Overall investments in the Indian capital market through participatory notes (P-notes) fell to Rs 1.28 trillion at November-end after witnessing a rise in the previous month. P-notes are issued by registered foreign portfolio investors to overseas players who wish to invest in the Indian capital market without registering themselves directly. They, however, need to go through due diligence. Total value of P-notes investment in Indian markets — equity, debt and derivatives — declined to Rs 1.28 trillion at November-end from Rs 1.31 trillion at the end of October, according to market regulator Sebi data. P-note investments were on a decline since June and hit an over eight-year low in September; however, it climbed up in October.