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 Deutsche Bank provides the principal protection.
To start with, the India Capital Guarantee Series I will invest 80% in equities and 20% in high-grade fixed-income instruments, with half the equity allocation in Indian index futures....
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