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P-note investments hit 4-month high in March

Friday, April 21, 2017

Investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to 4-month high of Rs 1.78 lakh crore at the end of March despite stringent norms put in place by Sebi to curb inflow of illicit funds. P-notes are issued by registered Foreign Portfolio Investors to overseas investors who wish to be a part of the Indian stock markets without registering themselves directly. They however need to go through a proper due diligence process.

According to Sebi data, total value of P-note investments in Indian markets -- equity, debt and derivatives -- increased to 1,78,437 crore at March-end, from Rs 1,70,191 crore at the end of February. Prior to that, the total investment value through P-notes stood at Rs 1.75 lakh crore in January-end and Rs 1.57 lakh crore in December-end.

In March, investments through the route had touched the highest level since November, when the cumulative value of such investments stood at 1,79,648 crore. Of the total, P-note holdings in equities were at Rs 1.12 lakh crore at March-end and the remaining were in debt and derivatives markets. The quantum of FPI investments via P-notes remain unchanged at 6.6% in March.

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