Hedge funds account for just 8-9% of PN investments in Indian stock markets. The value of participatory notes (PNs) in the stock market grew 70 per cent in just one year between January 2006 and January 2007, accounting for over one-third of total foreign portfolio investments in the Indian stock markets, according to government estimates. But contrary to conventional wisdom, the share of hedge funds in total PN investments in the Indian stock markets could be as little as 8-9 per cent.   more »