With the ksh93u+m 1.0.10-2 Debian/unstable package (Debian bug 1121521) and with the dev branch:
$ echo ${${v}}
ksh93: syntax error: `!' unexpected
The error message is incorrect and confusing, as there is no "!". It should have been bad substitution like in mksh, dash and bash (note that this syntax is correct in zsh).