exchange data, the FPIs (foreign portfolio investor
s) made gross purchase of shares worth over Rs.13,000 crore on Tuesday and were
net buyers to the tune of about Rs.1,200 crore.
On the other hand, the large domestic investors were net sellers on the day to t
he tune of about Rs.1,000 crore.
While no conclusive evidence has so far come to the fore against any particular
group of entities, the market authorities are in the process of analysing trade
data for all short-positions over the past few days, while they are also trackin
g the trading pattern of some suspected bear operators.
According to
lations that
ions will be
the relevant

the latest SEBI circular, which has no changes in the existing regu
FPIs need to comply with while issuing ODIs, the existing ODI posit
allowed to continue till expiry if they are not in compliance with
provisions of FPI regulations.

Any additional issuance, renewal or rollover of such non-compliant positions wou

ld not be permitted, SEBI had said.
However, this provision also formed part of the existing norms that had already
been in place, sources said, while adding that the latest circular was more in c
larificatory in nature.
Keywords: bear cartel, P-Notes