New Delhi: Amid concerns over possible misuse of always-in-controversy PNotes, mutual funds have emerged as the top users of these offshore instruments for investing in Indian markets with a share
of over 60 %. Besides, just ten foreign portfolio investors account for almost 73 % of total outstanding investments worth over Rs 2.2 lakh crore through the Offshore Derivative Instruments. These FPIs include Singapore and Mauritius-based arms of global giants like Morgan Stanley, Goldman Sachs, Credit Suisse, HSBC, Merrill Lynch, Citigroup and JP Morgan.