PNotes and other derivatives are the Sub-prime Mortgage Securities that nobody in US or Europe wants. They are desperately trying to value the tied up instruments that they cannot mark to market. FII's packages this and sell to un-suspecting Indian and Chinese markets re-directing it to Stock markets buying up Emerging market stocks. This is so dangerous that it will eventually destroy Indian Markets. chinese Markets might comeout of this as they have more than a trillion dollars in their kitty. SEBI and Govt has smelled the biggest threat to Indian markets and decided to call the bluff. FII's must be controlled just like US and Euproeans do with Chinese and Indian Companies trying to operate in WEstern markets.
