This is not the first time that the issue of participatory notes or P-Notes has rocked Indian stock markets. Precisely, seven years, nine months and ten days ago, a similar issue had sent key indices tumbling. A recall:

On the evening of Oct 16, 2007, after the trading hours, markets watchdog Securities and Exchange Board of India had sought to regulate the use of P-Notes -- the most preferred route or instrument -- to invest in Indian stock markets.