Аннотация:The paper is dedicated to morpho-syntactic functioning of the conjunctive participles in Sanskrit which have been termed as 'Ktvaa' by PaaNini. Simultaneously different grammarians' and philosophers' views concerning those formations are also shortly analyzed. It is shown in the paper that PaaNini's treatment of Ktvaa's as belonging at one and the same time to class of nominals and to class of indeclinables was correct. It is also demonstrated that in post-PaaNiniiyan Sanskrit the nominal components in the semantics of Ktvaa's have become stronger and that Vasubandhu, the famous Buddhist scholar, was the first explorer who noticed and described the corresponding changes.