The board of Sebi, in May, tightened norms to check any misuse of controversy-ridden P-Notes. The total value of P-Notes investment in Indian markets has fallen since October 2015 and the trend continued till February this year. A slight uptick in the investment through P-Notes was witnessed in May, however, it again plunged to June. The share of P-Notes has been falling over the years as Sebi tightened disclosure norms and other related regulations. In absolute terms, value of P-Notes investment rose to a record Rs.4.5 trillion in October 2007, but dropped to Rs.3.22 trillion in February 2008 and Rs.60,948 crore in February 2009.

Source: Mint October 10, 2016 12:56 UTC