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Participatory Notes – 10 Things You Should Know !


These are the offshore derivative instruments, also known as the P-Notes or PNs. These instruments are issued by the registered Foreign Institutional Investors (FIIs) to overseas investors, who wish to invest in the Indian stock markets without registering themselves with the market regulator, the Securities and Exchange Board of India (SEBI).

There are two routes for foreign investors to enter into the Indian securities market i.e. through FDI or FII, highly regulated by SEBI. However, Participatory notes are the alternative available to the Foreign Investors to enter into Indian market without registering themselves with SEBI.

In many ways this is similar to ADR Process. Generally, Indian regulators are not happy with these instruments as they have no way to trace down that with whom the securities are underlying.


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