Along with the booming stock market in India, comes this unsettling thought: Nearly 88% of all foreign funds invested in that market cannot be traced to their origins. The reason, The India Express reports, is that they come through participatory notes (P-notes), which allow investments in the Indian stock market, but does not require them to register themselves, says Kirit Somaiya, president of Investors Grievances Forum. “In spite of tracing details up to four and five layers, names of real investors could not be found.” The burgeoning use of P-notes has been nothing short of stunning. In fiscal year 2002-2003, the notes accounted for 15% to 20% of all investments in the Indiana stock market, a figure that doubled to 40% last fiscal year, and more than doubled again in FY2006.