Have India's tax avoidance treaties with Cyprus, Mauritius already started giving results?

Over the past few months India renegotiated double taxation avoidance treaties with Mauritius and Cyprus. Many said that these will help curb black money into India. Are there any signs of this already? 

Securities and Exchange Board of India (Sebi) data suggested that there has been a constant decline in investment coming in the country through participatory notes (P-Notes) route. 

Participatory Notes (P-Notes) or Offshore Derivative Instruments are clearly losing flavour in Indian market. 

The data showed that there has been a constant decline in investment in P-Notes (including equity, debt and derivatives market) starting from January 2016.  P-Notes stood at 10% range for almost three months from Jan-March, 2016. This has now even dropped to 9.2% in May 2016 to Rs. 2.15 trillion.

This result was also curbed by stricter norms imposed by market regulator Sebi in an attempt to tackle potential money laundering through this investment route, LiveMint reported.

Where P-Notes were almost around 55.7% to  Rs.3.67 trillion during the time of last stock market bull run, in June 2007, are now not even near 10%.

The Special Investigation Team (SIT) on black money, last year, suggested an obligatory disclosure to Sebi. This move was needed as the bulk of P-note investments in the Indian stock market were from tax havens.