PNs and all that...

Those that punt on the stock market would know something of the bourhaha that has been happening the last few weeks over SEBI's circular proposing a ban on Participatory Notes (or PNs as they are popularly called).

The BSE Sensex has gone from being on a spectacular uptrend, to being locked at the 10% lower circuit, to gaining the largest single day rise, all in a matter of 2 weeks.

Without going into the technicalities of the matter, and in no way trying to undermine the copious amounts of opinions, reports etc. etc. in the media, all I can do is look and yawn...

As much as I see it, this noise over P-Notes is an annual occurance, and is just a cooling mechanism that the market finds for itself. It usually results in a sharp fall with a sharp rise in volatility, and enables new buyers to come into the market. In other words, it is just evolution.

So I look at it as a golden opportunity for going long. Now only if I had any capital :-(....