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Investments in Indian capital markets through participatory notes (P-notes) rose to Rs 1.02 lakh crore till October-end, making it the highest level in 43 months. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. However, they need to go through a due diligence process.

According to Securities and Exchange Board of India data, the value of P-note investments in Indian markets -- equity, debt, and hybrid securities -- was at Rs 1,02,553 crore by October end. This was the highest level since March 2018, when P-notes had invested to the tune of Rs 1,06,403 crore. Of the total Rs 1,02,552 crore invested through the route till October, Rs 93,213 crore was invested in equities, Rs 8,885 crore in debt, Rs 455 crore in hybrid securities.

At the end of September this year, the investment level was at 97,751 crore, Rs 97,744 crore by August end. The figure for July was revised to Rs 85,799 crore from Rs 1,01,798 crore posted earlier. Prior to that, the investment level was at Rs 92,261 crore by June-end, Rs 89,743 crore by May-end, Rs 88,447 crore at April-end, and Rs 89,100 crore by March-end.