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Watchdog tightens offshore derivative rules to stem illegal money inflow

MUMBAI (NewsRise) -- India has tightened rules on offshore derivatives, as it seeks to plug potential sources of illegal money flowing into the nation's financial markets.

The Securities and Exchange Board of India, in line with recommendations from a panel on black money appointed by the nation's top court, on Thursday tightened the so-called "know-your-customer norms" by asking issuers of offshore derivative instruments to identify and verify the beneficial owners of entities holding such instruments.

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