What are participatory notes?

Staying on with markets, SEBI had introduced participatory notes in the year 2000 so that the foreign investors too have a slice of India's growing stock markets pie. But in 2007, when it thought of regulating it, the markets crashed like ninepins. The regulator shelved the plan, but not the unease. Meanwhile, foreign investment through this instrument continues to swell. So what is a P-note and what are SEBI’s concerns around it? Listen to this podcast to know more.