Government today said the current regulatory framework on Participatory Notes (P-Notes) is strict and robust, hinting that there may not be any change required in the rules at the moment. Minister of State for Finance Jayant Sinha's comments assume significance as a Supreme Court appointed Special Investigation Team (SIT) on black money had earlier in July asked capital markets regulator Sebi to review its regulations on P-Notes and identify their end-users. Mr. Sinha added that capital markets regulator Sebi has over the years strengthened the KYC norms associated with P-Notes. In its report, SIT had raised its concerns over possible manipulation of the popular offshore instrument for money laundering. Finance Minister Arun Jaitley had in July said the government is mindful of the impact on foreign investment in case of any action against P-Notes.P-Notes are issued by foreign portfolio investors registered with Sebi to other overseas investors who want to take a position in the Indian markets without any direct registration for trading in Indian markets. These instruments are popular as they provide a low-cost and easier route for investing in the Indian markets.