Investment in India's stock market through Participatory Notes (P-Notes) slipped to ₹2.53 lakh crore ($39 billion) at the end of August, according to the Securities and Exchange Board of India (SEBI). Investment through P-Notes has been falling after touching a seven-year high of ₹2.85 lakh crore in May. P-Notes enable foreign investors to invest in Indian markets through registered FIIs.