Participatory Notes

Participatory notes also referred to as P-Notes, or PNs, are financial instruments required by investors or hedge funds to invest in Indian securities without having to register with the Securities and Exchange Board of India (SEBI). P-Notes are among the group of investments considered to be Offshore Derivative Investments (ODIs). Citigroup (C) and Deutsche Bank (DB) are among the biggest issuers of these instruments.