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 financial instruments issued by Foreign Portfolio Investors (FPIs) who are registered with the Securities and Exchange Board of India (SEBI) to overseas investors. These overseas investors may not wish to register directly with SEBI but want to participate in the Indian stock market. P-Notes essentially allow foreign entities to invest in Indian equities, derivatives, or debt without directly investing in the Indian market. The FPIs invest in the Indian securities and then issue P-Notes to the overseas investors. This mechanism provides a route for foreign investment while maintaining a level of anonymity for the end investor, although SEBI has implemented measures to enhance transparency over time.