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Fact Book2008
NATIONAL STOCK EXCHANGE OF INDIA LIMITEDJune 2008
i
C O N T E N T S
SECTION 1 – NATIONAL STOCK EXCHANGE OF INDIA
Genesis ......................................................................................................... 3
Ownership And Management ..................................................................... 3
Market Segments And Products .................................................................. 3
Achievements / Milestones .......................................................................... 6
Facts And Figures ...................................................................................... 11
Technology ................................................................................................ 11
Application Systems .................................................................................. 12
NSE Family ............................................................................................... 14
NSCCL .............................................................................................. 14
NSDL ................................................................................................. 15
NSE Infotech Services Ltd .................................................................... 15
NSE.IT ............................................................................................... 15
IISL .................................................................................................... 16
NCDEX ............................................................................................. 16
NCCL ................................................................................................ 16
PXI ..................................................................................................... 16
SECTION 2 – MEMBERSHIP ADMINISTRATION
Eligibility Criteria ...................................................................................... 21
Trading Membership ................................................................................. 21
Clearing Membership ................................................................................ 22
Growth And Distribution Of Members .................................................... 22
Transaction Charges .................................................................................. 23
SECTION 3 – LISTING OF SECURITIES
Benefi ts Of Listing On NSE ...................................................................... 31
Listing Criteria ........................................................................................... 32
Listing Agreement ..................................................................................... 32
Compliance By Listed Companies ............................................................. 32
Disclosures By Listed Companies .............................................................. 32
De-Listing .................................................................................................. 33
CM Segment .............................................................................................. 34
Listing Fees ................................................................................................ 34
ii
C O N T E N T S
Shareholding Pattern ................................................................................. 35
WDM Segment .......................................................................................... 35
Funds Mobilisation On The Exchange ...................................................... 36
Initial Public Offerings (IPO’s) .................................................................. 36
FPOs .................................................................................................. 36
Rights Issues ........................................................................................ 37
Preferential Allotment / Private Placement ........................................ 37
QIPs ................................................................................................... 37
SECTION 4 – CAPITAL MARKET SEGMENT
NEAT System ........................................................................................... 59
Market Performance .................................................................................. 59
Trading Volume ................................................................................. 59
Liquidity ............................................................................................ 60
Distribution of Turnover .................................................................... 61
Market Capitalisation ......................................................................... 61
Sectoral Distribution ........................................................................... 61
Trading Records during 2007-08 ......................................................... 62
Internet Trading ................................................................................. 62
FII Turnover on NSE .......................................................................... 62
On-line IPOs ...................................................................................... 62
Indices ........................................................................................................ 63
Volatility Index .................................................................................. 63
Mutual Funds And Exchange Traded Funds ............................................. 64
Transaction Charges .................................................................................. 64
Clearing & Settlement ............................................................................... 65
Settlement Agencies ............................................................................. 66
Settlement Cycles ................................................................................ 67
Settlement Statistics ............................................................................. 67
Risk Management System .......................................................................... 67
Capital Adequacy ............................................................................... 68
Margin Requirements .......................................................................... 68
Categorisation of newly listed securities ............................................... 68
iii
C O N T E N T S
Value at Risk Margin .......................................................................... 69
Extreme Loss Margin ........................................................................... 69
Mark to Market Margin ....................................................................... 69
Index-based Circuit Filters ................................................................... 70
Settlement Guarantee Fund ................................................................. 71
Surveillance, Investigation & Inspection ................................................... 71
Surveillance & Investigation ............................................................... 71
Inspection ........................................................................................... 71
SECTION 5 – WHOLESALE DEBT MARKET SEGMENT
Trading Mechanism ..................................................................................103
Market Performance .................................................................................104
Turnover ...........................................................................................104
Market Capitalisation ........................................................................106
Transaction Charges .................................................................................106
Settlement .................................................................................................106
Constituent SGL Facility ..........................................................................107
FIMMDA-NSE MIBID/MIBOR ..............................................................107
Zero Coupon Yield Curve ........................................................................108
NSE-VAR System .....................................................................................109
GOI-bond Index .......................................................................................110
SECTION 6 – FUTURES & OPTIONS SEGMENT
Trading Mechanism ..................................................................................136
Contract Specifi cation ..............................................................................137
Selection Criteria For Stocks And Index Eligibility For Trading ............138
Trading Value & Contract Traded ...........................................................140
Product wise turnover on F&O Segment .............................................141
Futures and Options on Benchmark Indices ........................................142
Sectorwise Stock Futures & Options Turnover ....................................143
Participant wise turnover on F&O Segment .......................................143
FII Turnover on NSE .........................................................................144
Memberwise turnover on the Exchange ...............................................144
High Volume Members .......................................................................144
iv
C O N T E N T S
Internet Trading ................................................................................145
Traded Value Records ........................................................................145
Top 20 Futures And Option Contracts ....................................................145
Number Of Trades ..................................................................................146
Charges .....................................................................................................146
Clearing And Settlement ..........................................................................147
Settlement Statistics ............................................................................147
Clearing Mechanism ..........................................................................148
Settlement Mechanism ........................................................................148
Risk Management System .........................................................................150
NSE- SPAN .......................................................................................151
Margins .............................................................................................152
Position Limits ..................................................................................153
SECTION 7 – INVESTOR GRIEVANCES, ARBITRATION
Investor Grievances ..................................................................................185
Arbitration ................................................................................................186
SECTION 8 – KNOWLEGDE INITIATIVE
NSE’S Certifi cation in Financial Markets ................................................191
NCFM Online Payment System ..............................................................192
NCFM Tests conducted in other languages .............................................192
CBSE- NSE Certifi cation in Financial Markets ........................................192
NSE Research Initiative ............................................................................193
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C O N T E N T S
TABLES
SECTION 1
1-1 Board of Directors ............................................................ 17
1-2 Executive Committees ...................................................... 18
SECTION 2
2-1 (a) Eligibility Criteria for Membership ................................. 24
2-1 (b) Requirements for Professional Clearing Membership ...................................................................... 25
2-2 Growth and Distribution of Members ............................. 25
SECTION 3
3-1 Listing Criteria for Companies on CM Segment of NSE ............................................................... 38
3-2 Companies Listed/ Permitted to Trade/Available for Trading on the CM Segment ...................................... 40
3-3 Share holding Pattern at the end of March 2008 of Companies Listed on NSE .............................................. 43
3-4 Eligibility Criteria for Securities on WDM Segment ....... 44
3-5 Securities Available for Trading on WDM Segment (as on March 31) ............................................................... 45
3-6 Initial Public Offerings (IPOs) during 2007-08 ................. 46
3-7 FPOs during 2007-08 ........................................................ 50
3-8 Rights Issues during 2007-08 ............................................. 50
3-9 Preferential Allotments by NSE Listed Companies during 2007-08 .................................................................. 51
3-10 Amount raised through QIP during 2007-08 ................... 56
SECTION 4
4-1 Business Growth of CM Segment .................................... 72
4-2 Percentage Share of Top ‘N’ Securities /Members in Turnover ...................................................................... 75
4-3 ‘50’ Most Active Securities during 2007-08 in Terms of Trading Value ................................................... 76
4-4 Top ‘50’ Companies by Market Capitalisation as on March 31, 2008 ........................................................ 78
4-5 Industry Wise Classifi cation of Top ‘50’ Companies by Trading Volume and Market Capitalisation ............... 80
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C O N T E N T S
4-6 NSE’s Most Active Trading days during the year 2007-08 ................................................................ 81
4-7 Individual Securities Single day Trading Records ............ 81
4-8 FII turnover on derivative Market Segment of Exchange ........................................................ 81
4-9 Market Capitalisation of Securities in the CM Segment ..................................................................... 82
4-10 Composition of S&P CNX Nifty Index as on March 31, 2008 ................................................................. 84
4-11 Composition of CNX NIFTY Junior Index - as on March 31, 2008 ........................................................ 85
4-12 Industry-wise Weightages of S&P CNX NIFTY Securities as on 31st March, 2008 ..................................... 87
4-13 S&P CNX NIFTY Index ................................................. 87
4-14 CNX NIFTY Junior Index .............................................. 90
4-15 Performance of NSE Indices during the year 2007-08 ................................................................ 93
4-16 Details of Mutual Funds and Exchange Traded Funds Listed on NSE ....................................................... 93
(a) List of Mutual Funds (MF’s) and Exchange Traded Funds (ETF’s) ................................................................... 93
(b) No of Trades and Trading Value ...................................... 94
4-17 Settlement Cycle and Process in CM Segment & Settlement Process ........................................................ 94
4-18 Settlement Statistics in CM Segment ................................ 96
SECTION 5
5-1 Business Growth of WDM Segment ...............................111
5-2 WDM Transactions in Government Securities ...............116
5-3 Security-wise and Participant –wise Distribution of WDM Trades ..............................................................119
5-4 Share of Top ‘N’ Securities/Trading Members/ Participants in Turnover in WDM Segment ...................122
5-5 Market Capitalisation of WDM Securities ......................123
5-6 FIMMDA NSE-MIBID/MIBOR Rates ...........................128
5-7 1 day Value-at-Risk (99%) for Government of India Securities Traded as on March 31, 2008 ...........................131
vii
C O N T E N T S
SECTION 6
6-1 List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008) .....................................................156
6-2 Contract Specifi cation for Index Futures and Options ........................................................163
6-3 Contract Specifi cation for Stock Futures and Options ........................................................166
6-4 Business Growth of Futures & Options Market Segment ...............................................................167
6-5 Sector-wise Trading Value of Top 5 companies in the F&O Segment (2007-08) ........................................172
6-6 Participant wise Trading Value in the F&O Segment (2007-08) ..................................................174
6-7 FII Gross turnover on derivative Market Segment of Exchange .......................................................175
6-8 (a) Number of Members in different turnover brackets during 2007-08 ...................................................176
(b) No. of members in different Turnover Brackets in Futures and Options Segment for 2007-08 .....................177
(c) Segment wise Contribution of Top ‘N’ Members to turnover on Futures and Options segment .....................176
6-9 Top 20 Futures contracts according to number of contracts 2007-08 .........................................................178
6-10 Top 20 Option contracts according to no. of contracts traded 2007-08 .................................................179
6-11 Number of trades in the Futures & Options Segment 2007-08 ..............................................................179
6-12 Settlement Statistics in F&O Segment ............................180
SECTION 7
7-1 Receipt and Disposal of Investor Grievance ....................187
7-2 Status Report of Arbitration Matters ..............................187
SECTION 8
8-1 NCFM Modules ..............................................................194
8-2 Studies under the NSE Research Initiative ......................195
viii
C O N T E N T S
CHARTS
SECTION 1
1-1 Market Segment Indications - Trading Volume ................. 5
1-2 Market Segment Indicators - Market Capitalisation ........... 6
SECTION 3
3-1 No. of Companies Listed ................................................. 37
SECTION 4
4-1 Business Growth of Capital Market Segment .................. 75
4-2 Movement of Sectoral Indices : 2007-08 ........................... 92
SECTION 5
5-1 Business Growth of WDM Segment ...............................104
5-2 (a) Security-wise Distribution of WDM Trades (2007-08) ....105
(b) Participant-wise distribution of WDM trades (2007-08) .....................................................105
5-3 Overnight MIBID/MIBOR Rates, 2006-07 - from 3 April 2007 to 31st March 2008 ............................108
5-4 Zero Coupon Yield Curve, 2007-08 ................................109
SECTION 6
6-1 Business Growth of F&O Segment .................................140
6-2 Product wise Number of Contracts Traded during 2007-08 .....................................................141
6-3 Product wise trading volumes during 2007-08 .................142
6-4 Participant wise F&O Turnover during 2007-08 ............144
National Stock Exchange of India 1
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3
1National Stock Exchange of India
Genesis
NSE was given recognition as a stock exchange in April 1993 and started operations in June 1994, with trading on the Wholesale Debt Market Segment. Subsequently, it launched the Capital Market Segment in November 1994 as a trading platform for Equities and the Futures and Options segment in June 2000 for various derivative instruments.
Ownership and Management
The NSE is owned by a set of leading fi nancial institutions, banks, insurance companies and other fi nancial intermediaries. It is managed by professionals, who do not directly or indirectly trade on the Exchange. The trading rights are with trading members who offer their services to the investors. The Board of NSE comprises of senior executives from promoter institutions and eminent professionals, without having any representation from trading members.
While the Board deals with the broad policy issues, the Executive Committees (ECs), which include trading members, formed under the Articles of Association and the Rules of NSE for different market segments, set out rules and parameters to manage the day-to-day affairs of the Exchange. The day-to-day management of the Exchange is delegated to the Managing Director and CEO who is supported by a team of professional staff. Therefore, though the role of trading members at NSE is to the extent of providing only trading services to the investors, the Exchange involves trading members in the process of consultation and participation in vital inputs towards decision making.
Tables 1-1 and 1-2 gives the composition of its Board of Directors and the Executive Committees.
Market Segments and Products
NSE provides a trading platform for of all types of securities for investors under one roof – Equity, Corporate Debt, Central and State Government Securities, T-Bills, Commercial Paper (CPs), Certifi cate of Deposits (CDs), Warrants, Mutual Funds (MFs) units, Exchange Traded Funds (ETFs), Derivatives like Index Futures, Index Options, Stock Futures, Stock Options. The Exchange provides trading in 3 different segments viz., Wholesale Debt Market (WDM) segment, Capital Market (CM) segment and the Futures & Options (F&O) segment
The Wholesale Debt Market segment provides the trading platform for trading of a wide range of debt securities which includes State and Central Government securities, T-Bills, PSU Bonds, Corporate debentures, CPs, CDs etc. However, along with these fi nancial instruments, NSE has also launched various products e.g. FIMMDA-NSE MIBID/MIBOR
4
owing to the market need. A reference rate is said to be an accurate measure of the market price. In the fi xed income market, it is the interest rate that the market respects and closely matches. In response to this, NSE started computing and disseminating the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-Bank Offer Rate (MIBOR). Owing to the robust methodology of computation of these rates and its extensive use, this product has become very popular among the market participants. Keeping in mind the requirements of the banking industry, FIs, MFs, insurance companies, who have substantial investments in sovereign papers, NSE also started the dissemination of its yet another product, the ‘Zero Coupon Yield Curve’. This helps in valuation of sovereign securities across all maturities irrespective of its liquidity in the market. The increased activity in the government securities market in India and simultaneous emergence of MFs (Gilt MFs) had given rise to the need for a well defi ned bond index to measure the returns in the bond market. NSE constructed such an index the, ‘NSE Government Securities Index’. This index provides a benchmark for portfolio management by various investment managers and gilt funds.
The Capital Market segment offers a fully automated screen based trading system, known as the National Exchange for Automated Trading (NEAT) system. This operates on a price/time priority basis and enables members from across the country to trade with enormous ease and effi ciency. Various types of securities e.g. equity shares, warrants, debentures etc. are traded on this system. The average daily turnover in the CM Segment of the Exchange during 2007-08 was nearly Rs. 14,148 crore. (US $ 3,540 million).
Futures & Options segment of NSE provides trading in derivatives instruments like Index Futures, Index Options, Stock Options, Stock Futures. Though only eight years into its’ operations, the futures and options segment of NSE has made a mark for itself globally. In the Futures and Options segment, trading in S&P CNX Nifty Index, CNX IT index, Bank Nifty Index, CNX Nifty Junior, CNX 100 index, Nifty Midcap 50 index and single stocks are available. The average daily turnover in the F&O Segment of the Exchange during 2007-08 was nearly Rs. 52,153 cr. (US $ 13,048 millions).
The statistical details of these segments are presented in the tables and charts below :
Market Segments – Selected IndicatorsAt end of March 2008
Segments No. of Members No. of Securities/Contracts Available
CM 1,069 1,236 a
WDM 62 3,566
F&O 942 23,466 b
Total 1,075 c 28,268
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a Excludes suspended securities.
b 3 Nifty index Futures, 3 CNX IT Futures, 3 Bank Nifty Futures, 3 CNX 100 futures, 3 Nifty Junior index futures, 3 Nifty Midcap50 futures, 3 Mini Nifty Futures, 681 stock futures, 520 Nifty index options, 124 CNX IT options, 296 Bank Nifty options, 146 CNX 100 options, 312 Nifty Junior index options , 112 Nifty Midcap50 options, 142 Mini Nifty Options, 21,094 stock option and 18 interest rate futures contracts.
c Do not add up to total because of multiple membership.
Trading Value
(Rs. cr)
Segment/Year 2004-05 2005-06 2006-07 2007-08
CM 1,140,072 1,569,558 1,945,287 3,551,038
F&O 2,547,053 4,824,250 7,356,271 13,090,478
WDM 887,294 475,523 219,106 282,317
Total 4,574,418 6,869,332 9,520,664 16,923,833
Market Segments Indicators- Trading Volume
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Market Capitalisation (As at end March)
(Rs. cr)
Segment/Year Mar-05 Mar-06 Mar-07 Mar-08
CM 1,585,585 2,813,201 3,367,350 4,858,122
WDM 1,461,734 1,567,574 1,784,801 2,123,346
Total 3,047,319 4,380,775 5,152,151 6,981,468
Market Segment Indicators- Market Capitalisation
Achievements/Milestones
Month/Year Event
November 1992 IncorporationApril 1993 Recognition as a stock exchange.June 1994 WDM segment goes live.November 1994 CM segment goes live through VSAT.March 1995 Establishment of Investor Grievance Cell.April 1995 Establishment of NSCCL, the fi rst Clearing Corporation.July 1995 Establishment of Investor Protection Fund.October 1995 Became largest stock exchange in the country.April 1996 Commencement of clearing and settlement by NSCCL.April 1996 Launch of S&P CNX Nifty.
Contd...
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Month/Year Event
June 1996 Establishment of Settlement Guarantee Fund.November 1996 Setting up of National Securities Depository Ltd., first
depository in India, co-promoted by NSE.November 1996 ‘Best IT Usage’ award by Computer Society of India.December 1996 Commencement of trading/settlement in dematerialised
securities.December 1996 Dataquest award for ‘Top IT User’.December 1996 Launch of CNX Nifty Junior.November 1997 ‘Best IT Usage’ award by Computer Society of India.May 1998 Promotion of joint venture, India Index Services & Products
Limited (IISL) (along with CRISIL) for index services.May 1998 Launch of NSE’s Web-site : www.nseindia.com.July 1998 Launch of ‘NSE’s Certification Programme in Financial
Markets’. (NCFM) August 1998 ‘CYBER CORPORATE OF THE YEAR 1998’ award.April 1999 ‘CHIP Web Award’ by CHIP magazine.October 1999 Setting up of NSE.IT Ltd.January 2000 Launch of NSE Research Initiative.February 2000 Internet Trading in CM segment.June 2000 Commencement of Derivatives Trading (in Index Futures).September 2000 Launch of Zero Coupon Yield Curve.June 2001 Commencement of Trading in Index OptionsJuly 2001 Commencement of Trading in Options on Individual
SecuritiesNovember 2001 Commencement of Trading in Futures on Individual
SecuritiesDecember 2001 Launch of NSE VAR for Government SecuritiesJanuary 2002 Launch of Exchange Traded Funds (ETFs). May 2002 NSE wins the Wharton-Infosys business Transformation
Award in the organization-wide transformation categoryOctober 2002 Launch of Government Securities IndexJanuary 2003 Launch of Retail Debt of Government SecuritiesJune 2003 Launch of Exchange Traded Interest Rate derivatives on
Notional 91 day T-bills and Notional 10 year bondsAugust 2003 Launch of Futures and Options on CNX IT Index June 2004 Launch of STP InteroperabilityAugust 2004 Launch of NSE electronic interface for listed companies
Contd...
Contd...
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Month/Year Event
March 2005 ‘India Innovation Award’ by EMPI Business School, New Delhi
June 2005 Launch of Futures & Options on BANK Nifty IndexAugust 2006 Setting up of NSE Infotech Services Ltd. December 2006 ‘Derivative Exchange of the Year’, by Asia Risk magazineJanuary 2007 Launch of NSE – CNBC TV 18 media centreMarch 2007 NSE, CRISIL announce launch of India Bond Watch.comMarch 2007 Launch of Gold BeES- Exchange Traded Fund (ETF).(First
Gold ETF)June 2007 Launch of Futures & Options on CNX 100 and CNX Nifty
Junior contracts.October 2007 Launch of Futures & Options on Nifty Midcap 50January 2008 Launch of Mini Nifty derivative contractsMarch 2008 Launch of long term option contracts on S&P CNX Nifty
Index.April 2008 Launch of Securities Lending & Borrowing SchemeApril 2008 Launch of - India VIX - The Volatility IndexJune 2008 Setting up of Power Exchange India Ltd.
Developments during the year.
New Products in the F & O Segment
Based on the evolving needs of the market and the investors, NSE introduced futures and options trading on Nifty Midcap 50 index in October 2007. It is a gateway for investors to invest in the medium capitalised segment of the stock market which is being increasingly perceived as an attractive investment strategy with high growth potential. Mini Nifty derivative were available for trading from 01st January 2008. It provides an opportunity and easier access for small investors to invest in derivatives. Index is the most actively traded index based derivative product in India. The long term options contract which was introduced in March 2008 has expected to deepen this market further.
Securities Lending and Borrowing
SEBI issued a SLB scheme on December 20, 2007. The salient features of the scheme are as under:
• To begin with, the SLB would be operated through Clearing Corporation/Clearing House of stock exchanges having nation-wide terminals who will be registered as Approved Intermediaries (AIs) under the SLS, 1997.
Contd...
9
• The SLB would take place on an automated, screen based, order-matching platform which will be provided by the AIs. This platform would be independent of the other trading platforms.
• To begin with, the securities traded in derivatives segment would be eligible for lending & borrowing under the scheme.
• All categories of investors including retail, institutional etc. will be permitted to borrow and lend securities. The borrowers and lenders would access the platform for lending/borrowing set up by the AIs through the clearing members (CMs) who are authorized by the AIs in this regard.
• The tenure of lending/borrowing would be fi xed as standardised contracts. To start with, contracts with tenure of 7 trading days may be introduced.
• The settlement cycle for SLB transactions would be on T+1 basis. The settlement of lending and borrowing transactions would be independent of normal market settlement.
• The settlement of the lending and borrowing transactions should be done on a gross basis at the level of the clients i.e. no netting of transactions at any level will be permitted.
NSCCL, as an Approved Intermediary (AI) launched the Securities Lending & Borrowing Scheme from April 21, 2008. Lending & Borrowing is carried on an automated screen based platform where the order matching is done on basis of price time priority. The borrowing has a fi xed tenure of seven days with the fi rst leg settlement on T+1 day and reverse leg settlement on T+8 day.
Direct Market Acess
During April 2008, Securities & Exchange Board of India (SEBI) allowed the direct market access (DMA) facility to the institutional investors. DMA allows brokers to offer clients direct access to the exchange trading system through the broker’s infrastructure without manual intervention by the broker. DMA facility give clients direct control over orders, help in faster execution of orders, reduce the risk of errors from manual order entry and lend greater transparency and liquidity. DMA also leads to lower impact cost for large orders, better audit trails and better use of hedging and arbitrage opportunities through the use of decision support tools/algorithms for trading.
Volatility Index
The India VIX, the volatility Index was launched on 08th April, 2008 . A Volatility Index refl ects the market’s expectation of volatility over the near term. The index captures the implied volatility embedded in option prices. Volatility is often described as the “rate and magnitude of changes in prices” and, in, fi nance often referred to as risk.
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Volatility Index is a measure, of the amount by which an underlying Index is expected to fl uctuate, in the near term, (calculated as annualised volatility, denoted in percentage e.g. 20%) based on the order book of the underlying index options. Market volatility keeps changing as new information fl ows into the market. It would be imperative for market participants to have an index designed to track market volatility. The India VIX is a simple but useful tool in determining the overall volatility of the market.
Cross Margining
Many trading members undertake transactions on both the cash and derivative segments of an Exchange. They keep separate deposits with the exchange for taking positions in two different segments. In order to improve the effi ciency of the use of the margin capital by market participants and as in initial step towards cross margining across cash and derivatives markets SEBI allowed Cross Margining benefi t in May 2008.
For Cross margining the stock positions of the institutions in capital market segment after confi rmation by the custodian on T+1 day shall be compared with the stock futures position of the same institution in derivative segment based on the CP code of the institution at the end of the day. The position shall be considered for cross margining only if the position in the capital market segment off set the position in the derivative segment.
SEBI has allowed the following to start with: a. Cross margin is available for institutional trades. b. Cross margin is available to positions in cash market having corresponding off-setting positions in the stock futures market. c. For positions in the cash market which have corresponding offsetting positions in the stock futures, VaR margin is not be levied on the cash market position to the extent of the off-setting stock futures market position. d. Extreme Loss margin and Market to Market margin shall continue to be levied on the entire cash market position. e. The near-month stock futures positions are not considered for cross-margin benefi t three days prior to expiry (the last Thursday of every month) and there will be no change in the margins on the F & O positions.
Power Exchange India Limited
Power Exchange India Limited (PXI) a joint venture of National Stock Exchange of India Ltd (NSE) and National Commodity & Derivatives Exchange Ltd (NCDEX) has been set up in response to the guidelines issued by Central Electricity Regulatory Commission (CERC). PXI would be operating as a National Level electricity exchange covering the entire Indian electricity market. It will provide a common electronic platform for trading of electricity. It is proposed that the initial trading would be done on a day-ahead basis with voluntary participation. New contracts would be introduced after taking feedback form the market and obtaining approval from CERC.
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Facts And Figures
The growth in the stock market activity across the different market segments and products is visible from records reached as at the end of March 2008 as sited in the table below :
Stock Market Records
Sr.
No.
Parameter Date Magnitude
Capital Market Segment
1 Record number of trades January 03, 2008 6,812,991
2 Record daily turnover (quantity) September 26, 2007 11,353 lakhs
3 Record daily turnover (value) November 01, 2007 Rs.28,476.07 cr.
(US $ 7,124.36 mn.)
4 Record market capitalisation January 07, 2008 Rs.6,745,724.00 cr.
(US $ 1,687,696.77 mn.)
5 Record value of S&P CNX Nifty Index January 08, 2008 6357.10
6 Record value of CNX Nifty Junior Index January 04, 2008 13209.35
Clearing & Settlement
Record Pay-in/Pay-out (Rolling Settlement):
1 Funds Pay-in/Pay-out October 23,2007 * Rs.4,567.70 cr.
(US $ 1,142.78 mn.)
2 Securities Pay-in/Pay-out (Value) December 31,2007 * Rs.9,195.56 cr.
(US $ 2,300.62 mn.)
3 Securities Pay-in/Pay-out (Qty) October 01,2007 * 2,788.30 lakhs
* Settlement Date
Derivatives (F&O segment)
1 Record number of trades October 18,2007 1,420,967
2 Record daily turnover (value) October 18,2007 Rs. 110,563 cr.
(US $ 27,661.50 mn.)
Wholesale Debt Market Segment
1 Record daily turnover (value) August 25,2003 Rs.13,911.57 cr.
(US $ 3,179.79 mn.)
Technology
Technology has been the backbone of the Exchange. Providing the services to the investing community and the market participants using technology at the cheapest possible cost has been its main thrust. NSE chose to harness technology in creating a new market design. It believes that technology provides the necessary impetus for the organisation to retain its
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competitive edge and ensure timeliness and satisfaction in customer service. In recognition of the fact that technology will continue to redefi ne the shape of the securities industry, NSE stresses on innovation and sustained investment in technology to remain ahead of competition. NSE is the fi rst exchange in the world to use satellite communication technology for trading. It uses satellite communication technology to energise participation from about 2,956 VSATs from nearly 245 cities spread all over the country.
Its trading system, called National Exchange for Automated Trading (NEAT), is a state of-the-art client server based application. At the server end, all trading information is stored in an in-memory database to achieve minimum response time and maximum system availability for users. It has uptime record of 99.7%. For all trades entered into NEAT system, there is uniform response time of less than 1.5 seconds. NSE has been continuously undertaking capacity enhancement measures so as to effectively meet the requirements of increased users and associated trading loads. NSE has also put in place NIBIS (NSE’s Internet Based Information System) for on-line real-time dissemination of trading information over the Internet.
As part of its business continuity plan, NSE has established a disaster back-up site at Chennai along with its entire infrastructure, including the satellite earth station and the high-speed optical fi bre link with its main site at Mumbai. This site at Chennai is a replica of the production environment at Mumbai. The transaction data is backed up on near real time basis from the main site to the disaster back-up site through the 2 mbps high-speed link to keep both the sites all the time synchronized with each other.
Application Systems
The various application systems that NSE uses for its trading as well clearing and settlement and other operations form the backbone of the Exchange. The application systems used for the day-to-day functioning of the Exchange can be divided into (a) Front end applications and (b) Back offi ce applications.
In the front end, there are 6 applications: (i) NEAT – CM system takes care of trading of securities in the Capital Market segment that includes equities, debentures/notes as well as retail Gilts. The NEAT – CM application has a split architecture wherein the split is on the securities and users. The application runs on three Stratus systems with Open Strata Link (OSL). The application has been benchmarked to support 15,000 users and handle more than 15 million trades daily. This application also provides data feed for processing to some other systems like Index, OPMS through TCP/IP. This is a direct interface with the trading members of the CM segment of the Exchange for entering the orders into the main system. There is a two way communication between the NSE main system and the front end terminal of the trading member. (ii) NEAT – WDM system takes care of trading of securities in the Wholesale Debt Market (WDM) segment that includes Gilts, Corporate Bonds, CPs, T-Bills, etc. This is a direct interface with the trading members of the WDM segment of the Exchange for entering the orders/trades into the main system. There is a two way communication between the NSE main system and the front end terminal of
13
the trading member. (iii) NEAT – F&O system takes care of trading of securities in the Futures and Options (F&O) segment that includes Futures on Index as well as individual stocks and Options on Index as well as individual stocks. This is a direct interface with the trading members of the F&O segment of the Exchange for entering the orders into the main system. There is a two way communication between the NSE main system and the front end terminal of the trading member. (iv) NEAT – IPO system is an interface to help the initial public offering of companies which are issuing the stocks to raise capital from the market. This is a direct interface with the trading members of the CM segment who are registered for undertaking order entry on behalf of their clients for IPOs. NSE uses the NEAT IPO system that allows bidding in several issues concurrently. There is a two way communication between the NSE main system and the front end terminal of the trading member. (v) NEAT – MF system is an interface with the trading members of the CM segment for order collection of designated Mutual Funds units (vi) Surveillance system offers the users a facility to comprehensively monitor the trading activity and analyse the trade data online and offl ine.
In the back offi ce, the following important application systems are operative : (a) NCSS (Nationwide Clearing and Settlement System) is the clearing and settlement system of the NSCCL for the trades executed in the CM segment of the Exchange. The system has 3 important interfaces – OLTL (Online Trade loading) that takes each and every trade executed on real time basis and allocates the same to the clearing members, Depository Interface that connects the depositories for settlement of securities and Clearing Bank Interface that connects the thirteen clearing banks for settlement of funds. It also interfaces with the clearing members for all required reports. Through collateral management system it keeps an account of all available collaterals on behalf of all trading/clearing members and integrates the same with the position monitoring of the trading/clearing members. The system also generates base capital adequacy reports. (b) FOCASS is the clearing and settlement system of the NSCCL for the trades executed in the F&O segment of the Exchange. It interfaces with the clearing members for all required reports. Through collateral management system it keeps an account of all available collaterals on behalf of all trading/clearing members and integrates the same with the position monitoring of the trading/clearing members. The system also generates base capital adequacy reports. (c) OPMS – the online position monitoring system that keeps track of all trades executed for a trading member vis-à-vis its capital adequacy, (d) PRISM is the parallel risk management system for F&O trades using Standard Portfolio Analysis (SPAN). It is a system for comprehensive monitoring and load balancing of an array of parallel processors that provides complete fault tolerance. It provides real time information on initial margin value, mark to market profi t or loss, collateral amounts, contract-wise latest prices, contract-wise open interest and limits. The system also tracks online real time client level portfolio base upfront margining and monitoring (e) Data warehousing that is the central repository of all data in CM as well as F&O segment of the Exchange, (f) Listing system that captures the data from the companies which are listed in the Exchange for corporate governance and integrates the same to the trading system for necessary broadcasts for data dissemination process and (g) Membership system that keeps track of all required details of the Trading Members of the Exchange.
14
NSE Family
NSCCL
National Securities Clearing Corporation Ltd. (NSCCL), a wholly-owned subsidiary of NSE, was set up in August 1995. It was the fi rst clearing corporation in the country to provide novation/settlement guarantee that revolutionized the entire concept of settlement system in India. It commenced clearing operations in April 1996. It has been set up to bring and sustain confi dence in clearing and settlement of securities; to promote and maintain short and consistent settlement cycles; to provide counter-party risk guarantee, and to operate a tight risk containment system. It carries out the clearing and settlement of the trades executed in the equities and derivatives segments of the NSE. It operates a well-defi ned settlement cycle and there are no deviations or deferments from this cycle. It aggregates trades over a trading period T, nets the positions to determine the liabilities of members and ensures movement of funds and securities to meet respective liabilities. It also operates Subsidiary General Ledger (SGL) for settling trades in government securities for its constituents. It has been managing clearing and settlement functions since its inception without a single failure or clubbing of settlements. It assumes the counter-party risk of each member and guarantees fi nancial settlement. It also undertakes settlement of transactions on other stock exchanges like the Over the Counter Exchange of India. It operates Mutual Fund Service System to clear and settle purchase and redemption of mutual fund units for individual investors. It has tied up with 13 Clearing Banks viz., Canara Bank, Citi bank N.A, HSBC Ltd., HDFC Bank, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank Lt,. Bank of India, IDBI Bank, Standard Chartered Bank, State Bank of India and Union Bank of India for funds settlement while it has direct connectivity with depositories for settlement of securities. It has also initiated a working capital facility in association with the clearing banks that helps clearing members to meet their working capital requirements. Any clearing bank interested in utilizing this facility has to enter into an agreement with NSCCL and with the clearing member.
NSCCL has also introduced the facility of direct payout to clients’ account on both the depositories. It ascertains from each clearing member, the benefi ciary account details of their respective clients who are due to receive pay out of securities. It has provided its members with a front-end for creating the fi le through which the information is provided to NSCCL. Based on the information received from members, it sends payout instructions to the depositories, so that the client receives the pay out of securities directly to their accounts on the pay-out day.
NSCCL currently settles trades under T+2 rolling settlement. It has the credit of continuously upgrading the clearing and settlement procedures and has also brought Indian fi nancial markets in line with international markets. It has put in place online real-time monitoring and surveillance system to keep track of the trading and clearing members’ outstanding positions and each member is allowed to trade/operate within the
15
pre-set limits fi xed according to the funds available with the Exchange on behalf of the member. The online surveillance mechanism also generates various alerts/reports on any price/volume movements of securities not in line with the trends/patterns.
NSDL
Prior to trading in a dematerialized environment, settlement of trades required moving the securities physically from the seller to the ultimate buyer, through the seller’s broker and buyer’s broker, which involved lot of time and the risk of delay somewhere along the chain. Further, the system of transfer of ownership was grossly ineffi cient as every transfer involved physical movement of paper to the issuer for registration, with the change of ownership being evidenced by an endorsement on the security certifi cate. In many cases, the process of transfer took much longer than stipulated in the then regulations. Theft, forgery, mutilation of certifi cates and other irregularities were rampant. All these added to the costs and delays in settlement, restricted liquidity. To obviate these problems, NSE to promote dematerialization of securities joined hands with UTI and IDBI to set up the fi rst depository in India called the “National Securities Depository Limited” (NSDL). The depository system gained quick acceptance and in a very short span of time it was able to achieve the objective of eradicating the paper from the trading and settlement of securities, and was also able to get rid of the risks associated with fake/forged/stolen/bad paper. Dematerialized delivery today constitutes almost 100% of total of the total delivery based settlement.
NSE Infotech Services Ltd
NSE Infotech Services Ltd Information Technology has been the back bone of conceptualization, formation, running and the success of National Stock Exchange of India Limited (NSE). NSE has been at the forefront in spearheading technology changes in the securities market. It was important to give a special thrust and focus on Information Technology to retain the primacy in the market. Towards this a wholly owned subsidiary M/s. NSE Infotech Services Limited (NSETECH) was incorporated to cater to the needs of NSE and all it’s group companies exclusively.
NSE.IT
NSE.IT Limited, a 100% technology subsidiary of NSE, was incorporated in October 1999 to provide thrust to NSE’s technology edge, concomitant with its overall goal of harnessing latest technology for optimum business use. It provides the securities industry with technology that ensures transparency and effi ciency in the trading, clearing and risk management systems. Additionally, NSE.IT provides consultancy services in the areas of data warehousing, internet and business continuity plans. Amongst various products launched by NSE.IT are NEAT XS, a Computer-To-Computer Link (CTCL) order routing system, NEAT iXS, an internet trading system and Probos, professional broker’s back office system. NSE.IT also offers an e-learning portal, finvarsity (www.fi nvarsity.com) dedicated to the fi nance sector. The site is powered by Enlitor - a
16
learning management system developed by NSE.IT jointly with an e-learning partner. New initiatives include payment gateways, products for derivatives segments and Enterprise Management Services.
IISL
India Index Services and Products Limited (IISL), a joint venture of CRISIL and NSE, was set up in May 1998 to provide indices and index services. It has a licensing and marketing agreement with Standard and Poor’s (S&P), the world’s leading provider of investible equity indices, for co-branding equity indices. IISL is India’s fi rst specialized company focusing upon the index as a core product. It provides a broad range of services, products and professional index services. It maintains over 96 equity indices comprising broad-based benchmark indices, sectoral indices and customised indices. Many investment and risk management products based on IISL indices have developed in the recent past, within India and abroad. These include index based derivatives on NSE and on Singapore Exchange, India’s fi rst exchange traded fund, a number of index funds, and Licensing of the Index for various structured products
NCDEX
NSE joined hand with other fi nancial institutions in India to promote the NCDEX which provides for a world class commodity exchange platform for Market Participants to trade in wide spectrum of commodity derivatives. Currently NCDEX facilitates trading of 48 agro based commodities, 2 precious metal, 6 base metal, 3 energy products and 3 polymers.
NCCL
National Commodity Clearing Limited (NCCL) is a company promoted by National Stock Exchange of India Limited (NSEIL). It was incorporated in the year 2006. One of the objectives of NCCL is to provide and manage clearing and settlement, risk management and collateral management services to commodity exchanges. NCCL is having the requisite experience and exposure in providing clearing and settlement facility, risk and collateral management services in the commodities market including funds settlement with multiple clearing banks. Currently NCCL is providing clearing and settlement services to NCDEX.
PXI
A National Level Power Exchange by the name of Power Exchange India Limited (PXI) has been set up through a Joint Venture by India’s two leading Exchanges, National Stock Exchange of India Ltd (NSE) and National Commodity & Derivatives Exchange Ltd (NCDEX). PXI has got the in-principle approval from CERC to set up and operate the power exchange and will operate as a National Level electricity exchange covering the entire Indian electricity market.
17
Table 1-1 : Board of Directors*
1 Mr. S. B. Mathur Chairman
2 Mr. Ravi NarainNational Stock Exchange of India Ltd.
MD & CEO
3 Ms. Chitra RamkrishnaNational Stock Exchange of India Ltd.
Deputy Managing Director
4 Mr. C. AchuthanFormer Presiding Offi cer, Securities Appellate Tribunal
Director
5 Mr. Anjan BaruaChief General Manager ( Global Markets), State Bank of India
Director
6 Rear Admiral Madan Mohan Chopra AVSM (Retd.) Director
7 Mr. A. P. Kurian Chairman, Association of Mutual Funds in India
Director
8 Dr. Rajiv B. LallManaging Director & CEO, Infrastructure Development Finance Company Limited
Director
9 Mr. Lawrence LeibowitzGroup EVP and Head of US Markets & Global TechnologyNYSE Euronext
Director
10 Mr. Anand G. MahindraVice Chairman & Managing Director, Mahindra & Mahindra Ltd.
Director
11 Mr. Y. H. MalegamChairman Emeritus, M/s. S.B. Billimoria & Co. Chartered Accountants
Director
12 Prof. (Dr.) K. R. S. MurthyProfessor & Former Director, Indian Institute of Management, Bangalore
Director
13 Dr. R. H. PatilChairman, The Clearing Corporation of India Limited
Director
14 Ms. Bhagyam RamaniGeneral Manager, General Insurance Corporation of India
Director
15 Dr. V. A. Sastry Director
16 Mr. Onkar Nath SinghEx-Chairman & Mananging DirectorIndustrial Investment Bank of India Ltd.
Director
17 Mr. Justice B.N.Srikrishna (Retd.)Former Judge, Supreme Court of India
Director
18 Mr. T. S. VijayanChairmanLife Insurance Corporation of India
Director
* As of July 15, 2008.
18
Table 1-2 : Executive Committees
I CM & WDM SEGMENTS
1 Mr. Ravi Narain MD & CEO, National Stock Exchange of India Ltd.
Chairman
2 Mr. Ashok Kumar Agarwal Chairman, Globe Capital Market Ltd. Trading Member
3 Mr. D. C. Anjaria Director, International Financial Solutions Pvt. Ltd.
Public Representative
4 Mr. Vimal Bhandari Country Manager – India AEGON International NV
Public Representative
5 Mr. C. J. George Managing Director, Geojit Financial Services Ltd.
Trading Member
6 Mr. Y. H. Malegam Chairman Emeritus, S.B.Billimoria & Co. Chartered Accountants
Public Representative
7 Ms. Chitra Ramkrishna Deputy Managing Director, National Stock Exchange of India Ltd
Other Nominees
8 Mr. Rashesh Shah Director, Edelweiss Securities Pvt. Ltd. Trading Member
9 Mr. Ramesh Kumar Somani Whole-time Director, Eureka Stock & Share Broking Services Ltd
Trading Member
10 Mr. P. M. Venkatasubramanian Ex-Managing Director, GIC Other Nominees
11 Mr. Gagan Rai Managing Director & CEO, National Securities Depository Limited
Other Nominees
II F&O MARKET SEGMENT
1 Mr. Ravi Narain MD & CEO, National Stock Exchange of India Ltd.
Chairman
2 Mr. D.C.Anjaria Director, International Finance Solutions Pvt. Ltd.
Public Representative
3 Prof. V. Ravi Anshuman Indian Institute of Management Bangalore
Public Representative
4 Mr. Sunil Godhwani Managing Director, Religare Securities Ltd.
Trading Member
5 Mr. Shailesh Haribhakti Chairman Haribhakti Group Public Representative
6 Mr. Ketan Marwadi Managing Director, Marwadi Shares and Finance Limited
Trading Member
7 Mr. M. Raghavendra Ex-General Manager, General Insurance Corporation of India
Other Nominees
8 Ms. Chitra Ramkrishna Deputy Managing Director, National Stock Exchange of India Ltd
Other Nominees
9 Ms. T. S. Jagadharini Vice President, National Stock Exchange of India Limited
Other Nominees
* As of July 15, 2008.
Membership Administration 2
20
21
2Membership Administration
The trading in NSE has a three tier structure-the trading platform provided by the Exchange, the broking and intermediary services and the investing community. The trading members have been provided exclusive rights to trade subject to their continuously fulfi lling the obligation under the Rules, Regulations, Byelaws, Circulars, etc. of the Exchange. The trading members are subject to its regulatory discipline. Any person can become a trading member by complying with the prescribed eligibility criteria and exit by surrendering trading membership without any hidden/overt cost. There are no entry/exit barriers to trading membership.
Eligibility Criteria
The Exchange stresses on factors such as corporate structure, capital adequacy, track record, education, experience, etc. while granting trading rights to its members. This refl ects a conscious effort by the Exchange to ensure quality broking services which enables to build and sustain confi dence in the Exchange’s operations. The standards stipulated by the Exchange for trading membership are substantially in excess of the minimum statutory requirements as also in comparison to those stipulated by other exchanges in India. The exposure and volume of transactions that can be undertaken by a trading member are linked to liquid assets in the form of cash, bank guarantees, etc. deposited by the member with the Exchange as part of the membership requirements.
The trading members are admitted to the different segments of the Exchange subject to the provisions of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992, the rules, circulars, notifi cations, guidelines, etc., issued there under and the byelaws, Rules and Regulations of the Exchange. All trading members are registered with SEBI.
Trading Membership
A prospective trading member is admitted to any of the following combinations of market segments:
• Wholesale Debt Market (WDM) segment,
• Capital Market (CM) and the Futures and Options (F&O) segments,
• CM Segment and the WDM segment, or
• CM Segment, the WDM and the F&O segment.
In order to be admitted as a trading member, the individual trading member/at least two partners of the applicant firm/at least two directors of the applicant corporate must be graduates and must possess at least two years’ experience in securities markets. The applicant for trading membership/any of its partners/
22
shareholders/directors must not have been declared defaulters on any stock exchange, must not be debarred by SEBI for being associated with capital market as intermediaries and must not be engaged in any fund-based activity. For the F&O segment, at least two dealers should also have passed SEBI-approved certifi cation test for derivatives. In case of corporate applicant, the minimum paid up capital should be Rs. 30 lakh and the dominant promoter/shareholder group should hold at least 51% (40% in case of listed companies) of paid-up equity capital of such corporate entity. The net worth required for trading members on CM & F&O Segment is 100 lakh, however, a net worth of Rs. 300 lakh is required for members clearing for self as well as for other trading members.
Clearing Membership
The trades executed on the Exchange may be cleared and settled by a clearing member. The trading members in the CM segment are also clearing members. In the F&O segment, some members, who are registered with SEBI as self-clearing members, clear and settle their own trades. Certain others, registered as trading member-cum-clearing member, clear and settle their own trades as well as trades of other trading members. Besides this, there is a special category of members, called professional clearing members (PCMs), who do not trade but only clear trades executed by others. This means that some members clear and settle their trades through a trading member-cum-clearing member or a PCM, not themselves. The members clearing their own trades or trades of others, and the PCMs are required to bring in additional security deposits in respect of every trading member whose trades they undertake to clear and settle. The requirements of trading membership and clearing membership are presented in Tables 2-1A and 2-1B.
Growth and Distribution of Members
As at end March 2008, the Exchange had 1,075 members. A large majority (91.72 %) of them were corporate members, and the remaining, individuals and fi rms. There were 1,069, 63 and 942 members in the CM, WDM and F&O segments respectively. The growth of membership on NSE is presented in Table 2-2. The distribution of trading members on the Exchange as at end March 2008 is presented below:
Distribution of Trading Members (as on March 31, 2008)
CMSegment
WDMSegment
CM & WDM
Segment
CM, WDM & F&O Segment
CM & F&O
Segment
Total
Corporates 97 6 8 48 827 986
Individuals 10 0 0 0 34 44
Firms 12 0 0 0 33 45
Total 119 6 8 48 894 1,075
23
A total of 21,083 (1,359 corporates, 1,467 partnership fi rms and 18,257 individuals) sub-brokers were affiliated to 505 trading members of the Exchange on March 31, 2008.
Transaction Charges
In addition to annual fees, members are required to pay transaction charges on trades undertaken by them. They pay transaction charges at the rate of Rs. 3.5 for every Rs. 1 lakh of turnover in the CM segment. The transaction charges payable to the exchange by the trading member for the trades executed by him on the F&O segment are fi xed at the rate of Rs. 2 per lakh of turnover (0.002%) subject to a minimum of Rs. 1,00,000 per year. However, for the transactions in the options sub-segment the transaction charges will be levied on the premium value at the rate of 0.05% (each side) instead of on the strike price as levied earlier. The Exchange has waived the transaction charges for Wholesale Debt Market Segment of the Exchange for the period April 1, 2007 to March 31, 2008.
24
Tab
le 2
-1A
: El
igib
ility
Cri
teri
a fo
r M
embe
rhip
(All
valu
es in
Rs.
lakh
)
Par
ticu
lars
CM
and
F&
O S
egm
ent
CM
and
WD
M S
egm
ent
WD
M S
egm
ent
CM
, WD
M a
nd F
&O
Seg
men
t
Con
stitu
tion
Indi
vidu
als/
Firm
s/C
orpo
rate
s C
orpo
rate
sC
orpo
rate
sC
orpo
rate
s
Paid
-up
capi
tal
(in c
ase
of c
orpo
rate
s)30
3030
30
Net
Wor
th
100*
200
200
200*
Inte
rest
Fre
e Se
curi
ty D
epos
it
(IFSD
)12
5**
250
150
275*
*
Col
late
ral S
ecur
ity D
epos
it (C
SD)
25**
25N
il25
**
Ann
ual S
ubsc
ript
ion
12
12
Educ
atio
nIn
divi
dual
trad
ing m
embe
r/ tw
o pa
rtne
rs/t
wo
dire
ctor
s sho
uld
be g
radu
ates
. Dea
lers
shou
ld
also
hav
e pa
ssed
SEB
I app
rove
d ce
rtifi
catio
n te
st fo
r der
ivat
ives
and
Cap
ital M
arke
t (Ba
sic
or D
eale
rs) M
odul
e of
NC
FM.
At
leas
t tw
o di
rect
ors
shou
ld b
e gr
adua
tes.
At
leas
t tw
o di
rect
ors
shou
ld
be g
radu
ates
.
At
leas
t tw
o di
rect
ors
shou
ld b
e gr
adua
tes.
Dea
lers
sho
uld
also
hav
e pa
ssed
SE
BI
appr
oved
cer
tifi
cati
on
test
for
deri
vativ
es a
nd C
apita
l Mar
ket
(Bas
ic o
r D
eale
rs) M
odul
e of
NC
FM.
Expe
rien
ce---
------
------
------
--Tw
o ye
ar’s
expe
rien
ce in
secu
ritie
s mar
ket--
------
------
------
---
Tra
ck R
ecor
dT
he A
pplic
ant/
Part
ners
/Dir
ecto
rs s
houl
d no
t be
def
ault
ers
on a
ny s
tock
exc
hang
e.
The
y m
ust
not
be d
ebar
red
by S
EB
I fo
r be
ing
asso
ciat
ed w
ith
capi
tal
mar
ket
as
inte
rmed
iari
es T
hey
mus
t be
enga
ged
sole
ly
in th
e bu
sines
s of
sec
uriti
es a
nd m
ust n
ot b
e en
gage
d in
any
fund
-bas
ed a
ctiv
ity.
*
No
addi
tiona
l net
wor
th is
requ
ired
for s
elf-c
lear
ing
mem
bers
in th
e F&
O se
gmen
t. H
owev
er, a
net
wor
th o
f Rs.
300
lakh
is re
quir
ed fo
r mem
bers
cle
arin
g fo
r sel
f as w
ell
as fo
r ot
her
trad
ing
mem
bers
.
**
Add
ition
al R
s. 25
lakh
is r
equi
red
for
clea
ring
mem
bers
hip
(sel
f-cle
arin
g m
embe
r/m
embe
rs c
lear
ing
for
self
as w
ell a
s fo
r ot
hers
) in
the
F&O
seg
men
t. In
add
ition
, a
mem
ber
clea
ring
for
othe
rs is
req
uire
d to
bri
ng in
IFSD
of R
s. 2
lakh
and
CSD
of R
s. 8
lakh
per
trad
ing
mem
ber
he u
nder
take
s to
clea
r in
the
F&O
segm
ent.
25
Contd...
Table 2-1B : Requirements for Professional Clearing Memberhip
(All values in Rs. lakh)
Particulars CM Segment F&O Segment CM and F&O Segment
Eligibility Trading Member of NSE/SEBI Registered Custodians/Recognised Banks
Net Worth 300 300 300
Interest Free Security Deposit (IFSD) *
25 25 34
Collateral Security Deposit (CSD)
25 25 50
Annual Subscription 2.5 Nil 2.5
* The Professional Clearing Member (PCM) is required to bring in IFSD of Rs. 2 lakh
and CSD of Rs. 8 lakh per trading member whose trades he undertakes to clear in the F&O segment and IFSD of Rs. 6 lakh and CSD of Rs. 17.5 lakh (Rs. 9 lakh and Rs. 25 lakh respectively for corporate Members) per trading member in the CM segment.
Table 2-2 : Growth and Distribution of Members
Trading Members
Month/Year(end of period)
CM Segment WDM Segment
F&O Segment
Total * Professional Clearing Member
Mar-95 348 88 – 353
Mar-96 890 104 – 895 –
Mar-97 1,013 111 – 1,019 –
Mar-98 964 108 – 970 –
Mar-99 918 99 – 924 –
Mar-00 883 94 – 892 –
Mar-01 973 90 340 980 13
Mar-02 928 88 484 936 13
Apr-02 927 89 502 935 13
May-02 926 88 501 934 13
Jun-02 920 86 449 928 13
Jul-02 918 85 521 926 13
Aug-02 914 84 532 921 13
Sep-02 912 84 532 919 13
Oct-02 907 82 540 914 13
26
Table 2-2 : Growth and Distribution of Members
Trading Members
Month/Year(end of period)
CM Segment WDM Segment
F&O Segment
Total * Professional Clearing Member
Nov-02 899 82 539 906 13
Dec-02 894 81 544 901 14
Jan-03 891 81 546 899 13
Feb-03 889 79 551 897 13
Mar-03 887 78 553 895 13
Apr-03 882 77 561 890 13
May-03 874 77 566 882 13
Jun-03 870 77 568 879 13
Jul-03 863 75 568 872 13
Aug-03 859 75 568 869 13
Sep-03 860 75 574 871 14
Oct-03 860 75 578 871 14
Nov-03 857 75 579 868 14
Dec-03 860 75 583 871 14
Jan-04 861 76 584 872 14
Feb-04 861 76 588 872 16
Mar-04 862 78 589 874 16
Apr-04 860 75 595 872 16
May-04 860 75 599 872 17
Jun-04 863 75 614 874 17
Jul-04 865 75 621 876 17
Aug-04 866 75 621 877 17
Sep-04 866 74 620 876 17
Oct-04 869 76 625 880 17
Nov-04 868 74 628 879 17
Dec-04 867 74 634 878 17
Jan-05 872 74 646 883 17
Feb-05 876 75 652 886 16
Mar-05 881 75 661 891 17
Apr-05 884 75 667 894 17
May-05 886 75 676 896 17
Jun-05 885 75 679 895 17
Jul-05 883 74 679 893 16
Aug-05 887 71 695 896 17
Contd...
Contd...
27
Table 2-2 : Growth and Distribution of Members
Trading Members
Month/Year(end of period)
CM Segment WDM Segment
F&O Segment
Total * Professional Clearing Member
Sep-05 892 70 702 899 17
Oct-05 900 70 704 907 17
Nov-05 902 70 706 909 17
Dec-05 903 70 716 910 17
Jan-06 915 70 731 922 17
Feb-06 920 68 753 927 19
Mar-06 933 68 767 940 19
Apr-06 937 68 776 944 17
May-06 937 68 776 944 17
Jun-06 950 68 789 957 18
Jul-06 950 68 789 957 18
Aug-06 964 68 804 971 19
Sep-06 966 68 806 973 19
Oct-06 965 66 805 972 19
Nov-06 972 66 811 979 19
Dec-06 978 64 819 985 19
Jan-07 991 64 832 998 19
Feb-07 995 63 836 1,002 19
Mar-07 1,002 63 845 1,009 19
Apr-07 1,003 62 849 1,009 19
May-07 1,005 62 851 1,011 19
Jun-07 1,008 62 859 1,014 19
Jul-07 1,018 62 884 1,024 19
Aug-07 1,014 62 871 1,020 19
Sep-07 1,016 62 877 1,022 19
Oct-07 1,018 62 884 1,024 19
Nov-07 1,018 62 884 1,024 19
Dec-07 1,025 62 892 1,031 19
Jan-08 1,033 62 901 1,039 19
Feb-08 1,051 62 919 1,057 19
Mar-08 1,069 62 942 1,075 19
-- Not Applicable
* Do not add up to total because of multiple membership.
Note: Number of SEBI registered members excluding surrendered, dafaulter and expelled members.
Contd...
28
Listing of Securities 3
30
31
3Listing of Securities
The stocks, bonds and other securities issued by issuers require listing for providing liquidity to investors. Listing means formal admission of a security to the trading platform of the Exchange. It provides liquidity to investors without compromising the need of the issuer for capital and ensures effective monitoring of conduct of the issuer and trading of the securities in the interest of investors. The issuer wishing to have trading privileges for its securities satisfi es listing requirements prescribed in the relevant statutes and in the listing regulations of the Exchange. It also agrees to pay the listing fees and comply with listing requirements on a continuous basis. All the issuers who list their securities have to satisfy the corporate governance requirement framed by regulators.
Benefi ts of Listing on NSE
The benefi ts of listing on NSE are as enumerated below:
• NSE provides a trading platform that extends across the length and breadth of the country. Listing on NSE thus, enables issuers to reach and service investors across the country.
• NSE being the largest stock exchange in terms of trading volumes, the securities trade at low impact cost and are highly liquid. This in turn reduces the cost of trading to the investor.
• The trading system of NSE provides unparallel level of trade and post-trade information. The best 5 buy and sell orders are displayed on the trading system and the total number of securities available for buying and selling is also displayed. This helps the investor to know the depth of the market. Further, corporate announcements, results, corporate actions etc are also available on the trading system, thus reducing scope for price manipulation or misuse.
• The facility of making initial public offers (IPOs), using NSE’s network and software, results in signifi cant reduction in cost and time of issues.
• NSE’s web-site www.nseindia.com provides a link to the web-sites of the companies that are listed on NSE, so that visitors interested in any company can visit that company’s web-site from the NSE site.
• Listed companies are provided with monthly trade statistics for the securities of the company listed on the Exchange.
• The listing fee is nominal.
32
Listing Criteria
The Exchange has laid down criteria for listing of new issues by companies through IPOs, companies listed on other exchanges in conformity with the Securities Contracts (Regulation) Rules, 1957 and directions of the Central Government and the Securities and Exchange Board of India (SEBI). The criteria include minimum paid-up capital and market capitalisation, company/promoter’s track record, etc. The listing criteria for companies in the CM Segment are presented in Table 3-1. The issuers of securities are required to adhere to provisions of the Securities Contracts (Regulation) Act, 1956, the Companies Act, 1956, the Securities and Exchange Board of India Act, 1992, and the rules, circulars, notifi cations, guidelines, etc. prescribed there under.
Listing Agreement
All companies seeking listing of their securities on the Exchange are required to enter into a formal listing agreement with the Exchange. The agreement specifi es all the quantitative and qualitative requirements to be continuously complied with by the issuer for continued listing. The Exchange monitors such compliance and companies who do not comply with the provisions of the listing agreement may be suspended from trading on the Exchange. The agreement is being increasingly used as a means to improve corporate governance. Compliance by Listed Companies
NSE has institutionalised a process of verifying compliance of various conditions of the listing agreement. It conducts a periodic review for compliance on account of announcement of book closure/record date, announcement of quarterly results, submission of shareholding pattern, annual reports, appointment of compliance offi cer, corporate governance report, investor grievances and various disclosures etc.
Disclosures by Listed Companies
It is essential that all critical price sensitive/material information relating to securities is made available to the market participants and the investors immediately to enable them to take informed decisions in respect of their investments in securities. The Exchange therefore ensures certain important timely disclosures by listed companies and disseminates them to market through the NEAT terminals and through its website. These disclosures include corporate actions, quarterly/half yearly results, decisions at board meeting, non-promoters’ holding, announcements / press releases etc.
33
De-listing
There are two kinds of delisting which can be done from the Exchanges as per the SEBI (Delisting of Securities) Guidelines, 2003 in the following manner:
Voluntary De-listing of Companies
Any promoter or acquirer desirous of delisting securities of the company under the provisions of these guidelines shall obtain the prior approval of shareholders of the company by a special resolution passed at its general meeting, make a public announcement in the manner provided in these guidelines, make an application to the delisting exchange in the form specifi ed by the exchange, and comply with such other additional conditions as may be specifi ed by the concerned stock exchanges from where securities are to be de-listed. Any promoter of a company which desires to de-list from the stock exchange shall also determine an exit price for delisting of securities in accordance with the book building process as stated in the guidelines. The stock exchanges shall provide the infrastructure facility for display of the price at the terminal of the trading members to enable the investors to access the price on the screen to bring transparency to the delisting process.
Compulsory De-listing of Companies
The stock exchanges may de-list companies which have been suspended for a minimum period of six months for non-compliance with the listing agreement. The stock exchanges shall give adequate and wide public notice through newspapers and also give a show cause notice to a company. The exchange shall provide a time period of 15 days within which representation may be made to the exchange by any person who may be aggrieved by the proposed delisting.
The Stock Exchanges may, after consideration of the representation received from the aggrieved persons, delist the securities of such companies. The stock exchange shall ensure that adequate and wide public notice is given through newspaper and on the notice boards/trading systems of the stock exchanges and shall ensure disclosure in all such notices of the fair value of such securities. The stock exchange shall display the name of such company on its website. Where the securities of the company are de-listed by an exchange, the promoter of the company shall be liable to compensate the security holders of the company by paying them the fair value of the securities held by them and acquiring their securities, subject to their option to remain security-holders with the company.
The table below gives the names of the six companies delisted from the Exchange during 2007-08.
34
Sr. No. Name of the Company Date of Delisting
1 Yokogawa India Limited 10-May-07
2 Wartsila India Ltd 19-Jun-07
3 FCI OEN Connectors Limited 17-Sep-07
4 Panasonic AVC Networks India Co. Limited. 14-Dec-07
5 Essar Steel Limited 24-Dec-07
6 iGate Global Solutions Limited 4-Feb-08
CM Segment
Two categories, namely ‘listed’ and ‘permitted to trade’ categories of securities (equity shares, preference shares and debentures) are available for trading in the CM segment. However, the permitted to trade category has been phased out gradually and no new company is been given the benefi t of this category. At the end of March 2008, 1,381 companies were listed while 1,236 companies available for trading. These securities had a market capitalisation of Rs. 48,58,122 crore (US $ 1,215,442 million). The growth of securities available for trading on the CM segment is presented in Table 3-2.
Listing Fees
The listing fees charged by the Exchange are presented in the following table:
Listing Fees in the CM Segment
Sr. No.
Listing Fees Amount
(Rs.)
1 Initial Listing Fees 25,000
2 Annual Listing Fees (based on paid up share, bond and/ or debenture and/or debt capital, etc.)
a) Upto Rs. 1 Crore 10,000
b) Above Rs. 1 Crore and upto Rs.5 Crores 15,000
c) Above Rs. 5 Crore and upto Rs.10 Crores 25,000
d) Above Rs. 10 Crore and upto Rs.20 Crores 45,000
e) Above Rs. 20 Crore and upto Rs.30 Crores 70,000
f) Above Rs. 30 Crore and upto Rs.40 Crores 75,000
g) Above Rs. 40 Crore and upto Rs.50 Crores 80,000
Contd...
35
Listing Fees in the CM Segment
Sr. No.
Listing Fees Amount
(Rs.)
h) Above Rs. 50 Crores and upto Rs.100 Crores 1,30,000
i) Above Rs. 100 Crore and upto Rs.150 Crores 1,50,000
j) Above Rs. 150 Crore and upto Rs.200 Crores 1,80,000
k) Above Rs. 200 Crore and upto Rs.250 Crores 2,05,000
l) Above Rs. 250 Crore and upto Rs.300 Crores 2,30,000
m) Above Rs. 300 Crore and upto Rs.350 Crores 2,55,000
n) Above Rs. 350 Crore and upto Rs.400 Crores 2,80,000
o) Above Rs. 400 Crore and upto Rs.450 Crores 3,25,000
p) Above Rs. 450 Crore and upto Rs.500 Crores 3,75,000
Companies which have a paid up share, bond and/ or debenture and/or debt capital, etc. of more than Rs.500 crores will have to pay minimum fees of Rs.3,75,000 and an additional listing fees of Rs.2,500 for every increase of Rs.5 crores or part thereof in the paid up share, bond and/ or debenture and/or debt capital, etc.
Companies which have a paid up share, bond and/ or debenture and/or debt capital, etc. of more than Rs.1,000 crores will have to pay minimum fees of Rs.6,30,000 and an additional listing fees of Rs.2,750 for every increase of Rs.5 crores or part thereof in the paid up share, bond and/ or debenture and/or debt capital, etc.
Shareholding Pattern
In the interest of transparency, the issuers are required to disclose shareholding pattern on a quarterly basis. Table 3-3 presents the sector-wise shareholding pattern at end - March 2008 of companies listed on NSE. On an average, the promoters hold more than 56.12% of total shares. Though non-promoter holding is nearly 41.91 %, Indian public held only 13.07% and the institutional holdings by Financial Institutions / Banks / Central Government / State Government / Insurance Companies, FIIs, MFs, VCF’s accounted for 19.37 %.
WDM Segment
In the WDM segment, all government securities, state development loans and treasury bills are ‘deemed’ listed as and when they are issued. Other than those mentioned above, all eligible debt securities whether publicly issued or privately placed can be made available
Contd...
36
for trading in the WDM segment. Amongst other requirements, privately placed debt paper of banks, institutions and corporates require an investment grade credit rating to be eligible for listing. The listing requirements for securities on the WDM segment are presented in Table 3-4.
The growth of securities available for trading on the WDM segment is presented in Table 3-5. As at end March 2008, 3,566 securities with issued capital of Rs.2,103,082 crore (US $ 526,165) and a market capitalisation of Rs.2,123,346 crore (US $ 531,235) were available for trading on the WDM segment.
FUNDS MOBILISATION ON THE EXCHANGE
During the year 2007-08, the resources raised through Public Issues, Rights Issues, QIP and Preferential Allotments is summarized in the table below.
Particulars No. of Issues
Amount Amount
(Rs.cr) (US $ mn)
Public Issues 77 62,483.70 15,632.65
IPOs 74 41,899.13 10,482.64
FPOs 3 20,584.57 5,150.01
Rights Issues 14 13,413.79 3,355.96
QIP 33 24,434.17 6,113.13
Preferential Allotment 174 24,026.97 6,011.25
Total 298 124,358.64 31,112.99
Initial Public Offerings (IPO’s)
During the year 2007-08, 74 companies were listed through IPO and the amount mobilized through issuance of IPOs was Rs.41, 899.13 crore (US $ 10,482.64 million). The biggest IPO was that of Reliance Power Limited from the Infrastructure sector whose issue size was Rs.11,563.20 crore (US $ 2,893 million). DLF Limited was the second largest IPO during the year, issue size of which was Rs.9,187.50 crore ( US $ 2,299 million) followed by Power Grid Corporation of India Ltd. with issue size of Rs.2,984.45 crore (US $ 746.67 million). The details of IPOs listed on NSE during 2007-08 is presented in Table 3-6.
FPOs
During the year 2007-08 three companies raised capital through the FPO route raising resources worth Rs. 20,584.57 crore (US $ 5,150.01 million). The details of FPOs listed on NSE during 2007-08 is presented in Table 3-7.
37
RIGHTS ISSUES
There were 14 Rights issues during 2007-08, out of which Tata Steel Limited was the largest in terms of issue size of Rs.9,120.85 crore (US $ 2,281.92 million). The details of Rights Issues listed on NSE during 2007-08 is presented in Table 3-8.
PREFERENTIAL ALLOTMENT/PRIVATE PLACEMENT
During 2007-08, there were 174 preferential allotments that raised Rs.24,026.97 crore (US $ 6,011.25 million). The details of Preferential Allotment listed on NSE during 2007-08 are presented in Table 3-9.
QIPs
The amount raised through 33 QIPs during 2007-08, was Rs.24,413.17 crore (US $ 6,113.13 million). GMR Infrastructure raised the highest amount of Rs.3,965.71 (US $ 992.17 million).The details of QIPs are presented in Table 3-10.
Chart 3-1 Number of Companies Listed
38
Table 3-1 : Listing Criteria for Companies on the CM Segment of NSE
Criteria Initial Public Offerings (IPOs) Companies listed on other exchanges
Paid-up Equity Capital (PUEC)/Market Capitalisation (MC) /Net Worth
PUEC ≥ Rs. 10 cr. and MC ≥ Rs. 25 cr.
PUEC ≥ Rs. 10 cr. and MC ≥ Rs. 25 cr. OR PUEC ≥ Rs. 25 cr. ORMC ≥ Rs. 50 cr. OR The company shall have a net worth of not less than Rs.50 crores in each of the preceding fi nancial years.
Company/Promoter’s Track Record
Atleast 3 years track record of either(a) the applicant seeking listing OR(b) the promoters/promoting
company incorporated in or outside India OR
(c) Partnership fi rm and subsequently converted into Company not in existence as a Company for three years) and approaches the Exchange for listing. The Company subsequently formed would be considered for listing only on fulfi llment of conditions stipulated by SEBI in this regard.
Atleast three years track record of either(a) the applicant seeking listing; OR(b) the promoters/promoting
company, incorporated in or outside India.
Dividend Record / Net worth / Distributable Profi ts
– Dividend paid in at least 2 out of the last 3 fi nancial years immediately preceding the year in which the application has been made OR The networth of the applicants atleast Rs.50 crores OR The applicant has distributable profi ts in at least two out of the last three fi nancial years.
Listing – Listed on any other recognised stock exchange for at least last three years OR listed on the exchange having nationwide trading terminals for at least one year.
Other Requirements (a) No disciplinary action by other stock exchanges/regulatory authority in past 3 yrs.
(b) Satisfactory redressal mechanism for investor grievances,
(c) distribution of shareholding and(d) details of litigation record in past
3 years.(e) Track record of Directors of the
Company
(a) No disciplinary action by other stock exchanges/regulatory authority in past 3 yrs.
(b) Satisfactory redressal mechanism for investor grievances,
(c) distribution of shareholding and(d) details of litigation record in past
3 years.(e) Track record of Directors of the
Company(f) Change in control of a
Company/Utilisation of funds raised from public
39
Note:
1. (a) In case of IPOs, Paid up Equity Capital means post issue paid up equity capital.
(b) In case of Existing companies listed on other exchanges, the existing paid up equity capital as well as the paid up equity capital after the proposed issue for which listing is sought shall be taken into account.
2. (a) In case of IPOs, market capitalisation is the product of the issue price and the post-issue number of equity shares.
(b) In case of case of Existing companies listed on other stock exchanges the market capitalisation shall be calculated by using a 12 month moving average of the market capitalisation over a period of six months immediately preceding the date of application. For the purpose of calculating the market capitalisation over a 12 month period, the average of the weekly high and low of the closing prices of the shares on any of the recognised Stock Exchanges where those shares were frequently traded shall be taken into account while determining market capitalisation after making necessary adjustments for Corporate Action such as Rights / Bonus Issue/Split.
3. In case of Existing companies listed on other stock exchanges, the requirement of Rs.25 crores market capital shall not be applicable to listing of securities issued by Government Companies, Public Sector Undertakings, Financial Institutions, Nationalised Banks, Statutory Corporations and Banking Companies who are otherwise bound to adhere to all the relevant statutes, guidelines, circulars, clarifi cations etc. that may be issued by various regulatory authorities from time to time.
4. Net worth means paid-up equity capital + reserves excluding revaluation reserve - miscellaneous expenses not written off - negative balance in profi t and loss account to the extent not set off.
5. Promoters mean one or more persons with minimum 3 years of experience of each of them in the same line of business and shall be holding at least 20 % of the post issue equity share capital individually or severally.
6. In case a company approaches the Exchange for listing within six months of an IPO, the securities may be considered as eligible for listing if they were otherwise eligible for listing at the time of the IPO. If the company approaches the Exchange for listing after six months of an IPO, the norms for existing listed companies may be applied and market capitalisation be computed based on the period from the IPO to the time of listing.
40
Table 3-2 : Companies Listed/Permitted to Trade/Available for Trading on the CM Segment
Month/Year (end of period)
No. of Companies
Listed*
No. of Companies
Permitted to Trade*
No. of Companies
Available for Trading*@
Market Capitalisation*
Market Capitalisation*
(Rs. crore) (US $ mn)
Nov-94 0 300 300 292,637 93,108
Mar-95 135 543 678 363,350 115,606
Mar-96 422 847 1,269 401,459 116,873
Mar-97 550 934 1,484 419,367 116,880
Mar-98 612 745 1,357 481,503 121,807
Mar-99 648 609 1,254 491,175 115,761
Mar-00 720 479 1,152 1,020,426 240,496
Apr-00 725 473 1,145 846,391 181,473
May-00 733 431 1,109 790,478 169,485
Jun-00 741 423 1,109 852,554 182,795
Jul-00 747 410 1,094 746,402 160,035
Aug-00 751 410 1,089 794,516 170,351
Sep-00 758 379 1,070 730,350 156,593
Oct-00 764 377 1,067 707,121 151,613
Nov-00 767 376 1,070 764,177 163,846
Dec-00 775 350 1,050 760,391 163,034
Jan-01 778 348 1,050 807,641 173,165
Feb-01 782 320 1,026 789,600 169,297
Mar-01 785 320 1,029 657,847 141,048
Apr-01 790 319 1,031 653,720 133,959
May-01 789 318 1,030 592,437 121,401
Jun-01 790 292 1,001 569,797 116,762
Jul-01 785 294 994 574,260 117,676
Aug-01 786 293 994 575,242 117,877
Sep-01 788 293 987 509,105 104,325
Oct-01 789 292 986 535,846 109,805
Nov-01 788 268 956 581,386 119,136
Dec-01 788 268 956 552,908 113,301
Jan-02 794 199 893 563,683 115,509
Feb-02 791 198 889 621,523 127,361
Mar-02 793 197 890 636,861 130,504
Apr-02 800 173 865 649,551 136,748
May-02 798 172 863 631,609 132,970
Jun-02 799 170 848 659,991 138,945
Jul-02 799 163 841 608,643 128,135
Contd...
41
Table 3-2 : Companies Listed/Permitted to Trade/Available for Trading on the CM Segment
Month/Year (end of period)
No. of Companies
Listed*
No. of Companies
Permitted to Trade*
No. of Companies
Available for Trading*@
Market Capitalisation*
Market Capitalisation*
(Rs. crore) (US $ mn)
Aug-02 799 161 839 632,618 133,183
Sep-02 801 161 840 599,603 126,232
Oct-02 803 119 803 606,788 127,745
Nov-02 805 118 788 645,388 135,871
Dec-02 809 116 788 672,862 141,655
Jan-03 814 112 789 572,277 120,479
Feb-03 818 107 788 581,985 122,523
Mar-03 818 107 788 537,133 113,081
Apr-03 830 78 771 530,630 122,293
May-03 847 61 769 612,030 141,053
Jun-03 853 52 769 678,550 156,384
Jul-03 865 44 774 719,144 165,740
Aug-03 873 35 775 836,650 192,821
Sep-03 883 27 774 863,480 199,004
Oct-03 887 26 776 926,747 213,585
Nov-03 891 23 777 979,541 225,753
Dec-03 897 23 779 1,167,028 268,962
Jan-04 904 22 786 1,116,150 257,237
Feb-04 907 21 788 1,110,954 256,039
Mar-04 909 18 787 1,120,976 258,349
Apr-04 918 18 795 1,171,828 267,846
May-04 928 16 804 950,494 217,256
Jun-04 940 12 813 979,700 223,931
Jul-04 929 12 815 1,066,087 243,677
Aug-04 936 9 820 1,143,075 261,274
Sep-04 945 7 824 1,227,550 280,583
Oct-04 950 6 828 1,253,825 286,589
Nov-04 954 6 831 1,446,292 330,581
Dec-04 957 6 832 1,579,161 360,951
Jan-05 958 5 833 1,557,444 355,987
Feb-05 964 4 837 1,614,597 369,051
Mar-05 970 1 839 1,585,585 362,419
Apr-05 973 1 836 1,517,908 340,262
May-05 977 1 842 1,654,995 370,992
Jun-05 987 1 854 1,727,502 387,245
Contd...
Contd...
42
Table 3-2 : Companies Listed/Permitted to Trade/Available for Trading on the CM Segment
Month/Year (end of period)
No. of Companies
Listed*
No. of Companies
Permitted to Trade*
No. of Companies
Available for Trading*@
Market Capitalisation*
Market Capitalisation*
(Rs. crore) (US $ mn)
Jul-05 999 1 868 1,848,740 414,423
Aug-05 1,006 1 875 1,957,491 438,801
Sep-05 1,016 1 883 2,098,263 470,357
Oct-05 1,019 1 881 1,927,645 432,111
Nov-05 1,025 – 886 2,166,823 485,726
Dec-05 1,036 – 896 2,322,392 520,599
Jan-06 1,043 – 903 2,434,395 545,706
Feb-06 1,051 – 911 2,512,083 563,121
Mar-06 1,069 – 929 2,813,201 630,621
Apr-06 1,089 – 944 2,990,200 685,983
May-06 1,093 – 952 2,612,639 599,367
Jun-06 1,099 – 962 2,524,659 579,183
Jul-06 1,095 – 956 2,514,261 576,798
Aug-06 1,099 – 958 2,777,401 637,165
Sep-06 1,116 – 969 2,994,132 686,885
Oct-06 1,127 – 981 3,138,319 719,963
Nov-06 1,137 – 991 3,373,652 773,951
Dec-06 1,158 – 1,016 3,426,236 786,014
Jan-07 1,185 – 1,040 3,571,487 819,336
Feb-07 1,208 – 1,063 3,296,931 756,350
Mar-07 1,228 – 1,084 3,367,350 772,505
Apr-07 1,246 – 1,104 3,650,368 913,277
May-07 1,267 – 1,126 3,898,078 975,251
Jun-07 1,283 – 1,143 3,978,381 995,342
Jul-07 1,293 – 1,150 4,317,571 1,080,203
Aug-07 1,316 – 1,170 4,296,994 1,075,055
Sep-07 1,319 – 1,173 4,886,561 1,222,557
Oct-07 1,327 – 1,180 5,722,227 1,431,630
Nov-07 1,343 – 1,197 5,876,742 1,470,288
Dec-07 1,353 – 1,207 6,543,272 1,637,046
Jan-08 1,362 – 1,216 5,295,387 1,324,840
Feb-08 1,372 – 1,227 5,419,942 1,356,003
Mar-08 1,381 – 1,236 4,858,122 1,215,442
* Excluding suspended companies.
@ Excludes suspended companies.
Contd...
43
Tab
le 3
-3 :
Sha
reho
ldin
g P
atte
rn a
t the
end
of M
arch
200
8 of
com
pani
es L
iste
d on
NSE
Sect
ors
Pro
mot
ers
Non
-Pro
mot
ers
Shar
es
held
by
Cus
todi
ans
and
aga
inst
w
hich
D
epos
itor
yR
ecei
pts
have
bee
n is
sued
Inst
itut
iona
lN
on- I
nsti
tuti
onal
Indi
an
Pro
mot
ers
For
eign
P
rom
oter
s F
inan
cial
In
stit
utio
ns/
Ban
ks/
Cen
tral
G
over
nmen
t/St
ate
Gov
ernm
ent(
s)
/ In
sura
nce
Com
pani
es
For
eign
In
stit
utio
nal
Inve
stor
s
Mut
ual
Fun
dsV
entu
re
Cap
ital
F
unds
incl
udin
g F
orei
gn
Ven
ture
C
apit
al
Fun
ds
Any
oth
erB
odie
s C
orpo
rate
Indi
vidu
als
Any
Oth
er
Bank
s41
.61
0.94
5.8
0 19
.15
3.45
0.52
0.49
9.14
12.9
41.
134.
83
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neer
ing
29.3
72.
31 7
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10.6
310
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0.00
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351.
16
Fina
nce
41.1
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850.
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G
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34
Info
rmat
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nolo
gy
40.8
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69 2
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430.
540.
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astr
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re
68.9
97.
50 2
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8.86
2.18
0.08
0.00
3.03
5.73
1.02
0.26
Man
ufac
turin
g 44
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9.07
6.5
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463.
660.
080.
346.
4215
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2.52
1.76
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ia &
En
tert
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ent
44.3
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oche
mic
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57.5
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mac
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42.3
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ices
45
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8.02
5.4
6 10
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4.31
0.25
0.05
7.79
13.3
52.
072.
48
Telec
omm
unica
tion
56.3
13.
81 4
.22
9.12
1.46
0.02
0.02
3.77
11.1
49.
200.
93
Misc
ella
neou
s43
.37
3.13
2.6
7 9.
303.
570.
002
0.00
110
.19
23.0
83.
691.
01
Num
ber o
f Sha
res
86,7
91,5
87,8
76
12,4
18,1
96,9
84
9,46
9,10
3,25
5 18
,768
,397
,741
5,
756,
467,
003
251,
395,
853
15,6
24,8
51
10,2
71,8
64,8
14
23,1
02,8
20,4
41
5,95
3,45
0,43
3 3,
467,
066,
400
% to
Tot
al
Num
ber o
f Sha
res
49.1
07.
03 5
.36
10.6
23.
260.
140.
295.
8113
.07
3.37
1.96
44
Table 3-4 Eligibility Criteria for Securities on WDM Segment
Issuer Eligibility Criteria for listing
Public Issue /Private Placement
Corporates (Public limited companies and Private limited companies)
• Paid-up capital of Rs.10 crores; or
• Market capitalisation of Rs.25 crores
(In case of unlisted companies Networth more than Rs.25 crores)
• Credit rating
Public Sector Undertaking, Statutory Corporation established/ constituted under Special Act of Parliament /State Legislature, Local bodies/authorities,
• Credit rating
Mutual Funds:
Units of any SEBI registered Mutual Fund/scheme
• Investment objective to invest predominantly in debt or
• Scheme is traded in secondary market as debt instrument
• Qualifi es for listing under SEBI’s Regulations
Infrastructure companies
• Tax exemption and recognition as infrastructure company under related statutes/regulations
• Qualifi es for listing under the respective Acts, Rules or Regulations under which the securities are issued.
• Credit rating
Financial Institutions u/s. 4A of Companies Act, 1956 including Industrial Development Corporations
Public Issue Private Placement
Qualifi es for listing under the respective Acts, Rules or Regulations under which the securities are issued.
Credit rating
Banks • Scheduled banks
• Networth of Rs.50 crores or above
• Qualifi es for listing under the respective Acts, Rules or Regulations under which the securities are issued.
• Scheduled Banks
• Networth of Rs.50 crores or above
• Credit rating
45
Tab
le 3
-5 :
Secu
ritie
s Ava
ilabl
e fo
r T
radi
ng o
n W
DM
Seg
men
t (as
on
Mar
ch 3
1)
Secu
riti
es20
0620
0720
08
Num
ber
Am
ount
A
mou
nt
Num
ber
Am
ount
A
mou
nt
Num
ber
Am
ount
A
mou
nt
(Rs.
cr)
(US
$ m
n)
(Rs.
cr)
(US
$ m
n)
(Rs.
cr)
(US
$ m
n)
Gov
ernm
ent S
ecur
ities
1
,259
1
,227
,608
2
75,1
87
1,2
76
1,3
96,3
65
320
,341
1
,336
1
,682
,607
4
20,9
68
T-B
ills
51
71,
471
16,
021
52
117
,950
2
7,05
9 5
2 1
13,9
47
28,
508
PSU
Bon
ds
791
8
8,69
0 1
9,88
1 7
96
90,
374
20,
733
777
9
7,28
2 2
4,33
9
Inst
itutio
nal.
Bond
s 3
69
26,
738
5,9
94
271
2
8,13
6 6
,455
2
62
32,
419
8,1
11
Bank
Bon
ds
184
3
3,94
2 7
,609
2
68
66,
137
15,
172
396
9
9,61
5 2
4,92
2
Cor
pora
te B
onds
5
12
43,
863
9,8
33
584
5
4,08
7 1
2,40
8 7
38
76,
489
19,
136
Oth
ers
11
1,7
94
402
5
7
23
166
5
7
23
181
Tot
al
3,1
77
1,4
94,1
06
334
,926
3
,252
1
,753
,771
4
02,3
33
3,5
66
2,1
03,0
82
526
,165
46
Tab
le 3
-6 :
Initi
al P
ublic
Offe
ring
s (IP
Os)
duri
ng 2
007-
08
Sr.
No.
Com
pany
Nam
eSe
ctor
Issu
e si
ze
Dat
e of
Li
stin
gN
o. o
f Se
curi
-ti
es
issu
ed
Issu
e P
rice
Clo
se
Pri
ce
on
fi rst
da
y of
tr
adin
g
Clo
se
Pri
ce a
t en
d of
M
arch
20
08
Pri
ce A
ppre
cia-
tion
/ D
epre
cia-
tion
on
the
fi rst
da
y of
tra
ding
Pri
ce A
ppre
cia-
tion
/ D
epre
cia-
tion
at
end
Mar
ch 2
008
(Rs.
cr)
(Rs.
cr)
(%)
(%)
1O
rbit
Cor
pora
tion
Lim
ited
Infr
astr
uctu
re10
0.10
12-A
pr-0
791
0000
011
012
8.2
527.
1 1
6.55
3
79.1
8
2IC
RA
Lim
ited
Fi
nanc
e85
.18
13-A
pr-0
725
8110
033
080
3.25
664.
05 1
43.4
1 1
01.2
3
3A
dvan
ta In
dia L
imite
dFM
CG
216.
3219
-Apr
-07
3380
000
640
845.
510
63.6
5 3
2.11
6
6.20
4Fo
rtis
Hea
lthca
re L
imite
dM
iscel
lane
ous
496.
769-
May
-07
4599
6439
108
100.
1583
.4 (7
.27)
(22.
78)
5Bh
agw
ati B
anqu
ets a
nd H
otel
s Lim
ited
Serv
ices
92.0
017
-May
-07
2300
0000
4049
.05
71.1
5 2
2.63
7
7.88
6H
ilton
Met
al F
orgi
ng L
imite
d M
anuf
actu
ring
38.1
224
-May
-07
5445
016
7067
.75
27.7
(3.2
1) (6
0.43
)
7Bi
nani
Cem
ent L
imite
dM
anuf
actu
ring
153.
7528
-May
-07
2050
0000
7569
.05
62.4
5 (7
.93)
(16.
73)
8M
IC E
lect
roni
cs L
imite
dTe
leco
mm
unic
atio
n76
.50
30-M
ay-0
751
0000
015
033
8.15
715.
3 1
25.4
3 3
76.8
7
9In
sect
icid
es (I
ndia
) Lim
ited
Petr
oche
mic
als
36.5
530
-May
-07
3177
900
115
109.
4546
.85
(4.8
3) (5
9.26
)
10N
itin
Fire
Pro
tect
ion
Indu
strie
s Lim
ited
Misc
ella
neou
s64
.47
5-Ju
n-07
3393
141
190
484.
8540
4.9
155
.18
113
.11
11Ti
me T
echn
opla
st Li
mite
d M
anuf
actu
ring
123.
5313
-Jun-
0739
2150
031
548
0.9
791.
75 5
2.67
1
51.3
5
12G
lory
Pol
yfi lm
s Lim
ited
Man
ufac
turin
g39
.46
18-Ju
n-07
8220
000
4862
.166
29.
38
37.
50
13D
ecol
ight
Cer
amic
s Lim
ited
Misc
ella
neou
s43
.47
19-Ju
n-07
8049
237
5444
.65
19.8
5 (1
7.31
) (6
3.24
)
14N
elca
st Li
mite
dM
anuf
actu
ring
95.2
727
-Jun-
0743
5024
021
920
7.35
97.3
(5.3
2) (5
5.57
)
15M
eghm
ani O
rgan
ics L
imite
dPe
troc
hem
ical
s10
2.00
28-Ju
n-07
5368
4211
1926
.621
.1 4
0.00
1
1.05
16V
ishal
Ret
ail L
imite
dM
iscel
lane
ous
110.
004-
Jul-0
740
7407
427
075
3.1
831.
3 1
78.9
3 2
07.8
9
17D
LF L
imite
dIn
fras
truc
ture
9187
.50
5-Ju
l-07
1750
0000
052
556
9.8
645.
75 8
.53
23.
00
18R
oman
Tar
mat
Lim
ited
Infr
astr
uctu
re50
.78
9-Ju
l-07
2901
507
175
319.
272
.75
82.
40
(58.
43)
19C
eles
tial L
abs L
imite
dPh
arm
aceu
tical
s30
.00
17-Ju
l-07
5000
000
6067
.55
37.3
12.
58
(37.
83)
Con
td...
47
Tab
le 3
-6 :
Initi
al P
ublic
Offe
ring
s (IP
Os)
duri
ng 2
007-
08
Sr.
No.
Com
pany
Nam
eSe
ctor
Issu
e si
ze
Dat
e of
Li
stin
gN
o. o
f Se
curi
-ti
es
issu
ed
Issu
e P
rice
Clo
se
Pri
ce
on
fi rst
da
y of
tr
adin
g
Clo
se
Pri
ce a
t en
d of
M
arch
20
08
Pri
ce A
ppre
cia-
tion
/ D
epre
cia-
tion
on
the
fi rst
da
y of
tra
ding
Pri
ce A
ppre
cia-
tion
/ D
epre
cia-
tion
at
end
Mar
ch 2
008
(Rs.
cr)
(Rs.
cr)
(%)
(%)
20H
ousin
g D
evel
opm
ent a
nd In
fras
truc
ture
Lim
ited
Infr
astr
uctu
re17
07.7
524
-Jul-0
734
1550
0050
055
9.35
657.
25 1
1.87
3
1.45
21A
llied
Dig
ital S
ervi
ces L
imite
dIn
form
atio
n Te
chno
logy
85.9
325
-Jul-0
745
2243
519
033
0.15
793.
4 7
3.76
3
17.5
8
22Ev
eron
n Sy
stem
s Ind
ia L
imite
dIn
form
atio
n Te
chno
logy
50.0
21-
Aug
-07
3572
964
140
477.
3558
4.35
240
.96
317
.39
23Si
mpl
ex P
rojec
ts Li
mite
dIn
fras
truc
ture
55.5
13-
Aug
-07
3000
397
185
273.
721
9.6
47.
95
18.
70
24A
lpa L
abor
ator
ies L
imite
dPh
arm
aceu
tical
s61
.07
6-A
ug-0
789
8060
068
55.1
528
.45
(18.
90)
(58.
16)
25O
max
e Lim
ited
Infr
astr
uctu
re60
5.94
9-A
ug-0
719
5465
2031
034
9.35
207.
35 1
2.69
(3
3.11
)
26O
mni
tech
Info
solu
tions
Lim
ited
Info
rmat
ion
Tech
nolo
gy35
.00
14-A
ug-0
733
3333
310
516
3.4
128.
95 5
5.62
2
2.81
27IV
R P
rime U
rban
Dev
elop
ers L
imite
dIn
fras
truc
ture
721.
6516
-Aug
-07
1415
0000
510
417.
917
5.55
(18.
06)
(65.
58)
28Zy
log
Syste
ms L
imite
dIn
form
atio
n Te
chno
logy
126.
0017
-Aug
-07
3600
000
350
427.
518
3.1
22.
14
(47.
69)
29C
entr
al B
ank
of In
dia
BAN
KS
816.
0021
-Aug
-07
8000
0000
102
115.
386
.9 1
3.04
(1
4.80
)
30SE
L M
anuf
actu
ring
Com
pany
Lim
ited
Man
ufac
turin
g37
.25
21-A
ug-0
741
3841
090
144.
7532
3.85
60.
83
259
.83
31A
sian
Gra
nito
Indi
a Lim
ited
Man
ufac
turin
g67
.90
23-A
ug-0
770
0000
097
94.2
50.7
5 (2
.89)
(47.
68)
32Ta
ke S
olut
ions
Lim
ited
Info
rmat
ion
Tech
nolo
gy15
3.30
27-A
ug-0
721
0000
073
092
7.8
771.
65 2
7.10
5
.71
33K
.P.R
. Mill
Lim
ited
Man
ufac
turin
g13
3.02
28-A
ug-0
759
1210
022
517
4.2
96.0
5 (2
2.58
) (5
7.31
)
34Pu
rava
nkar
a Pro
jects
Lim
ited
Infr
astr
uctu
re85
6.28
30-A
ug-0
721
4068
8040
036
2.3
241.
05 (9
.43)
(39.
74)
35M
otila
l Osw
al F
inan
cial
Ser
vice
s Lim
ited
Fina
nce
246.
0711
-Sep
-07
2982
710
825
976.
8567
7.35
18.
41
(17.
90)
36In
dow
ind
Ener
gy L
imite
dM
anuf
actu
ring
73.3
514
-Sep
-07
1128
4600
6511
3.65
69.3
74.
85
6.6
2
37M
agnu
m V
entu
res L
imite
dM
anuf
actu
ring
52.9
220
-Sep
-07
1764
1184
3049
.413
.85
64.
67
(53.
83)
Con
td...
Con
td...
48
Tab
le 3
-6 :
Initi
al P
ublic
Offe
ring
s (IP
Os)
duri
ng 2
007-
08
Sr.
No.
Com
pany
Nam
eSe
ctor
Issu
e si
ze
Dat
e of
Li
stin
gN
o. o
f Se
curi
-ti
es
issu
ed
Issu
e P
rice
Clo
se
Pri
ce
on
fi rst
da
y of
tr
adin
g
Clo
se
Pri
ce a
t en
d of
M
arch
20
08
Pri
ce A
ppre
cia-
tion
/ D
epre
cia-
tion
on
the
fi rst
da
y of
tra
ding
Pri
ce A
ppre
cia-
tion
/ D
epre
cia-
tion
at
end
Mar
ch 2
008
(Rs.
cr)
(Rs.
cr)
(%)
(%)
38K
aver
i See
d C
ompa
ny L
imite
dFM
CG
68.0
44-
Oct
-07
4002
184
170
230.
9527
9.9
35.
85
64.
65
39Po
wer
Grid
Cor
pora
tion
of In
dia L
imite
dIn
fras
truc
ture
2984
.45
5-O
ct-0
757
3932
895
5210
0.6
98.3
93.
46
89.
04
40K
outo
ns R
etai
l Ind
ia L
imite
dM
anuf
actu
ring
146.
2612
-Oct
-07
3524
439
415
586.
580
5.3
41.
33
94.
05
41C
onso
lidat
ed C
onstr
uctio
n C
onso
rtiu
m L
imite
dIn
fras
truc
ture
188.
7015
-Oct
-07
3700
000
510
792.
173
2.7
55.
31
43.
67
42D
hanu
s Tec
hnol
ogie
s Lim
ited
Tele
com
mun
icat
ion
109.
3017
-Oct
-07
3835
000
285
309.
7516
5.6
8.6
8 (4
1.89
)
43Su
prem
e Inf
rastr
uctu
re In
dia L
imite
dIn
fras
truc
ture
37.5
318
-Oct
-07
3475
000
108
175.
181
.45
62.
13
(24.
58)
44M
ayta
s Inf
ra L
imite
dIn
fras
truc
ture
327.
4525
-Oct
-07
8850
000
370
613.
3571
6.3
65.
77
93.
59
45R
elig
are E
nter
prise
s Lim
ited
Fina
nce
140.
1621
-Nov
-07
7576
102
185
525.
337
2 1
83.9
5 1
01.0
8
46V
arun
Indu
strie
s Lim
ited
Man
ufac
turin
g54
.01
22-N
ov-0
790
0114
560
112.
261
.05
87.
00
1.7
5
47Ba
rak
Val
ley
Cem
ents
Lim
ited
Man
ufac
turin
g23
.77
23-N
ov-0
756
6000
042
55.3
32.8
5 3
1.67
(2
1.79
)
48Em
pee D
istill
erie
s Lim
ited
FMC
G19
2.20
26-N
ov-0
748
0489
340
031
9.35
153.
1 (2
0.16
) (6
1.73
)
49M
undr
a Por
t and
Spe
cial
Eco
nom
ic Z
one L
imite
dSe
rvic
es17
71.0
027
-Nov
-07
4025
0000
440
962.
957
8.75
118
.84
31.
53
50Ed
elw
eiss
Cap
ital L
imite
dFi
nanc
e69
1.86
12-D
ec-0
783
8614
782
515
10.2
582
7.45
83.
06
0.3
0
51R
enai
ssan
ce Je
wel
lery
Lim
ited
Misc
ella
neou
s79
.86
12-D
ec-0
753
2424
015
016
4.9
71.8
9.9
3 (5
2.13
)
52K
olte
- Pa
til D
evel
oper
s Lim
ited
Infr
astr
uctu
re27
5.54
13-D
ec-0
719
0029
7714
518
1.35
95.7
25.
07
(34.
00)
53K
aush
alya
Infr
astr
uctu
re D
evel
opm
ent C
orpo
ratio
n Li
mite
dIn
fras
truc
ture
51.0
014
-Dec
-200
785
0000
060
82.4
535
.25
37.
42
(41.
25)
54Jy
othy
Lab
orat
orie
s Lim
ited
Phar
mac
eutic
als
305.
6919
-Dec
-07
4430
260
690
794.
0578
5.3
15.
08
13.
81
55Tr
ansfo
rmer
s And
Rec
tifi e
rs (I
ndia
) Lim
ited
Infr
astr
uctu
re13
9.27
28-D
ec-0
729
9500
046
572
9.25
395.
35 5
6.83
(1
4.98
)
Con
td...
Con
td...
49
Tab
le 3
-6 :
Initi
al P
ublic
Offe
ring
s (IP
Os)
duri
ng 2
007-
08
Sr.
No.
Com
pany
Nam
eSe
ctor
Issu
e si
ze
Dat
e of
Li
stin
gN
o. o
f Se
curi
-ti
es
issu
ed
Issu
e P
rice
Clo
se
Pri
ce
on
fi rst
da
y of
tr
adin
g
Clo
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td...
50
Table 3-7 : FPOs during 2007-08
Sr. No.
Company Name
Sector Issue size Date of Listing
No. of Securities
issued
Issue Price (Rs.)
(Rs.cr)
1 ICICI Bank Ltd. Banking 10,043.00 6-Jul-07 58,160,431 940 (Price for the existing
retail shareholders and
retail shareholders is
Rs. 890/-)
2 ICICI Bank Ltd. Banking 10,014.82 6-Jul-07 99,898,476 1002.5
3 Bharat Earth
Movers Ltd
Manufacturing 526.75 17-Jul-07 4,900,000 1075
Table 3-8 : Rights Issues during 2007-08
S. No. Company Name Amount Mobilised
(Rs. Cr.)
Amount Mobilised
(US $ mn)
1 Bajaj Auto Finance Ltd 1.32 0.33
2 Cholamandalam DBS Finance Limited 199.21 49.84
3 DIC India Limited 51.60 12.91
4 Exide Industries Ltd. 150.00 37.53
5 The Federal Bank Ltd 2,135.74 534.34
6 Federal-Mogul Goetze (India) Limited. 106.33 26.60
7 GTL Infrastructure Limited 336.28 84.13
8 Hindustan Oil Exploration Co. Ltd 610.51 152.74
9 ITD Cementation India Limited 244.71 61.22
10 Lg Balakrishnan & Bros Ltd 94.42 23.62
11 Nandan Exim Limited 45.45 11.37
12 Orient Paper & Industries Ltd 160.24 40.09
13 Tata Steel Limited 9,120.85 2,281.92
14 Trent Ltd. 157.13 39.31
Total Resources Mobilised 13,413.79 3,355.96
51
Contd...
Table 3-9 Preferential Allotments by NSE Listed Companies during 2007-08
S. No.
Company Name Amount Raised Rs. cr
Amount Raised US $ mn
1 Aarvee Denims & Exports Limited 8.36 2.09
2 Agro Dutch Industries Limited 2.06 0.52
3 Ahmednagar Forgings Ltd 40.80 10.21
4 Deccan Aviation Limited 575.40 143.96
5 Alps Industries Ltd. 13.00 3.25
6 Amtek Auto Ltd 322.00 80.56
7 Amtek India Limited 96.25 24.08
8 Anant Raj Industries Limited 800.12 200.18
9 ANG Auto Limited 8.06 2.02
10 Ankur Drugs And Pharma Limited 45.76 11.45
11 Ansal Housing and Construction Limited 18.96 4.74
12 Apollo Hospitals Enterprise Ltd 426.40 106.68
13 Apollo Tyres Ltd 35.16 8.80
14 The Andhra Pradesh Paper Mills Limited 20.00 5.00
15 Aptech Limited 43.33 10.84
16 Archies Limited 3.99 1.00
17 Arihant Foundations & Housing Ltd 20.10 5.03
18 Asian Electronics Ltd 13.68 3.42
19 Aurionpro Solutions Limited 25.96 6.49
20 Axis Bank Limited 1,903.10 476.13
21 B.A.G Films and Media Limited 52.48 13.13
22 Bajaj Auto Finance Ltd 123.27 30.84
23 Balrampur Chini Mills Ltd 67.16 16.80
24 Bhartiya International Limited 10.85 2.71
25 Bilpower Limited 29.10 7.28
26 BPL Limited 18.89 4.73
27 California Software Company Limited 38.39 9.60
28 Cambridge Solutions Limited 133.65 33.44
29 CESC Ltd. 43.34 10.84
30 Clutch Auto Limited 27.38 6.85
31 Color Chips Limited 0.40 0.10
32 Core Projects and Technologies Limited 3.78 0.95
33 City Union Bank Ltd. 145.73 36.46
34 Development Credit Bank Limited 280.00 70.05
35 DCW Ltd 28.33 7.09
52
Contd...
Contd...
Table 3-9 Preferential Allotments by NSE Listed Companies during 2007-08
S. No.
Company Name Amount Raised Rs. cr
Amount Raised US $ mn
36 Dewan Housing Finance Corporation Ltd 52.99 13.26
37 Everest Kanto Cylinder Limited 88.70 22.19
38 Electrosteel Castings Ltd 54.97 13.75
39 Emco Limited 21.75 5.44
40 Era Infra Engineering Limited 50.83 12.72
41 Ess Dee Aluminium Limited 81.08 20.28
42 Four Soft Limited 19.85 4.97
43 Ganesh Housing Corporation Ltd. 7.46 1.87
44 Garware Wall Ropes Ltd. 4.99 1.25
45 Garware Offshore Services Limited 17.33 4.34
46 Gati Limited 34.45 8.62
47 Gemini Communication Limited 15.53 3.88
48 Genesys International Corporation Limited 1.09 0.27
49 Genus Power Infrastructures Limited 84.00 21.02
50 Geodesic Information Systems Limited 24.96 6.25
51 Geojit Financial Services Limited 147.69 36.95
52 GHCL Limited 16.28 4.07
53 Gitanjali Gems Limited 45.07 11.28
54 Goldiam International Limited 0.75 0.19
55 Goldstone Technologies Ltd. 15.33 3.84
56 Granules India Limited 82.87 20.73
57 Greenply Industries Ltd 6.21 1.55
58 Gujarat State Petronet Limited 107.35 26.86
59 GTC Industries Ltd 8.00 2.00
60 Gujarat NRE Coke Ltd. 52.50 13.13
61 Gujarat Sidhee Cements Ltd 4.73 1.18
62 Havells India Limited 260.00 65.05
63 Housing Development Finance Corporation Ltd. 3,114.00 779.08
64 HDFC Bank Ltd 1,390.10 347.79
65 Hexaware Technologies Limited 150.00 37.53
66 Himatsingka Seide Ltd 9.98 2.50
67 Hindalco Industries Ltd. 1,173.62 293.63
68 Hindustan Dorr-Oliver Ltd 8.00 2.00
69 I-Flex Solutions Limited 40.17 10.05
70 Indiabulls Real Estate Limited 273.83 68.51
53
Contd...
Contd...
Table 3-9 Preferential Allotments by NSE Listed Companies during 2007-08
S. No.
Company Name Amount Raised Rs. cr
Amount Raised US $ mn
71 Indo Count Industries Ltd 6.07 1.52
72 ICSA (India) Limited 53.20 13.31
73 IG Petrochemicals Ltd. 13.50 3.38
74 Indiabulls Financial Services Limited 321.17 80.35
75 India Infoline Limited 609.20 152.41
76 IMP Powers Ltd 5.91 1.48
77 Ind-Swift Laboratories Ltd. 2.35 0.59
78 Infotech Enterprises Ltd 201.01 50.29
79 ING Vysya Bank Limited 157.51 39.41
80 IOL Netcom Limited 5.68 1.42
81 Jai Corp Limited 611.75 153.05
82 Jayant Agro Organics Ltd. 3.90 0.98
83 JIK Industries Limited 13.89 3.47
84 Jindal Saw Limited 116.53 29.15
85 Jain Irrigation Systems Limited 47.59 11.91
86 Jindal Stainless Limited 102.77 25.71
87 JSW Steel Limited 190.40 47.64
88 Jyoti Structures Ltd 5.27 1.32
89 Kanoria Chemicals & Industries Ltd 20.34 5.09
90 Kesar Enterprises Ltd. 4.38 1.10
91 Kinetic Motor Company Limited 9.75 2.44
92 Karuturi Networks Limited 39.85 9.97
93 Kopran Ltd. 7.03 1.76
94 KPIT Cummins Infosystems Limited 38.55 9.64
95 K S Oils Limited 131.78 32.97
96 Lakshmi Precision Screws Limited 9.09 2.27
97 Lakshmi Energy and Foods Limited 37.38 9.35
98 Lloyd Electric & Engineering Ltd 50.00 12.51
99 Lumax Industries Ltd 54.00 13.51
100 Lyka Labs Ltd 27.36 6.84
101 Mahindra & Mahindra Financial Services Limited 414.20 103.63
102 Mahindra Lifespace Developers Limited 198.83 49.74
103 Malwa Cotton Spg. Mills Ltd 2.80 0.70
104 Man Industries (India) Ltd. 9.00 2.25
105 Media Video Ltd. 18.49 4.63
54
Contd...
Contd...
Table 3-9 Preferential Allotments by NSE Listed Companies during 2007-08
S. No.
Company Name Amount Raised Rs. cr
Amount Raised US $ mn
106 Micro Technologies (India) Limited 9.09 2.27
107 Mercator Lines Limited 44.00 11.01
108 MSK Projects (India) Limited 37.38 9.35
109 Nagarjuna Construction Co. Ltd 410.00 102.58
110 Nagreeka Exports Ltd 6.09 1.52
111 Nagreeka Exports Limited 6.05 1.51
112 Nava Bharat Ventures Limited 30.40 7.61
113 Nicco Corporation Limited 20.00 5.00
114 Onward Technologies Ltd 0.18 0.04
115 Opto Circuits (India) Limited 41.93 10.49
116 Pantaloon Retail (India) Ltd. 398.24 99.63
117 Paramount Communications Ltd 14.58 3.65
118 Parekh Aluminex Limited 18.40 4.60
119 Phoenix Lamps Ltd 42.53 10.64
120 The Phoenix Mills Limited 317.72 79.49
121 Polyplex Corporation Ltd. 20.52 5.13
122 Prajay Engineers Syndicate Limited 1.46 0.37
123 Praj Industries Ltd 87.78 21.96
124 Precision Wires India Ltd 19.49 4.88
125 Provogue (India) Limited 130.50 32.65
126 Rana Sugars Ltd 6.82 1.71
127 Rane Holdings Limited 29.70 7.43
128 Reliance Capital Limited 494.76 123.78
129 Shree Renuka Sugars Limited 62.57 15.65
130 Ramkrishna Forgings Limited 1.50 0.38
131 Radha Madhav Corporation Limited 6.57 1.64
132 Reliance Natural Resources Limited 743.85 186.10
133 RPG Cables Ltd 8.30 2.08
134 Sabero Organics Gujarat Ltd 8.50 2.13
135 Sagar Cements Ltd. 28.72 7.18
136 Saksoft Limited 3.27 0.82
137 Sangam (India) Ltd. 2.76 0.69
138 Sanghi Industries Limited 93.71 23.45
139 Sanghvi Movers Ltd. 29.69 7.43
140 South Asian Petrochem Limited 71.77 17.96
55
Contd...
Table 3-9 Preferential Allotments by NSE Listed Companies during 2007-08
S. No.
Company Name Amount Raised Rs. cr
Amount Raised US $ mn
141 SB&T International Ltd 7.75 1.94
142 Sharyans Resources Ltd. 94.82 23.72
143 Shiv-Vani Oil & Gas Exploration Services Limited 102.50 25.64
144 Shreyans Industries Ltd 5.98 1.49
145 Sical Logistics Limited 219.05 54.80
146 Sona Koyo Steering Systems Ltd. 30.98 7.75
147 Spentex Industries Ltd 1.00 0.25
148 Shriram Transport Finance Co. Ltd. 539.20 134.90
149 Strides Arcolab Limited 1.71 0.43
150 STI India Ltd 4.08 1.02
151 Sterlite Technologies Limited 28.00 7.01
152 Subhash Projects & Marketing Ltd 134.60 33.68
153 Summit Securities Limited 28.73 7.19
154 Supreme Tex Mart Limited 14.81 3.70
155 Surana Industries Limited 24.75 6.19
156 Suryajyoti Spinning Mills Limited 3.48 0.87
157 Surya Pharmaceutical Limited 20.93 5.24
158 Tata Power Co. Ltd. 580.86 145.32
159 Tata Steel Limited 1,380.17 345.30
160 Tata Tea Ltd 204.13 51.07
161 Transport Corporation of India Limited 52.63 13.17
162 TIPS Industries Limited 11.12 2.78
163 Trent Ltd. 43.50 10.88
164 Television Eighteen India Ltd. 91.54 22.90
165 UFLEX Limited 80.50 20.14
166 Usha Martin Limited 88.74 22.20
167 Vakrangee Softwares Limited 42.18 10.55
168 Valecha Engineering Limited 21.05 5.27
169 Varun Shipping Co. Ltd. 63.75 15.95
170 Viceroy Hotels Limited 8.13 2.03
171 Welspun Gujarat Stahl Rohren Limited 68.45 17.13
172 Xpro India Limited 1.76 0.44
173 Yes Bank Limited 330.75 82.75
174 Zicom Electronic Security Systems Limited 14.34 3.59
TOTAL 24,026.97 6,011.25
56
Table 3-10 : Amount raised through QIP during 2007-08
Sr. No
Name of the company Amount Raised Amount Raised
(Rs.cr) (US $ mn)
1 GMR Infrastructure Limited 3965.71 992.17
2 Suzlon Energy Limited 2182.70 546.08
3 IDFC Limited 2100.00 525.39
4 UTI Bank Limited 1752.43 438.44
5 Kotak Mahindra Bank Limited 1615.00 404.05
6 Bank of India 1359.81 340.21
7 GVK Power & Infrastructure Limited 1221.00 305.48
8 PTC India Limited 1199.99 300.22
9 Max India Limited 999.99 250.19
10 The Phoenix Mills Limited 980.00 245.18
11 United Phosphorous Limited 845.81 211.61
12 Punj Lloyd Limited 814.00 203.65
13 Godrej Industries Ltd. 600.00 150.11
14 India Cements Ltd. 592.49 148.23
15 CESC Limited 590.81 147.81
16 Sintex Industries Ltd. 589.50 147.49
17 Peninsula Land Limited 525.00 131.35
18 Centurion Bank of Punjab Limited 500.00 125.09
19 Simplex Infrastructures Limited 400.00 100.08
20 The South Indian Bank Ltd. 326.00 81.56
21 ING Vysya Bank Limited 192.49 48.16
22 Nitco Tiles Limited 166.01 41.53
23 Shree Renuka Sugars Limited 164.00 41.03
24 Godawari Power And Ispat limited 100.00 25.02
25 Logix Microsystems Limited 97.65 24.43
26 Sadbhav Engineering Limited 92.00 23.02
27 Escorts Limited 87.92 22.00
28 Sunil Hitech Engineering Limited 81.00 20.27
29 Birla Power Solutions Limited. 67.32 16.84
30 Escorts Limited 60.84 15.22
31 Pratibha Industries Limited 60.72 15.19
32 Parekh Aluminex Limited 54.00 13.51
33 West Coast Paper Mills Limited 49.99 12.51
TOTAL 244,34.17 6,113.13
Capital Market Segment 4
58
59
4Capital Market Segment
The Trading on NSE’s capital market segment which commenced on November 04, 1995 has been witnessing a substantial growth over the years. The trading volumes jumped by 82.55 % during the fi scal 2007-08 as compared to 2006-07. With the increase in volumes, effi cient and transparent trading platform, a vide range of securities like equity, preference shares, debt warrants, exchange traded funds as well as retail government securities, NSE upholds its position as the largest stock exchange in the country.
NEAT System
National Exchange for Automated Trading (NEAT) is the trading system of NSE. NEAT facilitates a system on-line, fully automated, nationwide, anonymous, order driven, screen-based trading. In this system a member can punch into the computer quantities of securities and the prices at which he likes to transact and the transaction is executed as soon as it fi nds a matching sale for buy order for a counter party. The numerous advantages of the NEAT system are detailed out below :
• It electronically matches orders on a price/time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational effi ciency.
• It allows faster incorporation of price sensitive information into prevailing prices, thus increasing the informational effi ciency of markets.
• It enables market participants to see the full market on real-time, making the market transparent. It allows a large number of participants, irrespective of their geographical locations, to trade with one another simultaneously, improving the depth and liquidity of the market.
• It provides tremendous fl exibility to the users in terms of kinds of orders that can be placed on the system. It ensures full anonymity by accepting orders, big or small, from members without revealing their identity, thus providing equal access to everybody.
• It provides a perfect audit trail which helps to resolve disputes by logging in the trade execution process in entirety.
• The trading platform of the CM segment is accessed not only from the computer terminals from the premises of brokers spread over about 245 cities, but also from the personal computers in the homes of investors through the Internet.
Market Performance
Trading Volume
Over the years the Capital market has witnessed a growth in the trading volumes. From Rs. 1,805 crore in 1994-95 the volumes increased to Rs. 1,945,287 crore (US $ 446,269 million) in 2006-07. In the reporting year 2007-08 the volumes increased by leaps and bounds to
60
Rs. 3,551,038 crore (US $ 888,426 million). The average daily trading volume increased from Rs. 17 crore during 1994-95 to Rs. 14,148 crore (US $ 3,540 million) during 2007-08. The business growth of the CM segment is presented in Table 4-1 and Chart 4-1.
Liquidity
The liquidity in the CM segment, as measured by the turnover ratio, has witnessed a steady increase and reached nearly 73.09% during the year 2007-2008 compared to 57.77% during the year 2006-07. The securities available for trading for more than 100 days accounted for 92.97% as indicated in the table below:
Frequency Distribution of Securities Traded During 2007-08
No. of Days Traded No. of Securities % to TotalAbove 100 1,177 92.9791-100 5 0.3981-90 17 1.3471-80 7 0.5561-70 11 0.8751-60 7 0.5541-50 7 0.5531-40 6 0.4721-30 9 0.7111-20 13 1.031-10 7 0.55Total 1,266 100.00
The percentage of companies traded compared to the number of companies available for trading is quite high at more than 98% for all the months during the fi scal 2007-08. In the month of February 08 almost 100% of the companies traded. The month wise statistics are indicated in the table below :
Trading Frequency of Companies during the period 2007-08
Month Companies Avaliable for Trading*
Companies Traded % of Traded to Available for Trading
Apr-07 1,104 1,088 98.55May-07 1,126 1,113 98.85Jun-07 1,143 1,130 98.86Jul-07 1,150 1,140 99.13Aug-07 1,170 1,166 99.66Sep-07 1,173 1,116 95.14Oct-07 1,180 1,176 99.66Nov-07 1,197 1,189 99.33Dec-07 1,207 1,202 99.59Jan-08 1,216 1,210 99.51Feb-08 1,227 1,226 99.92Mar-08 1,236 1,229 99.43
*At the end of the period includes listed/permitted to trade companies but excludes suspended companies
61
Distribution of Turnover
The concentration of trading among top ‘N’ securities/brokers is presented in Table 4-2. It is observed that the top ‘5’ and ‘100’ securities account for about 16.29 % and 77.29 % of total turnover in the CM segment in 2007-08. The top ‘50’ securities accounted for 61.47 % of the total turnover, details of which are presented in Table 4-3.
Broker-wise distribution of turnover as presented in Table 4-2 indicates increasing diffusion of trades among a large number of trading members over the years. During 2007-08, top ‘5’ brokers accounted for only 14.57% of turnover, while top ‘100’ brokers accounted for 73.90% of total turnover.
Market Capitalisation
The total market capitalisation of securities available for trading on the CM segment increased from Rs. 363,350 crore as at end March 1995 to Rs. 4,858,122 crore (US $ 1,125,442 million) as at end March 2008. A Y-o-Y increase of 44.27 % was witnessed during 2007-08 as compared to the market capitalization of Rs.3,367,350 crore (US $ 772,505 million) in 2006-07. The details of ‘50’ top companies by market capitalisation, which accounted for 65.12% of total market capitalisation as at end March 2008, are presented in Table 4-4.
Sectoral Distribution
Table 4-5 presents the classifi cation of ‘Top 50’ companies based on their trading value and on their Market capitalization. A signifi cant change in the importance of different sectors is observed during the past few years.
The share of trading volumes in the Infrastructure sector saw a signifi cant increase from 7.39 % in the last fi scal to 22.93 % in the current year. In terms of market capitalisation the share increased from 7.05 % during 2006-07 to 17.05% in the current year. This sector also holds the maximum share in terms of trading volumes and market capitalization in the current fi scal 2007-08. Among the top ‘50’ Companies there was a signifi cant contribution in trading volumes from newly listed companies like DLF limited-2.53 % (listed on 05th July, 2007), Power Grid Corporation Ltd- 1.45 % (listed on 05th October 2007), Reliance Power Ltd -0.80 % (listed on 11th February 2008) and Housing Dev & Infra Ltd- 1.09 % (listed on 24th July,2007) which has attributed to the emergence of this sector.
The top ‘50’ companies cover a signifi cant share of trading volumes and market capitalistion in the Petrochemicals sector of 17.80% and 22.94% respectively. Under this sector, among the companies - Cairn India Limited (listed on 09th January 2008) features both in the top 50’ traded volumes and market capitalistion.
The share of manufacturing companies in the trading volume and market capitalization of top ‘50’ companies has been witnessing a steady increase over the years. In the current fi scal the top ‘50’ companies with the maximum share in this sector were Rel. Nat.
62
Resources Ltd - 4.90 % in terms of trading volumes and NMDC Ltd (listed on 03rd March 2008) 4.33 % in terms of market capitalization.
The IT sector on the other hand witnessed a slowdown in the share of top ‘50’ companies both in terms of trading volumes and market capitalization. The share of trading volumes decreased from 15.04 % in 2006-07 to 5.90 % in 2007-08. The market capitalization share decreased from 18.14 % in the previous fi scal to 7.95 % in the current fi scal year.
Trading Records during 2007-08
Ten of NSE’s most Active trading days in terms of trading values are presented in Table 4-6 . During the fi scal, the month of October 07 witnessed the highest trading value of Rs.455,589 cr (US $ 113,983 million) and maximum number of active days (03rd,17th,18th and 20th of October 2007).
Internet Trading
At the end of March 2008, a total number of 305 members were permitted to allow investor’s web based access to NSE’s trading system. The members of the exchange in turn had registered 4,405,134 clients for web based access as on March 31, 2008. In the Capital market segment, the trading volume of Rs. 4,405,134 crore (US$ 668,399 million) during the year 2007-08 constituting 18.82% of total trading volume, was routed and executed through the internet. The following table shows the growth of internet trading for the fi scal years 2006-07 and 2007-08.
Year Enabled Members*
Registered Clients*
Internet TradingVolume
(Rs. crore)
Internet TradingVolume
(US $ million)
% of total TradingVolume
2006-07 242 2,279,098 337,524 77,432 17.35
2007-08 305 4,405,134 668,399 167,225 18.82
* At the end of the fi nancial year
FII Turnover on NSE :
The gross turnover of FIIs amounted to Rs.1,270,521 crore ( US $ 317,869 million) as compared with Rs.686,297 crore (US $ 157,444 million) during 2006-07.
On-line IPOs
The on-line trading system of NSE is used by companies to make IPOs through book building. It is a fully automated screen based bidding system that allows trading members to enter bids on behalf of their clients. All bids received by the system are numbered, time stamped, and stored in the book till the last day of the book building process and the offer price is determined after the bid closing date. While ensuring effi cient price discovery, this system reduces time taken for completion of the issue process. 281 companies have used the on-line IPO system of NSE by the end of March 2008.
63
Indices
India Index Services and Products Ltd. (IISL), in technical partnership with S&P, have developed and have been maintaining scientifi cally an array of indices of stock prices on NSE. The popular indices are the S&P CNX Nifty, CNX Nifty Junior, S&P CNX Defty, S&P CNX 500, CNX Midcap, CNX 100, Nifty Midcap 50, S&P CNX Industry indices and CNX segment indices. S&P CNX Nifty, introduced in November 3, 1995, is based on 50 largest and highly liquid stocks. CNX Nifty Junior, introduced in December 1996, is built out of the next 50 large and liquid stocks. These indices are monitored and updated dynamically and are reviewed regularly. The comparative movement of major sectoral indices along with that of S&P CNX Nifty is presented in Chart 4-2.
The S&P CNX Nifty accounted for 58.64% of total market capitalisation as at end March 2008, while the CNX Nifty Junior accounted for 9.34% of market capitalisation (Table 4-9). The compositions of these two indices as at end March 2008 are presented in Table 4-10 and Table 4-11. The industry wise weightages of securities included in S&P CNX Nifty are presented in Table 4-12.
The movements in S&P CNX Nifty and CNX Nifty Junior are presented in Table 4-13 and Table 4-14 respectively. The Performance of few of the indices is presented in Table 4-15. All the indices with the exception of CNX IT witnessed their record time highs during the month of January 2008. The S&P CNX Nifty Index touched its peak of 6357.10 on January 08, 2008. It yielded a point to point positive return of 23.89% during 2007-08. The Finance index earned the highest point to point positive returns of 60.06 % followed by the Petrochemicals index 45.30 % during the current fi scal.
Volatility Index
Volatility Index is a measure of market’s expectation of volatility over the near term. Volatility is often described as the “rate and magnitude of changes in prices” and in fi nance often referred to as risk. Volatility Index is a measure, of the amount by which an underlying Index is expected to fl uctuate, in the near term, (calculated as annualised volatility, denoted in percentage e.g. 20%) based on the order book of the underlying index options. Volatility Index is a good indicator of the investors’ perception on how volatile markets are expected to be in the near term. Usually, during periods of market volatility, market moves steeply up or down and the volatility index tends to rise. As volatility subsides, option prices tend to decline, which in turn causes volatility index to decline.
India VIX
NSE has been in the forefront of bringing the latest products and services to the Indian capital markets for the benefi t of the investors. In another innovation in the Indian markets, NSE launched the India VIX on 08th April, 2008 a volatility index based on the Nifty 50 Options prices. From the best bidask prices of Nifty 50 Options contracts (which are traded on the F&O segment of NSE), a volatility fi gure (%) is calculated which indicates the expected market volatility over the next 30 calendar days. Higher the implied volatility higher the India VIX value and vice versa.
64
There are some differences between a price index, such as the Nifty 50 and India VIX. Nifty 50 is calculated based on the price movement of the underlying 50 stocks which comprises the index. India VIX is calculated based on the bid-offer prices of the near and mid month Nifty 50 Index Options. Nifty 50 Index is an absolute number, e.g. 4500, 5000 etc., whereas India VIX is a percentage value (eg. 20%, 30% etc.). Whereas Nifty 50 signifi es how the markets have moved directionally, India VIX indicates the expected near term volatility and how the volatility is changing from time to time.
Uses of Volatility Index
Volatility Index offers great advantages in terms of trading, hedging and introducing derivative products on this index. Investors can use volatility index for various purposes as mentioned below:
• Investors’ portfolios are exposed to the market volatility. Investors could hedge their portfolios against volatility with an off-setting position in India VIX futures or options contracts.
• Volatility index depicts the collective consensus of the market on the expected volatility and being contrarian in nature helps in predicting the direction. Investors therefore could appropriately use this information for taking trading positions.
• Investors could also use the implied volatility information given by the index, in identifying mis-priced options.
• Short sale positions could expose investors to directional risk. Derivatives on volatility index could help investors in safeguarding their positions and thus avoid systemic risk for the market Based on the experience gained with the benchmark broad based index, sector specifi c volatility indices could be constructed to enable hedging by investors in those specifi c sectors.
Mutual Funds and Exchange Traded Funds
Out of the 11 Mutual Funds listed on the Exchange, 8 of them have been listed during the current fi scal 2007-08. In case of Exchange Traded Funds there have been 6 new listings during 2007-08 taking the total numbers to 12 as on 31st March, 2008. Table 4-16 (A) & (B) presents the details of the names and volumes of these funds.
Transaction Charges
The maximum brokerage chargeable by trading member in respect of trades effected in the securities admitted to dealing on the CM segment of the Exchange is fi xed at 2.5% of the contract price, exclusive of statutory levies like, securities transaction tax, SEBI turnover fee, service tax and stamp duty. However, the brokerage charges as low as 0.10% are also observed in the market.
65
A member is required to pay the exchange transaction charges at the rate of 0.0035% (Rs. 3.5 per Rs. 1 lakh) of the turnover. Trading members are also required to pay securities transaction tax (STT) on all delivery based transaction at the rate of 0.125% (payable by both buyer and seller) and in case of non-delivery transactions at the rate of 0.025% for equities payable by the seller only).
Clearing & Settlement
While NSE provides a platform for trading to its trading members, the National Securities Clearing Corporation Ltd. (NSCCL) determines the funds/securities obligations of the trading members and ensures that trading members meet their obligations. The core processes involved in clearing and settlement are:
(a) Trade Recording : The key details about the trades are recorded to provide basis for settlement. These details are automatically recorded in the electronic trading system of the exchanges.
(b) Trade Confi rmation : The parties to a trade agree upon the terms of trade like security, quantity, price, and settlement date, but not the counterparty which is the NSCCL. The electronic system automatically generates confi rmation by direct participants.
(c) Determination of Obligation : The next step is determination of what counter-parties owe, and what counter-parties are due to receive on the settlement date. The NSCCL interposes itself as a central counterparty between the counterparties to trades and nets the positions so that a member has security wise net obligation to receive or deliver a security and has to either pay or receive funds.
(d) Pay-in of Funds and Securities : The members bring in their funds/securities to the NSCCL. They make available required securities in designated accounts with the depositories by the prescribed pay-in time. The depositories move the securities available in the accounts of members to the account of the NSCCL. Likewise members with funds obligations make available required funds in the designated accounts with clearing banks by the prescribed pay-in time. The NSCCL sends electronic instructions to the clearing banks to debit member’s accounts to the extent of payment obligations. The banks process these instructions, debit accounts of members and credit accounts of the NSCCL.
(e) Pay-out of Funds and Securities : After processing for shortages of funds /securities and arranging for movement of funds from surplus banks to deficit banks through RBI clearing, the NSCCL sends electronic instructions to the depositories/clearing banks to release pay-out of securities/funds. The depositories and clearing banks debit accounts of the NSCCL and credit accounts of members. Settlement is complete upon release of pay-out of funds and securities to custodians/members.
66
(f) Risk Management : A sound risk management system is integral to an effi cient settlement system. The NSCCL ensures that trading members’ obligations are commensurate with their net worth. It has put in place a comprehensive risk management system, which is constantly monitored and upgraded to pre-empt market failures. It monitors the track record and performance of members and their net worth; undertakes on-line monitoring of members’ positions and exposure in the market, collects margins from members and automatically disables members if the limits are breached. The risk management methods adopted by NSE have brought the Indian fi nancial market in line with the international markets.
Settlement Agencies
The NSCCL, with the help of clearing members, custodians, clearing banks and depositories settles the trades executed on exchanges. The roles of each of these entities are explained below:
(a) NSCCL : The NSCCL is responsible for post-trade activities of a stock exchange. Clearing and settlement of trades and risk management are its central functions. It clears all trades, determines obligations of members, arranges for pay-in of funds/securities, receives funds/securities, processes for shortages in funds securities, arranges for pay-out of funds/securities to members, guarantees settlement, and collects and maintains margins/collateral/base capital/other funds. It is the counterparty to all settlement obligations of the members.
(b) Clearing Members : They are responsible for settling their obligations as determined by the NSCCL. They have to make available funds and/or securities in the designated accounts with clearing bank/depositories, as the case may be, to meet their obligations on the settlement day.
(c) Custodians : Custodian is a clearing member but not a trading member. They settles trades assigned to them by trading members. They are required to confi rm whether they are going to settle a particular trade or not. If it is confi rmed, the NSCCL assigns that obligation to that custodian and the custodian is required to settle it on the settlement day.
(d) Clearing Banks : Every clearing member is required to open a dedicated clearing account with one of the clearing banks. Based on his obligation as determined through clearing, the clearing member makes funds available in the clearing account for the pay-in and receives funds in case of a pay-out.
(e) Depositories : Depositories help in the settlement of the dematerialised securities. Each custodian/clearing member is required to maintain a clearing pool account with the depositories. He is required to make available the required securities in the designated account on settlement day. The depository runs an electronic fi le to transfer the securities from accounts of the custodians/clearing member to that of
67
NSCCL. As per the schedule of allocation of securities determined by the NSCCL, the depositories transfer the securities on the pay-out day from the account of the NSCCL to those of members/custodians.
(f) Professional Clearing Member : NSCCL admits special category of members namely, professional clearing members. Professional Clearing Member (PCM) may clear and settle trades executed for their clients (individuals, institutions etc.). In such an event, the functions and responsibilities of the PCM would be similar to Custodians. PCMs may also undertake clearing and settlement responsibility for trading members. In such a case, the PCM would settle the trades carried out by the trading members connected to them. A PCM has no trading rights but has only clearing rights, i.e. he clears the trades of his associate trading members and institutional clients.
Settlement Cycles
NSCCL clears and settles trades as per well-defi ned settlement cycles, as presented in Table 4-17. Since the beginning of the fi nancial year 2003, all securities are being traded and settled under T+2 rolling settlement. The NSCCL notifi es the consummated trade details to clearing members/custodians on the trade day. The custodians affi rm back the trades to NSCCL by T+1 day. Based on the affi rmation, NSCCL nets the positions of counterparties to determine their obligations. A clearing member has to pay-in/pay-out funds and/or securities. A member has a security-wise net obligation to receive/deliver a security. The obligations are netted for a member across all securities to determine his fund obligations and he has to either pay or receive funds. Members’ pay-in/pay-out obligations are determined latest by T+1 day and are forwarded to them on the same day so that they can settle their obligations on T+2 day. The securities/funds are paid-in/paid-out on T+2 day and the settlement is complete in 3 days from the end of the trading day.
Settlement Statistics
The settlement statistics of the CM segment is presented in Table 4-18. During 2007-08, NSCCL settled trades for Rs. 3,519,919 crore (US $ 880,640 million.) of which 27.64% were settled by delivery. However, these deliveries include only the net deliveries made by the trading members to the clearing corporation. Of total delivery, nearly 100% of securities were delivered in demat form in 2007-08. Short deliveries averaged around 0.27 of total delivery in 2007-08.
Risk Management System
There have been a number of experiments with different risk containment measures in the recent pasts. NSE being aware of the importance of the risk containment measures has a dedicated Risk Group which looks into aspects relating to the risk management. These measures have been repeatedly reviewed and revised. The risk containment measures in vogue are described below:
68
Capital Adequacy
The capital adequacy requirements stipulated by the NSE are substantially in excess of the minimum statutory requirements as also in comparison to those stipulated by other stock exchanges. A person seeking membership in the CM and F&O segment is required to have a net worth of Rs. 1 crore, and keep an interest free security deposit of Rs. 1.25 crore and collateral security deposit of Rs. 0.25 crore with the Exchange/NSCCL. The deposits kept with the Exchange as part of the membership requirement may be used towards the margin requirement of the member. Additional capital may be provided by the member for taking additional exposure.
Margin Requirements
NSCCL imposes stringent margin requirements as a part of its risk containment measures. The categorization of stocks for imposition of margins has the structure as given below;
• The Stocks which have traded atleast 80% of the days for the previous six months constitute the Group I and Group II.
• Out of the scrips identifi ed above, the scrips having mean impact cost of less than or equal to 1% are categorized under Group I and the scrips where the impact cost is more than 1, are categorized under Group II.
• The remaining stocks are classifi ed into Group III.
• The impact cost is be calculated on the 15th of each month on a rolling basis considering the order book snapshots of the previous six months. On the basis of the impact cost so calculated, the scrips are moved from one group to another group from the 1st of the next month.
• For securities that have been listed for less than six months, the trading frequency and the impact cost is computed using the entire trading history of the security
Categorisation of newly listed securities
For the fi rst month and till the time of monthly review a newly listed security is categorised in that Group where the market capitalization of the newly listed security exceeds or equals the market capitalization of 80% of the securities in that particular group. Subsequently, after one month, whenever the next monthly review is carried out, the actual trading frequency and impact cost of the security is computed, to determine the liquidity categorization of the security.
In case any corporate action results in a change in ISIN, then the securities bearing the new ISIN are treated as newly listed security for group categorization.
Daily margin, comprises of VaR margin, Extreme Loss margin and Mark to Market margin.
69
1) Value at Risk Margin :
All securities are classifi ed into three groups for the purpose of VaR margin
For the securities listed in Group I, scrip wise daily volatility calculated using the exponentially weighted moving average methodology is applied to daily returns in the same manner as in the derivatives market. The scrip wise daily VaR would be 3.5 times the volatility so calculated subject to a minimum of 7.5%.
For the securities listed in Group II, the VaR margin is higher of scrip VaR (3.5 sigma) or three times the index VaR, and it shall be scaled up by root 3.
For the securities listed in Group III, the VaR margin is equal to fi ve times the index VaR and scaled up by root 3.
The index VaR, for the purpose, is higher of the daily Index VaR based on S&P CNX NIFTY or BSE SENSEX. The index VaR is subject to a minimum of 5%.
Security specifi c Margin: NSCCL may stipulate security specifi c margins for the securities from time to time.
The VaR margin rate computed as mentioned above is to be charged on the net outstanding position (buy value-sell value) of the respective clients on the respective securities across all open settlements. There is netting off of positions across different settlements. The VaR margin is collected on an upfront basis by adjusting against the total liquid assets of the member at the time of trade. The VaR margin so collected is released on completion of pay-in of the settlement.
The VaR numbers are recomputed six times during the day taking into account price and volatilities at various time intervals and are provided on the website of the Exchange.
2) Extreme Loss Margin
The Extreme Loss Margin for any security is higher of 5%, or 1.5 times the standard deviation of daily logarithmic returns of the security price in the last six months. The Extreme Loss Margin collected/ adjusted against the total liquid assets of the member on a real time basis.
3) Mark to Market Margin
Mark to market loss is calculated by marking each transaction in security to the closing price of the security at the end of trading. In case the security has not been traded on a particular day, the latest available closing price at the NSE shall be considered as the closing price. In case the net outstanding position in any security is nil, the difference between the buy and sell values is considered as notional loss for the purpose of calculating the mark to market margin payable.
70
The mark to market margin (MTM) is collected from the member before the start of the trading of the next day. The MTM margin is also collected/adjusted from/against the cash/cash equivalent component of the liquid net worth deposited with the Exchange.
The MTM margin so collected is released on completion of pay-in of the settlement.
Index-based Circuit Filters
An index based market-wide circuit breaker system applies at three stages of the index movement either way at 10%, 15% and 20%. These circuit breakers bring about a coordinated trading halt in all equity and equity derivatives markets nation wide. The breakers are triggered by movement of either S&P CNX Nifty or Sensex, whichever is breached earlier.
• In case of a 10% movement of either of these indices, there would be a one-hour market halt if the movement takes place before 1:00 p.m. In case the movement takes place at or after 1:00 p.m. but before 2:30 p.m. there would be trading halt for ½ hour. In case movement takes place at or after 2:30 p.m. there will be no trading halt at the 10% level and market shall continue trading.
• In case of a 15% movement of either index, there shall be a two-hour halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1:00 p.m. but before 2:00 p.m., there shall be a one-hour halt. If the 15% trigger is reached on or after 2:00 p.m. the trading shall halt for remainder of the day.
• In case of a 20% movement of the index, trading shall be halted for the remainder of the day.
NSE may suo moto cancel the orders in the absence of any immediate confi rmation from the members that these orders are genuine or for any other reason as it may deem fi t. The Exchange views entries of non-genuine orders with utmost seriousness as this has market-wide repercussion. As an additional measure of safety, individual scrip-wise price bands have been fi xed as below:
• Daily price bands of 2% (either way) on a set of specifi ed securities
• Daily price bands of 5% (either way) on a set of specifi ed securities
• Daily price banks of 10% (either way) on specifi ed securities
• Price bands of 20% (either way) on all remaining securities (including debentures, warrants, preference shares etc. which are traded on CM segment of NSE),
• No price bands are applicable on:
scrips on which derivative products are available or
scrips included in indices on which derivatives products are available. *
71
The price bands for the securities in the Limited Physical Market as the same as those applicable for the securities in the Normal Market.
For Auction market the price bands of 20% are applicable.
*In order to prevent members from entering orders at non-genuine prices in such securities, the Exchange has fi xed operating range of 20% for such securities.
Settlement Guarantee Fund
The Settlement Guarantee Fund (SGF), provides the cushion for any residual risk. It operates like a self-insurance mechanism where members contribute to the Fund. In the event of failure of a trading member to meet settlement obligations or committing a default, the Fund is utilised to the extent required for successful completion of the settlement. This has eliminated counter-party risk of trading on the Exchange. The market has full confi dence that settlement shall take place in time and shall be completed irrespective of default by isolated trading members.
Surveillance, Investigation & Inspection
Surveillance & Investigation
As the securities transactions are prone to a variety of manipulations, the Exchange has instituted a strong surveillance mechanism to protect market integrity. Surveillance mechanism includes monitoring of orders and trades data, open positions and corporate information that fl ow into the market to identify possible market abuse practices. Various on-line and off-line alerts/reports are generated, on any price/volume movement of securities not in line with past trends/patterns. Besides, rumors in the print media are tracked and where they are price sensitive, companies are contacted for verifi cation. Replies received are informed to the members and the public.
The investigation is based on various alerts which require further analysis. If further analysis suggests any possible irregular activity which deviates from the past trends/patterns and concentration of trading at NSE at the client level, then a more detailed investigation is undertaken. If the detailed investigation establishes any irregular activity, then disciplinary action is initiated against the member. If the investigation suggests possible irregular activity across exchanges and/or possible involvement of clients, then the same is informed to SEBI.
Inspection
As per regulatory requirement, a minimum of 20% of the active trading members are to be inspected every year to verify the level of compliance with various rules, byelaws and regulations of the Exchange. Usually, inspection of more members than the regulatory requirement is undertaken every year. The inspection randomly verifi es if investor interests are being compromised in the conduct of business by the members.
72
Con
td...
Tab
le 4
-1 :
Busi
ness
Gro
wth
of C
M S
egm
ent
Mon
th &
Yea
rN
o. o
f Tr
adin
g D
ays
No.
of
com
pani
es
Trad
ed
No.
of
Trad
esTr
aded
Q
uant
ityTr
adin
g V
alue
Ave
rage
Dai
ly
Trad
ing
Val
ueTu
rnov
er
Rat
ioD
emat
Tr
aded
Q
uant
ity
Dem
at T
radi
ng V
alue
Mar
ket C
apita
lisat
ion
(Rs.
lakh
)(la
kh)
(Rs.
cr.)
(US
$ m
n.)
(Rs.
cr.)
(US
$ m
n.)
(%)
(lakh
)(R
s. cr
.) (U
S $
mn.
)(R
s. cr
.) (U
S $
mn.
)19
94-9
5 (N
ov.-M
ar.)
102
–3
1,39
11,
805
–17
–0.
500
0–
363
,350
–
1995
-96
246
–66
39,9
1267
,287
–27
6–
16.7
60
0–
401
,459
–
1996
-97
250
–26
413
5,56
129
4,50
3–
1,17
6–
70.2
32
6–
419
,367
–
1997
-98
244
–38
113
5,68
537
0,19
3–
1,52
0–
76.8
831
535
1–
481
,503
–
1998
-99
251
–54
616
5,32
741
4,47
497
,683
1,65
138
984
.38
8,54
223
,818
5,61
3 4
91,1
75
115,
760
1999
-200
025
4–
984
242,
704
839,
052
192,
353
3,30
375
782
.23
153,
772
711,
706
163,
159
1,02
0,42
6 23
3,93
320
00-0
125
11,
201
1,6
76
329,
536
1,33
9,51
028
7,20
25,
337
1,14
443
.66
307,
222
1,26
4,33
727
1,08
465
7,84
714
1,04
8A
pr-0
119
951
114
20,7
8235
,616
7,29
81,
875
384
5.45
20,7
3535
,605
7,29
665
3,72
013
3,95
9M
ay-0
122
954
141
25,7
1548
,329
9,90
32,
197
450
8.16
25,7
1448
,329
9,90
359
2,43
712
1,40
1Ju
n-01
2196
313
322
,336
42,7
838,
767
2,03
741
77.
5121
,935
42,6
258,
735
569,
797
116,
762
Jul-0
122
924
9913
,142
27,2
285,
579
1,23
825
44.
7413
,137
27,2
275,
579
574,
260
117,
676
Aug
-01
2193
111
215
,937
29,4
176,
028
1,40
128
75.
1115
,931
29,4
156,
028
575,
242
117,
878
Sep-
0120
917
135
17,3
4235
,323
7,23
81,
766
362
6.94
17,3
4235
,323
7,23
850
9,10
510
4,32
5O
ct-0
121
917
141
19,7
9935
,326
7,23
91,
682
345
6.59
19,7
9635
,324
7,23
953
5,84
610
9,80
5N
ov-0
120
920
153
25,3
4942
,132
8,63
42,
107
432
7.25
25,2
9542
,121
8,63
158
1,38
611
9,13
6D
ec-0
119
895
177
31
,777
54,4
6811
,161
2,86
758
89.
8531
,775
54,4
6511
,161
552,
908
113,
301
Jan-
0223
896
213
34
,384
68,7
1914
,082
2,98
861
212
.19
34,2
1968
,606
14,0
5956
3,68
311
5,50
9Fe
b-02
2084
0 1
77
28,5
5249
,564
10,1
572,
478
508
7.97
28,5
4749
,564
10,1
5762
1,52
312
7,36
1M
ar-0
219
840
157
23
,294
44,2
629,
070
2,33
047
76.
9523
,291
44,2
629,
070
636,
861
130,
504
2001
-02
247
1,01
91,
753
278,
408
513,
167
105,
157
2,07
842
680
.58
277,
717
512,
866
105,
095
636,
861
130,
504
Apr
-02
2284
320
128
,798
53,3
2011
,225
2,42
451
08.
2128
,782
53,3
1611
,224
649,
551
136,
748
May
-02
2282
121
735
,303
54,9
7911
,575
2,49
952
68.
7035
,303
54,9
7811
,574
631,
609
132,
970
Jun-
0220
825
189
38,5
1944
,241
9,31
42,
212
466
6.70
38,5
1944
,241
9,31
465
9,99
113
8,94
5Ju
l-02
2382
021
136
,821
51,3
9810
,821
2,23
547
18.
4436
,821
51,3
9810
,821
608,
643
128,
135
Aug
-02
2180
619
126
,000
46,1
139,
708
2,19
646
27.
2926
,000
46,1
139,
708
632,
618
133,
183
Sep-
0220
806
185
25,5
8146
,499
9,78
92,
325
489
7.75
25,5
8146
,499
9,78
959
9,60
312
6,23
2O
ct-0
221
770
201
26,4
5851
,902
10,9
272,
472
520
8.55
26,4
5851
,902
10,9
2760
6,78
812
7,74
5N
ov-0
219
767
175
23,6
3151
,352
10,8
112,
703
569
7.96
23,6
3151
,352
10,8
1164
5,38
813
5,87
1D
ec-0
221
762
219
33,0
2261
,973
13,0
472,
951
621
9.21
33,0
2261
,973
13,0
4767
2,86
214
1,65
5Ja
n-03
2376
323
936
,336
64,7
6213
,634
2,81
659
311
.32
36,3
3664
,762
13,6
3457
2,27
712
0,47
9Fe
b-03
1976
019
128
,681
48,2
8910
,166
2,54
253
58.
3028
,681
48,2
8910
,166
5819
8512
2,52
3M
ar-0
320
762
177
24,9
1743
,160
9,08
62,
158
454
8.04
24,9
1743
,160
9,08
653
7133
113,
081
2002
-03
251
899
2,39
736
4,06
661
7,98
913
0,10
32,
462
518
115.
0536
4,04
961
7,98
413
0,10
253
7133
113,
081
73
Con
td...
Con
td...
Tab
le 4
-1 :
Busi
ness
Gro
wth
of C
M S
egm
ent
Mon
th &
Yea
rN
o. o
f Tr
adin
g D
ays
No.
of
com
pani
es
Trad
ed
No.
of
Trad
esTr
aded
Q
uant
ityTr
adin
g V
alue
Ave
rage
Dai
ly
Trad
ing
Val
ueTu
rnov
er
Rat
ioD
emat
Tr
aded
Q
uant
ity
Dem
at T
radi
ng V
alue
Mar
ket C
apita
lisat
ion
(Rs.
lakh
)(la
kh)
(Rs.
cr.)
(US
$ m
n.)
(Rs.
cr.)
(US
$ m
n.)
(%)
(lakh
)(R
s. cr
.) (U
S $
mn.
)(R
s. cr
.) (U
S $
mn.
)A
pr-0
320
738
207
31,4
4848
,971
11,2
862,
449
564
9.23
31,4
4848
,971
11,2
8653
0630
122,
293
May
-03
2174
325
044
,001
54,6
9012
,604
2,60
460
08.
9444
,001
54,6
9012
,604
6120
3014
1,05
3Ju
n-03
2174
426
751
,896
61,5
8614
,194
2,93
367
69.
0851
,896
61,5
8614
,194
6785
5015
6,38
4Ju
l-03
2375
532
064
,906
78,8
7818
,179
3,42
979
010
.97
64,9
0678
,878
18,1
7971
9145
165,
740
Aug
-03
2075
232
284
,554
85,3
4719
,670
4,26
798
310
.20
84,5
5485
,347
19,6
7083
6651
192,
821
Sep-
0322
761
346
71,8
4810
3,34
523
,818
4,69
81,
083
11.9
771
,848
103,
345
23,8
1886
3481
199,
004
Oct
-03
2372
835
871
,768
115,
595
26,6
415,
026
1,15
812
.47
71,7
6811
5,59
526
,641
9267
4821
3,58
6N
ov-0
320
738
307
56,7
1692
,886
21,4
074,
644
1,07
09.
4856
,716
92,8
8621
,407
9795
4122
5,75
3D
ec-0
322
754
379
71,7
5411
0,37
325
,437
5,01
71,
156
9.46
71,7
5411
0,37
325
,437
1167
029
268,
963
Jan-
0421
761
398
73,3
4013
4,26
930
,945
6,39
41,
474
12.0
373
,340
134,
269
30,9
4511
1615
025
7,23
7Fe
b-04
1976
330
846
,484
108,
718
25,0
565,
722
1,31
99.
7946
,484
108,
718
25,0
5611
1095
425
6,03
9M
ar/0
422
769
318
44,5
8610
4,87
724
,171
4,76
71,
099
9.36
44,5
8610
4,87
724
,171
1,12
0,97
625
8,34
920
03-0
425
480
43,
780
713,
300
1,09
9,53
425
3,40
74,
329
998
98.0
971
3,30
01,
099,
534
253,
407
1,12
0,97
625
8,34
9A
pr-0
420
771
319
53,6
8610
0,95
123
,075
5,04
81,
154
8.61
53,6
8610
0,95
123
,075
1,1
71,8
28
267,
846
May
-04
2177
635
754
,651
98,9
2022
,610
4,71
01,
077
10.4
154
,651
98,9
2022
,610
950
,494
21
7,25
6Ju
n-04
2278
733
641
,987
84,8
9819
,405
3,85
988
28.
6741
,987
84,8
9819
,405
979
,700
22
3,93
1Ju
l-04
2279
337
763
,058
93,8
3621
,448
4,26
597
58.
8063
,058
93,8
3621
,448
1,0
66,0
87
243,
677
Aug
-04
2279
935
857
,543
86,8
5619
,853
3,94
890
27.
6057
,543
86,8
5619
,853
1,1
43,0
75
261,
274
Sep-
0422
809
367
62,6
6688
,508
20,2
304,
023
920
7.21
62,6
6688
,508
20,2
30 1
,227
,550
28
0,58
3O
ct-0
420
814
299
47,2
7475
,698
17,3
023,
785
865
6.04
47,2
7475
,698
17,3
02 1
,253
,825
28
6,58
9N
ov-0
420
816
328
62,5
4882
,035
18,7
514,
102
938
5.67
62,5
4882
,035
18,7
51 1
,446
,292
33
0,58
1D
ec-0
423
821
475
99,3
2611
5,59
326
,421
5,02
61,
149
7.32
99,3
2611
5,59
326
,421
1,5
79,1
61
360,
951
Jan-
0519
823
410
81,5
7599
,732
22,7
965,
249
1,20
06.
4081
,575
99,7
3222
,796
1,5
57,4
44
355,
987
Feb-
0520
835
425
89,6
6599
,989
22,8
554,
999
1,14
36.
1989
,665
99,9
8922
,855
1,6
14,5
97
369,
051
Mar
-05
2287
045
9 8
3,70
5 1
13,0
55
25,8
41 5
,139
1,
175
7.13
8370
4.62
113
,055
25
,841
1,5
85,5
85
362,
419
2004
-05
253
856
4,50
979
7,68
51,
140,
072
260,
588
4,50
61,
030
71.9
079
7,68
51,
140,
072
260,
588
1,58
5,58
5 36
2,41
9A
pr-0
520
829
367
51,
265
82,
718
18,5
43 4
,136
92
75.
45 5
1,26
5 8
2,71
8 18
,543
1,5
17,9
08
340,
262
May
-05
2283
041
3 5
6,51
6 8
6,80
2 19
,458
3,9
46
884
5.24
56,
516
86,
802
19,4
58 1
,654
,995
37
0,99
2Ju
n-05
2384
347
7 7
0,48
5 1
11,3
97
24,9
71 4
,843
1,
086
6.45
70,
485
111
,397
24
,971
1,7
27,5
02
387,
246
Jul-0
520
856
503
84,
134
123
,008
27
,574
6,1
50
1,37
96.
65 8
4,13
4 1
23,0
08
27,5
74 1
,848
,740
41
4,42
3A
ug-0
522
864
570
100
,717
1
45,7
31
32,6
68 6
,624
1,
485
7.44
100
,717
1
45,7
31
32,6
68 1
,957
,491
43
8,80
1Se
p-05
2187
257
6 9
1,99
6 1
45,3
93
32,5
92 6
,923
1,
552
6.93
91,
996
145
,393
32
,592
2,0
98,2
63
470,
357
74
Con
td...
Tab
le 4
-1 :
Busi
ness
Gro
wth
of C
M S
egm
ent
Mon
th &
Yea
rN
o. o
f Tr
adin
g D
ays
No.
of
com
pani
es
Trad
ed
No.
of
Trad
esTr
aded
Q
uant
ityTr
adin
g V
alue
Ave
rage
Dai
ly
Trad
ing
Val
ueTu
rnov
er
Rat
ioD
emat
Tr
aded
Q
uant
ity
Dem
at T
radi
ng V
alue
Mar
ket C
apita
lisat
ion
(Rs.
lakh
)(la
kh)
(Rs.
cr.)
(US
$ m
n.)
(Rs.
cr.)
(US
$ m
n.)
(%)
(lakh
)(R
s. cr
.) (U
S $
mn.
)(R
s. cr
.) (U
S $
mn.
)O
ct-0
520
887
463
57,
670
120
,810
27
,081
6,0
40
1,35
46.
27 5
7,67
0 1
20,8
10
27,0
81 1
,927
,645
43
2,11
0N
ov-0
520
872
434
53,
870
109
,578
24
,564
5,4
79
1,22
85.
06 5
3,87
0 1
09,5
78
24,5
64 2
,166
,823
48
5,72
6D
ec-0
522
888
553
63,
699
149
,908
33
,604
6,8
14
1,52
76.
45 6
3,69
9 1
49,9
08
33,6
04 2
,322
,392
52
0,59
9Ja
n-06
2089
355
4 6
6,71
7 1
49,4
42
33,5
00 7
,472
1,
675
6.14
66,
717
149
,442
33
,500
2,4
34,3
95
545,
706
Feb-
0619
900
521
6
1,62
9 1
35,3
74
30,3
46 7
,125
1,
597
5.39
61,
629
135
,374
30
,346
2,5
12,0
83
563,
121
Mar
-06
2292
0 6
58
85,
788
209
,395
46
,939
9,5
18
2,13
47.
44 8
5,78
8 2
09,3
95
46,9
39 2
,813
,201
63
0,62
120
05-0
625
192
8 6
,089
8
44,4
86
1,56
9,55
8 35
1,84
0 6
,253
1,
402
55.7
9 8
44,4
86
1,56
9,55
8 35
1,84
02,
813,
201
630,
621
Apr
-06
1893
556
7 7
2,89
2 1
77,3
72
40,6
91 9
,854
2,
261
5.93
72,
892
177
,372
40
,691
2,9
90,2
00
685,
983
May
-06
2294
369
4 9
5,37
1 2
01,4
09
46,2
05 9
,155
2,
100
7.71
95,
371
201
,409
46
,205
2,6
12,6
39
599,
367
Jun-
0623
950
667
66,
748
151
,050
34
,652
6,5
67
1,50
75.
98 6
6,74
8 1
51,0
50
34,6
52 2
,524
,659
57
9,18
3Ju
l-06
2195
053
7 4
6,14
6 1
18,6
98
27,2
31 5
,652
1,
297
4.72
46,
146
118
,698
27
,231
2,5
14,2
61
576,
798
Aug
-06
2294
963
1 5
6,44
3 1
30,7
96
30,0
06 5
,945
1,
364
4.71
56,
443
130
,796
30
,006
2,7
77,4
01
637,
165
Sep-
0621
968
648
64,
385
144
,339
33
,113
6,8
73
1,57
74.
82 6
4,38
5 1
44,3
39
33,1
13 2
,994
,132
68
6,88
5O
ct-0
620
973
579
60,
823
138
,382
31
,746
6,9
19
1,58
74.
41 6
0,82
3 1
38,3
82
31,7
46 3
,138
,319
71
9,96
3N
ov-0
622
982
747
73,
071
189
,863
43
,557
8,6
30
1,98
05.
63 7
3,07
1 1
89,8
63
43,5
57 3
,373
,652
77
3,95
1D
ec-0
620
1,0
09
666
58,
581
170
,105
39
,024
8,5
05
1,95
14.
96 5
8,58
1 1
70,1
05
39,0
24 3
,426
,236
78
6,01
4Ja
n-07
20 1
,035
69
9 8
8,35
4 1
75,1
47
40,1
81 8
,757
2,
009
4.90
88,
354
175
,147
40
,181
3,5
71,4
87
819,
336
Feb-
0719
1,0
57
702
89,
807
180
,170
41
,333
9,4
83
2,17
55.
46 8
9,80
7 1
80,1
70
41,3
33 3
,296
,931
75
6,35
0M
ar-0
721
1,0
81
710
82,
836
167
,954
38
,530
7,9
98
1,83
54.
99 8
2,83
6 1
67,9
54
38,5
30 3
,367
,350
77
2,50
520
06-0
724
9 1
,114
7
,847
8
55,4
56
1,94
5,28
7 44
6,26
9 7
,812
1,
792
57.7
7 8
55,4
56
1,94
5,28
7 44
6,26
93,
367,
350
772,
505
Apr
-07
20 1
,088
6
78
77,
081
168
,567
4
2,17
3 8
,428
2
,109
4.
62 7
7,08
1 1
68,5
67
42,
173
3,6
50,3
68
913
,277
M
ay-0
721
1,1
13
802
9
7,91
1 2
07,5
85
51,
935
9,8
85
2,4
73
5.33
97,
911
207
,585
5
1,93
5 3
,898
,078
9
75,2
51
Jun-
0721
1,1
30
751
7
9,63
6 1
93,6
48
48,
448
9,2
21
2,3
07
4.87
79,
636
193
,648
4
8,44
8 3
,978
,381
9
95,3
42
Jul-0
722
1,1
40
897
1
05,3
15
267
,227
6
6,85
7 1
2,14
7 3
,039
6.
19 1
05,3
15
267
,227
6
6,85
7 4
,317
,571
1
,080
,203
A
ug-0
722
1,1
66
874
1
06,2
18
231
,241
5
7,85
4 1
0,51
1 2
,630
5.
38 1
06,2
18
231
,241
5
7,85
4 4
,296
,994
1
,075
,055
Se
p-07
20 1
,116
9
19
143
,797
2
66,0
50
66,
562
13,
302
3,3
28
5.44
143
,797
2
66,0
50
66,
562
4,8
86,5
61
1,2
22,5
57
Oct
-07
22 1
,176
1
,227
1
70,9
45
455
,589
1
13,9
83
20,
709
5,1
81
7.96
170
,945
4
55,5
89
113
,983
5
,722
,227
1
,431
,630
N
ov-0
722
1,1
89
1,1
80
170
,588
4
14,4
19
103
,683
1
8,83
7 4
,713
7.
05 1
70,5
88
414
,419
1
03,6
83
5,8
76,7
42
1,4
70,2
88
Dec
-07
19 1
,202
1
,088
1
63,9
65
366
,385
9
1,66
5 1
9,28
3 4
,824
5.
60 1
63,9
65
366
,385
9
1,66
5 6
,543
,272
1
,637
,046
Ja
n-08
23 1
,210
1
,252
1
66,8
21
447
,138
1
11,8
68
19,
441
4,8
64
8.44
166
,821
4
47,1
38
111
,868
5
,295
,387
1
,324
,840
Fe
b-08
21 1
,226
1
,072
1
13,5
88
280
,176
7
0,09
7 1
3,34
2 3
,338
5.
17 1
13,5
88
280
,176
7
0,09
7 5
,419
,942
1
,356
,003
M
ar-0
8 1
8 1
,229
9
87
102
,604
2
53,0
12
63,
301
14,
056
3,5
17
5.21
102
,604
2
53,0
12
63,
301
4,8
58,1
22
1,2
15,4
42
2007
-08
251
1,2
44
11,
727
1,49
8,46
9 3,
551,
038
888
,426
1
4,14
8 3
,540
73
.09
1,4
98,4
69
3,55
1,03
8 8
88,4
26
4,85
8,12
2 1
,215
,442
75
Table 4-2 : Percentage Share of Top ‘N’ Securities/Member in Turnover
No. of Securities/BrokersYear 5 10 25 50 100
Securities1994-95 (Nov.-Mar.) 48.77 55.92 68.98 81.14 91.071995-96 82.98 86.60 90.89 93.54 95.871996-97 84.55 91.96 95.70 97.03 98.191997-98 72.98 85.17 92.41 95.76 97.901998-99 52.56 67.11 84.71 92.03 95.981999-00 39.56 59.22 82.31 88.69 93.662000-01 52.15 72.90 88.93 94.57 97.462001-02 44.43 62.92 82.24 91.56 95.912002-03 40.58 55.41 77.8 89.16 95.382003-04 31.04 44.87 64.32 79.44 91.032004-05 25.88 41.65 57.98 72.40 84.262005-06 22.15 31.35 46.39 59.22 73.122006-07 16.97 25.25 43.46 61.94 77.222007-08 16.29 26.78 45.46 61.47 77.29Members1994-95 (Nov.-Mar.) 18.19 26.60 44.37 61.71 81.121995-96 10.65 16.56 28.61 41.93 58.591996-97 5.94 10.08 19.67 30.57 45.951997-98 6.29 10.59 18.81 29.21 44.241998-99 7.73 11.96 20.77 31.66 47.021999-00 7.86 12.99 22.78 34.41 49.962000-01 7.78 12.76 23.00 33.86 48.792001-02 7.14 12.29 23.63 36.32 53.402002-03 10.26 16.41 29.07 42.49 59.152003-04 11.58 17.36 30.34 44.05 61.372004-05 13.52 20.20 34.97 49.01 65.092005-06 14.62 22.57 38.17 52.57 38.452006-07 14.72 24.27 42.61 56.71 71.222007-08 14.57 25.71 44.70 60.11 73.90
Chart 4-1 : Business Growth of Capital Market Segment
76
Table 4-3 : ‘50’ Most Active Securities during 2007-08 in Terms of Trading Value
Rank Name of Security Trading Value % Share in Total Trading Value
Market Capitalisation as on March 31,2008
% Share in Total Market
Capitali-sation
(Rs. cr.) (US $ mn.) (Rs. cr.) (US $ mn.)
1 Reliance Industries Ltd.
180,435 45,143 5.08 329,368 82,404 6.78
2 Reliance Natural. Resources Ltd.
106,895 26,744 3.01 16,299 4,078 0.34
3 Reliance Energy Ltd. 106,484 26,641 3.00 29,586 7,402 0.61
4 Reliance Petroleum Ltd.
96,968 24,260 2.73 70,290 17,586 1.45
5 Reliance Communications Ltd.
87,839 21,976 2.47 105,214 26,323 2.17
6 Reliance Capital Ltd. 83,504 20,892 2.35 30,183 7,552 0.62
7 ICICI Bank Ltd. 77,736 19,448 2.19 85,512 21,394 1.76
8 IFCI Ltd. 74,312 18,592 2.09 3,362 841 0.07
9 Infosys Technologies Ltd.
69,809 17,465 1.97 82,362 20,606 1.70
10 Larsen & Toubro Ltd. 66,812 16,716 1.88 88,702 22,192 1.83
11 State Bank Of India 63,360 15,852 1.78 101,065 25,285 2.08
12 DLF Ltd. 55,389 13,858 1.56 110,090 27,543 2.27
13 Bharti Airtel Ltd. 54,387 13,607 1.53 156,815 39,233 3.23
14 Steel Authority Of India
48,170 12,052 1.36 76,536 19,148 1.58
15 Tata Steel Ltd. 47,526 11,890 1.34 50,741 12,695 1.04
16 GMR Infrastructure Ltd.
47,354 11,847 1.33 27,110 6,782 0.56
17 BHEL 47,235 11,818 1.33 100,907 25,246 2.08
18 Jaiprakash Associates Ltd
45,654 11,422 1.29 26,519 6,635 0.55
19 NTPC Ltd. 38,833 9,716 1.09 162,106 40,557 3.34
20 HDFC Ltd. 38,579 9,652 1.09 67,560 16,903 1.39
21 Unitech Ltd. 38,565 9,649 1.09 44,838 11,218 0.92
22 Essar Oil Ltd. 36,280 9,077 1.02 23,286 5,826 0.48
23 Oil And Natural Gas Corp.
35,359 8,846 1.00 209,727 52,471 4.32
24 Indiabulls Real Estate Ltd.
34,039 8,516 0.96 11,753 2,940 0.24
25 Indiabulls Financial Services Ltd.
32,611 8,159 0.92 10,563 2,643 0.22
26 Satyam Computer Services
31,777 7,950 0.89 26,571 6,648 0.55
Contd...
77
Table 4-3 : ‘50’ Most Active Securities during 2007-08 in Terms of Trading Value
Rank Name of Security Trading Value % Share in Total Trading Value
Market Capitalisation as on March 31,2008
% Share in Total Market
Capitali-sation
(Rs. cr.) (US $ mn.) (Rs. cr.) (US $ mn.)
27 Power Grid Corp. Ltd.
31,702 7,931 0.89 41,373 10,351 0.85
28 Suzlon Energy Ltd. 29,964 7,497 0.84 39,489 9,880 0.81
29 Sterlite Inds (Ind) Ltd. 29,347 7,342 0.83 50,621 12,665 1.04
30 Jindal Steel & Power Ltd.
27,897 6,980 0.79 31,870 7,973 0.66
31 Tata Consultancy Services Ltd.
27,208 6,807 0.77 79,311 19,843 1.63
32 Industrial Development Bank Of India Ltd.
26,764 6,696 0.75 6,457 1,615 0.13
33 ITC Ltd. 26,700 6,680 0.75 77,700 19,440 1.60
34 Infra. Dev. Fin. Co. Ltd.
25,518 6,384 0.72 19,544 4,890 0.40
35 Tata Teleserv (Maharastra)
24,633 6,163 0.69 5,320 1,331 0.11
36 Housing Dev & Infra Ltd.
23,852 5,967 0.67 14,083 3,523 0.29
37 Nagarjuna Fertilizers Ltd
23,610 5,907 0.66 1,586 397 0.03
38 Tata Motors Ltd. 23,608 5,906 0.66 24,005 6,006 0.49
39 Punj Lloyd Ltd. 22,049 5,516 0.62 9,431 2,360 0.19
40 Ispat Industries Ltd. 20,759 5,194 0.58 3,808 953 0.08
41 Tata Power Co Ltd. 20,504 5,130 0.58 25,777 6,449 0.53
42 HDFC Bank Ltd. 20,359 5,094 0.57 47,184 11,805 0.97
43 Jaiprakash Hydropower Ltd.
18,596 4,653 0.52 2,651 663 0.05
44 ACC Ltd. 17,937 4,488 0.51 15,501 3,878 0.32
45 Reliance Power Ltd. 17,434 4,362 0.49 71,862 17,979 1.48
46 Cairn India Ltd. 15,993 4,001 0.45 39,872 9,975 0.82
47 Kotak Mahindra Bank Ltd.
15,963 3,994 0.45 21,573 5,397 0.44
48 Hindalco Industries Ltd
15,590 3,900 0.44 20,261 5,069 0.42
49 Maruti Suzuki India Ltd.
15,557 3,892 0.44 23,893 5,978 0.49
50 Idea Cellular Ltd. 15,334 3,836 0.43 27,052 6,768 0.56
Total 2,182,792 546,107 61.47 2,747,289 687,338 56.55
Contd...
78
Table 4-4 : Top ‘50’ Companies by Market Capitalisation as on March 31, 2008
Rank Name of Company Market Capitalisation % Share in Total Market
Capitali-sation
Trading Volume During 2007-08
% Share in
Total Trading Volume
(Rs. cr.) (US $ mn.) (Rs. cr.) (US $ mn.)
1 Reliance Industries Ltd.
329,368 82,404 6.78 180,435 45,143 5.08
2 Oil And Natural Gas Corporation
209,727 52,471 4.32 35,359 8,846 1.00
3 NTPC Ltd. 162,106 40,557 3.34 38,833 9,716 1.09
4 Bharti Airtel Ltd. 156,815 39,233 3.23 54,387 13,607 1.53
5 NMDC Ltd. 136,979 34,270 2.82 27 7 0.0008
6 DLF Ltd. 110,090 27,543 2.27 55,389 13,858 1.56
7 Reliance Communications Ltd.
105,214 26,323 2.17 87,839 21,976 2.47
8 State Bank Of India 101,065 25,285 2.08 63,360 15,852 1.78
9 BHEL 100,907 25,246 2.08 47,235 11,818 1.33
10 Larsen & Toubro Ltd..
88,702 22,192 1.83 66,812 16,716 1.88
11 ICICI Bank Ltd.. 85,512 21,394 1.76 77,736 19,448 2.19
12 Infosys Technologies Ltd.
82,362 20,606 1.70 69,809 17,465 1.97
13 Tata Consultancy Services Ltd.
79,311 19,843 1.63 27,208 6,807 0.77
14 ITC Ltd. 77,700 19,440 1.60 26,700 6,680 0.75
15 Steel Authority Of India
76,536 19,148 1.58 48,170 12,052 1.36
16 Reliance Power Ltd. 71,862 17,979 1.48 17,434 4,362 0.49
17 Reliance Petroleum Ltd.
70,290 17,586 1.45 96,968 24,260 2.73
18 HDFC Ltd. 67,560 16,903 1.39 38,579 9,652 1.09
19 Wipro Ltd. 63,144 15,798 1.30 11,571 2,895 0.33
20 Indian Oil Corp Ltd. 53,126 13,292 1.09 6,835 1,710 0.19
21 Tata Steel Ltd. 50,741 12,695 1.04 47,526 11,890 1.34
22 Sterlite Inds (Ind) Ltd. 50,621 12,665 1.04 29,347 7,342 0.83
23 Hindustan Unilever Ltd.
49,832 12,467 1.03 13,120 3,283 0.37
24 HDFC Bank Ltd. 47,184 11,805 0.97 20,359 5,094 0.57
25 Unitech Ltd. 44,838 11,218 0.92 38,565 9,649 1.09
26 Power Grid Corp. Ltd.
41,373 10,351 0.85 31,702 7,931 0.89
Contd...
79
Table 4-4 : Top ‘50’ Companies by Market Capitalisation as on March 31, 2008
Rank Name of Company Market Capitalisation % Share in Total Market
Capitali-sation
Trading Volume During 2007-08
% Share in
Total Trading Volume
(Rs. cr.) (US $ mn.) (Rs. cr.) (US $ mn.)
27 Cairn India Ltd. 39,872 9,975 0.82 15,993 4,001 0.45
28 Suzlon Energy Ltd. 39,489 9,880 0.81 29,964 7,497 0.84
29 Gail (India) Ltd. 35,978 9,001 0.74 12,926 3,234 0.36
30 Jindal Steel & Power Ltd.
31,870 7,973 0.66 27,897 6,980 0.79
31 Reliance Capital Ltd. 30,183 7,552 0.62 83,504 20,892 2.35
32 Reliance Energy Ltd. 29,586 7,402 0.61 106,484 26,641 3.00
33 National Aluminium Co Ltd.
29,110 7,283 0.60 2,129 533 0.06
34 Axis Bank Ltd. 28,254 7,069 0.58 14,562 3,643 0.41
35 GMR Infrastructure Ltd..
27,110 6,782 0.56 47,354 11,847 1.33
36 Idea Cellular Ltd. 27,052 6,768 0.56 15,334 3,836 0.43
37 Satyam Computer Services
26,571 6,648 0.55 31,777 7,950 0.89
38 Jaiprakash Associates Ltd.
26,519 6,635 0.55 45,654 11,422 1.29
39 Tata Power Co Ltd. 25,777 6,449 0.53 20,504 5,130 0.58
40 Sun Pharmaceuticals Ind.
25,462 6,370 0.52 5,814 1,455 0.16
41 ABB Ltd. 25,004 6,256 0.51 11,347 2,839 0.32
42 Tata Motors Ltd. 24,005 6,006 0.49 23,608 5,906 0.66
43 Maruti Suzuki India Ltd.
23,893 5,978 0.49 15,557 3,892 0.44
44 Grasim Industries Ltd. 23,609 5,907 0.49 8,313 2,080 0.23
45 Essar Oil Ltd. 23,286 5,826 0.48 36,280 9,077 1.02
46 Mundra Port & Sez Ltd.
23,189 5,802 0.48 9,635 2,410 0.27
47 Hindustan Zinc Ltd. 22,193 5,553 0.46 2,095 524 0.06
48 Kotak Mahindra Bank Ltd.
21,573 5,397 0.44 15,963 3,994 0.45
49 Siemens Ltd. 20,783 5,200 0.43 12,425 3,108 0.35
50 Hindalco Industries Ltd.
20,261 5,069 0.42 15,590 3,900 0.44
Total 3,163,594 791,492 65.12 1,842,016 460,850 51.87
Contd...
80
Tab
le 4
-5 :
Indu
stry
Wis
e C
lass
ifi ca
tion
of T
op ‘5
0’ C
ompa
nies
by
Tra
ding
Vol
ume
and
Mar
ket C
apita
lisat
ion
Indu
stry
Tra
ding
Val
ue (A
mou
nt)
Tra
ding
Val
ue
(% t
o T
otal
‘Top
50
Co’
s)
Mar
ket
Cap
ital
isat
ion
(Am
ount
)M
arke
t C
apit
alis
atio
n(%
to
Tot
al ‘T
op
50 C
o’s)
2006
-07
2007
-08
2006
-07
2007
-08
2006
-07
2007
-08
2006
-07
2007
-08
(Rs.
cr.)
(US
$ m
n.)
(Rs.
cr.)
(US
$ m
n.)
%(R
s.cr
.)(U
S $
mn.
)(R
s.cr
.)(U
S $
mn.
)%
Bank
s 7
2,43
3 1,
662
204
,182
5
,108
6.
019.
35 2
03,2
84
4,66
4 2
83,5
87
7,0
95
9.23
8.96
Fina
ncia
l Ser
vice
s 8
6,31
6 1,
980
254
,523
6
,368
7.
1611
.66
53,
120
1,21
9 9
7,74
3 2
,445
2.
413.
09
Engi
neer
ing
25,
909
594
66,
812
1,6
72
2.15
3.06
45,
471
1,04
3 8
8,70
2 2
,219
2.
072.
80
FMC
G 4
5,01
3 1,
033
26,
700
668
3.
741.
22 1
02,1
50
2,34
3 1
27,5
32
3,1
91
4.64
4.03
Infr
astr
uctu
re 8
8,94
9 2,
041
500
,458
1
2,52
1 7.
3822
.93
155
,337
3,
564
539
,261
1
3,49
2 7.
0617
.05
IT 1
81,2
57
4,15
8 1
28,7
94
3,2
22
15.0
45.
90 3
99,2
49
9,15
9 2
51,3
88
6,2
89
18.1
47.
95
Man
ufac
turi
ng 4
07,1
68
9,34
1 4
30,4
84
10,
770
33.7
919
.72
453
,659
10
,407
711
,980
1
7,81
3 20
.61
22.5
1
Petr
oche
mic
als
164
,324
3,
770
388
,646
9
,723
13
.64
17.8
0 4
81,7
23
11,0
51 7
25,6
69
18,
155
21.8
822
.94
Phar
mac
eutic
als
23,
717
544
––
1.97
– 5
1,86
5 1,
190
25,
462
637
2.
360.
80
Serv
ices
––
––
–
––
– 2
3,18
9 5
80
–0.
73
Tel
ecom
mun
icat
ions
92,
380
2,11
9 1
82,1
92
4,5
58
7.67
8.35
255
,412
5,
859
289
,080
7
,232
11
.60
9.14
Med
ia &
En
tert
ainm
ent
17,
535
402
––
1.46
––
––
––
–
Tot
al1,
205,
001
27,6
442,
182,
792
54,
611
100.
0010
0.00
2,20
1,27
1 50
,499
3,16
3,59
4 7
9,14
9 10
0.00
100.
00
81
Table 4-6 : NSE’s Most Active Trading days during the year 2007-08
Sr No. Date Highest Single Day Trading Value
(Rs. cr.) (US $ mn.)1 1-Nov-2007 28,476.07 7,124.362 18-Oct-2007 26,030.25 6,512.453 8-Jan-2008 25,435.15 6,363.564 27-Dec-2007 24,976.78 6,248.885 3-Oct-2007 24,842.41 6,215.266 3-Jan-2008 24,710.05 6,182.157 30-Oct-2007 24,636.21 6,163.688 21-Jan-2008 24,525.77 6,136.059 17-Oct-2007 24,061.67 6,019.9310 6-Nov-2007 23,764.91 5,945.69
Table 4-7 : Individual Securities Single day Trading Records
Rank Symbol Name of Company Date Traded Value (Rs. cr.) (US $ mn.)
1 RPOWER Reliance Power Ltd. 11-Feb-2008 5,602.50 1,401.68 2 POWERGRID Power Grid Corp. Ltd. 5-Oct-2007 4,930.56 1,233.57 3 DLF DLF Limited 5-Jul-2007 4,346.70 1,087.49 4 RPL Reliance Petroleum Ltd. 1-Nov-2007 3,950.54 988.38 5 RPL Reliance Petroleum Ltd. 6-Nov-2007 3,626.62 907.33 6 RPL Reliance Petroleum Ltd. 29-Nov-2007 3,624.58 906.82 7 RNRL Rel. Nat. Resources Ltd. 5-Nov-2007 3,315.46 829.49 8 RNRL Rel. Nat. Resources Ltd. 6-Nov-2007 3,306.10 827.15 9 MUNDRAPORT Mundra Port & Sez Ltd 27-Nov-2007 2,687.72 672.43 10 RELIANCE Reliance Industries Ltd 12-Oct-2007 2,629.35 657.83
Table 4-8 : FII turnover on Capital Market Segment of Exchange
FII Turnover Market Turnover Contribution of FII turnover to total turnover
(Rs. cr.) (US $ mn) (Rs.cr.) (US $ mn)
Apr-06 58,705 13,467 354,745 81,382 16.55
May-06 72,026 16,524 402,818 92,411 17.88Jun-06 52,539 12,053 302,100 69,305 17.39Jul-06 35,265 8,090 237,397 54,461 14.85Aug-06 35,416 8,125 261,592 60,012 13.54Sep-06 45,113 10,349 288,678 66,226 15.63Oct-06 49,588 11,376 276,764 63,493 17.92Nov-06 64,426 14,780 379,727 87,113 16.97Dec-06 65,331 14,988 340,211 78,048 19.20Jan-07 71,757 16,462 350,294 80,361 20.48
Contd...
82
Table 4-8 : FII turnover on Capital Market Segment of Exchange
FII Turnover Market Turnover Contribution of FII turnover to total turnover
(Rs. cr.) (US $ mn) (Rs.cr.) (US $ mn)
Feb-07 68,828 15,790 360,341 82,666 19.10Mar-07 67,303 15,440 335,907 77,061 20.042006-07 686,297 157,444 3,890,573 892,538 17.64Apr-08 61,119 15,291 337,134 84,347 18.13May-08 68,084 17,034 415,170 103,870 16.40Jun-08 63,289 15,834 387,296 96,897 16.34Jul-08 95,036 23,777 534,454 133,714 17.78Aug-08 82,061 20,531 462,482 115,707 17.74Sep-08 86,233 21,574 532,100 133,125 16.21Oct-08 171,701 42,957 911,178 227,965 18.84Nov-08 142,088 35,549 828,840 207,366 17.14Dec-08 117,423 29,378 732,770 183,330 16.02Jan-08 177,582 44,429 894,276 223,737 19.86Feb-08 101,022 25,275 560,352 140,193 18.03Mar-08 104,883 26,241 506,025 126,601 20.732007-08 1,270,521 317,869 7,102,077 1,776,852 17.89
Contd...
Table 4-9 : Market Capitalisation of Securities in the CM Segment(In Rs. cr.)
Month/Year (end of period)
Total MC MC of S&P CNX Nifty
Share in Total MC (%)
MC of CNX Nifty Junior
Share in Total MC (%)
Mar-95 363,350 – – – –Mar-96 401,459 139,357 34.71 – –Mar-97 419,367 159,758 38.09 25,184 6.01Mar-98 481,503 230,420 47.85 34,654 7.20Mar-99 491,175 236,569 48.16 53,452 10.88Mar-00 1,020,426 373,559 36.61 98,804 9.68Mar-01 657,847 301,085 45.77 31,989 4.86Mar-02 636,861 349,402 54.86 42,446 6.66Mar-03 537,133 316,762 58.97 34,550 6.43Apr-03 530,630 302,472 57.00 45,918 8.65May-03 612,030 335,765 54.86 60,229 9.84Jun-03 678,550 378,241 55.74 64,605 9.52Jul-03 719,145 395,497 55.00 73,504 10.22Aug-03 836,651 457,313 54.66 88,009 10.52Sep-03 863,481 477,724 55.33 95,403 11.05Oct-03 926,748 524,705 56.62 103,143 11.13Nov-03 979,541 544,756 55.61 108,847 11.11Dec-03 1,167,029 634,248 54.35 132,409 11.35Jan-04 1,116,150 611,844 54.82 130,917 11.73Feb-04 1,110,954 609,751 54.89 129,489 11.66Mar-04 1,120,976 638,599 56.97 130,122 11.61Apr-04 1,171,828 771,153 65.81 139,636 11.92
Contd...
83
Table 4-9 : Market Capitalisation of Securities in the CM Segment(In Rs. cr.)
Month/Year (end of period)
Total MC MC of S&P CNX Nifty
Share in Total MC (%)
MC of CNX Nifty Junior
Share in Total MC (%)
May-04 950,494 632,652 66.56 104,708 11.02Jun-04 979,700 642,325 65.56 107,211 10.94Jul-04 1,066,087 698,209 65.49 114,185 10.71Aug-04 1,143,075 698,427 61.10 118,520 10.37Sep-04 1,227,550 747,280 60.88 129,944 10.59Oct-04 1,253,825 765,067 61.02 129,254 10.31Nov-04 1,446,292 839,857 58.07 144,221 9.97Dec-04 1,579,161 902,831 57.17 165,444 10.48Jan-05 1,557,444 893,674 57.38 157,825 10.13Feb-05 1,614,597 978,440 60.60 168,860 10.46Mar-05 1,585,585 951,672 60.02 164,668 10.39Apr-05 1,517,908 888,639 58.54 156,196 10.29May-05 1,654,995 977,445 59.06 169,627 10.25Jun-05 1,727,502 1,040,264 60.22 172,284 9.97Jul-05 1,848,740 1,083,537 58.61 193,242 10.45Aug-05 1,957,491 1,118,077 57.12 198,555 10.14Sep-05 2,098,263 1,227,424 58.50 208,551 9.94Oct-05 1,927,645 1,119,365 58.07 185,707 9.63Nov-05 2,166,823 1,254,781 57.91 206,702 9.54Dec-05 2,322,392 1,350,394 58.15 218,575 9.41Jan-06 2,434,395 1,399,294 57.48 232,925 9.57Feb-06 2,512,083 1,434,266 57.09 245,269 9.76Mar-06 2,813,201 1,590,155 56.52 274,823 9.77Apr-06 2,990,200 1,663,860 55.64 294,193 9.84May-06 2,612,639 1,437,366 55.02 250,680 9.59Jun-06 2,524,659 1,495,329 59.23 219,113 8.68Jul-06 2,514,261 1,503,314 59.79 222,011 8.83Aug-06 2,777,401 1,633,200 58.80 248,197 8.94Sep-06 2,994,132 1,781,134 59.49 301,814 10.08Oct-06 3,138,319 1,860,568 59.29 317,577 10.12Nov-06 3,373,652 1,968,913 58.36 327,045 9.69Dec-06 3,426,236 1,975,603 57.66 333,693 9.74Jan-07 3,571,487 2,036,797 57.03 341,389 9.56Feb-07 3,296,931 1,869,473 56.70 315,793 9.58Mar-07 3,367,350 1,909,448 56.70 323,308 9.60Apr-07 3,650,368 2,096,100 57.42 321,560 8.81May-07 3,898,078 2,206,712 56.61 343,150 8.80Jun-07 3,978,381 2,219,151 55.78 388,710 9.77Jul-07 4,317,571 2,358,907 54.64 397,396 9.20Aug-07 4,296,994 2,331,929 54.27 393,906 9.17Sep-07 4,886,561 2,774,625 56.78 448,284 9.17Oct-07 5,722,227 3,328,356 58.17 487,986 8.53Nov-07 5,876,742 3,257,297 55.43 525,730 8.95Dec-07 6,543,272 3,522,527 53.83 643,625 9.84Jan-08 5,295,387 2,966,421 56.02 522,450 9.87Feb-08 5,419,942 3,016,694 55.66 528,511 9.75Mar-08 4,858,122 2,848,773 58.64 453,625 9.34
Contd...
84
Table 4-10 : Composition of S&P CNX Nifty Index as on March 31, 2008
Sl. No.
Name of Security Issued Capital
Market Capitali-
sation
Weigh-tage
Beta R2 Volatility Return Impact Cost
(Rs. cr.) (Rs. cr.) (%) (%) (%) (%)
1 ABB 42 25,004 0.88 0.83 0.48 3.41 2.13 0.112 ACC 188 15,501 0.54 0.79 0.34 2.92 3.79 0.073 AMBUJACEM 304 18,428 0.65 0.37 0.18 1.79 0.08 0.124 BHARTIARTL 1,898 156,815 5.50 0.78 0.37 3.31 0.00 0.095 BHEL 490 100,907 3.54 1.10 0.58 4.11 -9.86 0.096 BPCL 362 14,771 0.52 0.71 0.20 3.85 -12.10 0.117 CAIRN 1,779 39,872 1.40 0.95 0.41 5.58 -1.97 0.118 CIPLA 155 17,100 0.60 0.53 0.21 2.63 6.23 0.099 DLF 341 110,090 3.86 1.29 0.55 7.16 -17.24 0.0910 DRREDDY 84 9,943 0.35 0.44 0.23 2.25 1.29 0.1111 GAIL 846 35,978 1.26 0.94 0.38 3.13 0.48 0.0912 GRASIM 92 23,609 0.83 0.80 0.53 2.86 -10.62 0.1013 HCLTECH 133 16,845 0.59 0.87 0.37 4.62 -8.79 0.1314 HDFC 284 67,560 2.37 0.90 0.40 5.31 -14.90 0.0815 HDFCBANK 354 47,184 1.66 0.93 0.50 3.74 -8.62 0.0916 HEROHONDA 40 13,869 0.49 0.45 0.18 2.33 -8.81 0.1217 HINDALCO 123 20,261 0.71 1.19 0.50 5.29 -18.51 0.1118 HINDUNILVR 218 49,832 1.75 0.58 0.25 2.85 0.57 0.0919 ICICIBANK 1,111 85,512 3.00 1.10 0.55 5.35 -29.32 0.0920 IDEA 2,635 27,052 0.95 0.80 0.34 3.41 -6.64 0.1421 INFOSYSTCH 286 82,362 2.89 0.62 0.30 4.01 -7.00 0.0822 ITC 377 77,700 2.73 0.67 0.32 2.79 1.73 0.0823 LT 58 88,702 3.11 1.04 0.52 4.75 -13.78 0.0824 M&M 246 17,129 0.60 0.76 0.40 1.83 0.77 0.1125 MARUTI 144 23,893 0.84 0.68 0.34 2.33 -4.75 0.0826 NATIONALUM 644 29,110 1.02 0.76 0.18 3.72 -2.66 0.1527 NTPC 8,245 162,106 5.69 1.17 0.58 3.40 -2.67 0.0928 ONGC 2,139 209,727 7.36 1.10 0.64 3.27 -3.60 0.1029 PNB 315 16,088 0.56 1.03 0.49 3.72 -15.43 0.0930 POWERGRID 4,209 41,373 1.45 1.19 0.52 4.83 -10.56 0.0931 RANBAXY 187 16,361 0.57 0.60 0.31 2.45 -1.64 0.0832 RCOM 1,032 105,214 3.69 1.18 0.66 4.05 -11.30 0.0833 REL 237 29,586 1.04 1.67 0.55 6.41 -20.30 0.0934 RELIANCE 1,454 329,368 11.56 1.12 0.77 3.50 -8.02 0.0835 RPL 4,500 70,290 2.47 1.32 0.48 4.28 -11.15 0.0836 SAIL 4,130 76,536 2.69 1.47 0.66 4.90 -27.18 0.1037 SATYAMCOMP 134 26,571 0.93 0.64 0.24 3.93 -9.28 0.0838 SBIN 632 101,065 3.55 0.99 0.52 3.65 -24.22 0.0839 SIEMENS 67 20,783 0.73 0.87 0.38 4.13 -24.56 0.1140 STER 142 50,621 1.78 1.28 0.55 4.23 -14.45 0.1241 SUNPHARMA 104 25,462 0.89 0.38 0.11 2.87 0.19 0.12
Contd...
85
Table 4-10 : Composition of S&P CNX Nifty Index as on March 31, 2008
Sl. No.
Name of Security Issued Capital
Market Capitali-
sation
Weigh-tage
Beta R2 Volatility Return Impact Cost
(Rs. cr.) (Rs. cr.) (%) (%) (%) (%)
42 SUZLON 299 39,489 1.39 1.09 0.34 5.80 -6.25 0.1143 TATACOMM 285 14,619 0.51 0.98 0.34 4.26 0.16 0.1244 TATAMOTORS 386 24,005 0.84 0.77 0.46 2.80 -11.09 0.0945 TATAPOWER 220 25,777 0.90 1.20 0.38 4.21 -16.32 0.1246 TATASTEEL 731 50,741 1.78 1.15 0.52 5.27 -13.40 0.0847 TCS 98 79,311 2.78 0.68 0.40 3.30 -7.63 0.1048 UNITECH 325 44,838 1.57 1.55 0.49 5.79 -23.26 0.1149 WIPRO 292 63,144 2.22 0.69 0.35 4.39 -1.13 0.1350 ZEEL 43 10,668 0.37 0.78 0.30 3.06 1.61 0.12
Total 43,440 2,848,773 100.00 1.00 – 3.04 -9.36 0.09
* Beta & R2 are calculated for the period 01-Apr-2007 to 31-Mar-2008* Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the
market as a whole.* The coeffi cient of determination (R2) measures the strength of relationship between two variables the
return on a security versus that of the market.* Volatility is the Std. deviation of the daily returns for the period 01-Mar-2008 to 31-Mar-2008* Last day of trading was 31-Mar-2008* Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 lakhs * Impact Cost for S&P CNX Nifty is the weightage average impact cost
Contd...
Table 4-11 : Composition of CNX NIFTY Junior Index - as on March 31, 2008
Sl. No.
Name of Security Issued Capital
Market Capitali-
sation
Weigh-tage
Beta R2 Volatility Returns Impact Cost
(Rs. cr.) (Rs. cr.) (%) (%) (%) (%) 1 ANDHRABANK 485 3,570 0.78 1.00 0.59 3.86 -18.7 0.162 APOLLOTYRE 48 1,966 0.43 0.83 0.34 4.48 -5.92 0.163 ASHOKLEY 133 4,709 1.03 0.94 0.48 2.81 -5.47 0.124 ASIANPAINT 96 11,509 2.51 0.22 0.05 2.05 7.61 0.255 AUROPHARMA 27 1,566 0.34 0.65 0.32 4.19 -11.65 0.166 AVENTIS 23 1,762 0.38 0.41 0.22 3.61 -18.57 0.437 BANKBARODA 364 10,321 2.25 1.02 0.58 4.48 -22.53 0.168 BANKINDIA 525 13,300 2.90 1.08 0.46 5.19 -29.49 0.129 BEL 80 8,539 1.86 0.62 0.32 2.2 -25.73 0.2510 BHARATFORG 45 5,948 1.30 0.60 0.32 4.4 -7.80 0.1711 BIOCON 50 4,305 0.94 0.63 0.35 3.25 -3.55 0.1812 PFC 1148 18,611 4.05 1.08 0.44 4.41 -13.50 0.1813 CADILAHC 63 3,184 0.69 0.40 0.19 3.38 -2.84 0.4114 CANBK 410 9,229 2.01 0.99 0.48 4.28 -19.12 0.15
Contd...
86
Table 4-11 : Composition of CNX NIFTY Junior Index - as on March 31, 2008
Sl. No.
Name of Security Issued Capital
Market Capitali-
sation
Weigh-tage
Beta R2 Volatility Returns Impact Cost
(Rs. cr.) (Rs. cr.) (%) (%) (%) (%) 15 CHENNPETRO 149 4,185 0.91 0.88 0.35 3.95 -6.52 0.1916 RELCAPITAL 246 30,183 6.58 1.63 0.72 8.19 -32.65 0.1017 ULTRACEMCO 124 9,767 2.13 0.71 0.45 2.7 -13.26 0.2718 CORPBANK 143 4,045 0.88 0.81 0.37 5.52 -13.52 0.1719 CUMMINSIND 40 6,385 1.39 0.65 0.32 5.08 -5.19 0.3220 INDHOTEL 72 8,117 1.77 0.81 0.53 4.13 -11.06 0.1821 CONCOR 65 11,216 2.44 0.23 0.06 1.69 -1.88 0.2222 I-FLEX 42 7,881 1.72 0.94 0.42 3.78 -12.78 0.2723 GMRINFRA 364 27,110 5.91 1.36 0.62 5.67 -14.82 0.1124 IDBI 725 6,457 1.41 1.37 0.71 4.21 -24.78 0.1225 IFCI 762 3,362 0.73 1.50 0.49 5.98 -34.23 0.1226 MCDOWELL-N 100 15,009 3.27 0.81 0.30 3.07 -11.72 0.1727 IOB 545 7,360 1.60 0.91 0.48 3.75 -18.39 0.2128 JPASSOCIAT 234 26,519 5.78 1.39 0.59 7.97 -13.78 0.1029 KOTAKBANK 345 21,573 4.70 1.23 0.62 7.18 -21.97 0.1530 LICHSGFIN 85 2,395 0.52 1.15 0.45 4.21 -9.24 0.1631 LUPIN 82 4,092 0.89 0.47 0.28 2.7 -9.99 0.2032 MOSERBAER 168 2,560 0.56 0.91 0.38 6.97 -14.18 0.1933 MPHASIS 209 4,211 0.92 0.67 0.26 5.57 -12.28 0.3034 JINDALSTEL 15 31,870 6.94 1.41 0.42 6.66 -10.19 0.1035 NIRMA 80 2,468 0.54 0.59 0.18 3.2 -15.76 0.4336 PATNI 28 3,091 0.67 0.76 0.28 4.85 -7.72 0.1737 PFIZER 30 2,045 0.45 0.37 0.22 2.83 2.01 0.2438 ABIRLANUVO 93 13,027 2.84 0.82 0.42 4.13 -18.35 0.2739 RNRL 817 21,704 4.73 1.57 0.44 5.55 -24.91 0.0940 RAYMOND 61 1,860 0.41 0.65 0.27 4.66 -12.28 0.2241 IDFC 1294 19,544 4.26 1.16 0.59 6.08 -22.62 0.1342 TECHM 121 8,559 1.86 0.64 0.29 3.00 2.11 0.1443 SYNDIBANK 522 3,912 0.85 1.11 0.62 4.2 -23.68 0.1644 TTML 1893 5,320 1.16 1.33 0.56 4.28 -20.28 0.1245 TVSMOTOR 24 829 0.18 1.08 0.46 5.64 -20.32 0.1546 UNIONBANK 505 7,110 1.55 1.18 0.56 5.41 -24.31 0.1847 AXISBANK 358 28,254 6.16 0.82 0.42 5.08 -22.76 0.1348 VIJAYABANK 434 2,148 0.47 1.24 0.66 4.52 -25.21 0.1549 INGVYSYABK 102 3,430 0.75 0.59 0.24 3.52 -2.12 0.5250 WOCKPHARMA 55 2,914 0.63 0.70 0.45 3.28 -21.05 0.25
Total 14,428 459,031 100.00 1.00 – 4.16 -17.23 0.16
* Beta & R2 are calculated for the period 01-April 2006 to 30-Mar-2007 * Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the
market as a whole. * The coeffi cient of determination (R2) measures the strength of relationship between two variables, the
return on a security versus that of the market. * Volatility is the Std. deviation of the daily returns for the period 01-Mar-2008 to 31-Mar-2008 * Last day of trading was 31-Mar-2008 * Impact Cost for CNX Nifty Junior is for a portfolio of Rs. 0.25 lakhs * Impact Cost for CNX Nifty Junior is the weightage average impact cost
Contd...
87
Table 4-12 : Industry-wise Weightages of S&P CNX NIFTY Securities as on 31st March, 2008
Sl. No. Industry Market Cap(Rs. cr.)
Weightage(%)
1 Refi neries 414,429 14.552 Telecommunication - Services 303,699 10.663 Computers - Software 268,233 9.424 Power 258,843 9.095 Banks 249,849 8.776 Oil Exploration 249,599 8.767 Electrical Equipment 186,183 6.548 Construction 154,927 5.449 Steel & Steel Products 127,277 4.4710 Engineering 88,702 3.1111 Cigarettes 77,700 2.7312 Pharmaceuticals 68,866 2.4213 Finance - Housing 67,560 2.3714 Automobile - 4 wheelers 65,028 2.2815 Cement & Cement Products 57,539 2.0216 Metals 50,621 1.7817 Diversifi ed 49,832 1.7518 Aluminium 49,371 1.7319 Gas 35,978 1.2620 Automohiles - 2 and 3 wheelers 13,869 0.4921 Media & Entertainment 10,668 0.37
Total 2,848,773 100
Table 4-13 : S&P CNX NIFTY Index*
Month & Year Open High Low Close Volatility (%)
Price To Earning Ratio#
1995-96 (Nov.-Mar.) 1000.00 1067.49 813.12 985.30 1.62 –1996-97 988.33 1203.11 775.43 968.30 1.67 –1997-98 931.95 1297.10 929.05 1116.90 1.52 –1998-99 1117.15 1247.15 800.10 1078.05 1.86 16.531999-2000 1082.55 1818.15 916.00 1528.45 1.93 24.602000-01 1528.70 1636.95 1098.75 1148.20 1.98 17.21Apr-01 1148.10 1171.85 1000.10 1125.25 2.20 14.57May-01 1125.45 1207.00 1096.25 1167.90 0.89 15.80Jun-01 1168.10 1175.80 1060.05 1107.90 1.27 15.76Jul-01 1108.35 1127.15 1046.90 1072.85 1.01 15.15Aug-01 1073.00 1084.00 1051.75 1053.75 0.57 15.10Sep-01 1054.65 1059.90 849.95 913.85 2.52 13.16Oct-01 914.65 1000.95 884.65 971.90 0.99 13.79
Contd...
88
Table 4-13 : S&P CNX NIFTY Index*
Month & Year Open High Low Close Volatility (%)
Price To Earning Ratio#
Nov-01 973.55 1097.60 973.55 1067.15 1.25 15.46Dec-01 1067.20 1132.65 1010.45 1059.05 1.22 15.35Jan-02 1058.85 1121.75 1052.05 1075.40 0.99 16.99Feb-02 1076.95 1205.95 1069.40 1142.05 1.48 18.38Mar-02 1142.05 1201.10 1117.85 1129.55 1.18 18.102001-02 1148.10 1207.00 849.95 1129.55 1.40 18.10Apr-02 1129.85 1153.30 1073.30 1084.50 1.11 17.86May-02 1084.80 1136.55 1020.10 1028.80 1.35 16.19Jun-02 1029.25 1102.05 1029.25 1057.80 1.13 15.73Jul-02 1058.00 1087.40 943.60 958.90 1.01 14.30Aug-02 959.20 1012.75 935.55 1010.60 0.85 15.04Sep-02 1010.90 1024.65 960.20 963.15 0.72 14.33Oct-02 961.15 983.60 920.10 951.40 0.84 14.47Nov-02 951.45 1057.40 946.40 1050.15 0.70 14.24Dec-02 1050.15 1103.95 1034.10 1093.50 0.97 14.83Jan-03 1093.60 1105.60 1026.20 1041.85 0.80 14.13Feb-03 1040.25 1075.50 1034.10 1063.40 0.89 14.42Mar-03 1063.55 1070.85 974.10 978.20 1.09 13.362002-03 1129.85 1153.30 920.10 978.20 0.99 13.36Apr-03 977.40 1033.45 920.00 934.05 1.38 13.14May-03 930.90 1013.85 930.80 1006.80 0.74 11.65Jun-03 1006.85 1141.30 1004.70 1134.15 0.94 12.95Jul-03 1133.95 1198.50 1089.30 1185.85 1.04 12.84Aug-03 1185.80 1365.80 1164.75 1356.55 1.52 14.95Sep-03 1356.70 1430.70 1285.25 1417.10 1.81 15.43Oct-03 1416.60 1574.10 1407.95 1555.90 1.52 17.15Nov-03 1556.50 1630.25 1509.15 1615.25 1.30 17.81Dec-03 1615.85 1914.40 1615.70 1879.75 0.96 20.73Jan-04 1880.35 2014.65 1756.25 1809.75 2.18 19.96Feb-04 1809.30 1935.80 1755.65 1800.30 1.69 19.74Mar-04 1798.35 1898.70 1669.70 1771.90 1.48 20.702003-04 977.40 2014.65 920.00 1771.90 1.43 20.70Apr-04 1771.45 1912.35 1771.45 1796.10 1.40 18.68May-04 1796.10 1837.95 1292.20 1483.60 4.21 11.94Jun-04 1483.90 1566.50 1437.90 1505.60 1.46 12.64Jul-04 1506.65 1638.70 1472.55 1632.30 1.29 13.63Aug-04 1631.55 1658.90 1573.70 1631.75 0.99 13.64Sep-04 1631.70 1760.80 1619.90 1745.50 0.83 14.59Oct-04 1744.40 1829.45 1737.85 1786.90 0.97 14.93Nov-04 1787.30 1963.80 1776.70 1958.80 0.68 16.39Dec-04 1960.75 2088.45 1944.50 2080.50 0.74 15.32Jan-05 2080.00 2120.15 1894.40 2057.60 1.67 14.68Feb-05 2057.75 2110.15 2036.60 2103.25 0.78 15.02
Contd...
Contd...
89
Table 4-13 : S&P CNX NIFTY Index*
Month & Year Open High Low Close Volatility (%)
Price To Earning Ratio#
Mar-05 2103.10 2183.45 1971.15 2035.65 1.08 14.602004-05 1771.45 2183.45 1292.20 2035.65 1.61 14.60Apr-05 2035.90 2084.90 1896.30 1902.50 1.23 13.27May-05 1903.10 2099.35 1898.15 2087.55 0.67 13.94Jun-05 2087.80 2226.15 2061.35 2220.60 0.73 14.31Jul-05 2220.45 2332.55 2171.25 2312.30 0.93 14.10Aug-05 2312.05 2426.65 2294.25 2384.65 0.98 14.78Sep-05 2384.70 2633.90 2382.90 2601.40 1.19 16.15Oct-05 2601.00 2669.20 2307.45 2370.95 1.51 14.23Nov-05 2366.80 2727.05 2366.80 2652.25 0.95 15.95Dec-05 2651.60 2857.00 2641.95 2836.55 1.13 17.16Jan-06 2836.80 3005.10 2783.85 3001.10 0.93 17.90Feb-06 3001.30 3090.30 2928.10 3074.70 0.81 18.27Mar-06 3074.60 3433.85 3064.00 3402.55 0.93 20.262005-06 2035.90 3433.85 1896.30 3402.55 1.04 20.26Apr-06 3403.15 3598.95 3290.35 3557.60 1.67 20.31May-06 3557.55 3774.15 2896.40 3071.05 2.73 17.46Jun-06 3072.55 3134.15 2595.65 3128.20 3.23 18.44Jul-06 3128.75 3208.85 2878.25 3143.20 1.93 17.64Aug-06 3128.20 3452.30 3113.60 3413.90 0.72 19.15Sep-06 3414.00 3603.70 3328.45 3588.40 1.06 20.92Oct-06 3588.95 3782.85 3508.65 3744.10 0.93 20.37Nov-06 3744.10 3976.80 3737.00 3954.50 0.61 21.18Dec-06 3955.70 4046.85 3657.65 3966.40 1.50 21.26Jan-07 3966.25 4167.15 3833.60 4082.70 1.15 19.85Feb-07 4083.40 4245.30 3674.85 3745.30 1.55 18.01Mar-07 3745.40 3901.75 3554.50 3821.55 2.00 18.402006-07 3403.15 4245.30 2595.65 3821.55 1.77 18.40Apr-07 3820.00 4217.90 3617.00 4087.90 1.73 19.48May-07 4089.45 4306.75 3981.15 4295.80 0.86 20.41Jun-07 4296.05 4362.95 4100.80 4318.30 0.84 20.60Jul-07 4318.40 4647.95 4304.00 4528.85 1.15 20.49Aug-07 4528.85 4532.90 4002.20 4464.00 2.04 20.20Sep-07 4466.65 5055.80 4445.55 5021.35 1.08 22.58Oct-07 5021.50 5976.00 5000.95 5900.65 2.48 25.74Nov-07 5903.80 6011.95 5394.35 5762.75 1.73 25.21Dec-07 5765.45 6185.40 5676.70 6138.60 1.67 27.62Jan-08 6136.75 6357.10 4448.50 5137.45 3.27 21.97Feb-08 5140.60 5545.20 4803.60 5223.50 2.46 22.27Mar-08 5222.80 5222.80 4468.55 4734.50 3.04 20.632007-08 3820.00 6357.10 3617.00 4734.50 2.02 20.63
* S&P CNX Nifty commenced from November 3, 1995# At the end of the periodNote : Volatility is the standard deviation of daily returns for the respective month/year
Contd...
90
Table 4-14 : CNX NIFTY Junior Index*
Month & Year Open High Low Close Volatil-ity (%)
Price To Earning Ratio#
1996-97 (Nov.-Mar.) 1000.00 1208.87 907.02 1032.95 1.76 –
1997-98 1028.30 1395.25 1016.65 1339.40 1.44 –
1998-99 1339.75 2079.10 1177.20 2069.20 2.14 18.92
1999-2000 2099.75 5365.90 1631.90 3695.75 2.46 33.47
2000-01 3720.45 3771.80 1570.20 1601.80 2.75 9.69
Apr-01 1601.80 1638.05 1362.50 1525.20 2.62 8.47
May-01 1529.05 1676.25 1472.40 1627.15 1.20 8.61
Jun-01 1627.55 1638.90 1397.60 1415.40 1.30 8.68
Jul-01 1416.45 1438.25 1304.25 1342.55 1.17 7.14
Aug-01 1341.90 1370.25 1275.20 1277.35 0.58 6.79
Sep-01 1278.25 1292.00 1038.75 1084.40 2.68 5.90
Oct-01 1083.70 1206.65 1044.90 1174.20 0.99 6.13
Nov-01 1174.15 1376.75 1173.35 1334.15 0.96 5.95
Dec-01 1335.45 1415.85 1215.45 1298.30 1.86 5.84
Jan-02 1298.60 1358.55 1273.80 1348.55 0.91 5.28
Feb-02 1350.60 1617.05 1350.60 1495.55 2.14 6.54
Mar-02 1496.40 1611.20 1489.25 1566.95 1.11 6.80
2001-02 1601.40 1676.25 1038.75 1566.95 1.60 6.80
Apr-02 1568.40 1658.50 1564.15 1607.75 0.95 7.35
May-02 1608.25 1665.15 1448.35 1497.10 1.74 8.56
Jun-02 1497.90 1682.00 1497.90 1617.40 1.35 8.26
Jul-02 1617.40 1690.35 1429.05 1455.85 1.47 7.44
Aug-02 1455.75 1517.35 1433.05 1452.60 1.03 7.42
Sep-02 1453.45 1468.85 1255.20 1257.85 1.35 6.48
Oct-02 1256.95 1321.00 1231.95 1255.30 1.03 6.56
Nov-02 1255.60 1340.85 1243.15 1337.10 0.63 11.55
Dec-02 1337.60 1435.20 1337.20 1413.05 1.13 12.26
Jan-03 1413.25 1462.90 1353.75 1376.85 1.05 11.95
Feb-03 1377.20 1415.65 1333.75 1387.10 1.21 12.05
Mar-03 1401.00 1409.30 1255.35 1259.55 1.15 11.68
2002-03 1568.40 1690.35 1231.95 1259.55 1.23 11.68
Apr-03 1260.75 1370.80 1259.75 1339.75 1.16 16.37
May-03 1342.75 1693.15 1340.25 1664.15 1.21 20.36
Jun-03 1605.50 1804.60 1598.60 1783.70 1.46 8.39
Jul-03 1787.25 2056.85 1778.20 2012.30 1.48 9.48
Aug-03 2014.95 2287.60 1959.50 2275.25 1.66 10.46
Sep-03 2279.30 2459.35 2188.45 2456.95 1.65 11.34
Oct-03 2460.85 2679.80 2448.00 2656.15 1.65 12.26
Nov-03 2671.60 2807.05 2603.95 2801.20 1.13 12.93
Contd...
91
Table 4-14 : CNX NIFTY Junior Index*
Month & Year Open High Low Close Volatil-ity (%)
Price To Earning Ratio#
Dec-03 2823.50 3451.40 2816.80 3405.70 1.02 15.73
Jan-04 3421.40 3702.60 3234.00 3367.65 2.55 15.56
Feb-04 3371.60 3632.10 3193.80 3330.60 1.78 15.35
Mar-04 3340.00 3488.95 3064.10 3392.05 1.55 11.93
2003-04 1260.75 3702.60 1259.75 3392.05 1.57 11.93
Apr-04 3398.00 3875.55 3398.00 3639.80 1.56 12.9
May-04 3643.80 3756.65 2493.70 2846.90 1.39 7.84
Jun-04 2898.45 3018.40 2723.50 2903.35 1.39 7.94
Jul-04 2921.30 3162.85 2804.75 3082.10 1.18 8.13
Aug-04 3088.05 3206.15 3006.70 3199.00 0.94 8.42
Sep-04 3204.55 3543.60 3204.55 3504.25 0.76 9.23
Oct-04 3512.05 3653.40 3403.70 3481.55 0.89 9.18
Nov-04 3480.40 3913.60 3466.65 3884.55 0.86 10.23
Dec-04 3896.25 4468.35 3849.05 4453.30 0.96 14.19
Jan-05 4483.65 4549.85 3999.75 4247.80 1.92 12.93
Feb-05 4249.70 4427.45 4213.95 4388.20 0.85 14.17
Mar-05 4381.00 4705.25 4113.40 4275.15 1.36 13.82
2004-05 3398.00 4705.25 2493.70 4275.15 1.83 13.82
Apr-05 4275.35 4413.40 4016.85 4024.40 1.17 13.21
May-05 4039.85 4369.05 3998.80 4364.55 0.84 14.42
Jun-05 4374.50 4573.05 4351.25 4393.25 0.877 13.89
Jul-05 4398.35 4991.50 4396.15 4919.10 1.01 15.3
Aug-05 4904.45 5173.05 4786.45 5053.00 1.15 15.86
Sep-05 5068.90 5419.90 4955.75 5303.50 1.56 16.65
Oct-05 5338.00 5443.40 4609.15 4714.45 1.37 14.63
Nov-05 4787.50 5383.20 4690.90 5242.00 0.88 16.18
Dec-05 5269.40 5591.45 5222.90 5541.45 1.22 17.11
Jan-06 5555.90 5980.50 5543.45 5882.90 1.18 17.66
Feb-06 5902.10 6132.40 5758.80 5966.65 1.03 18.06
Mar-06 6279.00 6437.40 5938.55 6412.10 0.95 20.25
2005-06 4275.35 6437.40 3998.80 6412.10 0.95 20.25
Apr-06 6415 6882.55 6199.70 6856 1.59 20.12
May-06 6923 7250.30 5116.05 5827.4 3.26 17.08
Jun-06 5901.8 5953.05 4463.75 5264.3 4.15 14.52
Jul-06 5327.15 5391.70 4735.60 5335.1 1.78 14.62
Aug-06 5330.00 6044.55 5244.15 5940.5 1.01 16.46
Sep-06 5964.55 6551.35 5924.20 6510.4 1.31 20.37
Oct-06 6531.15 6868.40 6439.90 6823.15 0.88 20.06
Nov-06 6846.10 7151.80 6734.60 6967.25 0.87 21.34
Contd...
Contd...
92
Table 4-14 : CNX NIFTY Junior Index*
Month & Year Open High Low Close Volatil-ity (%)
Price To Earning Ratio#
Dec-06 7028.85 7240.15 6420.65 7106.35 1.91 21.78
Jan-07 7131.25 7459.45 6914.25 7268.05 1.06 19.64
Feb-07 7319.50 7566.65 6537.80 6722.1 1.68 18.08
Mar-07 6719.55 7015.40 6233.80 6878.05 1.93 18.48
2006-07 6415.25 7566.65 4463.75 6878.05 2.05 18.48
Apr-07 6675.85 7554.55 6559.55 7527.30 1.53 17.23
May-07 7610.45 8153.05 7429.15 8022.55 0.95 17.30
Jun-07 8047.10 8708.35 7799.70 8699.05 1.10 20.19
Jul-07 8720.50 9247.00 8564.30 8849.60 1.13 18.71
Aug-07 8829.65 8966.25 7700.20 8632.75 2.30 18.51
Sep-07 8658.20 9838.30 8658.20 9820.90 1.11 21.06
Oct-07 9831.65 10726.65 8908.55 10643.30 2.85 21.43
Nov-07 10757.05 11740.95 10020.35 11431.65 2.05 23.09
Dec-07 11471.60 12533.95 11455.05 12488.25 1.70 26.48
Jan-08 12488.65 13209.35 8336.55 10130.00 4.40 19.89
Feb-08 10269.75 10684.40 9025.60 9636.10 2.42 19.56
Mar-08 9526.40 9526.40 7235.25 7975.75 4.16 16.69
2007-08 6675.85 13209.35 6559.55 7975.75 2.41 16.69
* CNX Nifty Junior commenced from November 4, 1996.# At the end of periodNote : Volatility is the standard deviation of daily returns for the respective month/year
Chart 4-2 : Movement of Sectoral Indices: 2007-08
Contd...
93
Table 4-15 : Performance of NSE Indices during the year 2007-08
Indices Record high Closing index values
(31-03-08)
Average Daily
Volatility
Y-o-Y ReturnsValue Date
S&P CNX Nifty 6357.10 8-Jan-08 4734.50 2.00 23.89CNX Junior 13209.35 4-Jan-08 7975.75 2.40 15.96CNX 100 6277.05 8-Jan-08 4537.85 2.02 22.59S&P CNX 500 5563.50 8-Jan-08 3825.85 2.02 21.64CNX Midcap 9781.70 8-Jan-08 6240.65 2.08 28.67Nifty Midcap 50 4047.55 9-Jan-08 2371.70 2.55 22.95CNX FMCG 6778.92 7-Jan-08 5817.72 1.72 23.13CNX IT 5513.40 4-May-07 3704.95 1.99 -28.49Finance 9584.19 9-Jan-08 4715.80 3.27 60.06Petrochemicals 8616.05 7-Jan-08 4664.27 2.47 45.30Pharmaceuticals 5316.13 2-Jan-08 4549.10 1.46 4.71
Table 4-16 : Details of Mutual Funds and Exchange Traded Funds Listed on NSE
A: List of Mutual Funds (MF’s) and Exchange Traded Funds (ETF’s)MUTUAL FUNDS
Sr. No.
Symbol Company Name Date of Listing
1 MORGANSTAN Morgan Stanley 27-May-20042 BSCFAUG08A Benchmark Mutual Fund 21-Sep-20053 BSCFAUG08B Benchmark Mutual Fund 21-Sep-20054 FTCSF3YDIV Franklin Templeton Mutual Fund-Capital Safety Fund-3Y
(Divdend Option)28-May-2007
5 FTCSF3YGRO Franklin Templeton Mutual Fund-Capital Saftey Fund 3Y (Growth Option)
28-May-2007
6 FTCSF5YDIV Franklin Templeton Mutual Fund-Capital Safety Fund-5Y Dividend Option
28-May-2007
7 FTCSF5YGRO Franklin Templeton Mutual Fund-Capital Safety Fund-5Y (Growth Option)
28-May-2007
8 FTCPOF3YDV Franklin Templeton Capital Protection Oriented Fund 25-Jun-20079 FTCPOF3YGR Franklin Templeton Capital Protection Oriented Fund 25-Jun-200710 FTCPOF5YDV Franklin Templeton Capital Protection Oriented Fund 25-Jun-200711 FTCPOF5YGR Franklin Templeton Capital Protection Oriented Fund 25-Jun-2007
EXCHANGE TRADED FUNDS1 NIFTYBEES Benchmark Mutual Fund 8-Jan-20022 JUNIORBEES Benchmark Mutual Fund-Nifty Junior Benchmark ETF 6-Mar-20033 UTISUNDER UTI Mutual Fund 16-Jul-20034 LIQUIDBEES Benchmark Asset Management Company Private Limited 16-Jul-20035 BANKBEES Benchmark Asset Management Company Pvt. Ltd. 4-Jun-20046 GOLDBEES Benchmark Mutual Fund - Gold Benchmark Exchange
Traded Scheme19-Mar-2007
7 GOLDSHARE UTI Mutual Fund - UTI Gold Exchange Traded Fund 17-Apr-20078 KOTAKGOLD Kotak Mutual Fund - Gold Exchange Traded Fund 8-Aug-20079 PSUBNKBEES Benchmark Mutual Fund - PSU Bank Benchmark Exchange
Traded Scheme1-Nov-2007
10 KOTAKPSUBK Kotak Mahindra Mutual Fund 16-Nov-200711 RELGOLD Reliance Mutual Fund - Gold Exchange Traded Fund 26-Nov-200712 QGOLDHALF Quantum Gold Fund -Exchange Traded Fund (ETF) 28-Feb-2008
94
Table 4-16 : Details of Mutual Funds and Exchange Traded Funds Listed on NSE
B: No of Trades and Trading Value
Month & Year
Mutual Funds (MF’s) Exchange traded funds (ETF’s)
No. of Trades
Trading Value No. of Trades
Trading Value
(Rs. cr.) (US $ mn.) (Rs. cr.) (US $ mn.)
Apr-07 4,676 16.51 4.13 31,467 129.28 32.34
May-07 5,476 15.39 3.85 27,911 94.37 23.61
Jun-07 5,507 24.33 6.09 19,449 106.16 26.56
Jul-07 7,544 24.67 6.17 16,105 123.30 30.85
Aug-07 6,241 17.22 4.31 15,400 174.79 43.73
Sep-07 7,043 24.53 6.14 15,818 123.99 31.02
Oct-07 10,241 37.15 9.29 20,505 260.64 65.21
Nov-07 7,169 20.94 5.24 26,693 162.94 40.76
Dec-07 6,640 29.51 7.38 15,971 134.05 33.54
Jan-08 26,382 36.71 9.18 28,646 190.24 47.59
Feb-08 12,522 18.56 4.64 24,398 153.39 38.38
Mar-08 7,731 23.31 5.83 51,728 259.42 64.90
2007-08 107,172 288.84 72.26 294,091 1,912.55 478.50
Table 4-17 : Settlement Cycle and Process in CM Segment
Settlement Cycle
Activity T+2 Rolling Settlement (From April 1, 2003)
Trading T
Custodial Confi rmation T+1
Determination of Obligation T+1
Securities/Funds Pay-in T+2
Securities/Funds Pay-out T+2
Valuation Debit T+2
Auction T+3
Bad Delivery Reporting T+4
Auction Pay-in/Pay-out T+5
Close Out T+5
Rectifi ed Bad Delivery Pay-in/Pay-out T+6
Re-bad Delivery Reporting T+8
Close Out of Re-bad Delivery T+9
T+1 means one working day after the trade day. Other T+ terms have similar meanings.
95
Tab
le 4
-17
: Set
tlem
ent C
ycle
and
Pro
cess
in C
M S
egm
ent
Sett
lem
ent
Pro
cess
TT
radi
ngN
SE
→N
SCC
LT
rade
det
ails
from
Exc
hang
e to
NSC
CL
(rea
l-tim
e an
d en
d of
day
trad
e fi l
e).
T+
1C
usto
dial
Con
fi rm
atio
nN
SCC
L
↔C
UST
OD
IAN
S/C
Ms
NSC
CL
notifi
es t
he c
onsu
mm
ated
trad
e de
tails
to c
lear
ing
mem
bers
/cus
todi
ans w
ho a
ffi rm
bac
k. B
ased
on
the
affi r
mat
ion,
N
SCC
L ap
plie
s mul
tilat
eral
net
ting
and
dete
rmin
es o
blig
atio
ns.
Det
erm
inat
ion
of O
blig
atio
nN
SCC
L
→
CU
STO
DIA
NS/
CM
sD
ownl
oad
of o
blig
atio
n an
d pa
y-in
adv
ice
of fu
nds/
secu
ritie
s
CU
STO
DIA
NS/
CM
s →
CLE
AR
ING
BA
NK
Inst
ruct
ions
to c
lear
ing
bank
s to
mak
e fu
nds a
vaila
ble
by p
ay-in
tim
e
CU
STO
DIA
NS/
CM
s →
DEP
OSI
TO
RIE
SIn
stru
ctio
ns to
dep
osito
ries
to m
ake
secu
ritie
s ava
ilabl
e by
pay
-in-
time
T+
2Se
curi
ties P
ay-in
NSC
CL
↔D
EPO
SIT
OR
IES
Pay-
in o
f sec
uriti
es (N
SCC
L ad
vise
s dep
osito
ry to
deb
it po
ol
acco
unt o
f cus
todi
ans/
CM
s and
cre
dit i
ts a
ccou
nt a
nd d
epos
itory
do
es it
)
Fund
sPay
-inN
SCC
L
↔
CLE
AR
ING
BA
NK
Pay-
in o
f fun
ds(N
SCC
L ad
vise
s Cle
arin
g Ba
nks t
o de
bit a
ccou
nt o
f cu
stod
ians
/CM
s and
cre
dit i
ts a
ccou
nt a
nd c
lear
ing
bank
doe
s it)
Secu
ritie
s Pay
-out
NSC
CL
↔D
EPO
SIT
OR
IES
Pay-
out o
f sec
uriti
es (N
SCC
L ad
vise
s dep
osito
ry t
o cr
edit
pool
ac
coun
t of c
usto
dian
s/C
Ms a
nd d
ebit
its a
ccou
nt a
nd d
epos
itory
do
es it
)
Fund
sPay
-out
NSC
CL
↔C
LEA
RIN
G B
AN
KPa
y-ou
t of f
unds
(NSC
CL
advi
ses C
lear
ing
Bank
s to
cre
dit a
ccou
nt
of c
usto
dian
s/C
Ms a
nd d
ebit
its a
ccou
nt a
nd c
lear
ing
bank
doe
s it)
DEP
OSI
TO
RIE
S →
CU
STO
DIA
NS/
CM
sD
epos
itory
info
rms c
usto
dian
s/C
Ms t
hrou
gh D
Ps
CLE
AR
ING
BA
NK
→
CU
STO
DIA
NS/
CM
sC
lear
ing
Bank
s inf
orm
cus
todi
ans/
CM
s
96
Tab
le 4
-18
: Set
tlem
ent S
tatis
tics i
n C
M S
egm
ent
Mon
th/Y
ear
No.
of
Tra
des
Tra
ded
Qua
ntit
y
Qua
ntit
y of
Sha
res
Del
ive-
rabl
e
% o
f Sh
ares
D
eliv
e-ra
ble
to
Tot
al
Shar
es
Tra
ded
Tra
ding
Vol
ume
Val
ue o
f Sh
ares
D
eliv
e-ra
ble
% o
f D
eliv
e-ra
ble
to
Val
ue o
f Sh
ares
T
rade
d
Secu
riti
es
Pay
-in
Shor
t D
eliv
ery
(Auc
tion
ed
quan
tity
)
% o
f Sh
ort
Del
iver
y to
Tot
al
Del
ive-
rabl
e
Unr
ec-
tifi e
d B
ad
Del
iver
y (A
ucti
-on
ed
quan
tity
)
% o
f U
nrec
t-ifi
ed B
ad
Del
iver
y to
D
eliv
er-
able
Fun
ds
Pay
-in
(lakh
)(la
kh)
(lakh
)(R
s. c
r.)
(US
$ m
n.)
(Rs.
cr.
)(R
s. c
r.)
(lakh
)(la
kh)
(Rs.
cr.
)N
ov 9
4-M
ar 9
5 0.
313
369
51.7
417
,280
–8,
980
51.9
861
10.
60.
850.
180.
263,
004
1995
-96
63,
901
726
18.6
265
7,42
0–
117,
750
17.9
15,
805
182.
463.
220.
4432
,583
1996
-97
2613
,432
1,64
512
.25
2,92
3,14
0–
326,
400
11.1
713
,790
382.
326.
630.
4072
,121
1997
-98
3813
,522
2,20
516
.31
3,70
0,10
0 –
597,
748
16.1
521
,713
331.
517.
290.
3310
8,27
219
98-9
955
16,5
312,
799
16.9
34,
135,
730
974,
709
662,
038
16.0
130
,755
311.
096.
970.
2512
1,75
419
99-0
095
823
8,60
548
,713
20.4
280
3,05
018
4,09
982
,607
10.2
979
,783
635
1.30
110.
130.
2327
,992
2000
-01
1,61
430
4,19
650
,203
16.5
01,
263,
898
270,
990
106,
277
8.41
94,9
6233
90.
6811
.58
0.02
345
,937
Apr
-01
8716
,323
5,64
334
.57
28,2
265,
784
6,08
321
.55
5,21
416
0.28
0.04
30.
0008
1,91
5M
ay-0
115
527
,764
6,42
823
.15
51,8
3510
,622
7,37
114
.22
3,75
215
0.24
0.01
90.
0003
1,97
6Ju
n-01
127
22,7
975,
134
22.5
243
,136
8,83
95,
960
13.8
24,
058
140.
270.
010
0.00
021,
626
Jul-0
197
13,1
492,
971
22.5
929
,092
5,96
13,
721
12.7
94,
020
210.
700.
002
0.00
011,
830
Aug
-01
111
15,5
123,
018
19.4
628
,572
5,85
53,
962
13.8
73,
531
311.
030.
003
0.00
011,
847
Sep-
0112
416
,554
3,13
618
.94
33,7
186,
909
3,93
311
.66
3,80
716
0.51
0.00
00.
002,
068
Oct
-01
145
19,7
753,
485
17.6
235
,225
7,21
84,
247
12.0
64,
136
401.
150.
000
0.00
1,95
4N
ov-0
114
222
,647
4,86
521
.48
37,4
717,
678
5,67
915
.16
5,46
846
0.95
0.00
00.
002,
311
Dec
-01
168
29,2
215,
929
20.2
953
,098
10,8
817,
184
13.5
36,
924
480.
810.
000
0.00
3,03
5Ja
n-02
225
38,3
255,
729
14.9
571
,329
14,6
177,
940
11.1
37,
849
390.
680.
000
0.00
3,44
0Fe
b-02
170
26,8
666,
600
24.5
748
,823
10,0
057,
982
16.3
57,
935
390.
590.
000
0.00
3,01
6M
ar-0
216
925
,762
6,36
024
.69
47,5
969,
753
7,70
316
.18
7,65
840
0.62
0.00
00.
003,
030
2001
-200
21,
720
274,
695
59,2
9921
.59
508,
121
104,
123
71,7
6614
.12
64,3
5336
40.
610.
080.
0001
28,0
48
Con
td...
97
Tab
le 4
-18
: Set
tlem
ent S
tatis
tics i
n C
M S
egm
ent
Mon
th/Y
ear
No.
of
Tra
des
Tra
ded
Qua
ntit
y
Qua
ntit
y of
Sha
res
Del
ive-
rabl
e
% o
f Sh
ares
D
eliv
e-ra
ble
to
Tot
al
Shar
es
Tra
ded
Tra
ding
Vol
ume
Val
ue o
f Sh
ares
D
eliv
e-ra
ble
% o
f D
eliv
e-ra
ble
to
Val
ue o
f Sh
ares
T
rade
d
Secu
riti
es
Pay
-in
Shor
t D
eliv
ery
(Auc
tion
ed
quan
tity
)
% o
f Sh
ort
Del
iver
y to
Tot
al
Del
ive-
rabl
e
Unr
ec-
tifi e
d B
ad
Del
iver
y (A
ucti
-on
ed
quan
tity
)
% o
f U
nrec
t-ifi
ed B
ad
Del
iver
y to
D
eliv
er-
able
Fun
ds
Pay
-in
(lakh
)(la
kh)
(lakh
)(R
s. c
r.)
(US
$ m
n.)
(Rs.
cr.
)(R
s. c
r.)
(lakh
)(la
kh)
(Rs.
cr.
)A
pr-0
220
430
,113
7,51
324
.95
56,1
3011
,817
8,93
315
.91
8,85
661
0.81
0.00
0.00
3,21
6M
ay-0
221
133
,785
8,31
724
.62
53,4
1411
,245
8,73
216
.35
8,67
655
0.66
0.00
0.00
3,16
2Ju
n-02
195
39,1
3710
,232
26.1
446
,334
9,75
58,
000
17.2
77,
955
640.
620.
000.
002,
728
Jul-0
220
636
,835
10,3
4828
.09
50,2
6210
,582
8,40
716
.73
8,35
869
0.67
0.00
0.00
2,94
2A
ug-0
219
326
,822
5,08
518
.96
45,4
439,
567
5,31
211
.69
5,27
530
0.59
0.00
0.00
2,15
2Se
p-02
183
25,2
544,
433
17.5
546
,894
9,87
25,
271
11.2
45,
235
250.
560.
000.
002,
336
Oct
-02
201
26,5
914,
601
17.3
051
,382
10,8
175,
734
11.1
65,
704
210.
460.
000.
002,
599
Nov
-02
174
23,0
704,
433
19.2
250
,171
10,5
626,
452
12.8
66,
411
230.
520.
000.
002,
635
Dec
-02
223
33,7
657,
573
22.4
363
,872
13,4
478,
859
13.8
78,
823
350.
460.
000.
003,
391
Jan-
0323
135
,017
8,15
223
.28
62,8
1513
,224
9,16
914
.60
9,12
838
0.47
0.00
0.00
3,35
5Fe
b-03
193
28,5
906,
033
21.1
048
,717
10,2
566,
737
13.8
36,
709
230.
380.
000.
002,
644
Mar
-03
182
26,4
245,
633
21.3
246
,134
9,71
26,
350
13.7
66,
317
250.
440.
000.
002,
932
2002
-03
2,39
736
5,40
382
,353
22.5
462
1,56
913
0,85
787
,956
14.1
587
,447
469
0.57
0.00
0.00
34,0
92A
pr-0
321
432
,488
7,83
024
.10
51,1
5911
,790
8,32
816
.28
8,27
587
1.11
0.00
0.00
3,78
3M
ay-0
324
040
,500
10,8
8726
.88
51,7
2011
,920
9,90
719
.15
9,85
664
0.59
0.00
0.00
3,58
4Ju
n-03
253
50,0
5414
,030
28.0
357
,524
13,2
5712
,539
21.8
012
,481
780.
550.
000.
004,
292
Jul-0
333
266
,940
18,5
0927
.65
81,4
2218
,765
17,5
8121
.59
17,4
8911
50.
620.
000.
005,
915
Aug
-03
317
81,3
0120
,579
25.3
182
,734
19,0
6817
,798
21.5
117
,693
146
0.71
0.00
0.00
5,46
5Se
p-03
338
72,9
1616
,810
23.0
510
1,22
923
,330
20,6
2520
.37
20,5
3890
0.53
0.00
0.00
7,41
2O
ct-0
336
772
,440
16,1
5722
.30
116,
749
26,9
0722
,957
19.6
622
,860
790.
490.
000.
008,
992
Con
td...
Con
td...
98
Tab
le 4
-18
: Set
tlem
ent S
tatis
tics i
n C
M S
egm
ent
Mon
th/Y
ear
No.
of
Tra
des
Tra
ded
Qua
ntit
y
Qua
ntit
y of
Sha
res
Del
ive-
rabl
e
% o
f Sh
ares
D
eliv
e-ra
ble
to
Tot
al
Shar
es
Tra
ded
Tra
ding
Vol
ume
Val
ue o
f Sh
ares
D
eliv
e-ra
ble
% o
f D
eliv
e-ra
ble
to
Val
ue o
f Sh
ares
T
rade
d
Secu
riti
es
Pay
-in
Shor
t D
eliv
ery
(Auc
tion
ed
quan
tity
)
% o
f Sh
ort
Del
iver
y to
Tot
al
Del
ive-
rabl
e
Unr
ec-
tifi e
d B
ad
Del
iver
y (A
ucti
-on
ed
quan
tity
)
% o
f U
nrec
t-ifi
ed B
ad
Del
iver
y to
D
eliv
er-
able
Fun
ds
Pay
-in
(lakh
)(la
kh)
(lakh
)(R
s. c
r.)
(US
$ m
n.)
(Rs.
cr.
)(R
s. c
r.)
(lakh
)(la
kh)
(Rs.
cr.
)N
ov-0
330
556
,150
13,4
2023
.90
94,3
7621
,751
19,0
5720
.19
18,9
8170
0.48
0.00
0.00
7,15
7D
ec-0
337
068
,161
18,9
7727
.84
107,
898
24,8
6725
,825
23.9
325
,687
109
0.53
0.00
0.00
9,17
1Ja
n-04
396
73,5
1018
,610
25.3
213
2,75
130
,595
28,3
4521
.35
28,2
2010
00.
530.
000.
009,
677
Feb-
0431
147
,223
9,81
120
.78
110,
070
25,3
6819
,681
17.8
819
,628
320.
330.
000.
008,
438
Mar
-04
307
4285
09,
930
23.1
710
3,33
123
,814
18,7
2118
.12
18,6
3444
0.33
0.00
0.00
7703
.620
03-0
43,
750
704,
533
175,
550
24.9
21,
090,
963
251,
432
221,
364
20.2
922
0,34
11,
014
0.58
0.00
0.00
81,5
88A
pr-0
433
054
,207
12,9
3423
.86
103,
154
23,5
7821
,719
21.0
521
,617
640.
500.
000.
007,
870
May
-04
351
54,7
7913
,855
25.2
910
0,20
322
,904
22,7
2722
.68
22,6
6848
0.35
0.00
0.00
8,96
0Ju
n-04
320
39,2
848,
578
21.8
481
,020
18,5
1913
,999
17.2
813
,948
290.
330.
000.
005,
862
Jul-0
439
263
,779
14,0
3822
.01
97,3
0922
,242
18,1
6418
.67
18,0
9951
0.37
0.00
0.00
6,52
3A
ug-0
436
158
,304
13,9
4823
.92
89,5
9620
,479
18,6
0520
.77
18,5
5455
0.40
0.00
0.00
6,46
3Se
p-04
345
57,3
3715
,588
27.1
981
,913
18,7
2319
,656
24.0
019
,585
710.
460.
000.
006,
171
Oct
-04
318
51,3
9915
,178
29.5
379
,878
18,2
5821
,660
27.1
221
,588
700.
460.
000.
007,
304
Nov
-04
319
59,1
2418
,965
32.0
879
,921
18,2
6824
,359
30.4
824
,269
930.
490.
000.
008,
401
Dec
-04
466
95,2
3927
,464
28.8
411
5,86
726
,484
33,1
2128
.59
32,9
9413
50.
490.
000.
0011
,386
Jan-
0541
182
,113
19,4
9723
.74
97,7
5522
,344
25,0
3125
.61
24,9
4586
0.44
0.00
0.00
8,08
3Fe
b-05
424
88,1
4722
,208
25.1
910
0,26
722
,918
28,1
5828
.08
28,0
6289
0.40
0.00
0.00
9,80
1M
ar-0
546
684
284
2002
323
.76
114
,085
26
,077
29,
903
26.2
129
,792
790.
400.
000.
00 1
0,41
7 20
04-0
54,
503
787,
996
202,
277
25.6
71,
140,
969
260,
793
277,
101
24.2
927
6,12
087
10.
430.
000.
0097
,241
Apr
-05
365
51,
949
13,
147
25.3
1 8
3,03
8 18
,614
21,
624
26.0
421
,538
640.
480.
000.
00 7
,691
Con
td...
Con
td...
99
Tab
le 4
-18
: Set
tlem
ent S
tatis
tics i
n C
M S
egm
ent
Mon
th/Y
ear
No.
of
Tra
des
Tra
ded
Qua
ntit
y
Qua
ntit
y of
Sha
res
Del
ive-
rabl
e
% o
f Sh
ares
D
eliv
e-ra
ble
to
Tot
al
Shar
es
Tra
ded
Tra
ding
Vol
ume
Val
ue o
f Sh
ares
D
eliv
e-ra
ble
% o
f D
eliv
e-ra
ble
to
Val
ue o
f Sh
ares
T
rade
d
Secu
riti
es
Pay
-in
Shor
t D
eliv
ery
(Auc
tion
ed
quan
tity
)
% o
f Sh
ort
Del
iver
y to
Tot
al
Del
ive-
rabl
e
Unr
ec-
tifi e
d B
ad
Del
iver
y (A
ucti
-on
ed
quan
tity
)
% o
f U
nrec
t-ifi
ed B
ad
Del
iver
y to
D
eliv
er-
able
Fun
ds
Pay
-in
(lakh
)(la
kh)
(lakh
)(R
s. c
r.)
(US
$ m
n.)
(Rs.
cr.
)(R
s. c
r.)
(lakh
)(la
kh)
(Rs.
cr.
)M
ay-0
541
4 5
6,27
8 1
5,27
4 27
.14
88,
444
19,8
26 2
4,56
0 27
.77
24,4
4975
0.49
0.00
0.00
7,9
20
Jun-
0546
4 6
6,79
2 1
8,29
0 27
.38
106
,133
23
,791
30,
065
28.3
329
,964
760.
420.
000.
00 1
0,58
6 Ju
l-05
474
77,
979
21,
012
26.9
5 1
14,7
29
25,7
18 3
1,30
8 27
.29
31,1
9891
0.43
0.00
0.00
10,
174
Aug
-05
579
100
,127
2
8,30
5 28
.27
152
,560
34
,199
42,
894
28.1
242
,745
121
0.43
0.00
0.00
13,
404
Sep-
0553
7 8
5,35
4 2
2,99
5 26
.94
132
,088
29
,609
35,
618
26.9
735
,463
112
0.49
0.00
0.00
10,
373
Oct
-05
503
64,
735
18,
216
28.1
4 1
35,3
76
30,3
47 3
3,85
7 25
.01
33,7
4172
0.40
0.00
0.00
13,
171
Nov
-05
425
52,
006
14,
164
27.2
4 1
04,7
48
23,4
81 2
7,65
3 26
.40
27,5
7446
0.32
0.00
0.00
9,1
55
Dec
-05
551
62,
112
17,
235
27.7
5 1
42,8
14
32,0
14 3
6,29
5 25
.41
36,1
9451
0.29
0.00
0.00
11,
482
Jan-
0655
0 6
6,01
0 1
8,60
7 28
.19
148
,258
33
,234
40,
098
27.0
539
,964
670.
360.
000.
00 1
3,63
3 Fe
b-06
515
60,
323
17,
701
29.3
4 1
33,7
53
29,9
83 3
7,35
2 27
.93
37,2
4655
0.31
0.00
0.00
10,
581
Mar
-06
624
74,
773
22,
293
29.8
1 1
74,8
99
39,2
06 4
8,02
9 27
.46
47,8
9964
0.29
0.00
0.00
13,
256
2005
-06
6,00
081
8,43
822
7,24
027
.77
1,51
6,83
934
0,02
240
9,35
326
.99
407,
976
894
0.39
0.00
0.00
131,
426
Apr
-06
570
72,8
68 2
1,02
4 28
.85
174
,555
40
,045
48,
907
28.0
248
,761
910.
440.
000.
00 1
3,73
0 M
ay-0
671
799
,758
30,
580
30.6
5 2
16,3
97
49,6
44 6
6,75
0 30
.85
66,5
0212
10.
400.
000.
00 2
6,47
0 Ju
n-06
667
66,3
30 1
7,78
0 26
.81
149
,842
34
,375
36,
217
24.1
736
,126
530.
300.
000.
00 1
3,39
8 Ju
l-06
537
46,6
42 1
3,09
7 28
.08
121
,978
27
,983
30,
347
24.8
830
,272
350.
270.
000.
00 1
1,48
9 A
ug-0
662
754
,989
14,
843
26.9
9 1
27,8
07
29,3
20 3
2,57
3 25
.49
32,4
7756
0.38
0.00
0.00
9,6
36
Sep-
0663
861
,974
17,
387
28.0
6 1
40,3
00
32,1
86 3
9,35
4 28
.05
39,2
6758
0.33
0.00
0.00
12,
206
Oct
-06
577
60,6
76 1
7,91
8 29
.53
136
,036
31
,208
40,
449
29.7
340
,344
570.
320.
000.
00 1
1,11
8 N
ov-0
674
472
,408
21,
215
29.3
0 1
83,4
96
42,0
96 5
2,04
9 28
.37
51,9
2462
0.29
0.00
0.00
15,
535
Con
td...
Con
td...
100
Tab
le 4
-18
: Set
tlem
ent S
tatis
tics i
n C
M S
egm
ent
Mon
th/Y
ear
No.
of
Tra
des
Tra
ded
Qua
ntit
y
Qua
ntit
y of
Sha
res
Del
ive-
rabl
e
% o
f Sh
ares
D
eliv
e-ra
ble
to
Tot
al
Shar
es
Tra
ded
Tra
ding
Vol
ume
Val
ue o
f Sh
ares
D
eliv
e-ra
ble
% o
f D
eliv
e-ra
ble
to
Val
ue o
f Sh
ares
T
rade
d
Secu
riti
es
Pay
-in
Shor
t D
eliv
ery
(Auc
tion
ed
quan
tity
)
% o
f Sh
ort
Del
iver
y to
Tot
al
Del
ive-
rabl
e
Unr
ec-
tifi e
d B
ad
Del
iver
y (A
ucti
-on
ed
quan
tity
)
% o
f U
nrec
t-ifi
ed B
ad
Del
iver
y to
D
eliv
er-
able
Fun
ds
Pay
-in
(lakh
)(la
kh)
(lakh
)(R
s. c
r.)
(US
$ m
n.)
(Rs.
cr.
)(R
s. c
r.)
(lakh
)(la
kh)
(Rs.
cr.
)D
ec-0
666
758
,890
17,
927
30.4
4 1
72,1
27
39,4
88 4
8,10
2 27
.95
48,0
0950
0.28
0.00
0.00
14,
340
Jan-
0769
885
,757
23,
554
27.4
7 1
72,2
10
39,5
07 5
1,85
5 30
.11
51,
719
850.
360.
000.
00 1
4,25
0 Fe
b-07
683
87,5
84 2
2,83
8 26
.08
176
,834
40
,568
51,
327
29.0
3 5
1,21
6 59
0.26
0.00
0.00
14,
023
Mar
-07
731
82,6
38 2
0,91
0 25
.30
168
,512
38
,658
46,
505
27.6
0 4
6,43
1 41
0.20
0.00
0.00
16,
992
2006
-07
7,8
57
850
,515
2
39,0
74
28.1
1 1
,940
,094
44
5,07
8 5
44,4
34
28.0
6 5
43,0
48
769
0.
320.
000.
0017
3,18
8 A
pr-0
7 6
74
76,
643
20,
619
26.9
0 1
68,1
81
42,
077
48,
349
28.
75
48,
228
520.
250.
000.
00 1
4,52
8 M
ay-0
7 7
86
95,
458
24,
635
25.8
1 1
99,1
70
49,
830
55,
670
27.
95
55,
530
640.
260.
000.
00 1
5,43
1 Ju
n-07
752
7
7,90
9 2
1,66
3 27
.81
192
,100
4
8,06
1 5
2,82
5 2
7.50
5
2,70
2 57
0.27
0.00
0.00
15,
074
Jul-0
7 8
90
106
,882
3
0,28
3 28
.33
264
,949
6
6,28
7 7
5,34
9 2
8.44
7
5,14
7 97
0.32
0.00
0.00
20,
938
Aug
-07
871
1
01,3
84
25,
753
25.4
0 2
26,2
39
56,
602
63,
766
28.
19
63,
651
620.
240.
000.
00 2
4,26
4 Se
p-07
894
1
35,8
65
34,
119
25.1
1 2
52,8
95
63,
271
73,
052
28.
89
72,
837
930.
270.
000.
00 2
1,49
6 O
ct-0
7 1
,207
1
72,4
79
41,
641
24.1
4 4
44,4
07
111
,185
1
21,8
22
27.
41
121
,561
10
80.
260.
000.
00 4
1,41
7 N
ov-0
7 1
,193
1
69,6
22
37,
921
22.3
6 4
15,1
29
103
,860
1
07,4
94
25.
89
107
,268
10
80.
280.
000.
00 3
1,60
7 D
ec-0
7 1
,077
1
63,0
37
40,
474
24.8
3 3
74,5
15
93,
699
110
,578
2
9.53
1
10,2
77
133
0.33
0.00
0.00
31,
670
Jan-
08 1
,262
1
67,8
60
41,
581
24.7
7 4
49,2
61
112
,400
1
26,8
08
28.
23
126
,552
12
20.
290.
000.
00 4
5,52
4 Fe
b-08
1,0
57
111
,923
2
4,36
3 21
.77
281
,395
7
0,40
2 7
2,12
3 2
5.63
7
2,01
4 51
0.21
0.00
0.00
25,
790
Mar
-08
982
1
02,1
66
24,
918
24.3
9 2
51,6
76
62,
966
64,
967
25.
81
64,
852
490.
200.
000.
00 2
1,80
4 20
07-0
8 1
1,64
5 1,
481,
229
367
,971
24
.84
3,5
19,9
19
880
,640
9
72,8
03
27.
64
970
,618
9
97
0.27
0.00
0.00
309,
543
Con
td...
Wholesale Debt Market Segment 5
102
103
5Wholesale Debt Market Segment
The Exchange started its trading operations in June 1994 by enabling the Wholesale Debt Market (WDM) segment of the Exchange. This segment provides a trading platform for a wide range of fi xed income securities that includes Central government securities, treasury bills (T-bills), state development loans (SDLs), bonds issued by public sector undertakings (PSUs), fl oating rate bonds (FRBs), zero coupon bonds (ZCBs), index bonds, commercial papers (CPs), certifi cates of deposit (CDs), corporate debentures, SLR and non-SLR bonds issued by fi nancial institutions (FIs), bonds issued by foreign institutions and units of mutual funds (MFs).
To further encourage wider participation of all classes of investors, including the retail investors, the Retail Debt Market segment (RDM) was launched on January 16, 2003. This segment provides for a nation wide, anonymous, order driven, screen based trading system in government securities. The settlement cycle is same as in the case of equity market i.e., T+2 rolling settlement cycle.
Trading Mechanism
The WDM trading system, known as NEAT (National Exchange for Automated Trading), is a fully automated screen based trading system that enables members across the country to trade simultaneously with enormous ease and effi ciency. It supports an anonymous order driven market which operates on a price/time priority and provides tremendous fl exibility to users in terms of orders with various time/price/quantity related conditions that can be placed on the system. It also provides on-line market information like total order depth, best buys and sells available, quantity traded, the high, low and last traded price for securities are available at all points of time.
The WDM Trading system provides two market sub-types: continuous market and negotiated market. In the continuous market, the buyer and seller do not know each other and they put their best buy/sell orders, which are stored in order book with price/time priority. If orders match, it results into a trade. The trades in WDM segment are settled directly between the participants, who take an exposure to the settlement risk attached to any unknown counter-party. In the NEAT-WDM system, all participants can set up their counter-party exposure limits against all probable counter-parties. This enables the trading member/participant to reduce/ minimize the counter-party risk associated with the counter-party to trade. A trade does not take place if both the buy/sell participants do not invoke the counter-party exposure limit in the trading system.
In the negotiated market, the trades are normally decided by the seller and the buyer outside the exchange, and reported to the Exchange through a trading member for approval. Thus, deals negotiated or structured outside the exchange are disclosed to the market through NEAT-WDM system. In negotiated market, as buyers and sellers know each other and have agreed to trade, no counter-party exposure limit needs to be invoked.
104
The trades on the WDM segment could be either outright trades or repo transactions with settlement cycle of T+2 and repo periods (1 to 14 days). For every trade, it is necessary to specify the number of settlement days and the trade type (repo or non-repo), and in the event of a repo trade, the repo term and repo rate.
Market Performance
Turnover
The trading volume on the WDM Segment of the Exchange witnessed a year on year increase of 28.85 % from Rs.219,106 crore (US $ 50,265 million) during 2006-07 to Rs. 282,317 crore (US $ 70,632 million) during 2007-08. The average daily trading volume also accelerated from Rs.898 crore (US $ 206 million) during 2006-07 to Rs.1,138 crore (US $ 285 million) in fi scal 2007-08. The highest recorded WDM trading volume of Rs. 13,912 crore ( US $ 3,206 million) was registered on August 25, 2003. The business growth of the WDM segment is presented in Table 5-1 and Chart 5-1.
Chart 5-1 : Business Growth of WDM Segment
The transactions in dated government securities accounted for a substantial share of 73.85 % on the WDM segment. The details of transactions in government securities and treasury bills, outright as well as repo transactions are presented in Table 5-2. There were no repo transactions recorded during 2005-06, 2006-07 and 2007-08. The WDM’s SGL Outright Transactions as a percentage to the total SGL Outright transactions was 52.05 % in 2007-08.
The security-wise and participant-wise distribution of WDM trades is presented in Table 5-3 and Chart 5-2(a&b). It is observed that the market is dominated by dated government securities
105
(including state development loan), which accounted for 68.84 % of WDM trades during 2007-08. Among the market participants, the trading members accounted for 38.15 % of the total WDM trades followed by foreign banks which held a share of 27.09 %. Share of Indian banks in WDM trades declined to 23.78 % during 2007-08 as compared with its share of 26.03 % in the corresponding period last year.
Chart 5-2 (a) : Security-wise Distribution of WDM Trades (2007-08)
Chart 5-2 (b) : Participant-wise distribution of WDM trades (2007-08)
106
The share of top ‘N’ securities/trading members/participants in turnover in WDM segment is presented in Table 5-4. The share of top ‘10’ securities increased marginally from 51.29 % in 2006-07 to 53.31 % in 2007-08. The share of top ‘50’ and top ‘100’ securities accounted for 79.64% and 89.55% respectively in the current year.
Market Capitalisation
Market capitalisation of the WDM segment has witnessed a constant increase indicating an increase in the number of securities available for trading on this segment. Total market capitalisation of the securities available for trading on WDM segment stood at Rs. 2,123,346 crore (US $ 53,123 million) as on March 31, 2008. Central Government securities accounted for the largest share of the market capitalisation with 65.57%. The details of market capitalisation of WDM securities are presented in Table 5-5.
Transaction Charges
The Exchange has waived the transaction charges for the Wholesale Debt Market segment of the Exchange for the period April 1, 2008 to March 31, 2009.
Settlement
Settlement is on a rolling basis, i.e. there is no account period settlement. Each order has a unique settlement date specifi ed upfront at the time of order entry and used as a matching parameter. It is mandatory for trades to be settled on the predefi ned settlement date. The Exchange currently allows settlement periods ranging from same day (T+0) settlement to a maximum of (T+2) for non-governmentsecurities while settlement of all outright secondary market transactions in government securities was standardized to T+1. In case of repo transactions in government securities, fi rst leg can be settled either on T+0 basis or T+1 basis.
In case of government securities, the actual settlement of funds and securities are effected directly between participants or through Reserve Bank of India (RBI). All trades in government securities are reported to RBI-SGL through the Negotiated Dealing System (NDS) of RBI, and Clearing Corporation of India Limited (CCIL) provides settlement guarantee for transactions in government securities including repos. The trades are settled on a net basis through the DvP-III system. In the DvP-III, the settlement of Securities and Funds are carried out on a net basis.
For securities other than government securities and T-bills, trades are settled on a gross basis directly between participants on delivery versus payment basis.
On the scheduled settlement date, the Exchange provides data/information to the respective member/participant regarding trades to be settled on that day with details like security, counter party and consideration.
107
The settlement details for non-government securities, i.e. certifi cate no., Cheque no., constituent etc. are reported by the member/participant to the Exchange.
The Exchange closely monitors the settlement of transactions through the reporting of settlement details by members and participants. In case of deferment of settlement or cancellation of trade, participants are required to seek prior approval from the Exchange. For any dispute arising in respect of the trades or settlement, the exchange has established arbitration mechanism for resolving the same.
Constituent SGL Facility
Subsidiary General Ledger (SGL) account is a facility provided by RBI to large banks and financial institutions to hold their investments in government securities and treasury bills in the electronic book entry form. Such institutions can settle their trades for securities held in SGL through a delivery-versus-payment (DvP) mechanism, which ensures movement of funds and securities simultaneously. As all investors in government securities do not have an access to the SGL accounting system, RBI has permitted such investors to hold their securities in physical stock certificate form. They may also open a constituent SGL account with any entity authorised by RBI for this purpose and thus avail of the DvP settlement. Such client accounts are referred to as constituent SGL accounts.
For retail participants in the market, who otherwise have to hold securities in physical form and settle their transactions on a bilateral basis, the NSCCL offers constituent SGL facility. RBI has allowed NSCCL to open SGL and current accounts for this purpose. FIMMDA-NSE MIBID/MIBOR
A reference rate is an accurate measure of the market price. In the fi xed income market, it is an interest rate that the market respects and closely matches. On these lines, NSE has been computing and disseminating the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-bank Offer Rate (MIBOR) for the overnight money market from June 15, 1998, the 14-day MIBID/MIBOR from November 10, 1998 and the 1 month and 3 month MIBID/MIBOR from December 1, 1998. Further the exchange introduced a 3-day FIMMDA – NSE MIBID / MIBOR on all Fridays with effect from June 6, 2008 in addition to existing overnight rate. In view of the robust methodology of computation of these rates and their extensive use by market participants, these have been co-branded with Fixed Income and Money Market Dealers Association (FIMMDA) from March 4, 2002. These are now known as FIMMDA-NSE MIBID/MIBOR. These are presented in Table 5-6. The Chart 5-3 presents overnight MIBID/MIBOR for 2007-08.
108
Chart 5-3 : Overnight MIBID/MIBOR Rates, 2006-07 - from 3 April 2007 to 31st March 2008
FIMMDA-NSE MIBID/MIBOR are based on rates polled by NSE from a representative panel of 33 banks/institutions/primary dealers. Currently, quotes are polled and processed daily by the Exchange at 0940 (IST) for overnight rate, at 1130 (IST) for the 14 day, 1 month and 3 month rates and 0940 (IST) for 3 Day rate as on the last working day of the week . The rates polled are then processed using the bootstrap method to arrive at an effi cient estimate of the reference rates. The overnight rates are disseminated daily and 3 Day rate are disseminated on the last working day of the week to the market at about 0955 (IST) and the 14 day, 1 month and 3 month rates at about 1145 (IST).Overnight Rates for Saturdays is calculated and disseminated at 1030Hrs. These are broadcast through NEAT-WDM trading system immediately on release and also disseminated through websites of NSE and FIMMDA and through e-mail.
The FIMMDA-NSE MIBID/MIBOR is used as a benchmark rate for majority of deals struck for interest rate swaps, forward rate agreements, fl oating rate debentures and term deposits.
Zero Coupon Yield Curve
Keeping in mind the requirements of the banking industry, fi nancial institutions, mutual funds, insurance companies, etc. that have substantial investment in sovereign papers, NSE disseminates a ‘Zero Coupon Yield Curve’ (NSE Zero Curve) to help in valuation of securities across all maturities irrespective of its liquidity in the market. This product has been developed by using Nelson-Siegel functional form to estimate the term structure of interest rate at any given point of time and been successfully tested by using daily WDM trades data. This is being disseminated daily.
109
The ZCYC depicts the relationship between spot interest rates in the economy and the associated term to maturity. It provides daily estimates of the term structure of interest rates using information on secondary market trades in government securities from the WDM segment. The term structure forms the basis for the valuation of all fi xed income instruments. Modelled as a series of cashfl ows due at different points of time in the future, the underlying price of such an instrument is calculated as the net present value of the stream of cashflows. Each cashflow, in such a formulation, is discounted using the interest rate for the associated term to maturity; the appropriate rates are read off the estimated ZCYC. Once estimated, the interest rate-maturity mapping is used to compute underlying valuations even for securities that do not trade on a given day. Changes in the economy cause shifts in the term structure, changing the underlying valuations of fi xed income instruments. The daily ZCYC captures these changes, and is used to track the value of portfolios of government securities on a day-to-day basis.
Chart 5-4 plots the spot interest rates at different maturities for the year 2007-08
Figure 5-4 : Zero Coupon Yield Curve, 2007-08
NSE-VaR System
NSE has developed a VaR system for measuring the market risk inherent in Government of India (GOI) securities. NSE-VaR system builds on the NSE database of daily yield curves (ZCYC) and provides measures of VaR using 5 alternative methods (variance-covariance (normal), historical simulation method, weighted normal, weighted historical simulation and extreme value method). Together, these 5 methods provide a range of options for market participants to choose from.
110
NSE-VaR system releases daily estimates of security-wise VaR at 1-day and multi-day horizons for securities traded on WDM segment of NSE and all outstanding GoI securities with effect from January 1, 2002. Participants can compute their portfolio risk as weighted average of security-wise VaRs, the weights being proportionate to the market value of a given security in their portfolio. 1-day VaR (99%) measure for GoI Securities traded on NSE-WDM on March 30, 2007 is presented in Table 5-7.
GOI-Bond Index
The increased activity in the government securities market in India and simultaneous emergence of mutual (gilt) funds has given rise to the need for a well defi ned Bond Index to measure returns in the bond market. The NSE-Government Securities Index prices components off the NSE Benchmark ZCYC, so that the movements refl ect returns to an investor on account of change in interest rates only, and not those arising on account of the impact of idiosyncratic factors. The index provides a benchmark for portfolio management by various investment managers and gilt funds. It also forms the basis for designing index funds and for derivative products such as options and futures. Some of the salient features of this index are:
• The base date for the index is 1st January 1997 and the base date index value is 100.
• The index is calculated on a daily basis from 1st January 1997 onwards; weekends and holidays are ignored.
• The index uses all Government of India bonds issued after April 1992. These were issued on the basis of an auction mechanism that imparted some amount of market-relatedness to their pricing. Bonds issued prior to 1992 were on the basis of administered interest rates.
• Each day, the prices for all these bonds are estimated off the NSE Benchmark-ZCYC for the day.
• The constituents are weighted by their market capitalisation.
• Computations are based on arithmetic and not geometric calculations.
• The index uses a chain-link methodology i.e. today’s values are based on the previous value times the change since the previous calculations. This gives the index the ability to add new issues and remove old issues when redeemed.
• Coupons and redemption payments are assumed to be re-invested back into the index in proportion to the constituent weights.
• Both the Total Returns Index and the Principal Returns Index are computed.
• The indices provided are: Composite, 1-3, 3-8, 8+ years, TB index, GS index
111
Con
td...
Tab
le 5
-1 :
Busi
ness
Gro
wth
of W
DM
Seg
men
t
Mon
th/Y
ear
All
Tra
des
Ret
ail T
rade
No.
of
acti
ve
secu
riti
es
Num
ber
of
Tra
des
Tra
ding
Vol
ume
Ave
rage
Dai
ly T
radi
ng
Vol
ume
Ave
rage
T
rade
Siz
e N
umbe
r of
Tra
des
Tra
ding
Vol
ume
Shar
e in
T
otal
Tra
ding
V
olum
e
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
) (R
s. c
r.)
( US
$ m
n)(%
)
1994
- 95
(Jun
e-M
arch
) 1
83
1,02
16,
781
2,15
730
106.
6416
831
9.86
0.45
1995
-96
304
2,
991
11,8
683,
455
4112
3.97
1,11
520
760
.26
1.74
1996
-97
524
7,
804
42,2
7811
,783
145
405.
421,
061
201
56.0
20.
4719
97-9
8 7
19
16,8
2111
1,26
328
,146
385
976.
611,
390
289
73.0
20.
2619
98-9
9 1
,071
16
,092
105,
469
24,8
5736
586
6.55
1,52
230
872
.54
0.29
1999
-00
1,0
57
46,9
8730
4,21
669
,742
1,03
523
76.
4793
621
849
.92
0.07
2000
-01
1,0
38
64,4
7042
8,58
291
,891
1,48
331
86.
6549
813
128
.09
0.03
Apr
-01
213
6,
606
46,2
859,
485
2,31
447
47.
0117
61.
230.
01M
ay-0
1 2
20
12,2
2083
,982
17,2
093,
359
688
6.87
528
1.64
0.01
Jun-
01 2
00
11,9
3682
,329
16,8
713,
293
675
6.90
285
1.02
0.01
Jul-0
1 2
23
12,5
7584
,629
17,3
423,
255
667
6.73
255
1.02
0.01
Aug
-01
215
11
,622
75,7
8415
,530
3,15
864
76.
5244
193.
890.
03Se
p-01
207
9,
526
63,1
9912
,951
2,52
851
86.
6328
40.
820.
01O
ct-0
1 1
96
12,6
3680
,860
16,5
703,
234
663
6.40
174
0.82
0.00
Nov
-01
216
15
,300
98,6
7420
,220
4,29
087
96.
4536
163.
280.
02D
ec-0
1 1
67
10,1
3562
,411
12,7
892,
600
533
6.16
216
1.23
0.01
Jan-
02 2
28
17,0
1111
1,73
622
,897
4,29
888
16.
5736
132.
660.
01Fe
b-02
254
16
,127
101,
313
20,7
614,
405
903
6.28
4415
3.07
0.01
Mar
-02
216
9,
157
55,9
8811
,473
2,43
449
96.
1130
91.
840.
0220
01-0
2 9
79
144,
851
947,
190
194,
096
3,27
767
26.
5437
811
022
.54
0.01
112
Tab
le 5
-1 :
Busi
ness
Gro
wth
of W
DM
Seg
men
t
Mon
th/Y
ear
All
Tra
des
Ret
ail T
rade
No.
of
acti
ve
secu
riti
es
Num
ber
of
Tra
des
Tra
ding
Vol
ume
Ave
rage
Dai
ly T
radi
ng
Vol
ume
Ave
rage
T
rade
Siz
e N
umbe
r of
Tra
des
Tra
ding
Vol
ume
Shar
e in
T
otal
Tra
ding
V
olum
e
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
) (R
s. c
r.)
( US
$ m
n)(%
)
Apr
-02
254
12
,164
77,3
3416
,281
3,22
267
86.
3632
71.
470.
01M
ay-0
2 2
06
8,66
253
,246
11,2
102,
130
448
6.15
3010
2.11
0.02
Jun-
02 2
37
8,87
554
,477
11,4
692,
179
459
6.14
227
1.47
0.01
Jul-0
2 2
30
14,9
9697
,725
20,5
743,
619
762
6.52
4616
3.37
0.02
Aug
-02
232
15
,483
100,
226
21,1
003,
855
812
6.47
5616
3.37
0.02
Sep-
02 2
51
10,4
3968
,269
14,3
722,
845
599
6.54
8121
4.42
0.03
Oct
-02
265
16
,587
106,
142
22,3
464,
246
894
6.40
143
418.
630.
04N
ov-0
2 2
60
21,0
5213
2,22
227
,836
5,50
91,
160
6.28
172
357.
370.
03D
ec-0
2 2
45
18,8
0711
7,38
324
,712
4,89
11,
030
6.24
152
367.
580.
03Ja
n-03
253
21
,335
139,
718
29,4
145,
175
1,08
96.
5513
132
6.74
0.02
Feb-
03 2
29
10,7
2866
,974
14,1
002,
912
613
6.24
115
245.
050.
04M
ar-0
3 2
76
8,65
054
,986
11,5
762,
391
503
6.36
272
5511
.58
0.10
2002
-03
1,1
23
167,
778
1,06
8,70
122
4,99
03,
598
758
6.37
1,25
230
063
.16
0.03
Apr
-03
282
15
,512
101,
052
23,2
894,
812
1,10
96.
5118
041
8.67
0.04
May
-03
290
18
,651
123,
359
28,4
305,
140
1,18
56.
6114
831
6.42
0.02
Jun-
03 3
10
18,4
0012
6,67
229
,194
5,06
71,
168
6.88
127
296.
110.
02Ju
l-03
271
18
,220
131,
027
30,1
974,
853
1,11
87.
1912
230
6.27
0.02
Aug
-03
306
22
,753
162,
737
37,5
066,
509
1,50
07.
1512
726
5.37
0.02
Sep-
03 3
34
17,1
5212
5,19
928
,854
4,81
51,
110
7.30
115
255.
280.
02O
ct-0
3 2
75
20,4
6514
3,40
433
,050
5,97
51,
377
7.01
8127
5.58
0.02
Con
td...
Con
td...
113
Tab
le 5
-1 :
Busi
ness
Gro
wth
of W
DM
Seg
men
t
Mon
th/Y
ear
All
Tra
des
Ret
ail T
rade
No.
of
acti
ve
secu
riti
es
Num
ber
of
Tra
des
Tra
ding
Vol
ume
Ave
rage
Dai
ly T
radi
ng
Vol
ume
Ave
rage
T
rade
Siz
e N
umbe
r of
Tra
des
Tra
ding
Vol
ume
Shar
e in
T
otal
Tra
ding
V
olum
e
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
) (R
s. c
r.)
( US
$ m
n)(%
)
Nov
-03
233
11
,737
80,9
0318
,646
3,51
881
16.
8989
285.
940.
03D
ec-0
3 2
47
12,5
2983
,906
19,3
383,
227
744
6.70
5714
2.99
0.02
Jan-
04 2
80
11,4
0777
,533
17,8
692,
982
687
6.80
123
347.
120.
04Fe
b-04
241
8,
675
61,4
9914
,174
2,79
564
47.
0979
214.
440.
03M
ar-0
4 3
72
14,0
1798
,806
22,7
723,
952
911
7.05
152
275.
640.
0320
03-0
4 1
,078
18
9,51
81,
316,
096
303,
318
4,47
71,
032
6.94
1,40
033
269
.83
0.03
Apr
-04
285
19
,075
133,
478
30,5
096,
067
1,38
77.
0033
112.
560.
01M
ay-0
4 2
75
13,0
9791
,340
20,8
783,
806
870
6.97
278
1.80
0.01
Jun-
04 3
47
11,3
8282
,453
18,8
463,
171
725
7.24
5618
4.03
0.02
Jul-0
4 3
02
9,30
366
,012
15,0
892,
445
559
7.10
5517
3.81
0.03
Aug
-04
243
9,
241
63,8
0614
,584
2,55
258
36.
9068
214.
850.
03Se
p-04
288
12
,659
87,6
9520
,044
3,50
880
26.
9310
337
8.41
0.04
Oct
-04
291
8,
437
55,7
7012
,747
2,42
555
46.
6179
378.
350.
07N
ov-0
4 3
29
5,76
745
,541
10,4
091,
980
453
7.90
134
449.
960.
10D
ec-0
4 3
33
10,3
2172
,593
16,5
932,
792
638
7.03
154
419.
270.
06Ja
n-05
273
8,
384
61,2
0513
,990
2,55
058
37.
3013
145
10.2
90.
07Fe
b-05
251
10
,156
73,5
8816
,820
3,06
670
17.
2513
343
9.86
0.06
Mar
-05
303
6,
486
53,8
1212
,300
2,24
251
38.
3030
590
20.5
40.
1720
04-0
5 1
,151
12
4,30
888
7,29
420
2,81
03,
028
692
7.14
1,27
841
093
.74
0.05
Apr
-05
204
6
,079
5
4,61
6 1
2,24
3 2
,483
55
7 8
.98
98
37
8.2
9 0
.07
Con
td...
Con
td...
114
Tab
le 5
-1 :
Busi
ness
Gro
wth
of W
DM
Seg
men
t
Mon
th/Y
ear
All
Tra
des
Ret
ail T
rade
No.
of
acti
ve
secu
riti
es
Num
ber
of
Tra
des
Tra
ding
Vol
ume
Ave
rage
Dai
ly T
radi
ng
Vol
ume
Ave
rage
T
rade
Siz
e N
umbe
r of
Tra
des
Tra
ding
Vol
ume
Shar
e in
T
otal
Tra
ding
V
olum
e
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
) (R
s. c
r.)
( US
$ m
n)(%
)
May
-05
256
9
,376
7
0,11
3 1
5,71
7 2
,805
62
9 7
.48
120
4
4 9
.86
0.0
6 Ju
n-05
268
1
4,21
3 9
6,10
8 2
1,54
4 3
,696
82
9 6
.76
108
2
7 6
.05
0.0
3 Ju
l-05
185
8
,042
5
2,30
9 1
1,72
6 2
,092
46
9 6
.50
52
13
2.9
1 0
.02
Aug
-05
274
5
,361
4
4,71
7 1
0,02
4 1
,789
40
1 8
.34
108
3
6 8
.07
0.0
8 Se
p-05
258
4
,127
3
1,96
0 7
,164
1
,278
28
7 7
.74
68
24
5.3
8 0
.08
Oct
-05
192
2
,987
2
5,38
7 5
,691
1
,209
27
1 8
.50
57
22
4.9
3 0
.09
Nov
-05
186
2
,822
2
4,36
0 5
,461
1
,218
27
3 8
.63
46
20
4.4
8 0
.08
Dec
-05
222
2
,505
2
0,77
1 4
,656
9
44
212
8.2
9 6
0 2
7 6
.05
0.1
3 Ja
n-06
180
2
,572
2
1,60
7 4
,844
1
,080
24
2 8
.40
54
17
3.8
1 0
.08
Feb-
06 1
45
2,0
75
16,
485
3,6
95
868
19
4 7
.94
39
17
3.8
1 0
.10
Mar
-06
224
1
,732
1
7,08
9 3
,831
8
14
182
9.8
7 8
2 2
6 5
.83
0.1
5 20
05-0
6 8
97
61,
891
475
,523
1
06,5
96
1,7
55
393
7.6
8 8
92
310
6
9.49
0
.07
Apr
-06
159
1
,962
2
3,18
4 5
,319
1
,364
31
3 1
1.82
1
9 7
1
.63
0.0
3 M
ay-0
6 1
74
1,7
55
17,
986
4,1
26
818
18
8 1
0.25
1
9 6
1
.35
0.0
3 Ju
n-06
168
9
50
11,
790
2,7
05
536
12
3 1
2.41
4
7 1
2 2
.68
0.1
0 Ju
l-06
146
1
,169
1
2,71
0 2
,916
6
05
139
10.
87
27
8
1.9
2 0
.07
Aug
-06
170
2
,341
2
3,56
1 5
,405
1
,071
24
6 1
0.06
3
9 1
4 3
.10
0.0
6 Se
p-06
198
2
,336
2
3,39
6 5
,367
1
,114
25
6 1
0.02
4
2 6
1
.48
0.0
3 O
ct-0
6 1
24
1,6
76
15,
810
3,6
27
832
19
1 9
.43
– –
-– –
N
ov-0
6 1
85
2,9
38
29,
339
6,7
31
1,3
34
306
9.9
9 1
5 4
0
.88
0.0
1
Con
td...
Con
td...
115
Tab
le 5
-1 :
Busi
ness
Gro
wth
of W
DM
Seg
men
t
Mon
th/Y
ear
All
Tra
des
Ret
ail T
rade
No.
of
acti
ve
secu
riti
es
Num
ber
of
Tra
des
Tra
ding
Vol
ume
Ave
rage
Dai
ly T
radi
ng
Vol
ume
Ave
rage
T
rade
Siz
e N
umbe
r of
Tra
des
Tra
ding
Vol
ume
Shar
e in
T
otal
Tra
ding
V
olum
e
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
)( U
S $
mn)
(Rs.
cr.
) (R
s. c
r.)
( US
$ m
n)(%
)
Dec
-06
170
1
,244
1
4,86
8 3
,411
7
08
162
11.
95
33
4
0.8
6 0
.03
Jan-
07 1
40
1,3
32
18,
026
4,1
35
901
20
7 1
3.53
3
5 1
4 3
.24
0.0
8 Fe
b-07
108
9
20
14,
245
3,2
68
791
18
2 1
5.48
4
9 1
4 3
.12
0.1
0 M
ar-0
7 1
78
952
1
4,19
2 3
,256
7
10
163
14.
91
74
13
3.0
1 0
.09
2006
-07
762
1
9,57
5 2
19,1
06
50,
265
898
20
6 1
1.19
3
99
102
2
3.29
0
.05
Apr
-07
98
928
1
7,15
9 4
,293
9
03
226
1
8.49
1
2 3
0
.75
0.0
2 M
ay-0
7 1
45
1,0
93
17,
483
4,3
74
833
2
08
16.
00
18
6
1.5
0 0
.03
Jun-
07 1
43
1,0
65
17,
335
4,3
37
825
2
07
16.
28
38
6
1.5
0 0
.03
Jul-0
7 1
84
2,0
89
33,
815
8,4
60
1,5
37
385
1
6.19
9
3
0
.75
0.0
1 A
ug-0
7 1
28
1,2
30
21,
431
5,3
62
1,0
21
255
1
7.42
8
4
1
.00
0.0
2 Se
p-07
148
9
34
16,
902
4,2
29
845
2
11
18.
10
27
4
1.0
0 0
.02
Oct
-07
147
1
,411
2
5,49
3 6
,378
1
,159
2
90
18.
07
10
4
1.0
0 0
.02
Nov
-07
110
1
,083
1
7,70
4 4
,429
8
43
211
1
6.35
7
2
0
.50
0.0
1 D
ec-0
7 1
17
1,5
85
32,
865
8,2
23
1,7
30
433
2
0.74
1
2 4
1
.00
0.0
1 Ja
n-08
144
2
,359
4
2,72
4 1
0,68
9 1
,858
4
65
18.
11
27
7
1.7
5 0
.02
Feb-
08 1
18
1,4
97
24,
044
6,0
15
1,1
45
286
1
6.06
7
2
0
.50
0.0
1 M
ar-0
8 1
48
905
1
5,36
2 3
,843
8
53
214
1
6.97
3
6 4
1
.00
0.0
3 20
07-0
8 6
01
16,
179
282
,317
7
0,63
2 1
,138
2
85
17.
45
211
4
9 1
2.26
0
.02
Con
td...
116
Table 5-2 : WDM Transactions in Government Securities
Month / Year
Outright Transactions Repo Transactions Total (5+8)
% Share in SGL
Out-right
Transac-tions
Dated Securities
State Govern-
ment Securi-
ties
Trea-sury Bills
Total (2+3+4)
Dated Securi-
ties
Trea-sury Bills
Total (6+7)
1 2 3 4 5 6 7 8 9 10
1994-95 (June-March)
2,947 79 2,634 5,660 – – – 5,660 –
1995-96 6,813 176 2,255 9,243 739 5 744 9,988 –
1996-97 26,891 298 10,912 38,101 162 45 207 38,308 –
1997-98 79,564 931 17,021 97,515 4,225 1,845 6,070 103,585 –
1998-99 78,973 860 10,586 90,419 4,741 120 4,861 95,280 –
1999-00 278,866 2,082 10,644 291,592 1,933 363 2,296 293,888 –
2000-01 388,098 1,256 23,142 412,496 1,600 – 1,600 414,096 –
Apr-01 42,110 292 2,888 45,290 – – – 45,290 –
May-01 79,516 133 2,594 82,243 – – – 82,243 –
Jun-01 78,794 55 2,344 81,193 – – – 81,193 –
Jul-01 79,945 121 2,834 82,900 216 – 216 83,116 –
Aug-01 72,543 68 1,546 74,157 131 – 131 74,288 –
Sep-01 59,704 100 2,137 61,941 – – – 61,941 –
Oct-01 77,611 160 1,656 79,427 25 50 75 79,502 –
Nov-01 94,348 109 2,651 97,108 37 10 47 97,155 –
Dec-01 59,854 23 1,615 61,492 50 – 50 61,542 –
Jan-02 106,148 114 3,164 109,426 10 – 10 109,436 –
Feb-02 96,712 124 1,191 98,027 – – – 98,027 –
Mar-02 52,816 113 863 53,792 79 – 79 53,871 –
2001-02 900,101 1,412 25,483 926,996 548 60 608 927,604 –
Apr-02 72,359 308 1,597 74,264 195 28 223 74,487 72.75
May-02 47,694 177 2,553 50,424 255 – 255 50,679 71.13
Jun-02 49,123 134 1,699 50,956 215 30 245 51,201 80.90
Jul-02 91,317 61 2,460 93,838 43 – 43 93,881 74.94
Aug-02 93,594 129 2,933 96,656 134 109 243 96,899 74.51
Sep-02 63,979 594 1,350 65,923 75 159 234 66,157 72.91
Oct-02 100,032 234 2,537 102,803 25 144 169 102,972 78.01
Nov-02 126,158 328 2,660 129,146 150 17 167 129,313 73.38
Dec-02 111,536 148 2,449 114,133 134 44 178 114,311 73.44
Jan-03 130,558 101 4,570 135,229 100 150 250 135,479 70.79
Feb-03 61,641 89 2,987 64,717 – – – 64,717 82.48
Mar-03 48,593 265 3,605 52,463 65 205 270 52,733 66.96
2002-03 996,584 2,568 31,400 1,030,552 1,391 886 2,277 1,032,829 74.01
Contd...
117
Table 5-2 : WDM Transactions in Government Securities
Month / Year
Outright Transactions Repo Transactions Total (5+8)
% Share in SGL
Out-right
Transac-tions
Dated Securities
State Govern-
ment Securi-
ties
Trea-sury Bills
Total (2+3+4)
Dated Securi-
ties
Trea-sury Bills
Total (6+7)
1 2 3 4 5 6 7 8 9 10
Apr-03 91,857 91 5,001 96,949 23 – 23 96,972 76.14
May-03 114,924 249 3,790 118,963 – – – 118,963 74.56
Jun-03 120,554 732 2,883 124,169 67 50 117 124,286 76.90
Jul-03 123,426 352 4,182 127,960 20 10 30 127,990 76.87
Aug-03 153,121 713 4,236 158,070 – – – 158,070 72.23
Sep-03 113,766 554 6,470 120,790 13 – 13 120,803 80.65
Oct-03 132,676 318 5,619 138,613 – – – 138,613 72.33
Nov-03 73,805 322 4,631 78,758 – – – 78,758 79.02
Dec-03 76,346 268 4,480 81,094 – – – 81,094 77.23
Jan-04 69,909 422 4,639 74,970 – – – 74,970 75.67
Feb-04 55,619 277 3,945 59,841 – – – 59,841 72.56
Mar-04 87,836 385 5,721 93,942 – – – 93,942 67.05
2003-04 1,213,839 4,683 55,597 1,274,119 123 60 183 1,274,302 74.89
Apr-04 123,050 338 5,340 128,728 27 15 42 128,770 70.90
May-04 79,292 759 8,085 88,137 28 31 59 88,196 70.40
Jun-04 68,629 1,282 8,766 78,678 23 – 23 78,700 62.77
Jul-04 53,035 864 9,034 62,934 45 25 70 63,003 69.07
Aug-04 54,514 206 6,330 61,049 21 77 98 61,147 66.40
Sep-04 73,815 639 9,923 84,377 – – – 84,377 69.50
Oct-04 44,692 1,454 7,593 53,740 – – – 53,740 65.55
Nov-04 31,034 909 11,665 43,608 – – – 43,608 64.37
Dec-04 55,894 1,033 12,162 69,090 – – – 69,090 65.51
Jan-05 44,323 844 13,146 58,313 – – – 58,313 67.42
Feb-05 54,136 310 15,727 70,173 – – – 70,173 69.70
Mar-05 33,298 315 16,888 50,500 – – – 50,500 61.62
2004-05 715,711 8,954 124,660 849,325 144 147 292 849,617 67.36
Apr-05 30,569 27 21,748 52,343 – – – 52,343 58.83
May-05 50,410 916 15,921 67,248 – – – 67,248 67.72
Jun-05 85,381 1,178 6,208 92,767 – – – 92,767 71.47
Jul-05 45,085 282 4,469 49,836 – – – 49,836 68.14
Aug-05 25,958 898 14,733 41,590 – – – 41,590 61.31
Sep-05 21,037 1,173 6,923 29,133 – – – 29,133 58.96
Oct-05 14,424 771 8,474 23,668 – – – 23,668 60.89
Contd...
Contd...
118
Table 5-2 : WDM Transactions in Government Securities
Month / Year
Outright Transactions Repo Transactions Total (5+8)
% Share in SGL
Out-right
Transac-tions
Dated Securities
State Govern-
ment Securi-
ties
Trea-sury Bills
Total (2+3+4)
Dated Securi-
ties
Trea-sury Bills
Total (6+7)
1 2 3 4 5 6 7 8 9 10
Nov-05 15,860 725 6,844 23,429 – – – 23,429 60.25
Dec-05 12,791 582 5,998 19,371 – – – 19,371 56.91
Jan-06 13,902 289 5,808 19,999 – – – 19,999 62.08
Feb-06 12,216 232 3,262 15,711 – – – 15,711 58.64
Mar-06 10,556 321 4,830 15,707 – – – 15,707 54.64
2005-06 338,190 7,393 105,218 450,802 – – – 450,802 63.67
Apr-06 15,346 158 6,729 22,233 – – – 22,233 55.66
May-06 12,380 466 3,462 16,309 – – – 16,309 43.13
Jun-06 5,994 421 4,298 10,713 – – – 10,713 39.54
Jul-06 6,715 282 4,536 11,533 – – – 11,533 47.87
Aug-06 14,706 294 7,540 22,540 – – – 22,540 50.36
Sep-06 17,072 416 4,832 22,320 – – – 22,320 52.29
Oct-06 11,355 88 3,683 15,125 – – – 15,125 55.64
Nov-06 22,697 267 5,313 28,277 – – – 28,277 57.73
Dec-06 10,776 435 2,880 14,091 – – – 14,091 56.53
Jan-07 13,159 124 3,346 16,629 – – – 16,629 59.48
Feb-07 10,021 161 2,863 13,046 – – – 13,046 53.55
Mar-07 9,712 325 2,471 12,508 – – – 12,508 46.33
2006-07 149,933 3,436 51,954 205,324 – – – 205,324 51.70
Apr-07 12,058 40 4,308 16,405 – – – 16,405 51.97
May-07 11,159 517 4,708 16,384 – – – 16,384 57.63
Jun-07 9,701 263 6,209 16,173 – – – 16,173 51.28
Jul-07 22,357 275 7,259 29,891 – – – 29,891 55.76
Aug-07 14,112 82 5,356 19,550 – – – 19,550 50.84
Sep-07 12,371 62 3,278 15,710 – – – 15,710 53.53
Oct-07 11,670 95 11,229 22,994 – – – 22,994 41.06
Nov-07 10,631 283 5,546 16,460 – – – 16,460 52.97
Dec-07 26,084 204 5,568 31,856 – – – 31,856 64.15
Jan-08 31,917 165 6,354 38,436 – – – 38,436 51.35
Feb-08 18,954 60 3,243 22,258 – – – 22,258 49.89
Mar-08 11,309 46 2,937 14,292 – – – 14,292 45.88
2007-08 192,322 2,092 65,995 260,409 – – – 260,409 52.05
Contd...
119
Table 5-3 : Security-wise and Participant-wise Distribution of WDM Trades(In per cent)
Month & Year
Security-wise Distribution Participant-wise Distribution
Gov-ern-ment
Securi-ties
T-Bills PSU /Inst. Bonds
Others Trad-ing
Mem-bers
FIs/MFs/
Corpo-rates
Pri-mary
Dealers
Indian Banks
For-eign
Banks
1994-95 (June-March)
44.63 38.84 12.15 4.38 57.82 6.43 0.02 14.16 21.57
1995-96 65.13 19.04 9.69 6.14 23.48 7.60 1.16 30.07 37.69
1996-97 64.70 25.92 6.55 2.84 22.95 3.81 6.10 30.01 37.13
1997-98 76.14 16.96 3.64 3.26 19.75 4.30 12.06 41.24 22.65
1998-99 80.19 10.15 4.78 4.88 15.48 4.93 14.64 42.12 22.83
1999-00 92.99 3.62 1.60 1.79 18.63 4.18 19.42 42.72 15.05
2000-01 91.22 5.40 1.84 1.54 23.24 4.18 22.14 33.54 16.90
Apr-01 91.61 6.24 1.43 0.72 18.82 3.01 25.17 36.81 16.19
May-01 94.84 3.09 1.36 0.71 19.55 3.99 25.28 38.40 12.78
Jun-01 95.77 2.85 0.88 0.50 19.92 3.58 22.88 41.31 12.31
Jul-01 94.86 3.35 1.14 0.65 20.51 4.78 20.60 41.66 12.45
Aug-01 95.99 2.04 1.19 0.78 21.71 3.53 24.49 39.05 11.22
Sep-01 94.63 3.38 1.31 0.68 25.33 4.17 24.19 31.78 14.53
Oct-01 96.21 2.11 1.03 0.65 26.98 4.19 23.74 34.58 10.51
Nov-01 95.76 2.70 0.67 0.87 25.96 3.97 24.49 34.66 10.92
Dec-01 96.02 2.59 0.83 0.56 26.51 4.65 23.11 33.89 11.84
Jan-02 95.11 2.83 0.88 1.18 25.43 4.46 19.19 36.09 14.83
Feb-02 95.58 1.18 1.59 1.65 25.16 4.53 19.78 34.26 16.27
Mar-02 94.68 1.54 2.03 1.75 24.23 4.61 19.43 35.84 15.89
2001-02 95.24 2.70 1.16 0.91 23.52 4.16 22.50 36.60 13.22
Apr-02 94.22 2.10 1.97 1.71 25.45 5.11 22.33 34.45 12.66
May-02 90.38 4.79 1.89 2.94 24.42 2.71 22.08 33.70 17.09
Jun-02 90.81 3.17 1.91 4.11 22.59 3.05 19.17 39.29 15.90
Jul-02 93.55 2.52 1.58 2.35 22.64 2.83 22.19 40.27 12.07
Aug-02 93.65 3.03 2.23 1.09 22.44 3.60 21.83 41.67 10.46
Sep-02 94.70 2.21 1.76 1.33 22.46 4.27 24.02 39.06 10.19
Oct-02 94.49 2.53 1.64 1.34 24.52 4.18 23.92 39.11 8.27
Nov-02 95.78 2.02 1.24 0.96 23.73 3.53 21.01 44.01 7.72
Dec-02 95.26 2.12 1.58 1.04 24.70 3.88 24.78 41.31 5.33
Jan-03 93.59 3.38 2.17 0.86 26.37 3.67 22.96 39.02 7.98
Feb-03 92.17 4.46 2.42 0.95 28.87 4.82 17.75 31.83 16.73
Mar-03 88.97 6.93 2.75 1.35 32.12 3.49 17.67 30.13 16.59
2002-03 93.62 3.02 1.87 1.49 24.81 3.77 22.03 38.77 10.62
Contd...
120
Table 5-3 : Security-wise and Participant-wise Distribution of WDM Trades(In per cent)
Month & Year
Security-wise Distribution Participant-wise Distribution
Gov-ern-ment
Securi-ties
T-Bills PSU /Inst. Bonds
Others Trad-ing
Mem-bers
FIs/MFs/
Corpo-rates
Pri-mary
Dealers
Indian Banks
For-eign
Banks
Apr-03 91.01 4.95 2.67 1.37 32.55 3.40 18.65 35.91 9.49
May-03 93.36 3.07 2.09 1.48 32.28 3.83 18.74 36.89 8.26
Jun-03 95.80 2.32 1.11 0.77 33.59 3.58 19.03 37.08 6.72
Jul-03 94.48 3.20 1.67 0.65 33.15 5.10 17.77 37.37 6.61
Aug-03 94.53 2.60 2.15 0.72 33.34 4.97 16.34 39.09 6.26
Sep-03 91.32 5.17 2.56 0.95 36.13 5.33 15.32 37.01 6.21
Oct-03 92.74 3.92 2.40 0.94 35.78 5.81 16.38 35.86 6.17
Nov-03 91.62 5.72 1.68 0.98 40.68 5.16 14.61 33.90 5.65
Dec-03 91.31 5.34 2.24 1.11 35.49 4.25 16.00 37.65 6.61
Jan-04 90.71 5.98 1.66 1.65 35.78 4.47 17.38 34.85 7.52
Feb-04 90.89 6.42 1.78 0.91 36.32 3.93 17.28 32.54 9.93
Mar-04 89.29 5.79 2.48 2.44 36.21 3.96 16.30 33.82 9.71
2003-04 92.60 4.23 2.06 1.11 34.80 4.56 17.03 36.36 7.25
Apr-04 92.46 4.01 1.72 1.81 33.75 5.69 18.92 35.71 5.93
May-04 87.67 8.89 1.89 1.55 32.90 5.24 17.88 35.57 8.41
Jun-04 84.82 10.63 2.55 2.00 30.78 6.03 19.60 33.96 9.63
Jul-04 81.72 13.72 2.07 2.49 33.33 7.03 19.15 28.88 11.61
Aug-04 85.79 10.04 2.15 2.02 32.27 6.04 20.60 25.23 15.86
Sep-04 84.90 11.32 1.54 2.24 33.97 4.99 21.49 25.79 13.76
Oct-04 82.74 13.61 1.58 2.07 34.17 4.54 18.64 27.08 15.57
Nov-04 70.14 25.61 1.96 2.29 36.30 4.28 16.73 23.30 19.39
Dec-04 78.42 16.75 1.88 2.95 39.94 3.33 18.10 23.94 14.69
Jan-05 73.80 21.48 2.15 2.57 34.07 4.04 16.80 26.64 18.45
Feb-05 73.99 21.37 2.51 2.13 34.26 4.66 15.27 29.74 16.07
Mar-05 62.46 31.38 2.42 3.74 33.15 4.73 16.91 33.49 11.72
2004-05 81.69 14.07 2.01 2.23 33.96 5.14 18.50 29.89 12.51
Apr-05 56.02 39.82 1.87 2.29 31.34 4.28 17.15 31.77 15.46
May-05 73.20 22.71 1.42 2.67 31.72 4.29 23.11 28.21 12.67
Jun-05 90.06 6.46 1.86 1.62 30.05 3.72 22.71 29.07 14.45
Jul-05 86.73 8.54 2.31 2.42 30.93 2.43 26.42 25.71 14.51
Aug-05 60.06 32.95 3.40 3.59 34.44 3.81 19.56 27.82 14.37
Sep-05 69.49 21.66 4.51 4.34 35.57 5.83 18.74 31.77 8.09
Oct-05 59.85 33.38 4.21 2.56 35.34 2.66 21.77 27.15 13.08
Contd...
Contd...
121
Table 5-3 : Security-wise and Participant-wise Distribution of WDM Trades(In per cent)
Month & Year
Security-wise Distribution Participant-wise Distribution
Gov-ern-ment
Securi-ties
T-Bills PSU /Inst. Bonds
Others Trad-ing
Mem-bers
FIs/MFs/
Corpo-rates
Pri-mary
Dealers
Indian Banks
For-eign
Banks
Nov-05 68.08 28.10 2.33 1.49 29.18 4.99 21.29 29.98 14.56
Dec-05 64.38 28.88 3.31 3.43 34.37 4.40 18.84 30.90 11.49
Jan-06 65.68 26.88 3.38 4.06 29.92 3.32 24.79 22.11 19.86
Feb-06 75.51 19.79 1.13 3.57 31.84 3.71 26.57 21.17 16.71
Mar-06 63.65 28.27 5.56 2.52 35.76 4.16 22.10 20.47 17.51
2005-06 72.67 22.13 2.56 2.64 32.01 3.92 21.89 28.07 14.11
Apr-06 66.87 29.03 2.21 1.89 26.13 2.31 23.05 29.11 19.40
May-06 71.43 19.25 2.79 6.53 30.34 2.58 22.11 28.21 16.76
Jun-06 54.41 36.45 4.25 4.89 29.40 3.18 24.39 29.24 13.79
Jul-06 55.05 34.92 2.88 6.00 29.60 1.85 20.56 24.33 23.66
Aug-06 63.67 32.00 0.85 3.48 26.44 2.93 17.69 29.68 23.26
Sep-06 74.75 20.65 1.54 3.06 32.27 2.48 19.48 29.80 15.97
Oct-06 72.37 23.30 1.44 2.89 31.93 1.46 22.08 27.31 17.22
Nov-06 78.27 18.11 1.35 2.27 28.53 2.80 19.04 29.07 20.56
Dec-06 75.40 19.37 1.16 4.07 33.32 3.18 17.59 23.48 22.43
Jan-07 73.69 18.56 2.63 5.12 31.91 2.41 24.81 21.18 19.69
Feb-07 71.48 20.10 2.04 6.38 42.33 3.16 12.44 17.10 24.97
Mar-07 70.72 17.41 3.02 8.85 35.13 4.43 13.70 14.91 31.83
2006-07 70.00 23.71 2.02 4.27 30.88 2.70 19.82 26.03 20.57
Apr-07 70.51 25.10 0.96 3.43 30.34 1.86 16.91 28.04 22.85
May-07 66.38 27.33 1.06 5.23 40.84 0.77 11.22 23.69 23.48
Jun-07 57.48 35.82 1.48 5.22 38.07 1.55 12.96 27.77 19.64
Jul-07 66.93 21.47 6.79 4.81 40.23 3.40 12.27 27.42 16.68
Aug-07 66.23 24.99 4.15 4.63 45.76 2.83 7.62 19.07 24.72
Sep-07 73.56 19.39 2.17 4.89 45.38 2.00 5.25 22.34 25.03
Oct-07 46.15 44.05 5.00 4.80 48.56 1.56 5.54 23.76 20.58
Nov-07 61.65 31.33 2.57 4.45 41.50 1.91 6.99 17.03 32.57
Dec-07 79.99 16.94 0.96 2.11 32.37 2.41 7.19 25.76 32.27
Jan-08 75.09 14.87 3.79 6.25 37.81 2.87 7.03 22.07 30.22
Feb-08 79.08 13.49 4.19 3.24 29.95 3.15 7.75 25.15 34.00
Mar-08 73.92 19.12 2.61 4.35 25.77 1.78 4.85 20.95 46.65
2007-08 68.84 23.40 3.27 4.49 38.15 2.34 8.64 23.78 27.09
Contd...
122
Table 5-4 : Share of Top ‘N’ Securities/Trading Members/ Participants in Turnover in WDM Segment
Year In Percent
Top 5 Top 10 Top 25 Top 50 Top 100Securities1994-95 42.84 61.05 80.46 89.81 97.161995-96 57.59 69.46 79.60 86.58 93.241996-97 32.93 48.02 65.65 78.32 90.171997-98 30.65 46.92 71.25 85.00 92.151998-99 26.81 41.89 64.30 78.24 86.661999-00 37.11 55.57 82.12 90.73 95.282000-01 42.20 58.30 80.73 89.97 95.132001-02 51.61 68.50 88.73 94.32 97.192002-03 43.10 65.15 86.91 92.74 96.132003-04 37.06 54.43 81.58 90.66 95.142004-05 43.70 57.51 71.72 80.59 89.552005-06 47.42 59.78 72.02 81.04 89.362006-07 40.90 51.29 65.82 77.15 86.912007-08 39.65 53.31 68.35 79.64 89.55Trading Members1994-95 51.99 73.05 95.37 100.00 –1995-96 44.36 68.58 96.10 100.00 –1996-97 30.02 51.27 91.57 99.96 100.001997-98 27.17 47.85 83.38 99.82 100.001998-99 29.87 50.45 86.55 99.98 100.001999-00 32.38 53.41 84.46 100.00 –2000-01 35.17 54.25 86.82 100.00 –2001-02 35.18 58.68 88.36 100.00 –2002-03 31.77 53.71 85.49 100.00 –2003-04 30.72 53.01 86.71 100.00 –2004-05 35.75 56.84 86.74 100.00 –2005-06 39.68 60.63 89.38 100.00 –2006-07 57.75 78.01 96.43 100.00 –2007-08 65.32 80.24 97.60 100.00 –Participants1994-95 18.37 27.38 38.40 42.20 –1995-96 29.66 47.15 70.49 76.32 76.581996-97 25.27 44.92 67.00 76.33 77.101997-98 23.60 38.96 65.59 77.96 80.221998-99 22.47 37.39 62.79 79.27 84.511999-00 15.54 27.87 52.51 74.76 81.322000-01 17.51 28.85 50.64 69.72 76.782001-02 17.49 29.25 50.19 69.16 76.492002-03 17.27 28.29 49.22 68.14 75.202003-04 16.66 25.96 44.25 59.87 65.172004-05 16.82 28.64 47.24 61.71 66.002005-06 17.5 30.53 53.61 65.84 67.972006-07 25.85 40.65 59.99 68.17 69.092007-08 28.36 40.64 55.58 61.77 61.84
123
Tab
le 5
-5 :
Mar
ket C
apita
lisat
ion
of W
DM
Sec
uriti
es
Mon
th/
Yea
rG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
Tot
alG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(US
$ m
n)(in
per
cent
)
Jun-
94 6
0,71
9 2
0,43
9 1
,833
1
8,47
6 2
0,05
2 12
1,51
838
,663
49.9
716
.82
1.51
15.2
016
.50
Mar
-95
86,
175
25,
675
5,8
67
17,
129
23,
334
158,
181
50,3
2854
.48
16.2
33.
7110
.83
14.7
5
Mar
-96
125
,492
3
0,07
4 1
3,85
0 8
,452
2
9,91
5 20
7,78
360
,490
60.4
014
.47
6.67
4.07
14.4
0
Mar
-97
169
,830
3
6,21
1 1
8,89
1 1
3,46
0 5
4,38
0 29
2,77
281
,598
58.0
112
.37
6.45
4.60
18.5
7
Mar
-98
196
,290
3
5,32
3 2
3,98
9 1
7,49
7 7
0,09
1 34
3,19
1 8
6,81
8 57
.20
10.2
96.
995.
1020
.42
Mar
-99
260
,002
3
4,99
4 3
0,51
6 1
1,29
2 7
4,66
6 41
1,47
0 9
6,97
6 63
.19
8.50
7.42
2.74
18.1
5
Mar
-00
319
,865
3
9,35
7 3
9,47
7 1
5,34
5 7
9,98
9 49
4,03
3 1
13,2
58
64.7
57.
977.
993.
1116
.19
Mar
-01
397
,228
3
6,36
5 4
4,62
4 1
7,72
5 8
4,89
4 58
0,83
6 1
24,5
36
68.3
96.
267.
683.
0514
.62
Apr
-01
424
,161
3
6,19
9 4
5,09
5 1
8,66
7 8
5,25
1 60
9,37
3 1
25,3
85
69.6
15.
947.
403.
0613
.99
May
-01
438
,203
3
6,31
5 4
6,94
0 1
8,53
8 8
5,37
4 62
5,37
0 1
28,6
77
70.0
75.
817.
512.
9613
.65
Jun-
01 4
42,2
90
38,
865
47,
302
21,
056
84,
917
634,
430
130
,541
69
.71
6.13
7.46
3.32
13.3
8
Jul-0
1 4
61,3
83
39,
442
47,
810
22,
272
83,
273
654,
181
134
,605
70
.53
6.03
7.31
3.40
12.7
3
Aug
-01
470
,148
4
2,71
9 5
0,71
1 2
3,04
1 8
2,83
5 66
9,45
5 1
37,7
48
70.2
36.
387.
573.
4412
.37
Sep-
01 4
74,7
79
42,
781
50,
217
23,
347
87,
037
678,
161
139
,539
70
.01
6.31
7.40
3.44
12.8
3
Oct
-01
490
,781
4
2,34
3 5
2,36
7 2
3,65
2 8
7,77
6 69
6,92
0 1
43,3
99
70.4
26.
087.
513.
3912
.59
Nov
-01
512
,702
4
3,26
0 5
3,82
9 2
3,58
6 8
7,85
6 72
1,23
4 1
48,4
02
71.0
96.
007.
463.
2712
.18
Dec
-01
514
,171
4
1,82
3 5
4,77
1 2
4,26
6 8
7,46
7 72
2,49
7 1
48,6
62
71.1
75.
797.
583.
3612
.11
Jan-
02 5
29,8
96
41,
566
57,
955
24,
004
88,
087
741,
508
152
,574
71
.46
5.61
7.82
3.24
11.8
8
Feb-
02 5
41,4
01
41,
130
59,
675
24,
366
89,
520
756,
092
155
,574
71
.61
5.44
7.89
3.22
11.8
4
Con
td...
124
Tab
le 5
-5 :
Mar
ket C
apita
lisat
ion
of W
DM
Sec
uriti
es
Mon
th/
Yea
rG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
Tot
alG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(US
$ m
n)(in
per
cent
)
Mar
-02
542
,601
3
9,94
4 6
1,38
5 2
3,84
9 8
9,01
6 75
6,79
4 1
55,7
19
71.7
05.
288.
113.
1511
.76
Apr
-02
555
,394
4
0,71
6 6
3,10
6 2
4,21
8 8
9,07
9 77
2,51
3 1
62,6
34
71.8
95.
278.
173.
1311
.54
May
-02
554
,137
4
0,33
3 6
4,06
5 2
4,74
5 8
9,41
0 77
2,69
0 1
62,6
72
71.7
25.
228.
293.
2011
.57
Jun-
02 5
62,2
42
39,
759
66,
649
25,
188
89,
098
782,
936
164
,829
71
.81
5.08
8.51
3.22
11.3
8
Jul-0
2 5
86,7
90
39,
643
66,
718
26,
065
87,
604
806,
821
169
,857
72
.73
4.91
8.27
3.23
10.8
6
Aug
-02
601
,410
3
9,87
2 6
6,42
4 2
6,58
0 8
6,49
3 82
0,77
9 1
72,7
96
73.2
74.
868.
093.
2410
.54
Sep-
02 6
02,2
01
40,
003
67,
074
27,
101
86,
264
822,
643
173
,188
73
.20
4.86
8.15
3.29
10.5
0
Oct
-02
617
,840
4
0,12
7 6
8,58
9 2
7,79
7 8
6,27
6 84
0,62
9 1
76,9
75
73.5
04.
778.
163.
3110
.26
Nov
-02
636
,392
3
9,90
2 6
9,50
0 2
8,37
7 6
5,28
0 83
9,45
1 1
76,7
27
75.8
14.
758.
283.
387.
78
Dec
-02
655
,148
3
9,43
1 7
0,36
8 3
0,85
2 6
5,05
8 86
0,85
7 1
81,2
33
76.1
04.
588.
173.
587.
57
Jan-
03 6
62,7
66
39,
588
70,
932
34,
934
65,
210
873,
430
183
,880
75
.88
4.53
8.12
4.00
7.47
Feb-
03 6
59,0
78
38,
404
71,
115
36,
156
63,
226
867,
979
182
,732
75
.93
4.42
8.19
4.17
7.29
Mar
-03
658
,002
3
8,38
3 7
2,09
4 3
4,91
9 6
1,08
4 86
4,48
1 1
81,9
96
76.1
24.
448.
344.
047.
06
Apr
-03
684
,912
3
9,66
1 7
2,29
5 3
2,88
0 6
2,16
3 89
1,91
2 2
05,5
57
76.7
94.
458.
113.
696.
96
May
-03
710
,420
4
2,01
5 7
0,21
4 3
2,14
7 6
2,11
0 91
6,90
5 2
11,3
17
77.4
84.
587.
663.
516.
77
Jun-
03 7
43,5
61
42,
165
71,
846
32,
809
63,
514
953,
895
219
,842
77
.95
4.42
7.53
3.44
6.66
Jul-0
3 7
83,8
75
42,
478
71,
950
32,
515
63,
859
994,
677
229
,241
78
.81
4.27
7.23
3.27
6.42
Aug
-03
798
,850
4
4,94
5 7
4,67
4 3
6,52
0 6
5,14
0 1,
020,
129
235
,107
78
.31
4.41
7.32
3.58
6.38
Sep-
03 8
07,0
01
44,
439
76,
353
40,
255
61,
990
1,03
0,03
8 2
37,3
91
78.3
54.
317.
413.
916.
02
Con
td...
Con
td...
125
Tab
le 5
-5 :
Mar
ket C
apita
lisat
ion
of W
DM
Sec
uriti
es
Mon
th/
Yea
rG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
Tot
alG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(US
$ m
n)(in
per
cent
)
Oct
-03
956
,295
4
4,54
4 7
7,03
7 4
0,70
3 6
1,09
2 1,
179,
671
271
,876
81
.06
3.78
6.53
3.45
5.18
Nov
-03
954
,259
4
4,48
6 7
7,15
4 3
6,50
7 6
0,22
3 1,
172,
629
270
,253
81
.38
3.79
6.58
3.11
5.14
Dec
-03
959
,903
4
6,43
6 7
7,29
2 3
2,63
9 6
2,65
6 1,
178,
926
271
,705
81
.42
3.94
6.56
2.77
5.31
Jan-
04 9
67,3
51
46,
121
78,
305
32,
232
68,
060
1,19
2,07
0 2
74,7
34
81.1
53.
876.
572.
705.
71
Feb-
04 9
68,1
55
49,
224
79,
036
32,
229
71,
507
1,20
0,15
1 2
76,5
96
80.6
74.
106.
592.
695.
95
Mar
-04
959
,302
5
6,83
2 7
9,34
0 3
2,69
2 8
7,69
8 1,
215,
864
280,
218
78.9
04.
676.
532.
697.
21
Apr
-04
972
,543
5
4,00
1 7
6,39
1 4
0,55
6 6
8,70
3 1,
212,
194
277
,073
80
.23
4.45
6.30
3.35
5.67
May
-04
969
,036
6
1,59
1 7
7,10
5 4
8,82
5 7
1,63
4 1,
228,
191
280
,729
78
.90
5.01
6.28
3.98
5.83
Jun-
04 9
90,2
44
66,
080
77,
589
56,
155
79,
209
1,26
9,27
6 2
90,1
20
78.0
25.
216.
114.
426.
24
Jul-0
4 9
85,6
95
67,
400
179
,858
5
9,46
2 8
0,68
4 1,
373,
099
313
,851
71
.79
4.91
13.1
04.
335.
87
Aug
-04
975
,712
6
7,76
3 1
85,8
64
59,
894
81,
510
1,37
0,74
4 3
13,3
13
71.1
84.
9413
.56
4.37
5.95
Sep-
04 9
97,1
63
67,
606
185
,359
6
0,60
8 8
3,29
2 1,
394,
027
318
,635
71
.53
4.85
13.3
04.
355.
97
Oct
-04
987
,454
6
8,54
6 1
83,7
71
63,
755
84,
207
1,38
7,73
3 3
17,1
96
71.1
64.
9413
.24
4.59
6.07
Nov
-04
981
,238
6
7,66
7 1
83,4
62
60,
897
83,
464
1,37
6,72
7 3
14,6
80
71.2
74.
9213
.33
4.42
6.06
Dec
-04
996
,341
6
7,94
0 2
14,5
19
62,
083
86,
623
1,42
7,50
6 3
26,2
87
69.8
04.
7615
.03
4.35
6.06
Jan-
05 1
,002
,006
6
7,81
3 2
14,8
98
63,
679
86,
240
1,43
4,63
5 3
27,9
17
69.8
44.
7314
.98
4.44
6.01
Feb-
05 1
,010
,936
6
7,25
5 2
23,3
95
69,
660
89,
493
1,46
0,73
9 3
33,8
83
69.2
14.
6015
.29
4.77
6.13
Mar
-05
1,0
06,1
07
68,
398
223
,208
7
3,50
2 9
0,51
9 1,
461,
734
334,
111
68.8
34.
6815
.27
5.03
6.19
Apr
-05
1,0
03,3
39
67,
934
223
,513
7
8,62
4 9
0,98
3 1
,464
,393
3
28,2
66
68.5
24.
6415
.26
5.37
6.21
Con
td...
Con
td...
126
Tab
le 5
-5 :
Mar
ket C
apita
lisat
ion
of W
DM
Sec
uriti
es
Mon
th/
Yea
rG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
Tot
alG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(US
$ m
n)(in
per
cent
)
May
-05
1,0
10,5
69
72,
388
216
,585
8
2,37
8 9
0,51
2 1
,472
,432
3
30,0
68
68.6
34.
9214
.71
5.59
6.15
Jun-
05 1
,014
,558
7
4,69
9 2
24,4
75
90,
679
90,
814
1,4
95,2
25
335
,177
67
.85
5.00
15.0
16.
066.
08
Jul-0
5 1
,025
,814
7
5,70
1 2
24,4
02
84,
249
93,
657
1,5
03,8
23
337
,104
68
.21
5.03
14.9
25.
606.
24
Aug
-05
1,0
36,0
04
76,
248
224
,717
8
7,37
2 9
3,55
9 1
,517
,900
3
40,2
60
68.2
55.
0214
.80
5.76
6.17
Sep-
05 1
,020
,612
7
6,19
0 2
33,1
34
102
,280
9
4,86
2 1
,527
,078
3
42,3
17
66.8
34.
9915
.27
6.70
6.21
Oct
-05
1,0
20,9
75
78,
117
233
,038
1
03,3
52
94,
755
1,5
30,2
37
343
,026
66
.72
5.10
15.2
36.
756.
20
Nov
-05
1,0
44,2
87
78,
182
235
,991
9
8,40
0 9
7,44
4 1
,554
,304
3
48,4
21
67.1
95.
0315
.18
6.33
6.27
Dec
-05
1,0
51,5
21
78,
721
236
,282
8
1,84
3 1
00,9
81
1,5
49,3
48
347
,310
67
.87
5.08
15.2
55.
286.
52
Jan-
06 1
,058
,461
8
4,20
7 2
36,8
43
72,
107
103
,561
1
,555
,179
3
48,6
17
68.0
65.
4115
.23
4.64
6.66
Feb-
06 1
,058
,681
8
3,57
3 2
40,4
27
67,
257
103
,510
1
,553
,448
3
48,2
29
68.1
55.
3815
.48
4.33
6.66
Mar
-06
1,0
59,7
89
88,
716
241
,927
7
0,18
6 1
06,9
56
1,56
7,57
4 3
51,3
95
67.6
15.
6615
.43
4.48
6.82
Apr
-06
1,0
59,8
66
88,
294
242
,182
6
6,36
4 1
08,0
72
1,5
64,7
78
358
,976
67
.73
5.64
15.4
84.
246.
91
May
-06
1,0
60,5
27
88,
897
241
,126
7
2,61
1 1
12,7
08
1,5
75,8
69
361
,521
67
.30
5.64
15.3
04.
617.
15
Jun-
06 1
,066
,643
8
8,59
0 2
40,6
90
75,
670
112
,658
1
,584
,251
3
63,4
44
67.3
35.
5915
.19
4.78
7.11
Jul-0
6 1
,058
,045
8
8,81
7 2
41,5
78
83,
515
113
,902
1
,585
,857
3
63,8
12
66.7
25.
6015
.23
5.27
7.18
Aug
-06
1,0
66,8
87
88,
530
242
,161
9
2,00
7 1
17,1
18
1,6
06,7
02
368
,594
66
.40
5.51
15.0
75.
737.
29
Sep-
06 1
,080
,169
8
8,49
9 2
41,7
23
94,
348
127
,896
1
,632
,635
3
74,5
44
66.1
65.
4214
.81
5.78
7.83
Oct
-06
1,0
92,7
91
87,
461
241
,944
9
3,43
2 1
32,1
36
1,6
47,7
63
378
,014
66
.32
5.31
14.6
85.
678.
02
Nov
-06
1,1
31,5
58
89,
496
243
,299
9
9,82
9 1
36,3
86
1,7
00,5
68
390
,128
66
.54
5.26
14.3
15.
878.
02
Con
td...
Con
td...
127
Tab
le 5
-5 :
Mar
ket C
apita
lisat
ion
of W
DM
Sec
uriti
es
Mon
th/
Yea
rG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
Tot
alG
ovt.
se
curi
ties
PSU
bo
nds
Stat
e lo
ans
T-b
ills
Oth
ers
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(Rs.
cr)
(US
$ m
n)(in
per
cent
)
Dec
-06
1,1
45,4
96
91,
368
244
,879
9
6,62
5 1
39,6
99
1,7
18,0
67
394
,142
66
.67
5.32
14.2
55.
628.
13
Jan-
07 1
,149
,001
9
0,52
1 2
44,3
23
103
,402
1
40,2
70
1,7
27,5
18
396
,311
66
.51
5.24
14.1
45.
998.
12
Feb-
07 1
,171
,593
9
1,94
7 2
47,2
03
99,
749
142
,240
1
,752
,732
4
02,0
95
66.8
45.
2514
.10
5.69
8.12
Mar
-07
1,1
82,2
78
89,
628
249
,847
1
15,1
83
147
,865
1,
784,
801
409
,452
66
.24
5.02
14.0
06.
458.
28
Apr
-07
1,1
88,1
85
90,
289
245
,888
1
19,4
33
153
,134
1
,796
,928
4
49,5
69
66.1
25.
0213
.68
6.65
8.53
May
-07
1,1
93,7
49
90,
293
247
,105
1
25,8
92
155
,634
1
,812
,673
4
53,5
08
65.8
64.
9813
.63
6.95
8.58
Jun-
07 1
,216
,175
8
8,94
0 2
50,3
99
144
,375
1
61,6
19
1,8
61,5
09
465
,727
65
.33
4.78
13.4
57.
768.
68
Jul-0
7 1
,252
,307
9
1,30
0 2
47,6
14
150
,513
1
62,8
66
1,9
04,6
00
476
,507
65
.75
4.79
13.0
07.
908.
55
Aug
-07
1,2
68,3
44
90,
283
255
,601
1
54,9
24
167
,655
1
,936
,806
4
84,5
65
65.4
94.
6613
.20
8.00
8.66
Sep-
07 1
,282
,109
9
1,46
7 2
58,6
83
145
,437
1
76,8
91
1,9
54,5
86
489
,013
65
.59
4.68
13.2
37.
449.
05
Oct
-07
1,3
09,5
79
92,
094
263
,329
1
55,4
73
180
,585
2
,001
,060
5
00,6
41
65.4
44.
6013
.16
7.77
9.02
Nov
-07
1,3
14,9
85
94,
626
268
,667
1
43,6
50
184
,816
2
,006
,743
5
02,0
62
65.5
34.
7213
.39
7.16
9.21
Dec
-07
1,3
18,4
19
94,
287
278
,966
1
24,1
69
186
,740
2
,002
,581
5
01,0
21
65.8
44.
7113
.93
6.20
9.32
Jan-
08 1
,357
,485
9
6,54
2 2
94,3
41
124
,393
1
97,1
04
2,0
69,8
65
517
,855
65
.58
4.66
14.2
26.
019.
53
Feb-
08 1
,386
,566
9
7,43
3 3
07,1
12
120
,665
2
01,3
00
2,1
13,0
76
528
,666
65
.62
4.61
14.5
35.
719.
53
Mar
-08
1,3
92,2
19
96,
268
315
,661
1
11,5
62
207
,636
2,
123,
346
531
,235
65
.57
4.53
14.8
75.
259.
77
Con
td...
128
Table 5-6 : FIMMDA NSE MIBID/MIBOR Rates
Month/Date
OVERNIGHT AT 9.40 a.m.*
14 DAY AT 11.30 a.m.**
1 MONTH RATE AT 11.30 a.m.***
3 MONTH RATE AT 11.30 a.m.***
MIBID MIBOR MIBID MIBOR MIBID MIBOR MIBID MIBOR
29-Jun-98 6.81 7.12 – – – – – –31-Jul-98 3.25 4.18 – – – – – –31-Aug-98 8.59 8.88 – – – – – –30-Sep-98 8.18 8.38 – – – – – –30-Oct-98 8.63 8.81 – – – – – –30-Nov-98 8.00 8.06 8.44 9.06 – – – –31-Dec-98 – – 8.87 9.45 9.45 10.24 10.43 11.2830-Jan-99 8.33 8.51 8.80 9.34 9.32 10.04 10.40 11.08 27-Feb-99 9.12 9.27 9.23 9.82 9.87 10.46 10.94 11.45 31-Mar-99 10.87 12.97 9.09 10.06 9.44 10.35 10.30 11.20 29-Apr-99 8.25 8.45 8.25 9.01 8.93 9.72 9.83 10.63 31-May-99 8.04 8.19 8.44 8.93 9.01 9.78 9.80 10.72 30-Jun-99 – – 8.48 9.11 9.11 9.84 9.89 10.68 31-Jul-99 8.18 8.31 8.36 8.86 8.79 9.37 9.36 10.09 31-Aug-99 9.93 10.09 9.24 9.83 9.46 10.11 9.86 10.57 30-Sep-99 – – 9.11 9.64 9.57 10.20 10.06 10.70 30-Oct-99 8.10 8.26 8.82 9.62 9.45 10.17 10.31 11.08 30-Nov-99 7.95 8.04 8.40 9.02 9.08 9.75 10.05 10.70 31-Dec-99 7.07 7.57 8.61 9.27 9.12 9.89 9.76 10.53 31-Jan-00 8.09 8.19 8.33 8.85 8.78 9.32 9.60 10.31 29-Feb-00 8.99 9.10 8.76 9.66 8.98 9.80 9.38 10.24 31-Mar-00 14.10 16.52 9.98 10.93 9.90 10.82 9.96 10.96 29-Apr-00 6.96 7.06 7.35 8.11 8.03 8.68 8.78 9.47 31-May-00 6.92 7.02 7.76 8.66 8.25 9.12 8.92 9.64 30-Jun-00 – – 9.80 11.25 9.71 10.92 9.78 11.13 31-Jul-00 8.20 8.33 9.14 10.11 9.62 10.49 10.28 11.11 31-Aug-00 13.94 14.31 13.02 14.33 12.54 13.61 11.58 12.67 30-Sep-00 10.10 10.28 10.29 11.23 10.55 11.49 10.75 11.76 31-Oct-00 8.10 8.26 8.77 9.48 9.34 10.16 9.89 10.73 30-Nov-00 7.98 8.06 8.68 9.33 9.12 9.82 9.73 10.54 29-Dec-00 8.24 8.46 9.21 9.96 9.49 10.20 9.85 10.64 31-Jan-01 9.66 9.85 9.41 10.05 9.63 10.28 10.00 10.57 28-Feb-01 7.71 7.84 8.11 8.80 8.67 9.38 9.40 10.10 31-Mar-01 10.22 12.18 9.03 9.89 9.08 9.86 9.26 10.25 30-Apr-01 7.25 7.39 7.55 8.33 8.15 8.83 8.83 9.54 31-May-01 6.79 6.95 7.40 8.04 7.89 8.57 8.41 9.08 29-Jun-01 7.20 7.34 7.25 7.85 7.69 8.41 8.16 8.87 31-Jul-01 6.91 7.04 7.29 7.88 7.58 8.17 7.99 8.66 31-Aug-01 6.92 7.03 7.01 7.40 7.34 7.82 7.82 8.32 28-Sep-01 7.77 8.21 7.52 8.14 8.07 8.70 8.33 8.98 31-Oct-01 8.47 8.77 7.15 7.72 7.39 8.03 7.61 8.37 29-Nov-01 6.42 6.59 6.74 7.23 7.26 7.80 7.77 8.32
Contd...
129
Table 5-6 : FIMMDA NSE MIBID/MIBOR Rates
Month/Date
OVERNIGHT AT 9.40 a.m.*
14 DAY AT 11.30 a.m.**
1 MONTH RATE AT 11.30 a.m.***
3 MONTH RATE AT 11.30 a.m.***
MIBID MIBOR MIBID MIBOR MIBID MIBOR MIBID MIBOR
31-Dec-01 7.80 8.11 7.42 8.04 7.63 8.26 7.88 8.57 31-Jan-02 6.51 6.64 6.89 7.40 7.15 7.73 7.73 8.41 28-Feb-02 6.94 7.16 6.84 7.33 7.23 7.78 7.79 8.37 30-Mar-02 7.44 11.09 7.41 8.06 7.39 8.05 7.63 8.29 30-Apr-02 6.45 6.61 6.58 7.13 7.01 7.63 7.53 8.19 31-May-02 6.01 6.16 6.64 7.29 7.17 7.79 7.48 8.24 28-Jun-02 4.99 5.35 6.04 6.56 6.35 6.98 6.80 7.50 31-Jul-02 5.65 5.75 5.80 6.16 6.01 6.42 6.35 6.84 31-Aug-02 5.67 5.75 5.73 6.02 5.98 6.34 6.37 6.81 28-Sep-02 5.70 5.77 5.73 6.07 5.91 6.32 6.28 6.81 31-Oct-02 5.45 5.53 5.50 5.71 5.65 5.87 5.85 6.23 30-Nov-02 5.21 5.39 5.45 5.65 5.59 5.82 5.77 6.10 31-Dec-02 5.59 5.71 5.50 5.69 5.60 5.90 5.80 6.21 31-Jan-03 6.02 6.20 5.60 5.97 5.67 6.04 5.82 6.30 28-Feb-03 6.29 6.52 5.62 5.92 5.66 6.13 5.73 6.27 31-Mar-03 6.69 7.13 5.66 6.30 5.83 6.37 5.73 6.36 30-Apr-03 4.61 4.88 5.00 5.32 5.18 5.51 5.33 5.76 31-May-03 4.78 4.96 4.93 5.26 5.03 5.36 5.19 5.60 30-Jun-03 4.76 4.99 4.91 5.14 4.96 5.30 5.14 5.52 31-Jul-03 4.83 5.00 4.97 5.13 5.01 5.23 5.06 5.39 31-Aug-03 4.37 4.50 4.50 4.66 4.53 4.73 4.69 4.94 30-Sep-03 4.45 4.59 4.41 4.63 4.49 4.73 4.64 4.94 31-Oct-03 4.42 4.53 4.69 4.96 4.73 5.02 4.82 5.21 30-Nov-03 4.25 4.48 4.47 4.62 4.54 4.70 4.66 4.93 31-Dec-03 4.31 4.50 4.45 4.62 4.50 4.72 4.66 4.91 31-Jan-04 4.27 4.49 4.47 4.67 4.57 4.77 4.70 5.00 29-Feb-04 4.29 4.47 4.45 4.63 4.56 4.72 4.72 5.00 31-Mar-04 4.30 4.51 4.44 4.68 4.57 4.82 4.73 5.05 30-Apr-04 4.11 4.46 4.37 4.55 4.45 4.65 4.59 4.90 31-May-04 4.27 4.50 4.35 4.55 4.44 4.64 4.56 4.83 29-Jun-04 4.24 4.49 4.33 4.51 4.41 4.62 4.55 4.83 31-Jul-04 4.22 4.49 4.37 4.56 4.46 4.67 4.62 4.89 31-Aug-04 4.25 4.46 4.44 4.65 4.53 4.76 4.67 4.94 29-Sep-04 4.45 4.59 4.50 4.69 4.58 4.81 4.74 5.03 30-Oct-04 4.68 4.84 4.78 5.03 4.85 5.11 5.00 5.31 30-Nov-04 4.74 4.85 4.99 5.30 5.05 5.39 5.16 5.57 31-Dec-04 5.54 5.78 5.22 5.49 5.20 5.48 5.38 5.68 31-Jan-05 4.69 4.80 4.87 5.13 5.00 5.30 5.35 5.70 28-Feb-05 4.66 4.77 4.87 5.25 5.01 5.51 5.44 6.10 31-Mar-05 4.77 4.92 5.06 5.46 5.23 5.63 5.62 6.11 30-Apr-05 4.90 5.04 5.13 5.33 5.28 5.55 5.56 5.98
Contd...
Contd...
130
Table 5-6 : FIMMDA NSE MIBID/MIBOR Rates
Month/Date
OVERNIGHT AT 9.40 a.m.*
14 DAY AT 11.30 a.m.**
1 MONTH RATE AT 11.30 a.m.***
3 MONTH RATE AT 11.30 a.m.***
MIBID MIBOR MIBID MIBOR MIBID MIBOR MIBID MIBOR
31-May-05 4.97 5.06 5.14 5.33 5.27 5.51 5.49 5.93 30-Jun-05 5.51 5.69 5.32 5.46 5.39 5.63 5.60 5.94 30-Jul-05 4.80 5.02 5.05 5.27 5.22 5.50 5.54 6.02 31-Aug-05 4.97 5.05 5.20 5.36 5.32 5.51 5.66 5.96 30-Sep-05 5.03 5.14 5.32 5.53 5.46 5.73 5.71 6.06 31-Oct-05 5.26 5.33 5.35 5.47 5.48 5.65 5.85 6.10 30-Nov-05 5.32 5.43 5.56 5.82 5.68 5.98 5.98 6.30 31-Dec-05 6.83 7.03 6.25 6.76 6.20 6.78 6.27 6.88 31-Jan-06 7.35 7.56 6.92 7.42 7.08 7.53 7.08 7.62 28-Feb-06 6.61 6.73 6.80 7.15 6.92 7.31 7.20 7.65 31-Mar-06 6.60 6.81 7.30 7.91 7.63 8.24 7.86 8.48 29-Apr-06 5.57 5.68 5.64 6.16 5.91 6.45 6.37 6.97 31-May-06 5.50 5.60 5.78 6.11 6.00 6.39 6.39 6.82 30-Jun-06 5.78 5.85 5.79 6.19 6.14 6.61 6.59 7.09 31-Jul-06 6.01 6.10 6.01 6.33 6.27 6.62 6.66 7.20 31-Aug-06 6.02 6.10 6.05 6.36 6.30 6.68 6.72 7.21 29-Sep-06 6.95 7.17 6.30 6.64 6.46 6.86 6.74 7.21 31-Oct-06 6.76 6.89 6.68 7.04 6.85 7.29 7.21 7.63 30-Nov-06 6.12 6.20 6.68 7.00 6.94 7.32 7.34 7.70 30-Dec-06 14.47 15.79 7.82 10.47 8.00 10.30 8.24 9.56 31-Jan-07 7.71 7.84 7.26 8.21 7.64 8.55 8.57 9.19 28-Feb-07 6.01 6.11 7.74 8.51 8.53 9.47 9.53 10.22 30-Mar-07 58.15 68.27 9.03 12.62 9.43 11.66 9.71 11.65 30-Apr-07 9.03 9.34 8.55 9.62 9.22 10.42 10.05 11.12 31-May-07 0.89 1.16 5.74 6.69 7.34 8.27 8.86 9.72 29-Jun-07 8.66 8.96 7.33 8.13 7.44 8.49 8.69 9.59 30-Jun-07 2.23 3.18 6.80 7.78 6.97 8.15 8.39 9.31 31-Jul-07 0.13 0.19 3.36 4.56 5.45 6.22 6.45 7.54 31-Aug-07 6.05 6.15 6.15 6.85 6.70 7.51 7.61 8.47 28-Sep-07 8.74 9.08 6.22 6.83 7.07 7.85 7.78 8.45 31-Oct-07 6.08 6.15 5.83 6.72 6.29 7.13 7.24 7.90 30-Nov-07 7.66 7.75 6.57 7.56 6.83 7.88 7.52 8.50 31-Dec-07 6.87 7.02 7.27 7.86 7.58 8.07 8.01 8.56 31-Jan-08 6.82 6.93 6.30 7.34 6.65 7.78 7.51 8.54 29-Feb-08 7.12 7.26 7.08 8.25 7.61 8.75 8.59 9.61 31-Mar-08 8.96 9.16 7.49 9.17 8.00 9.46 8.74 9.82
Note:
* Overnight : Disseminated since June 15, 1998.
** 14 Day : Disseminated since November 10, 1998.
*** 1 month : Disseminated since December 1, 1998.
*** 3 month : Disseminated Since December 1, 1998.
Contd...
131
Table 5-7 : 1-day Value-at-Risk (99%) for Government of India Securities Traded as on March 31, 2008
Security Type
Security Name
Issue Name
Normal Weighted Normal
Historical Simulation
Weighted Historical Simulation
EVT Clean Price (off
NSE-ZCYC)
Accrued_Interest
GS CG2009 6.65% 0.627 1.289 0.788 1.08 0.731 99.015 3.25
GS CG2010 5.87% 0.77 1.621 0.985 1.51 0.866 97.01 1.45
GS CG2013 7.27% 1.037 1.475 1.144 1.435 0.925 97.252 0.57
GS CG2017 7.99% 1.456 1.888 1.364 1.597 1.145 99.431 1.82
GS CG2027 8.26% 2.868 3.439 3.331 3.388 2.562 98.46 1.35
GS CG2036 8.33% 4.161 4.365 5.261 3.943 3.955 97.215 2.64
TB 182D 80808 0.326 0.72 0.412 0.815 0.385 97.362 0.00
TB 182D 130608 0.208 0.472 0.272 0.48 0.246 98.492 0.00
TB 182D 180408 0.058 0.134 0.076 0.128 0.068 99.631 0.00
132
Futures & Options Segment 6
134
135
6Futures & Options Segment
The Futures and Options segment of NSE witnessed commendable achievements during 2007-08. In addition to the launch of new products, it also witnessed huge volumes. NSE being the most vibrant exchange in the country created a niche for itself on the international front. In the year 2007, NSE ranked as the ninth largest derivatives exchange in the world, the second largest exchange in terms of number of contracts traded in single stock futures and the third largest in terms number of contracts traded in the index futures category.
The derivatives trading at NSE commenced on June 12, 2000 with futures trading on S&P CNX Nifty Index. Subsequently, the product base has been increased to include trading in options on S&P CNX Nifty Index, futures and options on CNX IT Index, Bank Nifty Index, CNX Nifty Junior, CNX 100, Nifty Midcap 50 Indices and single stocks. The various products on the derivative segment of NSE and their date of launch is shown in the table below.
Products available for trading on Derivatives Segment
Products on Derivative Segment Date of Launch
S&P CNX Nifty Futures June 12, 2000
S&P CNX Nifty Options June 4, 2001
Single Stock Options July 2, 2001
Single Stock Futures November 9, 2001
Interest Rate Futures June 24, 2003
CNX IT Futures & Options August 29, 2003
Bank Nifty Futures & Options June 13, 2005
CNX Nifty Junior Futures & Options June 1, 2007
CNX 100 Futures & Options June 1, 2007
Nifty Midcap 50 Futures & Options October 5, 2007
Mini Nifty Futures & Options on S&P CNX Nifty January 1, 2008
Long term Options on S&P CNX Nifty March 3, 2008
Number of Securities on which F&O Contracts were available for Trading (2007-08)
Month/Year Number of securities*
Apr-07 155
May-07 186
Jun-07 187
Jul-07 191
Aug-07 195
Contd...
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Number of Securities on which F&O Contracts were available for Trading (2007-08)
Month/Year Number of securities*
Sep-07 207
Oct-07 208
Nov-07 224
Dec-07 225
Jan-08 224
Feb-08 228
Mar-08 228
2007-08 228
* at the end of the month
Trading on single stock options commenced on July 2, 2001 while trading on single stock futures were launched on November 9, 2001. The list of securities on which single stock futures and options are available at NSE along with their launch date and market lot is shown in Table 6-1.
Since inception, NSE established itself as the sole market leader in the Futures & Options segment in the country and during 2007-08, it accounted for 98.18 % of the market share.
Trading Mechanism
The derivatives trading system at NSE is called NEAT-F&O trading system. It provides a fully automated screen-based trading for all kind of derivative products available on NSE on a nationwide basis. It supports an anonymous order driven market, which operates on a strict price/time priority. It provides tremendous fl exibility to users in terms of kinds of orders that can be placed on the system. Various time and price related conditions like Immediate or Cancel, Limit/Market Price, Stop Loss, etc. can be built into an order. Trading in derivatives is essentially similar to that of trading of securities in the CM segment.
The NEAT-F&O trading system distinctly identifi es two groups of users. The trading user more popularly known as trading member has access to functions such as, order entry, order matching and order & trade management. The clearing user (clearing member) uses the trader workstation for the purpose of monitoring the trading member(s) for whom he clears the trades. Additionally, he can enter and set limits on positions, which a trading member can take.
Contd...
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Contract Specifi cation
The contract specifi cation for derivative products traded on NSE are summarised in Table 6-2 & Table 6-3.
The index futures and index options contracts traded on NSE are based on S&P CNX Nifty Index, CNX IT Index, Bank Nifty, CNX Nifty Junior, CNX 100 and Nifty Midcap 50 while stock futures and options are based on individual securities. Stock futures and options were available on 228 securities as of June 20, 2008. During January 2008, Mini futures and options contracts on S&P CNX Nifty were introduced for trading while long term options contracts on S&P CNX Nifty were introduced in March 2008.
At any point of time there are only three contract months available for trading, with 1 month, 2 months and 3 months to expiry. These contracts expire on last Thursday of the expiry month and have a maximum of 3-month expiration cycle. If the last Thursday is a trading holiday, the contracts expire on the previous trading day. A new contract is introduced on the next trading day following the expiry of the near month contract. All the derivatives contracts are presently cash settled.
The long term option contracts are available for 3 serial month contracts, 3 quarterly months of the cycle March / June / September / December and 5 following semi-annual months of the cycle June / December. Thus, at any point in time there are atleast 3 year tenure option available.
Introduction of strike prices for option contracts
Stock Options
NSE introduces option strikes on a daily basis based on the price of the underlying. With regard to options on stocks the Exchange provides a minimum of seven strike prices for every option type (i.e Call & Put) during the trading month. At any time, there are atleast three strikes in-the-money (ITM), three strikes out-of-the-money (OTM) and one strike at-the-money (ATM). The table below gives details of generation of strike price interval for stock options.
Generation of strikes for Stock Options
Price of underlying Strike Price Interval Schemes of Strikes
Less than or equal to Rs.50 2.5 3-1-3
> Rs.50 - Rs.250 5 3-1-3
> Rs.250 - Rs. 500 10 3-1-3
> Rs.500 - Rs.1000 20 3-1-3
> Rs.1000 - Rs.2500 30 3-1-3
> Rs.2500 50 3-1-3
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Index Options
The number of strikes provided in options on Indices- S&P CNX Nifty, CNX Nifty Junior, CNX 100, CNX IT, Bank Nifty and Nifty Midcap 50 are related to the range in which previous day’s closing value of the index falls as per the table below.
Generation of strikes for Index Options
Index Level Strike Interval Scheme of strikes (ITM-ATM-OTM)
Upto 2000 25 4-1-4
2001 to 4000 50 4-1-4
>4000 to 6000 50 5-1-5
>6000 50 6-1-6
Selection Criteria for Stocks and Index eligibility for trading
Eligibility Criteria of Stocks
• The stocks are chosen from amongst the top 500 stocks in terms of average daily market capitalisation and average daily traded value in the previous six months on a rolling basis.
• The stock’s median quarter-sigma order size over the last six months is not less than Rs.1 lakh. For this purpose, a stock’s quarter-sigma order size means the order size (in value terms) required to cause a change in the stock price equal to one-quarter of a standard deviation.
• The market wide position limit in the stock is not less than Rs. 50 crore. The market wide position limit (number of shares) are valued taking the closing prices of stocks in the underlying cash market on the date of expiry of contract in the month. The market wide position limit of open position (in terms of the number of underlying stock) on futures and option contracts on a particular underlying stock is 20% of the number of shares held by non-promoters in the relevant underlying security i.e. free-fl oat holding.
• If an existing security fails to meet the eligibility criteria for three months consecutively, then no fresh month contract are issued on that security.
• However, the existing unexpired contracts may be permitted to trade till expiry and new strikes may also be introduced in the existing contract months.
Eligibility Criteria of Indices
• The Exchange may consider introducing derivative contracts on an index if the stocks contributing to 80% weightage of the index are individually eligible for derivative trading. However, no single ineligible stocks in the index should have a weightage of more than 5% in the index.
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• The above criteria is applied every month, if the index fails to meet the eligibility criteria for three months consecutively, then no fresh month contract are issued on that index. However, the existing unexpired contacts are permitted to trade till expiry and new strikes may also be introduced in the existing contracts.
Selection criteria for unlisted companies
For unlisted companies coming out with initial public offering, if the net public offer is Rs. 500 crore or more, then the Exchange may consider introducing stock options and stock futures on such stocks at the time of its’ listing in the cash market.
Re-introduction of dropped stocks
A stock which is dropped from derivatives trading may become eligible once again. In such instances, the stock is required to fulfi ll the eligibility criteria for three consecutive months to be re-introduced for derivatives trading.
Eligibility criteria of stocks for derivatives trading especially on account of corporate restructuring
The eligibility criteria for stocks for derivatives trading on account of corporate restructuring is as under. All the following conditions should be met in the case of shares of a company undergoing restructuring through any means for eligibility to reintroduce derivative contracts on that company from the fi rst day of listing of the post restructured company/(s) (as the case may be) stock (herein referred to as post restructured company) in the underlying market,
a) The Futures and options contracts on the stock of the original (pre restructure) company were traded on any exchange prior to its restructuring;
b) The pre restructured company had a market capitalisation of at least Rs.1000 crores prior to its restructuring;
c) The post restructured company would be treated like a new stock and if it is, in the opinion of the exchange, likely to be at least one-third the size of the pre restructuring company in terms of revenues, or assets, or (where appropriate) analyst valuations; and
d) In the opinion of the exchange, the scheme of restructuring does not suggest that the post restructured company would have any characteristic (for example extremely low free fl oat) that would render the company ineligible for derivatives trading.
If the above conditions are satisfi ed, then the exchange takes the following course of action in dealing with the existing derivative contracts on the pre-restructured company and introduction of fresh contracts on the post restructured company
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a) In the contract month in which the post restructured company begins to trade, the Exchange introduce near month, middle month and far month derivative contracts on the stock of the restructured company.
b) In subsequent contract months, the normal rules for entry and exit of stocks in terms of eligibility requirements would apply. If these tests are not met, the exchange shall not permit further derivative contracts on this stock and future month series shall not be introduced.
Trading Value & Contracts Traded
The total turnover on the F&O Segment surged by an impressive 77.95 % to Rs. 13,090,478 crore (US $ 3,275,076 million ) during 2007-08 as compared with Rs. 7,356,271 crore (US $ 1,687,605 million) during 2006-07. The average daily turnover during 2007-08 was Rs.52,153 crore (US $ 13,048 million), a year on year growth of 76.53 %. The business growth of F&O segment and the number of contracts traded during the year is presented in Table 6-4 and Chart 6-1.
Chart 6-1 : Business Growth of F&O Segment
In the year 2007-08, total number of contracts traded in Futures & Options Segment aggregated to 43 crore, out of which 36 crore contracts were traded in Futures Segment and 7 crore contracts in Options Segment. During 2007-08, 48 % of the contracts traded on the F&O Segment of NSE were in stock futures followed by index futures (37 %), contracts traded on stock options was 13 % while 2 % of the contracts were traded on stock options (Chart 6-2).
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Chart 6-2 : Product wise Number of Contracts Traded during 2007-08
Product wise turnover on F&O Segment:
During 2007-08, the traded value of index futures saw a year-on-year growth of 50.45 % and amounted to Rs.3,820,667 crore (US $ 955,884 million) in 2007-08 as against Rs.2,539,575 crore (US $ 582,605 million) during 2006-07.
The traded value in stock futures saw growth of 97.04 % to Rs.7,548,563 crore (US $ 1,888,557 million) during 2007-08 over the turnover of Rs.3,830,972 crore (US $ 878,865 million) in 2006-07. The stock futures category saw the highest year on year growth in terms of turnover.
Index options recorded turnover of Rs.1,362,111 crore (US $ 340,783 million) during 2007-08 , an increase of 72 % over the turnover of Rs.791,913 crore (US $ 181,673 million) during 2006-07.
Stock options recorded turnover of Rs. 3,59,137 crore (US $ 89,852 million) during 2007-08 , an increase of 85 % over the turnover of Rs. 193,811 crore (US $ 4,4,462 million) during 2006-07.
Stock futures accounted for 58.83 % of the total turnover during the 2007-08 fi scal followed by the trading in index futures at 28.21 % (Chart 6-3). At the end of March 2008, there were 228 stock futures available for trading.
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Chart 6-3 : Product wise trading volumes during 2007-08
Futures and Options on Benchmark Indices
The details of traded volumes on Index Futures and Options, having the underlying as the NSE indices is shown in the table below.
Benchmark Indices Contracts & Trading Volume in F&O Segment of NSE (2007-08)
Products Underlying No. of Contracts
Turnover
(Rs.cr) (US $ mn)
NIFTY S&P CNX Nifty 208,198,647 5,112,864 1,279,175
BANKNIFTY BANK Nifty 2,075,132 37,514 9,386
MINIFTY S&P CNX Nifty 229,889 21,304 5,330
JUNIOR CNX Nifty Junior 211,418 5,354 1,340
CNXIT CNX IT 20,158 5,045 1,262
CNX100 CNX 100 1,217,577 425 106
Nifty Midcap 50 Nifty Midcap 50 11,796 273 68
TOTAL 211,964,617 5,182,778 1,296,667
During 2007-08, the S&P CNX Nifty Index accounted for more than 98 % of the turnover in Index futures and options. Around 15 crore futures contracts and 6 crore option contracts were traded on S&P CNX Nifty. The S&P CNX Nifty accounted for 98.92 % of the total contracts traded.
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Sectorwise Stock Futures & Options Turnover
Sectorwise turnover of stock futures and options is presented in the table below. Companies belonging to the manufacturing sector accounted for 25.68 % of total stock futures and options turnover on the Exchange followed by the stocks in petrochemicals sector (16.17 %) and the stocks in the infrastructure sector (15.76 %).
Sectorwise Classifi cation of turnover in F&O segment (2007-08)
Sector Total Turnover
(Rs. cr) ( US $ mn)
Manufacturing 2,032,057.67 508,118.76
Petrochemicals 1,278,682.43 319,910.54
Infrastructure 1,521,507.32 380,662.33
Banks 784,305.99 196,223.67
Finance 706,161.38 176,672.85
Telecommunication 548,008.89 137,382.00
Information Technology 385,714.09 96,500.90
Engineering 185,067.53 46,301.61
Pharmaceuticals 169,654.04 42,445.34
Fast Moving Consuming Goods (FMCG) 113,100.15 28,296.26
Services 79,157.65 19,804.27
Media & Entertainment 65,231.89 16,320.21
Miscellaneous 39,050.60 9,769.98
TOTAL 7,907,699.63 1,978,408.71
The stock futures and option turnover of top 5 companies in each sector for the period 2007-08 is presented in Table 6-5.
Participant wise turnover on F&O Segment:
During 2007-08, the retail investors accounted for 62.97 % of the turnover on the F&O segment of the Exchange. The gross turnover of the retail participants in the F&O Segment amounted to Rs.16,485,724 crore (US $ 4,124,524 million) during 2007-08 followed by the Proprietory segment with gross turnover of Rs.6,439,196 crore (US $ 1,611,007million) and the Institutional players with gross turnover of Rs. 3,256,034 crore (US $ 814,619million). The share of retail participants and institutional participants in the gross turnover was 24.59 % and 12.44 % respectively.
The month wise details of the turnover for the participants in the F&O segment is presented in Table 6-6 and Chart 6-4.
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Chart 6-4 : Participant wise F&O Turnover during 2007-08
FII Turnover on NSE:
Out of the total institutional turnover of Rs.3,256,034 crore (US $ 814,619 million), FIIs accounted for a share of 76.89 % . The gross turnover of FIIs amounted to Rs.2,503,511 crore (US $ 626,348 million) as compared with Rs.1,286,211 crore (US $ 295,070 million) during 2006-07. The FII share in derivatives turnover rose to 9.56 % during 2007-08 from 8.74 % in the corresponding period last year (Table 6-7).
Memberwise turnover on the Exchange:
During 2007-08, there were 691 members which accounted for turnover of Rs.1,000 crore and more while 54 members registered turnover between Rs.500 crore and Rs.1,000 crore collectively in the futures and options category. In the month of October 2007, 400 trading members accounted for a turnover of Rs.1,000 crore and more, which was the highest number of members during the fi scal year 2007-08.
The number of members in different turnover brackets in Futures and Options segment is presented 6-8a & b. Around 79 % of the trading members generated turnover of Rs.1,000 crore and more in futures trading. In the options segment, only 35 % of the trading members had a turnover of Rs.1,000 crore and more while 65 % trading members had turnover of less than Rs.1,000 crore.
High Volume Members
The turnover of the top ‘5’ and ‘10’ members accounted to Rs.1,591,692.26 crore (US $ 39,822.17 million) and Rs.2,614,923 crore (US $ 65,422.14 million) respectively in 2007-08 in the Futures segment. However, the turnover of the top ‘5’ and ‘10’ members
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in the options segment accounted to Rs.395,886.91 crore (US $ 9,904.60 million) and Rs. 585,224.12 crore (US $ 14,641.58 million) respectively in the same period (Table 6-8 c).
In the Futures segment, the share of top 5 and top ‘10’ members in turnover was 14% and 23% respectively , while in the options segment the share of top 5 and top 10 trading members in in turnover was 23% and 34 % respectively.
Internet Trading
At the end of March 2008, a total number of 305 members were permitted to allow investor’s web based access to NSE’s trading system. The members of the exchange in turn had registered 3,432,771 clients for web based access as on March 31, 2008. In the Futures and Options Segment the trading volume of Rs.2,417,165 crore (US $ 604,745 million) during the year 2007-08, constituting 18.47 % of total trading volume was routed and executed through the internet. The following table shows the growth of internet trading during the during 2006-07 and 2007-08.
Internet Trading in the F&O Segment of the Exchange
Year Enabled members *
Registered clients *
Internet Trading Value
Internet Trading Value
% of Total Trading Volume(Rs.cr.) (US $ mn)
2006-07 242 1,616,218 1,214,961 278,725 16.52
2007-08 305 3,432,771 2,417,165 604,745 18.47
* At the end of fi nancial year.
Traded Value Records
Trading volumes in the F&O Segment during 2007-08 reached a high of Rs.110,564 crore (US $ 27,661.75 million) on October 18, 2007. The following table the traded value records achieved in the F&O Segment of the Exchange during 2007-08.
Records Achieved in the F&O Segment during 2007-08
Product Traded Value (Rs. crores) Date
Index Futures 34,583 18-Oct-07
Stock Futures 71,195 1-Nov-07
Index Options 11,804 18-Oct-07
Stock Options 3,746 18-Oct-07
Total F&O Traded Value 1,10,564 18-Oct-07
Top 20 Futures and Option contracts
During 2007-08, top 20 Futures and options contracts in terms of number of contracts traded have been presented in Table 6-9 and Table 6-10.
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The top 20 Futures contracts accounted for 45.67 % of the total no. of contracts traded in the Futures segment while top 20 Option contracts accounted for 17.05 % of the total option contracts traded during 2007-08.
Among the top 20 future contracts, Nifty August 2007 futures accounted for 11.04 % of the total no. of contracts while Nifty January 2008 futures and Nifty October 2007 contributed 9.48 % and 9.44 % respectively.
Top 3 option contracts on the basis of turnover during 2007-08 were Nifty August 2007 PE 4300, Nifty August 2007 PE 4200 and Nifty May 2007 CE 4100. Together these three option contracts formed 17.41 % of the total turnover of top 20 option contracts.
Number of Trades
During 2007-08, maximum number of trades in the F&O Segment were witnessed in Stock Futures (75.75 %), Index futures (15.28 %), Index Options (5.13 %) and Stock Options (3.84 %) as mentioned in the table below.
Number of Trades in F&O Segment (2007-08)
Products Number of Trades (%)
Stock Futures 75.75
Index Futures 15.28
Index Options 5.13
Stock Options 3.84
TOTAL 100
The details of month wise trades on Index futures & options and stock futures & options is presented in Table 6-11.
Charges
Brokerage Charges
The maximum brokerage chargeable by a trading member in relation to trades effected in the contracts admitted to dealing on the F&O segment of NSE is fi xed at 2.5% of the contract value in case of index futures and stock futures. In case of index options and stock options it is 2.5% of notional value of the contract [(Strike Price + Premium) × Quantity)], exclusive of statutory levies.
Transaction Charges
The transaction charges payable to the exchange by the trading member for the trades executed by him on the F&O segment are fi xed at the rate of Rs. 2 per lakh of turnover (0.002%) subject to a minimum of Rs. 1,00,000 per year. However, for the transactions in the options sub-segment the transaction charges will be levied on the premium value at the rate of 0.05% (each side) instead of on the strike price as levied earlier.
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No transaction charges will be payable in respect of trades done in Interest Rate Futures in the Futures and Options Segment of the Exchange with effect from 1st April 2007 till 31st March 2008. Every Trading Member participating in trading in such Interest Rate Futures at any time during the year 2007-08 shall be required to make a lump sum contribution of Rs.500/- for the whole year as a contribution to Investor Protection Fund.
There would be no transaction charges levied on turnover above Rs.10 crores per trading member per day for trades done in NIFTY Junior and CNX 100 in the Futures sub-segment till September 30, 2007. Further, no transactions charge will be levied on trades done in NIFTY Junior and CNX 100 in the Options sub-segment till September 30, 2007.
Securities Transaction Tax
The trading members are also required to pay securities transaction tax (STT) on non-delivery transactions at the rate of 0.017 (payable by the seller) for derivatives w. e. f June 1, 2008.
Taxable securities transaction Rate (%) Taxable Value Payable by
Sale of an option in securities 0.017 Option premium Seller
Sale of an option in securities, where option is exercised
0.125 Settlement Price Purchaser
Sale of a futures in securities 0.017 Sale Price Seller
Value of taxable securities transaction relating to an “option in securities” will be the option premium, in case of sale of an option in securities.
Value of taxable securities transaction relating to an “option in securities” will be the settlement price, in case of sale of an option in securities, where option is exercised.
Contribution to Investor Protection Fund (F&O Segment)
The trading members contribute to Investor Protection Fund of F&O segment at the rate of Re.1/- per Rs. 100 crore of the traded value (each side) in case of Futures segment and Rs.1/- per Rs. 100 crore of the premium amount (each side) in case of Options segment.
Clearing And Settlement
Settlement Statistics
All derivative contracts are currently cash settled. The participants discharge their obligations through payment/receipt of cash. During 2007-08, such cash settlement amounted to Rs. 1,565,192.40 crore (US $ 392,278.80 million). The settlement of futures and options involved Rs.1,459,668 crore (US $ 365,191 million) and Rs. 105,524.30 (US $ 26,401 million) respectively. The details of settlement in the futures and options segment is presented in Table 6-12.
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Clearing and Settlement
NSCCL undertakes clearing and settlement of all trades executed on the F&O segment of the Exchange. It also acts as legal counterparty to all trades on this segment and guarantees their fi nancial settlement. The Clearing and Settlement process comprises of three main activities, viz., Clearing, Settlement and Risk Management.
Clearing Mechanism
The fi rst step in clearing process is working out open positions and obligations of clearing (self-clearing/trading-cum-clearing/professional clearing) members (CMs). The open positions of a CM is arrived at by aggregating the open positions of all the trading members (TMs) and all custodial participants (CPs) clearing though him, in the contracts which they have traded. The open position of a TM is arrived at by summing up his proprietary open position and clients’ open positions, in the contracts which they have traded. While entering orders on the trading system, TMs identify orders as either proprietary or client. Proprietary positions are calculated on net basis for each contract and that of clients are arrived at by summing together net positions of each individual client. A TM’s open position is the sum of proprietary open position, client open long position and client open short position.
Settlement Mechanism
All futures and options contracts are cash settled i.e. through exchange of cash. The underlying for index futures/options of the Nifty index cannot be delivered. The settlement amount for a CM is netted across all their TMs/clients, across various settlements. For the purpose of settlement, all CMs are required to open a separate bank account with NSCCL designated clearing banks for F&O segment.
Settlement of Futures Contracts on Index or Individual Securities
Futures contracts have two types of settlements, the MTM settlement which happens on a continuous basis at the end of each day, and the fi nal settlement which happens on the last trading day of the futures contract.
• MTM Settlement for Futures : The positions in futures contracts for each member are marked-to-market to the daily settlement price of the relevant futures contract at the end of each day. The CMs who have suffered a loss are required to pay the mark-to-market (MTM) loss amount in cash which is in turn passed on to the CMs who have made a MTM profi t. This is known as daily mark-to-market settlement. CMs are responsible to collect and settle the daily MTM profi ts/losses incurred by the TMs and their clients clearing and settling through them. Similarly, TMs are responsible to collect / pay losses /profits from/to their clients by the next day. The pay-in and pay-out of the mark-to-market settlement are effected on the day following the trade day (T+1).
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After completion of daily settlement computation, all the open positions are reset to the daily settlement price. Such positions become the open positions for the next day.
• Final Settlement for Futures : On the expiry day of the futures contracts, after the close of trading hours, NSCCL marks all positions of a CM to the fi nal settlement price and the resulting profi t/loss is settled in cash. Final settlement loss/profi t amount is debited/credited to the relevant CM’s clearing bank account on the day following expiry day of the contract.
• Settlement Prices for Futures : Daily settlement price on a trading day is the closing price of the respective futures contracts on such day. The closing price for a futures contract is currently calculated as the last half an hour weighted average price of the contract in the F&O Segment of NSE. Final settlement price is the closing price of the relevant underlying index/security in the Capital Market segment of NSE, on the last trading day of the Contract. The closing price of the underlying Index/security is currently its last half an hour weighted average value in the Capital Market Segment of NSE.
Settlement of Options Contracts on Index or Individual Securities
Options contracts have three types of settlements, daily premium settlement, interim exercise settlement in the case of option contracts on securities and fi nal settlement.
• Daily Premium Settlement for Options : Buyer of an option is obligated to pay the premium towards the options purchased by him. Similarly, the seller of an option is entitled to receive the premium for the option sold by him. The premium payable position and the premium receivable position are netted to compute the net premium payable or receivable amount for each client for each option contract. The CMs who have a premium payable position are required to pay the premium amount to NSCCL which in turn passed on to the members who have a premium receivable position. This is known as daily premium settlement. CMs are also responsible to collect and settle for the premium amounts from the TMs and their clients clearing and settling through them. The pay-in and pay-out of the premium settlement is on T+1 day (T=Trade day). The premium payable amount and premium receivable amount are directly credited/debited to the CMs clearing bank account.
• Interim Exercise Settlement : Interim exercise settlement takes place only for option contracts on individual securities. An investor can exercise his in-the-money options at any time during trading hours, through his trading member. Interim exercise settlement is effected for such options at the close of the trading hours, on the day of exercise. Valid exercised option contracts are assigned to short positions in the option contract with the same series (i.e. having the same underlying, same expiry date and same strike price), on a random basis, at the client level. The CM who has exercised the option receives the actual profi t or loss per unit of the option from the CM who has been assigned the option contract.
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Exercise settlement value is debited/credited to the relevant CMs clearing bank account on T+1 day (T=exercise date).
• Final Exercise Settlement : Final Exercise settlement is effected for option positions at in-the-money strike prices existing at the close of trading hours, on the expiration day of an option contract. All long positions at in-the-money strike prices are automatically assigned to short positions in option contracts with the same series, on a random basis.
For index options contracts, exercise style is European style, while for options contracts on individual securities, exercise style is American style. Final Exercise is Automatic on expiry of the option contracts.
Final settlement loss/profi t amount for option contracts on Index is debited/credited to the relevant CMs clearing bank account on T+1 day (T=expiry day). Final settlement loss/profi t amount for option contracts on Individual Securities is debited/credited to the relevant CMs clearing bank account on T+1 day. Open positions, in option contracts, cease to exist after their expiration day.
The pay-in / pay-out of funds for a CM on a day is the net amount across settlements and all TMs/clients, in F&O Segment.
Settlement of Custodial Participant (CP) Deals
NSCCL provides a facility to entities like institutions to execute trades through any TM, which may be cleared and settled by their own CM. Such entities are called Custodial Participants (CP). To avail of this facility, a CP is required to register with NSCCL through this CM, which allots them a unique CP code. The CP and the CM are required to enter into an agreement as per specifi ed format. Thereafter, all trades executed by such CP through any TM are required to have the CP code in the relevant fi eld on the F&O trading system at the time of order entry. Such trades executed on behalf of a CP are required to be confi rmed by their CM (and not the CM of the TM through whom the trade was executed), within the time specifi ed by NSE, using the confi rmation facility provided by NSCCL to the CMs in the F&O segment. Till such time the trade is confi rmed by the CM of the CP, the same is considered as a trade of the TM and the responsibility of settlement of such trade vests with the CM of the TM. Once the trades have been confi rmed by the CM of the CP, they form part of the obligations of the CM of the CP and they shall be responsible for all obligations arising out of such trades including the payment of margins and settlement of obligations.
Risk Management System
NSCCL has developed a comprehensive risk containment mechanism for the F&O segment. The salient features of risk containment measures on the F&O segment are:
151
• The fi nancial soundness of the members is the key to risk management. Therefore, the requirements for membership in terms of capital adequacy (net worth, security deposits) are quite stringent. These requirements have already been explained in Table 2-1 in Section 2 of this publication.
• NSCCL charges an upfront initial margin for all the open positions of a Clearing Member (CM). It specifi es the initial margin requirements for each futures/options contract on a daily basis. It follows VaR-based margining computed through SPAN. The CM in turn collects the initial margin from the trading members (TMs) and their respective clients.
• The open positions of the members are marked to market based on contract settlement price for each contract at the end of the day. The difference is settled in cash on a T+1 basis.
• NSCCL’s on-line position monitoring system monitors a CM’s open position on a real-time basis. Limits are set for each CM based on his effective deposits. The on-line position monitoring system generates alert messages whenever a CM reaches 70 %, 80 %, 90 % and a disablement message at 100 % of the limit. NSCCL monitors the CMs for Initial Margin violation, Exposure margin violation, while TMs are monitored for Initial Margin violation and position limit violation.
• CMs are provided a trading terminal for the purpose of monitoring the open positions of all the TMs clearing and settling through him. A CM may set limits for a TM clearing and settling through him. NSCCL assists the CM to monitor the intra-day limits set up by a CM and whenever a TM exceed the limits, it stops that particular TM from further trading.
• A member is alerted of his position to enable him to adjust his exposure or bring in additional capital. Margin violations result in disablement of trading facility for all TMs of a CM in case of a violation by the CM.
• A separate Settlement Guarantee Fund for this segment has been created out of deposits of members.
The most critical component of risk containment mechanism for F&O segment is the margining system and on-line position monitoring. The actual position monitoring and margining is carried out on-line through Parallel Risk Management System (PRISM) using SPAN(R)* (Standard Portfolio Analysis of Risk) system for the purpose of computation of on-line margins, based on the parameters defi ned by SEBI.
NSE - SPAN
The objective of NSE-SPAN is to identify overall risk in a portfolio of all futures and options contracts for each member. The system treats futures and options contracts uniformly, while at the same time recognising the unique exposures associated with options portfolios, like extremely deep out-of-the-money short positions and inter-month risk.
* SPAN ® is a registered trademark of the Chicago Mercantile Exchange (CME) used here under license.
152
Its over-riding objective is to determine the largest loss that a portfolio might reasonably be expected to suffer from one day to the next day based on 99% VaR methodology.
SPAN considers uniqueness of option portfolios. The following factors affect the value of an option:
i. Underlying market price.
ii. Volatility (variability) of underlying instrument, and
iii. Time to expiration.
iv. Interest rate
v. Strike price
As these factors change, the value of options maintained within a portfolio also changes. Thus, SPAN constructs scenarios of probable changes in underlying prices and volatilities in order to identify the largest loss a portfolio might suffer from one day to the next. It then sets the margin requirement to cover this one-day loss.
The complex calculations (e.g. the pricing of options) in SPAN are executed by NSCCL. The results of these calculations are called risk arrays. Risk arrays, and other necessary data inputs for margin calculation are provided to members daily in a fi le called the SPAN Risk Parameter fi le. Members can apply the data contained in the Risk Parameter fi les, to their specifi c portfolios of futures and options contracts, to determine their SPAN margin requirements.
Hence, members need not execute a complex option pricing calculations, which is performed by NSCCL. SPAN has the ability to estimate risk for combined futures and options portfolios, and also re-value the same under various scenarios of changing market conditions.
NSCCL generates six risk parameters fi le for a day taking into account price and volatilities at various time intervals and are provided on the website of the Exchange.
Margins
The margining system for F&O segment is as below:
• Initial margin : Margin in the F&O segment is computed by NSCCL upto client level for open positions of CMs/TMs. These are required to be paid up-front on gross basis at individual client level for client positions and on net basis for proprietary positions. NSCCL collects initial margin for all the open positions of a CM based on the margins computed by NSE-SPAN. A CM is required to ensure collection of adequate initial margin from his TMs up-front. The TM is required to collect adequate initial margins up-front from his clients.
153
• Premium Margin : In addition to Initial Margin, Premium Margin is charged at client level. This margin is required to be paid by a buyer of an option till the premium settlement is complete.
• Assignment Margin for Options on Securities : Assignment margin is levied in addition to initial margin and premium margin. It is required to be paid on assigned positions of CMs towards interim and fi nal exercise settlement obligations for option contracts on individual securities, till such obligations are fulfi lled. The margin is charged on the net exercise settlement value payable by a CM towards interim and fi nal exercise settlement.
• Exposure Margins : Clearing members are subject to exposure margins in addition to initial margins.
• Client Margins : NSCCL intimates all members of the margin liability of each of their client. Additionally members are also required to report details of margins collected from clients to NSCCL, which holds in trust client margin monies to the extent reported by the member as having been collected form their respective clients.
Position Limits
The market wide limit of open position (in terms of the number of underlying stock) on futures and option contracts on a particular underlying stock should be 20% of the number of shares held by non-promoters in the relevant underlying security i.e. free–float holding. This limit is applicable on all open positions in all futures and option contracts on a particular underlying stock. The enforcement of the market wide limits is done in the following manner:
• At end of the day the exchange tests whether the market wide open interest for any scrip exceeds 95% of the market wide position limit for that scrip. In case it does so, the exchange takes note of open position of all client/TMs as at end of that day for that scrip and from next day onwards they can trade only to decrease their positions through offsetting positions.
• At the end of each day during which the ban on fresh positions is in force for any scrip, the exchange tests whether any member or client has increased his existing positions or has created a new position in that scrip. If so, that client is subject to a penalty equal to a specified percentage (or basis points) of the increase in the position (in terms of notional value). The penalty is recovered before trading begins next day.
• The normal trading in the scrip is resumed after the open outstanding position comes down to 80% or below of the market wide position limit. Further, the exchange also checks on a monthly basis, whether a stock has remained subject to the ban on new position for a significant part of the month consistently for three months. If so, then the exchange phases out derivative contracts on that underlying
154
Trading Member wise Position Limits
Index Futures Contract:
The trading member position limits in equity index futures contracts is higher of Rs.500 Crore or 15% of the total open interest in the market in equity index futures contracts. This limit would be applicable on open positions in all futures contracts on a particular underlying index.
Index Options Contract:
The trading member position limits in equity index option contracts is higher of Rs.500 Crore or 15% of the total open interest in the market in equity index option contracts. This limit would be applicable on open positions in all option contracts on a particular underlying index.
Futures and Option contracts on individual securities :
i. For stocks having applicable market-wise position limit (MWPL) of Rs. 500 crores or more, the combined futures and options position limit is 20% of applicable MWPL or Rs. 300 crores, whichever is lower and within which stock futures position cannot exceed 10% of applicable MWPL or Rs. 150 crores, whichever is lower.
ii. For stocks having applicable market-wise position limit (MWPL) less than Rs. 500 crores, the combined futures and options position limit would be 20% of applicable MWPL and futures position cannot exceed 20% of applicable MWPL or Rs. 50 crore which ever is lower. The Clearing Corporation shall specify the trading member-wise position limits on the last trading day of the month which shall be reckoned for the purpose during the next month.
Client level position limits
The gross open position for each client, across all the derivative contracts on an underlying, should not exceed 1% of the free float market capitalization (in terms of number of shares) or 5% of the open interest in all derivative contracts in the same underlying stock (in terms of number of shares) whichever is higher.
Disclosure for Client Positions in Index based contracts
Any person or persons acting in concert who together own 15% or more of the open interest on a particular underlying index is required to report this fact to the Exchange/ Clearing Corporation. Failure to do so shall be treated as a violation and shall attract appropriate penal and disciplinary action in accordance with the Rules, Byelaws and Regulations of Clearing Corporation.
Position limits for FII, Mutual Funds:
FII & MF Position limits in Index options contracts : FII & MF position limit in all index options contracts on a particular underlying index is Rs.500 Crores or 15 % of
155
the total open interest of the market in index options, whichever is higher. This limit would be applicable on open positions in all options contracts on a particular underlying index.
FII & MF Position limits in Index futures contracts : FII & MF position limit in all index futures contracts on a particular underlying index is Rs. 500 crores or 15 % of the total open interest of the market in index futures, whichever is higher. This limit would be applicable on open positions in all futures contracts on a particular underlying index.
In addition to the above, FIIs & MF’s shall take exposure in equity index derivatives subject to the following limits:
a) Short positions in index derivatives (short futures, short calls and long puts) not exceeding (in notional value) the FII’s / MF’s holding of stocks.
b) Long positions in index derivatives (long futures, long calls and short puts) not exceeding (in notional value) the FII’s / MF’s holding of cash, government securities, T-Bills and similar instruments.
The FIIs should report to the clearing members (custodian) the extent of the FIIs holding of stocks, cash, government securities, T-bills and similar instruments before the end of the day. The clearing member (custodian) in turn should report the same to the exchange. The exchange monitors the FII position limits. The position limit for sub-account is same as that of client level position limits.
156
Contd...
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Sr. No
Security Symbol Launch Date
Market Lot
1 Ambuja Cements Ltd. AMBUJACEM 02-Jul-01 2062
2 Associated Cement Co. Ltd. ACC 02-Jul-01 188
3 Bharat Heavy Electricals Ltd. BHEL 02-Jul-01 75
4 Bharat Petroleum Corporation Ltd. BPCL 02-Jul-01 550
5 Cipla Ltd. CIPLA 02-Jul-01 1250
6 Dr. Reddy’S Laboratories Ltd. DRREDDY 02-Jul-01 400
7 Grasim Industries Ltd. GRASIM 02-Jul-01 88
8 Hindalco Industries Ltd. HINDALCO 02-Jul-01 1595
9 Hindustan Petroleum Corporation Ltd. HINDPETRO 02-Jul-01 1300
10 Hindustan Unilever Ltd HINDUNILVR 2-Jul-01 1000
11 Housing Development Finance Corporation Ltd. HDFC 02-Jul-01 75
12 Infosys Technologies Ltd. INFOSYSTCH 02-Jul-01 200
13 ITC Ltd. ITC 02-Jul-01 1125
14 Mahanagar Telephone Nigam Ltd. MTNL 02-Jul-01 1600
15 Mahindra & Mahindra Ltd. M&M 02-Jul-01 312
16 Ranbaxy Laboratories Ltd. RANBAXY 02-Jul-01 800
17 Reliance Industries Ltd. RELIANCE 02-Jul-01 75
18 Satyam Computer Services Ltd. SATYAMCOMP 02-Jul-01 600
19 State Bank Of India SBIN 02-Jul-01 132
20 Tata Power Co. Ltd. TATAPOWER 02-Jul-01 200
21 Tata Steel Ltd. TATASTEEL 2-Jul-01 382
22 Tata Tea Ltd. TATATEA 02-Jul-01 275
23 Bharat Electronics Ltd. BEL 31-Jan-03 138
24 HCL Technologies Ltd. HCLTECH 31-Jan-03 650
25 Hero Honda Motors Ltd. HEROHONDA 31-Jan-03 400
26 National Aluminium Co. Ltd. NATIONALUM 31-Jan-03 575
27 Oil & Natural Gas Corp. Ltd. ONGC 31-Jan-03 225
28 Polaris Software Lab Ltd. POLARIS 31-Jan-03 2800
29 Shipping Corporation Of India Ltd. SCI 31-Jan-03 800
30 Wipro Ltd. WIPRO 31-Jan-03 600
31 I-Flex Solutions Ltd. I-FLEX 30-May-03 150
32 Maruti Udyog Ltd. MARUTI 09-Jul-03 200
33 Andhra Bank ANDHRABANK 29-Aug-03 2300
34 Bank Of Baroda BANKBARODA 29-Aug-03 700
35 Bank Of India BANKINDIA 29-Aug-03 950
36 Canara Bank CANBK 29-Aug-03 800
37 HDFC Bank Ltd. HDFCBANK 29-Aug-03 200
157
Contd...
Contd...
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Sr. No
Security Symbol Launch Date
Market Lot
38 Oriental Bank Of Commerce ORIENTBANK 29-Aug-03 1200
39 Punjab National Bank PNB 29-Aug-03 600
40 Union Bank Of India UNIONBANK 29-Aug-03 2100
41 Arvind Mills Ltd. ARVINDMILL 26-Sep-03 4300
42 GAIL (India) Ltd. GAIL 26-Sep-03 750
43 Indian Oil Corporation Ltd. IOC 26-Sep-03 600
44 Syndicate Bank SYNDIBANK 26-Sep-03 1900
45 Tata Motors Ltd. TATAMOTORS 26-Dec-03 412
46 Tata Consultancy Services Ltd TCS 25-Aug-04 250
47 National Thermal Power Corporation Ltd. NTPC 05-Nov-04 1625
48 Jet Airways (India) Ltd. JETAIRWAYS 14-Mar-05 400
49 Jaiprakash Hydro-Power Ltd. JPHYDRO 18-Apr-05 3125
50 ABB Ltd. ABB 20-Apr-05 250
51 Allahabad Bank ALBK 20-Apr-05 2450
52 Ashok Leyland Ltd ASHOKLEY 20-Apr-05 4775
53 Axis Bank Ltd. AXISBANK 20-Apr-05 225
54 Bharat Forge Co Ltd BHARATFORG 20-Apr-05 1000
55 Bharti Airtel Ltd BHARTIARTL 20-Apr-05 250
56 Century Textiles Ltd CENTURYTEX 20-Apr-05 212
57 Chennai Petroleum Corporation Ltd. CHENNPETRO 20-Apr-05 900
58 Cummins India Ltd CUMMINSIND 20-Apr-05 475
59 Dabur India Ltd. DABUR 20-Apr-05 2700
60 Glaxosmithkline Pharma Ltd. GLAXO 20-Apr-05 300
61 Indian Hotels Co. Ltd. INDHOTEL 20-Apr-05 1899
62 Indian Overseas Bank IOB 20-Apr-05 1475
63 Industrial Development Bank Of India Ltd. IDBI 20-Apr-05 1200
64 Jindal Steel & Power Ltd JINDALSTEL 20-Apr-05 160
65 LIC Housing Finance Ltd LICHSGFIN 20-Apr-05 850
66 Mangalore Refi nery And Petrochemicals Ltd. MRPL 20-Apr-05 2225
67 Matrix Laboratories Ltd. MATRIXLABS 20-Apr-05 1250
68 Neyveli Lignite Corporation Ltd. NEYVELILIG 20-Apr-05 1475
69 Patni Computer Syst Ltd PATNI 20-Apr-05 650
70 Reliance Capital Ltd RELCAPITAL 20-Apr-05 138
71 Siemens Ltd SIEMENS 20-Apr-05 376
72 Sterlite Industries (I) Ltd STER 20-Apr-05 219
73 Sun Pharmaceuticals India Ltd. SUNPHARMA 20-Apr-05 225
158
Contd...
Contd...
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Sr. No
Security Symbol Launch Date
Market Lot
74 Tata Chemicals Ltd TATACHEM 20-Apr-05 675
75 Vijaya Bank VIJAYABANK 20-Apr-05 3450
76 Wockhardt Ltd. WOCKPHARMA 20-Apr-05 600
77 Aurobindo Pharma Ltd. AUROPHARMA 12-May-05 700
78 Bongaigaon Refi nery Ltd. BONGAIREFN 12-May-05 2250
79 CESC Ltd. CESC 12-May-05 550
80 Chambal Fertilizers Ltd. CHAMBLFERT 12-May-05 3450
81 Corporation Bank CORPBANK 12-May-05 600
82 Divi’S Laboratories Ltd. DIVISLAB 12-May-05 155
83 Essar Oil Ltd. ESSAROIL 12-May-05 1412
84 Federal Bank Ltd. FEDERALBNK 12-May-05 851
85 Gujarat Narmada Fertilizer Co. Ltd. GNFC 12-May-05 1475
86 Indusind Bank Ltd. INDUSINDBK 12-May-05 1925
87 J & K Bank Ltd. J&KBANK 12-May-05 300
88 Jindal Stainless Ltd. JSTAINLESS 12-May-05 1000
89 Maharashtra Seamless Ltd. MAHSEAMLES 12-May-05 600
90 Mphasis Ltd. MPHASIS 12-May-05 800
91 NDTV Ltd. NDTV 12-May-05 550
92 Orchid Chemicals Ltd. ORCHIDCHEM 12-May-05 1050
93 Titan Industries Ltd. TITAN 12-May-05 206
94 TVS Motor Company Ltd. TVSMOTOR 12-May-05 2950
95 Alok Industries Ltd. ALOKTEXT 27-May-05 3350
96 Escorts India Ltd. ESCORTS 27-May-05 2400
97 IFCI Ltd. IFCI 27-May-05 1970
98 India Cements Ltd. INDIACEM 27-May-05 725
99 IVRCL Infrastructure & Projects Ltd. IVRCLINFRA 27-May-05 500
100 Nagarjuna Fertiliser & Chemicals Ltd. NAGARFERT 27-May-05 3500
101 SRF Ltd. SRF 27-May-05 1500
102 Strides Arcolab Ltd. STAR 27-May-05 850
103 The Karnataka Bank Ltd. KTKBANK 27-May-05 1250
104 Infrastructure Development Finance Company Ltd. IDFC 12-Aug-05 1475
105 Suzlon Energy Ltd. SUZLON 19-Oct-05 1000
106 Punj Lloyd Ltd. PUNJLLOYD 06-Jan-06 750
107 Sun Tv Network Ltd. SUNTV 24-Apr-06 1000
108 Reliance Petroleum Ltd. RPL 11-May-06 1675
109 Gmr Infrastructure Ltd. GMRINFRA 21-Aug-06 1250
159
Contd...
Contd...
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Sr. No
Security Symbol Launch Date
Market Lot
110 Reliance Communications Ltd. RCOM 15-Sep-06 350
111 Steel Authority Of India Ltd. SAIL 15-Sep-06 1350
112 Lanco Infratech Ltd. LITL 27-Nov-06 425
113 Parsvnath Developers Ltd. PARSVNATH 30-Nov-06 700
114 Sobha Developers Ltd. SOBHA 20-Dec-06 350
115 Aban Offshore Ltd. ABAN 29-Dec-06 50
116 Amtek Auto Ltd. AMTEKAUTO 29-Dec-06 600
117 Bajaj Hindustan Ltd. BAJAJHIND 29-Dec-06 950
118 Balrampur Chini Mills Ltd. BALRAMCHIN 29-Dec-06 2400
119 Bata India Ltd. BATAINDIA 29-Dec-06 1050
120 Bharat Earth Movers Ltd. BEML 29-Dec-06 125
121 Bombay Dyeing & Mfg. Co Ltd. BOMDYEING 29-Dec-06 300
122 Crompton Greaves Ltd. CROMPGREAV 29-Dec-06 500
123 Gateway Distriparks Ltd. GDL 29-Dec-06 2500
124 GTL Ltd. GTL 29-Dec-06 750
125 Gujarat Alkalies & Chem GUJALKALI 29-Dec-06 1400
126 Hindustan Construction Co HCC 29-Dec-06 1400
127 Jaiprakash Associates Ltd. JPASSOCIAT 29-Dec-06 750
128 Jsw Steel Ltd. JSWSTEEL 29-Dec-06 275
129 Kotak Mahindra Bank Ltd. KOTAKBANK 29-Dec-06 275
130 Lupin Ltd. LUPIN 29-Dec-06 700
131 Nagarjuna Constrn. Co. Ltd. NAGARCONST 29-Dec-06 1000
132 Praj Industries Ltd. PRAJIND 29-Dec-06 1100
133 Sesa Goa Ltd. SESAGOA 29-Dec-06 75
134 Shree Renuka Sugars Ltd. RENUKA 29-Dec-06 5000
135 Tata Teleserv(Maharastra) India Ltd TTML 29-Dec-06 5225
136 Triveni Engg. & Inds. Ltd. TRIVENI 29-Dec-06 1925
137 Ultratech Cement Ltd. ULTRACEMCO 29-Dec-06 400
138 United Spirits Ltd. MCDOWELL-N 29-Dec-06 125
139 Voltas Ltd. VOLTAS 29-Dec-06 900
140 Cairn India Limited CAIRN 09-Jan-07 1250
141 Power Finance Corporation Ltd. PFC 23-Feb-07 1200
142 Indian Bank INDIANB 01-Mar-07 1100
143 Idea Cellular Ltd. IDEA 09-Mar-07 2700
144 Aditya Birla Nuvo Limited ABIRLANUVO 14-May-07 200
145 Adlabs Films Ltd ADLABSFILM 14-May-07 225
160
Contd...
Contd...
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Sr. No
Security Symbol Launch Date
Market Lot
146 Aia Engineering Limited AIAENG 14-May-07 200
147 Alstom Projects India Ltd APIL 14-May-07 200
148 Ansal Prop & Infra Ltd ANSALINFRA 14-May-07 1300
149 Birla Corporation Ltd BIRLAJUTE 14-May-07 850
150 Bombay Rayon Fashions Ltd BRFL 14-May-07 1150
151 Deccan Aviation Limited AIRDECCAN 14-May-07 850
152 Dena Bank DENABANK 14-May-07 2625
153 Educomp Solutions Ltd EDUCOMP 14-May-07 75
154 Everest Kanto Cylinder Ltd EKC 14-May-07 1000
155 Financial Technologies (I) Ltd FINANTECH 14-May-07 150
156 Hotel Leela Ventures Ltd HOTELEELA 14-May-07 3750
157 India Infoline Limited INDIAINFO 14-May-07 250
158 Kesoram Industries Ltd KESORAMIND 14-May-07 500
159 Mahindra Lifespace Developers Ltd MAHLIFE 14-May-07 350
160 Moser-Baer (I) Ltd MOSERBAER 14-May-07 825
161 Oswal Chem. & Fert. Ltd. BINDALAGRO 14-May-07 4950
162 Pantaloon Retail (I) Ltd PANTALOONR 14-May-07 500
163 Patel Engineering Ltd. PATELENG 14-May-07 250
164 Peninsula Land Limited PENINLAND 14-May-07 2750
165 Petronet Lng Limited PETRONET 14-May-07 2200
166 Rajesh Exports Ltd RAJESHEXPO 14-May-07 1650
167 Reliance Natural Resources Ltd. RNRL 14-May-07 1788
168 Rolta India Ltd ROLTA 14-May-07 900
169 Shree Cements Ltd SHREECEM 14-May-07 200
170 Sterling Biotech Ltd STERLINBIO 14-May-07 2500
171 Sterlite Technologies Ltd STRTECH 14-May-07 1050
172 Unitech Ltd UNITECH 14-May-07 900
173 United Phosphorous Ltd UNIPHOS 14-May-07 700
174 HTMT Global Solutions Ltd. HTMTGLOBAL 19-Jun-07 500
175 DLF Limited DLF 05-Jul-07 400
176 Housing Development And Infrastructure Ltd. HDIL 24-Jul-07 400
177 Omaxe Ltd. OMAXE 09-Aug-07 650
178 IVR Prime Urban Developers Ltd. IVRPRIME 16-Aug-07 800
179 Central Bank Of India CENTRALBK 21-Aug-07 2000
180 Puravankara Projects Ltd. PURVA 30-Aug-07 500
181 3I Infotech Ltd. 3IINFOTECH 06-Sep-07 2700
161
Contd...
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Sr. No
Security Symbol Launch Date
Market Lot
182 Aptech Limited APTECHT 06-Sep-07 650
183 Bhushan Steel & Strips Lt BHUSANSTL 06-Sep-07 250
184 Biocon Limited. BIOCON 06-Sep-07 450
185 CMC Ltd. CMC 06-Sep-07 200
186 Havells India Limited HAVELLS 06-Sep-07 400
187 Lakshmi Machines Ltd LAXMIMACH 06-Sep-07 100
188 NIIT Technologies Ltd. NIITTECH 06-Sep-07 1200
189 Nucleus Software Exports NUCLEUS 06-Sep-07 550
190 Sasken Commu Techno Ltd SASKEN 06-Sep-07 1100
191 Tech Mahindra Limited TECHM 06-Sep-07 200
192 Tulip It Services Ltd TULIP 06-Sep-07 250
193 Welspun Guj St. Ro. Ltd. WELGUJ 06-Sep-07 800
194 Yes Bank Limited YESBANK 06-Sep-07 1100
195 Power Grid Corporation Of India Ltd. POWERGRID 05-Oct-07 1925
196 Develop Credit Bank Ltd DCB 30-Nov-07 1400
197 Gitanjali Gems Limited GITANJALI 30-Nov-07 500
198 Great Offshore Ltd GTOFFSHORE 30-Nov-07 250
199 Hindustan Oil Exploration HINDOILEXP 30-Nov-07 1600
200 Hindustan Zinc Limited HINDZINC 30-Nov-07 250
201 IBN 18 Broadcast Limited IBN18 30-Nov-07 1250
202 Info Edge (I) Ltd NAUKRI 30-Nov-07 150
203 Ispat Industries Limited ISPATIND 30-Nov-07 4150
204 Jindal Saw Limited JINDALSAW 30-Nov-07 250
205 Kpit Cummins Infosystems KPIT 30-Nov-07 1650
206 Motor Industries Co Ltd BOSCHLTD 30-Nov-07 50
207 Network 18 Fincap Ltd. NETWORK18 30-Nov-07 500
208 NIIT Limited NIITLTD 30-Nov-07 1450
209 Redington (India) Ltd. REDINGTON 30-Nov-07 500
210 Wire & Wireless (I) Ltd. WWIL 30-Nov-07 3150
211 Edelweiss Capital Ltd EDELWEISS 13-Dec-07 250
212 Brigade Enterprises Ltd. BRIGADE 31-Dec-07 550
213 Reliance Power Ltd. RPOWER 11-Feb-08 500
214 IRB Infrastructure Developers Ltd IRB 25-Feb-08 1100
215 Rural Electrifi cation Corporation Ltd. RECLTD 12-Mar-08 1950
216 Ballarpur Industries Limited BALLARPUR 31-Mar-08 7300
217 Bajaj Auto Limited BAJAJ-AUTO 26-May-08 200
162
Sr. No
Security Symbol Launch Date
Market Lot
Remarks
218 ICICI Bank Ltd. ICICIBANK 31-Jan-03 175 ICICI introduced on 02-07-01 underwent restructuring & got reintroduced as ICICIBANK on 31-01-03
219 Reliance Infrastructure Ltd.
RELINFRA 12-Mar-04 138 BSES introduced on 02.07.01 underwent restructuring & was reintroduced as REL on 12-Mar-04 (Symbol now RELINFRA)
220 Tata Communications Ltd
TATACOMM 20-Apr-05 525 VSNL introduced on 02.07.01 underwent restructuring and got reintroduced as VSNL on 20.04.05 (symbol now TATACOMM)
221 Larsen & Toubro Ltd.
LT 15-Sep-06 50 L&T introduced on 02.07.01 underwent restructuring & got reintroduced as LT on 15-09-06
222 The Great Eastern Shipping Co. Ltd.
GESHIP 27-Nov-06 600 GESHIPPING introduced on 20.04.05 underwent restructuring & got reintroduced as GESHIP on 27-11-06
223 Zee Entertainment Enterprises Ltd.
ZEEL 12-Feb-07 700 ZEETELE introduced on 15-Sep-06 underwent restructuring twice in 19-12-06 and 12-02-07 (Symbol now ZEEL)
224 Hinduja Ventures Ltd.
HINDUJAVEN 24-Apr-07 500 HTMT introduced on 29.12.06 underwent restructing & got reintroduced as HINDUJATMT on 24-04-07. (Symbol now HINDUJAVEN)
225 S Kumars Nationwide Ltd
SKUMARSYNF 14-May-07 1900 S K U M A R S Y N F i n t r o d u c e d o n 14.05.07 underwent restructuring & was reintroduced on 24.04.08
226 Colgate Palmolive Ltd
COLPAL 17-Dec-07 550 COLGATE introduced on 20.04.05 underwent restructuring & got reintroduced as COLPAL on 17-12-07
227 Piramal Healthcare Ltd
PIRHEALTH 15-Feb-08 750 NICOLASPIR introduced on 20.04.05 underwent r e s t ruc tur ing & was reintroduced on 15.02.08 (Symbol now PIRHEALTH)
228 Bajaj Holdings & Investment Ltd.
BAJAJHLDNG 14-Mar-08 250 BAJAJAUTO introduced on 02.07.01 underwent restructuring & got reintroduced as BAJAJAHLDNG on 14.03.08
Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)
Table 6-1 (b) List of Indices on which Futures & Options are available along with their market lot
Sr. No Security Symbol Market Lot
1 S&P CNX Nifty NIFTY 50
2 S&P CNX Nifty MINIFTY 20
3 CNX Nifty Junior JUNIOR 25
4 BANK Nifty BANKNIFTY 25
5 CNX 100 CNX100 50
6 CNX IT CNXIT 50
7 Nifty Midcap 50 NFTYMCAP50 75
163
Con
td...
Tab
le 6
-2 :
Con
trac
t Spe
cifi c
atio
n fo
r In
dex
Futu
res a
nd O
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Par
ticu
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dex
Opt
ions
M
ini I
ndex
Fut
ures
Min
i Ind
ex O
ptio
nsLo
ng T
erm
Ind
ex
Opt
ions
Secu
rity
Des
crip
tion
FUT
IDX
O
PTID
X
FUT
IDX
------
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NX
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ifty
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------
------
------
------
------
------
------
---
Styl
e of
Opt
ion
NA
Euro
pean
NA
------
------
------
------
------
------
---Eu
rope
an---
------
------
------
------
------
-
Con
trac
t Siz
eA
s sp
ecifi
ed b
y SE
BI, c
urre
ntly
min
imum
Rs.2
lakh
s at
th
e tim
e of
intr
oduc
tion
As s
peci
fi ed
by S
EBI c
urre
ntly
min
imum
Rs.1
lakh
at th
e tim
e of
intr
oduc
tion
As
spec
ifie
d b
y S
EB
I cu
rren
tly
m
inim
um
R
s.2
lakh
s at
the
tim
e of
in
trod
uctio
n
Pric
e St
epR
s. 0.
05
Last
Tra
ding
/Exp
irat
ion
Day
Last
Thu
rsda
y of
the
expi
ry m
onth
or
the
prec
edin
g tr
adin
g da
y, if
last
Thu
rsda
y is
a tr
adin
g ho
liday
Expi
ratio
n Pe
riod
3 m
onth
sA
tleas
t 3 y
ears
Tra
ding
Cyc
leA
max
imum
of t
hree
mon
th tr
adin
g cy
cle
- •
Nea
r m
onth
(One
)•
Nex
t mon
th (T
wo)
and
•
Far
mon
th (T
hree
).
New
con
trac
t is i
ntro
duce
d on
the
next
trad
ing
day
follo
win
g th
e ex
piry
of n
ear
mon
th c
ontr
act
• 3
near
mon
th e
xpir
ies
• T
hre
e fo
llo
win
g qu
arte
rly
expi
ries
of
the
cycl
e (M
arch
, Jun
e,
Sept
& D
ec)
• A
fter
the
se 5
fol
low
ing
half
yea
rly
expi
ries
of
cycl
e Ju
ne /
Dec
)”
164
Con
td...
Tab
le 6
-2 :
Con
trac
t Spe
cifi c
atio
n fo
r In
dex
Futu
res a
nd O
ptio
ns
Par
ticu
lars
Inde
x F
utur
esIn
dex
Opt
ions
M
ini I
ndex
Fut
ures
Min
i Ind
ex O
ptio
nsLo
ng T
erm
Ind
ex
Opt
ions
Pric
e Ba
nds
No
pric
e ba
nd h
owev
er
Ope
ratin
g ra
nge
has
been
ke
pt w
hich
is
10 %
of
the
base
pri
ce
No
Pri
ce b
and
how
ever
O
pera
ting
rang
e ha
s be
en
kept
as:
Upp
er ra
nge
- 99
%
of t
he b
ase
pric
e or
Rs.
20
whi
ch ev
er is
hig
her.
Low
er
rang
e - 0
.05
(tick
size
)
No
pric
e ba
nd h
owev
er
Ope
ratin
g ra
nge
has
been
ke
pt w
hich
is
10 %
of
the
base
pri
ce
No
Pric
e ba
nd h
owev
er O
pera
ting
rang
e ha
s be
en k
ept
as: U
pper
ran
ge -
99 %
of t
he b
ase
pric
e or
Rs.
20 w
hich
ev
er is
hig
her.
Low
er r
ange
- 0.
05 (t
ick
size)
No.
of S
trik
e Pr
ices
NA
Dep
endi
ng o
n In
dex
leve
l as
per
tabl
e 6-
2(a)
(1)
NA
Dep
endi
ng o
n In
dex
leve
l as
per
tabl
e 6-
2(a)
(1)
Dep
endi
ng o
n In
dex
leve
l an
d ex
piry
mon
th a
s pe
r ta
ble
6-2(
a)(2
)
Stri
ke P
rice
Inte
rval
(in
Rs.)
NA
Dep
endi
ng o
n In
dex
leve
l as
per
tabl
e 6-
2(b)
(1)
NA
Dep
endi
ng o
n In
dex
leve
l as
per
tabl
e 6-
2(b)
(1)
Dep
endi
ng o
n In
dex
leve
l an
d ex
piry
mon
th a
s pe
r ta
ble
6-2(
b)(2
)
Sett
lem
ent
In c
ash
on T
+1
basis
Sett
lem
ent D
ayLa
st tr
adin
g da
y
Mar
gins
Up-
fron
t ini
tial m
argi
n on
dai
ly b
asis
Dai
ly S
ettle
men
t Pri
ceC
losi
ng p
rice
of
futu
res
cont
ract
on
the
trad
ing
day
N.A
Clo
sing
pri
ce o
f fu
ture
s co
ntra
ct o
n th
e tr
adin
g da
y
N.A
N.A
Fina
l Set
tlem
ent P
rice
Clo
sing
valu
e of
the
inde
x on
exp
iry
day
Clo
sin
g va
lue
of
the
unde
rlyi
ng in
dex
on ex
piry
da
y
Clo
sing
valu
e of u
nder
lyin
g In
dex
on th
e las
t tra
ding
day
of
the
futu
res c
ontr
act.
Clo
sing
valu
e of
und
erly
ing
Inde
x on
the
last
trad
ing
day
of th
e op
tions
con
trac
t.
165
Table 6-2 (a) : Number of strikes for Indices
Index Level First, second and third month expiries
(1)
3 quarterly expiries (2)*
5 half yearly expiries (2)*
Upto 2000 4-1-4 6-1-6 4-1-4
>2000 upto 4000 4-1-4 6-1-6 4-1-4
>4000 upto 6000 5-1-5 8-1-8 5-1-5
>6000 6-1-6 8-1-8 6-1-6
* At present only for S & P CNX Nifty.
Table 6-2 (b) : Strike price intervals for Long Term Nifty Index Options
Index Level First, second and third month expiries (1)
3 quarterly expiries (2) 5 half yearly expiries (2)
upto 2000 25 25 50
>2000 upto 4000 50 50 100
>4000 upto 6000 50 50 100
>6000 50 50 100
166
Table 6-3 : Contract Specifi cation for Stock Futures and Options
Particulars Stock Futures Stock Options
Security Description FUTSTK OPTSTK
Underlying Individual Securities
Style of Option NA American
Contract Size As specifi ed by SEBI; Currently minimum Rs.2 lakhs at the time of introduction
Price Steps Rs. 0.05
Expiration Period 3 months
Trading Cycle A maximum of three month trading cycle - the near month (one), the next month (two) and the far month (three). New contract is introduced on the next trading day following the expiry of near month contract
Last Trading/Expiration Day Last Thursday of the expiry month or the preceding trading day, if last Thursday is a trading holiday
Price Bands No price bands however Operating range has been kept which is 20% of the base price.
No price band however Operating range has been kept which is: Upper range - 99% of the base price or Rs. 20 which ever is higher, Lower range - 0.05 (tick size)
No. of strike Prices NA 7 strikes (3 ITM, 1 ATM and 3 OTM) for every option type (i.e call and put)
Strike Price Interval (in Rs.) NA Depending on underlying price level as per table 6-3 (1)
Settlement In cash on T+1 basis
Settlement Day Last trading day
Margins Up-front initial margin on daily basis
Daily Settlement Price Closing price of the futures contract on the trading day
Closing price of underlying on the day of exercise
Final Settlement Price Closing value of security on expiry day
Closing price of security on exercise day or expiry day
Table 6-3 (1) : Strike interval
Underlying price Strike price interval
0 - 50 2.5
50 - 250 5
250 - 500 10
500 - 1000 20
1000 - 2500 30
> 2500 50
Note:ITM: In-the-MoneyATM: At-the-MoneyOTM-Out-of-the-Money
167
Tab
le 6
-4 :
Busi
ness
Gro
wth
of F
utur
es &
Opt
ions
Mar
ket S
egm
ent
Mon
th/
Yea
rIn
dex
Fut
ures
Stoc
k F
utur
esIn
dex
Opt
ions
Stoc
k O
ptio
nsT
otal
Ave
rage
Dai
ly
Tra
ding
Vol
ume
Cal
lP
utC
all
Put
Con
trac
ts
Tra
ded
Tra
ding
V
olum
e N
o. o
f C
ontr
acts
T
rade
d
Tra
ding
V
alue
N
o. o
f C
ontr
acts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
Tra
ding
Vol
ume
(Rs.
cr.
)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s.cr
)(R
s.cr
)(U
S $
mn)
(Rs.
cr)
(US
$ m
n)
Jun-
00 to
M
ar-0
190
,580
2,36
5–
––
––
––
––
–90
,580
2,36
555
512
2.49
Apr
-01
13,2
7429
2–
––
––
––
––
–13
,274
292
6015
0.31
May
-01
10,0
4823
0–
––
––
––
––
–10
,048
230
4710
0.21
Jun-
0126
,805
590
––
5,23
211
93,
429
77–
––
–35
,466
785
161
370.
77
Jul-0
160
,644
1,30
9–
–8,
613
191
6,22
113
5 1
3,08
2 29
04,
746
106
93,3
062,
031
416
921.
89
Aug
-01
60,9
791,
305
––
7,59
816
55,
533
119
38,
971
844
12,5
0826
312
5,58
92,
696
553
128
2.63
Sep-
0115
4,29
82,
857
––
12,1
8824
38,
262
169
64,
344
1,32
233
,480
690
272,
572
5,28
11,
082
264
5.41
Oct
-01
131,
467
2,48
5–
–16
,787
326
12,3
2423
3 8
5,84
4 1,
632
43,7
8780
129
0,20
95,
477
1,12
226
15.
34
Nov
-01
121,
697
2,48
412
5,94
62,
811
14,9
9431
07,
189
145
112,
499
2,37
231
,484
638
413,
809
8,76
01,
795
438
8.98
Dec
-01
109,
303
2,33
930
9,75
57,
515
12,8
9028
75,
513
118
84,1
341,
986
28,4
2567
455
0,02
012
,919
2,64
768
013
.93
Jan-
0212
2,18
22,
660
489,
793
13,2
6111
,285
253
3,93
385
133,
947
3,83
644
,498
1,25
380
5,63
821
,348
4,37
592
819
.02
Feb-
0212
0,66
22,
747
528,
947
13,9
3913
,941
323
4,74
910
713
3,63
03,
635
33,0
5586
483
4,98
421
,616
4,42
91,
081
22.1
5
Mar
-02
94,2
292,
185
503,
415
13,9
8910
,446
249
4,77
311
110
1,70
82,
863
37,3
871,
094
751,
958
20,4
914,
199
1,07
822
.09
2001
-02
1,02
5,58
821
,482
1,95
7,85
651
,516
113,
974
2,46
661
,926
1,30
076
8,15
918
,780
269,
370
6,38
34,
196,
873
101,
927
20,8
8741
38.
46
Apr
-02
73,6
351,
656
552,
727
15,0
6511
,183
260
5,38
912
212
1,22
53,
400
40,4
431,
170
804,
602
21,6
744,
563
985
207.
40
May
-02
94,3
122,
022
605,
284
15,9
8113
,070
294
7,71
916
912
6,86
73,
490
57,9
841,
643
905,
236
23,6
004,
968
1,07
322
5.84
Jun-
0299
,514
2,12
361
6,46
116
,178
10,2
7222
37,
805
166
123,
493
3,32
548
,919
1,31
790
6,46
423
,332
4,91
21,
167
245.
60
Jul-0
212
2,66
32,
513
789,
290
21,2
0516
,637
350
7,68
816
215
4,08
94,
341
65,5
301,
837
1,15
5,89
730
,407
6,40
11,
322
278.
32
Aug
-02
152,
375
2,97
872
6,31
017
,881
15,9
6731
810
,124
200
147,
646
3,83
765
,630
1,72
51,
118,
052
26,9
385,
671
1,28
327
0.06
Con
td...
168
Tab
le 6
-4 :
Busi
ness
Gro
wth
of F
utur
es &
Opt
ions
Mar
ket S
egm
ent
Mon
th/
Yea
rIn
dex
Fut
ures
Stoc
k F
utur
esIn
dex
Opt
ions
Stoc
k O
ptio
nsT
otal
Ave
rage
Dai
ly
Tra
ding
Vol
ume
Cal
lP
utC
all
Put
Con
trac
ts
Tra
ded
Tra
ding
V
olum
e N
o. o
f C
ontr
acts
T
rade
d
Tra
ding
V
alue
N
o. o
f C
ontr
acts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
Tra
ding
Vol
ume
(Rs.
cr.
)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s.cr
)(R
s.cr
)(U
S $
mn)
(Rs.
cr)
(US
$ m
n)
Sep-
0214
4,30
32,
836
700,
051
17,5
0116
,578
332
12,5
4325
115
1,29
14,
016
80,0
382,
205
1,10
4,80
427
,140
5,71
41,
357
285.
69
Oct
-02
164,
934
3,14
585
6,93
021
,213
23,6
2845
913
,910
267
214,
027
5,59
510
4,65
92,
761
1,37
8,08
833
,441
7,04
01,
592
335.
25
Nov
-02
175,
567
3,50
097
0,25
125
,463
25,4
1350
917
,191
336
261,
600
7,10
610
4,52
92,
922
1,55
4,55
139
,836
8,38
72,
097
441.
40
Dec
-02
277,
403
5,95
81,
217,
873
35,5
3230
,261
660
19,
973
427
309,
573
9,55
211
1,75
63,
491
1,96
6,83
955
,620
11,7
092,
649
557.
60
Jan-
0325
8,95
55,
557
1,30
4,12
238
,299
26,3
7657
7 1
6,80
5 36
332
2,87
610
,174
132,
021
4,17
92,
061,
155
59,1
4912
,452
2,57
254
1.41
Feb-
0323
7803
504,
032
1,19
8,56
432
,445
26,5
0157
1 1
7,68
1 37
526
8,15
67,
644
114,
512
3,31
91,
863,
217
49,3
9510
,399
2,60
054
7.31
Mar
-03
325,
299
6,62
41,
138,
980
29,7
7053
,788
1,11
635
,739
740
255,
658
7,16
314
0,54
03,
919
1,95
0,00
449
,332
10,3
862,
467
519.
28
2002
-03
2,12
6,76
343
,951
10,6
76,8
4328
6,53
226
9,67
45,
670
172,
567
3,57
72,
456,
501
69,6
441,
066,
561
30,4
8916
,768
,909
439,
864
92,6
031,
752
368.
94
Apr
-03
362,
157
6,99
41,
291,
493
29,7
4954
,890
1,09
131
,107
616
297,
270
7,47
116
8,55
34,
098
2,20
5,47
050
,020
11,
528
2,50
157
6.40
May
-03
325,
784
6,28
31,
354,
581
32,7
5253
,198
1,03
930
,109
578
332,
529
8,86
115
5,84
93,
911
2,25
2,05
053
,423
12,
312
2,54
458
6.30
Jun-
0343
9,15
19,
348
1,69
4,50
546
,505
55,8
741,
206
34,8
9573
538
3,60
311
,303
132,
498
3,73
92,
750,
294
73,0
17 1
6,82
8 3,
477
801.
34
Jul-0
364
1,00
214
,743
2,28
2,42
670
,515
87,1
492,
040
50,6
691,
163
495,
853
16,1
8016
2,50
15,
189
3,72
0,56
310
9,84
9 2
5,31
7 4,
776
1,10
0.73
Aug
-03
990,
731
24,9
892,
620,
897
91,2
8896
,875
2,47
754
,649
1,36
243
4,52
616
,028
116,
370
4,21
94,
314,
098
140,
363
32,
349
7,01
81,
617.
45
Sep-
031,
676,
358
45,8
613,
122,
432
113,
874
110,
014
3,08
869
,920
1,92
540
1,66
016
,378
101,
555
4,02
55,
481,
939
185,
151
42,
671
8,41
61,
939.
61
Oct
-03
1,86
6,40
756
,435
3,46
9,56
314
6,37
789
,794
2,76
160
,330
1,81
340
5,70
618
,558
97,4
054,
420
5,98
9,20
523
0,36
5 5
3,09
2 10
,016
2,30
8.33
Nov
-03
1,55
7,90
949
,486
2,76
1,72
512
2,46
371
,696
2,31
348
,281
1,53
426
9,03
213
,314
61,2
953,
061
4,76
9,93
819
2,17
1 4
4,28
9 9,
609
2,21
4.47
Dec
-03
1,87
5,46
865
,378
3,33
4,46
815
0,93
387
,683
3,10
068
,394
2,35
529
4,59
614
,095
63,4
263,
046
5,72
4,03
523
8,90
7 5
5,06
0 10
,859
2,50
2.74
Jan-
042,
611,
649
99,8
783,
791,
114
195,
788
105,
431
4,12
072
,869
2,79
332
7,13
517
,804
67,8
253,
680
6,97
6,02
332
4,06
3 7
4,68
6 15
,432
3,55
6.48
Feb-
042,
339,
950
86,3
592,
868,
432
161,
464
98,9
383,
754
74,9
332,
791
238,
517
13,8
7375
,771
4,59
85,
696,
541
272,
839
62,
881
14,3
603,
309.
51
Con
td...
Con
td...
169
Tab
le 6
-4 :
Busi
ness
Gro
wth
of F
utur
es &
Opt
ions
Mar
ket S
egm
ent
Mon
th/
Yea
rIn
dex
Fut
ures
Stoc
k F
utur
esIn
dex
Opt
ions
Stoc
k O
ptio
nsT
otal
Ave
rage
Dai
ly
Tra
ding
Vol
ume
Cal
lP
utC
all
Put
Con
trac
ts
Tra
ded
Tra
ding
V
olum
e N
o. o
f C
ontr
acts
T
rade
d
Tra
ding
V
alue
N
o. o
f C
ontr
acts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
Tra
ding
Vol
ume
(Rs.
cr.
)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s.cr
)(R
s.cr
)(U
S $
mn)
(Rs.
cr)
(US
$ m
n)
Mar
-04
2,50
5,10
288
,710
3,77
7,20
614
4,24
313
2,35
24,
811
92,3
643,
357
367,
722
14,3
0913
1,87
45,
051
7,00
6,62
026
0,48
1 6
0,03
3 11
,840
2,72
8.75
2003
-04
17,1
91,6
6855
4,46
232
,368
,842
1,30
5,94
91,
043,
894
31,8
0168
8,52
021
,022
4,24
8,14
916
8,17
41,
334,
922
49,0
3856
,886
,776
2,13
0,64
9 4
91,0
46
8,38
81,
933.
25
Apr
-04
2,16
4,52
879
,560
3,82
9,40
312
1,04
811
5,37
84,
347
80,7
332,
968
292,
628
9,64
085
,998
2,73
66,
568,
668
220,
299
50,
354
11,0
152,
517.
71
May
-04
2,55
1,98
582
,149
3,32
2,79
992
,628
196,
198
6,82
410
0,43
03,
469
246,
630
7,71
763
,156
1,97
66,
481,
198
194,
763
44,
517
9,27
42,
119.
87
Jun-
042,
152,
644
64,0
173,
125,
283
78,3
9215
8,78
44,
914
117,
041
3,55
919
3,68
75,
339
75,3
802,
084
5,82
2,81
915
8,30
6 3
6,18
4 7,
196
1,64
4.73
Jul-0
41,
971,
231
61,1
253,
492,
774
94,0
0918
9,17
96,
059
124,
352
3,85
626
2,75
57,
614
94,2
222,
682
6,13
4,51
317
5,34
5 4
0,07
9 7,
970
1,82
1.77
Aug
-04
1,80
3,26
357
,926
3,57
7,91
199
,591
127,
779
4,19
298
,618
3,19
328
4,01
38,
499
86,9
192,
604
5,97
8,50
317
6,00
6 4
0,23
0 8,
000
1,82
8.63
Sep-
041,
463,
682
49,5
003,
768,
178
107,
123
124,
547
4,28
293
,808
3,16
436
5,18
710
,763
116,
304
3,54
75,
931,
706
178,
380
40,
772
8,10
81,
853.
30
Oct
-04
1,32
0,17
347
,191
3,66
0,04
711
1,69
513
8,09
95,
030
97,6
283,
500
357,
625
11,6
8493
,342
3,12
45,
666,
914
182,
224
41,
651
9,11
12,
082.
56
Nov
-04
1,02
3,11
138
,277
3,60
0,13
511
3,52
513
1,21
84,
979
102,
223
3,81
436
3,15
811
,971
94,8
103,
239
5,31
4,65
517
5,80
5 4
0,18
4 8,
790
2,00
9.19
Dec
-04
1,44
7,46
458
,333
5,23
8,49
817
9,38
713
0,55
75,
355
108,
650
4,35
648
1,34
916
,952
108,
951
3,84
57,
515,
469
268,
227
61,
309
11,6
622,
665.
61
Jan-
051,
931,
290
76,1
514,
551,
564
159,
564
176,
682
7,18
814
3,41
65,
786
362,
345
13,5
0281
,618
3,10
07,
246,
915
265,
290
60,
638
13,9
633,
191.
46
Feb-
051,
729,
103
71,5
464,
167,
787
151,
743
168,
594
7,12
814
4,62
75,
998
367,
707
13,8
9083
,843
3,24
76,
661,
661
253,
551
57,
955
12,6
782,
897.
73
Mar
-05
2,07
6,97
586
,398
4,70
8,68
717
5,36
321
3,63
29,
074
211,
385
8,91
836
9,89
514
,496
113,
590
4,60
87,
694,
164
298,
857
68,
310
13,5
843,
105.
01
2004
-05
21,6
35,4
4977
2,17
447
,043
,066
1,48
4,06
71,
870,
647
69,3
731,
422,
911
52,5
813,
946,
979
132,
066
1,09
8,13
336
,792
77,0
17,1
852,
547,
053
582,
183
10,0
672,
301.
12
Apr
-05
3,3
32,3
61
65,
598
4,22
5,62
3 1
06,1
29
361
,544
7
,295
2
95,0
20
5,9
81
307
,994
8
,203
1
05,9
55
2,7
64
8,6
28,4
97
195,
969
43,
929
9,7
98
2,19
6.47
May
-05
3,5
45,9
71
70,
465
4,4
66,4
04
112
,882
3
82,5
30
7,7
26
353
,975
7
,056
2
88,1
37
7,6
42
100
,602
2
,609
9
,137
,619
2
08,3
80
46,
712
9,4
72
2,12
3.25
Jun-
05 3
,626
,288
7
7,21
8 5
,783
,428
1
63,0
96
421
,480
9
,092
3
31,7
53
7,0
41
385
,640
1
1,67
7 1
04,4
78
3,1
22
10,
653,
067
271
,246
6
0,80
4 11
,793
2,
643.
65
Jul-0
5 3
,451
,684
7
7,39
9 6
,537
,794
1
99,6
38
358
,867
8
,130
3
89,1
54
8,6
42
376
,129
1
1,73
5 8
4,98
9 2
,623
1
1,19
8,61
7 3
08,1
66
69,
080
15,4
08
3,45
4.00
Con
td...
Con
td...
170
Tab
le 6
-4 :
Busi
ness
Gro
wth
of F
utur
es &
Opt
ions
Mar
ket S
egm
ent
Mon
th/
Yea
rIn
dex
Fut
ures
Stoc
k F
utur
esIn
dex
Opt
ions
Stoc
k O
ptio
nsT
otal
Ave
rage
Dai
ly
Tra
ding
Vol
ume
Cal
lP
utC
all
Put
Con
trac
ts
Tra
ded
Tra
ding
V
olum
e N
o. o
f C
ontr
acts
T
rade
d
Tra
ding
V
alue
N
o. o
f C
ontr
acts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
Tra
ding
Vol
ume
(Rs.
cr.
)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s.cr
)(R
s.cr
)(U
S $
mn)
(Rs.
cr)
(US
$ m
n)
Aug
-05
4,2
78,8
29
100
,813
7
,124
,266
2
34,8
17
444
,294
1
0,62
0 4
85,0
01
11,
372
350
,370
1
1,93
5 8
1,45
3 2
,750
1
2,76
4,21
3 3
72,3
07
83,
458
16,9
23
3,79
3.56
Sep-
05 4
,701
,774
1
18,9
05
6,9
95,1
69
236
,945
5
23,9
48
13,
370
583
,081
1
4,55
0 3
63,8
72
12,
917
85,
897
3,0
69
13,
253,
741
399
,756
8
9,61
1 19
,036
4,
267.
21
Oct
-05
6,8
49,7
32
170
,100
6
,526
,919
2
14,3
98
695
,311
1
7,63
2 7
15,2
08
17,
954
309
,120
1
0,75
3 8
0,13
4 2
,822
1
5,17
6,42
4 4
33,6
60
97,
211
21,6
83
4,86
0.57
Nov
-05
5,2
38,1
75
135
,478
6
,252
,736
2
16,5
26
595
,900
1
5,58
2 6
04,6
57
15,
491
287
,136
1
0,06
9 7
7,05
2 2
,708
1
3,05
5,65
6 3
95,8
53
88,
736
19,7
93
4,43
6.82
Dec
-05
6,6
13,0
32
183
,293
6
,252
,736
2
80,2
83
775
,216
2
1,86
2 7
64,9
64
21,
125
361
,268
1
3,63
0 9
5,26
1 3
,614
1
4,86
2,47
7 5
23,8
07
117
,419
23
,809
5,
337.
24
Jan-
06 5
,760
,999
1
66,1
27
7,1
34,1
99
265
,042
6
63,6
84
19,
392
666
,782
1
9,12
9 3
65,4
93
14,
265
90,
562
3,6
29
14,
681,
719
487
,584
1
09,2
99
24,3
79
5,46
4.96
Feb-
06 5
,186
,835
1
56,3
59
7,4
43,1
78
288
,715
5
06,7
14
15,
526
559
,682
1
6,80
5 3
26,2
33
12,
350
75,
740
2,9
18
14,
098,
382
492
,672
1
10,4
40
25,9
30
5,81
2.63
Mar
-06
5,9
52,2
06
192
,035
1
0,84
4,40
0 4
73,2
51
683
,979
2
2,40
7 7
72,3
72
24,
690
444
,604
1
8,57
6 9
2,65
7 3
,890
1
8,79
0,21
8 7
34,8
49
164
,727
33
,402
7,
487.
61
2005
-06
58,
537,
886
1,51
3,79
1 7
9,58
6,85
2 2,
791,
721
6,4
13,4
67
168,
632
6,5
21,6
49
169,
837
4,16
5,99
6 14
3,75
2 1,
074,
780
36,5
18
156,
300,
630
4,8
24,2
50
1,08
1,42
8 19
,220
4,
308.
48
Apr
-06
5,8
47,0
35
204
,238
1
0,02
1,52
9 4
60,5
54
773
,632
2
7,52
4 7
15,4
72
24,
897
393
,306
1
7,62
7 6
7,17
9 2
,998
1
7,81
8,15
3 7
37,8
39
169
,268
40
,991
9,
403.
77
May
-06
7,6
66,5
25
257
,328
9
,082
,184
4
09,4
03
929
,908
3
3,09
6 7
25,7
69
25,
694
317
,774
1
4,91
0 4
1,90
4 1
,971
1
8,76
4,06
4 7
42,4
01
170
,315
33
,746
7,
741.
57
Jun-
06 8
,437
,382
2
43,5
71
6,2
41,2
47
243
,954
1
,118
,170
3
4,15
8 7
93,2
28
23,
814
206
,960
8
,767
5
7,52
7 2
,541
1
6,85
4,51
4 5
56,8
04
127
,737
24
,209
5,
553.
77
Jul-0
6 6
,103
,483
1
86,7
58
5,6
14,0
44
222
,538
8
98,7
96
28,
378
851
,659
2
6,33
4 2
47,5
62
10,
279
69,
314
2,9
68
13,
784,
858
477
,255
1
09,4
87
22,7
26
5,21
3.68
Aug
-06
5,2
50,9
73
173
,334
7
,530
,310
2
29,1
82
807
,014
2
7,27
6 7
89,2
41
25,
830
358
,753
1
1,27
3 8
7,76
7 2
,772
1
4,82
4,05
8 4
69,6
66
107
,746
21
,348
4,
897.
55
Sep-
06 5
,081
,055
1
77,5
18
8,6
44,1
37
275
,430
7
62,4
99
27,
130
762
,222
2
6,51
7 4
28,2
37
13,
791
79,
316
2,5
60
15,
757,
466
522
,946
1
19,9
69
24,9
02
5,71
2.83
Oct
-06
4,5
56,9
84
166
,974
7
,929
,018
2
72,5
16
622
,933
2
3,19
5 7
29,8
55
26,
549
400
,618
1
3,87
3 7
4,31
8 2
,553
1
4,31
3,72
6 5
05,6
58
116
,003
25
,283
5,
800.
16
Nov
-06
4,6
44,6
32
180
,781
1
0,53
9,50
7 3
88,8
00
701
,372
2
7,56
8 8
45,2
70
32,
450
463
,369
1
6,88
6 9
0,36
9 3
,343
1
7,28
4,51
9 6
49,8
29
149
,077
29
,538
6,
776.
25
Dec
-06
5,7
98,1
18
225
,288
9
,261
,984
3
47,7
47
961
,242
3
8,30
3 1
,060
,753
4
1,41
6 3
69,7
43
13,
989
64,
886
2,4
19
17,
516,
726
669
,162
1
53,5
13
33,4
58
7,67
5.64
Jan-
07 4
,716
,781
1
90,5
92
9,3
64,3
21
350
,817
7
38,9
31
30,
400
902
,654
3
6,24
5 4
38,2
97
16,
705
71,
462
2,6
97
16,
232,
446
627
,456
1
43,9
45
31,3
73
7,19
7.25
Con
td...
Con
td...
171
Tab
le 6
-4 :
Busi
ness
Gro
wth
of F
utur
es &
Opt
ions
Mar
ket S
egm
ent
Mon
th/
Yea
rIn
dex
Fut
ures
Stoc
k F
utur
esIn
dex
Opt
ions
Stoc
k O
ptio
nsT
otal
Ave
rage
Dai
ly
Tra
ding
Vol
ume
Cal
lP
utC
all
Put
Con
trac
ts
Tra
ded
Tra
ding
V
olum
e N
o. o
f C
ontr
acts
T
rade
d
Tra
ding
V
alue
N
o. o
f C
ontr
acts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
-tr
acts
T
rade
d
No-
tion
al
Tra
d-in
g V
ol-
ume
No.
of
Con
trac
ts
Tra
ded
Tra
ding
Vol
ume
(Rs.
cr.
)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s. c
r)(R
s.cr
)(R
s.cr
)(U
S $
mn)
(Rs.
cr)
(US
$ m
n)
Feb-
07 7
,735
,651
2
42,2
37
9,8
53,8
84
352
,653
1
,332
,380
4
3,50
8 1
,440
,592
4
8,30
9 3
84,9
94
14,
273
73,
643
2,5
13
20,
821,
144
703
,492
1
61,3
88
37,0
26
8,49
4.13
Mar
-07
15,
648,
805
290
,957
1
0,87
3,23
6 2
77,3
78
2,9
85,4
72
57,
683
2,9
08,3
74
55,
639
384
,679
9
,530
1
11,3
33
2,5
76
32,
911,
899
693
,763
1
59,1
56
33,0
36
7,57
8.88
2006
-07
81,
487,
424
2,53
9,57
5 10
4,95
5,40
1 3,
830,
972
12,6
32,3
49
398,
219
12,5
25,0
89
393,
693
4,39
4,29
2 16
1,90
2 8
89,0
18
31,9
09
216,
883,
573
7,3
56,2
71
1,68
7,60
5 29
,543
6,
777.
53
Apr
-07
10,
383,
282
205
,458
1
0,64
7,86
6 2
96,6
29
2,4
02,7
64
48,
574
2,4
71,6
98
48,
576
506
,497
1
3,73
5 1
28,8
60
3,3
15
26,
540,
967
616
,287
1
54,1
87
30,8
14
7,7
09
May
-07
10,
219,
149
214
,523
1
3,35
0,66
7 4
00,0
96
1,9
93,7
61
42,
577
2,0
61,9
21
42,
888
625
,846
1
9,38
0 1
32,4
60
3,9
77
28,
383,
804
723
,443
1
80,9
96
34,4
50
8,6
19
Jun-
07 1
1,40
7,86
5 2
40,7
97
14,
287,
983
451
,314
2
,116
,761
4
5,56
8 2
,224
,230
4
6,93
6 5
79,0
74
18,
359
115
,515
3
,569
3
0,73
1,42
8 8
06,5
42
201
,787
38
,407
9
,609
Jul-0
7 1
0,60
5,48
3 2
38,5
77
18,
888,
008
647
,356
1
,684
,458
3
8,41
5 2
,537
,127
5
6,14
6 8
50,1
53
28,
895
172
,005
5
,687
3
4,73
7,23
4 1
,015
,077
2
53,9
60
46,1
40
11,
544
Aug
-07
17,
052,
495
363
,988
1
5,79
8,35
1 5
19,3
85
3,1
58,7
58
69,
705
3,2
80,9
21
71,
256
774
,381
2
6,76
9 1
71,0
19
5,6
29
40,
235,
925
1,0
56,7
31
264
,381
48
,033
1
2,01
7
Sep-
07 1
0,90
4,56
4 2
56,4
70
17,
653,
654
670
,968
2
,020
,510
4
8,37
0 2
,599
,916
5
9,59
4 7
97,2
64
31,
958
143
,404
5
,527
3
4,11
9,31
2 1
,072
,889
2
68,4
24
53,6
44
13,
421
Oct
-07
17,
842,
671
485
,079
2
4,00
8,47
0 1
,120
,263
2
,808
,150
7
8,73
1 3
,599
,639
9
5,26
2 9
84,1
50
47,
981
142
,394
6
,347
4
9,38
5,47
4 1
,833
,663
4
58,7
60
83,3
48
20,
853
Nov
-07
12,
668,
280
365
,564
1
8,03
3,29
4 9
89,1
13
2,0
14,5
33
60,
097
1,9
94,1
75
56,
855
710
,304
4
0,29
7 1
01,3
27
5,3
79
35,
521,
913
1,5
17,3
04
379
,611
68
,968
1
7,25
5
Dec
-07
9,6
09,2
09
287
,357
1
6,56
5,23
6 8
49,9
97
1,6
24,3
54
49,
964
1,8
05,0
71
53,
202
578
,100
3
0,27
9 7
1,33
4 3
,432
3
0,25
3,30
4 1
,274
,230
3
18,7
97
67,0
65
16,
779
Jan-
08 1
6,14
8,83
8 4
50,6
57
23,
736,
610
851
,213
2
,018
,823
6
0,75
3 1
,957
,642
5
8,07
4 7
64,9
89
29,
383
103
,561
3
,800
4
4,73
0,46
3 1
,453
,881
3
63,7
43
63,2
12
15,
815
Feb-
08 1
4,06
4,21
1 3
52,2
26
14,
491,
601
421
,838
2
,185
,165
5
9,93
1 1
,934
,412
5
0,32
0 4
27,4
83
12,
733
82,
832
2,1
68
33,
185,
704
899
,217
2
24,9
73
42,8
20
10,
713
Mar
-08
15,
692,
532
359
,970
1
6,12
6,21
2 3
30,3
90
2,6
39,8
45
66,
131
2,2
31,4
04
54,
186
404
,472
8
,674
9
3,20
7 1
,862
3
7,18
7,67
2 8
21,2
15
205
,458
45
,623
1
1,41
4
2007
-08
156,
598,
579
3,82
0,66
7 20
3,58
7,95
2 7,
548,
563
26,6
67,8
82
668,
816
28,6
98,1
56
693,
295
8,00
2,71
3 30
8,44
3 1,
457,
918
50,6
93
425,
013,
200
13,0
90,4
78
3,27
5,07
6 52
,153
1
3,04
8
Con
td...
172
Table 6-5 : Sectorwise Trading Value of Top 5 companies in the F&O Segment (2007-08)
BANKS FMCG
Company Name Turnover (Rs.cr)
Company Name Turnover (Rs.cr)
State Bank of India Ltd. 253,267.56 ITC LTD. 46,050.47
ICICI Bank Ltd. 148,047.74 Hindustan Unilever Ltd. 23,515.2
Industrial Development Bank of India Ltd.
110,298.87 United Spirits Limited 20,523.94
Kotak Mahindra Bank Ltd. 37,638.77 Tata Tea Ltd. 12,036.18
Bank of India Ltd. 35,193.99 Dabur India Ltd. 5,843.93
INFRASTRUCTURE MEDIA & ENTERTAINMENT
Company Name Turnover (Rs.cr)
Company Name Turnover (Rs.cr)
Reliance Energy Limited 412,919.75 Adlabs Films Ltd. 20,917.05
GMR Infrastructure Ltd 204,062.79 New Delhi Television Ltd. 19,787.91
NTPC Ltd. 134,525.69 Zee Entertainment Enterprises Ltd. 13,588.33
DLF Ltd. 108,059.61 Wire and Wireless (India) Ltd. 5,473.84
Power Grid Corporation of India Ltd.
88,941.04 Sun TV Network Limited 4,072.26
PHARMACEUTICALS TELECOMMUNICATION
Company Name Turnover (Rs.cr)
Company Name Turnover (Rs.cr)
Divi’s Laboratories Ltd. 43,600.07 Reliance Communications Ltd. 279,751.81
Ranbaxy Laboratories Ltd. 30,481.86 Bharti Airtel Ltd. 98,213.67
CIPLA Ltd. 19,300.92 Idea Cellular Limited 55,630.72
Orchid Chemicals & Pharmaceuti-cals Ltd.
14,455.73 Tata Teleservices (Maharashtra) Ltd. 45,946.44
Dr. Reddy’s Laboratories Ltd. 12,229.96 Mahanagar Telephone Nigam Ltd. 43,609.17
Contd...
173
Table 6-5 : Sectorwise Trading Value of Top 5 companies in the F&O Segment (2007-08)
FINANCE INFORMATION TECHNOLOGY
Company Name Turnover (Rs.cr)
Company Name Turnover (Rs.cr)
Reliance Capital Ltd. 372,167.48 Infosys Technologies Ltd. 97,816.91
IFCI Ltd. 113,226.23 Satyam Computer Services Ltd. 49,106.07
Infrastructure Development Finance Company Ltd.
84,181.08 Tata Consultancy Services Ltd. 46,323.12
Power Finance Corporation Ltd. 45,799.95 WIPRO Ltd. 25,824.99
India Infoline Ltd. 38,446.71 Educomp Solutions Ltd. 24,998.91
PETROCHEMICALS MANUFACTURING
Company Name Turnover (Rs.cr)
Company Name Turnover (Rs.cr)
Reliance Industries Ltd. 516,549.8 Reliance Natural Resources Ltd. 386,341.73
Reliance Petroleum Ltd. 297,798.23 Tata Steel Ltd. 209,307.84
Essar Oil Ltd. 78,884.15 Steel Authority of India Ltd. 144,168.33
Oil & Natural Gas Corpn. Ltd. 71,942.7 Jindal Steel & Power Ltd. 92,883.11
Mangalore Refi nery & Petrochemicals Ltd.
47,866.37 Bharat Heavy Electricals Ltd. 76,546.00
SERVICES ENGINEERING
Company Name Turnover (Rs.cr)
Company Name Turnover (Rs.cr)
Deccan Aviation Ltd. 16,689.86 BEML Ltd. 5,838.5
Indian Hotels Co. Ltd. 13,588.77 Larsen & Toubro Ltd. 128,447.52
The Great Eastern Shipping Co. Ltd.
11,773.87 Praj Industries Ltd. 50,781.51
Jet Airways (India) Ltd. 10,464.91
Hotel Leela Venture Ltd. 9,574.72
Contd...
174
Tab
le 6
-6 :
Part
icip
ant w
ise
Tra
ding
Val
ue in
the
F&O
Seg
men
t (20
07-0
8)
Mon
th/Y
ear
Inst
itut
iona
l inv
esto
rsR
etai
l Inv
esto
rsP
ropr
ieta
ry I
nves
tors
Gro
ss T
rade
d V
alue
%
to
Gro
ssT
urno
ver
Gro
ss T
rade
d V
alue
%
to
Gro
ssT
urno
ver
Gro
ss T
rade
d V
alue
%
to
Gro
ssT
urno
ver
(Rs.
cr.
)U
S $
mn
(Rs.
cr.
)U
S $
mn
(Rs.
cr.
)U
S $
mn
Apr
-07
155
,557
3
8,91
8 1
2.62
7
48,6
14
187
,294
60
.74
328,
402
82,1
6226
.64
May
-07
147
,921
3
7,00
8 1
0.22
9
19,7
17
230
,102
63
.57
379,
247
94,8
8326
.21
Jun-
07 1
93,9
73
48,
530
12.
03
1,0
05,4
14
251
,542
62
.33
413,
697
103,
502
25.6
4
Jul-0
7 2
53,2
75
63,
366
12.
48
1,2
58,1
73
314
,779
61
.97
518,
705
129,
774
25.5
5
Aug
-07
303
,332
7
5,89
0 1
4.35
1
,263
,505
3
16,1
13
59.7
954
6,62
513
6,75
925
.86
Sep-
07 2
58,5
70
64,
691
12.
05
1,3
50,7
09
337
,931
62
.95
536,
498
134,
225
25.0
0
Oct
-07
390
,744
9
7,75
9 1
0.66
2
,349
,707
5
87,8
68
64.0
792
6,87
523
1,89
325
.27
Nov
-07
258
,570
6
4,69
1 8
.52
2,0
39,4
21
510
,238
67
.21
736,
618
184,
293
24.2
7
Dec
-07
310
,552
7
7,69
6 1
2.19
1
,659
,533
4
15,1
95
65.1
157
8,37
514
4,70
222
.70
Jan-
08 3
99,2
83
99,
896
13.
73
1,8
17,1
56
454
,630
62
.49
691,
323
172,
960
23.7
8
Feb-
08 3
11,1
95
77,
857
17.
30
1,0
63,8
76
266
,169
59
.16
423,
363
105,
920
23.5
4
Mar
-08
273
,062
6
8,31
7 1
6.63
1
,009
,899
2
52,6
64
61.4
835
9,46
889
,934
21.8
9
2007
-08
3,2
56,0
34
814
,619
1
2.44
1
6,48
5,72
4 4
,124
,524
62
.97
6,4
39,1
96
1,6
11,0
07
24.5
9
175
Table 6-7 : FII Gross turnover in Derivative Market Segment of NSE
Month/Year FII Gross Turnover Market Gross Turnover Contribution of FII turnover to total turnover
(Rs. cr.) (US $ mn) (Rs.cr.) (US $ mn) (%)
Apr-06 108,391 24,866 1,475,664 338,533 7.35
May-06 129069.27 29,610 1484780 340,624 8.69
Jun-06 102690.44 23,558 1113594 255,470 9.22
Jul-06 82938.41 19,027 954510 218,975 8.69
Aug-06 75315.9 17,278 939324 215,491 8.02
Sep-06 89432.38 20,517 1045892 239,939 8.55
Oct-06 96119.06 22,051 1011316 232,006 9.50
Nov-06 98746.67 22,654 1299658 298,155 7.60
Dec-06 115079.5 26,400 1338324 307,025 8.60
Jan-07 120,634.83 27,675 1254912 287,890 9.61
Feb-07 129,646.2 29,742 1,406,984 322,777 9.21
Mar-07 138,148.21 31,693 1,387,526 318,313 9.96
2006-07 1,286,211 295,070 14,712,484 3,375,197 8.74
Apr-07 133,931 33,508 1,232,573 308,375 10.87
May-07 125,543 31,409 1,446,886 361,993 8.68
Jun-07 152,501 38,154 1,613,084 403,574 9.45
Jul-07 185,285 46,356 2,030,153 507,919 9.13
Aug-07 237,212 59,348 2,113,463 528,762 11.22
Sep-07 194,381 48,632 2,145,778 536,847 9.06
Oct-07 285,042 71,314 3,667,326 917,520 7.77
Nov-07 238,884 59,766 3,034,609 759,222 7.87
Dec-07 228,110 57,070 2,548,460 637,593 8.95
Jan-08 300,490 75,179 2,907,762 727,486 10.33
Feb-08 229,392 57,391 1,798,434 449,946 12.76
Mar-08 192,741 48,221 1,642,429 410,915 11.74
2007-08 2,503,511 626,348 26,180,956 6,550,151 9.56
176
Table 6-8a : Number of Members in different turnover brackets (F & O Segments) during 2007-08
Upto Rs. 10 crores
Rs. 10 crores upto
Rs. 50 crores
Rs. 50 crores upto
Rs. 250 crores
Rs. 250 crores upto
Rs.500 crores
Rs. 500 crores upto
Rs. 1000 crores
Rs. 1000 crores and
more
Apr-07 50 100 192 116 101 220
May-07 38 93 181 116 107 253
Jun-07 37 81 188 103 131 254
Jul-07 36 64 172 106 125 296
Aug-07 35 58 185 108 130 286
Sep-07 27 68 167 113 123 308
Oct-07 18 45 140 97 114 400
Nov-07 20 60 144 106 104 385
Dec-07 25 71 158 100 111 356
Jan-08 25 63 154 104 116 359
Feb-08 51 93 197 117 95 270
Mar-08 55 103 189 105 111 258
2007-08 12 13 45 37 54 691
Table 6-8c : Segment wise Contribution of Top ‘N’ Members to turnover on Futures and Options segment
(in percent)
Month Futures Segment Options Segment
Top 5 Mem-bers
Top 10 Mem-bers
Top 15 Mem-bers
Top 25 Mem-bers
Top 5 Mem-bers
Top 10 Mem-bers
Top 15 Mem-bers
Top 25 Mem-bers
2005-06 12 20 26 36 23 36 45 55
2006-07 14 22 28 38 23 36 46 58
Apr-07 14 24 31 41 21 35 45 59
May-07 14 23 30 39 20 33 43 57
Jun-07 14 23 30 40 21 34 43 58
Jul-07 14 23 29 39 22 34 43 57
Aug-07 15 24 30 41 20 33 43 56
Sep-07 14 23 29 39 21 33 43 56
Oct-07 14 23 30 40 23 35 44 56
Nov-07 15 23 30 40 26 37 46 58
Dec-07 15 24 31 40 25 37 45 58
Jan-08 16 24 31 41 28 39 48 59
Feb-08 17 24 30 41 25 38 48 60
Mar-08 16 24 30 40 24 37 47 59
2007-08 14 23 29 39 23 34 43 56
Turnover
Month/Year
177
Tab
le 6
-8b
: No.
of m
embe
rs in
diff
eren
t Tur
nove
r Br
acke
ts in
Fut
ures
and
Opt
ions
Seg
men
t for
200
7-08
Mon
thF
utur
es S
egm
ent
Opt
ions
Seg
men
t
Num
ber
of M
embe
rsN
umbe
r of
Mem
bers
Upt
o R
s. 1
0 cr
ores
Rs.
10
cror
es
upto
R
s. 5
0 cr
ores
Rs.
50
cror
es
upto
R
s.25
0 cr
ores
Rs.
250
cr
ores
up
to
Rs.
500
cror
es
Rs.
500
cr
ores
up
to
Rs.
1000
cr
ores
Rs.
100
0 cr
ores
and
m
ore
Upt
o R
s. 1
0 cr
ores
Rs.
10
cror
es
upto
R
s. 5
0 cr
ores
Rs.
50
cror
es
upto
R
s.25
0 cr
ores
Rs.
250
cr
ores
up
to
Rs.
500
cror
es
Rs.
500
cr
ores
up
to
Rs.
1000
cr
ores
Rs.
100
0 cr
ores
and
m
ore
Apr
-07
5810
920
311
010
519
429
718
218
044
3343
May
-07
4310
318
811
610
523
329
418
918
742
3640
Jun-
0742
8919
811
011
723
829
818
518
754
2644
Jul-0
738
7617
611
311
927
729
118
218
755
3648
Aug
-07
3867
198
116
117
266
253
190
187
6640
66
Sep-
0731
8017
211
312
228
826
920
218
158
3957
Oct
-07
1955
149
104
110
377
219
186
204
7845
82
Nov
-07
2273
145
107
114
358
255
210
186
6444
60
Dec
-07
2772
170
104
114
334
302
196
172
6038
53
Jan-
0830
6417
095
116
346
289
198
188
5043
53
Feb-
0857
102
205
113
9625
034
618
916
040
4048
Mar
-08
6311
121
199
9724
033
518
516
747
3948
2007
-08
1314
5042
5767
698
9617
696
9129
5
178
Table 6-9 : Top 20 Futures contracts according to number of contracts traded 2007-08
S. No.
Name of the Contract Number of Contracts
Turnover Percentage of contracts to
Top 20 contracts
(Rs.cr.) (US $ mn)
1 NIFTY AUGUST 2007 18,159,676 390,091.73 97,596.13 11.04
2 NIFTY JANUARY 2008 15,600,290 450,887.27 112,806.42 9.48
3 NIFTY OCTOBER 2007 15,524,414 410,969.77 102,819.56 9.44
4 NIFTY NOVEMBER 2007 14,709,803 420,742.20 105,264.50 8.94
5 NIFTY MARCH 2008 13,639,589 328,917.19 82,291.02 8.29
6 NIFTY FEBRUARY 2008 12,780,443 331,628.11 82,969.26 7.77
7 NIFTY SEPTEMBER 2007 11,381,757 259,314.14 64,877.19 6.92
8 NIFTY MAY 2007 11,075,776 230,073.20 57,561.47 6.73
9 NIFTY JUNE 2007 10,779,814 226,492.01 56,665.50 6.55
10 NIFTY DECEMBER 2007 9,508,803 280,628.69 70,209.83 5.78
11 NIFTY JULY 2007 8,348,198 184,610.83 46,187.35 5.08
12 NIFTY APRIL 2007 7,979,010 155,816.49 38,983.36 4.85
13 NIFTY APRIL 2008 3,243,808 78,108.49 19,541.78 1.97
14 RELIANCE JANUARY 2008 2,583,400 55,968.98 14,002.75 1.57
15 RELIANCE OCTOBER 2007 1,774,938 67,334.74 16,846.32 1.08
16 RELIANCE MARCH 2008 1,710,744 29,562.02 7,396.05 1.04
17 RELIANCE NOVEMBER 2007 1,577,411 65,453.51 16,375.66 0.96
18 RELIANCE FEBRUARY 2008 1,497,880 28,230.25 7,062.86 0.91
19 RELIANCE AUGUST 2007 1,489,324 40,993.81 10,256.15 0.91
20 REL OCTOBER 2007 1,124,548 93,076.45 23,286.58 0.68
TOTAL 164,489,626 4,128,899.90 1,032,999.73 100.00
179
Table 6-10 : Top 20 Option contracts according to no. of contracts traded 2007-08
S. No.
Name of the Contract Number of Contracts
Turnover Percentage of contracts to Top 20 contracts
(Rs.cr) (US $ mn)
1 NIFTY AUGUST 2007 PE 4300 658,870 14,511.08 3,630.49 5.962 NIFTY AUGUST 2007 PE 4200 640,609 13,716.20 3,431.62 5.793 NIFTY MAY 2007 CE 4100 625,571 13,167.81 3,294.42 5.664 NIFTY JUNE 2007 PE 4200 620,883 13,281.88 3,322.96 5.625 NIFTY AUGUST 2007 CE 4400 616,997 13,795.13 3,451.37 5.586 NIFTY AUGUST 2007 PE 4100 600,467 12,520.36 3,132.44 5.437 NIFTY MAY 2007 CE 4200 587,317 12,539.35 3,137.19 5.318 NIFTY AUGUST 2007 CE 4300 569,243 12,492.06 3,125.36 5.159 NIFTY JUNE 2007 CE 4300 561,473 12,204.11 3,053.32 5.0810 NIFTY JUNE 2007 CE 4200 561,271 12,008.63 3,004.41 5.0811 NIFTY OCTOBER 2007 PE 5000 532,650 13,541.03 3,387.80 4.8212 NIFTY AUGUST 2007 PE 4400 529,870 12,010.52 3,004.88 4.7913 NIFTY SEPTEMBER 2007 PE 4400 526,111 11,782.58 2,947.86 4.7614 NIFTY SEPTEMBER 2007 PE 4500 507,215 11,630.83 2,909.89 4.5915 NIFTY MAY 2007 PE 4100 503,723 10,512.35 2,630.06 4.5616 NIFTY AUGUST 2007 CE 4200 495,909 10,646.95 2,663.74 4.4917 NIFTY SEPTEMBER 2007 CE 4500 495,375 11,421.57 2,857.54 4.4818 NIFTY JUNE 2007 PE 4100 474,952 9,877.80 2,471.30 4.3019 NIFTY AUGUST 2007 CE 4500 474,933 10,849.70 2,714.46 4.3020 NIFTY NOVEMBER 2007 CE 5900 472,726 14,289.11 3,574.96 4.28
TOTAL 11,056,165 246,799.05 61,746.07 100.00
Table 6-11 : Number of trades in the Futures & Options Segment 2007-08
Month/Year Index Futures Stock Futures Index Options Stock Options Total
Apr-07 2,038,185 8,170,413 769,882 517,312 11,495,792
May-07 2,098,729 10,413,251 707,752 630,424 13,850,156
Jun-07 2,251,004 11,127,763 716,888 578,186 14,673,841
Jul-07 1,871,019 14,313,227 616,592 818,098 17,618,936
Aug-07 3,069,790 12,159,749 1,053,308 760,914 17,043,761
Sep-07 2,125,228 13,888,158 716,206 806,026 17,535,618
Oct-07 3,554,883 18,816,027 1,349,886 983,678 24,704,474
Nov-07 2,572,671 14,446,566 919,748 709,814 18,648,799
Dec-07 1,905,167 13,298,252 720,893 568,343 16,492,655
Jan-08 3,004,614 16,404,002 812,499 635,442 20,856,557
Feb-08 3,149,318 10,189,345 904,751 399,656 14,643,070
Mar-08 3,256,450 9,961,015 1,082,078 359,972 14,659,515
2007-08 30,897,058 153,187,768 10,370,483 7,767,865 202,223,174
180
Table 6-12 : Settlement Statistics in F&O Segment
Month/Year
Index/Stock Futures Index/Stock Options Total
MTM Settlement
Final Settlement
Premium Settlement
Exercise Settlement
(Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (US $ mn)
Jun-00 0.22 0.01 – – 0.23 0.05
Jul-00 1.46 0.04 – – 1.50 0.32
Aug-00 0.76 0.03 – – 0.79 0.17
Sep-00 2.11 0.13 – – 2.25 0.48
Oct-00 3.42 0.27 – – 3.69 0.79
Nov-00 4.65 0.07 – – 4.73 1.01
Dec-00 9.82 0.69 – – 10.50 2.25
Jan-01 11.94 0.11 – – 12.05 2.58
Feb-01 16.14 0.51 – – 16.65 3.57
Mar-01 33.56 0.06 – – 33.62 7.21
2000-01 84.08 1.93 – – 86.01 18.44
Apr-01 8.04 0.09 – – 8.13 1.67
May-01 3.78 0.11 – – 3.89 0.80
Jun-01 4.85 0.01 1.47 0.28 6.61 1.35
Jul-01 6.70 0.14 5.88 1.43 14.13 2.90
Aug-01 4.59 0.14 9.83 5.06 19.62 4.02
Sep-01 33.69 0.50 15.62 13.91 63.72 13.06
Oct-01 11.27 0.10 17.96 11.42 40.75 8.35
Nov-01 28.38 0.71 24.55 20.21 73.85 15.13
Dec-01 78.94 3.76 17.47 8.21 108.38 22.21
Jan-02 112.53 2.17 30.57 17.75 163.02 33.41
Feb-02 108.87 12.21 24.40 8.86 154.34 31.63
Mar-02 103.62 1.99 17.01 6.81 129.42 26.52
2001-02 505.25 21.93 164.76 93.95 785.88 161.04
Apr-02 106.56 4.15 17.3 8.65 136.66 28.77
May-02 166.54 1.84 21.53 14.35 204.26 43.00
Jun-02 124.05 3.44 19.70 10.35 157.54 33.17
Jul-02 160.88 1.70 23.60 10.67 196.85 41.44
Aug-02 102.1 2.88 20.46 13.89 139.33 29.33
Sep-02 119.83 1.44 23.31 13.46 158.04 33.27
Oct-02 128.24 7.79 25.80 16.64 178.47 37.57
Nov-02 110.93 8.68 33.71 35.34 188.66 39.72
Dec-02 164.04 5.33 44.64 16.82 230.83 48.60
Jan-03 218.42 2.99 38.39 22.94 282.74 59.52
Contd...
181
Table 6-12 : Settlement Statistics in F&O Segment
Month/Year
Index/Stock Futures Index/Stock Options Total
MTM Settlement
Final Settlement
Premium Settlement
Exercise Settlement
(Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (US $ mn)
Feb-03 148.42 1.68 28.93 13.14 192.17 40.46
Mar-03 187.89 3.84 33.84 19.64 245.21 51.62
2002-03 1,737.90 45.76 331.21 195.88 2,310.76 486.47
Apr-03 205.81 4.79 46.00 30.01 286.60 66.05
May-03 163.59 5.74 38.04 30.43 237.80 54.81
Jun-03 220.23 3.86 48.78 46.50 319.37 73.60
Jul-03 389.79 8.02 69.43 44.77 512.01 118.00
Aug-03 569.60 8.58 77.32 58.81 714.31 164.63
Sep-03 1,031.87 9.24 78.12 30.41 1,149.64 264.96
Oct-03 1,188.05 14.11 99.15 60.31 1,361.61 313.81
Nov-03 939.35 23.86 63.40 22.11 1,048.72 241.70
Dec-03 905.46 17.90 69.99 41.10 1,034.44 238.41
Jan-04 2,668.21 12.82 107.46 42.67 2,831.16 652.49
Feb-04 1,329.70 16.40 68.26 24.42 1,438.77 331.59
Mar-04 1,210.32 13.62 93.00 44.58 1,361.53 313.79
2003-04 10,821.98 138.95 858.94 476.12 12,295.98 2833.83
Apr-04 837.28 15.67 64.70 25.29 942.95 215.53
May-04 2,556.13 13.47 91.29 35.82 2,696.71 616.39
Jun-04 535.25 20.05 46.81 9.85 611.96 139.88
Jul-04 451.15 15.14 72.13 42.77 581.19 132.84
Aug-04 548.01 8.66 50.90 14.65 622.22 142.22
Sep-04 480.12 12.63 56.21 39.74 588.70 134.56
Oct-04 837.82 23.18 68.50 31.00 960.50 219.54
Nov-04 691.17 10.21 76.82 41.95 820.15 187.46
Dec-04 1,238.58 22.31 104.09 56.54 1,421.52 324.92
Jan-05 2,317.69 31.74 96.36 42.37 2,488.16 568.72
Feb-05 991.63 10.62 96.35 39.30 1,137.90 260.09
Mar-05 1,539 44 117 77 1,777 406.09
2004-05 13,024.18 227.50 941.06 455.87 14,648.62 3348.25
Apr-05 1,736.91 31.15 82.83 30.32 1,881.22 421.70
May-05 943.69 41.74 72.54 44.95 1,102.92 247.24
Jun-05 1,095.79 35.18 93.16 71.32 1,295.45 290.39
Jul-05 1,567.52 38.49 92.86 58.85 1,757.72 394.02
Aug-05 2,544.80 36.56 118.94 26.78 2,727.08 611.32
Contd...
Contd...
182
Table 6-12 : Settlement Statistics in F&O Segment
Month/Year
Index/Stock Futures Index/Stock Options Total
MTM Settlement
Final Settlement
Premium Settlement
Exercise Settlement
(Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (US $ mn)
Sep-05 2,366.70 17.31 135.91 95.85 2,615.77 586.36
Oct-05 3,479.10 120.46 143.92 79.20 3,822.67 856.91
Nov-05 1,831.40 32.17 122.63 75.71 2,061.90 462.21
Dec-05 2,487.80 22.74 139.72 67.05 2,717.30 609.12
Jan-06 2,034.60 107.17 139.52 52.06 2,333.35 523.06
Feb-06 1,886.60 44.47 146.68 56.86 2,134.61 478.50
Mar-06 3,610.60 70.45 231.87 158.89 4,071.81 912.76
2005-06 25,585.51 597.89 1,520.58 817.84 28,521.80 6393.59
Apr-06 7,413.50 97.47 237.13 104.32 7,852.42 1801.43
May-06 13,594.00 135.07 326.05 124.18 14,179.30 3252.88
Jun-06 6,854.10 50.29 265.36 97.01 7,266.76 1667.07
Jul-06 2,810.00 56.05 197.32 73.60 3,136.97 719.65
Aug-06 1,558.00 38.89 192.71 114.79 1,904.39 436.89
Sep-06 2,826.50 27.10 192.37 72.74 3,118.71 715.46
Oct-06 2,218.20 27.95 222.54 64.15 2,532.84 581.06
Nov-06 2,412.00 57.38 212.33 133.02 2,814.73 645.73
Dec-06 5,968.80 34.62 294.30 88.25 6,385.97 1465.01
Jan-07 3,664.00 99.04 276.52 121.33 4,160.90 954.55
Feb-07 5,981.70 115.28 321.41 59.28 6,477.67 1486.04
Mar-07 6,012.90 58.40 456.34 136.17 6,663.81 1528.75
2006-07 61,313.70 797.54 3,194.38 1,188.84 66,494.47 15254.52
Apr-07 4,162.90 41.96 385.58 188.36 4,778.80 1,197.69
May-07 3,251.10 94.92 294.13 211.43 3,851.58 965.31
Jun-07 3,794.50 72.59 367.07 92.24 4,326.39 1,084.31
Jul-07 4,935.20 71.64 498.15 247.67 5,752.66 1,441.77
Aug-07 11,299.00 107.60 599.84 143.88 12,150.33 3,045.20
Sep-07 5,300.00 103.42 569.62 583.62 6,556.66 1,643.27
Oct-07 15,924.00 222.61 918.41 669.84 17,734.85 4,444.82
Nov-07 16,248.00 282.38 615.11 327.17 17,472.66 4,379.11
Dec-07 14,125.00 77.17 478.38 203.60 14,884.14 3,730.36
Jan-08 39,768.00 105.11 777.95 767.43 41,418.49 10,380.57
Feb-08 13,679.00 64.00 604.58 169.88 14,517.46 3,638.46
Mar-08 12,168.00 68.72 651.35 187.14 13,075.21 3,276.99
2007-08 144,654.70 1,312.12 6,760.17 3,792.26 156,519.23 39,227.88
Contd...
Investor Grievances, Arbitration 7
184
185
7Investor Grievances, Arbitration
Investors are the backbone of the securities market. Protection of their interests is paramount for NSE. In furtherance of their interests, NSE has put in place systems to ensure availability of adequate, up-to-date and correct information to investors to enable them to take informed decisions. It ensures that critical and price-sensitive information reaching the exchange is made available to all classes of investor at the same point of time. Such price-sensitive information as bonus announcements, mergers, new line of business, etc. received from the companies is disseminated to all the market participants through the network of NSE terminals all over India. Action is initiated by the Exchange where any kind of price-sensitive information is not provided to the Exchange at the prescribed time. It ascertains the veracity of rumours and disseminates facts in the interest of investors. In an attempt to ease the existing system of information dissemination by the listed companies, NSE launched the electronic interface for listed companies in August 2004. Under the new system, all corporate announcements including that of Board meetings which needs to be disclosed to the market is handled electronically in a straight through and hands free manner. It also conducts various seminars and programs for the investors all over the country with a view to educate them on their rights and obligations. They are also made aware of the precautions they need to take while dealing in the securities market. It makes an audit trail available on request for all transactions executed on NSE to enable investors to counter-check trade details for the trades executed on his behalf by the member. It has also prescribed and makes effort to ensure the implementation of various safeguards like time schedules for issuing contract notes, for receiving funds and securities purchased by investors, segregation of client funds and securities from those of members, etc. The Exchange has also launched a facility to verify trades on the NSE website. Using this facility, an investor who had received a contract note from the trading member of the Exchange can check whether the trade has been executed.
Investor Grievances
NSE has put in place a system for redressal of investor grievances for matters/issues related to/against trading members/companies. The Investor Grievance Cell of NSE is manned by a team of professionals possessing relevant experience in the areas of securities markets, company and legal affairs, and specially trained to identify problems faced by the investor and to fi nd and effect a solution quickly. It takes up complaints in respect of trades executed on the NSE through its NEAT terminal and routed through the NSE trading member or SEBI registered sub-broker of NSE trading member and trades pertaining to companies traded on NSE. The status of receipt and disposal of investor grievances by the Exchange is presented in Table 7-1.
186
Investor Protection Fund
Some cushion to the interests of investors is provided by the Investor Protection Fund (IPF) set up by the stock exchange. The exchanges maintains an IPF to take care of investor claims, which may arise out of non settlement of obligations by the trading member, who has been declared a defaulter, in respect of trades executed on the Exchange. The maximum amount of claim payable from the Fund to the investor is reviewed by Exchange periodically maximum amount payable out of IPF was Rs. 10 lakhs upto December 31, 2007 and same has been enhanced to Rs. 11 Lakhs in respect of claims against members declared defaulter after January 1, 2008.
Arbitration
Arbitration is a speedy and alternative dispute resolution mechanism provided by the Exchange for resolving disputes between the trading members and between a trading member and his client, in respect of trades done on the Exchange. The arbitration mechanism is provided by the Exchange in all its Regional offi ces to facilitate the speedy dispute resolution mechanism. The parties to dispute appoint an arbitrator from the panel of arbitrators maintained by the Exchange and approved by SEBI. The arbitrator(s) pronounces an award after going through various documents submitted by the parties and hearing them. The status of arbitration matters with the Exchange as at end March 2008 is presented in Table 7-2.
187
Table 7-1 : Receipt and Disposal of Investor Grievance
Year Against Members Against Companies
Pending at the begin-ning
Received Disposed Pending at the end
Pending at the begin-ning
Received Disposed Pending at the end
1994-95 – – – – – 2 – 2
1995-96 – 56 13 43 2 39 17 24
1996-97 43 320 72 291 24 415 102 337
1997-98 291 259 439 111 337 576 716 197
1998-99 111 383 347 147 197 592 380 409
1999-00 147 197 298 46 409 808 842 375
2000-01 46 263 201 108 375 1,095 1,111 359
2001-02 108 789 710 187 359 607 667 299
2002-03 187 345 418 114 299 587 626 260
2003-04 114 282 253 143 260 527 558 229
2004-05 143 435 409 169 229 1,304 1,128 405
2005-06 169 1,128 1,051 246 405 1,023 1,200 228
2006-07 246 1,367 1,460 153 228 774 769 233
2007-08 153 1,915 1,101 967 233 964 888 309
Table 7-2 : Status Report of Arbitration Matters
Year No. of Cases Received
Withdrawn Awards Pending
1998 164 2 162 0
1999 CM 153 5 147 1
1999 WDM 2 1 1 0
2000 CM 149 6 143 0
2000 WDM 1 0 1 0
2001 CM 342 19 323 0
2001 WDM 0 0 0 0
2001 F&O 1 0 1 0
Contd...
188
Table 7-2 : Status Report of Arbitration Matters
Year No. of Cases Received
Withdrawn Awards Pending
2002 CM 275 7 268 0
2002 WDM 0 0 0 0
2002 F&O 5 0 5 0
2003 CM 136 4 132 0
2003 WDM 0 0 0 0
2003 F&O 17 0 17 0
2004 CM 119 6 113 0
2004 WDM 0 0 0 0
2004 F&O 42 3 39 0
2005 CM 138 3 135 0
2005 WDM 0 0 0 0
2005 F&O 66 0 66 0
2006 CM 224 5 219 0
2006 WDM 0 0 0 0
2006 F&O 191 8 183 0
2006 CO 1 0 1 0
2007 CM 275 9 249 17
2007 F&O 221 3 192 26
2008 CM upto March 2008
61 0 6 55
2008 F&O upto March 2008
116 1 2 113
Total 2,699 82 2,405 212
Contd...
Knowledge Initiative 8
190
191
8Knowledge Initiative
Several initiatives have been taken over the last few years to promote the skills of market participants, to educate and protect the investors and to promote high quality research about the working of the securities market. In line with this NSE has launched several initiatives to strengthen the knowledge base of the Indian securities market and to protect investor interest. Major initiatives in this area are discussed below:
NSE’s Certifi cation in Financial Markets
Taking into account international experience and the needs of the Indian fi nancial markets NSE introduced in 1998 a unique testing and certifi cation programme called National Stock Exchange’s Certifi cation in Financial Markets (NCFM). This was introduced with a view for protecting interests of investors in fi nancial markets and more importantly, for minimizing risks of losses arising out of defi cient understanding of markets and instruments. NCFM is an on-line testing system which tests the practical knowledge and skills required to operate in the fi nancial markets in a secure and unbiased manner and awards certifi cates based on relative merits thus ensuring that the caliber of persons entering this fi eld is kept high in the best interests of a mature and vibrant market.
The entire process from generation of question paper, testing, assessing, scores reporting and certifying is fully automated. It allows tremendous fl exibility in terms of testing centres, test dates and test timing and provides easy accessibility and convenience to candidates.
NCFM offers a comprehensive range of modules covering many different areas in fi nance (Table 8-1) In order to strengthen the Corporate Governance Standards, the Corporate Governance Module was introduced in October 2005. Financial Market: A Beginners Module was introduced in Feb 2006. This module has been prepared for those who are keen to acquire some basic but key information about the stock markets as an initial step towards becoming a more informed investor. This module will act as a means of satisfying some of the initial queries on the stock markets and has been prepared with the objective of introducing the functioning and role of the fi nancial markets in India to all those interested in this topic. The Compliance Offi cers Module was introduced in February 2006 with an objective of providing comprehensive knowledge and a proper understanding of the Acts governing the Securities Markets, Rules and Regulations of the Exchange, Listing Procedures, etc. This would enable an organization to adhere to the required compliance standards and not fall short of meeting any existing guidelines.
A Security Auditor for any fi nancial organization is essential and will be well equipped to handle matters relating to Information Security which includes Confi dentiality, integrity and timely availability of information for implementing effi cient business processes Information security is not just technology related security but much more than that, covering physical and environmental security, access controls, business continuity
192
planning etc. In view of this, the Information Security Auditors Module was introduced in October 2006 and consist of two parts Information Security Auditors Module (Part I) and (Part II). On successfully clearing both the parts, a candidate is provided with a ‘Certifi ed Information Security Auditor for Financial Markets’ certifi cation. The number of centers from where the NCFM tests are conducted has increased in the recent past. Currently the NCFM tests are conducted from 66 centers across the country.
NCFM Online Payment System
NCFM online payment was launched from January 16, 2006 in order to facilitate candidates to pay their test fees on-line. Online payment can be made by modes of credit card, debit card, cash or net banking. Candidates can log on to www.nseindia.com and click on the link ‘NCFM On-line’.
NCFM Tests conducted at international locations
NSE’s Certifi cation in Financial Market (NCFM) is gradually gaining international prominence. During the current fi scal NSE conducted the NCFM tests in Financial Markets- A Beginners’ Module and Derivatives Module in Mauritis on July 07, 2007 and September 19, 2007. Exams were also conducted in the Derivatives Module in Dhaka on 26th November 2007 and 09th June 2008.
NCFM Tests conducted in other languages
All the NCFM modules were in English language. In response to the requests received for tests to be conducted in other languages as well, NSE introduced the Derivatives Market (Dealers) Module in Gujarati and Hindi which was launched on February 15, 2008 and June 19, 2008 respectively.
CBSE - NSE Certifi cation in Financial Markets
Central Board of Secondary Education (CBSE) and NSE have introduced a joint certifi cation in Financial Markets for standard XI and XII students. This is the fi rst such exercise to introduce fi nancial literacy in schools and would provide an early exposure to young adults to the world of fi nance. The course, titled “Financial Markets Management” has been introduced by CBSE for academic year 2007 - 2008. Two fi nancial market related subjects, “Introduction to Financial Markets – I” and “Introduction to Financial Markets – II” are taught in standard XI and XII students respectively. Students opting for the course are required to take the NCFM on-line tests in “Financial Markets: A Beginners Module” in standard XI and both Capital Markets (Dealers) Module and Derivatives Markets (Dealers) Module, in standard XII. For the fi rst academic year 57 schools and 1307 students have enrolled for this programme and these numbers are likely to increase substantially in the coming years.
193
NSE Research Initiative
In order to improve market effi ciency further and to set international benchmarks in securities industry, NSE administers a scheme called the NSE Research Initiative. The initiative fosters research which can support and facilitate stock exchanges to design market microstructure, participants to frame their strategies in the market place, help regulators to frame regulations, policy makers to formulate policy and broaden the horizon of knowledge about the securities market. The initiative has received a tremendous response from the academics as well as the market participants from within and outside the country. The studies completed/under progress under the initiative is presented in Table 8-2.
194
Table 8-1: NCFM Modules
Sr. No
Name of Module TestDuration
No. of Questions
Maximum Marks
Pass Marks
Certifi cate Validity
(%) (in years)
1 Financial Markets: A Beginners’ Module
60 50 100 50 5
2 Securities Market (Basic) Module 105 60 100 60 5
3 Capital Market (Dealers) Module 105 60 100 50 5
4 Derivatives Market (Dealers) Module*
120 60 100 60 3
5 FIMMDA-NSE Debt Market (Basic) Module
120 60 100 60 5
6 NSDL–Depository Operations Module
75 60 100 60# 5
7 Commodities Market Module 120 60 100 50 3
8 AMFI-Mutual Fund (Basic) Module
90 62 100 50 No limit
9 AMFI-Mutual Fund (Advisors) Module
120 72 100 50 5
10 Surveillance in Stock Exchanges Module
120 50 100 60 5
11 Corporate Governance Module 90 100 100 60 5
12 Compliance Offi cers (Brokers) Module
120 60 100 60 5
13 Compliance Offi cers (Corpo-rates) Module
120 60 100 60 5
14
Information Security Auditors Module (Part-1
120 90 100 60
2Information Security Auditors Module (Part-2)
120 90 100 60
15 FPSB India Exam 1 to 5 120 75 140 60 –
16
Investment Banking Analyst Module (Paper 1)
120 100 100 – –
Investment Banking Analyst Module (Paper 2)
120 100 100 – –
* Candidates have the option to take the test in English, Gujarati or Hindi language. The workbook for the module will however be available in ENGLISH ONLY.
# Candidates securing 80% or more marks in NSDL-Depository Operations Module ONLY will be certifi ed as ‘Trainers’.
195
Table 8-2 : Studies under the NSE Research Initiative
SL. No. Title of Study
Completed Papers
1 Econometric Estimation of Systematic Risk of S&P CNX Nifty Constituents
2 Stock Market Development and its Impact on the Financing Pattern of the Indian Corporate Sector
3 Effi ciency of the Market for Small Stocks
4 Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study
5 Should pension funds invest in equities? An analysis of risk-return tradeoff and asset allocation decisions
6 Changes in liquidity following exposure to foreign shareholders: The effect of foreign listings, inclusion in country funds and issues of American Depositary Receipts
7 Is the Spread Between E/P Ratio and Interest Rate Informative for Future Movement of Indian Stock Market?
8 Merger Announcements and Insider Trading Activity in India: An Empirical Investigation
9 Achieving an Individual Investor Friendly System using the power of the Internet
10 Improved Techniques for using Monte Carlo in VaR estimation
11 Short selling and its Regulation in India in International Perspective
12 Empirical investigation of multi-factor asset pricing models using Artifi cial Neural Network
13 Idiosyncratic Factors in Pricing Sovereign Bonds: An Analysis of the Government of India Bond Market
14 The Extreme Value Volatility Estimators and Their Empirical Performance in Indian Capital Markets
15 Equity Market Interlinkages: Transmission of Volatility - A Case Of US and India
16 Institutional Investors and Corporate Governance in India
17 Dividend policy of Indian Corporate Firms : An Analysis of Trends & Determinants
18 Market Microstructure Effects of Transparency of Indian Banks
19 Futures Trading, Information and Spot Price Volatility of NSE-50 Index Futures Contract
20 Measuring productive effi ciency of stock exchanges using price adjustment coeffi cients
21 Do Futures and Options trading increase stock market volatility?
22 Section switching stock market price effect in the Indian capital market and the policy implications thereof
23 Study of Common Stochastic Trend and Co-integration in the Emerging Markets - A case study India, Singapore and Taiwan
24 Market Discipline in the Indian Banking Sector: An Empirical Exploration
25 Conditional CAPM and Cross sectional returns - A study on Indian Securities Market
26 Evaluating index fund implementation in India
27 Measuring Volumes in the Indian Financial Markets Some Terminological and Conceptual Issues
Contd...
196
Table 8-2 : Studies under the NSE Research Initiative
SL. No. Title of Study
28 Corporate Social Responsibility Initiatives by NSE NIFTY Companies - Content, Implementation Strategies & Impact.
29 Measures for Improving Common Investor Confi dence in Indian Primary Market : A Survey
30 Informational Content of Trading Volume And Open Interest – An Empirical Study of Stock Options Market In India
31 An analysis of the Dynamic Relationships Between South Asian and Developed Equity Markets
32 Corporate Governance and Market reactions
33 Insider Ownership and Corporate Governance
34 Improving Index Fund Implementation in India
35 Seasoned Capital Offerings: Earnings Management and Long-Run Operating Performance of Indian Firms
36 Volatility Spillovers Across Stock, Call Money And Foreign Exchange Markets
37 Understanding the Microstructure in Indian Markets
38 Price and Volume Effects of S&P CNX Nifty Index Reorganization
39 Lead-Lag relationship between Equities and Stock Index Futures Market and its variation around Information Release: Empirical Evidence from India
40 On The New Transformation-Based Approach To Measuring Value-At-Risk: An Application To Forex Market In India
41 Optimal Hedge Ratio and Hedging Effectiveness of Stock Index Futures : Evidence from India
42 Evaluating Corporate Governance Risk: A Fuzzy logic approach
43 Do the S&P CNX Nifty Index and Nifty Futures Really Lead/Lag?Error Correction Model: A Cointegration Approach
44 Under-Pricing and long run performance of Initial Public Offerings in Indian Stock Market
45 Price & liquidity effects of stock split: An Empirical evidence from Indian stock market
46 Risk Return Dynamics of Derivative Based Investment Strategies.
Papers under Progress
1 Price Limits - Are they worth the price?
2 Correlation Dynamics and Equity Market Integration: Evidence from India
3 Price Discovery and arbitrage effi ciency of Indian Equity futures & Cash market
4 Dynamic Interaction Among Mutual Fund Flows, Stock Market Return and Volatility
5 Pricing of Options on Defty
6 Volatility Persistence and the Feedback trading Hypothesis : Evidence from Indian Markets
7 Do Heterogeneous beliefs affects trading volume and asset prices
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