SEBI opens new door for overseas investors The Securities and Exchange Board of India (Sebi) has opened up the Indian capital markets to clients of global private banks, which can invest in stocks without having to go through registration or compliance requirements. Until now, foreign banks were allowed to do propriety trades only. However, now they have been allowed to invest in domestic securities on behalf of their clients. Sebi announced the move last week inacircular titled Easing of access norms for investment by foreign portfolio investors. Experts say the new measure, which resembles the participatory note (pnote) framework, could beagame changer. Also, this route will provide more flexibility to investors compared to pnotes, as they will be able to take unhedged exposure to Indian derivatives market. Sebi´s latest move isadeparture from the regulator´s efforts in the past few years to encourage direct participation. All bigticket pnote issuing entities are owned by