Jaitley Rules Out "Knee-jerk" Reaction on Report to Curb Money Laundering

The Supreme Court-appointed team said the market regulator, SEBI, needed to ensure it can better identify owners behind overseas investments.

Published: 27th July 2015 12:38 PM  |   Last Updated: 27th July 2015 12:38 PM   |  A+A-

jaitley reuters

Jaitley's remarks came just ahead of the Federal Open Market Committee of the US meeting to review the interest rate regime. | (File/Reuters)

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.

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