Commercial paper (CP) is an unsecured money market instrument issued by eligible companies (minimum tangible networth of Rs 4 crore) to raise short term funds for their operations. They are issued either in the form of a promissory note or in demat form. CP has a maturity period between 7 days to 1 year from the date of issue and can be issued in multiples of Rs 5 lakh. Individuals, banking companies, other corporate bodies (registered or incorporated in India) and unincorporated bodies, NRIs and Foreign Institutional Investors (FIIs) etc. can invest in CPs.