Commercial paper is one of the most popular money market instruments. CP (Commercial paper) is a low-risk short-term debt instrument. Many fixed income schemes of mutual funds invest in commercial papers. As per the latest news and guideline from SEBI, commercial papers can be now listed on stock exchanges. This will surely increase the participation of individual investors in CP. Here is complete information about CP including key features and guidelines of investing. What are Commercial papers? Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. This instrument was issued in 1990.