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Overview
Participatory Notes (P-Notes) are issued to overseas investors who want to trade in securities listed on the Indian stock markets. Each P-Note unit represents one (or more) units of the Indian security, and the holder is entitled to any dividends or capital gains collected from it. P-Notes originate from registered foreign institutional investors - who make the actual trades in local markets - and are delivered to overseas investors in lieu of the Indian security.
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Reference Data
Storage & Configuration
A P-Note is based on an underlying Indian security, which can be set up ahead of time and linked to the P-Note for reporting purposes.
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A number of validations will be triggered in SRM for missing fixed income information. P-Notes should either be excluded from the validation process or have the validations overridden because the missing data elements are not required to process P-Notes as hybrids.
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Trade Processing
Trades can be entered using the Book Trade module once the reference data has been configured. Enter the appropriate entity, security identifier, and trade/settle dates and click Submit to query for the security. Right-click it and select Open > Buy.
- Shares: number of units
- Price Per Share: trade price
- There are several fields that can be used to enter any fees or commissions, if applicable
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Accounting
Once a P-Note position has been established it will be picked up in Eagle’s global workflow. There is no special processing required.
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