Fear of Indian heights?

A portfolio manager in India is advising a principal-protected note for investors who worry that India's bull market may not last forever.

An offshore Indian fund is offering investors an investment product that promises to capture the strong growth expected in IndiaƆs stock market while protecting against the risk of a fall in stock prices.

The five-year note, offered by the India Emerging Opportunities Fund, is structured using constant proportion portfolio insurance CPPI and is sold in US dollars out of Mauritius to avoid taxes on capital gains and dividends. The stocks are picked by ASK Raymond James, the investment adviser, and...

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