Participatory notes are associated with which of the following?

Explanation

Explanation: Participatory Notes are the instruments issued by registered foreign institutional investors (FII) to overseas investors, who wish to invest in the Indian stock markets. P-Notes or Participatory Notes are Overseas Derivative Instruments that have Indian stocks as their underlying assets. They allow foreign investors to buy stocks listed on Indian exchanges without being registered. This instrument gained popularity as FIIs, to avoid the formalities of registering and to remain anonymous, started betting on stocks through this route.