They allow the buyers such as hedge funds to gain exposure to indian stocks without acquiring the actual securities and without registering with the securities and exchange board of india ( sebi ) 那些如对冲基金这类的买主虽然没有买入实际证券，也不用向印度证监会（ sebi )注册，但是有了这些凭证，他们也能够参与印度股票市场活动。
2.
Sebi ' s proposal ( it intends to make a final decision on october 25th ) is to stop the issue of new participatory notes based on equity derivatives , and to wind down outstanding positions over the next 18 months 印度证监会的草案（预期在10月25日最后决定）是要停止发行新的基于股票衍生物的参与凭证，并且在今后18个月里将现有这类参与凭证减少。
