Investments through participatory notes, P-Notes, into the country's capital markets increased to Rs 2.23 lakh crore in March, after having hit an 18-month low in February. This also marks the first increase in investments via P-Notes in four months. But the percentage of FII investments via P-Notes fell to 10 per cent in March, from 10.7 per cent in February. P-Notes are used mostly by overseas high networth individuals, hedge funds, and other foreign institutions to invest in the Indian capital markets through registered foreign portfolio investors.