Which of the following is issued by registered foreign portfolio investors to overseas investors who want to be part of the Indian stock market without registering themselves directly?

1. The question describes a financial instrument issued by registered foreign portfolio investors (FPIs) to overseas investors. 2. The purpose of this instrument is to allow these overseas investors to gain exposure to the Indian stock market without undergoing the process of registering themselves directly with the regulatory authorities (like SEBI). 3. This description perfectly matches the definition and function of Participatory Notes (P-Notes). FPIs invest in Indian securities and then issue P-Notes to foreign clients, with the value of the P-Note linked to the underlying Indian security. 4. Option (A) Certificate of Deposit (CD) is a time deposit instrument issued by banks. 5. Option (B) Commercial Paper (CP) is an unsecured money market instrument issued by corporations. 6. Option (C) Promissory Note is a legal instrument where one party promises in writing to pay a sum of money to the other. 7. Therefore, Participatory Note is the correct answer.