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PARTICIPATORY NOTES

Participatory Notes commonly known as P-Notes or PNs are instruments issued by registered foreign institutional investors (FII) 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.
SEBI permitted foreign institutional investors to register and participate in the Indian stock market in 1992.
Investing through P-Notes is very simple and hence very popular amongst foreign institutional investors. The absolute value of P-Notes investments rose to a record of Rs 4.5 lakh crore in October 2007. However, mainly due to SEBI's strengthening of the regulatory framework for P-notes, their investments fell to a record low of Rs 80,341 crore . The amount of Foreign Portfolio Investments (FPI) via P-Notes decreased from a high of 55% (October 2007) to 4.1% (August 2017)
https://en.wikipedia.org/wiki/Participatory_note

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