P-notes investment continues to swell for seventh month on robust macros

Investment in the Indian capital markets through participatory notes rose over a six-year high at Rs 1.33 lakh crore at September-end, making it the seventh consecutive monthly increase, on the back of robust macroeconomic fundamentals.
This is the highest level since July 2017 — when investment through the route stood at Rs 1.35 lakh crore, data from the Securities and Exchange Board of India (Sebi) showed.
The latest data includes the value of p-note investments in Indian equity, debt, and hybrid securities. Participatory notes (P-notes) are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly.
They, however, need to go through a due diligence process.
According to Sebi data, the value of p-note investments in Indian markets — equity, debt, and hybrid securities — stood at Rs 1,33,284 crore at the end of September as compared to Rs 1,28,249 crore a month earlier.
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