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 offshore derivative instruments issued by registered Foreign Portfolio Investors (FPIs) to overseas investors, allowing them to invest in the Indian stock market without the need for direct registration with SEBI. While a Promissory Note (Option C) is a general financial instrument containing a written promise to pay, it does not facilitate indirect foreign investment in equity markets and is primarily used for debt obligations. This question tests the core concept of foreign investment mechanisms and capital market instruments used in India’s financial system.