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REITs: P-Notes investments drop in September but REITs are positive on national mkt, experts say

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New Delhi: Investments through participatory notes (P notes) in the Indian capital market fell to Rs 69,821 crore at the end of September, but experts say REITs remain confident in the domestic market. This is the first drop in investment on this route since March, according to data available from the Securities and Exchange Board of India (Sebi).

P Notes are issued by registered foreign portfolio investors (REITs) to foreign investors who wish to be part of the Indian stock market without registering directly. However, they must go through a due diligence process.

According to Sebi data, the value of P-note investments in Indian markets – stocks, debt, hybrids and derivatives – declined to Rs 69,821 crore at the end of September after hitting a 10-month high of Rs 74,027 crore at the end of August. .

Prior to that, the investment level was Rs 63,228 crore, Rs 62,138 crore, Rs 60,027 crore and Rs 57,100 crore at the end of July, June, May and April, respectively.

The level of investment had fallen to a 15-year low of Rs 48,006 crore at the end of March amid significant volatility in the broader markets amid concerns over the crisis triggered by the coronavirus.

Of the total of Rs 69,821 crore invested through the road until September, Rs 59,314 crore was invested in stocks, Rs 10,240 crore in debt and Rs 267 crore in hybrid securities.

“Although there is a decline in flows in September, but it is still the second best month of this calendar year in terms of entries. Uncertainty in the global market due to the second wave of the virus and the Limited visibility of new stimuli around the world may affect these flows, but at this time, confidence continues to be strong, ”said Harshad Chetanwala of MyWealthGrowth.com.

Despite a decline from August figures, REIT flows via P-note saw continued positive momentum in equities and debt securities in September, said Divam Sharma, co-founder of Green Portfolio.

“Global liquidity and the search for alpha-building opportunities had driven such inflows. We believe that with better economic data and better second-quarter numbers for companies in many industries, the momentum for flows is picking up. will continue over the next few quarters, ”he added.

Assets in REIT custody rose to Rs 33.22 lakh crore at the end of September from Rs 33.18 lakh crore at the end of August.

Meanwhile, REITs withdrew around Rs 1,200 crore from the financial markets last month after injecting nearly Rs 49,900 crore in August.



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