NEW DELHI, MARCH 3 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.

‘‘In 2005, not a single Indian company got listed in the US, due to regulatory hurdles like the Sarbanes Oxley Act,’’ he said.

Price, however, was a little more confrontational and slammed the underlying regulatory attitude in India. ‘‘The fear of scams has led to a retarded evolution of short selling. Then there’s the Phantom Pandora’s Box — regulators fear opening a problem box, fearing a flood of other problems from it,’’ Price said.

Price urged Indian regulators to show ‘‘more courage’’ and ‘‘pay special attention to removing ambiguity in certain FII rules.’’ ‘‘P-Note rules are very ambiguous. Either we have to decide to sit out of that market or take a risk by issuing such notes,’’ Price said.