A Substance Over Form Imperative for SEBI – IndiaCorpLaw
[Mustafa Rajkotwala and Shamik Datta are lawyers based in Mumbai] Tracker shares and total return swaps (“Three”) are sophisticated financial instruments that allow foreign investors to synthetically replicate exposure to Indian equity markets. These instruments have gained prominence as alternatives to traditional participatory notes (“P-notes”), offering similar economic outcomes while circumventing scrutiny under SEBI’s offshore derivative instruments (“ODI”)…