Participatory notes (P-Notes) allow foreign investors to invest in Indian stock markets without directly registering with the market regulator SEBI. The Supreme Court has asked SEBI to set guidelines around P-Note ownership to curb black money flows. In response, the Indian stock market fell over 500 points as P-Notes came under increased scrutiny. SEBI has taken measures to reduce the use of P-Notes by making FII registration easier and increasing disclosure requirements to better identify real owners of P-Notes.