Despite the boom in Indian, JP Morgan Chase country officer Dominic Price feels it's important not to get too self-congratulatory. Referring to the report submitted by the joint group of Indo-US CEOs, Price said "There was a lot of dissent over the number of issues that remain to be addressed, be it in the financial or other sectors.''. Price was speaking at a round-table talk where Indian and US financial mavericks articulated their concerns about the two countries' financial sector climate. Uday Kotak, for instance, raised concerns about the lack of a level-playing field among the two countries' banks. "Indian banks have been waiting for 5-6 years to get an approval to open one branch in the US, while foreign banks are setting up here,'' he said. He urged the Americans to consider easing the norms for Indian companies. The ambiguous regulatory stance in India over hedge funds and investments through participatory notes (P-Notes) was slammed by both the Indians and the Americans.
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