Participatory Notes (PNs) — UPSC Prelims PYQ 2007
Participatory Notes (PNs) are associated with which one of the following?
- Consolidated Fund of India
- Foreign Institutional Investors
- United Nations Development Programme
- Kyoto Protocol
Explanation
Option (b) is correct
- Participatory Notes (PNs) are offshore derivative instruments issued by registered Foreign Institutional Investors (now largely referred to as Foreign Portfolio Investors) to overseas investors who wish to invest in Indian securities without directly registering with Indian market regulators.
Answer: (b) Foreign Institutional Investors
