NEW DELHI: The government will not react in a "knee-jerk" manner on a report by a special investigations team that suggested greater oversight of money laundering in stocks, Finance Minister Arun Jaitley said on Monday.
The Supreme Court-appointed team said the market regulator, Securities and Exchange Board of India (SEBI), needed to ensure it can better identify owners behind overseas investments into participatory-notes (P-notes), or popular derivative products that track domestic equity markets.
Jaitley, however, said the government would apply its mind on the recommendations in due course and would avoid any decision that could hurt investor sentiment.