पंजीकृत विदेशी पोर्टफोलियो निवेशकों द्वारा उन विदेशी निवेशकों को, जो स्वयं को सीधे पंजीकृत कराए बिना भारतीय स्टॉक बाजार का हिस्सा बनना चाहते हैं, निम्नलिखित में से क्या जारी किया जाता है?
Read this question in English
Which of the following is issued by registered foreign portfolio investors to overseas investors who want to be part of the Indian stock market without registering themselves directly?
(a) Certificate of Deposit · (b) Commercial Paper · (c) Promissory Note · (d) Participatory Note
उत्तर और व्याख्या · explanation in English
Answer: (d) सहभागिता पत्र (पार्टिसिपेटरी नोट)
A Participatory Note (P-Note, now officially called an Offshore Derivative Instrument) is what a registered foreign portfolio investor issues abroad to an overseas investor who wants exposure to Indian securities without registering with SEBI. The FPI keeps the securities; the economic benefit passes to the note-holder.
- ✓ (d) SEBI describes ODIs (the erstwhile P-Notes) as derivative instruments issued overseas by FPIs against securities held in India; the FPI stays the owner of the underlying securities while the investor gets the economic benefit.
- ✗ (a) A Certificate of Deposit is a deposit-type instrument issued by banks to raise funds, not an instrument through which a foreign investor buys exposure to Indian shares.
- ✗ (b) Commercial Paper is a short-term borrowing instrument issued by companies, not a route for foreign investors to hold Indian equities indirectly.
Remember · P-Notes (Offshore Derivative Instruments) are issued abroad by SEBI-registered FPIs to foreign investors who avoid direct registration; the FPI holds the underlying Indian securities.
Sources
- SEBI Board Memorandum (Oct 2024): Proposal to address regulatory arbitrage with respect to Offshore Derivative Instruments and FPIs with segregated portfolios ↗ “ODIs (erstwhile P-Notes) are derivative instruments issued overseas by FPIs against securities held in India as its underlying. … Participatory Notes (P-Notes) to foreign investors who wanted exposure to Indian markets, without the complexities of direct registration with SEBI”
Question and answer: UPSC's official GS Paper I (2019, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). ·