
6 | Chapter 1
Investors) to overseas investors who wish to invest
in Indian markets without registering with SEBI.
It is not mandatory for FIIs to disclose their client
details to SEBI; therefore, this instrument helps
in hiding the identity of the investors. With glo-
balization of the Indian economy, siphoning o
funds of companies and roundtripping of the
same funds by showing foreign investment in the
form of participatory notes is emerging as a key
factor facilitating corporate frauds.
Nature of Real Estate Transactions
Another major factor in the macroeconomic en-
vironment is the large proportion of black money
in real estate transactions. ...