Sebi to end P-Note secrecy with mandatory NSDL registration for ODI investors

December 1, 2025

Secrecy surrounding offshore derivative instruments (ODIs), or participatory notes, used by anonymous foreign investors in Indian stocks is set to end. New rules will require ODI subscribers to register with NSDL and provide a Legal Entity Identifier (LEI). This move aims to enhance transparency and reduce hidden risks in financial transactions, making it easier to identify foreign investors.

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