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This is with reference to the editorial “Wrong prescription” (Business Line, October 18). Any regulator would insist that the system captures trails which can be utilised to trace the role of participants. He will be extra cautious about intermediaries who transact on behalf of clients. The details of the clients is an essential data which needs to be recorded. Participatory notes fall short of this. Especially where the intermediaries are understood to have offered exotic products through their own financial engineering, the regulator needs to intervene to demand either transparency or prescribe a different a set of guidelines for such transactions to limit their scope.

While one may fault the manner in which the announcements have been made, the timing, the intent and the prescription are timely.

V. Balakrishnan e-mail

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