SEBIBULLETIN
February 2019 VOL. 17 NuMber 02
^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>©Securities and exchange board of India
JUNE 2019 VOL. 17 NUMBER 06
SECURITIES AND EXCHANGE BOARD OF INDIA
EDITORIAL COMMITTEE
l Mr. P K Nagpal
l Dr. Prabhakar R. Patil
l Mr. Shashikumar Valsakumar
l Mr. Prabhas Rath
l Mr. Sahil Malik
The Securities and Exchange Board of India Bulletin is issued by the Department of Economic and Policy Analysis,
Securities and Exchange Board of India under the direction of an Editorial Committee. SEBI is not responsible for
accuracy of data/information/interpretations and opinions expressed in the case of signed articles/speeches as authors
are responsible for their personal views. SEBI has no objection to the material published herein being reproduced,
provided an acknowledgement of the same is made. The soft copy of SEBI Bulletin is available free of cost to the
subscribers/readers, who register at [email protected] along with their complete address. A readable version of SEBI
Bulletin is available at http://www.sebi.gov.in. Any comments and suggestions on any of the features/sections may be
sent to [email protected]
CONTENTS
SPEECH OF SHRI AMARJEET SINGH ON ETHICS IN THE INVESTMENT PROFESSION
CAPITAL MARKET REVIEW
REVIEW OF GLOBAL FINANCIAL MARKETS
HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET
POLICY DEVELOPMENTS
REGULATORY ACTIONS TAKEN BY SEBI
TABLES
PUBLICATIONS
461
464
477
492
494
496
504
538
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CONFERENCE ON ETHICS IN THE INVESTMENT PROFESSIONShri. Amarjeet Singh, Executive Director, SEBI
1. Thanks for the kind introduction and many thanks for having me here today. Admittedly, I have a vested interest to be here. Regulatory rule making and Ethics apparently should have an inverse relationship – that is what I would like to believe. Regulators can perhaps relax a bit and live with more of principle based regimes rather than honing out precise last mile rules, if they were assured of a highly ethical culture in the financial services industry.
2. In any case, a conference on Ethics is very relevant and timely in the context of the events of the last few months in the Indian financial world leading to trust deficit. Somehow the subject gets less attention in public discourse than it deserves. I would therefore like to commend CFA Institute and NISMand the staff who chose this topic for the conference.
3. Turning to my remarks, the subject of Ethics can be approached from several angles. Having been a regulator most of my career, I would like to share my thoughts on the subject with you from a regulatory perspective.
4. My reflections are broadly in three main parts. I would like to begin on a negative note of Ethical Failures and the lessons we learnt from these failures in the world of finance. Secondly, I would like to briefly talk about the Regulatory response to these ethical failures both in terms of rule-making and enforcement. And finally, industry response or inadequacy of it, would be the third strand in my reflections.
Ethical Failures
5. The general perception based on the events in recent times is that there has been a general decline in ethical standards across the world, including India. Transparency International reminds all nations every year about their relative standing on the state of corruption in their jurisdictions. Over two-thirds of the 176 countries in their 2016 computation fall below the midpoint of
their scale of 0 (indicating highly corrupt) to 100 (indicating very clean). India ranks poorly at 79 and interestingly enough China and Brazil enjoy or I should rather say, suffer the same rank of 79 with India. Corruption levels are an indicator of the efficiency, reliability and governance of government administration.
6. So this impression of general decline in ethical standards is not without reason - it applies to all walks of life and it got more accentuated in the financial sector because of the events that unfolded during the last two decades.
7. The financial world has witnessed a series of crises and scams such as at the global level, Dotcom bust, Enron, Global financial crisis and Libor crisis and back home, Harshad Mehta scam, Ketan Parekh scam and Saradha scam in recent times. And now the one that has unfolded in the past few weeks…
Lessons learnt
8. Each of these scams have been sufficiently dissected in retrospect and various lessons have been learnt out of these. In the ultimate analysis, each financial crisis can be traced to misconduct or in other words, to a human ethical failure. The significance of conduct and culture in financial firms was particularly acknowledged as an important lesson from the global financial crisis, which was also reinforced by the Libor crisis.
9. It was recognized that conduct and culture of the players in the financial firms pose huge risks to not only their own institutions but also to the financial system as a whole as a systemic risk. Traditional prudential supervision in terms of managing solvency and liquidity risks is therefore not enough and needs to be supplemented by focus on conduct and culture in financial firms.
Regulatory response
10. Let me now turn to the response of international financial regulatory community to ethical failures in the financial markets.
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11. Both IOSCO and FSB have in the recent years undertaken standard setting and monitoring work to reduce misconduct risk in the financial markets. For example, a new IOSCO Principle was introduced on addressing conflicts of interest. IOSCO Principles for Financial Benchmarks published in 2013 and post LIBOR crisis, a report on Wholesale Market Conduct in 2017 and FSB’s Principles for Sound Compensation Practices post global financial crisis are examples of the work aimed at improving market conduct.
12. SEBI has prescribed a Code of Conduct for all the intermediaries registered with SEBI. Additionally, SEBI has prescribed several requirements relating to ethics and integrity under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 for listed companies. Among other requirements, the LODR expects the board of directors to maintain high ethical standards and set a corporate culture and the values by which executives throughout a group shall behave.
Enforcement Trends
13. Apart from a spate of rule-making in the post crisis world, regulators have also stepped up on enforcement against frauds and misconduct. Evidently, there have been two clear trends in the area of enforcement.
14. One, the level of fines and penalties have gone up to all time high. For example, for financial benchmarks, the cumulative fines have been more than 8 billion USD (3 billion USD by FCA UK; 5.2 billion USD by US CFTC).
15. The second interesting trend is that the regulatory slap by way of debarments and fines etc. has extended beyond firms to individuals. The effect of fines on firms has blunted over the years with fines accepted as cost of doing business. In recent years, a large number of senior functionaries including CEOs/ CFOs etc. have been penalized.
16. In FY 2017, 73% of the US SEC’s standalone actions involved charges against one or more individuals.
17. Back home, SEBI has frequently used its powers to take debarring action against promoter directors
of listed companies.
18. In case of action against individuals, the effect is more severe and damaging. Action against individual misconduct is a clear warning bell from regulators as a move towards credible deterrence.
Industry response
19. The regulatory rule-making and enforcement actions reflect the expectations of the society. The societal expectations from the financial services players to have high standards of ethics and integrity are loud and clear. While regulators are driving the change in the area of conduct regulation, regulatory travel, in terms of both rule making and punitive reach, has its own limitations.
20. Financial services industry has to step forward and supplement the regulatory efforts. Compliance with regulation alone is insufficient to fully earn investor trust. Firms must develop a “culture of integrity” that permeates all levels of operations and aims at working in the best interests of investors. A strong ethical culture in the industry will strengthen investors’ faith in the capital markets. That is why ethics matter.
21. I believe in the post crisis world, industry associations, self-regulatory organizations, banks, financial institutions and corporates have responded by reinventing the codes of conduct for their members and employees. This has happened under increasing regulatory pressure and to be fair, also of their own accord. An ethical code clarifies the objectives a company pursues, the norms and values it upholds and the conduct it expects from its leadership, employees and business partners.
Is it enough?
22. While these developments are welcome, few of the relevant questions in this context are: what have been the impact and outcomes of having these codes of conduct? Are these codes achieving the intended outcomes? Have the ground realities changed? Are any assessment done to do a reality check on performance against these codes? Do the compliance departments actually work as compliance department or avoidance department ? In a nutshell, is industry doing enough?
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23. I do not have ready answers to these questions. These are for the industry to respond. I can however share one regulatory lament which I am sure you have heard many times. That is, in general, laws and codes of conduct are observed in ‘letter’ but not in ‘spirit’. Regulatory experience often reveals the gaps between prescription and practice. It is ‘good to have’ an ethical code, it would be ‘better to practice’ the same in letter and spirit.
24. This is an old call of regulators. In tune with the changing times, there is a need to go one step further. It is not sufficient to focus only on the content of law. As market development often front runs regulation, important risks often have nothing to do with non-compliance of existing laws. We have examples of enlightened corporates traveling the extra mile and improving upon their
practices beyond the legal requirements. On the other extreme, we also have examples of blatant non-compliance and no respect for law.
Conclusion
25. To wrap up, a regulator’s job always remains unfinished. A regulator has to control or reduce harm by punishing bad behavior through strong enforcement. At the same time, it has to promote good behavior. To this latter end, seminars like this one contribute. I once again compliment the organisers and would also advocate organizing more events like this for promoting good conduct, ethics and integrity at the work place. Highly ethical behavior would supplement the regulatory endeavors and perhaps make our life a bit easier.
26. Thank you for your attention and patience!
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I. Introduction
India’s capital markets witnessed volatile sessions during the month of May 2019 due to outcome of the Lok Sabha Elections 2019, Corporates earning and global weakness. During this month, foreign portfolio investors was a net buyer whereas domestic investors were a net seller in the domestic capital markets.
On May 31, CSo released the GDP for 2018-19. As per CSO, the Indian economy is estimated to grow at a rate of 6.8 per cent during the financial year 2018-19 after a downward revision from government estimate of 7.0 per cent in February. The Indian economy had grown at 7.2 per cent in the previous financial year.
Retail inflation in India jumped to 3.1 per cent in May 2019 compared to 2.99 per cent in April 2019 due to costlier food and beverages, vegetables pulses, meat and
fish and products. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2019 stand at 107.8, 126.6 and 162.9 respectively, with the corresponding growth rates of 5.1 percent, 2.8 percent and 6.0 percent as compared to April 2018.
India’s exports in May 2019 were USD 29.99 billion, as compared to USD 28.86 billion in May 2018, exhibiting a positive growth of 3.93 per cent. Imports in May 2019 were USD 45.35 billion which was 4.31 per cent higher over imports of USD 43.48 billion in May 2018. The trade deficit, difference between imports and exports, aggregated at USD 15.36 billion.
The following sections of the review highlight the trends observed in the Indian securities market during May 2019.
CAPITAL MARKET REVIEW
II. Trends in Resource Mobilisation by Corporates
Exhibit 1: Funds Mobilisation by Corporates (` crore)
Particulars Apr-19 May-19A. Funds Mobilisation through Public Issue (I+II) 30,424 25,527
I. Equity Public Issuea. IPOs (i+ii) 3,221 106 i. Main Board 3,159 0 ii. SME Platform 62 106 b. FPOs 0 0 c. Equity Right Issue 25,012 24,372
II. Debt Public Issue 2,191 1,048 B. Funds Mobilisation through Private Placement 1,09,065 63,428
1. QIP/IPP 3,173 0 2. Preferential Allotment 35,828 19,851 3. Private Placement of Debt 70,064 43,577
Total Funds Mobilised (A+B) 1,39,489 88,955 Notes: Current month data are provisional Source: SEBI, NSE, BSE and MSEI
During May 2019, Primary market mobilized funds through equity public issues of ` 106 crore as compared to ` 3,221 crore raised in April 2019. Further, there were two rights issue which mobilized ` 24,372 crore during May 2019 as compared to ` 25,012 crore mobilized in April 2019.
In addition, during May 2019, Primary market mobilized funds through Bonds public issues of ` 1,048 crore as
compared to ` 2,191 crore raised in April 2019.
During May 2019, corporates mobilised of ` 19,851 crore through preferential allotments compared to ` 35,828 crore raised in April 2019. There was no QIP listed during May 2019. Corporate sector mobilised resources by way of private placements of corporate bonds. The companies mobilised ` 43,577 crore in May 2019 as compared to ` 70,064 in April 2019.
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III. Trends in the Secondary Market
Exhibit 2: Snapshot of Indian Capital Market
Description Apr-19 May-19Change during the
Month
Index in Equity Market
Sensex 39032 39714 1.7Nifty 50 11748 11923 1.5Nifty 500 9664 9805 1.5BSE 500 15294 15518 1.5Nifty Bank 29765 31375 5.4Nifty IT 16705 16161 -3.3BSE Healthcare 14367 13305 -7.4BSE FMCG 11764 11518 -2.1
Market Capitalisation (` crore)
BSE 1,52,54,028 1,54,38,015 1.2
NSE 1,50,43,275 1,52,54,361 1.4
P/E Ratio
Sensex 29.0 29.0 0.2
Nifty 50 29.3 29.5 0.5
No of Listed Companies
BSE 5282 5292 0.2
NSE 1938 1942 0.2
Gross Turnover in Equity Segment (` crore)
BSE 55,868 58,172 4.1NSE 6,40,115 7,88,184 23.1
Gross Turnover in Equity Derivatives Segment (` crore)
BSE 4 3 -18.7
NSE 2,25,55,286 2,55,46,457 13.3
Gross Turnover in Currency Derivatives Segment (` crore)
BSE 5,80,692 6,52,341 12.3
NSE 7,11,355 6,83,259 -3.9
MSEI 2,780 1,903 -31.6
Gross Turnover in Interest Rate Derivatives Segment (` crore)
BSE 4,738 8,498 79.4
NSE 24,098 22,662 -6.0
Source: NSE, BSE and MSEI
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At the end of May 2019, S&P BSE Sensex closed at 39714 witnessing an increase of 1.7 per cent from the previous months closing at 39032. The Nifty 50 closed at 11923 witnessing an increase of 1.5 per cent compared to previous month’s closing at 11748.
During the month, S&P BSE Sensex closed its highest value of 39832 and lowest of 37091 during May 2019. On the other hand, Nifty 50 touched its peak with a closing value of 11946 and lowest of 11148 during the month under consideration.
Figure 1: Movement of Sensex and Nifty during May 2019
Market capitalisation of BSE increased by 1.2 per cent to ` 1,54,38,015 crore at the end of May 2019 from ` 1,52,54,028 crore at the end of April 2019. Market capitalization at NSE too increased to ` 1,52,54,361 crore from ` 1,50,43,275 crore during the same period. The monthly turnover of BSE increased by 4.1 per cent to ` 58,172 crore in May 2019 from ` 55,868 crore in
April 2019. Further, the monthly turnover of NSE too increased by 23.1 per cent to ` 7,88,184 crore in May 2019 from ` 6,40,115 crore in April 2019.
The P/E ratios of S&P BSE Sensex and Nifty 50 were 29 and 29.5 respectively, at the end of May 2019 compared to 29 and 29.3 respectively a month ago.
Figure 2: Trends in Average Daily Values of Nifty 50 and NSE Equity Cash Segment Turnover
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Figure 3: Trends in Average Daily Values of Sensex and BSE Equity Cash Segment Turnover
In the month of May 2019 the performance of the sectoral indices witnessed mixed picture. Among BSE indices, S&P BSE Capital Goods (CG) increased by 10.6 per cent, followed by S&P BSE Bankex (5.8 per cent), S&P BSE PSU (5.1), S&P BSE Consumer Durables (3.5 per cent), S&P BSE Power (2.1 per cent), S&P BSE Small Cap (1.7 per cent) and S&P BSE 100 (1.5 per cent). On the other side, S&P BSE Healthcare decreased by 7.4 per cent, followed by S&P BSE Metal (6.6 per cent), S&P BSE Teck (2.7 per cent) and S&P BSE FMCG (2.1 per
cent) during the month.
Further, among BSE indices, S&P BSE Capital Goods recorded the highest daily volatility 1.8 per cent, followed by S&P BSE PSU (1.6 per cent), S&P BSE Power (1.6 per cent), S&P BSE Metal (1.6 per cent), S&P BSE Bankex (1.5 per cent), S&P BSE Small Cap (1.2 per cent) and S&P BSE 100 (1.1 per cent). S&P BSE Teck and S&P BSE FMCG witnessed the least volatile indices for the month of May 2019.
.Figure 4: Performance of BSE Indices during May 2019
As regards NSE indices, the largest increase was registered by Nifty PSU Bank (6.3 per cent) followed by Nifty Bank (5.4 per cent), Nifty Midcap 100 (2.2 per cent), Nifty Midcap 50 (2.1 per cent), Nifty 500 (1.5 per cent), Nifty 200 (1.4 per cent), Nifty 100 (1.3 per cent) and Nifty Small 100 (1.2 per cent) during May 2019. However, on the hand, Nifty Pharma decreased by 10.1 per cent, followed by Nifty Media (8.5 per cent), Nifty IT (3.3 per cent) and
Nifty FMCG (1.6 per cent) during the month.
Further, among NSE indices, Nifty PSU Bank recorded highest daily volatility of 2.7 per cent followed by Nifty Media (2.3 per cent), Nifty Midcap 50 (1.5 per cent), Nifty Small 100 (1.5 per cent) and Nifty Bank (1.4 per cent). However, Nifty IT, Nifty FMCG and Nifty MNC were the least volatile for the month under consideration.
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Figure 5: Performance of NSE Indices during May 2019
IV. Trends in Depository Accounts
At the end of May 2019, there were 187 lakh demat accounts at NSDL and 178 lakh demat accounts at CDSL. At NSDL, till May 2019, 5,641 listed companies signed up to make their shares available for dematerialisation while at CDSL, 6,295 listed companies signed up.
Trends in Derivatives Segment
A. Equity Derivatives
Among the three exchanges in the equity derivative
market ecosystem, viz., NSE, BSE and MSEI, NSE is dominating the market with almost 100 per cent share in equity derivatives. There is insignificant trading taking place at BSE and no trading in equity derivatives segment at MSEI.
During May 2019, the notional turnover at NSE increased to ` 2,55,46,457 crore from ` 2,25,55,286 crore during April 2019, indicating an increase of 13.3 per cent over previous month.
Figure 6: Trends of Equity Derivatives Segment at NSE (` crore)
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The notional turnover of index futures and that of stock futures increased by 44.8 per cent and 18.2 per cent, respectively in May 2019 over the previous month. Further, the monthly notional turnover of put options and call options on Index increased by 11.2 per cent and 14.5 per cent, respectively over previous month. In addition, the monthly notional turnover of put options on stock also increased by 5.4 per cent. However, call options on stock decreased by 2.7 per cent in May 2019
over the previous month. The open interest in value terms in the equity derivative segment of NSE decreased by 7.3 per cent to ` 2,78,172 crore as at end May 2019 from ` 3,00,028 crore as at end April 2019.
In May 2019, the equity derivatives segment turnover of BSE was ` 3.4 crore compared to ` 4.2 crore in April 2019. The open interest in terms of value stood at ` 0.5 crore as on May 31, 2019.
Exhibit 3: Trends in Equity Derivatives Market
Description
NSE BSE
Apr-19 May-19Percentage
Change Over Month
Apr-19 May-19Percentage
Change Over Month
A. Turnover (` crore)(i) Index Futures 4,06,219 5,88,154 44.8 0.7 1.1 NA(ii) Options on Index
Put 91,70,370 1,01,99,786 11.2 0.0 0.0 NACall 1,08,60,276 1,24,29,716 14.5 0.0 0.0 NA
(iii) Stock Futures 11,59,128 13,70,551 18.2 3.5 2.3 -34.5(iv) Options on Stock
Put 3,07,998 3,24,608 5.4 0.0 0.0 NACall 6,51,295 6,33,641 -2.7 0.0 0.0 NA
Total 2,25,55,286 2,55,46,457 13.3 4.2 3.4 18.3B. No. of Contracts
(i) Index Futures 55,21,413 78,95,357 43.0 7 12 71.4(ii) Options on Index
Put 13,77,19,004 15,07,93,849 9.5 0 0 NACall 16,10,93,858 17,87,71,371 11.0 0 0 NA
(iii) Stock Futures 1,88,19,091 2,36,60,383 25.7 51 28 -45.1(iv) Options on Stock
Put 50,37,643 55,75,141 10.7 0 0 NACall 99,36,612 1,00,48,031 1.1 0 0 NA
Total 33,81,27,621 37,67,44,132 11.4 58 40 -31C. Open Interest in Terms of Value ( ` crore)
(i) Index Futures 28,944 28,322 -2.1 0 0 NA(ii) Options on Index
Put 78,974 68,735 -13.0 0 0 NACall 63,493 55,222 -13.0 0 0 NA
(iii) Stock Futures 1,08,925 1,08,548 -0.3 0.5 0.5 0.0(iv) Options on Stock
Put 7,942 6,612 -16.7 0 0 NACall 11,750 10,732 -8.7 0 0 NA
Total 3,00,028 2,78,172 -7.3 0.5 0.5 0D. Open Interest in Terms of No of Contracts
(i) Index Futures 3,57,414 3,44,754 -3.5 0 0 NA(ii) Options on Index
Put 10,01,206 8,26,834 -17.4 0 0 NACall 8,47,727 6,92,027 -18.4 0 0 NA
(iii) Stock Futures 18,40,700 18,35,515 -94.1 6 6 0.0(iv) Options on Stock
Put 1,37,592 1,12,425 -18.3 0 0 NACall 2,12,396 1,88,534 -11.2 0 0 NA
Total 43,97,035 40,00,089 -9.0 6 6 0
Source: NSE and BSE
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B. Currency Derivatives at NSE, BSE and MSEI
The monthly turnover of currency derivatives at NSE during May 2019 decreased by 3.9 per cent to ` 6,83,259 crore from ` 7,11,355 crore in April 2019. However, during the same time, the monthly turnover of currency
derivatives at BSE increased by 12.3 per cent to ̀ 6,52,341 crore from ` 5,80,692crore. The monthly turnover of currency derivatives at MSEI during May 2019 stood at ` 1,903 crore decreased from ` 2,780 crore a month ago.
Figure 7: Trends of Currency Derivatives at NSE, MSEI and BSE (` crore)
C. Interest Rate Futures at NSE and BSE
During May 2019, the monthly turnover of interest rate futures at NSE decreased by 6 per cent to ` 22,662 crore from ` 24,098 crore in April 2019. However, during the same time, the monthly turnover of interest rate futures
at BSE increased by 79.4 per cent to ` 8,498 crore from ` 4,738 crore. There was no trading observed in interest rate futures at MSEI during the month under consideration.
Figure 8: Trends of Interest Rate Futures at NSE and BSE (` crore)
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V. Trading in Corporate Debt Market
During May 2019, BSE noted 4,839 trades of corporate debt with a traded value of ̀ 65,109 crore as compared to noted 3,944 trades of corporate debt with a traded value of ` 53,756 crore in April 2019. At NSE, 6,650 trades were noted with a traded value of ` 1,29,918 crore in
May 2019 as compared to 5,380 trades were noted with a traded value of ` 90,748 crore in April 2019. Together, the trading in corporate debt at BSE and NSE amounted to ` 1,95,027 crore during May 2019.
VI. Trends in Institutional Investment
A. Trends in Investment by Mutual Funds
The total net investment in the secondary market by mutual funds was `36,504 crore in May 2019, compared to the total net investment of`46,220 crore in April 2019. During May 2019, mutual funds invested `5,164 crore in equity as compared `4,600 crore liquidation from equity in April 2019. In addition, mutual funds net invested `31,340 crore in debt securities as compared to `50,820 crore net investment during the same period.
During May 2019, there was a net inflow of ` 79,619 crore in open ended mutual fund schemes. Of these total open ended schemes inflow, income / debt oriented schemes mobilised `70,119 crore followed by Growth/Equity Oriented (`5,408 crore), Other Schemes (` 2,651 crore), Hybrid Schemes (`1,266 crore) and Solution Oriented Schemes (` 175 crore). On the other hand, in the Close Ended Schemes, there was a net outflow of ` 2,440 crore in May 2019. Of these outflows, income / debt oriented closed ended schemes liquidated of `2,001 crore, followed by Growth/Equity Oriented closed
ended Schemes (` 439 crore). In aggregating (open ended, closed ended and interval schemes), there was a net inflow of ` 76,990 crore during May 2019 in the Mutual Fund Industry.
The cumulative net assets under management of all mutual funds increased to `25,93,560 crore at the end of May 2019 from `24,78,757 crore at the end of April 2019, indicating an increase of 4.6 per cent during the month.
As on April 30, 2019, there were a total of 1954 mutual fund schemes in the market, of which 1,204 were income / debt oriented schemes, 435 were growth / equity oriented schemes, 126 were Hybrid schemes, 133 were Others (exchange traded funds & FoF investing overseas) 30 were Solution Oriented Schemes and 26 were interval schemes
.
Figure 9: Trends in Reported Turnover of Corporate Bonds (` crore)
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Figure 10: Trends in Mutual Funds Investment (` crore)
B. Trends in Investment by the Foreign Portfolio Investors (FPIs)
Foreign portfolio investors (FPIs) also a net buyer for May 2019. FPIs invested ` 11,370 crore in Indian securities market during May 2019 compared to an investment of ` 16,728 crore in April 2019. FPIs invested ` 7,920 crore worth of equity securities in May 2019 compared to an investment of ` 21,193 crore in April 2019. In addition, FPI invested ` 2,264 crore during May 2019 in hybrid securities compared to ` 634 crore in April 2019.
Further, FPIs invested ` 1,187 crore in debt securities during May 2019 as compared to an outflow of ` 5,009 crore in April 2019.
The assets of the FPIs in India, as reported by the custodians, at the end of May 2019 was ` 34,17,679 crore, out of which the notional value of offshore derivative instruments (including ODIs on derivatives) was ` 82,426 crore.
Figure 11: Trends in FPIs Investment (` crore)
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VII. Trends in Portfolio Management Services
During May 2019, the total AUM of the portfolio management industry stood at ` 16,08,234 crore compared to ` 16,23,331 crore as at end April 2019, indicating a decrease of 0.9 per cent during the period. As on May 31 2019, the AUM of non-discretionary and Advisory services were ` 1,11,284 crore and 1,86,442 crore respectively, an increase by 0.5 per cent and 1 per cent respectively from April 2019. However, the AUM of Discretionary services decreased by 1.3 per cent and stood at ` 13,10,508 crore from its previous month.
In terms of number of clients in PMS industry at the end of May 2019, discretionary services category topped with 1,43,065 clients, followed by non-discretionary category with 7,242 clients and advisory category with 3,973 clients.
VIII. Trends in Substantial Acquisition of Shares and Takeoverss
During May 2019, five open offers with offer value of ` 249 crore was made to the shareholders as against four open offer with offer value of ` 56 crore made in April 2019. Of these five offers, all of them were came for change in control of management.
Figure 12: Details of Open Offers Made under the SEBI (SAST) Regulations
IX. Commodities Derivatives Markets
A. Market Trends
During May 2019, MCX Comdex, witnessed a fall of 5.1 per cent (M-o-M) driven by decline in prices of metal, bullion (silver) and energy segments. In agri segment, out of four traded commodities, cardamom and cotton witnessed a firm trend, while, CPO and mentha oil showed a declining trend. On Y-o-Y basis, MCX Comdex decreased by 7.4 per cent, mainly on account of decline in prices of all the constituent commodities except gold, zinc, cardamom, cotton and mentha oil over the past year.
During the month, MCX Energy index, decreased on account of steep fall in prices of crude oil (15.5 per cent) and natural gas (4.7 per cent). Witnessing similar trend, the downtrend in MCX metal index was due to decrease in futures prices of all the base metals. MCX
Agri recorded marginal fall as futures prices of mentha oil and CPO declined by 9.9 per cent and 2.6 per cent respectively during the month, which was partially offset by rise in prices of cardamom (24.8 per cent) and cotton (0.2 per cent).
NKrishi index increased by 3.3 per cent (M-o-M) as 7 out of 10 constituent commodities (cotton seed oilcake, turmeric, chana, RM seed, jeera, coriander and soybean) witnessed an uptrend in futures prices. On Y-o-Y basis, the NKrishi index registered a gain of 25.7 per cent at the end of May 2019 mainly on account of increase in prices of all the traded commodities except refined soy oil and turmeric. Monthly trends in MCX Comdex and NKrishi Index are provided in Table 66
.
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Figure 13: Movement of Commodity Derivatives Market Indices
the previous month for benchmark commodity indices are shown in the Figure 14 below:
Source: MCX and NCDEX
During May 2019, average daily volatility in MCX Comdex and NKrishi indices was recorded at 0.7 and 0.6 per cent respectively. The daily volatility and price variation over
Figure 14: Variation (point-to-point) and daily volatility of commodity indices in May 2019 (per cent)
Source: MCX and NCDEX
Turnover During May 2019, the aggregate turnover of all commodity exchanges increased by 18.4 per cent to ` 7,02,947 crore as turnover at all the exchanges except NSE increased significantly during the month. The agricultural segment contributed 9.0 per cent to the total turnover, while non-agricultural segment accounted for 91.0 per cent.
The total turnover (futures & options) at MCX increased by 20.1 per cent to ̀ 6,43,655 crore during May 2019. The turnover at futures segment increased by 18.9 per cent as except metal, all other segments viz., Agri., Bullion and Energy recorded a rise during the month. Witnessing similar trend, notional turnover of option contracts
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traded at MCX rose by 94.1 per cent during the month as turnover at bullions and energy segment jumped up by 144.0 per cent and 73.3 per cent, respectively. The options turnover in metal segment, however, decreased by 44.0 per cent. The options contracts contributed 2.6 per cent to the total turnover at MCX. During the month, the total turnover (futures & options contracts) at NCDEX increased by 1.3 per cent to ̀ 48,405 crore, due to rise in volumes and traded value mainly in
Figure 15: Trends in turnover of agricultural commodity derivatives (`crore)
Source: MCX, NCDEX, BSE & ICEX
Figure 16: Trends in turnover of non-agricultural commodity derivatives - futures and options
Source: MCX, ICEX, BSE & NSE
chana, cotton seed oilcake, jeera, RM seed, refined soy oil and turmeric. Turnover in option segments at NCDEX increased from 0.8 crore to 1.5 crore in May 2019. In May 2019, commodity futures turnover at BSE and ICEX increased by 13.0 per cent and 7.8 per cent respectively, while that of NSE declined by 9.7 per cent.The turnover of agricultural and non-agricultural commodities at exchanges is shown in Figures 15, 16 and the details are given in Tables 67 to 71.
The following chart provides a snapshot of the percentage gain/loss in futures prices in near month contracts of the commodities traded at the exchanges.
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Figure 17: Movement of Near Month futures prices (M-o-M) for commodities traded on domestic exchanges during May 2019 (per cent)
Source: MCX, NCDEX, ICEX, BSE and NSE
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OVERVIEW OF THE GLOBAL FINANCIAL MARKETSThe World Bank in its June 2019 Global Economic Prospects has downgraded the global growth for 2019 to 2.6 per cent, (which is 30 basis points (bps) below the previous forecasts) considering the weaker than expected international trade and investment at the start of 2019. The World Bank observed that several downside risks to
Table 1: Real GDP
(Per cent change from previous year)
Region / Country Percentage point differences from January 2019 projections
2015 2016 2017 2018e 2019f 2020f 2021f 2018e 2019f 2020f 2021fWorld 2.9 2.6 3.1 3.0 2.6 2.7 2.8 0.0 -0.3 -0.1 0.0 Advanced Economies 2.3 1.7 2.3 2.1 1.7 1.5 1.5 -0.1 -0.3 -0.1 0.0 United States 2.9 1.6 2.2 2.9 2.5 1.7 1.6 0.0 0.0 0.0 0.0 Euro Area 2.1 2.0 2.4 1.8 1.2 1.4 1.3 -0.1 -0.4 -0.1 0.0 Japan 1.2 0.6 1.9 0.8 0.8 0.7 0.6 0.0 -0.1 0.0 0.0 Emerging Market and Developing Economies (EMDE) 3.8 4.1 4.5 4.3 4.0 4.6 4.6 -0.1 -0.3 0.0 0.0
BRICS 4.0 4.6 5.3 5.4 5.1 5.3 5.3 0.1 -0.1 0.0 0.0 China 6.9 6.7 6.8 6.6 6.2 6.1 6.0 0.1 0.0 -0.1 0.0 Russia -2.5 0.3 1.6 2.3 1.2 1.8 1.8 0.7 -0.3 0.0 0.0 Brazil -3.5 -3.3 1.1 1.1 1.5 2.5 2.3 -0.1 -0.7 0.1 -0.1 India2 8.0 8.2 7.2 7.2 7.5 7.5 7.5 -0.1 0.0 0.0 0.0 South Africa 1.3 0.6 1.4 0.8 1.1 1.5 1.7 -0.1 -0.2 -0.2 -0.1
Notes: e = estimate; f = forecast. BRICS include: Brazil, Russia, India, China, and South Africa.1. Aggregate growth rates calculated using constant 2010 U.S. dollar GDP weights.2. The column labelled 2016 refers to FY2016/17.Source: World Bank.
growth are becoming predominate, including rising trade barriers, a build-up of government debt, and deeper-than expected slowdowns in several major economies. However, as the headwinds dissipate, the global growth is projected to edge up to 2.7 per cent in 2020 and to 2.8 per cent in 2021.
The growth forecasts for advanced economies have also been lowered by 30 bps from the previous estimates to 2.8 per cent in 2019. Parts of the Euro Area has recorded slowing down of activities due to weakening exports and investment. Meanwhile, major central banks have signalled a more dovish stance amid subdued inflation and decelerating activity. Although the US economy is performing well with government spending and corporate tax cuts and unemployment figures reaching its lowest level in nearly five decades, the effects of recent fiscal stimulus are waning. On a negative note, amid rising trade tensions, exports have slowed, especially those to Europe and Asia. The Euro Area has witnessed rapid economic slowdown since mid-2018 undermined by decline in exports and domestic demand. Growth is projected to slow from 1.8 per cent in 2018 to 1.2 per cent in 2019 and to edge up to an average of 1.4 per cent in 2020-21. A no-deal Brexit from the EU could
have a severe impact on the United Kingdom and, to a lesser extent, on its European trading partners. Activities in Japan, on the other hand has marginally improved backed by government support in the first half of 2019. However, trade, especially with China remained weak. On a positive note, the unemployment is low and labour force participation continues to go up.
The World Bank has expressed its concern for emerging market and developing economies (EMDEs) in particular. According to the said report, investment growth in EMDEs over the next three years is expected to be subdued and below historical averages. The restraining factors against investment growth are weak global growth, limited fiscal space against the backdrop of elevated debt, and the presence of several structural constraints. EMDE growth is expected to slow from 4.3 per cent in 2018 to 4 per cent in 2019, indicating a 30 bps fall from the previously projected rate with notable
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heterogeneity across regions. In China, growth appears to be stabilizing following a weak start at the beginning of the year. However, trade with the external world remains weak and equity prices and the currency have faced downward pressures amid the recent re-escalation of the trade tension. The World Bank has projected that growth in India would be at 7.5 per cent in 2019-20, unchanged from the previous forecast, and to stay at this pace through the next two fiscal years. The inflation has fallen below the target rate of Reserve Bank of India. Private consumption and investment are going to benefit from strengthening credit growth amid more accommodative monetary policy.
Equity Markets:
Global equity markets witnessed a mixed trend during May 2019. While the develop markets exhibited a negative trend, the major emerging markets showcased a positive return. The investor sentiment continued to be affected negatively from the ongoing US-China trade tensions. The US equity markets moved on a weaker note, mostly owing to the concerns related to slowing of global demand as a result of the trade dispute. Eurozone equities also declined reflecting the lacklustre economic data. UK equities also performed poorly during the month while the Japanese stocks fell on the global trade
tensions.
Emerging markets equities fell in May 2019 as US-China trade talks were futile and global growth concerns increased. The MSCI Emerging Markets Index declined and underperformed the MSCI World Index. The Chinese stock market was affected by imposition of tariffs on Chinese exports to US. The US increased tariffs on US$ 200 billion of Chinese goods imports from 10 per cent to 25 per cent. It also threatened to levy tariffs on the remaining US$ 300 billion of goods imported from China. China retaliated by raising tariffs on US$ 60 billion of US goods imports from an existing 5-10 per cent range to a maximum of 25 per cent. All these developments dented the Chinese stock market. By contrast, Russia posted a solid gain, benefitting from a strong rally in state controlled oil company. Brazil and India also outperformed.
Among the developed market indices, Hang Seng Index of Hong Kong fell by 9.4 per cent at the end of May 2019 over its previous month’s closing, followed by Straits Times Index of Singapore (8.3 per cent) and Nikkei Index of Japan (7.4 per cent). As regards major emerging economies, Russian Traded index went up by 4.5 per cent followed by S&P BSE Sensex (1.7 per cent) and Nifty 50 index (1.5 per cent) (Table A2).
Table A2: Performance of Stock Indices
Country Name of the IndexClosing Value
as on Closing Value before Annualised Volatility
(%)
P/E Ratio
May 31, 2019 1-Month 3-Month 6-Month 1-YearBRICS Nations
Brazil BRAZIL IBOVESPA INDEX 97030.3 96353.3 95584.4 89504.0 76753.6 22.1 17.7Russia RUSSIAN TRADED INDEX 1925.3 1842.2 1741.8 1643.4 1674.9 18.1 5.3India Nifty 50 11922.8 11748.2 10792.5 10876.8 10736.2 14.0 India S&P BSE SENSEX INDEX 39714.2 39031.6 35867.4 36194.3 35322.4 13.7 China SHANGHAI SE COMPOSITE 2898.7 3078.3 2941.0 2588.2 3095.5 24.7 14.0South Africa FTSE/JSE AFRICA ALL SHR 55650.4 58528.4 56002.1 50663.9 56157.9 14.0 16.7
Developed MarketsUSA NASDAQ COMPOSITE INDEX 7453.1 8095.4 7532.5 7330.5 7442.1 19.0 29.1USA DOW JONES INDUS. AVG 24815.0 26592.9 25916.0 25538.5 24415.8 14.2 15.8France CAC 40 INDEX 5207.6 5586.4 5240.5 5003.9 5398.4 13.7 17.4Germany DAX INDEX 11726.8 12344.1 11515.6 11257.2 12604.9 14.9 15.6UK FTSE 100 INDEX 7161.7 7418.2 7074.7 6980.2 7678.2 11.6 16.9Hong Kong HANG SENG INDEX 26901.1 29699.1 28633.2 26506.8 30468.6 16.9 10.6South Korea KOSPI INDEX 2041.7 2203.6 2195.4 2096.9 2423.0 14.4 17.5Japan NIKKEI 225 20601.2 22258.7 21385.2 22351.1 22201.8 15.9 19.4Singapore Straits Times Index STI 3117.8 3400.2 3212.7 3117.6 3428.2 11.2 12.7Taiwan TAIWAN TAIEX INDEX 10498.5 10967.7 10389.2 9888.0 10875.0 15.1 15.2
Source: Bloomberg, BSE and NSE
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Chart 2: Stock Market Trend in Select Emerging Markets
Source: Bloomberg Note: All indices have been indexed with base as January 01, 2019.
Source: Bloomberg Note: All indices have been indexed with base as January 01, 2019
Chart 1: Stock Market Trend in Select Developed Markets
Fund Mobilisation by Issuance of Equity and Bond:
As per the data available from World Federation of Exchanges, during April 2019 US$ 60.9 billion (US$ 52.4 billion through issuance of bonds and US$ 8.5 billion through issuance of equity) was mobilized through LSE Group, followed by Korea Exchange (US$ 47.4 billion)
and Singapore Exchange (US$ 45.5 billion). As regards BRICS nations, US$ 28.4 billion was mobilized through Moscow Exchange followed by National Stock Exchange of India (US$ 22.6 billion) and Shenzhen Stock Exchange (US$ 8.6 billion) (Table A3)
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Table A3: Fund Mobilisation by Issuance of Equity and Bond in Major Exchanges
(US$ Million)
Country ExchangeMar-19 Apr-19
Equity Bond Total Equity Bond Total
Dev
elop
ed M
arke
ts
USA Nasdaq - US 2,908 NA 2,908 2,703 NA 2,703
USA NYSE 7,104 NA 7,104 7,403 NA 7,403
UK LSE Group 2,273 42,610 44,882 8,511 52,436 60,947
France Euronext 1,410 NA 1,410 5,155 NA 5,155
Germany Deutsche Boerse AG NA 32,279 32,279 NA 25,867 25,867
Spain BME Spanish Exchanges 2,038 40,049 42,088 413 24,785 25,198
Japan Japan Exchange Group Inc. 3,640 5,814 9,454 - NA -
Singapore Singapore Exchange 19 48,130 48,148 155 45,303 45,458
Australia Australian Securities Exchange 2,923 NA 2,923 2,048 NA 2,048
Hong Kong Hong Kong Exchanges and Clearing 2,605 14,839 17,443 5,834 17,586 23,420
Korea Korea Exchange 776 51,562 52,338 7 47,361 47,367
BR
ICS
Brazil BM&FBOVESPA S.A. 183 325 508 281 - 281
Russia Moscow Exchange NA 21,140 21,140 NA 28,433 28,433
India BSE India Limited 39 1,287 1,326 444 6,262 6,706
India National Stock Exchange of India Limited 3,971 24,822 28,793 1,193 21,425 22,618
China Shanghai Stock Exchange 1,807 NA 1,807 3,807 NA 3,807
China Shenzhen Stock Exchange - 4,926 4,926 2,770 5,835 8,604
South Africa Johannesburg Stock Exchange 762 10,884 11,646 331 7,465 7,796
Note: Fund mobilisation data for equities are (i) excluding investment funds and (ii) including Alternative and SME Markets except the following exceptions:1. 1. Australian Securities Exchange: including investment funds2. BME: Including investment companies listed (open-end investment companies). 3. Bolsa de Valores de Lima: Includes 26 foreign companies with shares negotiated under a special modality4. Euronext: includes Belgium, England, France, Netherlands and Portugal5. Korea Exchange: including Kosdaq market data6. LSE Group: includes London Stock Exchange and Borsa Italiana7. Nasdaq Nordic Exchanges include Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges8. NSE India: including “Emerge” market data9. Singapore Exchange: market capitalization includes domestic listings and a substantial number of foreign listings, defined as companies whose principal place
of business is outside of Singapore. Inactive secondary foreign listings are excluded.For Funds mobilised through issuance of bonds, due to different reporting rules & calculation methods, turnover figures are not entirely comparable. The sale & purchase of a share are counted as one transactionNA = Not AvailableSource: World Federation of Exchanges
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Market Capitalisation of Major Exchanges:
Market capitalisation of the major economies exhibited an upward trend across the world during April 2019. Among developed nations, market cap of the Deutsche Boërse AG increased by 6.5 per cent followed by Nasdaq Stock Exchange of the US (4.9 per cent) and the Euronext (4.0 per cent). Market cap of New York Stock Exchange on
the other hand fell by 3.2 per cent.
Among BRICS nations, market capitalisation of BM&FBOVESPA S.A. of Brazil grew by 19.3 per cent, followed by Shanghai Stock Exchange (4.3 per cent) and Moscow Exchange (3.6 per cent).
Table A4: Domestic Market Capitalisation of Major Exchanges
(US$ Billion)
Country Exchange Mar-19 Apr-19
Dev
elop
ed M
arke
ts
USA Nasdaq - US 11,218,243 11,769,584USA NYSE 23,211,054 22,477,385UK LSE Group 3,965,348 4,037,920Pan Europe* Euronext 4,268,406 4,437,440Germany Deutsche Boerse AG 1,867,308 1,989,342Spain BME Spanish Exchanges 770,908 790,149Japan Japan Exchange Group Inc. 5,608,260 5,668,412Singapore Singapore Exchange 715,124 733,266Hong Kong Hong Kong Exchanges and Clearing 4,307,771 4,378,037South Korea Korea Exchange 1,468,213 1,478,480Australia Australian Securities Exchange 1,384,115 1,408,545
BR
ICS
Brazil BM&FBOVESPA S.A. 820,649 979,051Russia Moscow Exchange 636,896 659,560India BSE India Limited 2,179,096 2,185,547India National Stock Exchange of India Limited 2,156,172 2,157,630China Shanghai Stock Exchange 5,013,731 5,230,942China Shenzhen Stock Exchange 3,355,376 3,398,314South Africa Johannesburg Stock Exchange 950,525 982,564
Notes:1. 1. Euronext: includes Belgium, England, France, Netherlands and Portugal2. Johannesburg Stock Exchange: figures include the market capitalization of all listed companies, but exclude listed warrants, convertibles and investment
funds3. Korea Exchange: including Kosdaq market data4. LSE Group: includes London Stock Exchange and Borsa Italiana5. NSE India: including “Emerge” market data6. Singapore Exchange: market capitalization includes domestic listings and a substantial number of foreign listings, defined as companies whose principal place
of business is outside of Singapore. Source: World Federation of Exchanges
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Equity Derivatives:
As per the latest data available from the World Federation of Exchanges, during April 2019 the following performance was recorded in equity derivatives markets across the globe (Table A5 and A6):
Single Stock Options:
• Amongst exchanges in the Americas, BM&FBOVESPA recorded trading of 77.0 million contracts, followed by Nasdaq - US (60.4 million contracts) and Chicago Board Options Exchange (39.8 million contracts).
• Amongst exchanges in the Europe - Africa - Middle East, EUREX recorded trading of 15.1 million contracts, followed by Euronext (6.1 million contracts) and Nasdaq Nordic Exchanges (1.9 million contracts).
• Amongst exchanges in the Asia Pacific, the National Stock Exchange of India recorded trading of 15.0 million contracts, followed by Hong Kong Exchanges and Clearing (9.3 million contracts) and Australian Securities Exchange (5.8 million contracts)
Single Stock Futures:
• Amongst exchanges in the Americas, Bourse de Montreal recorded trading of 0.4 million contracts, followed by Bolsa de Valores de Colombia (9.4 thousand contracts) and MexDer (2.7 thousand contracts).
• Amongst exchanges in the Europe - Africa - Middle East, EUREX recorded trading of 38.6 million contracts, followed by Moscow Exchange (20.2 million contracts) and ICE Futures Europe (12.5 million contracts).
• Amongst exchanges in the Asia Pacific, Korea Exchange recorded trading of 63.0 million contracts, followed by National Stock Exchange of India (18.8 million contracts) and Thailand Futures Exchange (2.3 million contracts).
Index Options:
• Amongst exchanges in the Americas, Chicago Board Options Exchange recorded trading of 35.2 million contracts, followed by CME Group (9.6 million contracts) and BM&FBOVESPA (3.8 million contracts).
• Amongst exchanges in the Europe - Africa - Middle East, EUREX recorded trading of 38.9 million contracts, followed by Tel-Aviv Stock Exchange (1.8 million contracts) and Moscow Exchange (1.5 million contracts).
• Amongst exchanges in the Asia Pacific, National Stock Exchange of India recorded trading of 298.8 million contracts, followed by Korea Exchange (62.6 million contracts) and TAIFEX (13.5 million contracts).
Index Futures:
• Amongst exchanges in the Americas, BM&FBOVESPA recorded trading of 137.3 million contracts, followed by CME Group (39.1 million contracts) and CBOE Futures Exchange (4.6 million contracts).
• Amongst exchanges in the Europe - Africa - Middle East, EUREX recorded trading of 29.3 million contracts, followed by ICE Futures Europe (12.7 million contracts) and Moscow Exchange (7.9 million contracts).
• Amongst exchanges in the Asia Pacific, Japan Exchange Group recorded trading of 20.4 million contracts, followed by Singapore Exchange (16.4 million contracts) and Hong Kong Exchanges and Clearing (9.2 million contracts).
Currency Derivatives:
As per the latest data available from the World Federation of Exchanges, during April 2019, exchanges across the world showed the following trend in trading of currency derivatives (Table A7):
Currency Options:
• Amongst exchanges in the Americas, CME Group recorded trading of 1.2 million contracts, followed by MexDer (3.0 thousand contracts) and Bolsa de Valores de Colombia (362 contracts).
• Amongst exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 2.2 million contracts, followed by Johannesburg Stock Exchange (1.5 million contracts) and Tel-Aviv Stock Exchange (0.7 million contracts).
• Amongst exchanges in the Asia Pacific, BSE India Limited recorded trading of 54.8 million contracts, followed by National Stock Exchange of India (50.3 million contracts).
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Currency Futures:
• Amongst exchanges in the Americas, CME Group recorded trading of 14.5 million contracts, followed by ICE Futures US (0.3 million contracts) and MexDer (0.2 million contracts).
• Amongst exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 36.5 million contracts, followed by Borsa Istanbul (8.7 million contracts) and Johannesburg Stock Exchange (1.8 million contracts).
• Amongst exchanges in the Asia Pacific, National Stock Exchange of India recorded trading of 50.9 million contracts, followed by BSE India Limited (28.5 million contracts) and Korea Exchange (7.3 million contracts).
Interest Rate Derivatives:
As per the latest data available from the World Federation of Exchanges, during April 2019, exchanges across the world showed the following trend in trading of interest rate derivatives (Table A8):
Interest Rate Options:
• Among exchanges in the Americas, CME Group recorded trading of 48.9 million contracts followed by Bourse de Montreal (58.1 thousand contracts).
• Among exchanges in the Europe, Africa and Middle East, ICE Futures Europe recorded trading of 6.0 million contracts followed by EUREX (4.9 million contracts) and Nasdaq Nordic Exchanges (0.7 million contracts).
• Among exchanges in the Asia Pacific, Australian Securities Exchange recorded trading of 0.1 million contracts, followed by Japan Exchange Group (53.6 thousands contracts).
Interest Rate Futures:
• Among exchanges in the Americas, CME Group recorded trading of 120.2 million contracts, followed by Bourse de Montreal (4.2 million contracts) and MexDer (17.6 thousand contracts).
• Among exchanges in the Europe - Africa - Middle East, EUREX recorded trading of 32.3 million
contracts, followed by ICE Futures Europe (29.0 million contracts) and Johannesburg Stock Exchange (1.7 million contracts).
• Among exchanges in the Asia Pacific, Australian Securities Exchange recorded trading of 11.1 million contracts, followed by Korea Exchange (3.3 million contracts) and National Stock Exchange (1.2 million contracts).
Commodity Derivatives:
As per the latest data available from the World Federation of Exchanges, during April 2019, exchanges across the world showed the following trend in trading of commodity derivatives (Table A9):
Commodity Options:
• Among exchanges in the Americas, CME Group recorded trading of 11.0 million contracts, followed by ICE Futures US (1.0 million contracts).
• Among exchanges in the Europe - Africa - Middle East, ICE Futures Europe recorded trading of 3.1 million contracts, followed by Moscow Exchange (0.5 million contracts) and London Metal exchange (0.5 million contracts).
• Among exchanges in the Asia – Pacific, Dalian Commodity Exchange recorded trading of 1.1 million contracts, followed by Zhengzhou Commodity Exchange (0.8 million contracts) and Singapore Exchange (0.4 million contracts).
Commodity Futures:
• Among exchanges in the Americas, CME Group recorded trading of 86.0 million contracts, followed by ICE Futures US (8.9 million contracts).
• Among exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 41.0 million contracts, followed by ICE Futures Europe (37.2 million contracts) and London Metal exchange (13.6 million contracts).
• Among exchanges in the Asia – Pacific, Shanghai Futures Exchange recorded trading of 102.0 million contracts, followed by Dalian Commodity Exchange (96.8 million contracts) and Zhengzhou Commodity Exchange (89.6 million contracts).
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Table A5: Stock Options and Stock Futures Traded in Major Exchanges
Notional Turnover (in USD Million)
Exchange
April 2019Stock options Single stock futures
Number ofcontracts
traded
Notionalturnover
Openinterest
Number ofcontracts
traded
Notionalturnover
Openinterest
AmericasBATS Global Markets - US 25,809,053 NA NA NA NA NABM&FBOVESPA 77,039,289 60,255 13,344,900 - - -Bolsa de Comercio de Buenos Aires 2,267,057 - - - - -Bolsa de Valores de Colombia - - - 9,376 11 24,644Bourse de Montreal 2,569,320 NA NA 393,614 NA NAChicago Board Options Exchange 39,756,662 NA 160,380,000 NA NA NAInternational Securities Exchange 26,380,007 NA NA NA NA NAMexDer 76,700 10 155,490 2,650 0 1,159Miami International Securities Exchange 9,583,499 NA NA NA NA NANasdaq - US 60,424,721 NA NA NA NA NANYSE 37,379,647 9,717 NA NA NA NATotal region 281,285,955 405,640
Asia - PacificAustralian Securities Exchange 5,831,019 10,642 7,686,590 46,127 80 612,129BSE India Limited - - NA 51 0 6Hong Kong Exchanges and Clearing 9,283,444 32,392 8,443,880 82,029 379 20,721Japan Exchange Group 16,398 NA 113,229 NA NA NAKorea Exchange 2,253,094 NA 407,611 62,961,677 30,317 4,511,080National Stock Exchange of India 14,974,255 2,217 349,988 18,819,091 166,252 1,840,700TAIFEX 15,860 52 5,242 1,742,850 13,219 129,707Thailand Futures Exchange NA NA NA 2,384,811 NA 2,321,380Total region 32,374,070 86,036,636
Europe - Africa - Middle EastAthens Derivatives Exchange 1,229 1 1 614,232 125 361,671BME Spanish Exchanges 810,313 825 7,135,270 2,502,077 1,278 1,867,880Borsa Istanbul 171,992 15 338,314 11,705,920 1,559 1,058,140Budapest Stock Exchange - - - 11,014 79 6,467Dubai Gold & Commodities Exchange NA NA NA 196,275 339 556EUREX 15,063,368 71,940 59,645,200 38,558,521 119,691 22,454,500Euronext 6,109,649 24,896 15,002,500 265,981 1,418 286,925ICE Futures Europe 1,225,392 NA NA 12,481,842 NA NAJohannesburg Stock Exchange 260,916 1,458 - 225,044 588 -Moscow Exchange 185,794 61 163,318 20,161,905 6,447 1,873,270Nasdaq Nordic Exchanges 1,896,148 2,672 3,504,970 127,947 224 310,466Oslo Bors 149,169 255 256,696 24,068 30 71,703Tehran Stock Exchange 163,615 1 NA NA NA NATel-Aviv Stock Exchange 33,287 171 43,034 NA NA NAWarsaw Stock Exchange - - - 89,232 193 26,980Total region 26,070,872 86,964,058Total 339,730,897 173,406,334
NA: Not Available Source: World Federation of Exchanges
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Table A6: Index Options and Index Futures Traded in Major Exchanges
Notional Turnover (in USD Million)
Exchange
April 2019Stock index options Stock index futures
Number ofcontracts
traded
Notionalturnover
Openinterest
Number ofcontracts
traded
Notionalturnover
Openinterest
AmericasBATS Global Markets - US 27,393 NA NA NA NA NABM&FBOVESPA 3,799,986 25,581 434,523 137,325,540 722,515 -Bolsa de Comercio de Buenos Aires - - - 36,177 25,939 -Bolsa de Valores de Colombia NA NA NA 245 3 264Bourse de Montreal 6,523 NA NA 388,889 NA NACBOE Futures Exchange NA NA NA 4,567,106 NA 452,349Chicago Board Options Exchange 35,273,134 NA 26,628,700 NA NA NACME Group 9,559,819 1,738,890 4,174,110 39,137,020 5,517,070 4,142,400ICE Futures US NA NA NA NA 113,266 1,810,310International Securities Exchange 80,655 NA NA NA NA NAMexDer 194 5 1,892 47,905 1,116 36,160Miami International Securities Exchange 204 NA NA NA NA NANasdaq - US 190,724 NA NA NA NA NATotal region 48,938,632 181,502,882
Asia - PacificAustralian Securities Exchange 755,759 32,705 842,304 778,866 84,202 388,941BSE India Limited - - NA 7 0 NABursa Malaysia Derivatives 1,709 0 767 188,973 3,719 25,406China Financial Futures Exchange NA NA NA 5,223,711 904,763 292,913Hong Kong Exchanges and Clearing 2,560,603 276,463 2,907,370 9,163,348 1,105,220 702,727Japan Exchange Group 2,315,070 NA 2,073,220 20,424,482 815,751 1,913,650Korea Exchange 62,642,044 3,738,900 3,479,070 7,394,577 307,331 665,201National Stock Exchange of India 298,812,862 8,071 1,848,930 5,521,413 58,263 357,414Singapore Exchange 830,244 NA 1,852,500 16,440,508 NA 2,455,890TAIFEX 13,515,489 238,127 767,686 5,093,032 230,275 161,139Thailand Futures Exchange 90,317 NA 54,214 2,105,614 NA 344,081Total region 381,524,097 72,334,531
Europe - Africa - Middle EastAthens Derivatives Exchange 3,964 17 2,232 34,797 154 8,020BME Spanish Exchanges 239,532 2,496 948,157 569,188 48,979 140,164Borsa Istanbul 23,226 48 23,888 5,105,156 10,426 494,290Budapest Stock Exchange - - - 16,461 24 18,895EUREX 38,909,367 1,374,980 52,702,500 29,323,476 1,522,440 10,799,400Euronext 1,222,526 75,314 825,696 3,118,975 238,606 823,276ICE Futures Europe 939,139 NA NA 12,768,095 NA NAJohannesburg Stock Exchange 456,945 113 - 658,679 16,775 -Moscow Exchange 1,488,038 3,620 471,946 7,946,829 18,300 413,228Nasdaq Nordic Exchanges 525,101 9,075 634,883 3,375,998 57,291 689,335Oslo Bors 54,870 537 82,700 197,360 1,873 38,534Tehran Stock Exchange NA NA NA 554 1 NATel-Aviv Stock Exchange 1,893,575 83,501 162,427 NA NA NAWarsaw Stock Exchange 14,650 91 12,701 223,696 2,769 58,141Total region 45,770,933 63,339,264Total 476,233,662 317,176,677
NA: Not Available Source: World Federation of Exchanges
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Table A7: Currency Options and Futures Traded in Major Exchanges
Notional Turnover (in USD Million)
Exchange
April 2019
Currency options Currency futures
Number ofcontracts
traded
Notionalturnover
Openinterest
Number ofcontracts
traded
Notionalturnover
Openinterest
Americas
BM&FBOVESPA - - - - - -
Bolsa de Comercio de Buenos Aires - - - - - -
Bolsa de Valores de Colombia 362 0 461 46,644 1,957 6,969
CME Group 1,224,514 139,940 695,909 14,456,901 1,370,667 1,849,600
ICE Futures US 231 22 1,582 331,093 26,947 110,045
MexDer 3,030 30 5,560 213,092 2,147 406,280
Total region 1,228,137 15,047,730
Asia - Pacific
BSE India Limited 54,848,115 54,856 314,411 28,454,552 28,431 962,618
Hong Kong Exchanges and Clearing 1,289 128 4,312 120,921 11,705 35,364
Korea Exchange NA NA NA 7,330,403 71,905 813,638
National Stock Exchange of India 50,251,159 50,210 2,334,301 50,944,880 51,569 2,728,380
Singapore Exchange - NA - 1,518,815 NA 123,264
TAIFEX 14,955 521 2,710 104,936 2,836 7,843
Thailand Futures Exchange NA NA NA 28,282 NA 22,576
Total region 105,115,518 88,502,789
Europe - Africa - Middle East
Borsa Istanbul 204,949 195 274,269 8,653,761 8,671 4,498,026
Budapest Stock Exchange 5,250 6 14,250 391,005 417 684,488
Dubai Gold & Commodities Exchange 1,490 0 424 1,480,142 8,218 346,592
Johannesburg Stock Exchange 1,530,480 3,950 1,594,188 1,865,243 1,910 7,640,361
Moscow Exchange 2,199,411 2,252 1,759,422 36,526,343 37,502 3,126,834
Tel-Aviv Stock Exchange 688,951 6,858 438,400 NA NA NA
Total region 4,630,531 48,916,494
Total 110,974,186 152,467,013
NA: Not Available Source: World Federation of Exchanges
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Table A8: Interest Rate Options and Futures Traded in Major Exchanges
Notional Turnover (in USD Million)
Exchange
April 2019
Interest rate options Interest rate futures
Number ofcontracts
traded
Notional turnover
Open interest
Number of contracts
traded
Notional turnover
Open interest
Americas
BM&FBOVESPA - - - - - -
Bolsa de Valores de Colombia NA NA NA 6,466 561 8,344
Bourse de Montreal 58,065 NA NA 4,192,892 NA NA
CME Group 48,920,361 9,248,950 62,410,000 120,218,112 22,178,000 31,258,300
MexDer NA NA NA 17,600 101 77,662
Total region 48,978,426 124,435,070
Asia - Pacific
Australian Securities Exchange 120,035 8,460 38,000 11,088,658 3,869,540 4,861,220
BSE India Limited NA NA NA 246,140 680 66,107
China Financial Futures Exchange NA NA NA 1,033,712 155,723 91,353
Hong Kong Exchanges and Clearing NA NA NA 5 1 110
Japan Exchange Group 53,635 NA 8,078 693,570 NA 112,111
Korea Exchange NA NA NA 3,257,036 329,974 465,875
National Stock Exchange of India NA NA NA 1,232,112 3,456 122,799
Singapore Exchange NA NA NA 19,516 NA 20,448
Total region 173,670 17,570,749
Europe - Africa - Middle East
EUREX 4,942,988 855,542 2,159,690 32,319,223 5,256,970 6,349,220
ICE Futures Europe 5,958,912 NA NA 29,047,122 NA NA
Johannesburg Stock Exchange 143,016 1,081 163,600 1,783,306 14,281 1,076,240
Moscow Exchange NA NA NA 30,125 9 83,948
Nasdaq Nordic Exchanges 700,728 75,319 - 1,274,885 137,033 1,398,420
Warsaw Stock Exchange - - - - - 101
Total region 11,745,644 64,454,661
Total 60,897,740 206,460,480
NA: Not Available Source: World Federation of Exchanges
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Table A9: Commodity Options and Futures Traded in Major Exchanges
Notional Turnover (in USD Million)
Exchange
April 2019
Commodities options Commodities futures
Number of contracts
traded
Notional turnover
Open interest
Number of contracts
traded
Notional turnover
Open interest
Americas
BM&FBOVESPA - - - - - -
Bolsa de Valores de Colombia NA NA NA 5 0 167
CME Group 10,969,897 4,666,520 10,762,000 85,994,888 508,977 16,858,200
ICE Futures US 972,258 23,760 1,019,230 8,919,771 188,498 1,838,260
Total region 11,942,155 94,914,664
Asia - Pacific
Australian Securities Exchange 2,977 414 28,337 39,037 1,289 78,415
Bursa Malaysia Derivatives 3,300 NA 6,250 864,153 11,423 232,810
Dalian Commodity Exchange 1,059,649 66 383,115 96,822,795 767,398 5,645,540
Hong Kong Exchanges and Clearing NA NA NA 40,496 1,624 1,379
Indonesia Commodity and Derivatives Exchange NA NA NA 11,040 NA 151
Multi Commodity Exchange of India 121,495 1,246 6,962 20,695,847 75,603 318,726
NZX Limited 3,722 17 8,778 18,536 75 47,334
Shanghai Futures Exchange NA NA NA 101,966,850 1,038,340 4,576,740
Singapore Exchange 441,026 NA 1,042,380 1,457,354 NA 728,033
TAIFEX 3,210 25 687 16,186 241 1,788
Thailand Futures Exchange NA NA NA 387,130 NA 38,862
Zhengzhou Commodity Exchange 826,966 148 174,955 89,620,137 534,401 3,948,900
Total region 2,462,345 311,939,561
Europe - Africa - Middle East
Borsa Istanbul NA NA NA 4,580,784 674 360,087
Dubai Gold & Commodities Exchange NA NA NA 18,970 234 1,942
EUREX 106,930 486 1,293,250 377,127 19,920 1,712,280
Euronext 55,182 626 151,227 935,404 11,492 331,661
ICE Futures Europe 3,102,982 NA NA 37,184,725 NA NA
Johannesburg Stock Exchange 28,689 16 55,145 207,476 3,606 91,123
London Metal Exchange 467,079 37,203 317,939 13,674,175 1,120,870 2,143,870
LSE Group NA NA NA 75 3 175
Moscow Exchange 498,009 351 124,706 40,789,358 29,252 1,028,210
Total region 4,258,871 97,768,094
Total 18,663,371 504,622,319
NA: Not Available Source: World Federation of Exchanges
Debt Market:
A substantial re-escalation of trade tensions between the US and China caused a strong risk aversion in markets in May 2019 following several months of strong gains. As a result, bond yields fell markedly. The US 10-year Treasury yield was 38 bps lower, finishing the month at close to 2.1
per cent. In Europe, German Bund 10-year yields moved back below zero to a negative 0.2 per cent, while French and Spanish yields also fell. UK economic data remained resilient, but UK 10-year gilt yields fell 30 bps to 0.89
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Chart 3: Movement of 10 year Government Bond Yields in Developed Nations
Chart 4: Movement of 10 year Government Bond Yields in BRIC Nations
Source: Bloomberg
Source: Bloomberg
per cent as Brexit uncertainty remained heightened with Prime Minister Theresa May announcing her resignation.
Emerging market (EM) bond yields fell, both across
sovereigns and corporates, in investment grade notably. Yields of 10-year Indian government bond fell by 38 bps to 7.03 per cent. Yields of 10-year Chinese government bond also fell by 11 bps to 3.29 per cent..
As of March 2019, China and Japan accounted for 17.3 per cent and 16.7 per cent of total foreign holding of US
Treasury Securities. India accounted for 2.3 per cent of total foreign holding of US Treasury Securities (Table A9).
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Table A9: Major Foreign Holders of US Treasury Securities (US$ billion)
Country\Month2018 2019
May Jun Jul Aug Sep Oct. Nov. Dec. Jan. Feb. Mar.China, Mainland 1183.1 1191.2 1171 1165.1 1151.4 1138.9 1121.4 1123.5 1126.7 1130.9 1120.5Japan 1048.9 1032.5 1035.5 1029.9 1028 1018.5 1036.6 1042.3 1070.2 1072.4 1078.1Brazil 299.2 300.1 299.7 317.8 317 313.9 311.4 303.1 305.1 307.7 317.1United Kingdom 265 274.2 271.7 272.6 276.3 263.9 258.9 271.7 273.5 283.8 311.7Ireland 301 301.1 300.2 311.6 290.4 287.3 279.6 280 270.2 274.1 277.6Luxembourg 208.9 220.9 221.5 224 227.2 225.4 225.7 229.2 224.9 226.8 230.2Switzerland 243.4 235.5 233.1 232 226.9 225.2 227.5 234.9 230.9 225.9 226.4Cayman Islands 186.2 191.1 197.9 197.5 200.2 208.2 207.5 211 208.7 210.1 219.5Hong Kong 191.9 196.4 194.4 193.2 192.3 185 189.2 196.2 200.8 202.4 207.6Belgium 150.5 154.7 154.5 154.3 164.7 169.7 173 185.7 192.1 182 186.6Saudi Arabia 162.2 164.3 166.8 169.5 176.1 171.3 169.9 171.6 162.6 167 170Taiwan 164.8 162.6 164.2 163.2 166.5 162.4 155.4 157.3 168.3 164.9 168.8India 148.9 147.3 142.6 140.6 144 138.2 138.5 141.3 144.9 144.3 152Singapore 118.9 122.1 127.6 129.9 134.5 133 128.8 121.1 128 130.6 138.8France 89.6 93.4 111 113.6 97.7 109.4 131.6 110.9 112.6 115.9 119.9Korea 104.8 106.1 109.1 110.2 110.8 111.1 110.2 114.9 117.3 115.5 109.6Canada 96.7 102.3 96.1 96.2 94.1 101.9 106.3 109.9 113.7 112.2 99.7Norway 49.7 49.7 61.1 66.7 63.6 61.3 47.3 84.9 90.8 97.1 99.5Thailand 62.2 58.6 63 63.3 66.1 65.3 64.9 72 83.7 90.9 84.4Germany 78.3 70.7 71 73.3 68.3 77.5 77.7 69.8 78 81.1 78.1Bermuda 64 60.7 64.4 65.5 64.5 62.6 64.3 65.4 66 66.6 68.1U A E 60 59.6 59.7 59 60 57.7 56.3 56.8 56 54.5 55.6Sweden 45.5 46 44.7 44.6 44.6 43.4 44.5 43.8 43.4 48.3 47.9Netherlands 45.1 44.8 45.1 43.4 43 43 42.8 43.6 43 42.9 44.7Kuwait 43.9 43 42.9 43.5 43.8 44.1 43.9 41.3 40.8 42.3 44.5Italy 39.6 40.6 38.4 37.3 39.6 39.6 40.4 40.3 41.2 42.1 44Australia 37.6 39.8 39.2 38.4 36.8 38.9 41.3 39.7 42.6 41.8 40.9Mexico 43.6 41 39.8 40.7 39.3 41.5 45.7 46.8 41.1 40.5 40.2Spain 34.6 31.9 36.2 37.5 37.3 35.3 34.9 34.7 36.6 37.7 39.3Israel 28.2 28.2 29.6 30.4 31.1 30.8 28.9 29 30 35.4 36.2Iraq 24.5 26.5 28.3 29.8 29.4 31.1 32.1 34.6 34 34.7 34.8Poland 40.2 40.6 40.6 39.9 40.1 40 40.2 39.6 33.8 32.8 33.9Chile 30.2 29.2 28.8 28.7 28.9 29.3 28.9 28.7 29.4 30 31.5All Other 524 518.3 524.7 515.1 491.2 495.4 494.3 486.3 493.7 499.8 515.6Grand Total 6215.1 6224.8 6254.2 6278.3 6225.6 6200.1 6199.7 6262.1 6334.4 6385.1 6473.3Of which: For. Official 3990.9 3988.6 4007.8 4021.1 4010.1 3947.1 3901.2 3949.7 3980 4024.6 4069.3Treasury Bills 346.3 336.3 339.6 329.3 316.7 306.6 311.8 310.4 305.1 315.3 313.4T-Bonds & Notes 3644.6 3652.3 3668.1 3691.8 3693.4 3640.5 3589.4 3639.3 3674.9 3709.2 3756
Note: 1. Data available as on May 15, 2019 2. The data in this table are collected primarily from U.S.-based custodians and broker-dealers. Since U.S. securities held in overseas custody accounts may
not be attributed to the actual owners, the data may not provide a precise accounting of individual country ownership of Treasury securities 3. Estimated foreign holdings of U.S. Treasury marketable and non-marketable bills, bonds, and notes reported under the Treasury International Capital
(TIC) reporting system are based on monthly data on holdings of Treasury bonds and notes as reported on TIC Form SLT, Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents and on TIC Form BL2, Report of Customers’ U.S. Dollar Liabilities to Foreign Residents
Source: Department of the Treasury/Federal Reserve Board
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Currency Market:
During May 2019, the value of major currencies against US dollar (USD) exhibited a mixed trend. The USD lost 0.3 per cent at the end of May 2019 against basket of major currencies as compared to the end value previous month (as reflected by the US Dollar Index). The yen strengthened against other major currencies, reflecting its perceived safe haven status. The yen appreciated by 2.5 per cent against US dollar. On the other hand, the
euro and pound depreciated by 0.49 per cent and 3.26 per cent, respectively against US dollar.
Currencies of the BRICS countries were almost stable during the month of May 2019. The Rupee did not change, while the renminbi depreciated by 2.53 per cent, the real appreciated by 0.36 per cent and the Russian rouble depreciated by 0.92 per cent during the month.
Chart 5: Movement of the Major Currencies against US$
Note: All currencies have been normalised keeping December 31, 2018 as base. Source: Bloomberg
Chart 6: Movement of the US Dollar Index and MSCI EM Currency Index
Note: 1. All currencies have been normalised keeping December 31, 2018 as base. 2. The U.S. Dollar Index is an index of the value of the United States dollar relative to a basket of foreign currencies. The
Index goes up when the U.S. dollar gains value compared to other currencies. The index is maintained and published by Intercontinental Exchange. It is a weighted geometric mean of the dollar’s value relative to following select currencies: Euro, Japanese yen, Pound sterling, Canadian dollar, Swedish krona, Swiss franc.
3. The MSCI Emerging Markets (EM) Currency Index tracks the performance of twenty-five emerging-market currencies relative to the US Dollar
Source: Bloomberg
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HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET
1. European Securities and Market Authority (ESMA)
A. ESMA consults on tiering, comparable compliance and fees under EMIR 2.2
The European Securities and Markets Authority (ESMA) has published three consultation papers under EMIR 2.2 on tiering, comparable compliance and fees. EMIR 2.2 amends EMIR’s regulatory and supervisory regime for central counterparties (CCPs). EMIR 2.2 enhances the recognition regime for third country CCPs (TC-CCPs). It introduces a dedicated regime for the third country CCPs which are determined to be, or likely to become, systemically important for the financial stability of the European Union (EU) or of one or more of its Member States, named Tier 2 CCPs.
Tier 2 CCPs will need to comply with the requirements under EMIR or ask for comparable compliance, where compliance with the requirements in a third country satisfies compliance with the requirements under EMIR. EMIR 2.2 also introduces a fee system for TC-CCPs to fund the relevant activities. ESMA has received mandates for technical advice from the European Commission (EC) on tiering, comparable compliance and fees, and is now seeking input from stakeholders by 29 July 2019. These mandates are provisional pending the final publication of EMIR 2.2 in the Official Journal.
Technical advice on tiering
EMIR 2.2 introduces a set of criteria to be considered by ESMA to determine whether a TCCCP is a Tier 2 CCP, considered systemically important or likely to become systemically important for the financial stability of the EU or of one of its Member States, otherwise it will be considered a Tier 1 CCP or non-systemic for the EU. The consultation paper details the different indicators that can be used to specify the criteria ESMA has to consider in the assessment of a TC-CCP and provides insight as to what information ESMA may analyse to determine the systemic
relevance of TC-CCPs.
Technical advice on comparable compliance
EMIR 2.2 also introduces a new system under which a Tier 2 CCP may be deemed to satisfy compliance with EMIR by complying with the regulations and requirements of its own national regulatory system. This new procedure, known as comparable compliance, permits Tier 2 CCPs to request ESMA to assess the extent to which a CCP’s compliance with EMIR requirements is satisfied by the CCP’s compliance with the comparable requirements applicable in the third country. The consultation paper discusses what and how ESMA should assess to apply comparable compliance and proposes the minimum elements to be considered in its assessment as well as the modalities and conditions to carry out this assessment
Technical advice on fees
The consultation paper on fees sets out the approach towards the fees to be paid by the TCCCPs. It details the main supervisory activities that ESMA will need to carry out and the relevant high-level costs for supervision of TC-CCPs. The consultation paper examines the determination of one-off recognition fees and the fees for Tier 1 and Tier 2 TC-CCPs, in addition to how comparable compliance will be reflected in the annual fees. ESMA, using previous experience in determining fees for supervised entities, also clarifies the applicable budgeting approach in the consultation paper
Source : https://www.esma.europa.eu/sites/default/f i les/library/esma71-99-1159_esma_consults_on_tiering_comparable_compliance_and_fees_under_emir_2.2.pdf
2. U.K. Financial Conduct Authority (FCA)
A. FCA begins review of financial advice market:
The Financial Conduct Authority (FCA) has launched a Call for Input asking for feedback on
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its proposed approach to reviewing the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR).
The FCA’s review will consider whether these initiatives have been successful in achieving their objectives. The review will look at what consumers want from the market and how the market works to deliver this. It will also consider how new market trends and developments might affect the future development of advice and guidance services.
The FCA is seeking initial feedback to the Call for Input by the 3 June 2019. The FCA will hold several stakeholder events, and collect further data through consumer research and surveying a sample of firms. It intends to publish its final report in 2020.
Source : https://www.fca.org.uk/news/press-releases/fca-begins-review-financial-advice-market
B. FCA changes mortgage advice rules to encourage consumer choice
The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package
of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make it easier for customers to find the right mortgage.
The FCA identified a number of ways its advice rules are acting as a barrier to the development of new tools to help customers choose and buy a mortgage and the consultation today is designed to address the problems identified. The FCA is proposing to change its rules to make it clear that tools which allow customers to search and filter available mortgages are not necessarily giving advice. It will also be clearer that some forms of interaction, such as firms helping consumers with their applications, do not require advice.
Where a mortgage adviser recommends a mortgage which is not the cheapest of those that meet the customer’s needs and circumstances, they will now be required to explain why any cheaper mortgage has not been recommended. The FCA is also making changes to the standards around execution only policies. The FCA is consulting on the new rules until 7 July 2019 and will publish its feedback and final rules around the end of the year.
Source : https://www.fca.org.uk/news/press-releases/fca-changes-mortgage-advice-rules-encourage-consumer-choice
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POLICY DEVELOPMENTS 1. Permitting Foreign Portfolio Investors (FPI)
to invest in Municipal Bonds
RBI vide A.P. (DIR Series) Circular No. 33 dated April 25, 2019 has permitted FPIs to invest in municipal bonds. It is decided that in accordance with the provisions of Regulation 21(1)(p) of SEBI (Foreign Portfolio Investors) Regulations, 2014, FPIs are, henceforth, permitted to invest in municipal bonds
Source : IMD/FPIC/CIR/P/2019/62, Dated: 08 May 2019
2. Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by Mutual Funds
All registered Mutual Funds offering or using applications or systems as defined in Annexure B(available with online version of circular), should participate in the reporting process by completing the AI / ML reporting form (see Annexure A) (available with online version of circular). With effect from quarter ending June 2019, registered Mutual Funds using AI / ML based application or system as defined in Annexure B, are required to fill in the form (Annexure A) and make submissions on quarterly basis within 15 calendar days of the expiry of the quarter to AMFI.
Source : SEBI/HO/IMD/DF5 CIR/P/2019/ 63 dated 09 May 2019
3. Framework for Innovation Sandbox
SEBI is proposed an “Innovation Sandbox”, which would be a testing environment where FinTech firms and entities not regulated by SEBI including individuals (hereinafterwards referred to as participants/applicants) may use the environment for offline testing of their proposed solutions in isolation from the live market, subject to fulfillment of the eligibility criteria, based on market related data made available by Stock Exchanges, Depositories and Qualified Registrar and Share Transfer Agents (QRTAs).
Source : SEBI/MRD/CSC/CIR/P/2019/64 Dated 20 May 2019
4. Participation of Mutual Funds in Commodity Derivatives Market in India
In order to promote institutional participation in Exchange Traded Commodity Derivatives (ETCDs). In furtherance to this objective, it has been decided to permit mutual funds to participate in ETCDs.
Source : SEBI/HO/IMD/DF2/CIR/P/2019/65 Dated 21 May 2019
5. Framework for the process of accreditation of investors for the purpose of Innovators Growth Platform
SEBI provided detailed framework for Accredited Investors (AIs) for the limited purpose of Innovators Growth Platform (“IGP”). The framework detailed Eligibility, Procedure for accreditation, Validity of Accreditation and Responsibility of Merchant Bankers at the time of listing on IGP with regard to AIs.
Source : SEBI/HO/CFD/DIL2/CIR/ P/ 2019/ 67 Dated 22 May 2019
6. Participation of Portfolio Managers in Commodity Derivatives Market in India
In order to promote institutional participation in the Exchange Traded Commodity Derivatives, SEBI permitted Portfolio Managers to participate in Exchange Traded Commodity Derivatives on behalf of their clients.
Source : SEBI/HO/IMD/DF1/CIR/ P/ 2019/ 066 Dated 22 May 2019
7. Enhanced disclosure in case of listed debt securities
With a view to further secure the interests of investors in listed debt securities, enhance transparency and to enable Debenture Trustees (DTs) to perform their duties effectively and promptly, pursuant to public consultation, amendments to the existing regulatory framework for governing Debenture Trustees (DTs), vide Gazette notifications no. 150, 151, 152 dated May 7, 2019 were carried out. Taking into consideration
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the comments received from the public, certain guidelines for enhanced disclosure by DT on their websites were issued.
Source : SEBI/ HO/ MIRSD/ DOS3/CIR/ P/2019/68 Dated 27 May 2019
8. Combating Financing of Terrorism (CFT) under Unlawful Activities (Prevention) Act, 1967 –Directions to stock exchanges, depositories and all registered intermediaries
In view of the reorganization of Divisions in the Ministry of Home Affairs and allocation of work
relating to countering of terror financing to the Counter Terrorism and Counter Radicalization (CTCR) Division, the Government has modified the earlier order dated 27 August 2009 by the order dated 14 March 2019 for strict compliance.
Source : SEBI/HO/MIRSD/DOP/CIR/P/ 2019/ 69 Dated 28 May 2019
Disclaimer: The summary has been prepared for the convenience of readers. In case of any ambiguity please refer to the original circular.
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REGULATORY ACTIONS TAKEN BY SEBI• SEBI passed an order, dated 03 May 2019, in the
matter of dealing in illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Dharti Investment and Holdings Ltd for the violation of Regulations 3(a), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 07 May 2019, in the
matter of dealing in illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Chancellor Commodeal Private Limited for the violation of Regulations 3(a), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 07 May 2019, in the matter of Ranklin Solutions Ltd. imposing following penalties:
Sr.No
Name of Entity Violation Penalty
1 Ranklin Solutions Ltd
Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 5,00,000 (Rupees Five Lakh)
2 MJVVD Prakash Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
3 P Venkateswara Rao
Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
4 M Jyotsana Lakshmi
Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
5 JVV Raghava Kumar Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
6 M Satish Kumar
Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
7 K S Chakravarthi
Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
8 K Vijaya Rama Raju
Regulation 3(a), (b), (c), (d) and Regulation 4(1) & (2) (f), (r) of the PFUTP Regulations
` 5,00,000 (Rupees Five Lakh)
Clause 36 of the Listing Agreement read with Section 21 of the SCRA
` 2,50,000 (Rupees Two Lakh and Fifty Thousand)
• SEBI passed an order, dated 15 May 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Ram Ratan Chowdhary for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
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• SEBI passed an order, dated 15 May 2019, in the matter of Action Financial Services (India) Limited imposing following penalties:
Name of Entity Violations Penalty (Rs.)Shri Bakul Ramniklal Parekh
Regulation 13(4) read with 13(5) of the PIT Regulations.
2,00,000/- (Rupees Two Lakh Only)
Shri Bakul Ramniklal Parekh
Regulation 13(4) read with 13(5) of the PIT Regulations.
3,00,000/- (Rupees Three Lakh Only)
Shri Bakul Ramniklal Parekh
Regulation 13(4) read with 13(5) of the PIT Regulations.
5,00,000/- (Rupees Five Lakh Only)
Shri Milan Ramniklal Parekh
2,00,000/- (Rupees Two Lakh Only)
Shri Milan Ramniklal Parekh
Regulation 13(4), 13(4A) read with 13(5) of the PIT Regulations.
2,00,000/- (Rupees Two Lakh Only)
• SEBI passed an order, dated 16 May 2019, in the matter of IFCI Financial Services Limited imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on IFCI Financial Services Limited for the violation of Clause 11 of the code of conduct specified under Third Schedule read with Regulation 20AA read with Regulation 20(2)(b) of DP Regulations and SEBI Circular No. CIR/MRD/DMS/13/2010 dated 23 April 2010 read with SEBI Circular No. CIR/MRD/DMS/28/2010 dated 31 August 2010.
• SEBI passed an order, dated 16 May 2019, in the matter of Basil International Ltd. imposing following penalties:
Name of Entity Violations Penalty(Rs.) Basil International Ltd
For non com-pliance of SEBI Order No. WTM/SR/NRO-CIS/05/05/2013 dated 16 May 2013
10,00,000/- (Rupees Ten Lakh only)Mr. Susanta
Kumar Jana Mr. Mohammed Afaque Ahmed Mr. Nirmalendu Bhowmik
Name of Entity Violations Penalty(Rs.) Basil International Ltd
For non compliance of SEBI Order No. WTM/PS/70/NRO/FEB/2015 dated 06 February 2015
1,00,00,000/- (Rupees One Crore only)Mr. Susanta
Kumar Jana Mr. Nirmalendu Bhowmik
• SEBI passed an order, dated 17 May 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Aakansha Advisory Services Private Limited for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 17 May 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 6,00,000 (Rupees Six Lakh Only) on Royal Touch Fablon Private Limited for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 17 May 2019, in the matter of En Aromatic & Petro Chemicals Ltd. imposing a total penalty of Rs 1,00,00,000 (Rupees One Crore Only) on En Aromatic & Petro Chemicals Limited for the violation of DIP Guidelines read with ICDR Regulations.
• SEBI passed an order, dated 17 May 2019, in the matter of Exdon Trading Company Limited imposing following penalties for the violation of regulation 3 (a), (b), (c), (d), regulation 4(1), 4 (2)(a) and 4 (2) (e) of the PFUTP Regulations:
Name of Entity Penalty (Rs.) Ms. Henal C Patel 10,00,000/-
(Rupees Ten Lakh Only)Mr. Dantara Amish Vijaykumar
10,00,000/- (Rupees Ten Lakh Only)
Ms. Henal Hemantbhai Shah
10,00,000/- (Rupees Ten Lakh Only)
Mr. Keval Chandrakant Shah
5,00,000/- (Rupees Five Lakh Only)
Ms. Devyaniben Jitendrakumar Gandhi
5,00,000/- (Rupees Five Lakh Only)
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Name of Entity Penalty (Rs.) Ms. Nikunj C Patel 5,00,000/-
(Rupees Five Lakh Only)Mr. Dhaval Chandrakant Shah
5,00,000/- (Rupees Five Lakh Only)
Mr. Vishal Pravinbhai Soni
5,00,000/- (Rupees Five Lakh Only)
Dhanlaxmi Lease Finance Ltd.
5,00,000/- (Rupees Five Lakh Only)
• SEBI passed an order, dated 20 May 2019, in the matter of Action Financial Services (India) Limited imposing following penalties for the violation of regulations 13(2A) of PIT Regulations:
Name of Entity Penalty (Rs.) Kedia Consultants Pvt. Ltd.
1,00,000/- (Rupees Two Lakh Only)
Mr. Raj Kumar Kedia 1,00,000/- (Rupees Two Lakh Only)
Esha Securities Ltd. 1,00,000/- (Rupees Two Lakh Only)
Mr. Raj Kumar Kedia 1,00,000/- (Rupees Two Lakh Only)
Ms. Esha Kedia 1,00,000/- (Rupees Two Lakh Only)
• SEBI passed an order, dated 21 May 2019, in the matter of Ashutosh Paper Mills Ltd imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on KPM Infotech Private Limited for the violation of Regulation 13(3) of the PIT Regulations and the Regulation 29(2) of the SAST Regulations.
• SEBI passed an order, dated 21 May 2019, in the matter of Ashutosh Paper Mills Ltd imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Salasar Techno Engineering Pvt Ltd for the violation of Regulation 13(3) of the PIT Regulations and the Regulation 29(2) of the SAST Regulations.
• SEBI passed an order, dated 22 May 2019, in the matter of Finalysis Credit and Guarantee Company Ltd. imposing a total penalty of Rs 18,00,000 (Rupees Eighteen Lakh Only) on Sagar Kadam and others for the violation of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(g) of the PFUTP Regulations. And imposing another penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Pankaj Jayantilal Dave for the violation of Regulation
13(1), 13(3), 13(5) and 12(2) of PIT Regulations and 29(1), 29(2), 29(3), of SAST Regulations.
• SEBI passed an order, dated 22 May 2019, in the matter of Channel Nine Entertainment Ltd imposing a total penalty of Rs 10,00,000 (Rupees Ten Lakh Only) on Goldline International Finvest Limited for the violation of Sections 11(3) and 11C (3) of the SEBI Act.
• SEBI passed an order, dated 22 May 2019, in the matter of trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Abhinandan Vanijya Private Limited for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulation.
• SEBI passed an order, dated 22 May 2019, in the matter of trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Shristi Ispat and Alloys Ltd. for the violation of regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulation.
• SEBI passed an order, dated 22 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 7,20,000 (Rupees Seven Lakh Twenty Thousand Only) on Tarang Stock Broking Services Private Limited for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 22 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Sri Narayan Mercantiles Private Limited for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 23 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Winsher Commercial Private Limited for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 23 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 9,00,000 (Rupees
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499
Nine Lakh Only) on Vindus Holdings Limited for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 23 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 9,00,000 (Rupees Nine Lakh Only) on Shri Radha Raman Alloys Ltd. for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 23 May 2019, in the matter of Brand Realty Services Limited imposing a total penalty of Rs 10,00,000 (Rupees Ten Lakh Only) on Aruna Manchanda and others for the violation of Regulations 11(1) and 11(2) of SAST Regulations.
• SEBI passed an order, dated 23 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 11,20,000 (Rupees Eleven Lakh Twenty Thousand Only) on Subhlabh Fiscal Services Private Limited for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 23 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Straight Line Food products Private Limited for the violation of Regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 24 May 2019, in the matter of Castex Technologies Ltd imposing a total penalty of Rs 24,00,000 (Rupees Twenty Four Lakh Only) on Amtek Auto Limited for the violation of Regulation 31(2) r/w Regulation 31(3) of SAST Regulations and Regulation 29(2) r/w 29(3) of SAST Regulation and Regulation 7(2)(a) of PIT Regulations.
• SEBI passed an order, dated 27 May 2019, in the matter of Sindhu Trade Links Limited imposing a total penalty of Rs 7,00,000 (Rupees Seven Lakh Only) on Dev Suman Sindhu and others for the violation of regulations 31(2) and 31(3) of SAST Regulations.
• SEBI passed an order, dated 28 May 2019, in the matter of dealings in illiquid stock options at BSE imposing a total penalty of Rs 7,60,000 (Rupees Seven Lakh Sixty Thousand Only) on Shri Sarvasarai Balaji Steels Ltd. for the violation of regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 28 May 2019, in the matter of dealings in illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Sri Shyam Baba Ferro Alloys Private Limited for the violation of regulations 3(a), (b), (c) and (d), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 28 May 2019, in the matter of Dealing in Illiquid options on the BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Kailash Darshan Housing Development Gujarat Private Limited for the violation of regulations 3(a), 4(1), 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 28 May 2019, in the matter of Man Industries (India) Ltd imposing a total penalty of Rs 3,00,000 (Rupees Three Lakh Only) on Anubhav Footwears Pvt Ltd for the violation of Section 11 C(2) and (3) of SEBI Act.
• SEBI passed an order, dated 29 May 2019, in the matter of dealings in illiquid stocks options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Winsher Merchants Private Limited for the violation of regulations 3(a), (b), (c) and (d), 4(1), 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 29 May 2019, in the matter of dealings in illiquid stocks options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on VSP Steel Private Limited for the violation of regulations 3(a), (b), (c) and (d), 4(1), 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 30 May 2019, in respect of Choice Equity Broking Private Limited imposing a total penalty of Rs 10,00,000 (Rupees Ten Lakh Only) on Choice Equity Broking Private Limited for the violation of SEBI Circular No. SMD/SED/CIR/93/23321 dated 18 November 1993.
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500
• SEBI passed an order, dated 30 May 2019, in the matter of Palred Technologies Ltd imposing the following penalties:
Name of Entity Violation Penalty (Rs.)
Palem Srikanth Reddy Regulation 29(2) read with Regulation 29(3) of SAST Regulation
2,00,000/- (Rupees Two Lakh Only) (jointly and severally) Palem Srikanth Reddy
(on behalf of the Minor Ms. Sanitha Reddy)Stuthi Reddy
P. Soujanya Reddy Dakshayani Reddy
Palem Srikanth Reddy Regulation 13(3), 13(4) and 13(4A) read with Regulation 13(5) of PIT Regulation
2,00,000/- (Rupees Two Lakh Only)
Palem Srikanth Reddy (on behalf of Ms. Sanitha Reddy (Minor)
Regulation 13 (1) and Regulation 13(4A) read with Regulation 13(5) of SAST Regulation
1,00,000/- (Rupees One Lakh Only)
Stuthi Reddy 1,00,000/- (Rupees One Lakh Only) Palem Srikanth Reddy (on behalf of the Minor Ms. Sanitha Reddy
Regulation 10(5), Regulation 10(6), Regulation 10(7) of SAST Regulations
2,00,000/- (Rupees Two Lakh Only) (Jointly and severally)
Stuthi Reddy
P. Soujanya Reddy Dakshayani Reddy
• SEBI passed an order, dated 30 May 2019, in the matter of Kelvin Fincap Ltd imposing the following penalties:
Name of Entity Violation Penalty (Rs.) Mr. Keyur M Shah Regulation 13(4A)read with
Regulation 13(5) of PIT Regulations, 1992 read with Regulation 12 of PIT Regulation 2015
5,00,000/- (Rupees Five Lakh Only) Keyur M Shah (HUF) 5,00,000/- (Rupees Five Lakh Only) Ms Kavita K Shah 5,00,000/- (Rupees Five Lakh Only)
• SEBI passed an order, dated 30 May 2019, in the matter of Manashvi Securities Private Limited imposing a total penalty of Rs 4,00,000 (Rupees Four Lakh Only) on Manashvi Securities Private Limited for the violation of Circular No. MIRSD/SE/Cir/19/2009 dated 3 December 2009 and Circular No. SEBI/MIRSD/Cir/O1/2011 dated 13 May 2011, Clauses A (1), (2), (5) of the Code of Conduct specified under Schedule II of Regulation 9(f) of the Broker Regulations.
• SEBI passed an order, dated 30 May 2019, in the Scrip of Tilak Finance Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) each on each of Insight Multitrading Private Limited and seven others for the violation of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(e) of PFUTP Regulations.
• SEBI passed an order, dated 30 May 2019, in the matter of Kelvin Fincap Ltd imposing a total penalty of Rs 15,00,000 (Rupees Fifteen Lakh Only) on Kelvin Fincap Ltd for the violation of Regulation 13 (6) PIT Regulations and under Section 23-I of SCRA read with Rule 5 of the SCRA Rules and Clause 35 of the Listing Agreement read with Section 21 of SCRA.
• SEBI passed an order, dated 31 May 2019, in the Scrip of Pankaj Piyush Trade and Investments Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on each of Shriniwas Bansal (HUF) and five others for the violation of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(e) of PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the Scrip of Dee Kartavya Finance Limited imposing
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a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on each of Ashoka Majumdar and four others for the violation of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(e) of PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Inspection of Books of Destiny Securities Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Destiny Securities Limited for the violation of the provisions of SEBI Master Circular No. CIR/MRD/DRMNP/11/2013 dated 01 April 2013 read with NSE circular no: NSE/INSP/19583 dated 14 December 2011 on clarification on margin collection & reporting, and clauses A(2) and A(5) of the Code of conduct as specified under Schedule II read with regulation 9(f) of the Stock Brokers Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Roopam Steel Rolling Mills for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on R Sanghi Steel Udyog Private Limited for the violation of Regulations 3(a), (b),
(c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 10,00,000 (Rupees Ten Lakh Only) on S. Sukumar HUF for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Trading Activities of Certain Entities in the Scrip of Tilak Finance Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on each of Goodpoint Impex Private Limited and three others for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Trading in Illiquid Stock Options imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Mittal Pigments Pvt. Ltd. for the violation of Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Trading in Illiquid Stock Options imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on MMG Steels Pvt. Ltd. for the violation of Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 31 May 2019, in the matter of Kushal Tradelink Ltd. imposing the following penalties:
Name of Entity Violation Penalty (Rs.)Maulik Vinitkumar Parikh Section 12 A (a), (b),
(c) of SEBI Act and Regulation 3 (a), (b), (c), (d), 4 (1), (2) (a) and (e) of PFUTP Regulations
3,00,000/- (Rupees Three lakhs only)Arpita Ilesh Patel 3,00,000/- (Rupees Three lakhs only)Girishbhai Shantilal Varia 3,00,000/- (Rupees Three lakhs only) Karan Subhashchandra Ravde 3,00,000/- (Rupees Three lakhs only) Roshanlal Daulatram Aggarwal 3,00,000/- (Rupees Three lakhs only) Nilesh Rameshchandra Shah 3,00,000/- (Rupees Three lakhs only) Rohini Popatlal Parikh 3,00,000/- (Rupees Three lakhs only)Lakhani Babulal Hansraj 3,00,000/- (Rupees Three lakhs only) Mahendra Vadilal Shah 3,00,000/- (Rupees Three lakhs only) Jitin Popatlal Parikh 3,00,000/- (Rupees Three lakhs only) Ilesh Madhusudan Patel 3,00,000/- (Rupees Three lakhs only) Kalpesh Dineshbhai Patel 3,00,000/- (Rupees Three lakhs only)Manoj Parmar 3,00,000/- (Rupees Three lakhs only) Bhavnesh C Gandhi 3,00,000/- (Rupees Three lakhs only)
JUNE SEBI BULLETIN 2019
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• SEBI passed an order, dated 31 May 2019, in the matter of Trading in Illiquid Stock Options imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Manoj Goel for the violation of Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations.
• SEBI passed an order, dated 07 May 2019, in the matter of Shri Ram Real Estate and Business Solution Limited (SRREBSL) directing Man Singh Verma jointly and severally along with SRREBSL and its other directors to refund the money collected by SRREBSL to the investors. He was further restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities market, directly or indirectly, till the directions for refund/repayment to the investors are complied with, and further for four years from the date of completion of the refund.
• SEBI passed an order, dated 08 May 2019, in respect of Magadh Stock Exchange Limited (derecognised) allowing the exit of Magadh Stock Exchange Limited (derecognised) as a stock exchange.
• SEBI passed an order, dated 14 May 2019, in the matter of Turbotech Engineering Ltd. restraining Radison Properties Private Limited and others from accessing the securities market for a period of seven years from the date of this order and further prohibiting them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of seven years.
• SEBI passed an order, dated 14 May 2019, in the matter of ESBI Infrastructure Company Ltd directing ESBI Infrastructure Company Ltd. and others to refund the money collected by the company with an interest of 15% per annum, from the eighth day of collection of funds, to the investors till the date of actual payment.
• SEBI passed an order, dated 17 May 2019, in the matter of Allied Financial Services Pvt. Ltd. confirming its earlier directions of restraining Allied Financial Services Private Limited and others
from accessing the securities market and further prohibiting them from buying, selling or otherwise dealing in securities, either directly or indirectly, or being associated with the securities market in any manner whatsoever, till further directions.
• SEBI passed an order, dated 22 May 2019, in the matter of Hahnemann Food Products Limited (HFPL) directing HFPL not to mobilize fresh funds from investors through offer and allotment of any securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly. They were further refrained / prohibited from accessing the securities market by issue of prospectus / offer document / advertisement and buying, selling or otherwise dealing in securities in any manner whatsoever, directly or indirectly, for a period of four years.
• SEBI passed an order, dated 22 May 2019, in the matter of Unique Multi Foods Industries Limited (UMFIL ) ceasing UMFIL from mobilize any fresh funds from investors through the offer of SRNCDs or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly. UMFIL and its past and present directors were further directed to refund money collected from investors through the issue of SRNCDs during the relevant period, along with interest of 15 per cent per annum. They were also restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities till the expiry of four years.
• SEBI passed an order, dated 23 May 2019, in the matter of Highbrow Market Research Private Limited (Highbrow) restraining Highbrow and others from buying, selling or dealing in the securities market or associating themselves with securities market, either directly or indirectly, in any manner whatsoever, till further directions.
• SEBI passed an order, dated 23 May 2019, in the matter of Imtsons Investments Limited (IIL) directing IIL and others to jointly and severally, forthwith refund the money collected by the Company through the issuance of Equity Shares including the application money collected from
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investors till date, pending allotment of securities, if any, with an interest of 15% per annum, from the eighth day of collection of funds. They were further directed not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order, till the expiry of four years.
• SEBI passed an order, dated 24 May 2019, in the matter of Indiabulls Ventures Limited impounding the alleged unlawful gains of a sum of Rs. 87,21,918.55/- from 15 March 2017 to 21 May 2019, jointly and severally, from Pia Johnson and Mehul Johnson.
• SEBI passed an order, dated 24 May 2019, in the matter of Sharex Dynamic (India) Pvt. Ltd. prohibiting Sharex Dynamic (India) Pvt. Ltd., from accepting any fresh clients for a period of one month from the date of this Order.
• SEBI passed an order, dated 29 May 2019, in the matter of Nixcil Pharmaceuticals Specialties (NPSL) Limited directing NPSL and others refund, to the investors, the money collected by the Company, through the issuance of RCPS (including the application money collected from investors, till date, pending allotment of securities, if any), with an interest of 15% per annum, from the eighth day of collection of funds. They were
further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, till the expiry of 4 (four) years.
• SEBI passed an order, dated 31 May 2019, in the matter of JMD Telefilms Industries Limited restraining Mr. Jitendra Kumar Pratihast and others from accessing the securities market for a period of two years and further prohibiting them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of two years. They were further restrained from associating themselves with any listed public company and any public company which intends to raise money from the public, or any intermediary registered with SEBI, for a period of two years.
• SEBI passed an order, dated 31 May 2019, in the matter of ABL Biotechnologies Ltd directing ABL Biotechnologies Ltd to recover a sum of USD 6.64 million from Clifford Capital Partners A.G.S.A. Further ABL Biotechnologies Ltd and other were restrained from accessing the Securities Market including by issuing prospectus, offer document or advertisement soliciting money from the public and were further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly in any manner, till the expiry of five years.
Disclaimer: The summary has been prepared for the convenience of readers. In case of any ambiguity, please refer to the original order..
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TablesTable 1: SEBI Registered Market Intermediaries/Institutions
Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during May 2019Table 3: Open Offers under SEBI Takeover Code during May 2019Table 4: Substantial Acquisition of Shares and TakeoversTable 5: Capital Raised from the Primary Market through though Public and Rights Issues (Equity)Table 6: Issues Listed on SME PlatformTable 7: Industry-wise Classification of Capital Raised through Public and Rights Issues (Equity)Table 8: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues (Equity)Table 9: Size-wise Classification of Capital Raised through Public and Rights Issues (Equity)Table 10: Resource Mobilisation through QIP Table 11: Resource Mobilisation through Preferential AllotmentsTable 12: Capital Raised from the Primary Market through Corporate BondsTable 13: Resource Mobilisation through Private Placement of Corporate DebtTable 14: Trading in the Corporate Debt Market (Reported Trades)Table 15: Ratings Assigned for Long-term Corporate Debt Securities (Maturity = 1 year)Table 16: Ratings Assigned for Long-term Corporate Debt Securities (Maturity = 1 year)Table 17: Distribution of Turnover on Cash Segments of ExchangesTable 18: Trends in Cash Segment of BSETable 19: Trends in Cash Segment of NSETable 20: Trends in Cash Segment of MSEITable 21: City-wise Distribution of Turnover on Cash SegmentsTable 22: Category-wise Share of Turnover in Cash Segment of BSETable 23: Category-wise Share of Turnover in Cash Segment of NSETable 24: Category-wise Share of Turnover in Cash Segment of MSEITable 25: Component Stocks: S&P BSE Sensex during May 2019Table 26: Component Stocks: Nifty 50 Index during May 2019Table 27: Component Stock: SX 40 Index during May 2019Table 28: Advances/Declines in Cash SegmentTable 29: Trading Frequency in Cash SegmentTable 30: Daily Volatility of Major Indices Table 31: Share of Top ‘N’ Securities/Members in Turnover of Cash Segment Table 32: Settlement Statistics for Cash Segment of BSETable 33: Settlement Statistics for Cash Segment of NSETable 34: Settlement Statistics for Cash Segment of MSEITable 35: Trends in Equity Derivatives Segment at BSE Table 36: Trends in Equity Derivatives Segment at NSETable 37: Settlement Statistics in Equity Derivatives Segment at BSE and NSE
JUNE SEBI BULLETIN 2019
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Table 38: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSETable 39: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSETable 40: Instrument-wise Turnover in Index Derivatives at BSETable 41: Instrument-wise Turnover in Index Derivatives at NSETable 42: Trends in Currency Derivatives Segment at BSETable 43: Trends in Currency Derivatives Segment at NSETable 44: Trends in Currency Derivatives Segment at MSEITable 45: Settlement Statistics of Currency Derivatives SegmentTable 46: Instrument-wise Turnover in Currency Derivative Segment of BSETable 47: Instrument-wise Turnover in Currency Derivatives of NSETable 48: Instrument-wise Turnover in Currency Derivative Segment of MSEITable 49: Maturity-wise Turnover in Currency Derivative Segment of BSE Table 50: Maturity-wise Turnover in Currency Derivative Segment of NSETable 51: Maturity-wise Turnover in Currency Derivative Segment of MSEITable 52: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEITable 53: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEITable 54: Trends in Foreign Portfolio InvestmentTable 55: Notional Value of Offshore Derivative Instruments (ODIs) Vs Assets Under Custody (AUC) of FPIs/DeemedTable 56: Assets under the Custody of CustodiansTable 57: Trends in Resource Mobilization by Mutual Funds Table 58: Status of Mutual Funds Industry in India Table 59: Trends in Transactions on Stock Exchanges by Mutual FundsTable 60: Asset Under Management by Portfolio ManagerTable 61: Progress Report of NSDL & CDSl as on end of Month (Listed Companies)Table 62: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)Table 63: Depository StatisticsTable 65: Number of Commodities Permitted and traded at ExchangesTable 66: Trends in Commodity IndicesTable 67: Trends in commodity derivatives at MCX Table 68: Trends in commodity derivatives at NCDEX Table 69: Trends in commodity derivatives at ICEXTable 70: Trends in commodity derivatives at BSE Table 71: Trends in commodity derivatives at NSETable 72: Participant-wise percentage share of turnover at MCX, NCDEX, ICEX, BSE and NSETable 73: Commodity-wise monthly turnover and trading volume at MCXTable 74: Commodity-wise monthly turnover and trading volume at NCDEX Table 75: Commodity-wise monthly turnover and trading volume at ICEX, BSE and NSETable 76: Macro Economic Indicators
JUNE SEBI BULLETIN 2019
506
Table 1: SEBI Registered Market Intermediaries/Institutions
Market Intermediaries 2018-19 2019-20$Stock Exchanges (Cash Segment) 5 5Stock Exchanges (Equity Derivatives Segment) 3 3Stock Exchanges (Currency Derivatives Segment) 3 3Stock Exchanges (Commodity Derivatives Segment) 5 5Brokers (Cash Segment) 2,315 2,253Brokers (Equity Derivatives Segment) 2,435 2,429Brokers (Currency Derivatives Segment) 2,110 2,106Brokers (Debt Segment) 173 174Brokers (Commodity Derivatives Segment) 1,708 1,717Corporate Brokers(Cash Segment) 2,004 1,954Foreign Portfolio Investors (FPIs) 9,390 9412Custodians 20 20Depositories 2 2Depository Participants (NSDL) 277 278Depository Participants (CDSL) 598 599Merchant Bankers 209 211Bankers to an Issue 66 65Underwriters 2 2Debenture Trustees 32 32Credit Rating Agencies 7 7KYC Registration Agencies (KRA) 5 5Registrars to an Issue & Share Transfer Agents 77 78Venture Capital Funds 190 192Foreign Venture Capital Investors 248 252Alternative Investment Funds 532 585Portfolio Managers 315 317Mutual Funds 45 43Investment Advisors 1,131 1,203Research Analysts 620 647Infrastructure Investment Trusts (InVIT) 11 11Real Estate Investment Trust (REIT) 2 2Collective Investment Schemes 1 1Approved Intermediaries (Stock Lending Schemes) 2 2STP (Centralised Hub) 1 1STP Service Providers 2 2
Note: $ indicates as on May 31, 2019 Source: SEBI, NSDL.
JUNE SEBI BULLETIN 2019
507
Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during May 2019
Sl.No.
Name of the Issuer/Company
Date of Opening
Type of Issue
Type of Instrument
No. of Shares Issued
Face Value
(`)
Premium Value
(`)
Issue Price (`)
Size of Issue
(`Crore)
1 Par Drugs and Chemicals Limited
08-May-19 SME IPO Equity 1,672,000 10 41.0 51 8.5
2 Bharti Airtel Limited 17-May-19 Rights Equity 1,133,590,816 10 205.0 215 24,372.2
3 Artemis Electricals Limited
06-May-19 SME IPO Equity 7,000,000 10 50.0 60 42.0
4 Cian Healthcare Limited
15-May-19 SME IPO Equity 6,216,000 10 51.0 61 37.9
5 Evans Electric Limited 03-May-19 SME IPO Equity 372,000 10 42.0 52 1.9
6 White Organic Retail Limited
02-May-19 SME IPO Equity 2,454,000 10 53.0 63 15.5
7 Genus Prime Infra Limited
02-May-19 Rights Equity 852,940 2 1.0 3 0.3
Note: All the issues are compiled from the Prospectus of Issuer Companies filed with SEBI. Source: SEBI.
Table 3: Table 3: Open Offers under SEBI Takeover Code during May 2019
Sl. No
Target Company
Acquirer PA Date Offer Opening
Date
Offer Closing
Date
Offer Size Offer Price
(`) per
share
Offer Size (`
Crore)No. of Shares
Percent of Equity
Capital
1 Justride Enterprises Limited
Shubhal Goel 5-Feb-19 24-Apr-19 9-May-19 383,022 26 10 0.4
2 Sangam Renewables Limited
Waaree Energies Limited
5-Mar-19 6-May-19 17-May-19 5,412,700 26 19 10
3 Ruchika Industries India Limited
Mr. Rajiv Chandulal Darji
28-Feb-19 7-May-19 20-May-19 520,000 26 9 0.5
4 Indo Rama Synthetics (I) Limited
Indorams Netherlands
16-Jan-19 14-May-19 27-May-19 65,436,231 25.06 36 235.6
5 Integra Tele-communication & Software Ltd
Micro Logistics (India) Pvt. Ltd.
23-Jan-19 15-May-19 28-May-19 2,745,600 26 10 2.8
Source: SEBI.
JUNE SEBI BULLETIN 2019
508
Table 4: Substantial Acquisition of Shares and Takeovers
Year / Month
Open Offers
Objectives TotalChange in Control of Management
Consolidation of Holdings
Substantial Acquisition No. of
OffersAmount (` crore)No. of
OffersAmount (` crore)
No. of Offers
Amount (` crore)
No. of Offers
Amount (` crore)
2018-19 63 23,016 4 4,636 4 941 71 28,594
2019-20$ 8 273.7 1 31.8 0 0.0 9 305.5
Apr-19 3 24.6 1 31.8 0 0.0 4 56.4
May-19 5 249.2 0 0 0 0 5 249.2
$ indicates as on May 31, 2019 Source: SEBI.
Table 5: Capital Raised from the Primary Market through though Public and Rights Issues (Equity)
Year / Month
Total Category-Wise Issue-Type Instrument-Wise
Public Rights Listed IPOsEquities
At Par At Premium
No. of issues
Amount (` crore)
No. of issues
Amount (` crore)
No. of issues
Amount (` crore)
No. of issues
Amount (` crore)
No. of issues
Amount (` crore)
No. of issues
Amount (` crore)
No. of issues
Amount (` crore)
2018-19 133 18,235 123 16,087 10 2,149 10 2,149 123 16,087 6 513 127 17,723
2019-20$ 17 52,711.3 13 3,326.8 4 49,384.5 4 49,384.5 13 3,326.8 0 0.0 17 52,711.3
Apr-19 10 28,233.0 8 3,221.0 2 25,012.0 2 25,012.0 8 3,221.0 0 0.0 10 28,233.0
May-19 7 24,478.3 5 105.8 2 24,372.5 2 24,372.5 5 105.8 0 0.0 7 24,478.3
Notes: 1. Equity public issues also includes issues listed on SME platform. 2. Since April 2018, the equity issue is categorised based on their respective closing dates. Prior to April 2018, it was classified based on opening date
of the issue.$ indicatesas on May 31, 2019
Table 6: Issues Listed on SME Platform
No. of issue Amount (`crore)2018-19 110 1,8442019-20$ 8 168Apr-19 3 62 May-19 5 106
$ indicates as on April 30,2019Source: SEBI
JUNE SEBI BULLETIN 2019
509
Table 7: Industry-wise Classification of Capital Raised through Public and Rights Issues (Equity)
Industry 2018-19 2019-20$ May-19
No. of issues
Amount (`crore)
No. of issues
Amount (`crore)
No. of issues
Amount (` crore)
Airlines 0 0 0 -
0 -
Automobiles 1 9 1 12 0 -
Banking/FIs 1 1,131 0 -
0 -
Cement and Construction 4 542 0 -
0 -
Chemicals 4 622 3 141 2 9
Consumer Services 2 59 1 42 1 42
Electronic Equipments/ Products 8 266 2 1,347 1 2
Engineering 9 467 1 477 0 -
Entertainment 1 1 1 2 0 -
Finance 4 3,739 0 - 0 -
Food processing 4 90 0 - 0 -
Healthcare 3 58 2 1,242 1 38
Hotels 3 1,647 0 - 0 -
Info Tech 2 45 0 - 0 -
Insurance 0 0 0 - 0 -
Oil and Natural Gas 1 10 0 - 0 -
Plastic 2 39 0 - 0 -
Power 0 0 0 - 0 -
Printing 0 0 1 7 0 -
Roads and Highways 0 0 0 - 0 -
Telecom 0 0 2 49,372 1 24,372
Textiles 10 1,321 0 - 0 -
Miscellaneous 74 8,189 3 69 1 15
Total 133 18,235 17 52,711 7 24,478 $ indicates as on May 31,2019Source: SEBI
JUNE SEBI BULLETIN 2019
510
Tabl
e 8:
Sec
tor-
wis
e an
d R
egio
n-w
ise
Dis
trib
utio
n of
Cap
ital M
obili
sed
thro
ugh
Publ
ic a
nd R
ight
s Is
sues
(Equ
ity)
Year
/
Mon
th
Tota
lSe
ctor
-wise
Regi
on-w
isePr
ivate
Publ
icN
orth
ern
East
ern
Wes
tern
Sout
hern
Cent
ral
No.
of
Issu
eAm
ount
(`
Cror
es)
No.
of
Issu
eAm
ount
(`
Cro
res)
No.
of
Issu
eAm
ount
(`
Cro
res)
No.
of
Issu
eAm
ount
(`
Cro
res)
No.
of
Issu
eAm
ount
(`
Cro
res)
No.
of
Issu
eAm
ount
(`
Cro
res)
No.
of
Issu
eAm
ount
(`
Cro
res)
No.
of
Issu
eAm
ount
(`
Cro
res)
2018
-19
133
18,2
3512
916
,753
41,
482
273,
345
970
082
12,1
7210
61,8
955
123
2019
-20$
1752
,711
1652
,234
147
75
26,2
070
012
26,5
040
00
0A
pr-1
910
28,2
339
27,7
561
477
31,
835
00
726
,398
00
00
May
-19
724
,478
724
,478
00
224
,372
00
510
60
00
0$
indi
cate
s as
on
May
31,
201
9 So
urce
: SE
BI
Tabl
e 9:
Siz
e-w
ise
Cla
ssifi
catio
n of
Cap
ital R
aise
d th
roug
h Pu
blic
and
Rig
hts
Issu
es (E
quity
)Ye
ar /
M
onth
Tota
l<
5 c
rore
≥ 5
cror
e - <
10
cror
e ≥
10
cror
e - <
50
cror
e ≥
50
cror
e - <
100
cr
ore
≥ 1
00 c
rore
- <
50
0 cr
ore
>=
500
cror
e
No.
of
issu
eA
mou
nt
(` c
rore
)N
o. o
f is
sue
Am
ount
(`
cro
re)
No.
of
issu
eA
mou
nt
(` c
rore
)N
o. o
f is
sue
Am
ount
(`
cro
re)
No.
of
issu
eA
mou
nt
(` c
rore
)N
o. o
f is
sue
Am
ount
(`
cro
re)
No.
of
issu
eA
mou
nt
(` c
rore
)20
18-1
913
318
,235
2068
2921
361
1,35
56
438
82,
896
913
,266
2019
-20$
1752
,711
34
215
616
10
02
609
451
,922
Apr
-19
1028
,233
12
17
365
00
260
93
27,5
49M
ay-1
97
24,4
782
21
93
950
00
01
24,3
72$
indi
cate
s as
on
May
31,
201
9 So
urce
: SE
BI
Tabl
e 10
: R
esou
rce
Mob
ilisa
tion
thro
ugh
QIP
Ye
ar /
M
onth
Onl
y B
SEO
nly
NSE
Onl
y M
SEI
Bot
h N
SE a
nd B
SETo
tal
No.
of
issu
esA
mou
nt
(` C
rore
s)N
o. o
f is
sues
Am
ount
(`
Cro
res)
No.
of
issu
esA
mou
nt
(` C
rore
s)N
o. o
f is
sues
Am
ount
(`
Cro
res)
No.
of
issu
esA
mou
nt
(` C
rore
s)20
18-1
91
113
00
00
138,
565
148,
678
2019
-20$
00
00
00
13,
173
13,
173
Apr
-19
00
00
00
13,
173
13,
173
May
-19
00
00
00
00
00
Not
es:
1. 1
. The
abo
ve d
ata
incl
udes
bot
h “n
o. o
f is
sues
” an
d “A
mou
nt”
rais
ed o
n co
nver
sion
of
conv
ertib
le s
ecur
ities
issu
ed o
n Q
IP b
asis
. $
indi
cate
sas
on M
ay 3
1, 2
019
Sour
ce: B
SE, N
SE a
nd M
SEI.
Tabl
e 11
: R
esou
rce
Mob
ilisa
tion
thro
ugh
Pref
eren
tial A
llotm
ents
Year
/Mon
thO
nly
BSE
Onl
y N
SEO
nly
MSE
IB
oth
NSE
and
BSE
Tota
lN
o. o
f
issu
esA
mou
nt (`
C
rore
s)N
o. o
f
issu
esA
mou
nt
(` C
rore
s)N
o. o
f
issu
esA
mou
nt
(`C
rore
s)N
o. o
f
issu
esA
mou
nt
(` C
rore
s)N
o. o
f is
sues
Am
ount
(`
Cro
res)
2018
-19
208
10,8
2520
8,03
24
2417
119
1,28
140
321
0,16
220
19-2
0$31
297
16
00.
028
55,3
7660
55,6
79A
pr-1
97
220
0.0
00.
016
35,8
0623
35,8
28M
ay-1
924
275
16
00.
012
19,5
7037
19,8
51$
indi
cate
s as
on
May
31,
201
9
So
urce
: BSE
, NSE
and
MSE
I.
JUNE SEBI BULLETIN 2019
511
Table 12: Capital Raised from the Primary Market through Corporate Bonds Year/ Month Total
No. of issue Amount (`crore)2018-19 25 36,6792019-20$ 9 3,239Apr-19 5 2,191May-19 4 1,048
$ indicates as on May 31, 2019 Source: SEBI
Table 13: Resource Mobilisation through Private Placement of Corporate Debt
Year / Month
Only BSE Only NSE Both NSE and BSE TOTALNo. of Issues
Amount (` Crores)
No. of Issues
Amount (` Crores)
No. of Issues
Amount (` Crores)
No. of Issues
Amount (` Crores)
2018-19 43,157 6,31,252 60,370 11,68,408 0 0 1,03,527 17,99,6602019-20$ 3,944 53,756 5,380 90,748 0 0 9,324 1,44,504Apr-19 3,944 53,756 5,380 90,748 0 0 9,324 1,44,504
$ indicates as on May 31, 2019 Source: BSE and NSE.
Table 14: Trading in the Corporate Debt Market (Reported Trades)
Year / Month
BSE NSE MSEI TotalNo. of Trades
Traded Value (` crore)
No. of Trades
Traded Value (` crore)
No. of Trades
Traded Value (` crore)
No. of Trades
Traded Value (` crore)
2018-19 43,157 6,31,252 60,370 11,68,408 0 0 1,03,527 17,99,6602019-20$ 8,783 1,18,865 12,030 2,20,666 0 0 20,813 3,39,531Apr-19 3,944 53,756 5,380 90,748 0 0 9,324 1,44,504May-19 4,839 65,109 6,650 1,29,918 0 0 11,489 1,95,027
$ indicates as on May 31, 2019 Source: BSE, NSE and MSEI.
Table 15: Ratings Assigned for Long-term Corporate Debt Securities (Maturity = 1 year) Grade Period
Investment Grade Non-Investment Grade
TotalHighest Safety
(AAA)High Safety (AA) Adequate Safety
(A)Moderate Safety
(BBB)No. of issue
Amount (`crore)
No. of issue
Amount (` crore)
No. of issue
Amount (` crore)
No. of issue
Amount (` crore)
No. of issue
Amount (` crore)
No. of issue
Amount (` crore)
2018-19 279 20,80,536 400 3,24,989 349 1,04,666 241 20,879 57 12,738 1,326 25,43,8072019-20$ 37 1,70,878 26 12,658 21 2,684 11 1,207 8 3,147 102 1,90,474Apr-19 8 105,452 4 2,850 6 1,483 1 495 7 3,072 26 113,352May-19 29 65,426 22 9,808 15 1,202 10 712 1 75 76 77,122
$ indicates as on May 31,2019Source: Credit Rating Agencies.
Table 16: Ratings Assigned for Long-term Corporate Debt Securities (Maturity = 1 year) Grade
Period
Upgraded Downgraded Reaffirmed Rating Watch Withdrawn/ Suspended
Total
No. of issue
Amount (`crore)
No. of issue
Amount (`crore)
No. of issue
Amount (`crore)
No. of issue
Amount (`crore)
No. of issue
Amount (`crore)
No. of issue
Amount (`crore)
2018-19 711 3,14,241 892 9,13,562 5,489 1,22,52,045 494 11,24,408 1,101 4,75,760 8,687 1,50,79,0162019-20$ 20 22,974 311 271,048 259 629,361 138 227,249 114 24,337 842 1,174,625Apr-19 4 21,200 148 186,754 62 71,602 136 226,341 29 2,545 379 508,442May-19 16 1,774 163 84,294 197 557,759 2 908 85 21,792 463 666,183
$ indicates as on May 31,2019Source: Credit Rating Agencies.
JUNE SEBI BULLETIN 2019
512
Tabl
e 17
: D
istr
ibut
ion
of T
urno
ver o
n C
ash
Segm
ents
of
Exc
hang
es (`
cror
e)St
ock
Exc
hang
es20
18-1
920
19-2
0$M
ay-1
9B
SE7,
75,5
9011
4,03
958
,172
MSE
I30
157
NSE
79,4
9,00
414
,28,
299
7,88
,184
$ in
dica
tes
as o
n M
ay 3
1, 2
019
Sour
ce: B
SE, N
SE a
nd M
SEI.
Tabl
e 18
: Tr
ends
in C
ash
Segm
ent o
f B
SE
Year
/
Mon
th
No.
of
Com
-pa
nies
Li
sted
No.
of
Com
pa-
nies
Per
-m
itted
*
No.
of
com
-pa
nies
tr
aded
No.
of
Trad
ing
Day
s
No.
of
Trad
es
(Lak
h)
Trad
ed
Qua
ntity
(L
akh)
Tur
nove
r (`
cro
re)
Aver
age
Dai
ly
Tur
nove
r (`
cro
re)
Aver
age
Trad
e Si
ze (`
)
Dem
at
Secu
ritie
s Tr
aded
(L
akh)
Dem
at
Tur
nove
r (`
cro
re)
Mar
ket
Cap
italis
a-tio
n
(` c
rore
)
S&P
BSE
Sen
sex
Hig
hLo
wC
lose
2018
-19
5,26
236
4,08
624
83,
145
5,18
,103
7,75
,590
3,12
724
,659
5,18
,103
7,75
,590
1,51
,08,
711
38,9
9032
,973
38,6
7320
19-2
0$5,
292
363,
746
4153
71,
19,2
821,
14,0
392,
781
21,2
271,
19,2
821,
14,0
391,
54,3
8,01
540
,125
36,9
5639
,714
Apr
-19
5,28
236
3,58
019
255
76,9
3955
,868
2,94
021
,943
76,9
3955
,868
1,52
,54,
028
39,4
8738
,460
39,0
32M
ay-1
95,
292
363,
587
2228
342
,343
58,1
722,
644
20,5
8142
,343
58,1
721,
54,3
8,01
540
,125
36,9
5639
,714
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: B
SE.
Tabl
e 19
: Tr
ends
in C
ash
Segm
ent o
f N
SE
Year
/
Mon
th
No.
of
Com
-pa
nies
Li
sted
No.
of
1Com
pa-
nies
Per
-m
itted
*
No.
of
com
pani
es
trad
ed
No.
of
Trad
ing
Day
s
No.
of
Trad
es
(Lak
h)
Trad
ed
Qua
ntity
(L
akh)
Tur
nove
r (`
cro
re)
Aver
age
Dai
ly
Tur
nove
r (`
cro
re)
Aver
age
Trad
e Si
ze (`
)
Dem
at
Secu
ritie
s Tr
aded
(L
akh)
Dem
at
Tur
nove
r (`
cro
re)
Mar
ket
Cap
italis
a-tio
n
(` c
rore
)
Nift
y 50
Ind
ex
Hig
hLo
wC
lose
2018
-19
1931
419
2224
828
,532
37,4
9,97
679
,49,
004
32,0
5227
,860
37,4
9,97
679
,49,
004
1,49
,34,
227
11,7
6010
,005
11,6
2420
19-2
0$1,
942
41,
873
414,
882
6,81
,348
14,2
8,29
934
,837
29,2
576,
81,3
4814
,28,
299
1,52
,54,
361
12,0
4111
,108
11,9
23A
pr-1
91,
938
41,
856
1921
4730
8,63
664
0,11
533
,690
29,8
1130
8,63
664
0,11
51,
50,4
3,27
511
,856
11,5
4911
,748
May
-19
1,94
24
1,86
022
2735
372,
712
788,
184
35,8
2728
,822
372,
712
788,
184
1,52
,54,
361
12,0
4111
,108
11,9
23T
urno
ver D
ata
com
pile
d fo
r all
mar
kets
exc
ept a
uctio
n m
arke
t $
indi
cate
s as
on
May
31,
2019
So
urce
: NSE
Tabl
e 20
: Tr
ends
in C
ash
Segm
ent o
f M
SEI
Year
/M
onth
No.
of
Com
-pa
nies
Li
sted
No.
of
Com
pa-
nies
Per
-m
itted
#
No.
of
Com
-pa
nies
Tr
aded
No.
of
Trad
ing
Day
s
No.
of
Trad
es
(Lak
h)
Trad
ed
Qua
ntity
(L
akh)
Tur
nove
r (`
cro
re)
Aver
age
Dai
ly
Tur
nove
r (`
cro
re)
Aver
age
Trad
e Si
ze (`
)
Dem
at
Secu
-rit
ies
Trad
ed
(Lak
h)
Dem
at
Tur
nove
r (`
cro
re)
Mar
ket
Cap
italis
a-tio
n
(` c
rore
)
SX 5
0 In
dex
Hig
hLo
wC
lose
2018
-19
287
1,30
98
248
014
300
1,58
,520
1430
1,47
,51,
584
22,8
7319
,645
22,7
4320
19-2
0$28
81,
306
741
08
150
3,53
,865
1315
1,50
,35,
898
23,4
0121
,840
23,3
57A
pr-1
928
61,
308
619
04
70
3,28
,445
47
1,48
,42,
661
23,0
7222
,659
23,0
01M
ay-1
928
81,
306
522
04
70
175
97
1,50
,35,
898
23,4
0121
,840
23,3
57$
indi
cate
s as
on
May
31,
201
9So
urce
: MSE
I.
JUNE SEBI BULLETIN 2019
513
Table 21: City-wise Distribution of Turnover on Cash Segments(Percentage share in Turnover)
S.No City BSE NSE MSEI2018-19 May-19 2018-19 May-19 2018-19 May-19
1 Ahmedabad 2.5 2.2 2.2 1.6 0.0 0.02 Bengaluru 0.5 1.5 3.8 3.9 0.0 0.03 Vadodara 0.9 1.0 0.3 0.2 0.0 0.04 Bhubneshwar 0.0 0.0 0.0 0.0 0.0 0.05 Chennai 1.1 1.0 0.9 0.8 0.0 0.06 Ernakulam 0.1 0.1 0.8 0.7 0.0 0.07 Coimbatore 0.0 0.0 0.1 0.0 0.0 0.08 New Delhi 1.6 1.7 6.3 6.6 29.4 48.79 Guwahati 0.0 0.0 0.0 0.0 0.0 0.0
10 Hyderabad 0.4 0.8 3.4 3.2 0.1 0.011 Indore 0.4 0.3 0.4 0.2 0.0 0.012 Jaipur 0.6 0.6 0.3 0.2 0.1 0.013 Kanpur 0.3 0.5 0.1 0.1 0.0 0.014 Kolkata 2.4 2.2 4.8 4.9 0.0 0.015 Ludhiana 0.1 0.1 0.2 0.1 0.0 0.016 Mangalore 0.0 0.0 0.0 0.0 0.0 0.017 Mumbai 56.4 48.1 64.3 64.5 40.7 32.318 Patna 0.1 0.1 0.0 0.0 0.0 0.019 Pune 0.3 0.4 0.1 0.1 0.0 0.020 Rajkot 1.7 1.8 1.2 1.1 0.0 0.021 Others 30.6 37.7 10.8 11.6 29.8 19.0
Total 100 100 100 100 100 100Notes:1. The city-wise distribution of turnover is based on the cities uploaded in the UCC database of the Exchange for clientele trades and members registered office city for proprietary trades.Source: BSE, NSE and MSEI.
Table 22: Category-wise Share of Turnover in Cash Segment of BSE (in Per cent)
Year / Month Percentage Share in TurnoverProprietary FPIs Mutual Funds Banks Others
2018-19 22.4 12.4 7.9 0.1 57.22019-20$ 26.9 6.8 6.3 0.1 60.0Apr-19 22.5 7.1 6.8 0.0 63.6May-19 31.3 6.4 5.7 0.1 56.5
$ indicates as on May 31,2019 Source: BSE.
Table 23: Category-wise Share of Turnover in Cash Segment of NSE (in Per cent)
Year /Month Percentage Share in TurnoverProprietary FPIs Mutual Funds Banks Others
2018-19 21.5 15.1 7.5 0.2 55.72019-20$ 22.7 15.2 6.7 0.2 55.1Apr-19 22.7 14.3 6.7 0.2 56.2May-19 22.8 16.2 6.8 0.2 54.1
$ indicates as on May 31,2019 Source: NSE.
Table 24: Category-wise Share of Turnover in Cash Segment of MSEI
Year / Month Percentage Share in TurnoverProprietary FPIs Mutual Funds Banks Others
2018-19 0 0 0 0 1002019-20$ 0 0 0 0 100Apr-19 0 0 0 0 100May-19 0 0 0 0 100
$ indicates as on May 31, 2019 Source: MSEI.
JUNE SEBI BULLETIN 2019
514
Table 25: Component Stocks: S&P BSE Sensex during May 2019
Sl.No Name of SecurityIssuedCapital
(` crore)
Free FloatMarket
Capitalisation(` crore)
Weightage (Percent) Beta R 2
DailyVolatility(Percent)
MonthlyReturn
(Percent)
ImpactCost
(Percent)
1 HDFC 344 374,848 9.3 1.2 0.5 1.5 9.4 0.03
2 BAJFINANCE 116 82,008 2.0 1.3 0.3 2.2 12.1 0.05
3 STATE BANK 892 132,147 3.3 1.4 0.4 1.9 13.7 0.03
4 HDFC BANK 545 520,522 12.9 0.7 0.3 1.0 4.7 0.06
5 HEROMOTOCO 40 34,805 0.9 1.0 0.2 1.8 6.7 0.07
6 INFOSYS LTD 2,184 280,029 6.9 0.7 0.0 4.5 -1.7 0.03
7 KOTAK MAH.BK 954 179,357 4.4 0.9 0.3 1.5 9.6 0.06
8 VEDL 372 29,858 0.7 1.3 0.2 2.6 -3.7 0.07
9 ONGC CORPN 6,417 48,519 1.2 1.0 0.2 1.9 1.5 0.08
10 RELIANCE 6,339 429,491 10.6 1.5 0.5 1.8 -4.5 0.03
11 TATA STEEL 1,146 37,378 0.9 1.2 0.2 2.0 -12.3 0.04
12 LARSEN & TOU 281 189,832 4.7 1.0 0.3 1.4 15.6 0.11
13 MAH & MAH 622 60,286 1.5 1.2 0.4 1.7 0.3 0.05
14 TATA MOTORS 577 31,378 0.8 1.7 0.2 2.9 -19.5 0.10
15 HIND UNI LT 216 127,509 3.2 0.7 0.2 1.3 1.8 0.04
16 ASIAN PAINTS 96 63,417 1.6 1.0 0.3 1.5 -3.8 0.05
17 ITC LTD. 1,226 237,499 5.9 0.9 0.3 1.3 -7.6 0.05
18 SUN PHARMA. 240 44,212 1.1 0.8 0.1 2.3 -10.4 0.08
19 ICICI BANK 1,290 271,592 6.7 1.4 0.4 1.9 3.8 0.07
20 INDUSIND BNK 603 80,689 2.0 1.2 0.3 1.9 -0.2 0.04
21 AXIS BANK 515 143,030 3.5 1.1 0.3 1.7 5.4 0.05
22 HCL TECHNO 271 60,886 1.5 0.5 0.1 1.6 -7.6 0.05
23 BHARTI ARTL 2,566 59,009 1.5 1.2 0.2 2.3 8.8 0.11
24 MARUTISUZUK 151 91,228 2.3 1.2 0.3 1.7 3.1 0.03
25 TCS LTD. 375 230,816 5.7 0.5 0.1 1.5 -2.6 0.03
26 NTPC LTD 9,895 50,082 1.2 0.6 0.1 1.8 -0.3 0.07
27 YES BANK 463 27,364 0.7 1.2 0.0 4.8 -11.9 0.08
28 POWER GRID 5,232 43,540 1.1 0.6 0.1 1.4 1.5 0.09
29 BAJAJ AUTO 289 39,784 1.0 0.8 0.2 1.6 -2.3 0.06
30 COAL INDIA 6,207 34,598 0.9 0.4 0.0 1.5 0.6 0.06
31 TATAMTRTDVR 102 4,259 0.1 1.6 0.2 2.6 -18.1 0.15
Notes: 1. Beta & R2 are calculated for the trailing 12 months .Beta measures the degree to which any portfolio of stocks is affected .2. The coefficient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the
market. 3. Volatility is the standard deviation of the daily returns for the trailing 12 months. 4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence
ideal price is calculated as (best buy + best sell)/2. 5. The above is calculated for a month for the portfolio size of ` 5 lakh. It is calculated for the current month. Source: BSE.
JUNE SEBI BULLETIN 2019
515
Table 26: Component Stocks: Nifty 50 Index during May 2019
Sl. No Name of Security
IssuedCapital
(`Crore)
Free FloatMarket
Capitalisation(` crore)
Weightage (Percent) Beta R 2
DailyVolatility(Percent)
MonthlyReturn
(Percent)
ImpactCost
(Percent)
1 Adani Ports and Special Economic Zone Ltd.
414 32,769 0.7 1.4 0.3 2.8 6.0 0.03
2 Asian Paints Ltd. 96 63,444 1.3 1.0 0.3 1.5 -3.8 0.023 Axis Bank Ltd. 514 157,953 3.3 1.2 0.3 1.5 5.4 0.02
4 Bajaj Auto Ltd. 289 39,793 0.8 0.8 0.2 1.4 -2.0 0.025 Bajaj Finance Ltd. 116 82,159 1.7 1.5 0.3 2.3 12.0 0.026 Bajaj Finserv Ltd. 80 49,514 1.0 1.4 0.4 1.7 8.9 0.037 Bharat Petroleum Corporation Ltd. 2,169 31,967 0.7 1.5 0.2 2.2 7.8 0.028 Bharti Airtel Ltd. 2,566 59,060 1.2 1.2 0.2 2.3 8.9 0.039 Bharti Infratel Ltd. 1,850 22,887 0.5 0.3 0.0 1.8 2.5 0.0310 Britannia Industries Ltd. 24 34,408 0.7 0.8 0.2 1.4 0.9 0.0211 Cipla Ltd. 161 28,367 0.6 0.8 0.2 1.4 -1.1 0.0212 Coal India Ltd. 6,207 42,487 0.9 0.5 0.1 1.3 0.5 0.0313 Dr. Reddy's Laboratories Ltd. 83 32,468 0.7 0.3 0.0 1.7 -8.7 0.0214 Eicher Motors Ltd. 27 27,756 0.6 1.4 0.3 2.5 -2.1 0.0215 GAIL (India) Ltd. 2,255 32,563 0.7 0.9 0.2 1.9 1.4 0.0216 Grasim Industries Ltd. 132 34,962 0.7 1.2 0.3 2.5 -1.7 0.0217 HCL Technologies Ltd. 271 59,271 1.2 0.5 0.1 1.3 -7.7 0.0218 HDFC Bank Ltd. 545 521,793 10.9 0.7 0.3 1.3 4.7 0.0219 Hero MotoCorp Ltd. 40 34,796 0.7 1.0 0.2 1.7 6.7 0.0220 Hindalco Industries Ltd. 225 28,754 0.6 1.3 0.3 1.7 -4.4 0.0321 Hindustan Unilever Ltd. 216 127,760 2.7 0.7 0.2 1.3 1.8 0.0222 Housing Development Finance
Corporation Ltd. 344 360,127 7.5 1.2 0.5 1.8 9.4 0.02
23 ICICI Bank Ltd. 1,289 273,058 5.7 1.4 0.4 2.1 4.0 0.0324 ITC Ltd. 1,225 238,933 5.0 0.9 0.3 1.6 -7.6 0.0325 Indiabulls Housing Finance Ltd. 85 26,222 0.6 2.3 0.3 3.5 13.1 0.0426 Indian Oil Corporation Ltd. 9,414 38,963 0.8 1.4 0.2 2.2 4.8 0.0327 IndusInd Bank Ltd. 603 82,239 1.7 1.2 0.3 3.1 -0.1 0.0328 Infosys Ltd. 2,184 280,417 5.8 0.5 0.1 1.2 -1.8 0.0229 JSW Steel Ltd. 242 27,584 0.6 1.2 0.3 2.4 -11.9 0.0330 Kotak Mahindra Bank Ltd. 954 203,302 4.2 0.9 0.2 1.2 9.8 0.0231 Larsen & Toubro Ltd. 281 192,250 4.0 1.0 0.4 2.0 15.5 0.0232 Mahindra & Mahindra Ltd. 622 60,331 1.3 1.3 0.4 1.9 0.3 0.0233 Maruti Suzuki India Ltd. 151 91,311 1.9 1.2 0.3 1.8 3.1 0.0234 NTPC Ltd. 9,895 54,056 1.1 0.7 0.2 1.7 -0.6 0.0335 Oil & Natural Gas Corporation Ltd. 6,290 51,916 1.1 1.0 0.2 1.6 1.6 0.0236 Power Grid Corporation of India Ltd. 5,232 43,575 0.9 0.6 0.1 1.4 1.6 0.0237 Reliance Industries Ltd. 6,339 455,296 9.5 1.4 0.4 1.8 -4.5 0.0238 State Bank of India 892 132,129 2.8 1.5 0.4 2.3 13.7 0.0239 Sun Pharmaceutical Industries Ltd. 240 45,235 0.9 0.9 0.1 2.6 -10.4 0.0340 Tata Consultancy Services Ltd. 375 230,784 4.8 0.5 0.1 1.5 -2.8 0.0241 Tata Motors Ltd. 577 31,396 0.7 1.7 0.3 3.5 -19.5 0.0342 Tata Steel Ltd. 1,127 36,858 0.8 1.3 0.3 2.5 -12.4 0.0343 Tech Mahindra Ltd. 492 47,853 1.0 0.6 0.1 1.5 -9.1 0.0244 Titan Company Ltd. 89 51,563 1.1 0.9 0.2 1.7 6.7 0.0245 UPL Ltd. 102 36,634 0.8 1.1 0.2 1.5 3.1 0.0246 UltraTech Cement Ltd. 275 49,678 1.0 1.2 0.3 2.0 3.1 0.0247 Vedanta Ltd. 372 29,243 0.6 1.3 0.2 2.3 -3.8 0.0348 Wipro Ltd. 1,207 43,203 0.9 0.4 0.1 0.9 -4.1 0.0249 Yes Bank Ltd. 463 27,359 0.6 1.2 0.1 3.9 -12.0 0.0550 Zee Entertainment Enterprises Ltd. 96 19,912 0.4 0.9 0.1 5.2 -17.4 0.04
Notes: 1. Beta & R2 are calculated for the trailing 12 months .Beta measures the degree to which any portfolio of stocks is affected . 2. The coefficient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market.3. Volatility is the standard deviation of the daily returns for the trailing 12 months. 4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price
is calculated as (best buy + best sell)/2. 5. The above is calculated for a month for the portfolio size of ` 5 lakh. It is calculated for the current month. Source: NSE.
JUNE SEBI BULLETIN 2019
516
Table 27: Component Stock: SX 40 Index during May 2019
S.No. Name of SecurityIssued Capital
(` crore)
Free Float Market
Capitalisation (` crore)
Weightage (Percent) Beta R2
Daily Volatility (Percent)
Monthly Return
(Percent)
Impact Cost
(Percent) *
1 ADANIPORTS 414 32,509 0.7 1.4 0.3 2.1 5.7 Na2 ASIANPAINT 96 63,724 1.4 1.0 0.3 1.4 -4.0 Na3 AXISBANK 515 169,797 3.8 1.2 0.3 1.4 5.1 Na4 BAJAJ-AUTO 289 35,441 0.8 0.8 0.2 1.2 -2.0 Na5 BAJFINANCE 116 82,858 1.8 1.4 0.3 1.9 10.7 Na6 BHARTIARTL 2,565 58,806 1.3 1.2 0.2 2.1 8.2 Na7 BPCL 2,169 32,424 0.7 1.5 0.2 2.5 7.2 Na8 COALINDIA 6,163 45,369 1.0 0.5 0.1 1.3 0.5 Na9 DRREDDY 86 33,858 0.8 0.3 0.0 1.4 -9.5 Na10 EICHERMOT 27 27,580 0.6 1.4 0.3 2.2 -2.1 Na11 GRASIM 132 34,757 0.8 1.2 0.3 2.0 -1.7 Na12 HCLTECH 271 59,267 1.3 0.6 0.1 1.6 -8.3 Na13 HDFC 344 375,711 8.4 1.2 0.4 1.5 8.6 Na14 HDFCBANK 545 519,687 11.6 0.7 0.3 1.1 4.4 Na15 HEROMOTOCO 40 34,994 0.8 1.0 0.2 1.6 6.3 Na16 HINDALCO 225 28,816 0.6 1.4 0.3 1.8 -4.6 Na17 HINDUNILVR 216 127,036 2.8 0.7 0.2 1.1 1.7 Na18 ICICIBANK 1,290 273,127 6.1 1.3 0.4 1.9 3.8 Na19 INDUSINDBK 603 81,175 1.8 1.2 0.3 2.7 -0.1 Na20 INFY 2,183 279,228 6.2 0.6 0.1 1.2 -1.8 Na21 IOC 9,414 40,316 0.9 1.3 0.2 2.1 4.5 Na22 ITC 1,225 240,516 5.4 0.9 0.3 1.2 -8.2 Na23 KOTAKBANK 954 198,423 4.4 0.9 0.2 1.2 8.9 Na24 LT 281 191,630 4.3 1.0 0.4 1.5 13.4 Na25 M&M 622 60,394 1.3 1.3 0.4 1.5 0.3 Na26 MARUTI 151 90,882 2.0 1.2 0.3 1.6 3.0 Na27 NTPC 9,895 57,890 1.3 0.7 0.2 1.5 -0.6 Na28 ONGC 6,290 55,064 1.2 1.0 0.2 1.6 1.6 Na29 POWERGRID 5,232 44,203 1.0 0.6 0.1 1.3 1.5 Na30 RELIANCE 6,339 431,057 9.6 1.5 0.5 1.7 -4.7 Na31 SBIN 892 134,700 3.0 1.4 0.4 1.8 12.1 Na32 SUNPHARMA 240 44,855 1.0 0.8 0.1 2.2 -11.7 Na33 TATAMOTORS 577 30,713 0.7 1.7 0.3 3.4 -24.2 Na34 TATASTEEL 1,126 37,434 0.8 1.3 0.3 2.4 -14.1 Na35 TCS 375 230,384 5.1 0.6 0.1 1.6 -2.9 Na36 TECHM 492 47,946 1.1 0.6 0.1 1.2 -10.0 Na37 TITAN 89 51,665 1.2 0.8 0.2 1.6 6.2 Na38 VEDL 372 29,518 0.7 1.3 0.2 2.1 -3.9 Na39 WIPRO 1,207 44,427 1.0 0.5 0.1 1.3 -4.2 Na40 YESBANK 463 27,456 0.6 1.1 0.0 7.0 -13.7 Na
Notes:1. Market Cap, Beta & R2 as on the last day of the month 2. Beta & R2 are calculated for the trailing 12 months 3. Volatility for the current month 4. *Since there is no trading in the SX40 constituents, the Impact Cost for the given stocks is NIL. Source: MSEI.
JUNE SEBI BULLETIN 2019
517
Table 28: Advances/Declines in Cash Segment
Year/ Month
BSE NSE MSEI
Advances DeclinesAdvance/Decline Ratio
Advances DeclinesAdvance/Decline Ratio
Advances DeclinesAdvance/Decline Ratio
2018-19 1,156 2,730 0.4 585 1,294 0.5 2 5 0.42019-20$ 941 2,761 0.3 361 1,461 0.2 2 3 0.7Apr-19 1,541 1,921 0.8 879 1,040 0.9 2 2 1.0May-19 857 2,573 0.3 418 1,505 0.3 2 1 2.0
Note: Advance/Decline is calculated based on the average price methodology. $ indicates as on May 31, 2019 Source: BSE, NSE and MSEI.
Table 29: Trading Frequency in Cash Segment
Month
BSE NSE MSEINo. of
Companies Listed
No. of Companies
Traded
Percent of Traded to
Listed
No. of Companies
Listed
No. of Companies
Traded
Percent of Traded to
Listed
No. of Companies
Listed
No. of Companies
Traded
Percent of Traded to
Listed2018-19 5,262 4,086 77.7 1,931 1,922 99.5 287 8 2.82019-20$ 5,292 3,746 70.8 1,892 1,860 98.3 288 7 2.1Apr-19 5,282 3,580 67.8 1,892 1,856 98.1 286 6 2.1May-19 5,292 3,587 67.8 1,892 1,860 98.3 288 5 1.7
$ indicates as on May 31,2019 Source: BSE, NSE and MSEI.
Table 30: Daily Volatility of Major Indices Year / Month BSE Sensex BSE 100 BSE 500 Nifty 50 Nifty Next
50 Nifty 500 SX40
2018-19 0.8 0.8 0.8 0.8 1.0 0.8 0.82019-20$ 0.9 0.9 0.9 0.9 0.9 0.9 0.0Apr-19 0.7 0.6 0.6 0.7 0.6 0.6 0.0May-19 1.1 1.1 1.1 1.1 1.1 1.1 0.0
Note: Volatility is calculated as the standard deviation of the natural log of daily returns in indices for the respective period. $ indicates as on May 31,2019Source: BSE, MSEI and NSE.
Table 31: Share of Top ‘N’ Securities/Members in Turnover of Cash Segment Year/ Month BSE NSE MSEI
Top 5 10 25 50 100 5 10 25 50 100 5 10 25 50 100Securities
2018-19 9.5 16.2 31.1 44.3 60.2 11.7 20.4 36.7 52.6 70.9 98.9 100 100 100 1002019-20$ 13.6 22.0 39.0 52.7 67.8 14.0 23.8 42.7 59.0 76.9 99.5 100 100 100 100Apr-19 16.8 26.9 42.9 56.3 70.3 14.9 25.0 43.0 59.5 76.7 99.5 100 100 100 100May-19 13.6 20.9 37.2 51.5 67.9 14.7 24.3 43.4 59.1 77.8 100 100 100 100 100
Members2018-19 24.2 38.4 61.0 73.5 84.5 22.5 34.3 54.6 72.4 85.7 94.7 100 100.0 100 1002019-20$ 31.0 45.2 62.4 73.6 84.0 24.8 37.9 58.3 75.4 87.4 88.1 100 100.0 100 100Apr-19 31.2 46.0 62.9 74.5 84.5 25.0 37.2 57.3 74.1 86.6 88.3 100 100.0 100 100May-19 33.5 45.6 62.9 73.9 84.2 24.6 38.5 59.3 76.7 88.2 88.7 100 100.0 100 100Mar-19 35.7 50.5 67.5 78.8 87.4 23.1 34.9 56.3 73.7 86.5 84.9 100.0 100.0 100.0 100.0
Notes: 1. Data for Top N scrips has been compiled for all markets except Auction market & Retail Debt Market and includes series EQ, BE,BT, BL and IL. 2. During the month only 57 members were permitted to trade..$ indicates as on May 31,2019 Source: BSE, NSE and MSEI.
JUNE SEBI BULLETIN 2019
518
Tabl
e 32
: Se
ttlem
ent S
tatis
tics
for C
ash
Segm
ent o
f B
SE
Year
/
Mon
th
No.
of
Tr
ades
(L
akh)
Trad
ed
Qua
ntity
(L
akh)
Del
iver
ed
Qua
ntity
(L
akh)
Perc
ent o
f D
eliv
ered
Q
uant
ity
to T
rade
d Q
uant
ity
Tur
nove
r (`
cro
re)
Del
iver
ed
Valu
e
(` c
rore
)
Perc
ent
of
Del
iver
ed
Valu
e to
Tot
al
Tur
nove
r
Del
iver
ed
Qua
ntity
in
Dem
at
Mod
e (L
akh)
Perc
ent
of D
emat
D
eliv
ered
Q
uant
ity
to T
otal
D
eliv
ered
Q
uant
ity
Del
iver
ed
Valu
e in
D
emat
M
ode
(`
cro
re)
Perc
ent
of D
emat
D
eliv
ered
Va
lue
to T
otal
D
eliv
ered
Va
lue
Shor
t D
eliv
ery
(Auc
-tio
ned
quan
tity)
(L
akh)
Perc
ent
of S
hort
D
eliv
ery
to
Del
iver
y Q
uant
ity
Fund
s Pa
y-in
(`
cro
re)
Secu
ritie
s Pa
y-in
(`
cro
re)
Settl
emen
t G
uara
ntee
Fu
nd
(`cr
ore)
2018
-19
3,14
55,
18,1
081,
95,6
1237
.57,
75,5
902,
61,2
0833
.11,
95,2
7899
.82,
61,2
0810
0.0
458
0.22
1,09
,584
1,94
,998
207
2019
-20$
543
1,05
,628
66,5
8660
.01,
18,5
4138
,549
32.6
33,4
9966
.838
,136
98.9
660.
2016
,711
38,5
9441
8A
pr-1
925
559
,515
49,9
9484
.056
,861
19,5
4834
.416
,965
33.9
19,1
9198
.231
0.18
10,4
0419
,570
208
May
-19
288
46,1
1316
,592
36.0
61,6
8019
,001
30.8
16,5
3499
.718
,944
99.7
350.
216,
306
19,0
2421
0
$ in
dica
tes
as o
n M
ay 3
1,20
19So
urce
: BSE
.
Tabl
e 33
: Se
ttlem
ent S
tatis
tics
for C
ash
Segm
ent o
f N
SE
Year
/
Mon
th
No.
of
Trad
es
(Lak
h)
Trad
ed
Qua
ntity
(L
akh)
Del
iver
ed
Qua
ntity
(L
akh)
Perc
ent o
f D
eliv
ered
Q
uant
ity
to T
rade
d Q
uant
ity
Tur
nove
r (`
cro
re)
Del
iver
ed
Valu
e (`
cro
re)
Perc
ent
of
Del
iver
ed
Valu
e to
Tot
al
Tur
nove
r
Del
iver
ed
Qua
ntity
in
Dem
at
Mod
e (L
akh)
Perc
ent
of D
emat
D
eliv
ered
Q
uant
ity
to T
otal
D
eliv
ered
Q
uant
ity
Del
iver
ed
Valu
e in
D
emat
M
ode
(` c
rore
)
Perc
ent
of D
emat
D
eliv
ered
Va
lue
to T
otal
D
eliv
ered
Va
lue
Shor
t D
eliv
ery
(Auc
tione
d qu
antit
y)
(Lak
h)
Perc
ent
of S
hort
D
eliv
ery
to
Del
iver
y Q
uant
ity
Fund
s Pa
y-in
(`
cror
e)
Secu
ritie
s Pa
y-in
(`
cro
re)
Settl
emen
t G
uara
ntee
Fu
nd
(`cr
ore)
2018
-19
28,4
5336
,68,
649
8,45
,400
23.0
79,1
2,28
419
,50,
906
24.7
8,44
,261
100.
019
,49,
508
100.
01,
139
0.1
5,33
,295
19,5
0,90
627
120
19-2
0$4,
900
6,83
,448
1,66
,921
24.4
14,3
9,24
83,
48,1
6624
.21,
66,7
0410
0.0
3,47
,887
100.
021
70.
193
,472
3,48
,166
276
Apr
-19
2,17
93,
18,7
6783
,716
26.3
6,60
,249
1,64
,990
25.0
83,6
1310
0.0
1,64
,855
100.
010
30.
143
,314
1,64
,990
273
May
-19
2,72
23,
64,6
8183
,205
22.8
7,78
,999
1,83
,175
23.5
83,0
9110
0.0
1,83
,033
100.
011
40.
150
,159
1,83
,175
276
Settl
emen
t Sta
tistic
s fo
r set
tlem
ent t
ype
N, e
xclu
ding
CM
Ser
ies
IL &
BL
$ in
dica
tes
as o
n M
ay 3
1,20
19So
urce
: NSE
.
Tabl
e 34
: Se
ttlem
ent S
tatis
tics
for C
ash
Segm
ent o
f M
SEI
Mon
th
Sort
ing
No.
of
Trad
es
(Lak
h)
Trad
ed
Qua
ntity
(L
akh)
Del
iver
ed
Qua
ntity
(L
akh)
Perc
ent o
f D
eliv
ered
Q
uant
ity
to T
rade
d Q
uant
ity
Tur
nove
r (`
cro
re)
Del
iver
ed
Valu
e
(`
cror
e)
Perc
ent
of
Del
iver
ed
Valu
e to
Tot
al
Tur
nove
r
Del
iver
ed
Qua
ntity
in
Dem
at
Mod
e (L
akh)
Perc
ent
of D
emat
D
eliv
ered
Q
uant
ity
to T
otal
D
eliv
ered
Q
uant
ity
Del
iver
ed
Valu
e in
D
emat
M
ode
(`
cro
re)
Perc
ent
of D
emat
D
eliv
ered
Va
lue
to T
otal
D
eliv
ered
Va
lue
Fund
s Pa
y-in
(`
cro
re)
Secu
ritie
s Pa
y-in
(`
cro
re)
Settl
emen
t G
uara
ntee
Fu
nd
(` c
rore
)
2018
-19
0.01
914
1410
030
3010
014
100
3010
0.0
3030
020
19-2
0$0.
004
88
100
1515
100
810
015
100.
015
150
Apr
-19
0.00
24
410
07
710
04
100
710
0.0
77
0M
ay-1
90.
002
44
100
77
100
410
07
100.
07
70
$ in
dica
tes
as o
n M
ay 3
1, 2
019
Sour
ce: M
SEI.
JUNE SEBI BULLETIN 2019
519
Tabl
e 35
: Tr
ends
in E
quity
Der
ivat
ives
Seg
men
t at B
SE
Year
/
M
onth
No.
of
Trad
ing
Day
s
Inde
x Fu
ture
sSt
ock
Futu
res
Inde
x O
ptio
nsSt
ock
Opt
ions
Tota
lO
pen
Inte
rest
at t
he
end
of M
onth
Cal
lPu
tC
all
Put
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Tur
nove
r(`
cro
re)
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Tur
nove
r(`
cro
re)
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Tur
nove
r(`
cro
re)
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
fco
ntra
cts
Tur
nove
r(`
cro
re)
2018
-19
248
438
3927
118
19,1
581,
309
11,2
9888
52
00
031
,167
2,25
09
120
19-2
0$41
192
796
00
00
00
00
988
71
Apr
-19
197
151
40
00
00
00
058
46
0M
ay-1
922
121
282
00
00
00
00
403
71
Not
e:
1. N
otio
nal T
urno
ver =
(Str
ike
Pric
e +
Pre
miu
m) *
Qua
ntity
.$
indi
cate
s as
on
May
31,
2019
Sour
ce: B
SE.
Tabl
e 36
: Tr
ends
in E
quity
Der
ivat
ives
Seg
men
t at N
SE
Year
/
M
onth
No.
of
Trad
ing
Days
Inde
x Fut
ures
Stoc
k Fut
ures
Inde
x Opt
ions
Stoc
k Opt
ions
Total
Open
Inter
est a
t the
en
d of
Mon
thCa
llPu
tCa
llPu
tN
o. of
Cont
racts
Turn
over
(` cr
ore)
No.
ofCo
ntra
ctsTu
rnov
er(`
cror
e)N
o. of
Cont
racts
Turn
over
(` cr
ore)
No.
ofCo
ntra
ctsTu
rnov
er(`
cror
e)N
o. of
Cont
racts
Turn
over
(` cr
ore)
No.
ofCo
ntra
ctsTu
rnov
er(`
cror
e)N
o. of
Cont
racts
Turn
over
(` cr
ore)
No.
ofco
ntra
ctsTu
rnov
er(`
cror
e)20
18-19
248
6,98,2
4,522
55,68
,914
25,55
,33,86
91,6
1,47,0
111,3
9,10,2
7,617
10,77
,26,32
71,2
6,14,2
9,870
9,55,7
6,078
12,35
,10,30
885
,17,92
06,3
4,76,2
3440
,64,45
43,1
6,48,0
2,420
23,76
,00,70
540
,38,91
62,8
6,403
2019
-20$
411,3
4,16,7
709,9
4,373
4,24,7
9,474
25,29
,680
33,98
,65,22
92,3
2,89,9
9228
,85,12
,853
1,93,7
0,157
1,99,8
4,643
12,84
,936
1,06,1
2,784
6,32,6
0671
,48,71
,753
4,81,0
1,743
40,00
,089
2,78,1
72Ap
r-19
1955
,21,41
34,0
6,219
1,88,1
9,091
11,59
,128
16,10
,93,85
81,0
8,60,2
7613
,77,19
,004
91,70
,370
99,36
,612
6,51,2
9550
,37,64
33,0
7,998
33,81
,27,62
12,2
5,55,2
8643
,97,03
53,0
0,028
May-1
922
78,95
,357
5,88,1
542,3
6,60,3
8313
,70,55
117
,87,71
,371
1,24,2
9,716
15,07
,93,84
91,0
1,99,7
861,0
0,48,0
316,3
3,641
55,75
,141
3,24,6
0837
,67,44
,132
2,55,4
6,457
40,00
,089
2,78,1
72
Not
e:
1. N
otio
nal T
urno
ver =
(Str
ike
Pric
e +
Pre
miu
m) *
Qua
ntity
.$
indi
cate
s as
on
May
31,
2019
So
urce
: NSE
.
Tabl
e 37
: Se
ttlem
ent S
tatis
tics
in E
quity
Der
ivat
ives
Seg
men
t at B
SE a
nd N
SE (
` cr
ore)
Year
/
M
onth
BSE
NSE
Inde
x/St
ock
Futu
res
Inde
x/St
ock
Opt
ions
Tota
lSe
ttlem
ent
Gur
ante
eFu
nd
Inde
x/St
ock
Futu
res
Inde
x/St
ock
Opt
ions
Tota
lSe
ttlem
ent
Gur
ante
eFu
ndM
TM
Settl
emen
tFi
nal
Settl
emen
tPr
emiu
mSe
ttlem
ent
Exe
rcis
eSe
ttlem
ent
MT
MSe
ttlem
ent
Fina
lSe
ttlem
ent
Prem
ium
Settl
emen
tE
xerc
ise
Settl
emen
t20
18-1
91
09
010
191,
36,6
402,
754
19,2
532,
535
1,61
,182
1,91
220
19-2
0$0
00
00
2020
,141
261
3,62
120
324
,226
1,95
5A
pr-1
90
00
00
207,
864
115
1,52
394
9,59
61,
936
May
-19
00
00
020
12,2
7714
62,
098
109
14,6
301,
955
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: B
SE a
nd N
SE.
JUNE SEBI BULLETIN 2019
520
Table 38: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSE
Year/Month
Percentage Share in Turnover Percentage Share in Open Interest
Pro FII Mutual Funds Banks Others Pro FII Mutual
Funds Banks Others
2018-19 2.0 0.0 0.0 0.0 98.0 0 0 0 0 1002019-20$ 20.7 0.0 0.0 0.0 79.3 9 0 0 0 91.5Apr-19 16.3 0.0 0.0 0.0 83.7 0 0 0 0 100May-19 25.1 0.0 0.0 0.0 74.9 9 0 0 0 91.5
$ indicates as on May 31,2019 Source: BSE.
Table 39: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE
Year/Month
Percentage Share in Turnover Percentage Share in Open Interest
Pro FPIs Mutual Funds Banks Others Pro FPIs Mutual
Funds Banks Others
2018-19 37.8 13.6 0.4 0.0 48.2 13.7 29.8 13.2 0.0 43.32019-20$ 32.6 19.5 0.3 0.0 47.5 11.4 28.7 14.4 0.0 45.6Apr-19 32.9 19.3 0.3 0.0 47.5 13.5 26.9 12.8 0.0 46.8May-19 32.4 19.8 0.3 0.0 47.6 11.4 28.7 14.4 0.0 45.6
$ indicates as on May 31,2019 Source: NSE.
Table 40: Instrument-wise Turnover in Index Derivatives at BSE Turnover (in Percentage)
Year/Month
BSE 30 SENSEX
BSE SENSEX
50
BSE BANKEX
BSE OIL & GAS
INDEX
BSE TECK
INDEXBSE100
HANG SENG Index
Futures
MICEX Index
Futures
FTSE/JSE
Top 40 Futures
IBOVES-PA Fu-tures
2018-19 41.3 0.0 58.7 0.0 0.0 0.0 0.0 0.0 0.0 0.02019-20$ 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Apr-19 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0May-19 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$ indicates as on May 31,2019 Source: BSE.
Table 41: Instrument-wise Turnover in Index Derivatives at NSE Turnover (in Percentage)
Year/Month
NIFTY NIFTY-IT
BANK NIFTY
NIFTY-MID50
NIF-TYPSE
NIFTY-INFRA
FTSE100 S&P 500
DJIA India VIX
NIFTY-CPSE
2018-19 26.2 0.0 73.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.02019-20$ 36.7 0.0 63.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Apr-19 32.7 0.0 67.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0May-19 40.2 0.0 59.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
$ indicates as on 31,2019 Source: BSE.
JUNE SEBI BULLETIN 2019
521
Tabl
e 42
: Tr
ends
in C
urre
ncy
Der
ivat
ives
Seg
men
t at B
SE
Year
/ M
onth
No.
of
Trad
ing
Day
s
Cur
renc
y Fu
ture
sC
urre
ncy
Opt
ions
Tota
lO
pen
Inte
rest
at t
he e
nd
of t
he M
onth
Cal
lPu
tN
o. o
f C
ontr
acts
Tur
nove
r (`
cro
re)
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
f C
ontr
acts
T
urno
ver
(` c
rore
)N
o. o
f C
ontr
acts
Tur
nove
r (`
cro
re)
No.
of
Con
trac
ts
Valu
e (`
cro
re)
2018
-19
243
45,6
8,84
,165
32,0
6,48
924
,18,
69,2
6217
,19,
120
35,3
6,98
,730
24,2
6,66
61,
05,2
4,52
,157
73,5
2,27
47,
12,1
624,
929
2019
-20$
406,
37,4
8,60
04,
45,0
465,
50,0
6,07
63,
92,1
925,
77,7
7,91
63,
95,7
9617
,65,
32,5
9212
,33,
033
5,57
,625
3,88
9A
pr-1
918
2,84
,54,
552
1,98
,227
2,76
,48,
067
1,96
,543
2,72
,00,
048
1,85
,923
8,33
,02,
667
5,80
,692
12,7
7,02
98,
920
May
-19
223,
52,9
4,04
82,
46,8
182,
73,5
8,00
91,
95,6
493,
05,7
7,86
82,
09,8
749,
32,2
9,92
56,
52,3
415,
57,6
253,
889
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: B
SE.
Tabl
e 43
: Tr
ends
in C
urre
ncy
Der
ivat
ives
Seg
men
t at N
SE
Year
/
Mon
th
No.
of
Trad
ing
D
ays
Cur
renc
y Fu
ture
sC
urre
ncy
Opt
ions
Tota
lO
pen
Inte
rest
at t
heen
d of
Mon
th
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)
Cal
lPu
tN
o. o
f C
ontr
acts
T
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Valu
e(`
cro
re)
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Tur
nove
r(`
cro
re)
2018
-19
243
65,0
0,24
,870
46,5
4,92
727
,59,
19,9
6419
,56,
020
27,2
4,39
,387
19,0
7,40
51,
19,8
3,84
,221
85,1
8,35
142
,05,
566
29,3
5120
19-2
0$40
10,1
0,34
,378
7,18
,051
4,92
,31,
614
3,45
,551
4,76
,06,
010
3,31
,013
19,7
8,72
,002
13,9
4,61
434
,08,
947
24,0
32A
pr-1
918
5,09
,44,
880
3,61
,285
2,51
,10,
750
1,75
,703
2,51
,40,
409
1,74
,368
10,1
1,96
,039
7,11
,355
50,6
2,68
135
,528
May
-19
225,
00,8
9,49
83,
56,7
662,
41,2
0,86
41,
69,8
482,
24,6
5,60
11,
56,6
459,
66,7
5,96
36,
83,2
5934
,08,
947
24,0
32N
otes
: 1
. Tra
ding
Val
ue :-
For
Fut
ures
, Val
ue o
f co
ntra
ct =
Tra
ded
Qty
*Tra
ded
Pric
e. 2
. For
Opt
ions
, Val
ue o
f co
ntra
ct =
Tra
ded
Qty
*(St
rike
Pric
e+Tr
aded
Pre
miu
m)
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: N
SE.
Tabl
e 44
: Tr
ends
in C
urre
ncy
Der
ivat
ives
Seg
men
t at M
SEI
Year
/
Mon
th
No.
of
Trad
ing
D
ays
Cur
renc
y Fu
ture
sC
urre
ncy
Opt
ions
Tota
lO
pen
Inte
rest
at t
heen
d of
Mon
th
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)
Cal
lPu
tN
o. o
f C
ontr
acts
T
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Valu
e(`
cro
re)
No.
of
Con
trac
tsT
urno
ver
(` c
rore
)N
o. o
fC
ontr
acts
Tur
nove
r(`
cro
re)
2018
-19
243
54,9
9,70
138
,195
5,74
,634
4,08
36,
97,3
314,
961
67,7
1,66
647
,239
18,7
1513
020
19-2
0$40
4,03
,601
2,84
71,
22,1
1488
01,
34,3
8395
66,
60,0
984,
683
13,5
3710
0A
pr-1
918
2,43
,494
1,70
50,
62,2
3944
40,
90,5
3763
23,
96,2
702,
780
19,4
1214
1M
ay-1
922
1,60
,107
1,14
30,
59,8
7543
60,
43,8
4632
42,
63,8
281,
903
13,5
3710
0$
indi
cate
s as
on
May
31,
2019
So
urce
: MSE
I
JUNE SEBI BULLETIN 2019
522
Tabl
e 45
: Se
ttlem
ent S
tatis
tics
of C
urre
ncy
Der
ivat
ives
Seg
men
t (`
cror
e)
Year
/
M
onth
BSE
Tota
l
NSE
Tota
l
MSE
I
Tota
lC
urre
ncy
Futu
res
Cur
renc
y O
ptio
nsC
urre
ncy
Futu
res
Cur
renc
y O
ptio
nsC
urre
ncy
Futu
res
Cur
renc
y O
ptio
ns
MT
MSe
ttlem
ent
Fina
lSe
ttlem
ent
Prem
ium
Settl
emen
tE
xerc
ise
Settl
emen
tM
TM
Settl
emen
tFi
nal
Settl
emen
tPr
emiu
mSe
ttlem
ent
Exe
rcis
eSe
ttlem
ent
MT
MSe
ttlem
ent
Fina
lSe
ttlem
ent
Prem
ium
Settl
emen
tE
xerc
ise
Settl
emen
t20
18-1
959
7019
135
6515
59,
882
8260
292
1287
643
10,4
8312
57
11
133
2019
-20$
777
1992
915
1,74
111
3420
207
521,
413
251
00
25A
pr-1
936
36
403
777
951
36
103
2664
815
00
015
4358
641
413
526
996
262
113
104
2776
510
10
010
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: B
SE, N
SE a
nd M
SEI.
Tabl
e 46
: In
stru
men
t-w
ise
Tur
nove
r in
Cur
renc
y D
eriv
ativ
e Se
gmen
t of
BSE
Ye
ar/
Mon
thT
urno
ver (
` cr
ore)
Ope
n In
tere
st a
s on
last
day
of
the
mon
th (i
n lo
ts)
USD
INR
EU
RIN
RG
BPI
NR
JPY
INR
EU
RU
SDG
BPU
SDU
SDJP
YU
SDIN
RE
UR
INR
GB
PIN
RJP
YIN
RE
UR
USD
GB
PUSD
USD
JPY
2018
-19
73,3
6,63
65,
354
4,94
11,
322
2,71
31,
275
337,
09,5
9487
31,
332
354
09
0
2019
-20$
12,3
2,51
410
027
614
30
00
5,48
,910
517
316
7,88
20
00
Apr
-19
5,80
,468
4613
940
00
012
,75,
372
308
946
403
00
0
May
-19
6,52
,047
5413
710
30
00
5,48
,910
517
316
7,88
20
00
1.
USD
INR
incl
udes
Fut
ures
and
opt
ions
bot
h ot
her c
urre
ncys
hav
e on
ly fu
ture
s til
l Feb
ruar
y 26
, 201
8.2.
A
ll Pr
oduc
ts in
clud
e bo
th F
utur
es &
opt
ions
from
Feb
ruar
y 27
, 201
8 on
war
ds.
3.
E
UR
USD
, GB
PUSD
, USD
JPY
wer
laun
ched
in F
eb 2
018
$ in
dica
tes
as o
n M
ay 3
1,20
19
So
urce
: BSE
Tabl
e 47
: In
stru
men
t-w
ise
Tur
nove
r in
Cur
renc
y D
eriv
ativ
es o
f N
SE
Year
/M
onth
Tur
nove
r ( `
cro
re)
Ope
n In
tere
st a
s on
last
day
of
the
mon
th (
in lo
ts)
USD
INR
EU
RIN
RG
BPI
NR
JPY
INR
EU
RU
SDG
BPU
SDU
SDJP
YU
SDIN
RE
UR
INR
GB
PIN
RJP
YIN
RE
UR
USD
GB
PUSD
USD
JPY
2018
-19
79,7
8,93
41,
76,0
612,
26,7
5259
,106
42,6
6233
,644
1,19
340
,59,
718
50,5
0137
,698
21,8
0133
,796
1,97
874
2019
-20$
13,1
3,27
321
,454
46,3
239,
749
1,93
91,
854
2331
,77,
157
52,4
0962
,720
53,1
5052
,551
10,6
2933
1
Apr
-19
6,73
,981
10,0
9221
,981
3,52
089
787
311
49,1
1,96
249
,395
32,4
1323
,666
42,5
502,
631
64
May
-19
6,39
,292
11,3
6124
,341
6,23
01,
041
982
1231
,77,
157
52,4
0962
,720
53,1
5052
,551
10,6
2933
1
1. C
ross
Cur
renc
y w
as in
trod
uced
wef
Feb
27,
201
8
2. O
ptio
ns c
ontr
acts
on
EU
RIN
R,G
BPI
NR
,JPY
INR
wer
e in
trod
uced
wef
Feb
27,
201
8
$ in
dica
tes
as o
n M
ay 3
1,20
19
So
urce
: NSE
.
JUNE SEBI BULLETIN 2019
523
Tabl
e 48
: In
stru
men
t-w
ise
Tur
nove
r in
Cur
renc
y D
eriv
ativ
e Se
gmen
t of
MSE
I
Year
/M
onth
Tur
nove
r ( `
cro
re)
Ope
n In
tere
st a
s on
last
day
of
the
mon
th (
in lo
ts)
USD
INR
EU
RIN
RG
BPI
NR
JPY
INR
EU
RU
SDG
BPU
SDU
SDJP
YU
SDIN
RE
UR
INR
GB
PIN
RJP
YIN
RE
UR
USD
GB
PUSD
USD
JPY
2018
-19
45,3
8868
31,
144
222
00
18,6
4953
76
00
0
2019
-20$
4,25
619
822
72
00
09,
714
2,03
41,
745
440
00
Apr
-19
2,66
060
601
00
016
,184
1,59
31,
629
60
00
May
-19
1,59
713
816
71
00
09,
714
2,03
41,
745
440
00
Dat
a in
clud
es N
otio
nal V
alue
for O
ptio
ns
Exc
lude
s da
ta o
f In
tere
st R
ate
Futu
res
$
indi
cate
s as
on
May
31,
2019
So
urce
: MSE
I
Tabl
e 49
: M
atur
ity-w
ise
Tur
nove
r in
Cur
renc
y D
eriv
ativ
e Se
gmen
t of
BSE
Ye
ar/M
onth
Cur
renc
y Fu
ture
sW
eekl
yC
urre
ncy
Opt
ions
Wee
kly
1 M
onth
2 M
onth
3 M
onth
> 3
Mon
ths
1 M
onth
2 M
onth
3 M
onth
> 3
Mon
ths
2018
-19
40,7
2528
,21,
842
3,28
,322
9,82
61,
918
1,28
,051
37,0
1,09
23,
15,3
071,
160
127
2019
-20$
7,56
03,
88,5
2948
,169
770
1873
,475
6,62
,920
51,5
7024
0A
pr-1
94,
320
1,69
,144
24,4
3431
811
27,8
483,
27,2
5727
,355
40
May
-19
3,24
02,
19,3
8523
,734
452
745
,626
3,35
,662
24,2
1520
0$
indi
cate
s as
on
May
31,
2019
Sour
ce: B
SE
Tabl
e 50
: M
atur
ity-w
ise
Tur
nove
r in
Cur
renc
y D
eriv
ativ
e Se
gmen
t of
NSE
Year
/Mon
thC
urre
ncy
Futu
reC
urre
ncy
Opt
ions
1 M
onth
2 M
onth
3
Mon
th>
3 M
onth
s1
Mon
th2
Mon
th3
Mon
th>
3 M
onth
s20
18-1
937
,19,
230
8,28
,483
70,7
1736
,497
26,4
6,03
15,
78,5
712,
42,2
283,
96,5
95
2019
-20$
5,57
,314
1,43
,401
12,1
605,
176
3,66
,043
1,21
,210
0,70
,256
1,19
,054
Apr
-19
2,77
,113
0,74
,401
6,54
93,
222
1,89
,409
0,47
,930
0,42
,278
0,70
,453
May
-19
2,80
,202
0,69
,000
5,61
01,
954
1,76
,634
0,73
,280
0,27
,978
0,48
,601
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: N
SE.
JUNE SEBI BULLETIN 2019
524
Table 51: Maturity-wise Turnover in Currency Derivative Segment of MSEI
Year/Month
Currency Future Currency Options
1 Month 2 Month 3 Month > 3 Months 1 Month 2 Month 3 Month > 3 Months
2018-19 33,139 4,978 55 23 5,703 3,165 176 0
2019-20$ 2,656 191 0 0 1,793 43 0 0
Apr-19 1,612 92 0 0 1,048 28 0 0
May-19 1,044 98 0 0 745 16 0 0$ indicates as on May 31,2019 Source: MSEI
Table 52: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEI
Year/ Month
No. of Trading
Days
BSE NSE MSEI
Interest Rate Futures Open Interest atthe end of Interest Rate Futures Open Interest at
the end of Interest Rate Futures Open Interest atthe end of
No. of Contracts
Traded Value
(` crore)
No. of Contracts
Traded Value
(` crore)
No. ofContracts
Traded Value
(` crore)
No. ofContracts
Value (` crore)
No. of Contracts
Traded Value
(` crore)
No. of Contracts
Value (` crore)
2018-19 243 59,01,468 1,11,222 60,205 1,214 1,27,64,150 2,45,407 1,03,589 2,054 0 0 0 0
2019-20$ 40 6,80,128 13,236 60,668 1,255 23,77,138 46,759 1,40,085 2,849 0 0 0 0
Apr-19 18 2,46,140 4,738 66,107 1,320 12,32,112 24,098 1,22,799 2,432 0 0 0 0
May-19 22 4,33,988 8,498 60,668 1,255 11,45,026 22,662 1,40,085 2,849 0 0 0 0
$ indicates as on May 31,2019 Source: BSE, NSE and MSEI
Table 53: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI
Year/ Month
BSE NSE MSEI
MTMSettlement
Physical Delivery
Settlement
MTMSettlement
Physical Delivery
Settlement
MTM Settlement
Physical Delivery
Settlement2018-19 309 14 635 13 0.05 02019-20$ 136.6 1.5 147.9 2.0 0 0Apr-19 58.4 0.9 63.7 1.6 0 0May-19 78.2 0.6 84.2 0.4 0 0
$ indicates as on May 31,2019 Source: NSE, BSE and MSEI
Table 54: Trends in Foreign Portfolio Investment
Year/Month Gross Purchase (` crore)
Gross Sales (` crores)
Net Investment (` crores)
Net Investment (US' $ mn.)
Cumulative Net Investment (US $ mn.)
2018-19 16,40,810 16,79,741 -38,931 -5,499 2,48,1542019-20$ 3,08,302 2,80,204 28,098 4,045 2,52,199Apr-19 1,35,800 1,19,072 16,728 2,407 2,50,561May-19 1,72,502 1,61,132 11,370 1,638 2,52,199
$ indicates as on May 31,2019 Source: NSDL, CDSL
JUNE SEBI BULLETIN 2019
525
Tabl
e 55
: N
otio
nal V
alue
of
Offs
hore
Der
ivat
ive
Inst
rum
ents
(OD
Is) V
s A
sset
s U
nder
Cus
tody
(AU
C) o
f FP
Is/D
eem
ed(`
cro
re)
Year
/ M
onth
Not
iona
l val
ue o
f O
DIs
on
Equ
ity, D
ebt &
D
eriv
ativ
es
Not
iona
l val
ue o
f O
DIs
on
Equ
ity &
Deb
t ex
clud
ing
Der
ivat
ives
Ass
ets
Und
er C
usto
dy
of F
PIs/
Dee
med
FPI
s
Not
iona
l val
ue o
f O
DIs
on
Equ
ity, D
ebt
& D
eriv
ativ
es a
s %
of
A
sset
s U
nder
Cus
tody
of
FPI
s/D
eem
ed F
PIs
Not
iona
l val
ue o
f O
DIs
on
Equ
ity &
Deb
t ex
clud
ing
Der
ivat
ives
as
% o
f A
sset
s U
nder
Cus
tody
of
FPIs
/D
eem
ed F
PIs
2018
-19
78,1
1077
,287
33,4
2,68
02.
32.
320
19-2
0$81
,220
80,3
6233
,55,
045
2.4
2.4
Apr
-19
81,2
2080
,362
33,5
5,04
52.
42.
4M
ay-1
982
,619
82,4
2634
,17,
679
2.4
2.4
Not
es:
1.
Fig
ures
are
com
pile
d ba
sed
on re
port
s su
bmitt
ed b
y FP
Is/d
eem
ed F
PIs
issu
ing
OD
Is.
2.
Col
umn
4 Fi
gure
s ar
e co
mpi
led
on th
e ba
sis
of re
port
s su
bmitt
ed b
y cu
stod
ians
& d
oes
not i
nclu
des
posi
tions
take
n by
FPI
s/de
emed
FPI
s in
der
ivat
ives
. 3.
T
he to
tal v
alue
of
OD
Is e
xclu
des
the
unhe
dged
pos
ition
s &
por
tfolio
hed
ging
pos
ition
s ta
ken
by th
e FP
Is/d
eem
ed F
PIs
issu
ing
OD
Is.
$ in
dica
tes
as o
n M
ay 3
1,20
19
So
urce
: SE
BI.
Tabl
e 56
: A
sset
s un
der t
he C
usto
dy o
f C
usto
dian
s
Type
of
Clien
tFP
Is
Fore
ign
Depo
sitor
iesFD
IIn
vestm
ents
Fore
ign
Vent
ure
Capi
talIn
vestm
ents
OCBs
NRI
sM
utua
lFu
nds
Corp
orate
sBa
nks
Insu
ranc
eCo
mpa
nies
Loca
lPe
nsio
nFu
nds
Fina
ncial
Insti
tutio
nsOt
hers
Total
No.
Amou
nt
(` cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
No.
Amou
nt
(`cr
ore)
2018
-199,5
5633
,42,68
064
3,54,3
401,8
678,0
2,860
201
37,26
124
1,949
547
3,486
1,755
22,78
,220
499
1,04,5
6311
73,2
0,445
781
17,32
,889
120
4,22,3
1725
60,86
619
,018
7,91,0
8834
,574
102,5
2,963
2019
-20$
9,549
34,17
,679
673,5
8,022
1,898
8,39,8
3420
138
,274
251,9
7357
33,5
511,7
4423
,68,18
850
11,0
4,228
115
3,25,1
1178
517
,57,18
212
64,3
6,160
2559
,591
19,68
28,2
3,064
35,29
110
5,32,8
57Ap
r-19
9,518
33,55
,045
643,5
4,292
1,895
8,13,0
4920
137
,268
241,9
6755
43,4
771,7
3923
,23,16
949
91,0
2,764
117
3,29,8
6978
317
,38,75
512
64,2
7,420
2561
,094
19,29
67,9
5,703
34,84
110
3,43,8
72M
ay-19
9,549
34,17
,679
673,5
8,022
1,898
8,39,8
3420
138
,274
251,9
7357
33,5
511,7
4423
,68,18
850
11,0
4,228
115
3,25,1
1178
517
,57,18
212
64,3
6,160
2559
,591
19,68
28,2
3,064
35,29
110
5,32,8
57
Not
es:
1.
With
the
com
men
cem
ent o
f FP
I R
egim
e fr
om Ju
ne 1
, 201
4, th
e er
stw
hile
FII
s, S
ub A
ccou
nts
and
QFI
s ar
e m
erge
d in
to a
new
inve
stor
cla
ss te
rmed
as
.For
eign
Por
tfolio
Inv
esto
rs (F
PIs)
.2.
“
Oth
ers”
incl
ude
Port
folio
man
ager
, par
tner
ship
firm
, tru
sts,
dep
osito
ry re
ceip
ts, A
IFs,
FC
CB
, HU
Fs, B
roke
rs e
tc.
$ in
dica
tes
as o
n M
ay 3
1,20
19So
urce
: Cus
todi
ans.
Tabl
e 57
: Tr
ends
in R
esou
rce
Mob
iliza
tion
by M
utua
l Fun
ds
Year
/
Mon
th
Gro
ss M
obili
satio
nR
edem
ptio
nN
et I
nflow
/ O
utflo
wA
sset
s at
the
End
of
Perio
dPv
t. Se
ctor
Publ
ic
Sect
orTo
tal
Pvt.
Sect
orPu
blic
Se
ctor
Tota
lPv
t. Se
ctor
Publ
ic
Sect
orTo
tal
2018
-19
1,96
,52,
989
47,4
1,37
42,
43,9
4,36
21,
95,9
1,48
346
,93,
178
2,42
,84,
661
61,5
0548
,196
1,09
,701
23,7
9,66
320
19-2
0$33
,82,
861
7,77
,945
41,6
0,80
732
,53,
644
7,29
,713
39,8
3,35
712
9,21
714
7,43
91,
77,4
5025
,93,
560
Apr
-19
15,0
7,08
93,
66,4
2718
,73,
516
14,4
1,19
93,
31,8
5717
,73,
056
65,8
9034
,570
1,00
,460
24,7
8,75
7M
ay-1
918
,75,
772
4,11
,518
22,8
7,29
118
,12,
445
3,97
,856
22,1
0,30
163
,327
1,12
,870
76,9
9025
,93,
560
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: S
EB
I
JUNE SEBI BULLETIN 2019
526
Tabl
e 58
: Sta
tus
of M
utua
l Fun
ds I
ndus
try
in I
ndia
Sr.
No.
Sche
me C
atego
ry20
19-2
0$M
ay-19
No.
of
sche
mes
N
o. of
Fo
lios
Fund
s m
obili
zed
Repu
r-ch
ase/
Re-
dem
ptio
Net
Inflo
w (+
ve)/
Ou
tflow
(-v
e)
Net
Asse
ts Un
der
Man
age-
men
t as o
n
No.
of
sche
mes
N
o. of
Fo
lios
Fund
s m
obili
zed
Repu
r-ch
ase/
Re-
dem
ptio
Net
Inflo
w (+
ve)/
Ou
tflow
(-v
e)
Net
As-
sets
Un-
der M
an-
agem
ent
as on
AOp
en en
ded
Sche
mes
IIn
come
/Deb
t Orie
nted
Sche
mes
306
52,39
,902
40,88
,507
38,97
,467
1,91,0
4011
,70,25
030
652
,39,90
222
,46,65
921
,76,53
970
,119
11,70
,250
IIGr
owth
/Equ
ity O
rient
ed Sc
heme
s31
05,8
3,56,7
3837
,015
26,99
810
,016
7,24,0
3431
05,8
3,56,7
3819
,575
14,16
75,4
087,2
4,034
IIIHy
brid
Sche
mes
126
96,25
,378
23,21
423
,563
-349
3,42,5
3812
696
,25,37
812
,955
11,68
91,2
663,4
2,538
IVSo
lution
Orie
nted
Sch
emes
3053
,80,13
654
120
933
216
,932
3053
,80,13
628
410
917
516
,932
VOt
her S
chem
es13
316
,53,32
810
,302
11,88
2-1,
580
1,48,9
5213
316
,53,32
86,9
754,3
242,6
511,4
8,952
Total
A-O
pen e
nded
Sche
mes
905
8,02,5
5,482
41,59
,579
39,60
,119
1,99,4
6024
,02,70
790
58,0
2,55,4
8222
,86,44
822
,06,82
979
,619
24,02
,707
BCl
ose
Ende
d Sc
hem
es
IIn
come
/Deb
t Orie
nted
Sche
mes
898
11,94
,866
1,219
22,17
0-20
,951
1,54,1
2489
811
,94,86
683
52,8
36-2,
001
1,54,1
24
IIGr
owth
/Equ
ity O
rient
ed Sc
heme
s12
517
,75,16
80
819
-819
34,50
712
517
,75,16
80
439
-439
34,50
7
IIIOt
her S
chem
es0
00
00
00
00
00
0
Total
B -C
lose e
nded
Sche
mes
1,023
29,70
,034
1,219
22,98
9-21
,769
1,88,6
321,0
2329
,70,03
483
53,2
75-2,
440
1,88,6
32
CIn
terva
l Sch
emes
IIn
come
/Deb
t Orie
nted
Sche
mes
254,5
228
249
-241
1,737
254,5
228
197
-188
1,737
IIGr
owth
/Equ
ity O
rient
ed Sc
heme
s1
12,01
80
00
485
112
,018
00
048
5
IIIOt
her S
chem
es0
00
00
00
00
00
0
Total
C -I
nter
val S
chem
es26
16,54
08
249
-241
2,221
2616
,540
819
7-18
82,2
21
Total
(A+B
+C)
1,954
8,32,4
2,056
41,60
,807
39,83
,357
1,77,4
5025
,93,56
01,9
548,3
2,42,0
5622
,87,29
122
,10,30
176
,990
25,93
,560
Fund
of F
unds
Sche
me (D
omest
ic)42
4,46,6
781,1
1717
494
25,3
1942
4,46,6
7854
494
450
5,319
Sour
ce: S
EB
I.
JUNE SEBI BULLETIN 2019
527
Tabl
e 59
: Tr
ends
in T
rans
actio
ns o
n St
ock
Exc
hang
es b
y M
utua
l Fun
ds
Year
/
Mon
th
Equ
ityD
ebt
Tota
l
Gro
ss
Purc
hase
sG
ross
Sal
esN
et
Purc
hase
s /
Sale
s
Gro
ss
Purc
hase
sG
ross
Sal
esN
et
Purc
hase
s /
Sale
sG
ross
Pur
chas
esG
ross
Sal
esN
et p
urch
ases
/Sa
le
2018
-19
7,08
,991
6,21
,112
87,8
7922
,67,
416
18,7
7,49
03,
89,9
2529
,76,
407
24,9
8,60
34,
77,8
04
2019
-20$
1,08
,354
1,07
,790
564
4,68
,664
3,86
,504
82,1
605,
77,0
194,
94,2
9482
,724
Apr
-19
46,9
3251
,532
-4,6
002,
26,4
611,
75,6
4150
,820
2,73
,393
2,27
,172
46,2
20
May
-19
61,4
2256
,259
5,16
42,
42,2
032,
10,8
6331
,340
3,03
,626
2,67
,122
36,5
04
$ in
dica
tes
as o
n M
ay 3
1,20
19
Sour
ce: S
EB
I
Tabl
e 60
: A
sset
Und
er M
anag
emen
t by
Port
folio
Man
ager
Year
/ M
onth
2018
-1920
19-2
0$
Parti
cular
sDi
scre
tiona
ryN
on-
Disc
retio
nary
Advis
ory
Disc
retio
nary
Non
-Di
scre
tiona
ryAd
visor
y**
Parti
cular
sDi
scre
tiona
ry#
Non
-Di
scre
tiona
ryAd
visor
y*
No. o
f Clie
nts
1,38,8
296,8
534,0
381,4
3,065
7,242
3,973
No.
of C
lient
s14
0583
7025
4010
AUM
(` cr
ore)
AUM
(` C
rore
)
184,6
06.81
Liste
d Equ
ity1,1
1,996
18,47
71,9
3,620
1,14,2
9319
,357
1,86,4
42
Liste
d Eq
uity
1,11,0
430,1
8,588
Unlis
ted E
quity
459
7548
283
Unlis
ted E
quity
482
78
Plain
Deb
t11
,60,85
774
,702
10,56
,163
77,23
6Pl
ain D
ebt
10,41
,126
0,76,2
73
Struc
tured
Deb
t75
353
11,0
3461
7Str
uctur
ed D
ebt
1,015
579
Equit
y Deri
vativ
es46
6-1
342
-1Eq
uity D
eriva
tive
462
-1
Mutu
al Fu
nds
14,11
313
,856
12,42
312
,435
Mutu
al Fu
nd11
,109
13,73
7
Othe
rs14
,498
1,392
125,7
721,5
57Ot
hers
162,7
321,5
04
Total
*13
,03,14
11,0
9,031
13,10
,508
1,11,2
84*T
otal
13,27
,967
1,10,7
57
Not
es:
1. *
One
PM
S en
tity
has
clos
ed/t
erm
inat
ed it
s PM
S ac
tiviti
es a
s on
Mar
ch 3
1, 2
019.
The
dat
a in
clud
es h
oldi
ng/A
UM
not
yet
tran
sfer
red
to o
ther
Fun
d M
anag
ers.
2. *
*Val
ue o
f A
sset
s fo
r whi
ch A
dvis
ory
Serv
ices
are
bei
ng g
iven
. .3.
of
the
abov
e AU
M R
s. 1
1,67
,107
/- C
ores
are
con
trib
uted
by
fund
s fr
om E
PFO
/PFs
.4.
The
abo
ve d
ata
is b
ased
on
the
mon
thly
repo
rt re
ceiv
ed fr
om P
ortfo
lio M
anag
ers.
$
indi
cate
s as
on
May
31,
2019
So
urce
: SE
BI.
JUNE SEBI BULLETIN 2019
528
Tabl
e 61
: Pr
ogre
ss R
epor
t of
NSD
L &
CD
Sl a
s on
end
of
Mon
th (L
iste
d C
ompa
nies
)
Para
met
erU
nit
NSD
LC
DSL
May
-19
Apr
-19
May
-18
%
Cha
nge
durin
g th
e ye
ar"
"%
Cha
nge
durin
g th
e m
onth
"
May
-19
Apr
-19
May
-18
"%
Cha
nge
durin
g th
e ye
ar"
"%
Cha
nge
durin
g th
e m
onth
"
Num
ber o
f co
mpa
nies
sign
ed u
p to
mak
e th
eir s
hare
s ava
ilabl
e fo
r dem
ater
ializ
atio
nN
umbe
r 5
,641
6
,168
5
,964
-5
.4-8
.5 6
,295
5
,763
6
,784
-7
.29.
2
Num
ber o
f D
epos
itory
Par
ticip
ants
(re
gist
ered
)N
umbe
r 2
78
278
2
77
0.4
0.0
599
5
98
602
-0
.50.
2
Num
ber o
f St
ock
Exc
hang
es (c
onne
cted
)N
umbe
r 3
3
3
0.
00.
0 3
3
3
0.
00.
0
Num
ber o
f In
vest
ors A
ccou
nts
Lakh
187
1
86
172
8.
30.
4 1
78
176
1
52
17.4
1.3
Qua
ntity
of
Shar
es d
emat
eria
lized
Cro
re 5
3,04
0 5
3,17
1 5
0,30
8 5.
4-0
.2 2
0,33
3 1
8,74
8 1
5,87
8 28
.18.
5
Valu
e of
Sha
res d
emat
eria
lized
Cro
re 1
3,36
2,48
5 1
3,18
8,18
0 1
2,52
1,07
5 6.
71.
3 1
,838
,468
1
,753
,988
1
,807
,246
1.
74.
8
Qua
ntity
of
Secu
ritie
s dem
ater
ializ
ed #
Cro
re 5
7,03
9 5
7,15
7 5
3,70
3 6.
2-0
.2 2
1,93
0 2
0,39
8 1
7,09
5 28
.37.
5
Valu
e of
Sec
uriti
es d
emat
eria
lized
#C
rore
16,
197,
871
16,
011,
891
15,
084,
902
7.4
1.2
1,9
66,0
55
1,8
81,6
05
1,9
06,1
76
3.1
4.5
Qua
ntity
of
shar
es se
ttled
dur
ing
the
mon
thC
rore
1,0
70
1,0
26
1,0
24
4.4
4.3
582
5
77
698
-1
6.6
0.8
Aver
age
Qua
ntity
of
shar
es se
ttled
dai
ly
(qua
ntity
of
shar
es se
ttled
dur
ing
the
mon
th
(div
ided
by
30))
Cro
re 4
9 5
7 4
9 -0
.3-1
4.7
19
19
23
-16.
6-2
.4
Valu
e of
shar
es se
ttled
dur
ing
the
mon
th in
de
mat
eria
lized
form
Cro
re 2
80,4
02
255
,008
2
67,3
88
4.9
10.0
59,
071
54,
026
67,
582
-12.
69.
3
Aver
age
Valu
e of
shar
es se
ttled
dai
ly (v
alue
of
shar
es se
ttled
dur
ing
the
mon
th (d
ivid
ed
by 3
0))
Cro
re 1
2,74
6 1
4,16
7 1
2,73
3 0.
1-1
0.0
1,9
06
1,8
01
2,1
80
-12.
65.
8
Trai
ning
Pro
gram
mes
con
duct
ed fo
r re
pres
enta
tives
of
Cor
pora
tes,
DPs
and
Br
oker
s
Num
ber
10
9
14
-28.
611
.1 6
1 2
1 1
45
-57.
919
0.5
The
ratio
of
dem
ater
ializ
ed e
quity
shar
es to
th
e to
tal o
utst
andi
ng sh
ares
mar
ket v
alue
Perc
ent
86.
6 8
6.8
85.
8 0.
9-0
.111
.811
.512
.4-4
.63.
1
Not
es:
1. S
hare
s in
clud
es o
nly
equi
ty s
hare
s.
2. S
ecur
ities
incl
ude
com
mon
equ
ity s
hare
s, p
refe
renc
e sh
ares
, deb
entu
re, M
F un
its, e
tc.
3. N
o. o
f da
ys ta
ken
for c
alcu
latin
g D
aily
Ave
rage
is 3
0 da
ys in
stea
d of
Act
ual s
ettle
men
t day
s.
4. Q
uant
ity a
nd v
alue
of
shar
es m
entio
ned
are
sing
le s
ided
. 5. #
Sour
ce fo
r lis
ted
secu
ritie
s in
form
atio
n: I
ssue
r/ N
SE/B
SE..
So
urce
: NSD
L an
d C
DSL
.
JUNE SEBI BULLETIN 2019
529
Tabl
e 62
: Pr
ogre
ss o
f D
emat
eria
lisat
ion
at N
SDL
and
CD
SL (L
iste
d an
d U
nlis
ted
Com
pani
es)
Ye
ar/
Mon
thN
SDL
CD
SLC
ompa
nies
Li
veD
Ps L
ive
DPs
Lo
catio
nsD
emat
Q
uant
ity
(mill
ion
secu
ritie
s)
Dem
at
Valu
e
(` c
rore
)
Com
pani
es
Live
DPs
Liv
eD
Ps
Loca
tions
Dem
at
Qua
ntity
(m
illio
n se
curit
ies)
Dem
at V
alue
(`
cro
re)
2018
-19
25,2
3327
730
,741
18,6
7,40
81,
86,8
0,37
212
,757
597
19,4
603,
61,8
7620
,79,
693
2019
-20$
26,5
1327
8*30
,946
19,5
8,06
21,
95,8
0,61
613
,218
599
19,4
283,
96,1
2721
,71,
374
Apr
-19
25,8
4127
830
,898
18,9
8,00
71,
88,4
6,58
613
,009
598
19,4
613,
73,8
9720
,79,
779
May
-19
26,5
1327
8*30
,946
19,5
8,06
21,
95,8
0,61
613
,218
599
19,4
283,
96,1
2721
,71,
374
Not
es :
1. F
or C
DSL
, the
cur
rent
and
his
toric
al d
ata
of C
ompa
nies
Liv
e ha
s be
en re
vise
d to
exc
lude
MF
sche
mes
cou
nt.
2. T
he C
ompa
nies
Liv
e fig
ure
incl
udes
onl
y th
e nu
mbe
r of
mut
ual f
und
com
pani
es a
nd n
ot th
e m
utua
l fun
d sc
hem
es.
3. D
Ps L
ocat
ions
repr
esen
ts th
e to
tal l
ive
(mai
n D
Ps a
nd b
ranc
h D
Ps a
s w
ell a
s no
n-liv
e (b
ack
offic
e co
nnec
ted
colle
ctio
n ce
ntre
s)*
Incl
udes
Nin
e Pa
rtic
ipan
ts w
hich
are
und
er c
losu
re/t
erm
inat
ion
proc
ess
and
SEB
I re
gist
ratio
n is
not
yet
can
celle
d/su
spen
ded
So
urce
: NSD
L an
d C
DSL
.
Tabl
e 63
: D
epos
itory
Sta
tistic
s
Part
icul
ars
Uni
tD
ebt
Equ
ityO
ther
sTo
tal
List
edU
nlis
ted
List
edU
nlis
ted
List
edU
nlis
ted
List
edU
nlis
ted
NSD
LN
o.of
issu
ers d
ebt/
Com
pani
es(e
quity
)(n
umbe
rs)
798
1,80
95,
641
17,4
5811
04,
772
6,54
924
,039
No.
of A
ctiv
e In
stru
men
ts(n
umbe
rs)
10,4
346,
488
11,3
7118
,820
8,46
833
,317
30,2
7358
,625
Dem
at Q
uant
ity(la
khs)
115,
449
498,
855
5,30
4,00
28,
924,
766
284,
492
4,45
3,05
35,
703,
942
13,8
76,6
74D
emat
Val
ue(R
s.C
rore
)2,
617,
196
499,
351
13,3
62,4
8588
5,24
021
8,19
01,
452,
673
16,1
97,8
712,
837,
263
Qua
ntity
settl
ed d
urin
g th
e m
onth
(Lak
h)10
,911
1,36
610
6,98
577
3,20
51,
594
121,
100
3,03
7Va
lue
Settl
ed d
urin
g th
e m
onth
(Rs.
Cro
res)
425,
830
27,7
6328
0,40
220
2,71
745
970
8,94
928
,242
CD
SLN
o. o
f Is
suer
s (D
ebt)
/ C
ompa
nies
(Equ
ity)
(num
bers
)55
941
562
9565
4224
6657
393
2075
30N
o. o
f A
ctiv
e In
stru
men
ts(n
umbe
rs)
7965
2401
5717
6794
1949
819
8733
180
1118
2D
emat
Qua
ntity
(lakh
)30
13.9
014
8184
.71
2033
315.
1714
5513
4.75
1566
38.2
116
4980
.76
2192
967.
2817
6830
0.23
Dem
at V
alue
(Rs.
cror
e)61
958.
1438
446.
3018
3846
7.76
1414
18.0
565
629.
0525
454.
8219
6605
4.94
2053
19.1
7Q
uant
ity se
ttled
dur
ing
the
mon
th(la
kh)
25.4
70.
0058
223.
990.
0013
855.
630.
0072
105.
090.
00Va
lue
Settl
ed d
urin
g th
e m
onth
(Rs.
cror
e)12
89.8
00.
0059
070.
990.
0011
479.
920.
0071
840.
720.
00N
ote:
T
he c
ateg
orie
s in
clud
ed in
Oth
ers
are
Pref
eren
ce S
hare
s, M
utua
l Fun
d U
nits
, War
rant
s, P
TC
s, T
reas
ury
Bill
s, C
Ps, C
Ds
and
Gov
ernm
ent S
ecur
ities
.
So
urce
: NSD
L an
d C
DSL
.
JUNE SEBI BULLETIN 2019
530
Tabl
e 65
: N
umbe
r of
Com
mod
ities
Per
mitt
ed a
nd tr
aded
at E
xcha
nges
Exc
hang
esPa
rtic
ular
s
Futu
res
Opt
ions
Agr
icul
ture
Met
als
othe
r th
an b
ullio
nB
ullio
n E
nerg
y G
ems
and
Ston
esA
gric
ultu
reM
etal
s ot
her t
han
bulli
onB
ullio
n E
nerg
y
NC
DE
XPe
rmitt
ed fo
r tra
ding
182
11
05
00
0C
ontra
cts fl
oate
d 18
00
00
50
00
Trad
ed15
00
00
20
00
MC
XPe
rmitt
ed fo
r tra
ding
86
32
00
22
1C
ontra
cts fl
oate
d 7
62
20
02
21
Trad
ed4
52
20
02
21
ICE
XPe
rmitt
ed fo
r tra
ding
121
00
10
00
0C
ontra
cts fl
oate
d 11
10
01
00
00
Trad
ed3
10
01
00
00
BSE
Perm
itted
for t
radi
ng3
12
10
00
00
Con
tract
s floa
ted
31
21
00
00
0Tr
aded
31
20
00
00
0
NSE
Perm
itted
for t
radi
ng0
12
10
00
00
Con
tract
s floa
ted
00
21
00
00
0Tr
aded
00
21
00
00
0
Sour
ce: N
CD
EX
, MC
X, I
CE
X, B
SE a
nd N
SE
Tabl
e 66
: Tre
nds
in c
omm
odity
indi
ces
Ye
ar/
Mon
thM
CX
Com
dex
NC
DE
X D
haan
yaO
pen
Hig
hLo
wC
lose
Ope
nH
igh
Low
Clo
se20
18-1
93,
663
4,17
23,
312
3,73
93,
051
3,59
02,
838
3,41
420
19-2
0$3,
742
3,84
03,
742
3,57
73,
450
3,60
43,
450
3,61
5A
pr-1
93,
742
3,84
03,
742
3,76
93,
450
3,60
43,
450
3,50
1M
ay-1
93,
769
3,76
93,
572
3,57
73,
507
3,67
43,
498
3,61
5$
indi
cate
s as
on
May
31,
201
9
So
urce
: MC
X a
nd N
CD
EX
JUNE SEBI BULLETIN 2019
531
Tabl
e 67
: Tre
nds
in c
omm
odity
der
ivat
ives
at M
CX
FU
TURE
S
Year
/
Mon
th
No.
of
Trad
ing
days
Agric
ultu
reM
etal
sBu
llion
Ener
gyTo
tal
Ope
n in
tere
st a
t the
en
d of
the
perio
d
Volu
me
('000
to
nnes
)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
Volu
me
('000
to
nnes
)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
Volu
me
('000
to
nnes
)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
Volu
me
('000
to
nnes
)*
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
No.
of
cont
ract
sVa
lue
(` c
rore
)
2018
-19
257
9,662
18,28
,722
1,01,2
331,1
1,475
7,88,3
5,865
25,25
,601
169
2,88,3
7,833
15,13
,817
6,71,6
9813
,69,46
,607
24,50
,777
24,64
,49,02
765
,91,42
83,1
3,641
14,24
4
2019
-20$
432,0
564,0
8,795
22,06
113
,989
1,11,8
7,810
3,38,6
3931
52,32
,202
2,86,2
311,5
1,183
3,00,2
7,487
5,06,9
754,6
8,56,2
9411
,53,90
73,6
6,531
14,97
4
Apr-1
920
991
1,96,6
32 1
0,806
7,0
3055
,65,14
21,7
2,973
1525
,16,28
51,2
9,663
62,10
21,2
4,17,7
882,1
3,672
2,06,9
5,847
5,27,1
133,1
8,726
13,84
0
May
-19
231,
065
2,12
,163
11,
256
6,95
956
,22,
668
1,65
,667
1627
,15,
917
1,56
,568
89,0
801,
76,0
9,69
92,
93,3
032,
61,6
0,44
76,
26,7
943,
66,5
3114
,974
OPT
ION
S
Year
/
Mon
th
No.
of
Trad
ing
days
Met
als
Bulli
onEn
ergy
Tota
lO
pen
inte
rest
at t
he
end
of th
e pe
riod
Call
Opt
ions
Pu
t Opt
ions
Ca
ll O
ptio
ns
Put O
ptio
ns
Call
Opt
ions
Pu
t Opt
ions
N
o. o
f co
ntra
cts
Turn
over
(`
cro
re)
No.
of
cont
ract
s
Not
iona
l Va
lue
(` c
rore
)N
o. o
f co
ntra
cts
Turn
over
(`
cro
re)
No.
of
cont
ract
sTu
rnov
er
(` c
rore
)N
o. o
f co
ntra
cts
Turn
over
(`
cro
re)
No.
of
cont
ract
sTu
rnov
er
(` c
rore
)N
o. o
f co
ntra
cts
Turn
over
(`
cro
re)
No.
of
cont
ract
sTu
rnov
er
(` c
rore
)
2018
-19
257
69,15
23,7
0154
,509
2,792
2,65,4
8775
,210
2,07,1
4860
,490
4,80,1
9320
,897
4,18,7
5817
,855
14,95
,517
1,80,9
449,4
7180
2
2019
-20$
438,9
4759
57,6
8956
330
,652
7,573
20,25
65,4
771,2
9,612
5,797
1,28,6
805,5
423,2
5,836
25,54
713
,122
978
Apr-1
920
4,633
325
5,480
418
11,54
52,2
836,5
471,5
1142
,154
1,919
51,13
62,2
291,2
1,495
8,685
6,962
908
May
-19
234,
314
270
2,20
914
519
,107
5,28
913
,709
3,96
687
,458
3,87
777
,544
3,31
32,
04,3
4116
,862
13,1
2297
8
$ in
dica
tes
as o
n M
ay 3
1, 2
019
Not
e : N
atur
al G
as v
olum
e is
in T
rillio
n B
TU
and
is n
ot in
clud
ed in
vol
ume
(‘000
tonn
es) o
f en
ergy
con
trac
ts.
So
urce
: MC
X
Tabl
e 68
: Tre
nds
in c
omm
odity
der
ivat
ives
at N
CD
EX
Year
/
Mon
th
No.
of
Trad
ing
days
FUT
UR
ES
OPT
ION
S
Volu
me
('000
tonn
es)
No.
of
cont
ract
s tr
aded
Tur
nove
r (`
cro
re)
Ope
n in
tere
st a
t the
en
d of
the
perio
dC
all o
ptio
ns
Put o
ptio
ns
Ope
n in
tere
st
at t
he e
nd o
f th
e pe
riod
No.
of
Con
trac
tsVa
lue
(` c
rore
)N
o. o
f co
ntra
cts
Tur
nove
r (`
cro
re)
No.
of
cont
ract
sT
urno
ver
(` c
rore
)N
o. o
f co
ntra
cts
Not
iona
l Va
lue
(` c
rore
)20
18-1
9 2
48
1,2
0,12
5 1
,40,
05,4
85
5,3
1,41
4 1,
28,3
395,
328
3,64
616
032
814
60.
320
19-2
0$ 4
1 1
9,87
4 2
5,53
,391
9
6,17
9 1,
38,8
846,
387
512
00
00.
0A
pr-1
9 1
9 9
,826
1
2,94
,409
4
7,77
6 1,
35,4
635,
988
171
00
60.
3M
ay-1
9 2
2 1
0,04
8 1
2,58
,982
4
8,40
3 1,
38,8
846,
387
342
00
00.
0$
indi
cate
s as
on
May
31,
201
9
So
urce
: NC
DE
X
JUNE SEBI BULLETIN 2019
532
Tabl
e 69
: Tre
nds
in c
omm
odity
der
ivat
ives
at I
CE
X
Year
/
Mon
th
No.
of
Trad
ing
days
Agr
icul
ture
Fut
ures
Met
als
Futu
res
Gem
s an
d St
ones
Fut
ures
Tota
l O
pen
inte
rest
at t
he
end
of th
e pe
riod
Volu
me
('000
to
nnes
)
No.
of
cont
ract
s tr
aded
Tur
nove
r (`
cro
re)
Volu
me
('000
to
nnes
)
No.
of
cont
ract
s tr
aded
Tur
nove
r (`
cro
re)
Volu
me
(in c
ents
)
No.
of
cont
ract
s tr
aded
Tur
nove
r (`
cro
re)
No.
of
cont
ract
s tr
aded
Tur
nove
r (`
cro
re)
No.
of
cont
ract
s Va
lue
(` c
rore
)
2018
-19
257
3,19
66,
83,8
9314
,772
1,15
61,
15,5
854,
063
5,53
,12,
169
5,53
,12,
169
18,9
025,
61,1
1,64
737
,736
1,29
,291
77
2019
-20$
4312
047
,800
666
349
34,8
661,
182
2,14
,76,
099
2,14
,76,
099
7,40
92,
15,5
8,76
59,
257
85,2
4765
Apr
-19
2040
18,8
2224
015
815
,754
536
1,06
,61,
364
1,06
,61,
364
3,67
71,
06,9
5,94
0 4
,454
1,
72,8
2080
May
-19
2381
28,9
7842
619
119
,112
646
1,08
,14,
735
1,08
,14,
735
3,73
21,
08,6
2,82
5 4
,803
85
,247
65$
indi
cate
s as
on
May
31,
201
9
N
otes
:
Con
trac
t siz
e fo
r all
diam
ond
futu
res
cont
ract
at I
CE
X is
one
cen
t. So
urce
: IC
EX
Tabl
e 70
: Tre
nds
in c
omm
odity
der
ivat
ives
at B
SE
Year
/
Mon
thN
o.of
Tr
adin
g da
ys
Met
al F
utur
esBu
llion
Fut
ures
Ener
gy F
utur
esAg
ricul
ture
Tota
lO
pen
inte
rest
at t
he
end
of th
e pe
riod
Volu
me
(to
nnes
)N
o. o
f co
ntra
cts
trade
d
Turn
over
(`
cro
re)
Volu
me
( ton
nes)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
Volu
me
( to
nnes
)N
o. o
f co
ntra
cts
trade
d
Turn
over
(`
cro
re)
Volu
me
( to
nnes
)N
o. o
f co
ntra
cts
trade
d
Turn
over
(`
cro
re)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
No.
of
cont
ract
sVa
lue
(` c
rore
)
2018
-19
128
2121
177
21,0
3,678
28,08
01,0
5077
47,9
3,415
1,01,4
294,7
192,0
5,205
32,80
41,0
5273
2019
-20$
4360
060
027
229
21,04
34,3
490
00
15,55
,253
1,27,7
256,2
551,4
9,368
10,63
11,0
0293
Apr-1
920
77
011
010
,431
2,218
00
04,1
6,618
55,86
22,7
7266
,300
4,990
1,175
106
May
-19
2359
359
327
119
10,61
22,1
310
00
11,38
,635
71,86
33,4
8383
,068
5,641
1,002
93
$ in
dica
tes
as o
n M
ay 3
1, 2
019
C
onve
rsio
n fa
ctor
s: O
MA
N C
rude
Oil
(1 T
onne
= 7
.33B
arre
ls)
JUNE SEBI BULLETIN 2019
533
Tabl
e 71
: Tre
nds
in c
omm
odity
der
ivat
ives
at N
SE
Year
/
Mon
th
No.
of
Trad
ing
days
Bulli
on F
utur
esEn
ergy
Tota
lO
pen
inte
rest
at t
he e
nd
of th
e pe
riod
Volu
me
( t
onne
s)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
Volu
me
('000
to
nnes
)*
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
No.
of
cont
ract
s tra
ded
Turn
over
(`
cro
re)
No.
of
cont
ract
sVa
lue
( `cr
ore)
2018
-19
120
149
36,31
53,3
7510
,584
10,58
469
46,89
93,4
4415
97
2019
-20$
438
23,69
581
82
17,41
611
441
,111
932
451
Apr-1
920
612
,468
431
18,4
4359
20,91
149
091
4
May
-19
232
11,2
2738
71
8,97
355
20,2
0044
245
1$
indi
cate
s as
on
May
31,
201
9
Volu
me
for B
R C
rude
and
BR
Cru
de M
ini i
s pr
ovid
ed in
bar
rels
(abs
olut
e fig
ure)
.
So
urce
: NSE
Tabl
e 72
: Par
ticip
ant-
wis
e pe
rcen
tage
sha
re o
f tu
rnov
er a
t MC
X, N
CD
EX
, IC
EX
, BSE
and
NSE
Year
/ M
onth
MC
XN
CD
EX
ICE
XB
SEN
SE
Agr
icul
ture
N
on-
Agr
icul
ture
Se
gmen
tA
gric
ultu
reA
gric
ultu
reN
on-
Agr
icul
ture
Non
-A
gric
ultu
reA
gric
ultu
reN
on-
Agr
icul
ture
Pro-
pri-
etar
yC
lient
Pr
o-pr
i-et
ary
Clie
nt
Prop
ri-et
ary
Clie
nt
Hed
g-er
s
Pro-
pri-
etar
yC
lient
Pr
o-pr
i-et
ary
Clie
nt
Pro-
pri-
etar
yC
lient
Pr
o-pr
i-et
ary
Clie
nt
Prop
ri-et
ary
Clie
nt
2018
-19
3862
2872
4455
0.4
793
4555
937
NA
NA
8416
2019
-20$
3961
3169
4851
0.9
5545
7030
392
4217
5248
Apr
-19
4060
3070
4752
0.7
5644
6536
482
3713
5050
May
-19
3961
3268
4851
1.1
5347
6931
362
4319
5347
$ in
dica
tes
as o
n M
ay 3
1, 2
019
Con
serq
uent
to m
erge
r of
NM
CE
with
IC
EX
w.e
.f. S
epte
mbe
r 24,
201
8, d
ata
pert
aiin
g to
NM
CE
are
mer
ged
with
IC
EX
So
urce
: MC
X, N
CD
EX
, IC
EX
, BSE
and
NSE
JUNE SEBI BULLETIN 2019
534
Tabl
e 73
: Com
mod
ity-w
ise
mon
thly
turn
over
and
trad
ing
volu
me
at M
CX
Sr
.No
Nam
e of
the
Com
mod
ity20
19-2
0$M
ay-1
8A
pr-1
9M
ay-1
9Vo
lum
e('0
00 to
nnes
)Va
lue
(` c
rore
)Vo
lum
e('0
00 to
nnes
)Va
lue
(` c
rore
)Vo
lum
e('0
00 to
nnes
)Va
lue
(` c
rore
)Vo
lum
e('0
00 to
nnes
)Va
lue
(` c
rore
)Fu
ture
sA
Bul
lion
1 G
old
0.5
1
,72,
881
0.2
7
3,91
2 0
.2
73,
849
0.3
9
9,03
2
2
Silv
er
30
1,1
3,35
0 1
2 4
8,67
4 1
5 5
5,81
4 1
6 5
7,53
6 T
otal
for A
3
1 2
,86,
231
12
1,2
2,58
6 1
5 1
,29,
663
16
1,5
6,56
8 B
M
etal
s ot
her t
han
Bul
lion
1 A
lum
iniu
m
1,5
30
21,
320
2,1
11
32,
932
692
9
,684
8
38
11,
636
2 B
rass
N
a N
a 1
1
9 N
a N
a N
a N
a
3
Cop
per
2,1
21
92,
404
1,1
41
52,
685
955
4
2,86
0 1
,166
4
9,54
4
4
Lea
d 3
,614
4
7,94
3 2
,360
3
8,02
1 1
,746
2
3,75
6 1
,868
2
4,18
7
5
Nic
kel
511
4
4,47
9 2
82
27,
553
256
2
2,92
3 2
55
21,
557
6 Z
inc
6,2
13
1,3
2,49
3 3
,056
6
3,45
9 3
,381
7
3,75
0 2
,832
5
8,74
3 T
otal
for
B
13,
989
3,3
8,63
9 8
,950
2
,14,
668
7,0
30
1,7
2,97
3 6
,959
1
,65,
667
C
Agr
icul
tura
l com
mod
ities
1
Car
dam
om
0.2
4
1 0
.2
14
0.1
1
5 0
.1
27
2 C
otto
n 1
,244
1
6,05
2 3
24
4,0
61
594
7
,785
6
49
8,2
67
3 C
PO
800
4
,248
5
24
3,4
34
391
2
,119
4
09
2,1
29
4 M
enth
a O
il 1
2 1
,720
9
1
,112
6
8
87
6
833
T
otal
for C
2
,056
2
2,06
1 8
56
8,6
21
991
1
0,80
6 1
,065
1
1,25
6 D
E
nerg
y
1
Cru
de O
il 1
,51,
183
4,7
9,54
2 4
6,25
1 1
,59,
791
62,
102
2,0
2,05
9 8
9,08
0 2
,77,
483
2 N
atur
al G
as (t
rln. B
tu)
1,5
09
27,
433
895
1
7,21
8 6
39
11,
613
870
1
5,82
0 T
otal
for D
* 1
,51,
183
5,0
6,97
5 4
6,25
1 1
,77,
010
62,
102
2,1
3,67
2 8
9,08
0 2
,93,
303
Gra
nd T
otal
(A+
B+
C+
D)
1,6
7,25
9 1
1,53
,907
5
6,07
0 5
,22,
884
70,
139
5,2
7,11
3 9
7,12
0 6
,26,
794
Opt
ions
EB
ullio
n
1.0
G
old
0.0
1
1,22
6 0
.0
14,
859
0.0
2
,660
0
.0
8,5
66
2
.0
Silv
er
0.5
1
,823
0
.0
191
0
.3
1,1
34
0.2
6
90
Tot
al o
f E
0
.5
13,
050
0.1
1
5,05
1 0
.3
3,7
94
0.2
9
,256
F
M
etal
s
1
.0
Cop
per
10
467
.6
630
1 6
2
65
5
202
2.0
Z
inc
31
691
.1
00.
0 2
1 4
78
10
213
T
otal
of
F 4
1 1
,159
6
301
27
743
1
4 4
16
G
Ene
rgy
1
.0
Cru
de O
il 3
,524
1
1,33
9 4
27
1,5
19
1,2
73
4,1
48
2,2
51
7,1
90
Gra
nd T
otal
(E+
F+G
) 3
,566
2
5,54
7 4
33
16,
870
1,3
00
8,6
85
2,2
66
16,
862
$ in
dica
tes
as o
n M
ay 3
1, 2
019
Not
e : N
atur
al G
as v
olum
e is
in tr
illio
n B
TU
and
is n
ot in
clud
ed in
tota
l vol
ume.
Tur
nove
r of
optio
ns c
ontr
act i
s no
tiona
l val
ue.
C
onve
rsio
n fa
ctor
s: C
otto
n (1
Bal
e=17
0 kg
), C
rude
Oil
(1 T
onne
= 7
.33B
arre
ls)
So
urce
: M
CX
JUNE SEBI BULLETIN 2019
535
Table 74: Commodity-wise monthly turnover and trading volume at NCDEX
Sr. No
Name of Agri. Commodity
2019-20$ May-18 Apr-19 May-19
Volume ('000
tonnes)
Value(` crore)
Volume ('000
tonnes)
Value(`crore)
Volume ('000
tonnes)
Value (`crore)
Volume ('000
tonnes)
Value(` crore)
Futures
1 Barley 62 113 70 102 37 66 25 47
2 Castorseed 3,734 21,638 747 3,003 2,097 12,160 1,638 9,478
3 Chana 2,843 12,837 1,106 3,978 1,176 5,260 1,667 7,577
4 Cotton seed oil cake 3,015 7,683 1,841 2,391 1,500 3,627 1,515 4,056
5 Coriander 587 4,279 256 1,206 307 2,216 280 2,063
6 Guar seed 3,189 14,115 2,038 7,754 1,610 7,140 1,579 6,974
7 Guargum 841 7,494 498 4,115 426 3,815 415 3,678
8 Jeera 164 2,790 76 1,213 82 1,360 82 1,431
9 Kapas 229 1,370 Na Na 173 1,044 56 326
10 Maize 25 47 26 32 8 16 16 31
11 Rmseed 1,636 6,299 1,214 4,765 663 2,518 973 3,782
12 Sugar Na Na 0.1 0.3 Na Na Na Na
13 Soya bean 2,204 8,262 1,404 5,214 1,140 4,306 1,064 3,956
14 Soya oil 911 6,682 816 6,278 449 3,279 462 3,403
15 Turmeric 358 2,421 220 1,623 144 943 214 1,478
16 Wheat 76 149 36 65 14 27 62 123
Total 19,874 96,179 10,347 41,738 9,826 47,776 10,048 48,403
Options
1 Chana 10.0 0.5 Na Na 8.0 0.4 2.0 0.1
2 Guargum 0.0 0.0 Na Na 0.0 0.0 0.0 0.0
3 Guarseed 41.0 1.9 3.4 13.3 9.0 0.4 32.0 1.4
4 Soybean 0.0 0.0 Na Na 0.0 0.0 0.0 0.0
5 Ref. Soy Oil 0.0 0.0 Na Na 0.0 0.0 0.0 0.0
Total 51.0 2.3 3.4 13.3 17.0 0.8 34.0 1.5
$ indicates as on May 31, 2019 Turnover of options contract is notional value. Source: NCDEX
JUNE SEBI BULLETIN 2019
536
Table 75: Commodity-wise monthly turnover and trading volume at ICEX, BSE and NSE Sr.No
Name of the Commodity
2019-20$ May-18 Apr-19 May-19Volume
('000 tonnes)
Value(` crore)
Volume('000
tonnes)
Value(` crore)
Volume('000
tonnes)
Value(` crore)
Volume('000
tonnes)
Value(` crore)
A. ICEX
1 Castorseed 0 0 95 383 0 0 0 0
2 Guarseed 0 0 96 366 0 0 0 0
3 Isabgulseed 82 87 73 612 23 24 59 63
4 Pepper Mini 0.2 68 0.02 1 0 0 0.2 68
5 Rape/Mustardseed 0 0 245 870 0 0 0 0
6 Raw Jute 0 0 163 723 0 0 0 0
7 Rubber 38 510 13 168 17 216 21 294
8 Diamond 1 CT 2,10,109 7,335 9,200 311 1,04,816 3,649 1,05,293 3,686
9 Diamond .5 CT 4,651 74 3,326 52 1,798 29 2,853 46
10 Diamond .3 CT 1 0 2 0.0 0.0 0.000 1.05 0
11 Steel 349 1,182 0 0 158 536 191 646
Total (ICEX) 2,15,230 9,257 13,213 3,485 1,06,811 4,454 1,08,419 4,803
B. BSE
1 Gold 0 3,443 Na Na 0 1,785 0 1,658
2 Silver 0 813 Na Na 0.1 390 0 422
3 OMAN CRUDE * 0 0 Na Na 0 0 0 0
4 Copper 1 27 Na Na 0.01 0.328215 1 26.9
5 Gold M 0 93 Na Na 0.0 43 0 50
6 Guar Gum 0 2 Na Na 0.0 0 0 2
7 Guar Seed 750 3,334 Na Na 312 1,388 438 1,946
8 Cotton 224 2,919 Na Na 105 1383 119 1,535
Total (BSE) 975 10,631 Na Na 417 4,990 558 5,641
C. NSE
1 Gold 0 55 Na Na 0 24 0 31
2 Gold Mini 2 743 Na Na 1 389 1 354
3 Silver 5 20 Na Na 5 18 0 2
4 BR Crude 0 31 Na Na 0 19 0 12
5 BR Crude Mini 2 83 Na Na 1 40 1 43
Total (NSE) 10 932 Na Na 7 490 3 442 $ indicates as on May 31, 2019 Note : i) Volume for Diamond 1 CT, 0.5CT & 0.3CT has been given in Carat only (e.g. if volume is 80312.2 i.e. 80312.2 carats) and 1 Carat is equivalent to 100
cents.ii) Conversion factors: OMAN Crude Oil (1 Tonne = 7.33Barrels). Source : ICEX, BSE and NSE
JUNE SEBI BULLETIN 2019
537
Table 76: Macro Economic Indicators
I. GDP at constant prices (2011-12 prices) for 2018-19 (` crore)# 1,90,10,164II. Gross Saving as a percent of Gross national Disposable Income at current market prices in 2017-18! 30.1III. Gross Capital Formation as a per cent of GDP at current market prices in 2017-18! 32.3IV. Monetary and Banking Indicators Jan-19 Feb-19 Mar-19 Apr-19 May-19
Cash Reserve Ratio (percent) 4.0 4.0 4.0 4.0 4.0Repo Rate (percent) 6.50 6.25 6.25 6.00 6.00Money Supply (M3) (₹ crore) 1,47,592 1,49,401 1,50,859 1,54,301 1,54,309Aggregate Deposit (₹ crore) 1,19,865 1,21,212 1,22,262 1,25,310 1,24,986Bank Credit (₹ crore) 93,317 94,035 95,537 96,451 96,226
V. Interest Rate Call Money Rate (Weighted Average) 6.43 6.29 6.35 6.16 5.9091-Day-Treasury Bill (Primary Yield) 6.60 6.40 6.31 6.40 6.19Base rate (percent) 8.95/9.45 8.95/9.45 8.95/9.40 8.95/9.40 8.95/9.40Term Deposit Rate > 1 year (Maximum) 6.25/7.50 6.25/7.50 6.25/7.50 6.25/7.50 6.25/7.50
VI. Capital Market Indicators (` crore)Equity Cash Turnover (BSE+NSE) 7,27,221 6,89,926 7,78,201 6,95,983 8,46,355Market Cap-BSE 1,40,99,330 1,40,41,530 1,51,08,711 1,52,54,028 1,52,54,028Market Cap-NSE 1,39,16,643 1,38,71,449 1,49,34,227 1,50,43,275 1,54,38,015Net FPI Investment in Equity -7,827 17,220 33,981 21,193 7,920
VII. Exchange Rate and ReservesForex Reserves (USD million) 3,98,178 3,99,217 4,11,905 4,18,515 4,21,868Re/ Dollar 71.11 71.22 69.17 70.14 69.81Re/Euro 80.50 80.75 77.7 78.1 77.7Forward Premia of USD 6-month 4.11 4.16 4.16 4.28 3.93
VIII. Public Borrowing and InflationGovt. Market Borrowing-Gross (₹ Billion) 2018-19^
4,510 4,990 5,710 510 1,360
Wholesale Price Index (2011-12=100) 119.2 119.5 119.9 120.9 121.2Consumer Price Index (2012 =100) 139.6 139.9 140.4 141.2 142.0
IX. Index of Industrial Production (y-o-y) percent (Base year 2011-12 = 100)General 134.4 127.5 140.8 126.8 NAMining 119.1 112.5 132.7 107.8 NAManufacturing 135.5 129.2 140.3 126.6 NAElectricity 150.9 137.9 160.1 162.9 NA
X. External Sector Indicators (USD million)Exports 26,360 26,668 32,548 26,073 29,994Imports 41,086 36,263 43,440 41,401 45,354Trade Balance -14,726 -9,595 -10,892 -15,327 -15,360
# Provisional Extimates as per MOSPI press release dated 31.05.2019 ! First revised estimates of national income, consumption expenditure, saving and capital formation for 2017-18 dated, 31.01.2019 ^ cumulative figure value of the respective month for 2018-19 Aggregate Deposit, Bank Credit, Money Supply (M3) and Forex Reserve are updated as per available information on WSS dated 03 May 20 Data for CPI, WPI, IIP and External sector have been complied based on available information. Source : RBI, FBIL, MOSPI, Ministry of Commerce & Industry, Office of the Economic Adviser.
JUNE SEBI BULLETIN 2019
538
PUBLICATIONS
1. Annual Report : 2017-182. Handbook of Statistics : 2017
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