1) Participatory Notes commonlyknown as P-Notes areinstruments issued by registeredforeign institutional investors(FII) to overseas investors,who wish to invest inthe Indian stock marketswithout registering themselveswith the market regulator, theSecurities and ExchangeBoard of India - SEBI. SEBIpermitted foreign institutionalinvestors to register andparticipate in the Indian stockmarket in 1992.