Investment in India's capital market
through participation papers or Pertissuary Notes (P-Notes) reached a 27-month
high of Rs 831.14 billion in November. P-Notes increased investment in the
second quarter as corporate earnings improved and liquidity improved.
What are P-Notes? P-Notes are issued
by Registered Foreign Portfolio Investors (FPIs) to foreign investors who wish
to become part of the Indian stock market without being directly registered.
However, for this, they have to go through a fixed process.
According to data from the Securities
and Exchange Board of India (SEBI), P-Notes investment in Indian markets,
including equity, debt and hybrid securities, increased to Rs 831.14 billion at
the end of November. This figure stood at Rs 786.86 billion at the end of
October.
The special thing is that this is the
highest level of investment since August 2018, when a total investment of Rs
846.47 billion was made through this route. At the end of September 2020,
investment through P-Notes was reduced to Rs 698.21 billion.
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