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?

Participatory Notes (P-Notes) are Overseas Derivative Instruments (ODIs) with Indian stocks as their underlying assets.

They are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors.

P-Notes allow foreign investors to invest in the Indian stock market without directly registering with the Securities and Exchange Board of India (SEBI).

They gained popularity because they allowed Foreign Institutional Investors (FIIs) to invest in Indian stocks while avoiding registration formalities and maintaining anonymity.

Hence, the correct answer is Participatory Note.

Sources:

• Economic Times - All about Participatory Notes