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India allowed Foreign Institutional Investors (FIIs) to buy stocks listed on Indian exchanges. However, all investors, whether institutions or individuals, were required to register themselves with the capital markets regulator, SEBI. To get around these restrictions, FIIs started to issue so-called participatory notes. This paper attempts to review the problems, regulations, growth and the recent trends in PN investments.fatcat:nap5vmmplbdlxm2ecxvfoj3t2i