“JPMorgan Indian IT - other subscribers have mentioned these shares. The warrants JIIS (an option on the shares JII) are interesting. They trade c.70p against JII at 320p - the conversion price is 247 until 2Jan12, from 3Jan12 it is 291p so if the JIIS reflects this they may trade at 30-35p.

I think this is a very low risk (and highly geared) way of participating in the Indian market. I have used them in the past. The drawbacks - shares are illiquid & dealing spreads wide and they expire in Jan 14.”

Eoin Treacy's view Thank you for this interesting observation. The time value on these warrants, at least until the next reset on January 3 rd , is rapidly running down. At today's close the investment trust traded at 316p and the subscription shares at 66.5p. With conversion at 247p if one were to buy and exercise the option today you would get a discount of 2.5p to the investment trust's price. As you mention the subscription shares should decline even further from January 3 rd since the conversion price will rise.