Thestock market is in a bull phase with both the benchmark indices — Sensex,Nifty50 – touching new highs every week. The market which is constantly looking for a trigger to scale to new highsseems to have got a big one. According to Mint “Participatory notes arepoised for a comeback, this time through the International Financial ServicesCentre, Gift City, Gujarat, after nearly a decade of being discouragedby Indian regulators. Some leading global banks that currently issue P-Notesfrom global jurisdictions, such as Singapore, are considering shifting to GIFT City as the special economic zone offersboth tax sops and regulatory clarity.” The return of P-Notes will be like music tothe ears for the stock market players. According to The Hindu Business Line report “foreigninvestors had patronised P-Notes for 14 years between 2004 and 2018. At thepeak, P-Note linked investments in India stood at around Rs 4-lakh crore. But P-Noteslost their charm after SEBI restricted its use and banned them completely inthe derivatives segment.” Currently, India is parched for foreign money instock markets and allowing P-Notes could act like steroids, experts say. On anet basis, the foreign portfolio investors sold Indian equities worth more than$20 bn in 2022. Tax arbitrage has forced FPIs to move to other jurisdictions.