Participatory Notes

Facts for Prelims

Participatory Notes

News: In November 2023, there was an increase in participatory note investments, reaching a total of ₹1.31 lakh crore.

What are Participatory notes?
• Participatory notes, also referred to as P-notes or PNs, are financial instruments used by investors or hedge funds to invest in Indian securities without having to register with the Securities and Exchange Board of India (SEBI). They are among the group of investments considered to be Offshore Derivative Investments (ODIs).
• P-notes are derivative instruments with Indian shares as the underlying assets. Foreign institutional investors (FIIs) issue these financial instruments to investors in other countries who want to invest in Indian securities. Brokers and FIIs registered with SEBI issue the P-notes and invest on behalf of the foreign investors.
• Investors save time, money, and scrutiny associated with direct registration. These investments are also beneficial to India as they allow for foreign investment into the country. However, because of the anonymity, Indian regulators face difficulty determining a P-note’s original owner and end owner.

DICS Branches

Our Branches

DICS Ahmedabad


(Head Office)

Address : 506, 3rd EYE THREE (III), Opp. Induben Khakhrawala, Girish Cold Drink Cross Road, CG Road, Navrangpura, Ahmedabad, 380009.

Mobile : 8469231587 / 9586028957

Telephone : 079-40098991



Address: A-306, The Landmark, Urjanagar-1, Opp. Spicy Street, Kudasan – Por Road, Kudasan, Gandhinagar – 382421

Mobile : 9723832444 / 9723932444


DICS Vadodara


Address: 2nd Floor, 9 Shivali Society, L&T Circle, opp. Ratri Bazar, Karelibaugh, Vadodara, 390018

Mobile : 9725692037 / 9725692054


DICS Surat


Address: 403, Raj Victoria, Opp. Pal Walkway, Near Galaxy Circle, Pal, Surat-394510

Mobile : 8401031583 / 8401031587


DICS New Delhi

New Delhi(In Association with Edge IAS)

Address: 57/17, 2nd Floor, Old Rajinder Nagar Market, Bada Bazaar Marg, Delhi-60

Mobile : 9104830862 / 9104830865