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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Participatory notes (P-notes), the ‘hot money’ instrument that India has been trying to ban since 2007, are still widely used for investing in domestic stock markets. Data show that ₹87,132 crore ($11.6 billion approx) worth of P-note positions were outstanding as of December 2020.
Over 2020, the instruments have seen a near 30 per cent growth in value. The current value of P-notes is at a 31-month high and includes investments in equity, derivatives, debt and other hybrid instruments. P-notes are receipts issued by foreign portfolio investors (FPIs) against the cash they receive for stocks purchased on behalf of clients. Such P-note clients are not directly registered in India. Per December data, the value of P-notes is the highest since May 2018, which saw a peak of ₹93,497 crore.
Experts say it is surprising there are still investors using P-notes for large investments, since FPI registrations in India have crossed the 10,000 mark. P-note investments are just around 2 per cent of the total assets under management of FPIs, which stood at more than ₹41.82-lakh crore ($55 billion).
There is a shadow over P-notes as their ultimate beneficiaries are almost impossible to trace because they are mainly registered in tax havens such as Mauritius and Cayman Islands.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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