{"id":7069,"date":"2022-01-19T11:59:44","date_gmt":"2022-01-19T06:29:44","guid":{"rendered":"https:\/\/www.goseeko.com\/blog\/?p=7069"},"modified":"2026-02-18T01:41:37","modified_gmt":"2026-02-17T20:11:37","slug":"what-is-p-note","status":"publish","type":"post","link":"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/","title":{"rendered":"What is P-note?"},"content":{"rendered":"\n<p>P-note is a participatory note also known as PN. It is an instrument of foreign institutional investors\/foreign portfolio investors. It is issuing to overseas investors for investment in the Indian stock market. PN encourages investment from unregistered buyers i.e, for overseas investors not registered with the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Securities_and_Exchange_Board_of_India\">Securities and Exchange Board of India<\/a>&nbsp;(SEBI). Further, Investments through Participatory Notes in the domestic capital market rose to Rs 78,110 crore at the end of March,2019 amid positive market sentiments. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Features of P<\/strong>-note<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Firstly, PN are Offshore Derivative Investments (ODIs) with equity shares or debt securities as underlying assets.<\/li>\n\n\n\n<li>Secondly, they provide liquidity to the investors as they can transfer the ownership by endorsement and delivery.<\/li>\n\n\n\n<li>Moreover, While the FIIs have to report all such investments each quarter to SEBI, they need not disclose the identity of the actual investors.\u00a0<\/li>\n\n\n\n<li>Finally, the primary reason why PN are worrying is because of the anonymous nature of the instrument as these investors could be beyond the reach of Indian regulators.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Advantages of P<\/strong>-note<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Any entity can invest in the participatory notes without registering under SEBI.<\/li>\n\n\n\n<li>PN enables the large hedge funds to continue their operations without disclosing their identity.<\/li>\n\n\n\n<li>The instrument is transferable through endorsement and delivery making trading easy in the country.<\/li>\n\n\n\n<li>It allows taking advantage of the tax laws of certain preferred countries.<\/li>\n\n\n\n<li>It encourages foreign investment into the country and non-compulsion of registration with SEBI.<\/li>\n\n\n\n<li>About 45 percent of total investments made by foreign instructional investors (FIIs) are through the PN.<\/li>\n<\/ol>\n\n\n\n<p><strong>SEBI Norms on PN<\/strong><\/p>\n\n\n\n<p>All P-notes will have to abide by Foreign Portfolio Investors Regulations. PN won\u2019t be allowed to be issued by a resident of a country identified by Financial Action <a href=\"https:\/\/clinics.shuddhi.com\/\">https:\/\/clinics.shuddhi.com\/<\/a> Task Force as a \u201cjurisdiction having a strategic Anti Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>P- note is a participatory note also known as PN. <\/p>\n","protected":false},"author":28,"featured_media":7070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-7069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commerce"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is P-note? - Goseeko blog<\/title>\n<meta name=\"description\" content=\"P-note is a participatory note also known as PN. It issued to overseas investors for investment in the Indian stock market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is P-note? - Goseeko blog\" \/>\n<meta property=\"og:description\" content=\"P-note is a participatory note also known as PN. It issued to overseas investors for investment in the Indian stock market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/\" \/>\n<meta property=\"og:site_name\" content=\"Goseeko blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goseeko\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-19T06:29:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-17T20:11:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.goseeko.com\/blog\/wp-content\/uploads\/2022\/01\/pnote.png\" \/>\n\t<meta property=\"og:image:width\" content=\"534\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gunjan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@goseeko\" \/>\n<meta name=\"twitter:site\" content=\"@goseeko\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gunjan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/\"},\"author\":{\"name\":\"Gunjan\",\"@id\":\"https:\/\/www.goseeko.com\/blog\/#\/schema\/person\/843a7ac71fc4ae8c177dbb7820f2dc9c\"},\"headline\":\"What is P-note?\",\"datePublished\":\"2022-01-19T06:29:44+00:00\",\"dateModified\":\"2026-02-17T20:11:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/\"},\"wordCount\":313,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/www.goseeko.com\/blog\/wp-content\/uploads\/2022\/01\/pnote.png?fit=534%2C432&ssl=1\",\"articleSection\":[\"Commerce\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/\",\"url\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/\",\"name\":\"What is P-note? - Goseeko blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.goseeko.com\/blog\/what-is-p-note\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/www.goseeko.com\/blog\/wp-content\/uploads\/2022\/01\/pnote.png?fit=534%2C432&ssl=1\",\"datePublished\":\"2022-01-19T06:29:44+00:00\",\"dateModified\":\"2026-02-17T20:11:37+00:00\",\"description\":\"P-note is a participatory note also known as PN. 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