BULLETIN - SEBI

SEBIBULLETIN

MARCH 2016 VOL. 14 NUMBER 3

^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>©Securities and Exchange Board of India

EDITORIAL COMMITTEE

• Mr. Ananta Barua

• Mr. J. Ranganayakulu

• Mr. S. V. Murali Dhar Rao

• Dr. Anil Kumar Sharma

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]

SECURITIES AND EXCHANGE BOARD OF INDIA

Contents

Page

CAPITAL MARKET REVIEW 159

GLOBAL MARKET REVIEW - MARCH 2016 171

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET 191

TABLES 192

PUBLICATIONS 229

159

MARCH SEBI BULLETIN 2016

I. Trends in Primary Market

A. Public and Rights Issues

During 2015 – 16, the primary securities market seems to have come out of its lull. Both the total number of issues and the resources mobilized from the primary securities market have gone up. IPOs have contributed to this performance more than public debt issues and rights issues. During February 2016, eight companies accessed the primary market and mobilised `2,813 crore compared to `2,971 crore mobilised through eight issues in January 2016. There were eight public issues and no rights issues during the month. Among

CAPITAL MARKET REVIEW#

the public issues, IPOs garnered `901 crore.During 2015-16 so far, 87 companies have accessed the capital market and raised `45,437 crore compared to `14,185 crore raised through 70 issues during the corresponding period of 2014-15 (Exhibit 1). There were 76 public issues which raised `36,652 crore and 11 rights issues which raised ̀ 8,785 crore during April 2015 – February 2016. Among the public issues, there were 59 IPOs and 17 public debt issues.

Exhibit 1: Primary Market Trends (Public & Rights Issues)

Items

Feb-16 Jan-16 2015-16$ 2014-15$

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

1 2 3 4 5 6 7 8 9

a. Public Issues 8 2,813 6 2,817 76 36,652 55 9,506 (i) Debt 2 1,911 3 2,399 17 23,073 20 8,075 (ii) Equity, of which IPOs 6 901 3 419 59 13,579 35 1,431 FPOs 0 0 0 0 0 0 2 19b. Rights Issues 0 0 2 154 11 8,785 15 4,679Total Equity Issues a(ii)+b 6 901 5 573 70 22,364 52 6,130Grand Total (a+b) 8 2,813 8 2,971 87 45,437 70 14,185

Notes: 1. IPOs - Initial Public Offers, FPOs - Follow on Public Offers 2. Amount raised through debt issues for the last two months are provisional. 3. $ indicates as on last day of February of the respective year.Source: SEBI

`150 crore was raised through just one QIP issue as compared to `83 crore raised in January 2016 through one issue. The cumulative amount mobilised through QIP allotments route during 2015-16, so far, stood at `14,588 crore. (Details in Table 10)

B. Private Placement

1. QIPs Listed at BSE and NSE

QIP is an alternative mode of resource raising available for listed companies to raise funds from domestic market. In a QIP, a listed issuer issues equity shares or non-convertible debt instruments along with warrants and convertible securities other than warrants to Qualified Institutions Buyers only. In February 2016,

2. Preferential Allotments Listed at BSE and NSE

Preferential allotment also serves as an alternative mechanism of resource mobilization wherein a listed issuer issues shares or convertible securities, to a select group of persons. There were 28 preferential allotments (`1,510 crore) listed at BSE and NSE during February

2016 as compared to 29 preferential allotments (`3,939 crore) listed at BSE and NSE during January 2016. The cumulative amount mobilised through preferential allotments route during 2015-16, so far, stood at `48,187 crore through 321 issues (Details in Table 11).

# Prepared in Department of Economic and Policy Analysis-1 of SEBI. Views expressed in this review are not of SEBI.

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3. Private Placement of Corporate Debt

Private placement mechanism dominates the resource mobilization through corporate bonds. In February 2016, `33,810 crore was raised through private placement route in the corporate bond market and `1,911 crore amount was raised through public issue route. The cumulative amount mobilised through private placement of corporate debt during 2015-16, so far, stood at `4,14,623 crore (Details in Table 12

and Exhibit 1A).Further in February 2016, the total amount mobilised through public issues and private placement of both debt and equity combined stood at `38,282 crore as against `47,409 crore in January 2016. In 2015-16, so far, `5,23,860 crore was raised through primary market via public issues and private placement of debt and equity.

Exhibit 1A: Total Resources Mobilised by Corporate Sector (Amount in `crore)

Month

Equity Issues Debt Issues Total

Resource

Mobilisation

(4+7)

Public &

Rights

Private

Placements

Total

(2+3)Public

Private

Placements

Total

(5+6)

1 2 3 4 5 6 7 8

2014-15 9,789 57,362 67,151 9,413 4,04,136 4,13,492 4,80,643

2015-16$ 23,387 62,776 86,163 23,073 4,14,624 4,37,697 5,23,860

Apr-15 8,890 11,517 20,407 710 84,807 85,517 1,05,924May-15 493 6,133 6,626 0 20,692 20,692 27,318Jun-15 439 3,013 3,452 0 36,125 36,125 39,577Jul-15 719 5,482 6,201 164 27,920 28,084 34,285Aug-15 1,913 2,019 3,932 228 46,564 46,792 50,724Sep-15 210 5,369 5,579 700 26,612 27,312 32,891Oct-15 5,515 16,382 21,897 2,200 43,931 46,131 68,028Nov-15 81 5,313 5,394 230 24,618 24,848 30,242Dec-15 2,630 1,866 4,496 14,532 30,152 44,684 49,180Jan-16 1,595 4,022 5,618 2,399 39,393 41,791 47,409Feb-16 901 1,660 2,561 1,911 33,810 35,722 38,282

Notes: 1. Private placement of Equity includes, amount raised through preferential allotments, QIP and IPP mechanism, 2. Public Equity Issues includes IPO, FPO & Rights issues of common equity shares. 3. $ indicates as on last day of February 2016.Source: SEBI

II. Resource Mobilisation by Mutual Funds

In February 2016, there were net inflows to mutual funds amounting to `23,027 crore. While net inflows to private sector mutual funds was `16,727 crore, those to public sector mutual funds were ̀ 6,300 crore. During April 2015 – February 2016, the total amount raised by all mutual funds was `2,07,293 crore, of which, the share of private sector was 74.3 percent and public sector mutual funds was 25.7 percent. Of the total amount mobilized in 2015-16 so far, debt

funds accounted for 51.4 percent, followed growth/equity funds 36.4 percent and 9.5 percent by balanced schemes. Further, the FoF schemes investing overseas and GETFs have registered net outflows during April 2015 – February 2016 period. The cumulative net assets under management by all mutual funds decreased marginally by 0.9 per cent to ` 12, 62,842 crore as on February 29, 2016 from `12,73,712 crore as on January 31, 2016 (Details in Table 52 & 54).

2016 started off on a somber note. During February 2016, the benchmark indices, S&P BSE Sensex and Nifty 50 fell by 7.5 percent and 7.6 percent respectively to close at 23,002.0 and 6,987.1 respectively on February 29, 2016 (Figure 1). Sensex and Nifty touched their

respective intraday highs of 25,002.3 and 7,600.5 on February 01, 2016. Similarly, both Sensex and Nifty touched their intraday lows of 22,494.6 and 6,825.8 respectively on February 29, 2016.

III. Trends in the Secondary Market

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Figure 1: Movement of Sensex and Nifty

Reflecting the downtrend in market movements, the market capitalisation of BSE and NSE declined by 8.6 percent and 8.5 percent to `85,83,145 crore and `84,22,857 crore, respectively, at the end of February 2016 from to `93,92,133 crore and `92,09,386 crore,

recorded at the end of January 2016. The P/E ratios of S&P BSE Sensex and Nifty 50 were 16.9 and 18.9, respectively at the end of February 2016 compared to 18.4 and 21.5 a month ago (Exhibit 2).

Exhibit2: The Basic Indicators in Cash Segment

2014-15 2015-16$ Feb-16 Jan-16Percentage change

over previous month

1 2 3 4 5 6

A. Indices

S&P BSE Sensex 27,957 23,002.0 23,002.0 24,870.7 -7.5 Nifty 50 8,607 6,987.1 6,987.1 7,563.6 -7.6B. Market Capitalisation

BSE 1,01,49,290 85,83,145 85,83,145 93,92,133 -8.6 NSE 99,30,122 84,22,857 84,22,857 92,09,386 -8.5C. Gross Turnover

BSE 8,54,845 6,78,316 57,158 63,576 -10.1 NSE 43,29,655 38,80,035 3,45,646 3,52,084 -1.8D. P/E Ratio

S&P BSE Sensex 19.5 16.9 16.9 18.4 -8.1 Nifty 50 22.7 18.9 18.9 21.5 -12.1E. No. of Listed Companies

BSE 5,624 5,883 5,883 5,859 0.4 NSE 1,733 1,800 1,800 1,797 0.2

$ indicates as on last day of February of the respective year.Source: BSE, NSE

The monthly turnover of BSE (cash segment) decreased by 10.1 percent to `57,158 crore in February 2016 from `63,576 crore in January 2016. The monthly turnover of NSE (cash segment) decreased by 1.8 percent to `3,45,646 crore in January 2016 from

`3,52,084 crore in January 2016. The gross turnover at the cash market segments at BSE and NSE during April 2015 – February 2016 was `6,78,316 crore and `38,80,035 crore respectively.

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Figure 2: Trends in Average Daily Values of Sensex and BSE Turnover

The decline in the prices of equity shares in February 2016 was widespread, with bluechip indices, broadbased indices and sectoral indices all ending the month in the red compared to the previous month. At the end of February 2016, of the 15 indices (each at BSE and NSE), all recorded negative returns at BSE and NSE. Among BSE indices, S&P BSE Power index decreased the most by 13.9 percent, followed by S&P BSE Smallcap index (12.2 percent) and S&P BSE PSU index (11.4 percent). Among NSE indices, in February 2016, Nifty Small 100 index decreased the most by

13.3 percent, followed by Nifty Media index (12.3 percent) and Nifty Midcap 50 index (12.0 percent). During February 2016, the daily volatility of BSE Metal index was the highest at 2.8 percent, followed by S&P BSE Capital Goods index (2.3 percent) and BSE PSU index (1.9 percent). At NSE during the same period, among all the indices, daily volatility of Nifty PSU Bank index was the highest at 3.5 percent, followed by Nifty Midcap 50 index (2.1 percent) and Nifty Media index (2.0 percent) (Exhibit 3).

Figure 3: Trends in Average Daily Values of Nifty and NSE Turnover

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Exhibit 3: Performance of Indices at BSE and NSE during February 2016 (Percent)

BSE NSE

Index Change over

Previous monthVolatility Index

Change over Previous month

Volatility

1 2 3 4 5 6S&P BSE Sensex -7.5 1.3 Nifty 50 -7.6 1.4S&P BSE 100 -7.5 1.4 Nifty Next 50 -7.0 1.4S&P BSE 200 -7.7 1.3 Nifty 100 -7.5 1.4S&P BSE 500 -8.1 1.4 Nifty 200 -7.8 1.4S&P BSE Largecap -7.4 1.3 Nifty 500 -8.0 1.4S&P BSE Smallcap -12.2 1.6 Nifty Midcap 50 -12.0 2.1S&P BSE Consumer Durables -9.3 1.1 Nifty Midcap 100 -7.3 1.6S&P BSE Capital Goods -9.1 2.3 Nifty Small 100 -13.3 1.9S&P BSE Bankex -10.2 1.8 Nifty Bank -10.2 1.7S&P BSE Teck -7.0 1.3 Nifty IT -8.5 1.4S&P BSE FMCG -4.4 1.2 Nifty FMCG -4.2 1.2S&P BSE Metal -2.0 2.8 Nifty Pharma -5.0 1.6S&P BSE PSU -11.4 1.9 Nifty PSU Bank -11.1 3.5S&P BSE Power -13.9 1.7 Nifty Media -12.3 2.0S&P BSE Healthcare -6.7 1.5 Nifty MNC -6.1 1.2

Source: BSE and NSE

IV. Trends in Depository Accounts

The total number of investor accounts was 144.8 lakh at NSDL and 106.7 lakh at CDSL at the end of February 2016. In February 2016, the number of investor accounts at NSDL and CDSL increased by 0.7 percent and 1.2 percent, respectively, over

the previous month. A comparison with February 2015 showed there was an increase in the number of investor accounts to the extent of 5.2 percent at NSDL and 12.1 percent at CDSL (Details in Table 58).

V. Trends in Derivatives Segment

A. Equity Derivatives

India is one of the vibrant markets for exchange traded equity derivatives in the world. The trading volumes in the equity derivatives market surpassed that of the equity cash segment by 15.6 times in February 2016. The monthly total turnover in equity derivative market at NSE increased by 12.8 percent to ̀ 65,72,745 crore in February 2016 from `58,29,029 crore in January 2016 (Figure 4). The index options segment has been the clear leader in the product-wise turnover of the futures and options segment in the NSE. In

February 2016, the turnover in the index options category was 78.0 percent of the total turnover in the F&O segment of the NSE. During February 2016, index futures and index options registered increase in turnover over the previous month, while stock futures and stock options recorded decrease in turnover over the previous month. The open interest in value terms in equity derivative segment of NSE decreased by 2.1 percent to `1,68,642 crore as on February 29, 2016 from `1,72,320 crore as on January 31, 2016.

Figure 4: Trends of Equity Derivatives Segment at NSE (`crore)

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The monthly total turnover in equity derivative segment of BSE decreased by 9.6 percent to `1,19,909 crore in February 2016 from `1,32,590 crore in January 2016. While index options comprised 96.7 percent of BSE’s equity derivative turnover, stock options constituted 2.7 percent. During February 2016, index futures, index put options and stock put options recorded increases in turnover over the previous month, while index call options and stock futures registered a decrease in turnover over the same

period. The open interest in value terms in equity derivatives segment of BSE decreased by 13.9 percent to ̀ 204 crore as on February 29, 2016 from ̀ 237 crore as on January 31, 2016.In February 2016, NSE had 98.2 percent share in total equity derivatives turnover in India while BSE’s share was 1.8 percent. In terms of open interest (in value terms), NSE had 99.88 percent share while BSE had 0.12 percent share (Exhibit 4).

Exhibit 4: Trends in Equity Derivatives Market

Particular

NSE BSE

Feb-16 Jan-16Percentage

Change Over Month

Feb-16 Jan-16Percentage

Change Over Month

1 2 3 4 5 6 7

A. Turnover (` crore)

(i) Index Futures 4,22,229 3,79,137 11.4 686 379 81.2 (ii) Options on Index Put 22,76,593 19,82,824 14.8 24,057 19,239 25.0 Call 28,49,687 24,08,349 18.3 91,918 1,10,478 -16.8 (iii) Stock Futures 6,84,616 6,98,909 -2.0 7 7 -1.7 (iv) Options on Stock Put 1,17,688 1,19,710 -1.7 1,966 895 119.8 Call 2,21,932 2,40,100 -7.6 1,275 1,593 -20.0

Total 65,72,745 58,29,029 12.8 1,19,909 1,32,590 -9.6

B. No. of Contracts

(i) Index Futures 84,44,206 71,51,363 18.1 14,625 7,693 90.1 (ii) Options on Index Put 4,40,66,407 3,64,71,724 20.8 5,06,943 3,92,434 29.2 Call 5,27,34,262 4,24,76,467 24.1 18,84,917 21,80,479 -13.6 (iii) Stock Futures 1,60,54,224 1,46,05,105 9.9 178 172 3.5 (iv) Options on Stock Put 28,37,246 24,98,473 13.6 50,047 18,866 165.3 Call 33,15,699 46,29,447 -28.4 28,127 29,215 -3.7

Total 12,74,52,044 10,78,32,579 18.2 24,84,837 26,28,859 -5.5

C. Open Interest in terms of Value ( ` crore)

(i) Index Futures 17,363 18,867 -8.0 189 207 -8.7 (ii) Options on Index Put 41,861 41,702 0.4 2 7 -67.7 Call 51,258 46,306 10.7 4 5 -18.2 (iii) Stock Futures 50,988 58,067 -12.2 1 1 -21.4 (iv) Options on Stock Put 2,699 2,956 -8.7 2 17 -88.0 Call 4,474 4,422 1.2 6 1 665.0

Total 1,68,642 1,72,320 -2.1 204 237 -13.9

D. Open Interest in terms of No of Contracts

(i) Index Futures 3,48,467 3,45,761 0.8 4,101 4,155 -1.3 (ii) Options on Index Put 8,12,513 7,45,192 9.0 45 131 -65.6 Call 9,93,757 8,26,389 20.3 90 102 -11.8 (iii) Stock Futures 12,27,141 12,67,282 -3.2 29 39 -25.6 (iv) Options on Stock Put 65,917 65,712 0.3 50 406 -87.7 Call 1,10,801 98,847 12.1 170 24 608.3

Total 35,58,596 33,49,183 6.3 4,485 4,857 -7.7

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B. VIX Futures at NSE

NSE introduced futures contracts on India VIX in the Futures & Options segment of NSE w.e.f. February 26, 2014. India VIX is India’s first volatility Index which is a key measure of market expectations of near-term. The contract symbol is INDIAVIX and 3 weekly futures contract were made available for trading. The contracts shall expire on every Tuesday.

The tick size is 0.25 and lot size is 550. India VIX closed at 20.2 for February 2016, compared to 17.2 for January 2016 (Figure 5). During January 2016, 2 VIX futures contracts were traded at F&O segment of NSE and their turnover amounted to `0.3 crore. The open interest in INDIAVIX contracts was zero at the end of February 2016.

Figure 5: Trends in VIX futures at NSE

C. Currency Derivatives at NSE, MSEI and BSE

During February 2016, the monthly turnover of currency derivatives at NSE decreased by 5.3 percent to `4,59,009 crore from `4,84,843 crore in January 2016. The turnover of currency derivatives at BSE decreased by 5.9 percent to `2,74,638 crore

in February 2016 from `2,91,773 crore in January 2016. At MSEI, the monthly turnover of currency derivatives increased by 1.1 percent to `19,944 crore in February 2016 from `19,734 crore in January 2016. (Figure 6) (Details in Table 37, 38 and 39)

Figure 6: Trends of Currency Derivatives at NSE, MSEI and BSE (`crore)

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D. Interest Rate Derivatives at NSE, BSE and MSEI

During February 2016, the monthly turnover of interest rate futures at NSE decreased by 0.2 percent to `32,930 crore from `32,992 crore in January 2016. The turnover of interest rate derivatives at BSE decreased by 13.8 percent to ̀ 10,189 crore in February

2016 from `11,817 crore in January 2016. At MSEI, the monthly turnover of interest rate derivatives decreased by 23.6 percent to `915 crore in February 2016 from `1,197 crore in January 2016 (Figure 7) (Details in Table 47)

Figure 7: Trends of Interest Rate Derivatives at NSE, BSE and MSEI (`crore)

VI. Commodities Futures Markets

During February 2016, the benchmark index MCXCOMDEX increased by 3.22 percent whereas NCDEX Dhaanya decreased by 0.01 percent to close at 2700.5 and 2686.2 respectively on February 29, 2016 (Figure 8). MCXCOMDEX recorded an intraday high

of 2734.97 on February 26, 2016 while 2538.73 on February 10, 2016 was lowest level during the month. NCDEX Dhaanya recoded an intraday high of 2755.80 on February 18, 2016 and an intraday low 2655.15 on February 5, 2016. (Details in Table 74 & 75)

Figure 8: Movement of Commodity Futures Market Indices

167


MCXCOMDEX recorded a daily volatility of 0.98 percent during February 2016 while NCDEX Dhaanya recorded a daily volatility of 0.47 percent. The volatility and return of commodity futures

market indices is shown in the Exhibit 5 below: Highest volatility of 3.34 percent is observed in MCX Energy Index during February 2016.

Exhibit 5: Performance of Indices at MCX and NCDEX during February 2016 (Percent)

MCX NCDEX

IndexChange over

Previous monthVolatility Index

Change over Previous month

Volatility

1 2 3 4 5 6

MCXCOMDEX 3.22 0.98 Dhaanya -0.01 0.47MCX Metal 6.45 0.94MCX Energy -2.45 3.34MCX Agri 0.64 0.65

Source: MCX and NCDEX

The total turnover in the commodities segment at MCX was ` 5,28,489 crore in February 2016 registering an increase of 16.72 percent from ̀ 4,52,785 crore registered in January 2016. The turnover of Bullion segment was at 40.81 percent followed by Energy segment at 33.24 percent and metals segment with 23.76 percent of the total turnover. Further, Agricultural commodities had a share of 2.19 percent in the total turnover at MCX.The total turnover at NCDEX decreased from ` 60,395 crore in January 2016 to ` 56,252 crore in February 2016 indicating a decrease of 6.86 percent. The contribution of agricultural commodities in the total turnover stood at 96.54 percent while that of the Bullion segment stood at 3.46 percent.

The total turnover at NMCE increased from ` 1,685 crore in January 2016 to ` 2,160 crore in February 2016 indicating an increase of 28.2 percent. The entire turnover at NMCE is contributed by the agricultural commodities segment.The total turnover in agricultural commodities at all the three exchanges stood at ` 68,014 crore while that of the non - agricultural commodities stood at ` 5,18,888 crore. The total turnover of agricultural commodities was the highest at NCDEX (` 54,305 crore) followed by MCX (` 11,549 crore) and NMCE (` 2,160 crore). The total turnover of non- agricultural commodities was the highest at MCX (` 5,16,940 crore) followed by NCDEX (` 1,947 crore). (Details

in Table 78, 79 & 80)

Figure 9: Turnover of Agricultural Commodities Futures at Exchanges (`crore)

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Rajkot Commodity Exchange Ltd. recorded a turnover of `167 crore during February 2016 as against ` 127 crore in January 2016 with only one contract in caster seed. The Chamber of Commerce,

Hapur recorded a total turnover of ` 807 crore in February 2016 as against `875 crore in January 2016. Only one mustard seed contract is being currently traded at the exchange.

VII. Trading in Corporate Debt Market

During February 2016, 1,353 trades with a traded value of `14,543 crore was reported on BSE compared to 1,274 trades with a traded value of `13,323 crore reported in January 2016. At NSE, 4,019 trades were

reported in January 2016 with a traded value of `67,599 crore compared to 3,585 trades with value of `51,820 crore in January 2016 (Figure 11) (Details in

Table 13).

Figure 10: Turnover of Non- Agricultural Commodities Futures at Exchanges (`crore)

Figure 11: Trends in Reported Turnover of Corporate Bonds (`crore)

VIII. Trends in Institutional Investment

A. Trends in Investment by Mutual Funds

The total net investment in the secondary market by mutual funds was `34,632 crore in February 2016 compared to `12,496 crore in January 2016. They invested `5,946 crore in equity in February 2016 compared to `7,328 crore in equity in January 2016.

In the debt segment, mutual funds invested `28,686 crore in February 2016 as against `5,168 crore in January 2016 (Figure 12). During 2015-16 (April 2015 – February 2016), the total net investment by mutual funds was `3,70,293 crore of which `2,93,950 crore

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Figure 12: Trends in Mutual Funds Investment (`crore)

B. Trends in Investment by Foreign Portfolio Investors (FPIs)

In February 2016, the FPIs turned net sellers in the Indian securities market to the tune of `13,716 crore. There was a net outflow in equity segment of `5,521 crore while debt segment witnessed a net outflow of `8,195 crore (Figure 13). During 2015-16 (April 2015 – February 2016), the total net outflows by FPIs in the Indian stock market was `37,843 crore, comprising of a net outflows of `35,314 crore in the

equity segment and outflows of `2,528 crore from the debt segment.The assets under custody of FPIs at the end of January 2016 stands at `20,43,139 crore, out of which the value of offshore derivative instruments including ODIs on derivatives is `2,17,740 crore, constituting 10.7 percent of the total assets under custody of FPIs. (Details in Table 49, 50 & 51)

Figure 13: Trends in FPIs Investment (`crore)

was in debt and `76,343 crore in equity.As on February 29, 2016, there were a total of 2,390 mutual fund schemes of which income/debt oriented schemes were 1,795 (75.1 percent), growth/equity oriented schemes were 480

(20.1 percent), exchange traded funds were 57 schemes (2.4 percent), balanced schemes were 28 (1.2 percent) and fund of funds investing overseas schemes were 30 (1.3 percent). (Details in

Table 55 & 56)

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Total assets under management (AUM) of portfolio management services (PMS) industry has declined by 0.4 percent to ̀ 10,19,156 crore in February 2016 from to `10,23,678 crore in January 2016. As on February 29, 2016, AUM of discretionary PMS constitute 78.1 percent of the total AUM of PMS followed by advisory PMS (16.2 percent) and non-discretionary

PMS (5.7 percent).In terms of number of clients, discretionary services category leads with total of 44,727 clients, out of 50,795 clients in PMS industry, followed by non-discretionary category with 3,808 clients and advisory category with 2,260 clients. (Details in Table 57)

In February 2016, eight open offers with offer value of `44 crore were made to the shareholders as against

IX. Trends in Portfolio Management Services

X. Trends in Substantial Acquisition of Shares and Takeovers

nine open offers with offer value of `3,539 crore in January 2016 (Figure 14).

Figure 14: Details of Offers Opened during 2015 - 16 under the SEBI (SAST) Regulations (`crore)

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MONTHLY REVIEW OF GLOBAL FINANCIAL MARKETS#

1. Introduction

1.1. Global equity markets staged a good recovery at the end of February to pare off initial losses. MSCI World Index recorded a return of -0.9 percent after registering a -4.8 percent fall at one point during February 2016. Emerging markets fared slightly better by registering -0.3 percent return during February 2016.

1.2. US equities registered a small negative return. Investors deferred expectations for further rate increases after Federal Reserve chair Janet Yellen warned that global financial market turbulence could set back US growth. In the Eurozone, weak inflation data reinforced expectations of further monetary policy easing. In the UK, the sterling came under pressure after a referendum on the UK’s membership of the EU was called for (on 23 June). Japanese equities posted sharp declines amid doubts over the success of “Abenomics”, a stronger yen, and concerns over the slowdown in China. Emerging markets outpaced their developed world counterparts. Expectations of stimulus measures in China spurred a rally in commodity-linked stocks.

1.3. Advanced economies have continued to grow at a moderate pace, despite the slowdown in some emerging economies like Brazil and Russia. The US economy expanded by 1.4 per cent (Q-o-Q) (in annualised terms) in Q4 2015 compared to a growth rate of 2 per cent in Q3 and 3.9 percent in Q2 2015. The British economy advanced 2.1 per cent year-on-year (Y-o-Y) in the fourth quarter of 2015, slowing down marginally from a 2.2 per cent expansion in the third quarter of 2015. Japan’s real GDP shrank by 0.3 per cent (Q-o-Q) during Q4 of 2015 compared to 0.3 per cent expansion during Q3 of 2015. Euro area real GDP increased by 1.6 per cent (Y-o-Y) in the fourth quarter of 2015.

1.4. In its global economic growth outlook for 2016, the World Bank has estimated 2.9 per cent world GDP growth for 2016 as compared to its earlier forecast of 3.3 per cent. IMF also cut global growth forecast for 2016 to 3.4 per cent from earlier projection of 3.6 per cent.

# Prepared in the Regulatory Research Division, Department of Economic and Policy Analysis of SEBI based on latest available data/information. Views expressed in the review are not of SEBI.

United States:

• The US economy expanded by 1.4 per cent (Q-o-Q) (in annualised terms) in Q4 2015 compared to a growth rate of 2 per cent in Q3 2015. Consumer prices in the US increased 1 per cent (Y-o-Y) in February 2016 compared to 1.4 per cent in previous month. The unemployment rate remain unchanged at 4.9 per cent in February 2016, the lowest level in 7 years.

United Kingdom

• The UK economy advanced by 2.1 per cent (Y-o-Y) in Q4 2015, slowing from a 2.2 per cent expansion in Q3 2015. CPI inflation remained unchanged at 0.3 per cent (Y-o-Y) in February 2016. The unemployment rate too remained unchanged at 5.1 per cent, the lowest in 10 years, in February 2016.

Japan:

• The Japan economy expanded by 0.7 per cent (Y-o-Y) in Q4 2015, compared to 1.7 per cent in Q3 2015. However on Q-o-Q basis, Japanese GDP contracted by 0.3 percent in Q4, for the second time in the past year. Consumer prices remained flat while unemployment rate remained low at 3.3 per cent (Y-o-Y) in February 2016.

Euro Zone:

• The Euro zone economy expanded by 1.6 per cent (Y-o-Y) in Q4 2015, the same rate as seen in Q3 2015. Consumer prices in the Euro Area decreased by 0.2 per cent (Y-o-Y) in February 2016 compared to 0.3 per cent in the previous month. Unemployment rate in the EA19 decreased slightly to 10.3 per cent in February 2016.

BRIC Nations:

• Real GDP of Brazil contracted by 5.9 per cent (Y-o-Y) in Q4 2015, compared to 4.5 per cent contraction in Q3 2015. Annual CPI inflation eased to 10.4 per cent in February 2016. Unemployment increased to 8.2 per cent in February 2016 from 7.6 percent in January.

• Russian economy contracted for the fourth successive quarter as real GDP of Russia fell by 3.8 per cent (Y-o-Y) in Q4 of 2015. Annual CPI inflation rose marginally to 10.4 per cent in February 2016. Unemployment rate in Russia remained unchanged at 5.8 per cent in February 2016.

• India’s real GDP grew by 7.3 per cent (Y-o-Y) in Q4 of 2015(new series). IIP contracted for the third month in a row by 1.5 per cent in January 2016. Consumer prices softened to 5.18 per cent (Y-o-Y) in February 2016, from 5.69 in previous month.

• During Q4 2015, real GDP of China grew by 6.8 per cent (Y-o-Y), slightly down from 6.9 per cent in Q3 2015. In January 2016, the annual CPI inflation jumped to 2.3 per cent from 1.8 per cent in previous month.

Snapshots

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1.5. According to latest IMF projections in World Economic Outlook (WEO), India is projected to grow at 7.5 per cent in 2016 and 2017 as China slows to 6.3 per cent in 2016 and 6.0 per cent in 2017. The Global GDP growth rate has been revised downwards to 3.4 per cent in 2016 and 3.6 per cent in 2017.

1.6. According to latest World Bank projections in Global Economic Prospect (GEP), India is projected to grow at 7.8 per cent in 2016 and 7.9 per cent in 2017, while China is projected to grow at 6.7 per cent in 2016 and 6.5 per cent in 2017. World Bank also has revised world GDP growth rate downward to 2.9 per cent in 2016 and 3.1 per cent in 2017.

1.7. Relative to 2015, growth in advanced economies is expected to pick up slightly, while it is projected to decline in emerging market and developing economies in 2016. With declining commodity prices, depreciating emerging market currencies, and increasing financial market volatility, downside risks to the outlook have risen, particularly for emerging market and developing economies. Global activity is projected to gather some pace in 2016.

2. Major Recent Developments Across the Globe

2.1 ECB announces monetary stimulus (March 10,

2016)

In Europe, the European Central Bank (ECB) delivered a significant easing package in March to bolster its chances of raising inflation back to target and support the recovery. In addition to increasing the amount the ECB will purchase by EUR 20 billion per month, ECB President Mario Draghi also announced that the central bank will buy non-financial investment grade corporate bonds. This could have a significant effect on corporate bond prices in the Eurozone and make it cheaper for companies to raise money in the market, at the margin. Potentially even more significant was the ECB’s new scheme for encouraging bank lending directly. Banks that can show they have increased their private non-mortgage lending will be able to borrow at negative interest rates—in effect, the central bank will be paying them to lend money out to the broader economy. This echoes previous efforts to stimulate lending directly in the UK, and could mark a bold

shift in European monetary policy. Taken together, these measures should help support the Eurozone economic recovery.

2.2 US Federal Reserve leaves interest rate

unchanged in the range of 0.25-0.5 percent in

March 2016 FOMC Meeting (March 16, 2016)

The Fed did not raise interest rates in March (as expected), but the commentary post the meeting and in a subsequent speech by Chairperson Yellen was significantly more dovish than expected. Risks to growth emanating from China were highlighted with recent increases in US inflation described as being at risk of fading.

The Fed in its statement on March 16, 2016 said that “global economic and financial developments continue to pose risks and that inflation is expected to remain low in the near term, in part because of earlier declines in energy prices. Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 0.25% to 0.5%. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2% inflation.”

The tone of the commentary indicated the pace of rate rises could be slower and more gradual than the official indication of two rate rises in 2016 and four in 2017. The suggestion of a more accommodative Fed policy compared to expectations boosted investor sentiment and markets.

3. The World Economy

3.1. World Bank views on Global growth: World Bank cut global economic growth outlook for 2016 in its Global Economic Prospects, January 2016 issue. The World Bank has forecasted 2.9 per cent growth for 2016, revised downward from its June 2015 forecast for 3.3 per cent growth. Global growth for 2015 slowed to 2.4 per cent, and is expected to recover at a slower pace than previously envisioned. Growth is projected to reach 2.9 per cent in 2016, as a modest recovery in advanced economies continues and activity stabilizes among major commodity exporters. Forecasts are subject to substantial downside risks. A more protracted slowdown across large emerging markets could

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have substantial spillovers to other developing economies, and eventually hold back the recovery in advanced economies. A broad-based slowdown across developing countries could pose a threat to hard-won gains in raising people out of poverty, the report warns.

3.2. World Bank views on growth in Developed

Countries: The recovery in major high-income countries gained traction in 2015. This has been increasingly driven by stronger domestic demand, particularly in the United States, where employment conditions are robust. In the Euro Area, credit growth is picking up and unemployment is declining. The recovery remains fragile in Japan despite substantial policy stimulus. With external demand negatively affected by a slowdown in large emerging market economies, growth forecasts across major high-income economies in 2016 have been shaded down, but growth should still show some improvement from 2015. The tightening cycle of the U.S. Federal Reserve is projected to be very gradual, while policy accommodation will likely continue in the Euro Area and Japan.

3.3. World Bank views on growth in Developing

Countries: In developing countries, growth in 2015 is estimated at a post-crisis low of 4.3 per

cent, down from 4.9 per cent in 2014 and 0.4 percentage point lower than projected in June 2015. In a development unprecedented since the 1980s, most of the largest emerging economies in each region have been slowing simultaneously for three consecutive years. China’s gradual slowdown and rebalancing continued in 2015, as further deceleration in sectors with excess capacity was partially offset by robust growth in services. Brazil and Russia have been going through severe adjustments in the face of external and domestic challenges. On average, activity in emerging and developing commodity exporters stagnated in 2015, as they continued to be hard hit by declining commodity prices. As a result, the contribution to global growth from these economies has declined substantially.

3.4. World Bank views on India: In contrast to other major developing countries, growth in India remained robust, buoyed by strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices. India, Mexico, and South Africa have reduced the share of their external debt denominated in foreign currency but still carry sizable stocks. As monetary policy tightens in the United States, some of these countries may be vulnerable to rollover, exchange rate, and interest rate risks.

Exhibit 1: Overview of the Global Economic Prospects by World Bank: January 2016

(Per cent change from previous year)Real GDP Growth 1 2013 2014 2015* 2016f 2017f 2018f

World 2.4 2.6 2.4 2.9 3.1 3.1

High Income Countries 1.2 1.7 1.6 2.1 2.1 2.1

Euro Area -0.4 0.9 1.5 1.7 1.7 1.6Japan 1.6 -0.1 0.8 1.3 0.9 1.3United States 1.5 2.4 2.5 2.7 2.4 2.2United Kingdom 2.2 2.9 2.4 2.4 2.2 2.1Russia 1.3 0.6 -3.8 -0.7 1.3 1.5

Developing countries 5.3 4.9 4.3 4.8 5.3 5.3

Brazil 3.0 0.1 -3.7 -2.5 1.4 1.5India2 (Fiscal Year ) 6.9 7.3 7.3 7.8 7.9 7.9China 7.7 7.3 6.9 6.7 6.5 6.5South Africa 2.2 1.5 1.3 1.4 1.6 1.6

Notes: PPP- Purchasing Power Parity, e- estimates, f- forecast 1. Aggregate growth rate calculated using constant 2010 dollars GDP weights 2. In keeping with national practice, date for India is reported on a fiscal year basis. Aggregates that depend on these countries are

calculated using data compiled on a calendar year basis. Real GDP at factor cost is consistent with reporting practice in IndiaSource: World Bank report “Global Economic Prospects, January 2016: Spillovers amid Weak Growth”.

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Exhibit 2: Major Macroeconomic Indicators

Country / RegionQuarterly Growth Real GDP Annual CPI

InflationUnemployment

RateBenchmark

Interest RateYOY QOQ

Deve

lop

ed

C

ou

ntr

ies

United States 2.0 Q4 1.4* Q4 1.0 Feb-16 4.9 Feb-16 0.50United Kingdom 2.1 Q4 0.6 Q4 0.3 Feb-16 5.1 Jan-16 0.50Germany 1.3 Q4 0.3 Q4 0.0 Feb-16 4.3 Feb-16 0.00France 1.4 Q4 0.3 Q4 -0.2 Feb-16 10.3 Dec-15 0.00Eurozone 1.6 Q4 0.3 Q4 -0.2 Feb-16 10.3 Feb-16 0.00Japan 0.7 Q4 -0.3 Q4 0.3 Feb-16 3.3 Feb-16 -0.01Hong Kong 1.9 Q4 0.2 Q4 3.1 Feb-16 3.3 Dec-15 0.75

BR

IC

Brazil -5.9 Q4 -1.5 Q4 10.4 Feb-16 8.2 Feb-16 14.25Russia -3.8 Q4 NA NA 8.1 Feb-16 5.8 Feb-16 11.00India 7.3 Q4 NA NA 5.5 Feb-16 NA NA 6.75China 6.8 Q4 NA NA 2.3 Feb-16 4.1 Dec-15 4.35

Oth

er

Em

s South Korea 3.1 Q4 0.7 Q4 1.3 Feb-16 4.9 Feb-16 1.50Indonesia 5.0 Q4 -1.8 Q4 4.4 Feb-16 6.2 Aug-15 6.75Turkey 5.7 Q4 -2.4 Q4 8.8 Feb-16 10.8 Dec-15 7.50

Note: Q4 represents fourth quarter of 2015. (*) represents figure in annualised terms.Source: Bloomberg

Chart 1: Year-on-Year Real GDP growth rates of major countries/ region (per cent)

Source: Bloomberg

Chart 2: Year-on-Year Consumer Price Inflation (per cent)

Source: Bloomberg

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Chart 3: GDP of USA- Annualised Growth Rate (per cent)

Source: Bloomberg

United States:

3.5. The Real gross domestic product (GDP) of USA increased by 1.4 per cent (Q-o-Q) (in annualised terms) in the fourth quarter of 2015 (revised upwards from 0.7 percent), after increasing 2 percent and 3.9 per cent (Q-o-Q)

(in annualised terms) in Q2 and Q3 of 2015, respectively. Both consumers and businesses cut back on spending and US exports were hurt by economic weakness in overseas markets.

3.6. The deceleration in real GDP in the fourth quarter primarily reflected downturns in non-residential fixed investment and in state and local government spending, a deceleration in PCE, and a downturn in exports that were partly offset by a smaller decrease in private inventory investment, a downturn in imports, and an acceleration in federal government spending.

3.7. Real Annual GDP increased 2.4 percent in 2015 (Y-o-Y), the same rate as in 2014. The increase in real GDP in 2015 primarily reflected positive contributions from personal consumption expenditures (PCE), non-residential fixed investment, residential fixed investment, private inventory investment, state and local government spending, and exports. The World Bank has estimated 2.7 per cent GDP growth for USA in 2016, while IMF has projected 2.8 per cent growth in annual GDP during 2016.

3.8. The Markit US manufacturing PMI declined to 51.3 in February 2016 compared to 52.3 in previous month, the second-lowest reading since October of 2012. Growth in production volumes slowed to a 28-month low, job growth moderated to a five-month low and producer prices recorded the biggest decline since June of 2012. The strong dollar, poor export sales, and falling capital spending may adversely impact the US manufacturing sector in 2016. Markit U.S. Services PMI falls to 49.7 in January 2016, lowest in last 28 months.

3.9. As per data released by the Bureau of Labor Statistics, the consumer price inflation fell to 1 per cent (Y-o-Y) in February 2016, slowing from a 1.4 percent increase in the previous month due to lower energy cost. The inflation rate moderated after acceleration for the fourth straight month. On a monthly basis, consumer prices were declined 0.2 percent. Unemployment rate in the US remained at 4.9 per cent in February 2016, the lowest in more than seven years.

3.10. Observations: US economic growth slowed in the fourth quarter of 2015 as businesses cut back on capital investment and adjusted inventories and household purchases grew at moderate pace. US GDP grew at a 1.4 percent annualized rate in Q4 of 2016, after a 2 percent gain in the third quarter. The consumer prices increased by 1 per cent (Y-o-Y) in February 2016 after reaching 1.4 per cent in January 2016. Both Manufacturing & Services Sector PMI declined during February 2016.

United Kingdom:

3.11. The British economy advanced 2.1 per cent (Y-o-Y) in the Q4 of 2015, slowing down marginally from a 2.2 per cent expansion in the Q3 of 2015, albeit, lowest since the third quarter of 2013. Growth was mainly driven by household spending while gross fixed capital formation and exports decreased. During the

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same period in last year (Q4 2014), economy grew by 2.8 per cent. On a quarter-on-quarter basis, the economy expanded 0.6 per cent, up from 0.4 per cent in previous quarter.

3.12. During 2015, UK’s economy grew 2.2 percent (Y-o-Y), down from 2.9 percent in 2014. The World Bank has estimated moderate GDP growth of 2.4 per cent in 2016, while IMF has similar projection of 2.2 per cent in 2016.

3.13. Both Manufacturing and Services PMI witnessed moderate declines during February 2016. The Markit UK manufacturing PMI in February 2016 declined to 50.8 from 52.9 in previous month, lowest figure since April of 2013 mainly due to lower output growth in consumer and investment goods sectors and strong deflationary pressure. The Markit UK services PMI also fell sharply to 52.7 in February 2016 from 55.6 in January 2016, lowest since March 2013. As regards the price situation, The UK’s inflation rate as measured by the Consumer Prices Index remained unchanged at 0.3 per cent (Y-o-Y) in February 2016.

3.14. Bank of England’s Monetary Policy Committee at its meeting on March 17, 2016, maintained the official Bank Rate paid on commercial bank reserves unchanged at 0.5 per cent and decided to continue the stock of asset purchases, financed by the issuance of central bank reserves at £375 billion. The unemployment rate of the economically active population in UK remained unchanged for three consecutive months at 5.1 per cent during Nov15-Jan16.

Observations: Like USA, Britain’s economy too moderated in Q4 of 2015. The annual pace of growth slowed to its weakest in nearly three years as the global economic slowdown weighed on its previously rapid expansion. The revised estimate of real GDP showed 2.1 per cent GDP growth, lowest since Q4 2013. Annual CPI inflation remained unchanged at 0.3 per cent. The unemployment rate reaches 10 years low of 5.1 per cent.

Japan:

3.15. Japan’s real GDP shrank by 0.3 per cent (Q-o-Q) during Q4 of 2015 compared to 0.3 per cent expansion in Q3 of 2015 on account of a fall in private consumption and housing investment. Private consumption, which makes up 60 percent of GDP, fell 0.8 percent.

3.16. In annualised terms, Japanese economy contracted by 1.1 percent (annualised terms) (Q-o-Q) during Q4 of 2015, adding to woes of stumbling financial market and fragile economic recovery. According to the latest World Bank estimates, Japanese economy is expected to expand at a subdued GDP growth rate of 1.3 per cent in 2016 and 0.9 per cent in 2017.

3.17. Seasonally adjusted Markit Japan Manufacturing PMI dropped sharply in February 2016 to 50.1 compared to 52.3 in previous month, as output and new orders dropped, with total incoming work falling at the sharpest rate in nearly two years. Markit Japanese Services PMI also went down to 51.2 in February 2016 from 52.4 in previous month.

3.18. Consumer price inflation in Japan increased by 0.3 percent during February 2016 after showing no growth in previous month. On a monthly basis, consumer prices went up by 0.1 percent compared to a 0.4 percent drop in January 2015.

3.19. Bank of Japan kept its pledge to conduct money market operations so that the monetary base will increase at an annual pace of around 80 trillion yen through purchase of government bonds. The Bank of Japan further expanded its existing Quantitative and Qualitative monetary Easing (QQE) programme and have decided to buy exchange traded funds (ETFs) at an annual pace of about 300 billion yen, in addition to its earlier decision to purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) at an annual paces of about 3 trillion yen and about 90 billion yen respectively. As for Commercial Paper and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen respectively. The Bank in its statement said that the quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with the QQE, aiming to achieve the price stability target of 2 per cent, as long as it is necessary for maintaining that target in a stable manner.

3.20. In January 2016, Bank of Japan cut its deposit rate on excess money parked with central bank to -0.1 percent from 0 percent, to stimulate the economic growth. The unemployment rate in Japan rose slightly to 3.3 per cent in February

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2016, from 3.2 percent in previous month. Observations: Growth in Japan remains fragile,

with private consumption and investment failing to pick up in 2015. Growth is expected to recover moderately to 1.3 percent in 2016, from 0.8 percent in 2015. On an annualized basis, the Japanese economy shrank 1.1 percent (Y-o-Y) during Q4 of 2015, compared to 1.4 per cent expansion in previous quarter. CPI inflation was 0.3 per cent in February, Interest rate was cut below 0 per cent while unemployment rate remained stable at 3.3 per cent during February 2016.

Euro Area (EA19):

The Eurozone or the Euro area is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro as their common currency. The Eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.

3.21. The real GDP in the Euro Area expanded 1.6 per cent (Y-o-Y) in the Q4 of 2015, same as that of in the previous period. According to latest World Bank estimates, Euro Area GDP is expected to grow at moderate rate of 1.7 per cent in 2016 and 2017.

3.22. The Euro Area economy advanced 0.3 per cent (Q-o-Q) in Q4 2015, slowing from a 0.4 percent rise in the previous quarter. The German economy advanced 0.3 percent (Q-o-Q), at the same pace as in the previous quarter while France and Italy grew at a slower pace (0.2 percent and 0.1 percent respectively from 0.3 percent and 0.2 percent respectively in Q3 2015). Greece contracted at a slower 0.6 percent (-1.4 percent in Q3 2015).

3.23. Euro Area manufacturing and services sector declined sharply during February 2016. Markit Euro Area Manufacturing PMI fell to 51.2, in February 2016, compared to 52.2 in previous month and 53.2 a month before that. Further, Markit Euro Area Services PMI fell to 53.3 from 53.6 in January 2016, lowest in 13 months.

3.24. Annual inflation in Euro Area fell sharply to -0.2 percent in February 2016, from 0.3 percent in January 2016, down by 0.5 percent compared to previous month. Negative annual rates were

observed in fifteen Member States. The lowest were registered in Cyprus (-2.2 percent) and Romania (-2.1 percent) while the highest were recorded in Belgium (1.1 percent), Austria and Malta (both 1.0 percent). Compared with January 2016, annual inflation fell in twenty Member States, remained stable in one and rose in six.

3.25. The seasonally-adjusted unemployment rate in the Eurozone decreased moderately to 10.3 per cent in February 2016 compared with 10.4 per cent in the previous month. This is the lowest figure since August 2011. The unemployment rate fell in twenty-four Member States, remained stable in Belgium and increased in Austria (from 5.4 percent to 6.0 percent), Latvia (from 9.7 percent to 10.1 percent) and Finland (from 9.1 percent to 9.2 percent). The largest decreases were registered in Cyprus (from 16.6 percent to 12.6 percent), Spain (from 23.2 percent to 20.4 percent), and Bulgaria (from 9.8 percent to 7.4 percent).

3.26. The ECB lowered its benchmark refinancing rate by 5bps to a fresh record low of 0.0% and increased the asset purchase program by €20 billion to €80 billion a month on March 10th 2016. The deposit facility rate was cut by 10bps to -0.4%, the lending facility was lowered by 5bps to 0.25% and a new series of long-term loans to banks was announced. Policymakers said interest rates are expected to remain at present or lower levels for an extended period of time and cut growth and inflation forecasts.

Observations: Euro Area economy continues to grow at a moderate pace as economy stabilises after strong recovery from negative region since Q4 of 2013. The flat to negative inflation rate, however, remains the concerns for the policy makers. The unemployment rate is decreasing consistently over past 12 months while both manufacturing and services PMI may be just starting to show mild downtrend.

Brazil:

3.27. The Brazilian economy shrank 5.9 per cent (Y-o-Y) in Q4 of 2015, as compared to contraction of 4.5 per cent (Y-o-Y) in Q3 of 2015. During Q4 of 2015, the GDP of Brazil contracted by 1.4 per cent (Q-o-Q) in the fourth quarter of 2015 as compared to 1.7 per cent (Q-o-Q) in the third quarter of 2015. The agriculture sector increased by 0.6 per cent

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while services sector output fell by 4.4 per cent during Q4 of 2015 (Y-o-Y). Further, industrial sector and manufacturing sector contracted by 8 per cent and 12 per cent respectively during Q4 of 2015 (Y-o-Y).

3.28. According to World Bank estimates, Brazilian GDP (which is dominated by the services industry with a share of 67 per cent of total GDP) is expected to decline by 3.7 per cent in 2015 and 2.5 per cent in 2016, before recovering to 1.4 per cent in 2017.

3.29. Brazil’s annual inflation rate (IPCA) eased to 10.36 per cent in the 12 months through February 2016 after hitting a 12-year high of 10.71 per cent in January. The country is struggling with high inflation since mid-2014 after the government imposed several tax increases aiming at balancing overall Most of the inflation slowdown in February stemmed from a smaller increase in food prices and a fall in electricity rates. In January, food prices shot up after heavy rain curbed harvests. The power sector in February benefited from replenishment of hydroelectric dam reservoirs. Evaluating the macroeconomic outlook and perspectives for inflation, Brazil’s Central Bank, in its February 2016 meeting, has kept the benchmark Selic rate unchanged at 14.25 per cent, the highest in nine years, as policymakers struggle to curb rising inflation amid economic contraction. Brazil’s unemployment rate increased to 8.2 per cent in February 2016 from 7.6 per cent in January 2016.

China:

3.30. The world’s second largest economy expanded by 6.8 per cent (Y-o-Y) in the Q4 of 2015, slowing from a 6.9 per cent increase in the previous quarter, according to China’s National Bureau of Statistics. For the full year of 2015, China recorded GDP growth of 6.9 per cent, down from 7.3 per cent in 2014, the slowest in 25 years.

3.31. The World Bank has estimated 6.7 per cent growth in Chinese economy in 2016 and 6.5 per cent in 2017. The International Monetary Fund (IMF) has also revised its growth forecasts for China downward to 6.3 per cent in 2016.

3.32. Both Manufacturing & services PMI showed improvement in February 2016. The Caixin China General manufacturing Purchasing

Manager Index (PMI) increased to 50.2 per cent in February 2016 from 48.4 in January 2016. The Caixin Purchasing Managers Index for services declined from 52.4 in January 2016 to 51.2 in February 2016.

3.33. As regards price situation, the annual Consumer Price Inflation in China increased jumped to 2.3 per cent in February 2016 from 1.8 per cent in January 2016. On a monthly basis, consumer prices rose 1.6 per cent in February as compared to 0.5 per cent in January 2016.

Russia:

3.34. Quarterly real GDP of Russia contracted by 3.8 per cent (Y-o-Y) during Q4 of 2015 following 4.1 per cent drop in previous period. In 2015, the Russian economy contracted by 3.7 per cent compared to 0.6 percent expansion in 2014. It is the worst performance since 2009, as Western sanctions and lower oil prices hurt external trade and public revenues. According to World Bank estimates, Russian GDP is expected to further decline by 0.7 per cent in 2016, before recovering to 1.3 per cent in 2017.

3.35. As regards price situation, the annual CPI inflation cooled significantly to 8.1 per cent in February 2016 from 9.8 percent in January 2016 and 12.9 percent in December 2015. On a monthly basis, inflation went down by 0.6 per cent, following 1 percent growth in the previous month. The Bank of Russia has set a target of reducing the inflation to 6 per cent by March 2017 and 4 per cent in late 2017. The Central Bank of Russia has kept its key one-week repo rate unchanged at 11 per cent in March 2016, as the inflation risks remained high. However, policymakers signaled rate cuts in the next meetings, if inflation slows in line with forecasts and on condition inflation risks recede. The unemployment rate in Russia remained unchanged at 5.8 per cent in February 2016.

4. Review of Global Financial Markets:

4.1. Global equities generated mixed performance during February 2016 majorly due to decline in oil prices, negative interest rates, heavy losses reported in corporate earnings reports, weaker economic data of Europe and all new worries about the health of the Chinese financial system.

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Stock Markets:

4.2. During February 2016, US equities recorded a loss due to declining oil prices and continued increase in US oil supplies. Japanese stocks experienced one of their worst weeks on concerns about the effect of the Bank of Japan’s negative interest rate policy on some of its current deposits in a bid to stimulate its flagging economy. European equity markets were volatile due to unstable energy, banking, and commodity stocks. Chinese stocks sank because of loss in investor confidence as investors looked for safe havens

elsewhere.. Indian equities declined despite optimism that the Indian government’s budget will boost rural demand and shrink India’s fiscal deficit. Brazilian and Russian stocks rose during the period under concern.

4.3. MSCI World Index, which is a leading indicator for tracking the overall performance of stock markets in developed markets witnessed a decrease of -0.96 per cent. Further, the MSCI Emerging Market Index also registered a fall of -0.27 per cent during February 2016. (Chart 3).

Chart 4: Movement in MSCI World and Emerging Market Index

Source: Bloomberg

Bond Markets:

4.4. Bond markets fared well, providing strong returns to investors as yields of the major economies declined for second consecutive month in February 2016. The 10-year Treasury yield fell from 1.92% to 1.73%, the 10-year gilt yield fell from 1.56% to 1.34%

4.5. 10 year government bond yield of Germany, USA, and UK declined by 67 per cent, 9.7 per cent and 14.3 per cent respectively in February 2016.

4.6. Among emerging market economies, bond yield of 10 year government bonds of Russia, Brazil and India fell by 5.7, 3.4 and 2.1 per cent, respectively during February 2016, while that of China rose by 0.3 per cent. 10 year government bond yield of India closed at 7.6 per cent while that of china closed at 2.9 per cent.

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Chart 5: Movement in 10 year bond yield of major countries

Source: Bloomberg

Currency Markets:

4.7. In February 2016, Japanese Yen rallied strongly against USD and gained 7 percent during the month. However, US Dollar Index rose marginally against major currencies. US Dollar Index fell by 1.4 per cent from 99.65 at the end of January 2016 to 98.22 at the end of February 2016.

4.8. China’s Yuan bounced back a little from 6.6 level in January to 6.5 level against US dollar, at the end of February 2016. Euro appreciated marginally by 0.4 per cent against USD, in expectation of further monetary easing. GBP continued its slide against USD as worries about Britain’s exit concerned investors. GBP depreciated by 2.3 per cent against USD, during February 2016 (after falling 2.2 percent and 3.5 percent in previous two months).

4.9. Emerging markets currencies showed mixed trend during February 2016, as equity markets

remained volatile. Russian Ruble, and Chinese Yuan appreciated by 0.5 per cent, 0.4 per cent while Indian Rupee and Brazilian Real depreciated marginally by 0.9 percent and 0.4 percent against USD, during February 2016.

4.10. Since the beginning of January 2013 till February 2016, Brazilian Real and Russian Ruble have depreciated significantly by 96 per cent and 146 per cent, respectively against USD. During the same period, Indian Rupees & Japanese Yen depreciated by 25 per cent and 30 per cent, respectively against USD. Euro depreciated by 21 per cent against USD while British Pound depreciated by 16 per cent against USD. In spite of recent devaluation, Chinese Yuan depreciated just by 5 per cent against USD compared to beginning of the January 2013.

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Trends in Market Indices:

4.11. Major stock indices all over the world exhibited mixed trends during February 2016. Amongst the developed markets Straits Times of Singapore witnessed an increase of 1.42 per cent followed by Dow Jones Industrial Average of USA (0.30 per cent), FTSE 100 of UK (0.22 per cent) during the period under review. On the contrary, the fall in indices was registered by Nikkei 223 of Japan -8.51 per cent followed by DAX of Germany (-3.09 per cent) and Hang Seng of Hong Kong (-2.90 per cent) during February 2016.

4.12. As regards the emerging market indices, IGBC General of Colombia witnessed an increase of 6.90 per cent followed by Bovespa of Brazil (5.91 per cent) and Jakarta Composite of Indonesia (3.38 per cent) during the period under consideration. On the contrary, the fall in indices was registered by CNX Nifty of India (NSE) -7.62 per cent followed by Budapest Stock Exchange of Hungary (-2.79 per cent) and Shanghai SE Composite IX of China (-1.81 per cent) during February 2016.

Chart 6: Movement of major currencies against US Dollar ($)

Source: Bloomberg

Chart 7: Trend in Major Developed Market Indices

Source: Bloomberg

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Market Capitalisation:

4.13. Market capitalisation of major countries in the world, at the end of February 2016, is given in table A6 and is illustrated in Chart 8. The market capitalisation of all the major countries declined during February 2016.

4.14. Among major developed markets, the market capitalisation of Germany fell by 2.2 per cent, followed by Japan, Australia & UK (-1.8 per cent) and Hong Kong (-1.5 percent) during February 2016. The market capitalisation of USA decreased marginally by 0.2 percent. Market Cap of Singapore, however, rose by 3.8 percent. NYSE Euronext (US) and London

Stock Exchange (UK) market cap stood at USD 21.9 Trillion & USD 3.1 Trillion respectively at the end of February 2016.

4.15. As regards the major emerging markets, market capitalisation of India fell highest by 9.2 per cent followed by South Korea (-2.9 per cent), China (-1.9 percent). Market cap of Indonesia, however, increased by 7.3 percent followed by Russia (6.1 percent), Colombia (5.5 percent), Argentina (4.9 percent) and Brazil (3.8 percent). Market Capitalisation of China’s Shanghai Stock Exchange & India’s NSE stood at USD 5.1 trillion and USD 1.3 trillion, at the end of February 2016.

Chart 8: Trend in Market Indices of BRIC Nations

Source: Bloomberg

Chart 9: Trend in Market Capitalisation of Major Exchanges (US$ Trillion)

Source: Bloomberg

183


Derivatives Market:

4.16. Among the major stock exchanges covered in the review (Table A4 & A5), during January 2016, the monthly notional turnover of index futures in CME Group was the highest at USD 5,921 billion followed by EUREX (USD 1,879 billion) and Japan Exchange Group (USD 1074 billion). Korea Exchange of South Korea recorded the monthly turnover of USD 4,094 billion in Index Options followed by CME Group (USD 1,800 billion) and Eurex (USD 1,523 billion).

4.17. In case of Stock Options, Nasdaq OMX (US) recorded highest volume (43.5 million contracts) in terms of monthly contracts traded on the major world exchanges followed by NYSE Liffe (US) (33.7 million contracts), International Securities Exchange (26.6 million contracts), BATs Global (21.6 million contracts). While in case of Stock futures, Moscow Exchange remains the number 1 exchange in terms of Number of contracts traded with monthly volume of 22.7 million, followed by Korea Exchange (15 million contracts) and NSE (14.6 million contracts)

5. Review of Indian Economy

5.1. The Ministry of Statistics and Programme Implementation released Advance Estimates of National Income 2015-16 and quarterly estimates of GDP for Q3 of 2015-16. As per the advance estimates of 2015-16, growth in GDP at constant prices (2011-12) is estimated at 7.6 per cent in 2015-16. Growth figures were revised sharply upwards for the second quarter from 7.4 per cent; and from 7 per cent to 7.6 per cent for the first quarter. GDP growth for Q3 of 2015-16 has been estimated at 7.3 per cent as compared to 7.7 per cent in Q2 of 2015-16 and 6.6 per cent during Q3 of 2014-15. Agriculture sector’s growth has been estimated at -1.0 per cent in Q3 of 2015-16 as against -2.4 per cent in Q3 of 2014-15. Manufacturing and Services sector are estimated to grow at 11 per cent and 8.5 per cent, respectively during Q3 of 2015-16.

5.2. GVA (Gross Value Added) growth was registered at 7.3 per cent in Q3of 2015-16 as compared to 7.7 per cent in the previous quarter. International Monetary Fund has projected India’s economic growth at 7.3 per cent in FY16 and accelerating to 7.5 per cent in FY17 on stronger domestic demand.

Exhibit 3: Quarterly Estimates of GVA (Y-o-Y) (at 2011-12 prices)

Items2014-15(1st RE)

2015-16(AE)

2014-15 2015-16

Q1 Q2 Q3 Q4 Q1 Q2 Q3

1. Agriculture & allied activities -0.2 1.1 2.3 2.8 -2.4 -1.4 1.6 2.0 -1.0

2. Industry

Mining & Quarrying 10.8 6.9 16.5 7.0 9.1 2.3 8.6 5.0 6.5

Manufacturing 5.5 9.5 7.9 5.8 1.7 8.4 7.3 9.0 6.5

Electricity, Gas, Water Supply& Other Utility Services 8.0 5.9 10.2 8.8 8.8 4.2 4.0 7.5 6.0

3. Services

Construction 4.4 3.7 5.0 5.3 4.9 1.4 6.0 1.2 4.0

Trade, Hotel, Transport, Communication and services related to broadcasting 9.8 9.5 11.6 8.4 6.2 14.1 10.5 8.1 10.1

Financial, Real Estate & Professional Services 10.6 10.3 8.5 12.7 12.1 10.2 9.3 11.6 9.9

Public Administration, Defence and Other services 10.7 6.9 4.2 10.3 25.3 0.1 6.1 7.1 7.5

Gross Value Added at Basic Price 7.1 7.3 7.4 8.1 6.7 6.1 7.2 7.5 7.1

GDP 7.2 7.6 7.5 8.3 6.6 7.5 7.6 7.7 7.3

Source: CSO

RE- Revised Estimates; AE- Advance Estimates5.3. The Nikkei Purchasing Managers’ Index (PMI)

rested at 51.1 in February 2016, same as in January. It pointed towards improvement in the health of manufacturing sector during the month. Similarly, Nikkei India Composite Output Index declined from53.3 in January 2016 to 51.2 in February 2016.

5.4. India’s fiscal deficit was 5.73 trillion rupees (USD 86.49 billion) during April-February 2016, or 107.1 percent of the full-year target. The deficit was 117.5 percent of the full-year target during the same period a year ago. The Union budget 2016-17 has set India’s fiscal deficit target for the 2016-17 at 3.5 percent of GDP.

184


Index of Industrial Production

5.5. India’s General Index of Industrial Production (IIP) contracted third month in a row by 1.5 per cent in January 2016against a 1.2 per cent contraction in December 2015 and a 3.2 per cent contraction in November 2015. The fall is driven by a sharp decline in production of capital goods and consumables, signaling that growth momentum in the economy remains vulnerable. In January, mining and electricity sectors grew 1.2 per cent and 6.6 per cent, respectively, while the manufacturing sector with a 75.5 per cent weightage in IIP contracted 2.8 per cent. Among use-based industries, capital goods, which represent investment demand in the economy, contracted 20.4 per cent, while consumer goods output did not see any growth from the same month a year ago. Within the consumer goods segment, consumer durables grew 5.8% while consumer non-durables contracted 3.1 per cent, signaling that the rural economy is still languishing after two consecutive years of poor monsoon rains.

Inflation

5.6. India’s Consumer Price Index (CPI) Inflation Consumer price index-based (CPI-based) inflation softened to 5.18 per cent in February from 5.69 per cent a month ago. The decline in inflation was helped by fall in food prices, after edging up for six straight months. The food price inflation at the consumer level was up 5.3 per cent for February, compared with a 6.85 per cent rise in January and 5.37 per cent in February last year. On the other hand, India’s annual rate of inflation, based on monthly wholesale price index (WPI), stood at minus 0.91 per cent for February 2016 (over February 2015. The Wholesale Price Index-based inflation was minus 0.9 per cent in January. In February last year, it was minus 2.17 per cent. This is the 16th straight month since November 2014 when a deflationary pressure has persisted. Reserve Bank of India, in its first bimonthly policy review in the FY 2016-17 (April 5, 2016), has reduced the Repo rate by 25 basis points to 6.5 per cent.

Chart 10: Inflation as measured by WPI and CPI (in per cent)

Source: CSO, RBI, Office of Economic Advisor

Trade – Exports and Imports

5.7. India’s exports growth remained in the negative territory and contracted for the fifteenth consecutive month in February 2016 and dipped by around 5.6 per cent to USD 20.73 billion. Imports declined 5.03 per cent to USD 27.28 billion, yielding a trade deficit of USD 7.63 billion, way higher up from USD 6.54

billion in the same month last year. In April 2015-February 2016, India’s exports contracted 16.7 per cent to USD 238.4 billion and imports shrank 14.7 per cent to USD 351.8 billion, leaving a trade deficit of USD 113.4 billion. Weak demand in struggling overseas markets has hurt India’s exports.

185


Exhibit 4: Foreign Exchange Reserves (USD billion)

Mar 4, 2016

Feb 5, 2016

Jan 1, 2016

Nov 27, 2015

Oct 30, 2015

Oct 2, 2015

Aug 28, 2015

July 31, 2015

June 26, 2015

May 29, 2015

May 1, 2015

April 3, 2015

Total Reserves 350.8 351.5 350.4 351.6 353.6 350.8 351.9 353.5 355.2 352.4 351.9 343.1Foreign Currency Assets

327.4 328.4 327.8 327.7 330.1 327.3 328.3 329.8 330.5 327.8 327.2 318.6

Gold 19.3 17.7 17.2 18.7 18.2 18.2 18.3 18.3 19.3 19.3 19.3 19.0SDRs 1.5 4.0 4.0 3.9 4.0 4.0 4.1 4.0 4.1 4.0 4.1 4.0Reserve Position in the IMF

2.6 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3

Source: RBI

6. Annex Tables:

Table A1: Trend in major International Indices

Country Index *March

2014*March

2015*January

2016*February

2016

1 2 3 4 5 6Australia All Ordinaries 5,403 5,862 5,057 4,948France CAC 40 4,392 5,034 4,417 4,354Germany DAX 9,556 11,966 9,798 9,495Hong Kong HSI Hang Seng 22,151 24,901 19,683 19,112Japan NIKKEI Nikkei 225 14,828 19,207 17,518 16,027Singapore STI Straits Times 3,189 3,447 2,629 2,667UK FTSE 100 6,598 6,773 6,084 6,097USA DOW JONES Dow Jones Industrial Average 16,458 17,776 16,466 16,517USA NASDAQ Nasdaq Composite 4,199 4,901 4,614 4,558India (BSE) S&P BSE Sensex 22,386 27,957 24,871 23,002India (NSE) CNX Nifty 6,704 8,491 7,564 6,987Brazil Bovespa 50,415 51,150 40,406 42,794Chile Stock Market Select 3,773 3,917 3,706 3,716China Shanghai SE Composite IX 2,033 3,748 2,738 2,688Colombia IGBC General 13,827 9,999 8,596 9,189Egypt Hermes 786 829 547 560Hungary Budapest Stock Exchange 17,530 19,689 23,997 23,328Indonesia Jakarta Composite 4,768 5,519 4,615 4,771Malaysia FTSE Bursa Malaysia KLCI 1,849 1,831 1,668 1,655Mexico Bolsa 40,462 43,725 43,631 43,715Pakistan Karachi 30 19,171 19,232 18,179 18,383Russia Russian Traded 1,724 1,223 1,020 1,054South Africa FTSE/JSE Africa All Share 47,771 52,182 49,142 49,415Taiwan Taiwan Taiex 8,849 9,586 8,145 8,411Thailand Stock Exchange of Thai 1,376 1,506 1,301 1,332Turkey ISE National 100 69,736 80,846 73,481 75,814

*Indices are as on last trading day of the month.Source: Bloomberg

Foreign Exchange Reserves

5.8. Since April 2015, Forex reserves have increased considerably by about USD 9 billion. The

reserves were recorded at USD 350.8 billion as on March 4, 2016. (Exhibit 4)

186


Table A2: Volatility and P/E Ratio of Major International Indices

Country IndexVolatility (per cent) P/E Ratio

Jan-16 Feb-16 Jan-16 Feb-16

1 2 3 4 5 6

Developed Markets

Australia All Ordinaries 1.1 1.4 16.0 15.9

France CAC 40 1.8 2.0 14.0 14.1

Germany DAX 1.8 1.9 12.1 11.7

Hong Kong HSI Hang Seng 2.0 1.8 9.8 10.0

Japan NIKKEI Nikkei 225 2.5 2.7 17.2 16.5

Singapore STI Straits Times 1.5 1.4 11.3 11.9

UK FTSE 100 1.6 1.8 15.5 15.8

USA DOW JONES Dow Jones Industrial Average 1.5 1.1 14.9 15.0

USA NASDAQ Nasdaq Composite 1.8 1.4 19.2 19.2

Emerging Markets

India (BSE) S&P Sensex 1.1 1.3 17.4 16.5

India (NSE) CNX Nifty 1.2 1.3 17.3 16.5

Argentina Indice Bolsa General 2.7 1.9 15.1 18.9

Brazil Bovespa 1.9 2.2 10.3 11.6

Chile Stock Market Select 1.1 0.9 13.9 13.9

China Shanghai SE Composite IX 3.3 2.3 11.2 11.3

Colombia IGBC General 1.8 0.9 20.3 23.6

Egypt Hermes 2.4 1.3 7.3 7.9

Hungary Budapest Stock Exchange 1.3 1.4 11.4 11.1

Indonesia Jakarta Composite 1.0 1.1 14.0 16.4

Malaysia FTSE Bursa Malaysia KLCI 1.0 0.7 15.6 15.8

Mexico Bolsa 1.2 0.8 18.1 18.9

Pakistan Karachi 30 1.0 1.1 8.1 8.4

Russia Russian Traded 4.1 3.1 5.7 6.0

South Korea Kospi Index 1.2 1.1 11.1 11.2

South Africa FTSE/JSE Africa All Share 1.5 1.5 16.4 16.6

Taiwan Taiwan Taiex 1.3 0.7 12.1 12.7

Thailand Stock Exchange of Thai 1.4 0.8 13.1 13.9

Turkey ISE National 100 1.2 1.4 8.4 8.6Note: PE ratio for S&P BSE Sensex and CNX Nifty have been obtained from BSE, NSE respectivelyNA.: Not AvailableSource: Bloomberg, BSE, NSE

187


Table A3: Investment Flows- New Capital raised by Shares and Bonds in the Major Exchanges

(US$ million)

Stock ExchangeJan-16 Feb-16

Equities Bonds Total Equities Bonds Total

1 2 3 4 5 6 7

Amman Stock Exchange 177 NA 177 1,081 NA 1,081

Australian Securities Exchange 502 NA 502 241 NA 241

BM&FBOVESPA 600 NA 600 558 NA 558

BME Spanish Exchanges 390 NA 390 454 NA 454

Bolsa de Comercio de Buenos Aires 9 120 129 19 214 233

Borsa Istanbul 12,834 161 12,995 37,030 105 37,135

Bursa Malaysia 4,138 16 4,154 1,643 10 1,653

Euronext 2,080 10 2,090 1,968 6 1,974

Ho Chi Minh Stock Exchange 4 449 453 6,017 465 6,482

Hong Kong Exchanges and Clearing 389 34 423 436 82 518

Indonesia Stock Exchange 34 292 326 100 310 410

Japan Exchange Group 1,193 NA 1,193 5,492 NA 5,492

Johannesburg Stock Exchange NA 546 546 NA 656 656

Korea Exchange NA 110 110 NA 101 101

Luxembourg Stock Exchange 681 105 786 502 160 662

Moscow Exchange 7,801 NA 7,801 9,930 NA 9,930

Nasdaq - US 13,374 NA 13,374 6,355 NA 6,355

NASDAQ OMX Nordic Exchange 17,837 13 17,850 10,944 21 10,965

NYSE 168 NA 168 NA NA NA

NZX Limited 122 13 135 137 24 161

Oslo Bors 1,165 2 1,167 NA 1 1

Philippine Stock Exchange 73 6 79 200 3 203

Shanghai Stock Exchange 1,192 1 1,193 2,094 1 2,095

NA: Not AvailableSource: World Federation of Exchanges

188


Table A4: Monthly Turnover in Derivatives (Stock options and Stock futures) in major Stock Exchanges

Exchange

Feb-16

Stock options Stock futures

Number ofcontracts traded

Notionalturnover

(USD Million)

Number ofcontracts traded

Notionalturnover (USD

Million)

Americas

BATS Global Markets 21 324 666 NA NA NA

Bourse de Montreal 115 449 333 NA NA

Buenos Aires SE 4 827 276 0 0 0

Chicago Board Options Exchange 28 752 773 NA NA NA

International Securities Exchange 24 132 172 NA NA NA

NASDAQ OMX (US) 42 574 986 NA NA NA

NYSE Liffe (US) 29 914 791 6 023.8 NA NA

Asia - Pacific

Australian Securities Exchange 7 417 135 12 327.8 112 230 136

BSE India 78 174 472 178 1

Hong Kong Exchanges 4 280 068 9 047.4 15 802 49

Japan Exchange Group 53 308 NA NA NA

Korea Exchange 166 530 NA 12 741 984 6 137.5

National Stock Exchange India 7 743 912 49 495.8 16 054 224 99 774.9

TAIFEX 21 995 36 545 605 2 340.2

Thailand Futures Exchange NA NA 1 066 028 NA

Europe - Africa - Middle East

Athens Derivatives Exchange 1 035 1 1 373 108 110

BME Spanish Exchanges 1 300 726 1 063.0 119 924 84

Borsa Istanbul 210 988 48 465 981 79

EUREX 18 805 740 70 817.4 6 806 506 22 127.9

Euronext 5 907 115 13 835.3 4 318 18

ICE Futures Europe 3 506 808 1 126 880.0 4 373 438 155 222.0

Johannesburg SE 428 065 12 929 641 488

Moscow Exchange 443 255 67 24 501 995 3 630.7

OMX Nordic Exchange 2 741 503 3 728.4 517 212 441

Oslo Børs 352 578 138 92 992 36NA: Not AvailableSource: World Federation of Exchanges

189


Table A5: Monthly Turnover in Derivatives (Index options and Index futures) in major Stock Exchanges

Exchange

Feb-16

Stock index options Stock index futures

Number of contracts traded

Notionalturnover

(USD Million)

Number of contracts traded

Notionalturnover

(USD Million)

Americas

CBOE Future Exchange NA NA 4 092 473 NA

Chicago Board Options Exchange 34 846 537 NA NA NA

CME Group 13 010 609 1 694 880.0 56 559 759 5 139 010

ICE Futures US 2 465 246 3 994 615 303 533.0

International Securities Exchange 166 054 NA NA NA

NASDAQ OMX (US) 188 893 NA NA NA

Asia - Pacific

Australian Securities Exchange 1 100 740 39 473.0 862 091 73 841

BSE India 2 391 860 16 901.9 14 625 100

Bursa Malaysia Derivatives 687 NA 221 506 4 168.5

China Financial Futures Exchange NA NA 716 378 99 558

Hong Kong Exchanges 2 154 268 152 606 6 261 886 447 577

Japan Exchange Group 3 410 353 NA 32 188 707 959 953

Korea Exchange 26 490 519 2 523 340 2 774 721 264 965

National Stock Exchange India 96 800 669 747 097 8 444 206 61 535

Singapore Exchange 504 657 NA 11 595 201 NA

TAIFEX 9 176 736 113 568 3 336 907 113 980

Thailand Futures Exchange 22 371 NA 2 412 845 NA

Europe - Africa - Middle East

Athens Derivatives Exchange 6 045 4 126 713 89

BME Spanish Exchanges 312 212 2 906 1 060 286 64 982

Borsa Istanbul 30 885 92 5 139 330 15 375

EUREX 36 454 848 1 250 13 44 258 738 1 876 13

Euronext 1 129 068 50 447 4 113 883 226 584

ICE Futures Europe 1 335 623 2 231 3 079 057 263 024

Johannesburg SE 316 134 230 1 373 070 26 882

Moscow Exchange 2 796 515 3 867 26 322 159 36 471

OMX Nordic Exchange 971 225 14 805 4 503 169 69 249NA: Not AvailableSource: World Federation of Exchanges

190


Table A6: Market Capitalisation of major Stock Exchanges

(US$ Million)

Stock Exchange Mar-15 Jan-16 Feb-16M-o-M change

(%)

1 2 3 4 5Developed Markets

Australia 1,231,172 973,210 955,646 (1.8)France 2,014,318 1,827,359 1,803,209 (1.3)Germany 1,964,510 1,687,586 1,651,065 (2.2)Hong Kong 4,526,483 3,546,617 3,493,071 (1.5)Japan 4,852,326 4,636,756 4,554,563 (1.8)Singapore 566,432 432,038 448,391 3.8UK 3,626,328 3,150,481 3,094,493 (1.8)USA 24,614,866 21,961,914 21,907,192 (0.2)

Emerging MarketsIndia 1,628,771 1,387,175 1,259,877 (9.2)Argentina 70,546 48,813 51,196 4.9Brazil 670,273 425,530 441,804 3.8Chile 232,904 190,341 194,213 2.0China 6,486,554 5,208,530 5,108,795 (1.9)Colombia 122,976 82,650 87,156 5.5Egypt 71,709 52,956 53,052 0.2Hungary 15,458 17,644 17,387 (1.5)Indonesia 425,078 349,837 375,335 7.3Malaysia 450,790 382,545 375,694 (1.8)Mexico 438,251 342,284 344,521 0.7Pakistan 68,009 65,285 64,344 (1.4)Russia 432,731 367,321 389,622 6.1South Korea 1,267,330 1,140,699 1,107,489 (2.9)South Africa 514,851 339,803 336,376 (1.0)Taiwan 1,011,646 824,390 854,609 3.7Thailand 428,678 339,044 347,350 2.4Turkey 221,896 180,533 185,115 2.5

M-o-M: Month on Month.Source: Bloomberg

Sources:

1. OECD database2. Bureau of Economic Analysis (US)3. Bureau of Labor Statistics (US)4. The Conference Board (US)5. The Federal Reserve System (US)6. Institute for Supply Management (US)7. Office for National Statistics (UK)8. Bank of England (UK)9. The Cabinet Office (Japan)10. Statistics Bureau, Director-General for Policy Planning

(Statistical Standards) (Japan)11. Bank of Japan12. Eurostat (EA18 and EU27)13. European Central Bank (EA18)14. InstitutoBrasileiro de Geografia e Estatística (Brazilian

Institute of Geography and Statistics)15. Banco Central do Brasil (Central Bank of Brazil)

16. Federal State Statistics Service (Russian Federation)17. The Central Bank of the Russian Federation18. The Central Statistical Office (India)19. Office of the Economic Adviser to the Government of India20. The Reserve Bank of India21. National Bureau of Statistics of China22. Peoples Bank of China23. Markit Financial Information Services24. World Federation of Exchanges25. Bloomberg26. The Bombay Stock Exchange27. The National Stock Exchange28. The Bank of Korea29. Bank Indonesia30. Central Bank of The Republic of Turkey31. IMF32. World Bank

191


1. IOSCO plays a key role in responding to global

securities markets’ challenges

22nd February 2016: The Board of the International Organization of Securities Commissions (IOSCO) met in Madrid to discuss and respond to the many ongoing and emerging challenges facing global securities markets.On identifying and responding to emerging risks, the meeting was preceded, firstly, by Round Tables discussing recent market developments and volatility in world capital markets and, secondly, the challenges and opportunities posed by fintech and – more particularly - distributed ledger technology – or block chain. On recent market developments, Board members discussed the implications for global securities markets of slowing economic growth, declining commodity prices, continuing low or negative interest rates and market volatility. Members recognized the need to carefully monitor developments and continue to build resilience to ensure the markets they regulate will continue to be a sustainable source of finance to support economic recovery.Source: http://www.iosco.org/news/pdf/IOSCONEWS419.pdf

2. IOSCO issues Second Review of Implementation

of Principles by IBOR Administrators

26th February 2016: The International Organization of Securities Commissions today published its report on the Second Review of the Implementation of IOSCO’s Principles for Financial Benchmarks by Administrators of EURIBOR, LIBOR and TIBOR.The report sets out the findings of the second review of the implementation of IOSCO’s Principles for

HIGHLIGHTS OF DEVELOPMENTS IN

INTERNATIONAL SECURITIES MARKET

Financial Benchmarks by the administrators of the benchmarks collectively known as the IBORs: the Euro Inter-Bank Offer Rate (EURIBOR); the London Inter-Bank Offer Rate (LIBOR); and the Tokyo Inter-Bank Offer Rate (TIBOR). It was prepared by a Review Team, constituting members of the IOSCO Board-level Task Force on Financial Market Benchmarks and the IOSCO Assessment Committee.The report is a follow-up to IOSCO’s first review, which was published in July 2014 and contained remedial recommendations for the three administrators intended to strengthen their implementation of the Financial Benchmark Principles. The 19 Principles were published in July 2013 with a view to be implemented by benchmark administrators and submitters and to promote the reliability of benchmark determinations.Source: http://www.iosco.org/news/pdf/IOSCONEWS420.pdf

3. SEC Adopts Cross-Border Security-Based Swap

Rules Regarding Activity in the U.S.

10th February 2016: The Securities and Exchange Commission voted to adopt rules that require a non-U.S. company that uses personnel located in a U.S. branch or office to arrange, negotiate, or execute a security-based swap transaction in connection with its dealing activity to include that transaction in determining whether it is required to register as a security-based swap dealer. The rules, adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, would help ensure that both U.S. and foreign dealers are subject to Title VII of the Act when they engage in security-based swap dealing activity in the United States.Source: https://www.sec.gov/news/pressrelease/2016-27.html

192


TablesTable 1: SEBI Registered Market Intermediaries/Institutions

Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during February 2016

Table 3: Open Offers under SEBI Takeover Code closed during February 2016

Table 4: Substantial Acquisition of Shares and Takeovers

Table 5: Capital Raised from the Primary Market through though Public and Rights Issues

Table 6: Issues Listed on SME Platform

Table 7: Industry-wise Classification of Capital Raised through Public and Rights Issues

Table 8: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues

Table 9: Size-wise Classification of Capital Raised through Public and Rights Issues

Table 10: Capital Raised by Listed Companies from the Primary Market through QIPs

Table 11: Preferential Allotments Listed at BSE and NSE

Table 12: Private Placement of Corporate Debt Reported to BSE and NSE

Table 13: Trading in the Corporate Debt Market

Table 14: Ratings Assigned for Long-term Corporate Debt Securities (Maturity ≥ 1 year)

Table 15: Review of Accepted Ratings of Corporate Debt Securities (Maturity ≥ 1 year)

Table 16: Distribution of Turnover on Cash Segments of Exchanges (` crore)

Table 17: Trends in Cash Segment of BSE

Table 18: Trends in Cash Segment of NSE

Table 19: City-wise Distribution of Turnover on Cash Segments of BSE and NSE

Table 20: Category-wise Share of Turnover in Cash Segment of BSE

Table 21: Category-wise Share of Turnover in Cash Segment of NSE

Table 22: Component Stocks: S&P BSE Sensex during February 2016

Table 23: Component Stocks: CNX Nifty Index during February 2016

Table 24: Advances/Declines in Cash Segment of BSE and NSE

Table 25: Trading Frequency in Cash Segment of BSE and NSE

Table 26: Daily Volatility of Major Indices (percent)

Table 27: Percentage Share of Top ‘N’ Securities/Members in Turnover of Cash Segment (percent)

Table 28: Settlement Statistics for Cash Segment of BSE

Table 29: Settlement Statistics for Cash Segment of NSE

Table 30: Trends in Equity Derivatives Segment at BSE (Turnover in Notional Value)

Table 31: Trends in Equity Derivatives Segment at NSE

Table 32: Settlement Statistics in Equity Derivatives Segment at BSE and NSE (` crore)

Table 33: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSE

Table 34: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE

Table 35: Instrument-wise Turnover in Index Derivatives at BSE

Table 36: Instrument-wise Turnover in Index Derivatives at NSE

Table 37: Trends in Currency Derivatives Segment at NSE

Table 38: Trends in Currency Derivatives Segment at MSEI

Table 39: Trends in Currency Derivatives Segment at BSE

193


Table 40: Settlement Statistics of Currency Derivatives Segment (` crore)

Table 41: Instrument-wise Turnover in Currency Derivatives of NSE

Table 42: Instrument-wise Turnover in Currency Derivative Segment of MSEI

Table 43: Instrument-wise Turnover in Currency Derivative Segment of BSE

Table 44: Maturity-wise Turnover in Currency Derivative Segment of NSE (` crore)

Table 45: Maturity-wise Turnover in Currency Derivative Segment of MSEI (` crore)

Table 46: Maturity-wise Turnover in Currency Derivative Segment of BSE (` crore)

Table 47: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEI

Table 48: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI (` crore)

Table 49: Trends in Foreign Portfolio Investment

Table 50: Notional Value of Offshore Derivative Instruments (ODIs) Vs Assets Under Custody (AUC) of FPIs/Deemed FPIs (` crore)

Table 51: Assets under the Custody of Custodians

Table 52: Trends in Resource Mobilization by Mutual Funds (` crore)

Table 53: Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended (` crore)

Table 54: Scheme-wise Resource Mobilisation and Assets under Management by Mutual Funds (` crore)

Table 55: Number of Schemes and Folios by Investment Objective

Table 56: Trends in Transactions on Stock Exchanges by Mutual Funds (` crore)

Table 57: Asset Under Management by Portfolio Manager

Table 58: Progress Report of NSDL & CDSl as on end of February 2016 (Listed Companies)

Table 59: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)

Table 60: Depository Statistics for February 2016

Table 61: National Commoditiy Exchanges - Permitted Commodities

Table 62: Trends in MCXCOMDEX of MCX

Table 63: Trends in Dhaanya of NCDEX

Table 64: Trends in Commodity Futures at MCX

Table 65: Trends in Commodity Futures at NCDEX

Table 66: Trends in Commodity Futures at NMCE

Table 67: Category-wise Share in Turnover at MCX (percent)

Table 68: Category-wise Share in Turnover at NCDEX (percent)

Table 69: Category-wise Percentage Share of Turnover & Open Interest at MCX

Table 70: Category-wise Percentage Share of Turnover & Open Interest at NCDEX

Table 71: Category-wise Percentage Share of Turnover & Open Interest at NMCE

Table 72: Macro Economic Indicators

N.B.:

1. Na = Not Applicable

2. NA: Not Available

3. 1 crore = 10 million = 100 lakh.

4. The total provided in the Annexure and Statistical Tables may not always match with the sum total of the break-ups

due to decimal differences.

5. The data for the current month is provisional.

194


Table 1: SEBI Registered Market Intermediaries/Institutions

Market Intermediaries 2014-15 2015-16$

Stock Exchanges (Cash Market) 15 5Stock Exchanges (Equity Derivatives Market) 3 3Stock Exchanges (Currency Derivatives Market) 3 3Stock Exchanges (Commodity Derivatives Market) Na 12Brokers (Cash Segment)* 6,147 3,198Corporate Brokers (Cash Segment)* 3,757 2,781Brokers (Equity Derivatives Market) 2,990 2,763Brokers (Currency Derivatives Market) 2,406 1,985Brokers (Debt Segment) 6 6Brokers (Commodity Derivatives Market) Na 144Sub-brokers (Cash Segment)* 42,351 35,550Foreign Portfolio Investors (FPIs) 1,444 3,992Deemed FPIs 6,772 4,694Custodians 19 19Depositories 2 2Depository Participants of NSDL & CDSL 854 856Merchant Bankers 197 189Bankers to an Issue 60 61Underwriters 2 2Debenture Trustees 32 31Credit Rating Agencies 6 7KYC Registration Agency (KRA) 5 5Registrars to an Issue & Share Transfer Agents 72 73Venture Capital Funds 201 200Foreign Venture Capital Investors 204 216Alternative Investment Funds 135 205Portfolio Managers 188 202Mutual Funds 47 47Investment Advisors 271 405Reasearch Analysts 26 246Collective Investment Management Company 1 1Approved Intermediaries (Stock Lending Schemes) 2 2STP (Centralised Hub) 1 1STP Service Providers 2 2

Notes: 1. The Hyderabad Securities and Enterprises Ltd (erstwhile Hyderabad Stock Exchange), Coimbatore Stock Exchange Ltd, Saurashtra

Kutch Stock Exchange Ltd ,Mangalore Stock Exchange, Inter-Connected Stock Exchange of India Ltd, Cochin Stock Exchange Ltd, Bangalore Stock Exchange Ltd , Ludhiana Stock exchange Ltd, Gauhati Stock Exchange Ltd, Bhubaneswar Stock Exchange Ltd, Jaipur Stock Exchange Ltd, OTC Exchange of India , Pune Stock Exchange Ltd, Madras Stock Exchange Ltd, U.P.Stock Exchange Ltd, Madhya Pradesh Stock Exchange Ltd and Vadodara Stock Exchange Ltd have been granted exit by SEBI vide orders dated January 25, 2013, April 3, 2013, April 5, 2013, March 3, 2014, December 08, 2014, December 23, 2014, December 26, 2014, December 30, 2014, January 27, 2015, February 09, 2015, March 23, 2015, March 31, 2015, April 13, 2015, May 14, 2015, June 09, 2015 and November 09, 2015 respectively.

2. SEBI vide order dated September 3, 2007 refused to renew the recognition granted to Magadh Stock Exchange Ltd.3. Stock brokers and Sub-brokers of Inter connected Stock exchange, Cochin Stock Exchange, Bangalore Stock Exchange, and Ludhiana

Stock Exchange, which were granted exit, are excluded.4. SEBI has withdrawn the recognition granted to Delhi Stock Exchange Limited dated November 19, 2014.5. Pursuant to Section 131 of Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated 28th August, 2015

all recognized associations (Commodity derivatives exchanges) under the Forward Contracts (Regulation) Act, 1952 (FCRA) as on September 28, 2015 are deemed to be recognized stock Exchanges under the Securities Contracts (Regulation) Act, 1956 (SCRA).

6. *Stock brokers/sub-brokers pertaining to active stock exchanges.$ indicates as on February 29, 2016.Source: SEBI, NSDL.

195


Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during February 2016

S.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 Teamlease Services Limited 2-Feb-16 IPO (fresh + OFS) Equity 49,84,438 10 840 850 424

2 HI-Tech Pipes Limited 15-Feb-16 IPO (SME) Equity 27,30,000 10 40 50 14

3 Vidli Restaurants Limited 3-Feb-16 IPO (SME) Equity 13,10,000 10 0 10 1

4Quick Heal Technologies Limited

8-Feb-16 IPO (fresh ) Equity 1,40,57,719 10 311 321 451

5 K.P. Energy Limited 15-Feb-16 IPO (SME) Equity 9,20,000 10 60 70 6

6 Sylph Education Solutions Limited 10-Feb-16 IPO (SME) Equity 40,00,000 10 2 12 5

Note:

1. All the issues are compiled from the Prospectus’ of Issuer Companies filed with SEBI.

Source: SEBI.

Table 3: Open Offers under SEBI Takeover Code closed during February 2016

S.No. Target Company Acquirer

Offer

Opening

Date

Offer

Closing

Date

Offer Size Offer

Price

(`) per

share

No. of

Shares

Percent of

Equity

Capital

1 ALSTOM T&D INDIA LTD

GE ENERGY EUROPE B V

1/18/2016 2/1/2016 64011639 25 301.0

2 ALSTOM INDIA LTD GE ENERGY EUROPE B V

1/18/2016 2/1/2016 17479143 26 440.3

3 ADI FINECHEM LTD FIH MAURITIUS INVESTMENTS LTD

1/21/2016 2/4/2016 3586440 26 212.0

4 AROMA ENTERPRISES (INDIA) LTD

MR SNEHAL AJITBHAI PATEL AND MRS MEETA SNEHAL PATEL

2/3/2016 2/16/2016 1269008 26 18.0

5 R&B DENIMS LTD MR AMIT ANAND DALMIA, MR RAJKUMAR BORANA, MR ANKUR BORANA AND MR DEEPAK DALMIA

2/4/2016 2/17/2016 3638619 26 10.0

6 MAHABIR METALLEX LTD

SVP BUILDERS (INDIA) LTD

2/4/2016 2/17/2016 2711644 26 12.0

7 REAL REALTY MANAGEMENT COMPANY LTD

MR DHARM SWETANK PATEL

2/4/2016 2/17/2016 1203180 25 7.5

Source: SEBI.

196

MARCH SEBI BULLETIN 2016T

ab

le 4

: S

ub

stan

tial

Acq

uis

itio

n o

f S

hare

s an

d T

ak

eo

vers

Year/

Mo

nth

Op

en

Off

ers

Ob

jecti

ves

To

tal

Ch

an

ge i

n C

on

tro

l

of M

an

ag

em

en

t

Co

nso

lid

ati

on

of

Ho

ldin

gs

Su

bst

an

tial

Acq

uis

itio

nN

o.

of o

ffers

Am

ou

nt

(` c

rore

)N

o.

of o

ffers

Am

ou

nt

(` c

rore

)N

o.

of o

ffers

Am

ou

nt

(` c

rore

)N

o.

of o

ffers

Am

ou

nt

(` c

rore

)2014

-15

51

5,4

42

111

,449

8350

60

17,2

41

2015

-16$

57

6,2

76

62,8

47

62,0

50

69

11,1

74

Apr

-15

190

00

139

82

489

May

-15

518

00

00

518

Jun-

159

233

00

119

1025

3Ju

l-15

23

00

00

23

Aug

-15

824

30

01

19

244

Sep-

154

21

0.3

00

52

Oct

-15

347

00

21,

629

51,

677

Nov

-15

415

02

41

37

157

Dec

-15

51,

909

22,

839

00

74,

749

Jan-

169

3,53

90

00

09

3,53

9Fe

b-16

740

14

00

844

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.

So

urc

e:

SE

BI.

Tab

le 5

: C

ap

ital

Rais

ed

fro

m t

he P

rim

ary

Mark

et

thro

ug

h t

ho

ug

h P

ub

lic a

nd

Rig

hts

Iss

ues

Year/

Mo

nth

To

tal

Cate

go

ry-w

ise

Issu

e-t

yp

eIn

stru

men

t-w

ise

Pu

bli

cR

igh

ts L

iste

dIP

Os

Eq

uit

ies

CC

PS

/F

CD

s*D

ebt

At

Par

At

Pre

miu

mN

o.

of

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)

No

. o

f

issu

es

Am

ou

nt

(` c

rore

)2014

-15

88

19,2

02

70

12,4

53

186,7

50

42

15,8

92

46

3,3

118

49

55

8,7

40

11,

000

24

9,41

32015

-16$

87

45,4

38

76

36,6

53

118,7

85

28

31,

859

59

13,5

79

10666

60

21,

698

00

1723,0

73

Apr

-15

79,

600

52,

102

27,

498

48,

208

31,

392

00

58,

890

00

271

0M

ay-1

52

493

249

30

00

02

493

00

249

30

00

0Ju

n-15

943

99

439

00

00

943

92

77

432

00

00

Jul-1

58

884

778

41

100

226

46

619

00

771

90

01

164

Aug

-15

102,

141

102,

141

00

122

89

1,91

30

09

1,91

30

01

228

Sep-

1514

910

1174

83

162

486

210

481

512

205

00

170

0O

ct-1

510

7,71

58

6,92

42

791

62,

991

44,

724

00

65,

515

00

42,

200

Nov

-15

331

12

231

180

231

01

11

801

10

01

230

Dec

-15

817

,162

817

,162

00

214

,532

62,

630

00

62,

630

00

214

,532

Jan-

168

6,36

16

6,20

72

154

55,

942

341

95

573

00

00

35,

789

Feb-

168

2,81

38

2,81

30

02

1,91

16

901

11

590

00

02

1,91

1

No

te:

1.

T

he t

ota

l p

rovid

es

cate

go

ry-w

ise t

ota

l o

f a

ny o

f t

he t

hre

e s

ub

-cate

go

ries

viz

. p

ub

lic p

lus

rig

hts

or

issu

er-

typ

e(l

iste

d p

lus

IPO

s) o

r in

stru

men

t-w

ise (

eq

uit

ies

plu

s

CC

PS

/F

CD

s p

lus

deb

t).

2.

A

mo

un

t fo

r p

ub

lic d

ebt

issu

e f

or

last

tw

o m

on

ths

is p

rovis

ion

al.

3.

A

ll t

he I

ssu

es

are

co

mp

iled

fro

m t

he P

rosp

ectu

s’ o

f I

ssu

er

Co

mp

an

ies

file

d w

ith

SE

BI.

4.

* C

CP

S:

Co

mp

uls

ory

Co

nve

rtib

le P

refe

ren

ce S

hare

s, F

CD

s: F

ull

y C

on

vert

ible

Deb

en

ture

s.

5.

E

qu

ity p

ub

lic i

ssu

es

als

o i

nclu

des

issu

es

list

ed

on

SM

E p

latf

orm

.

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.

So

urc

e:

SE

BI.

197


Table 6: Issues Listed on SME Platform

Year/ MonthTotal

No. of issue Amount (` crore)

2014-15 39 278

2015-16$ 38 313

Apr-15 0 0May-15 1 5Jun-15 8 39Jul-15 5 69Aug-15 3 21Sep-15 10 48Oct-15 1 58Nov-15 1 1Dec-15 3 37Jan-16 2 9Feb-16 4 26

$ indicates as on February 29, 2016.

Source: SEBI

Table 7: Industry-wise Classification of Capital Raised through Public and Rights Issues

Industry

2014-15 2015-16$ Feb-16

No. of issueAmount

(`crore)No. of issue

Amount

(`crore)No. of issue

Amount

(`crore)

Banking/FIs 5 901 0 0 0 0Cement & Construction 7 2,035 5 1,147 0 0Chemical 1 8 1 70 0 0Electronics 1 33 0 0 0 0Engineering 1 525 2 373 0 0Entertainment 6 884 2 21 0 0Finance 30 9,728 14 7,599 1 200Food Processing 2 25 1 400 0 0Health Care 0 0 4 1,249 0 0Information Technology 3 137 3 460 1 451Paper & Pulp 0 0 0 0 0 0Plastic 2 8 2 104 0 0Power 0 0 3 1,406 1 6Printing 0 0 1 3 0 0Telecommunication 1 175 0 0 0 0Textile 3 388 4 88 0 0Others 26 4,357 45 32,516 5 2,155Total 88 19,202 87 45,437 8 2,813


Source: SEBI.

198


ab

le 8

: S

ecto

r-w

ise a

nd

Reg

ion

-wis

e D

istr

ibu

tio

n o

f C

ap

ital

Mo

bil

ised

th

rou

gh

Pu

bli

c a

nd

Rig

hts

Iss

ues

Year/

Mo

nth

To

tal

Secto

r-w

ise

Reg

ion

-wis

e

Pri

vate

Pu

bli

c N

ort

hern

East

ern

West

ern

So

uth

ern

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

2014

-15

88

19,2

02

70

11,0

99

188,1

02

183,6

29

6519

35

5,5

51

27

8,9

93

2015

-16$

87

45,4

37

70

22,3

64

1723,0

74

1724,8

33

4584

45

14,2

47

21

5,7

76

Apr

-15

79,

600

58,

890

271

01

600

141

03

7,82

22

768

May

-15

249

32

493

00

249

30

00

00

0Ju

n-15

943

99

439

00

15

12

542

92

3Ju

l-15

888

37

719

116

40

01

167

516

72

552

Aug

-15

102,

141

91,

913

122

80

00

07

1,48

33

658

Sep-

1514

910

1321

01

700

270

51

59

872

111

Oct

-15

107,

715

65,

515

42,

200

34,

409

00

41,

356

31,

950

Nov

-15

331

12

811

230

00

00

281

123

0D

ec-1

58

17,1

626

2,63

02

14,5

324

15,1

730

02

1,37

22

617

Jan-

168

6,36

15

573

35,

789

25,

095

00

356

23

704

Feb-

168

2,81

36

901

21,

911

21,

725

00

588

71

200

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.

So

urc

e:

SE

BI.

Tab

le 9

: S

ize-w

ise C

lass

ific

ati

on

of C

ap

ital

Rais

ed

th

rou

gh

Pu

bli

c a

nd

Rig

hts

Iss

ues

Year/

Mo

nth

To

tal

< 5

cro

re≥

5cro

re -

< 1

0cro

re ≥

10 c

rore

- <

50

cro

re

≥ 5

0 c

rore

- <

100

cro

re ≥

100 c

rore

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

No

. o

f

issu

e

Am

ou

nt

(`cro

re)

2014

-15

88

19,2

02

23

75

1189

11227

210

941

18,7

02

2015

-16$

87

45,4

38

23

67

955

714

06

417

42

44,7

58

Apr

-15

79,

600

00

00

00

00

79,

600

May

-15

249

31

50

00

00

01

488

Jun-

159

439

617

15

117

00

140

0Ju

l-15

888

32

61

62

580

03

814

Aug

-15

102,

141

26

00

116

170

62,

050

Sep-

1514

910

618

422

111

215

91

700

Oct

-15

107,

715

00

00

00

210

88

7,60

7N

ov-1

53

311

11

00

00

180

123

0D

ec-1

58

17,1

621

41

91

240

05

17,1

25Ja

n-16

86,

361

25

17

00

00

56,

349

Feb-

168

2,81

32

61

61

140

04

2,78

6

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.

So

urc

e:

SE

BI.

199


Table 10: Capital Raised by Listed Companies from the Primary Market through QIPs

Year/ Month

NSE BSE Common Total

No. of issuesAmount

(`crore)No. of issues

Amount


Amount


Amount

(`crore)2014-15 2 725 8 2,326 41 1 26,051 51 1 29,1022015-16$ 0 0 7 1,494 17 13,093 24 14,588Apr-15 0 0 4 1,032 0 0 4 1,032May-15 0 0 2 401 1 325 3 726Jun-15 0 0 0 0 2 1,507 2 1,507Jul-15 0 0 1 62 4 4,762 5 4,824Aug-15 0 0 0 0 2 231 2 231Sep-15 0 0 0 0 2 4,338 2 4,338Oct-15 0 0 0 0 0 0 0 0Nov-15 0 0 0 0 1 409 1 409Dec-15 0 0 0 0 3 1,288 3 1,288Jan-16 0 0 0 0 1 83 1 83Feb-16 0 0 0 0 1 150 1 150

Notes: 1. The above data includes both “no. of issues” and “Amount” raised on conversion of convertible securities issued on QIP

basis.

2.1 Includes one issue of Institutional Placement Programme (Issue Size of `418.3 crore).


Source: BSE and NSE.

Table 11: Preferential Allotments Listed at BSE and NSE

Year/

Month

NSE BSE Common Total

No.of

issues

Amount

(`crore)

No.of

issues

Amount

(`crore)

No.of

issues

Amount

(`crore)

No.of

issues

Amount

(`crore)2014-15 206 4,407 75 5,984 186 19,569 419 28,2602015-16$ 134 1,892 21 951 166 45,344 321 48,187Apr-15 12 49 2 54 23 10,382 37 10,485May-15 7 78 1 24 22 5,305 30 5,407Jun-15 20 110 2 15 16 1,381 38 1,506Jul-15 19 166 2 23 10 469 31 658Aug-15 10 87 0 0 8 1,701 18 1,788Sep-15 16 151 1 389 17 491 34 1,031Oct-15 7 421 1 0 15 15,962 23 16,382Nov-15 9 124 6 341 14 4,439 29 4,903Dec-15 10 50 4 48 10 480 24 579Jan-16 12 512 2 57 15 3,370 29 3,939Feb-16 12 145 0 0 16 1,365 28 1,510



Table 12: Private Placement of Corporate Debt Reported to BSE and NSE

Year/

Month

NSE BSE Common TotalNo. of

Issues

Amount (`crore)

No. of

Issues

Amount (`crore)

No. of

Issues

Amount (`crore)

No. of

Issues

Amount (`crore)

2014-15 1,094 1,69,726 1,386 1,17,949 131 1,16,461 2,611 4,04,1372015-16$ 1,112 1,79,124 1,447 1,42,738 150 92,761 2,709 4,14,624Apr-15 175 37,968 186 31,282 17 15,556 378 84,807May-15 134 9,349 113 8,193 4 3,150 251 20,692Jun-15 170 20,184 109 11,692 4 4,250 283 36,125Jul-15 150 15,059 170 9,401 5 3,460 325 27,920Aug-15 109 15,565 153 16,186 10 14,814 272 46,564Sep-15 64 7,872 124 8,264 11 10,476 199 26,612Oct-15 77 18,782 128 14,614 9 10,535 214 43,931Nov-15 49 9,518 80 6,940 4 8,160 133 24,618Dec-15 80 16,054 131 6,633 5 7,465 216 30,152Jan-16 59 20,144 113 15,059 7 4,190 179 39,393Feb-16 45 8,631 140 14,475 74 10,705 259 33,810


Source: SEBI

200


ab

le 1

3:

Tra

din

g i

n t

he C

orp

ora

te D

ebt

Mark

et

Year/

Mo

nth

BS

EN

SE

MS

EI

No

. o

f T

rad

es

Tra

ded

Valu

e(`

cro

re)

No

. o

f T

rad

es

Tra

ded

Valu

e(`

cro

re)

No

. o

f T

rad

es

Tra

ded

Valu

e(`

cro

re)

2014

-15

17,7

102,0

4,5

06

58,0

73

8,8

6,7

88

81

2015

-16$

15,0

96

1,89,7

47

47,0

75

7,2

4,9

180

0

Apr

-15

1,51

819

,360

5,05

174

,699

00

May

-15

1,45

318

,934

4,51

961

,135

00

Jun-

151,

552

18,1

024,

613

65,0

020

0Ju

l-15

1,37

618

,471

4,50

964

,378

00

Aug

-15

1,29

118

,762

4,31

269

,803

00

Sep-

151,

198

16,9

164,

471

68,8

980

0O

ct-1

51,

784

22,5

284,

637

79,0

150

0N

ov-1

51,

132

14,6

723,

263

56,9

000

0D

ec-1

51,

165

14,1

354,

096

65,6

700

0Ja

n-16

1,27

413

,323

3,58

551

,820

00

Feb-

161,

353

14,5

434,

019

67,5

990

0

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.S

ou

rce:

SE

BI

Tab

le 1

4:

Rati

ng

s A

ssig

ned

fo

r L

on

g-t

erm

Co

rpo

rate

Deb

t S

ecu

riti

es

(Matu

rity

≥ 1

year)

G

rad

e

Peri

od

Inve

stm

en

t G

rad

eN

on

-In

vest

men

t G

rad

eT

ota

lH

igh

est

Safe

ty (

AA

A)

Hig

h S

afe

ty (

AA

)A

deq

uate

Safe

ty (

A)

Mo

dera

te S

afe

ty (

BB

B)

No

. o

f

issu

eA

mo

un

t

(` c

rore

)N

o.

of i

ssu

eA

mo

un

t (`

cro

re)

No

. o

f

issu

eA

mo

un

t (`

cro

re)

No

. o

f

issu

eA

mo

un

t (`

cro

re)

No

. o

f

issu

eA

mo

un

t (`

cro

re)

No

. o

f

issu

eA

mo

un

t (`

cro

re)

2014

-15

201

7,1

4,3

60

354

2,5

3,5

55

246

52,2

27

292

28,6

55

703

30,7

111,

796

10,7

9,5

08

2015

-16$

157

9,7

1,616

272

1,70,4

26

197

36,2

59

139

5,6

68

90

7,9

78

799

11,9

4,0

11

Apr

-15

153,

14,1

9512

10,9

298

1,42

65

257

234

242

3,27

,148

May

-15

111,

01,6

8222

10,9

9818

3,48

18

208

71,

624

661,

20,1

14Ju

n-15

151,

04,2

6424

34,5

0221

5,18

116

682

718

683

1,44

,815

Jul-1

515

44,1

4338

10,9

9830

5,04

911

1,22

77

383

101

61,8

00A

ug-1

512

31,5

0140

18,6

3324

7,96

57

523

960

992

59,2

31Se

p-15

251,

70,0

2527

12,3

4312

930

2284

89

1,14

095

1,85

,286

Oct

-15

1175

,888

2410

,815

141,

147

738

09

1,08

765

89,3

16N

ov-1

57

8,35

011

7,95

65

503

130

577

729

17,6

16D

ec-1

523

13,4

5528

15,5

7531

3,55

127

266

1844

7132

,836

Jan-

164

5,13

820

9,36

37

662

316

16

236

4015

,561

Feb-

1619

1,02

,975

2628

,313

276,

363

321,

086

111,

549

115

1,40

,286

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.S

ou

rce:

Cre

dit

Rati

ng

Ag

en

cie

s.

201


ab

le 1

5:

Revie

w o

f A

ccep

ted

Rati

ng

s o

f C

orp

ora

te D

ebt

Secu

riti

es

(Matu

rity

≥ 1

year)

G

rad

e

Peri

od

Up

gra

ded

Do

wn

gra

ded

Reaff

irm

ed

Rati

ng

Watc

hW

ith

dra

wn

/

Su

spen

ded

To

tal

No

. o

f

issu

e

Am

ou

nt

(` c

rore

)

No

. o

f

issu

e

Am

ou

nt

(` c

rore

)

No

. o

f

issu

e

Am

ou

nt

(` c

rore

)

No

. o

f

issu

e

Am

ou

nt

(` c

rore

)

No

. o

f

issu

e

Am

ou

nt

(` c

rore

)

No

. o

f

issu

e

Am

ou

nt

(` c

rore

)

2014

-15

464

1,87,4

43

206

1,03,2

03

1,930

59,4

7,1

39

50

60,7

43

451

65,8

43

3,1

01

63,6

4,3

71

2015

-16$

340

96,0

23

262

2,2

5,7

95

1,641

59,5

9,8

20

37

23,0

36

410

1,05,4

95

2,6

35

64,1

0,3

47

Apr

-15

498

56

3,95

565

6,70

,671

00

176,

059

926,

81,6

70

May

-15

7713

,668

393,

173

416,

14,4

1411

6,74

024

4,09

219

26,

42,0

87

Jun-

1512

24,7

2415

8,79

026

58,

00,7

302

1,58

041

8,98

333

58,

44,8

07

Jul-1

538

31,1

8723

17,0

4211

34,

92,8

912

1,30

047

12,3

2922

35,

54,7

49

Aug

-15

4812

,999

94,

997

195

3,25

,509

150

039

4,00

429

23,

48,0

09

Sep-

1542

5,92

983

39,8

6856

813

,41,

821

31,

400

568,

216

752

13,9

7,23

3

Oct

-15

462,

119

1115

,087

812,

57,8

211

1069

48,1

8420

83,

23,2

22

Nov

-15

51,

914

1620

,129

812,

57,9

831

1,28

013

1,35

711

62,

82,6

63

Dec

-15

3065

817

4,03

010

311

4,47

614

1430

1,75

713

91,

21,1

14

Jan-

161

100

1023

,092

4119

5,83

52

10,2

1210

802

642,

30,0

41

Feb-

1637

1,73

833

85,6

3288

8,87

,670

00

649,

711

222

9,84

,752

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.S

ou

rce:

Cre

dit

Rati

ng

Ag

en

cie

s.

Tab

le 1

6:

Dis

trib

uti

on

of T

urn

ove

r o

n C

ash

Seg

men

ts o

f E

xch

an

ges

(` c

rore

)

Sto

ck

Exch

an

ges

2014

-15

2015

-16$

Feb

-16

Ahm

edab

ad0

00

BSE

8,54

,845

6,78

,316

57,1

58

Cal

cutt

a0

00

MSE

I0.

317

813

NSE

43,2

9,65

538

,80,

035

3,45

,646

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.

So

urc

e:

Exch

an

ges.

202


ab

le 1

7:

Tre

nd

s in

Cash

Seg

men

t o

f B

SE

Year/

Mo

nth

No

. o

f

Co

mp

an

ies

Lis

ted

No

. o

f

Co

mp

an

ies

Perm

itte

d*

No

. o

f

co

mp

an

ies

trad

ed

No

. o

f

Tra

din

g

Days

No

. o

f

Tra

des

(Lak

h)

Tra

ded

Q

uan

tity

(L

ak

h)

Tu

rno

ver

(` c

rore

)

Ave

rag

e

Dail

y

Tu

rno

ver

(` c

rore

)

Ave

rag

e

Tra

de S

ize

(`)

Dem

at

Secu

riti

es

Tra

ded

(L

ak

h)

Dem

at

Tu

rno

ver

(` c

rore

)

Mark

et

C

ap

itali

sati

on

(`

cro

re)

S&

P B

SE

Sen

sex

Hig

hL

ow

Clo

se

2014

-15

5,6

24

93

2,8

18243

7,1

118,5

6,7

55

8,5

4,8

45

3,5

1812

,021

8,5

6,7

55

8,5

4,8

42

1,01,

49,2

90

30,0

25

22,1

98

27,9

57

2015

-16$

5,8

83

53

2,6

13227

3,8

26

7,0

3,4

92

6,7

8,3

162,9

88

17,7

28

7,0

3,4

93

6,7

8,3

1685,8

3,1

45

29,0

95

22,4

95

23,0

02

Apr

-15

5,65

093

2,80

819

539

65,2

5067

,421

3,54

812

,516

65,2

5067

,421

99,6

8,01

529

,095

26,8

9827

,011

May

-15

5,67

293

2,78

520

326

48,3

2760

,605

3,03

018

,586

48,3

2760

,605

1,03

,26,

686

28,0

7126

,424

27,8

28Ju

n-15

5,68

893

2,80

122

292

55,6

7760

,370

2,74

420

,695

55,6

7760

,370

1,01

,43,

511

27,9

6926

,307

27,7

81Ju

l-15

5,72

593

2,98

423

375

70,9

9070

,254

3,05

518

,759

70,9

9070

,254

1,04

,79,

396

28,5

7827

,416

28,1

15A

ug-1

55,

752

932,

755

2139

373

,699

73,8

223,

515

18,7

9873

,699

73,8

2298

,27,

930

28,4

1825

,298

26,2

83Se

p-15

5,76

383

2,75

820

275

48,2

6054

,426

2,72

119

,795

48,2

6054

,426

96,4

8,12

226

,472

24,8

3426

,155

Oct

-15

5,78

864

2,79

120

311

61,3

0558

,143

2,90

718

,668

61,3

0558

,143

98,3

3,35

927

,618

26,1

6926

,657

Nov

-15

5,80

664

2,89

819

286

64,9

9350

,799

2,67

417

,741

64,9

9350

,799

98,8

8,22

726

,824

25,4

5126

,146

Dec

-15

5,83

564

2,89

122

351

84,5

9861

,741

2,80

617

,615

84,5

9861

,741

1,00

,37,

734

26,2

5624

,868

26,1

18Ja

n-16

5,85

953

2,76

620

360

72,5

2463

,576

3,17

917

,640

72,5

2563

,576

93,9

2,13

326

,197

23,8

4024

,871

Feb-

165,

883

532,

613

2131

957

,868

57,1

582,

722

17,9

1657

,868

57,1

5885

,83,

145

25,0

0222

,495

23,0

02

No

te:

* E

xclu

des

Mu

tual

Fu

nd

Sch

em

es

fro

m F

eb 2

013

. 2.

Mark

et

cap

itali

sati

on

pert

ain

s to

th

e n

um

ber

of c

om

pan

ies

trad

ed

.$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.S

ou

rce:

BS

E .

Tab

le 1

8:

Tre

nd

s in

Cash

Seg

men

t o

f N

SE

Year/

M

on

th

No

. o

f

Co

mp

an

ies

Lis

ted

No

. o

f

Co

mp

an

ies

Perm

itte

d

No

. o

f

Co

mp

an

ies

Tra

ded

No

. o

f

Tra

din

g

Days

No

. o

f

Tra

des

(Lak

h)

Tra

ded

Q

uan

tity

(L

ak

h)

Tu

rno

ver

(`cro

re)

Ave

rag

e

Dail

y

Tu

rno

ver

(` c

rore

)

Ave

rag

e

Tra

de S

ize

(`)

Dem

at

Secu

riti

es

Tra

ded

(L

ak

h)

Dem

at

Tu

rno

ver

(` c

rore

)

Mark

et

Cap

itali

sati

on

(`

cro

re)

CN

X N

ifty

In

dex

Hig

hL

ow

Clo

se

2014

-15

1,733

41,

514

243

18,3

28

23,6

1,779

43,2

9,6

55

17,8

1823,6

23

23,6

1,779

43,2

9,6

55

99,3

0,1

22

9,1

196,6

39

8,4

91

2015

-16$

1,800

41,

550

227

16,9

98

20,1

5,8

24

38,8

0,0

35

17,0

93

22,8

27

20,1

5,8

24

38,8

0,0

35

84,2

2,8

57

8,8

45

6,8

26

6,9

87

Apr

-15

1,74

04

1,51

819

1,50

61,

62,6

633,

79,3

4919

,966

25,1

901,

62,6

6337

9,34

996

,86,

324

8,84

58,

145

8,18

2M

ay-1

51,

749

41,

519

201,

453

1,52

,936

3,61

,935

18,0

9724

,918

1,52

,936

3,61

,935

1,00

,20,

665

8,49

07,

997

8,43

4Ju

n-15

1,75

04

1,51

722

1,52

51,

77,7

743,

33,2

8915

,150

21,8

511,

77,7

743,

33,2

8998

,49,

076

8,46

77,

940

8,36

9Ju

l-15

1,75

64

1,52

123

1,74

31,

96,7

773,

83,4

8416

,673

22,

007

1,96

,777

3,83

,484

1,01

,68,

561

8,6

55 8

,315

8,53

3A

ug-1

51,

772

41,

574

211,

862

2,15

,821

4,19

,932

19,9

97 2

2,54

92,

15,8

214,

19,9

3295

,29,

070

8,6

22 7

,667

7,97

1Se

p-15

1,77

94

1,53

520

1,49

71,

64,1

073,

28,4

1216

,421

21,

943

1,64

,107

3,28

,412

94,9

1,60

9 8

,055

7,5

407,

949

Oct

-15

1,78

14

1,53

420

1,46

31,

79,0

603,

33,8

0116

,690

22,

816

1,79

,060

3,33

,801

96,5

4,11

4 8

,336

7,9

318,

066

Nov

-15

1,78

64

1,54

119

1,31

61,

63,7

083,

07,1

5016

,166

23,

336

1,63

,708

3,07

,150

96,7

5,66

9 8

,116

7,7

147,

935

Dec

-15

1,79

44

1,54

922

1,48

01,

98,4

673,

34,9

5415

,225

22,

631

1,98

,467

3,34

,954

98,3

1,65

8 7

,979

7,5

517,

946

Jan-

161,

797

41,

548

201,

552

2,09

,339

3,52

,084

17,6

04 2

2,68

42,

09,3

393,

52,0

8492

,09,

386

7,9

73 7

,242

7,56

4Fe

b-16

1,80

04

1,55

021

1,60

11,

95,1

723,

45,6

4616

,459

21,

590

1,95

,172

3,45

,646

84,2

2,85

7 7

,600

6,8

266,

987

No

tes:

1.

Dem

at

turn

ove

r in

clu

des

turn

ove

r o

f a

ll s

ecu

riti

es

wh

ich

are

ava

ilab

le f

or

trad

ing

in

Dem

at

mo

de.

2.

Mark

et

cap

itali

sati

on

pert

ain

s to

th

e n

um

ber

of c

om

pan

ies

trad

ed

.$ i

nd

icate

s as

on

Feb

ruary

29,

2016

.S

ou

rce:

NS

E

203


Table 19: City-wise Distribution of Turnover on Cash Segments of BSE and NSE

(Percentage share in Turnover)

S.No.City BSE NSE

Stock Exchange/City 2014-15 Feb-16 2014-15 Feb-16

1 Ahmedabad 5.5 3.6 3.5 2.8 2 Bengaluru 0.3 0.3 1.7 6.6 3 Vadodra 0.7 1.1 0.4 0.3 4 Bhubneshwar 0.0 0.0 0.0 0.0 5 Chennai 0.6 1.0 1.4 1.1 6 Ernakulum 0.2 0.2 1.4 1.2 7 Coimbatore 0.0 0.0 0.2 0.1 8 New Delhi 4.4 3.4 9.4 7.9 9 Guwahati 0.1 0.1 0.0 0.0 10 Hyderabad 0.3 0.3 4.5 4.1 11 Indore 0.5 0.4 0.5 0.3 12 Jaipur 0.9 0.6 0.5 0.4 13 Kanpur 0.7 0.4 0.1 0.1 14 Kolkata 6.8 8.5 6.6 5.6 15 Ludhiana 0.1 0.1 0.1 0.1 16 Mangalore 0.0 0.0 0.0 0.0 17 Mumbai 56.9 50.9 59.2 54.7 18 Patna 0.1 0.1 0.0 0.0 19 Pune 0.5 0.4 0.2 0.2 20 Rajkot 3.3 2.4 1.0 1.2 21 Others 18.1 26.3 9.2 13.4

Total 100.0 100.0 100.0 100.0

Note: The city-wise distribution of turnover is based on the cities uploaded in the UCC database of the Exchange for clientele trades

and member’s registered offi ce city for proprietary trades.


Table 20: Category-wise Share of Turnover in Cash Segment of BSE

MonthPercentage Share in Turnover

Proprietary FPI Mutual Funds Banks Others

Jan-15 19.3 22.0 2.6 0.1 56.1Feb-15 20.7 19.6 2.5 0.1 57.2Mar-15 17.9 21.5 2.9 0.3 57.4Apr-15 17.8 23.8 2.9 0.1 55.4May-15 17.2 26.2 3.0 0.0 53.6Jun-15 17.6 21.8 3.3 0.0 57.3Jul-15 18.4 15.6 2.8 0.0 63.3Aug-15 19.6 14.8 2.8 0.1 62.8Sep-15 19.3 18.4 4.0 0.0 58.3Oct-15 19.3 12.1 4.1 0.4 64.0Nov-15 20.2 11.7 2.9 0.2 64.9Dec-15 19.9 10.4 3.1 0.1 66.5Jan-16 20.7 13.5 4.0 0.0 61.8Feb-16 20.7 18.0 3.2 0.0 58.0

Source: BSE.

204


Table 21: Category-wise Share of Turnover in Cash Segment of NSE

MonthPercentage Share in Turnover

Proprietary FPI Mutual Funds Banks Others

Jan-15 19.6 21.5 4.5 0.6 53.8Feb-15 21.2 20.0 4.6 0.6 53.7Mar-15 20.2 23.1 4.6 0.5 51.6Apr-15 22.2 21.1 4.6 0.4 51.8May-15 19.2 27.8 5.1 0.5 47.5Jun-15 20.2 23.6 5.7 0.5 50.0Jul-15 20.6 20.9 4.9 0.6 53.1Aug-15 21.8 23.5 5.2 0.6 48.9Sep-15 22.5 23.2 5.3 0.5 38.5Oct-15 21.3 21.4 5.5 0.5 51.2Nov-15 20.5 22.8 5.6 0.4 50.6Dec-15 19.7 18.9 5.8 0.3 55.2Jan-16 22.2 19.6 6.0 0.3 52.3Feb-16 22.9 20.0 5.8 0.2 51.3

Source: NSE.

Table 22: Component Stocks: S&P BSE Sensex during February 2016

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 INFOSYS LTD 1,148 2,16,570 10.4 0.6 0.0 4.7 -7.0 0.22 HDFC BANK 505 1,91,391 9.2 0.8 0.6 1.1 -7.3 0.13 HDFC 316 1,67,526 8.1 1.2 0.5 1.8 -9.9 0.24 ITC LTD. 804 1,66,320 8.0 0.8 0.3 1.5 -7.4 0.35 RELIANCE 3,240 1,59,666 7.7 1.2 0.5 1.8 -6.6 0.36 TCS LTD. 197 1,11,781 5.4 0.6 0.2 1.2 -8.8 0.27 ICICI BANK 1,163 1,10,425 5.3 1.4 0.5 2.0 -17.4 0.48 SUN PHARMA. 241 92,590 4.5 0.9 0.2 2.3 -2.1 0.39 LARSEN & TOU 186 88,441 4.3 1.2 0.5 1.8 -2.1 0.410 AXIS BANK 476 63,366 3.1 1.4 0.5 2.2 -8.1 0.311 HIND UNI LT 216 59,253 2.9 0.6 0.2 1.5 1.6 0.212 TATA MOTORS 575 57,214 2.8 1.5 0.4 2.5 -10.8 0.413 MAH & MAH 311 56,385 2.7 1.0 0.4 1.8 -0.5 0.314 STATE BANK 776 50,415 2.4 1.4 0.5 2.1 -12.0 0.515 BHARTI ARTL 1,999 44,316 2.1 0.6 0.1 1.8 9.3 0.216 MARUTISUZUK 151 43,099 2.1 0.8 0.3 1.6 -20.9 0.317 LUPIN LTD. 90 41,826 2.0 0.7 0.2 2.0 2.4 0.318 COAL INDIA 6,316 39,313 1.9 0.9 0.2 1.9 -2.8 0.319 DR.REDDY'S 85 38,766 1.9 0.8 0.2 2.1 -2.3 0.320 ASIAN PAINTS 96 38,255 1.8 0.9 0.3 1.7 -2.3 0.221 ONGC CORPN 4,278 34,873 1.7 1.3 0.4 2.2 -14.2 0.322 WIPRO LTD. 494 33,390 1.6 0.6 0.2 1.4 -7.4 0.223 HEROMOTOCO 40 30,448 1.5 0.8 0.3 1.5 -2.5 0.224 BAJAJ AUTO 289 29,926 1.4 0.9 0.3 1.8 -6.0 0.225 CIPLA LTD. 161 26,057 1.3 1.0 0.4 1.8 -12.1 0.226 NTPC LTD 8,245 24,675 1.2 0.9 0.3 1.8 -15.8 0.227 ADANI PORTS 414 17,869 0.9 1.3 0.4 2.3 -7.8 0.428 TATA STEEL 971 16,693 0.8 1.6 0.4 2.7 -0.4 0.529 GAIL (I) LTD 1,268 14,294 0.7 1.1 0.3 2.2 -17.0 0.230 BHEL 490 8,250 0.4 1.3 0.3 2.4 -34.4 0.5

Notes: 1. Beta & R2 are calculated for the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole.

2. The coeffi cient 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.

205


Table 23: Component Stocks: CNX Nifty Index during February 2016

S.No. Name of Security

Issued

Capital

(` crore)

Free Float

Market

Capitalisation

(` crore)

Weightage

(Percent)Beta R2

Daily

Volatility

(Percent)

Monthly

Return

(Percent)

Impact

Cost

(Percent)

1 Infosys Ltd. 1,148 2,16,630 8.7 0.8 0.2 1.6 -6.9 0.02 HDFC Bank Ltd. 505 1,91,489 7.7 0.8 0.6 1.3 -7.4 0.03 Housing Development Finance Corporation Ltd. 316 1,67,410 6.7 1.2 0.5 1.6 -10.1 0.04 I T C Ltd. 804 1,66,356 6.7 0.8 0.3 1.6 -7.7 0.05 Reliance Industries Ltd. 3,240 1,59,712 6.4 1.2 0.5 1.9 -6.6 0.06 Tata Consultancy Services Ltd. 197 1,15,809 4.6 0.6 0.2 1.5 -9.0 0.07 ICICI Bank Ltd. 1,163 1,10,477 4.4 1.4 0.5 2.7 -17.4 0.08 Sun Pharmaceutical Industries Ltd. 241 92,477 3.7 0.9 0.2 2.1 -2.2 0.09 Larsen & Toubro Ltd. 186 88,183 3.5 1.2 0.5 2.8 -2.3 0.010 Kotak Mahindra Bank Ltd. 917 64,718 2.6 1.1 0.5 2.0 -7.8 0.111 Axis Bank Ltd. 476 62,614 2.5 1.4 0.5 2.8 -8.0 0.012 Hindustan Unilever Ltd. 216 59,297 2.4 0.6 0.2 1.8 1.7 0.013 Tata Motors Ltd. 577 57,975 2.3 1.5 0.4 3.7 -11.0 0.014 Mahindra & Mahindra Ltd. 311 56,445 2.3 1.1 0.4 2.0 -0.4 0.015 State Bank of India 776 49,294 2.0 1.4 0.5 3.4 -11.8 0.016 HCL Technologies Ltd. 282 45,862 1.8 0.8 0.2 2.0 -6.1 0.017 Bharti Airtel Ltd. 1,999 42,880 1.7 0.6 0.1 1.6 8.8 0.018 Maruti Suzuki India Ltd. 151 43,018 1.7 0.8 0.3 2.0 -21.0 0.019 Lupin Ltd. 90 41,896 1.7 0.7 0.2 2.8 2.6 0.020 IndusInd Bank Ltd. 595 40,476 1.6 1.1 0.5 1.6 -10.6 0.021 Coal India Ltd. 6,316 39,288 1.6 0.9 0.2 2.7 -2.8 0.022 Asian Paints Ltd. 96 38,144 1.5 0.9 0.3 1.7 -2.7 0.023 Dr. Reddy's Laboratories Ltd. 85 38,333 1.5 0.8 0.2 2.1 -2.2 0.024 Oil & Natural Gas Corporation Ltd. 4,278 34,873 1.4 1.2 0.4 3.4 -14.2 0.025 Wipro Ltd. 494 33,418 1.3 0.6 0.2 1.3 -7.6 0.026 Hero MotoCorp Ltd. 40 31,450 1.3 0.8 0.3 1.7 -2.6 0.027 Bajaj Auto Ltd. 289 30,574 1.2 0.9 0.3 1.7 -6.0 0.028 Power Grid Corporation of India Ltd. 5,232 28,575 1.1 0.6 0.2 2.0 -12.0 0.029 UltraTech Cement Ltd. 274 28,112 1.1 1.0 0.4 1.6 -2.5 0.030 Cipla Ltd. 161 26,022 1.0 1.0 0.4 2.0 -12.1 0.031 Tech Mahindra Ltd. 484 25,726 1.0 0.6 0.1 1.7 -17.1 0.032 NTPC Ltd. 8,245 24,633 1.0 0.9 0.3 2.2 -16.1 0.033 Yes Bank Ltd. 420 22,569 0.9 1.5 0.5 2.2 -7.7 0.034 Grasim Industries Ltd. 93 21,430 0.9 0.7 0.4 1.2 -1.9 0.135 Zee Entertainment Enterprises Ltd. 96 20,385 0.8 1.2 0.4 2.4 -11.4 0.036 Bharat Petroleum Corporation Ltd. 723 20,024 0.8 0.9 0.2 2.5 -13.9 0.037 Adani Ports and Special Economic Zone Ltd. 414 17,924 0.7 1.3 0.4 3.6 -7.3 0.138 Tata Steel Ltd. 971 16,693 0.7 1.6 0.4 3.8 -0.2 0.039 Bosch Ltd. 31 15,240 0.6 1.0 0.3 2.1 -4.3 0.040 Ambuja Cements Ltd. 310 14,584 0.6 1.0 0.4 1.3 -3.8 0.041 GAIL (India) Ltd. 1,268 14,322 0.6 1.1 0.3 1.7 -17.2 0.042 Bank of Baroda 461 12,461 0.5 1.6 0.3 5.8 5.2 0.143 Idea Cellular Ltd. 3,600 11,641 0.5 0.6 0.1 2.5 1.1 0.144 ACC Ltd. 188 11,234 0.5 0.8 0.3 1.7 -3.7 0.045 Tata Power Co. Ltd. 270 10,383 0.4 1.1 0.4 2.2 -4.7 0.146 Hindalco Industries Ltd. 206 8,802 0.4 1.6 0.4 3.6 -2.5 0.147 Bharat Heavy Electricals Ltd. 490 8,227 0.3 1.3 0.3 3.7 -34.5 0.148 Vedanta Ltd. 296 7,744 0.3 2.1 0.4 6.1 -1.6 0.149 Cairn India Ltd. 1,875 6,634 0.3 1.5 0.4 3.4 -3.4 0.150 Punjab National Bank 393 5,298 0.2 1.4 0.4 3.4 -22.2 0.1

Notes: 1. Beta & R2 are calculated for the the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected

as compared to the effect on the market as a whole.

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 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.

206


Table 24: Advances/Declines in Cash Segment of BSE and NSE

Month

BSE NSE

Advances DeclinesAdvance /

Decline RatioAdvances Declines

Advance /

Decline Ratio

Jan-15 1,733 1,728 1.0 977 576 1.7Feb-15 1,433 2,159 0.7 593 913 0.6Mar-15 1,112 2,487 0.5 593 1,042 0.6Apr-15 1,926 1,600 1.2 898 625 1.4May-15 1,226 2,267 0.5 402 1,114 0.4Jun-15 1,102 2,387 0.5 404 1,113 0.4Jul-15 2,425 1,105 2.2 1,210 310 3.9Aug-15 1,867 1,738 1.1 773 751 1.0Sep-15 730 2,755 0.3 201 1,335 0.2Oct-15 2,473 1,020 2.4 1,278 258 5.0Nov-15 1,674 1,808 0.9 662 882 0.8Dec-15 2,313 1,147 2.0 1,068 476 2.2Jan-16 2,417 810 3.0 565 994 0.6Feb-16 553 2,652 0.2 140 1,432 0.1

Note: Advance/Decline is calculated based on the average price methodology.

Source: BSE and NSE

Table 25: Trading Frequency in Cash Segment of BSE and NSE

Month

BSE NSE

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

Listed

Jan-15 5,575 2,960 53.1 1,718 1,549 90.2Feb-15 5,596 2,854 51.0 1,719 1,503 87.4Mar-15 5,624 2,818 50.1 1,733 1,514 87.4Apr-15 5,650 2,808 49.7 1,740 1,518 87.2May-15 5,672 2,785 49.1 1,749 1,519 86.8Jun-15 5,688 2,801 49.2 1,750 1,517 86.7Jul-15 5,725 2,984 52.1 1,756 1,521 86.6Aug-15 5,752 2,755 47.9 1,772 1,574 88.8Sep-15 5,763 2,758 47.9 1,779 1,535 86.3Oct-15 5,788 2,791 48.2 1,781 1,534 86.1Nov-15 5,806 2,898 49.9 1,786 1,541 86.3Dec-15 5,835 2,891 49.5 1,794 1,549 86.3Jan-16 5,859 2,766 47.2 1,797 1,548 86.1Feb-16 5,883 2,613 44.4 1,800 1,550 86.1

Note: At NSE, number of companies traded also includes the number of companies not available for trading but permitted to trade only

in the fi rst week of every month.

Source: BSE and NSE

207


Table 26: Daily Volatility of Major Indices (percent)

(Percent)

Year/ Month BSE Sensex BSE 100 BSE 500 Nifty 50 Nifty Next 50 Nifty 500

2014-15 0.9 0.9 0.9 0.9 1.1 0.9

2015-16$ 1.1 1.2 1.2 1.1 1.3 1.1

Apr-15 0.9 0.9 0.9 0.8 1.0 0.8May-15 1.1 1.1 1.1 1.1 1.5 1.1Jun-15 1.0 1.0 1.0 0.9 1.0 0.9Jul-15 0.9 1.0 1.0 0.8 0.8 0.8Aug-15 1.6 1.7 1.8 1.5 2.2 1.7Sep-15 1.3 1.3 1.2 1.1 1.2 1.1Oct-15 0.5 0.6 0.6 0.7 0.6 0.6Nov-15 0.5 0.8 0.7 0.7 0.8 0.7Dec-15 0.8 0.8 0.7 0.8 0.7 0.8Jan-16 1.1 1.2 1.2 1.1 1.4 1.2Feb-16 1.3 1.4 1.4 1.3 1.5 1.3

Note: Volatility is calculated as the standard deviation of the natural log of daily returns in indices for the respective period.



Table 27: Percentage Share of Top ‘N’ Securities/Members in Turnover of Cash Segment (percent)

Year/Month BSE NSE

Top 5 10 25 50 100 5 10 25 50 100

Securities

2014-15 13.4 18.6 30.3 42.3 57.5 12.5 21.9 40.6 59.3 77.4

2015-16$ 11.0 17.5 31.2 43.6 58.2 11.9 21.1 37.1 53.0 71.4

Apr-15 16.7 23.0 36.6 50.0 64.4 18.5 27.7 44.2 58.6 75.1May-15 16.4 23.2 37.4 51.5 66.9 12.5 21.9 41.5 58.6 77.5Jun-15 14.7 22.8 37.9 51.5 67.6 13.2 23.0 39.9 56.4 75.5Jul-15 11.7 17.5 29.2 41.2 55.4 10.9 19.4 34.5 49.3 67.9Aug-15 9.9 16.1 28.7 41.8 58.4 11.0 19.4 36.2 53.2 71.8Sep-15 13.5 21.1 37.4 51.8 68.3 12.5 21.9 39.8 57.6 77.0Oct-15 12.9 18.8 31.5 44.2 59.1 13.1 21.8 38.2 53.8 72.1Nov-15 12.6 18.9 31.9 44.8 58.7 13.6 23.1 40.7 55.2 73.3Dec-15 11.2 17.8 30.9 42.6 56.4 11.2 19.5 35.8 50.5 68.7Jan-16 18.7 25.9 39.3 50.1 62.7 14.3 24.1 41.3 56.0 72.4Feb-16 16.3 24.8 41.6 56.3 69.9 14.3 24.5 43.8 60.6 78.7

Members

2014-15 17.7 28.4 47.4 64.1 77.9 14.7 25.4 45.4 63.5 79.4

2015-16$ 21.2 31.1 49.9 65.5 79.1 17.6 29.0 50.5 67.7 81.5

Apr-15 19.5 32.0 52.2 67.7 80.4 20.6 32.3 53.7 69.4 82.5May-15 22.1 34.2 55.0 69.7 81.3 18.7 31.2 54.6 70.7 83.4Jun-15 26.4 36.2 55.0 68.6 80.5 17.8 29.2 52.0 68.7 81.8Jul-15 20.2 30.5 48.9 64.0 78.0 16.8 27.2 48.8 66.0 80.1Aug-15 26.6 36.8 54.1 67.9 80.3 18.4 30.1 52.1 69.0 82.2Sep-15 24.0 34.6 54.2 69.1 81.9 19.9 32.3 52.7 69.5 82.7Oct-15 21.6 31.7 49.5 64.5 79.0 17.0 27.6 48.8 66.6 81.1Nov-15 22.2 31.6 50.3 64.8 78.7 16.1 27.4 50.4 67.4 81.6Dec-15 20.3 30.0 48.0 63.0 77.6 16.8 27.5 47.7 65.0 79.7Jan-16 22.7 32.7 51.4 65.5 79.3 18.6 29.4 50.5 67.8 81.6Feb-16 25.1 35.0 54.2 69.3 81.4 20.5 31.3 52.6 70.3 83.7

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.


Source: BSE and NSE

208


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Apr

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Aug

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Sep-

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Oct

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Dec

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Jan-

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Feb

ruary

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2016

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2014

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May

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286

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Jun-

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Sep-

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Feb-

1621

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nd

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s as

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ruary

29,

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.

So

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e:

BS

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le 3

1: T

ren

ds

in E

qu

ity D

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2014

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Apr

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May

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Sep-

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Dec

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Feb-

1621

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291,

60,5

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46,

84,6

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27,3

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Aug

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Nov

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Dec

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311

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782

Jan-

1636

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171

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ruary

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2016

.

So

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E a

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E

Tab

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3:

Cate

go

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hare

of T

urn

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r &

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n E

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1588

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011

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00.

00.

033

.1Fe

b-15

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0.0

0.0

0.0

3.4

67.1

0.0

0.0

0.0

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Mar

-15

86.3

0.0

0.0

0.0

13.7

85.0

0.0

0.0

0.0

15.0

Apr

-15

96.9

0.0

0.0

0.0

3.1

90.3

0.0

0.0

0.0

9.7

May

-15

96.7

0.0

0.0

0.0

3.3

57.1

0.0

0.0

0.0

42.9

Jun-

1597

.40.

00.

00.

02.

642

.00.

00.

00.

058

.0Ju

l-15

91.9

0.0

0.0

0.0

8.1

59.0

0.0

0.0

0.0

41.1

Aug

-15

86.4

0.0

0.0

0.0

13.6

60.9

0.0

0.0

0.0

39.1

Sep-

1569

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00.

00.

030

.641

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00.

00.

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558

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00.

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557

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00.

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08.

0Ja

n-16

62.7

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0.0

0.0

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0.0

0.0

12.1

Feb-

1665

.70.

00.

00.

034

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00.

00.

05.

3

So

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BS

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211


Table 34: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE

Month

Percentage Share in Turnover Percentage Share in Open Interest

Pro FIIMutual

FundsBanks Others Pro FII

Mutual

FundsBanks Others

Jan-15 51.1 10.7 0.3 0.0 38.0 13.9 34.6 5.8 0.0 45.7Feb-15 51.5 10.3 0.3 0.0 37.8 13.5 33.1 6.3 0.0 47.1Mar-15 50.9 11.1 0.3 0.0 37.6 13.6 33.6 6.5 0.0 46.3Apr-15 47.7 13.8 0.2 0.0 38.3 14.5 33.6 7.6 0.0 44.3May-15 51.7 9.2 0.3 0.0 38.8 14.6 34..63 8.2 0.0 42.6Jun-15 51.3 9.3 0.4 0.0 39.0 15.7 33.3 8.6 0.0 42.4Jul-15 50.4 9.1 0.5 0.0 40.0 13.5 34.6 9.4 0.0 42.6Aug-15 50.0 10.2 0.4 0.0 39.3 15.4 35.9 8.8 0.0 39.8Sep-15 50.0 11.1 0.5 0.0 35.5 15.9 34.1 9.2 0.0 40.5Oct-15 49.3 9.4 0.6 0.0 40.8 15.2 32.9 9.9 0.0 42.0Nov-15 48.8 13.1 0.7 0.0 37.4 15.3 32.8 9.9 0.0 41.9Dec-15 48.4 11.7 0.6 0.0 39.4 14.1 31.6 10.5 0.0 43.8Jan-16 47.4 15.6 0.4 0.0 36.5 15.1 32.0 9.5 0.0 43.3Feb-16 46.7 17.0 0.4 0.0 35.8 16.6 31.5 9.1 0.0 42.7

Source: NSE.

Table 35: Instrument-wise Turnover in Index Derivatives at BSE

Month

Turnover (in Percentage)

BSE 30

SENSEX

BSE

BANKEX

BSE OIL &

GAS INDEX

BSE TECK

INDEXBSE100

HANG SENG

Index Futures

MICEX Index

Futures

FTSE/

JSE Top 40

Futures

IBOVESPA

Futures

Jan-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Feb-15 98.0 0.0 0.0 0.0 2.0 0.0 0.0 0.0 0.0Mar-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Apr-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0May-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jun-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jul-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Aug-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Sep-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Oct-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Nov-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Dec-15 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jan-16 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Feb-16 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Source: BSE.

Table 36: Instrument-wise Turnover in Index Derivatives at NSE

MonthTurnover (in Percentage)

NIFTY CNXIT BANKNIFTY NFTYMCAP50 CNXPSE CNXINFRA FTSE100 S&P500 DJIA India VIX

Jan-15 86.6 0.0 13.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0Feb-15 84.2 0.0 15.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0Mar-15 83.9 0.0 16.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0Apr-15 86.8 0.0 13.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0May-15 86.7 0.0 13.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jun-15 85.2 0.0 14.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jul-15 85.2 0.0 14.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0Aug-15 85.7 0.0 14.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0Sep-15 82.2 0.0 17.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0Oct-15 83.3 0.0 16.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0Nov-15 85.9 0.0 14.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Dec-15 86.4 0.0 13.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0Jan-16 86.4 0.0 13.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0Feb-16 86.3 0.0 13.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Source: NSE.

212


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1522

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Dec

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118

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554,

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329

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866,

653

Feb-

1620

2,72

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541

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146

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ruary

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le 4

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stic

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214


Table 41: Instrument-wise Turnover in Currency Derivatives of NSE

MonthTurnover (in `crore) Open Interest as on last day of the month (in lots)

USDINR EURINR GBPINR JPYINR USDINR EURINR GBPINR JPYINR

Jan-15 11,231 11,112 4,222 3,33,691 27,74,942 45,317 24,124 14,383Feb-15 2,05,693 7,215 9,238 2,913 31,94,340 43,054 45,535 12,761Mar-15 3,11,327 11,224 11,498 2,978 31,90,546 51,053 35,036 9,955Apr-15 2,75,011 10,827 10,753 2,026 32,48,478 67,773 51,969 9,400May-15 2,95,486 10,694 11,408 2,191 29,03,043 58,533 41,948 14,408Jun-15 2,85,518 13,147 10,647 2,950 41,71,602 65,630 49,511 10,554Jul-15 2,56,666 12,495 11,455 2,148 36,34,916 54,839 51,123 11,896Aug-15 4,20,324 12,310 11,779 2,615 32,27,522 61,676 43,501 10,673Sep-15 3,46,529 11,864 11,129 2,638 30,32,756 49,894 40,242 11,350Oct-15 3,36,448 9,934 9,811 1,785 29,53,668 40,802 33,151 11,466Nov-15 3,18,952 7,633 7,858 1,268 31,36,388 41,742 34,484 7,939Dec-15 3,31,931 10,422 10,942 1,771 41,61,275 56,682 45,148 9,585Jan-16 4,59,610 10,924 10,933 3,376 37,71,125 58,017 23,316 11,414Feb-16 4,28,552 13,370 12,058 5,029 42,01,522 57,159 25,110 20,602

Source: NSE.

Table 42: Instrument-wise Turnover in Currency Derivative Segment of MSEI

MonthTurnover (`crore) Open Interest as on last day of the month (in lots)


Jan-15 38,532 1,794 2,409 754 4,73,673 6,169 4,948 1,716Feb-15 26,657 986 1,829 454 5,11,791 3,400 3,635 2,185Mar-15 37,744 1,635 2,309 493 3,50,505 5,791 4,499 365Apr-15 34,776 1,368 1,551 232 4,22,103 6,010 4,104 326May-15 33,039 1,227 1,272 173 3,45,548 8,604 2,576 2,340Jun-15 34,437 1,487 1,076 180 5,65,778 12,136 4,059 399Jul-15 26,121 1,964 1,587 142 5,44,219 12,744 4,286 391Aug-15 32,751 1,533 1,362 138 2,90,570 6,155 2,947 140Sep-15 26,552 1,145 1,045 184 2,13,832 2,848 1,942 342Oct-15 20,332 990 895 134 3,55,092 3,779 1,986 224Nov-15 18,239 407 580 49 2,52,260 2,214 1,835 125Dec-15 14,250 828 651 87 2,86,472 4,954 2,608 479Jan-16 17,960 869 714 191 2,22,082 4,620 1,474 776Feb-16 17,827 972 912 233 2,55,132 3,185 4,481 875

Source: MSEI

Table 43: Instrument-wise Turnover in Currency Derivative Segment of BSE

MonthTurnover (`crore) Open Interest as on last day of the month (in lots)


Jan-15 3,16,702 120 458 412 7,19,869 1,184 1,137 58Feb-15 2,24,891 59 170 247 8,78,018 242 583 607Mar-15 2,90,014 1,475 64 16 6,62,371 897 486 914Apr-15 2,24,902 571 262 61 8,56,186 634 220 541May-15 2,41,194 594 175 34 7,72,830 650 419 551Jun-15 2,11,769 477 297 89 11,07,151 1,569 2,505 720Jul-15 2,11,434 366 225 40 9,44,660 917 500 523Aug-15 2,70,316 250 285 80 7,14,899 1,760 1,029 615Sep-15 1,96,358 332 240 122 6,31,114 1,097 1,053 751Oct-15 1,85,998 269 362 78 7,22,764 954 581 573Nov-15 1,79,121 720 239 58 7,81,755 452 1,529 375Dec-15 1,93,347 241 291 83 11,27,028 711 1,152 219Jan-16 2,90,249 1,126 219 179 9,75,768 3,043 443 532Feb-16 2,72,961 1,204 262 210 11,86,958 1,474 615 257

Source: BSE

215


Table 44: Maturity-wise Turnover in Currency Derivative Segment of NSE (` crore)

MonthCurrency Futures Currency Options

1 Month 2 Month 3 Month > 3 months 1 Month 2 Month 3 Month > 3 months

Jan-15 2,02,095 32,426 3,452 2,546 1,11,060 8,542 125 11Feb-15 1,35,641 28,380 4,851 2,162 48,087 5,808 129 0Mar-15 1,84,677 39,452 6,209 2,652 91,503 12,519 7 8Apr-15 1,58,643 36,396 3,611 1,536 84,202 14,101 128 0May-15 1,84,537 28,875 2,744 2,045 89,744 11,415 420 0Jun-15 1,72,441 34,997 3,216 1,692 83,795 15,797 325 0Jul-15 1,53,524 30,968 3,054 1,484 75,208 17,461 1,063 1Aug-15 2,33,188 46,331 4,178 1,955 1,37,262 22,979 1,131 3Sep-15 2,05,216 28,837 2,954 1,253 1,15,393 18,493 13 0Oct-15 1,77,010 27,127 1,843 1,070 1,34,950 15,825 154 0Nov-15 1,70,562 27,504 1,776 968 1,18,575 16,284 43 0Dec-15 1,66,789 31,273 2,821 1,499 1,26,720 24,881 917 163Jan-16 2,31,335 32,028 3,125 2,463 1,88,294 26,437 1,162 0Feb-16 2,23,866 38,044 3,671 2,211 1,70,692 20,260 265 0

Source: NSE.

Table 45: Maturity-wise Turnover in Currency Derivative Segment of MSEI (` crore)



Jan-15 35,320 6,200 1,259 463 81 59 107 0Feb-15 22,574 4,602 1,536 323 865 28 0 0Mar-15 31,613 6,544 493 589 2,825 118 0 0Apr-15 28,251 6,212 565 116 2,675 109 0 0May-15 26,943 5,810 526 300 1,810 273 0 47Jun-15 28,091 5,267 1,064 1,061 1,512 94 0 92Jul-15 22,020 5,528 597 68 1,355 134 102 8Aug-15 28,121 5,212 429 45 1,670 298 0 8Sep-15 21,740 2,838 1,206 1,649 1,208 285 0 0Oct-15 16,860 3,717 106 38 1,420 211 0 0Nov-15 14,199 2,926 118 6 2,001 25 0 0Dec-15 11,570 3,261 208 19 743 16 0 0Jan-16 15,460 3,143 178 8 915 30 0 0Feb-16 15,262 2,936 222 10 1,484 30 0 0

Source: MSEI

Table 46: Maturity-wise Turnover in Currency Derivative Segment of BSE (` crore)



Jan-15 1,41,370 14,706 1,009 52 1,02,618 11,625 22,212 24,098Feb-15 91,043 11,890 2,075 799 27,868 30,078 18,228 43,385Mar-15 1,20,315 15,950 934 139 29,933 15,370 30,279 78,648Apr-15 1,15,841 16,467 801 2 57,171 3,528 20,034 11,949May-15 1,19,851 12,894 618 18 81,032 2,724 11,996 12,862Jun-15 1,22,642 15,927 1,172 39 45,006 5,011 10,388 12,444Jul-15 1,05,901 14,134 788 3 63,579 11,937 15,444 277Aug-15 1,65,315 16,017 861 5 81,259 3,894 3,507 71Sep-15 1,40,255 10,997 361 9 37,394 8,029 4 3Oct-15 1,21,979 11,908 327 5 45,149 6,616 722 0Nov-15 1,21,111 13,375 595 12 40,831 4,106 105 1Dec-15 1,25,456 16,439 512 16 42,958 7,743 760 78Jan-16 1,88,127 13,614 406 2 83,502 6,013 107 1Feb-16 1,70,440 15,443 998 29 80,561 7,100 63 2

Source: BSE

216


Table 47: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEI

Year/

Month

No. of

Trading

Days

BSE NSE MSEIInterest Rate

Futures

Open Interest

at the end of

Interest Rate

Futures

Open Interest

at the end of

Interest Rate

Futures

Open Interest

at the end of

No. of

Contracts

Traded

Value

(` crore)

No. of

Contracts

Value

(` crore)

No. of

Contracts

Traded

Value

(` crore)

No. of

Contracts

Value

(` crore)

No. of

Contracts

Traded

Value

(` crore)

No. of

Contracts

Value

(` crore)

2014-15 238 20,33,275 41,912 80,078 1,671 2,05,87,036 4,21,558 3,38,372 7,071 4,95,869 10,312 56,017 1,1702015-16$ 222 51,40,647 1,03,195 3,21,754 5,949 2,44,44,354 4,94,256 23,70,214 47,875 11,10,033 22,551 2,86,623 5,811

Apr-15 18 3,00,430 6,251 34,738 719 21,10,059 43,899 1,99,805 4,136 2,09,107 4,351 62,690 1,298May-15 19 1,47,142 3,031 40,899 840 25,04,801 51,663 2,12,416 4,381 1,03,438 2,137 26,641 551Jun-15 22 1,80,902 3,665 32,554 328 30,59,021 62,055 1,89,288 3,798 1,46,270 2,969 21,563 434Jul-15 23 1,71,968 3,471 31,056 626 25,40,696 51,304 2,00,407 4,036 1,68,496 3,394 28,987 583Aug-15 20 4,14,455 8,269 16,679 336 23,01,699 46,129 2,08,718 4,193 74,828 1,512 13,250 268Sep-15 20 6,58,922 13,197 22,748 233 21,30,899 42,903 2,39,166 4,879 51,487 1,040 11,521 234Oct-15 20 5,94,226 12,019 30,095 612 21,62,248 43,874 2,44,540 4,946 1,07,292 2,182 19,787 400Nov-15 19 6,72,179 13,492 28,088 567 19,48,467 39,215 2,49,622 5,004 69,683 1,403 22,370 449Dec-15 21 8,91,635 17,793 19,794 395 23,64,303 47,291 2,42,284 4,856 72,655 1,450 29,067 583Jan-16 20 5,92,658 11,817 32,878 655 16,52,848 32,992 2,03,893 4,069 60,136 1,197 27,600 549Feb-16 20 5,16,130 10,189 32,225 640 16,69,313 32,930 1,80,075 3,577 46,641 915 23,147 460


Source: BSE, NSE and MSEI

Table 48: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI (` crore)

Year/ Month

BSE NSE MSEI

MTM SettlementPhysical Delivery

SettlementMTM Settlement

Physical Delivery

SettlementMTM Settlement

Physical Delivery

Settlement2014-15 55.8 1.5 187.3 3.0 58.9 0.02015-16$ 267.8 9.2 1,051.3 18.3 176.4 0.0

Apr-15 36.3 2.2 107.9 3.8 23.2 0.0May-15 26.2 0.9 86.2 1.5 27.4 0.0Jun-15 54.0 1.1 151.2 1.4 30.6 0.0Jul-15 19.6 0.1 60.4 0.3 15.3 0.0Aug-15 21.0 0.7 92.4 1.7 14.5 0.0Sep-15 13.4 0.1 88.0 0.2 5.3 0.0Oct-15 11.8 0.6 62.3 1.7 6.5 0.0Nov-15 17.5 0.7 100.2 1.1 11.0 0.0Dec-15 19.9 0.2 94.9 0.0 11.1 0.0Jan-16 17.5 0.7 75.1 0.7 8.8 0.0Feb-16 30.6 1.8 132.7 5.8 22.7 0.0

$ indicates as on February 29, 2016.Source: NSE, BSE and MSEI

Table 49: Trends in Foreign Portfolio Investment

Year/MonthGross Purchase

(` crore)

Gross Sales

(` crore)

Net Investment

(` crore)

Net Investment

(US $ mn.)

Cumulative Net

Investment (US $ mn.)2014-15 15,21,346 12,43,887 2,77,460 45,698 226,1032015-16$ 11,94,633 12,32,476 -37,842 -5,461 24,74,779

Apr-15 1,36,238 1,20,905 15,333 2,441 228,551May-15 1,21,140 1,35,412 -14,272 -2,235 226,317Jun-15 1,43,320 1,44,928 -1,608 -250 226,067Jul-15 1,08,598 1,03,275 5,323 842 226,909Aug-15 1,11,844 1,29,368 -17,524 -2,645 224,264Sep-15 1,00,345 1,06,128 -5,784 -874 223,391Oct-15 1,21,075 98,724 22,350 3,444 226,834Nov-15 81,117 91,943 -10,826 -1,641 225,194Dec-15 92,442 1,00,746 -8,304 -1,243 223,951Jan-16 90,880 99,694 -8,814 -1,300 222,651Feb-16 87,636 1,01,352 -13,716 -2,001 220,650

$ indicates as on February 29, 2016

Source: NSDL, CDSL

217


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555

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117

1,85

,346

468

12,4

1,43

910

41,

42,5

7031

83,4

898,

751

3,82

,716

22,2

2062

,80,

182

Jul-1

58,

458

24,5

3,01

363

2,59

,125

1,32

54,

78,2

3717

952

,692

241,

959

334

2,73

11,

959

11,0

8,66

745

157

,899

117

1,86

,993

509

12,5

4,92

110

41,

47,7

6231

82,2

239,

234

3,86

,122

22,7

8864

,72,

346

Aug

-15

8,47

123

,13,

548

632,

40,4

791,

334

4,60

,007

180

52,6

1024

1,84

535

32,

652

1,95

310

,78,

928

459

56,3

9911

82,

18,4

4252

212

,10,

686

104

1,51

,076

317 5

,610

9,45

74,

00,1

0423

,069

62,6

2,38

7Se

p-15

8,54

423

,03,

513

632,

42,6

861,

353

4,58

,342

181

52,5

6124

1,86

937

02,

759

1,95

610

,20,

296

460

55,0

7011

82,

15,4

7152

312

,06,

426

104

1,54

,480

3176

,898

9,71

43,

93,6

7923

,441

61,8

4,05

0O

ct-1

58,

606

23,4

4,17

963

2,48

,720

1,37

54,

61,2

9818

753

,858

241,

938

379

2,64

91,

978

10,8

8,51

346

155

,721

118

2,22

,013

483

1,22

0,47

310

41,

57,3

9131

78,5

049,

870

4,02

,238

23,6

7963

,37,

495

Nov

-15

8,66

223

,08,

769

632,

45,2

251,

379

4,60

,058

188

54,6

4024

1,96

239

02,

705

1,96

811

,05,

408

458

56,8

3511

62,

36,8

9248

41,

223,

034

104

1,60

,147

3178

,543

10,7

724,

06,2

8624

,639

63,4

0,50

4D

ec-1

58,

689

23,2

0,53

964

2,44

,128

1,39

04,

87,0

1318

856

,179

241,

815

398

2,73

81,

884

11,1

1,01

945

858

,446

115

2,21

,262

488

1,22

4,57

410

41,

64,4

2331

75,1

2311

,034

4,15

,115

24,8

6763

,82,

375

Jan-

168,

753

22,0

0,83

764

2,31

,260

1,39

14,

57,9

3218

857

,948

241,

740

399

2,53

61,

878

11,2

1,89

246

458

,599

115

2,22

,470

490

1,18

7,49

410

41,

67,5

0731

65,0

1311

,090

4,18

,167

24,9

9161

,93,

396

Feb-

168,

760

20,4

3,13

964

2,10

,088

1,40

14,

30,5

0419

057

,647

241,

584

385

2,22

81,

842

10,9

8,45

946

857

,677

115

2,18

,831

489

1,14

3,81

210

41,

69,5

8731

62,6

0911

,240

4,18

,087

25,1

1359

,14,

253

No

tes:

1.

Wit

h t

he c

om

men

cem

en

t o

f F

PI

Reg

ime f

rom

Ju

ne 1

, 2014

, th

e e

rstw

hil

e F

IIs,

Su

b A

cco

un

ts a

nd

QF

Is a

re m

erg

ed

in

to a

new

in

vest

or

cla

ss t

erm

ed

as

“F

ore

ign

Po

rtfo

lio

In

vest

ors

(F

PIs

)”.

2.

“O

thers

” i

nclu

de P

ort

foli

o m

an

ag

er,

part

ners

hip

fi r

m,

tru

sts,

dep

osi

tory

receip

ts,

AIF

s, F

CC

B,

HU

Fs,

Bro

kers

etc

.

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

So

urc

e:

Cu

sto

dia

ns.

218


Table 52: Trends in Resource Mobilization by Mutual Funds (` crore)

Year/

Month

Gross Mobilisation Redemption Net Inflow/Outflow Assets at

the

End of

Period

Pvt.

Sector

Public

SectorTotal

Pvt.

Sector

Public

SectorTotal

Pvt.

Sector

Public

SectorTotal

2014-15 91,43,962 19,42,297 1,10,86,260 90,40,262 19,42,710 1,09,82,972 1,03,700 -413 1,03,288 10,82,757

2015-16$ 1,00,41,899 23,39,526 1,23,81,425 98,87,843 22,86,290 1,21,74,132 1,54,056 53,237 2,07,293 12,62,842

Apr-15 8,66,379 1,87,845 10,54,225 7,79,347 1,64,309 9,43,656 87,032 23,536 1,10,568 11,86,364

May-15 8,71,462 1,80,111 10,51,573 8,78,050 1,73,279 10,51,329 -6,588 6,832 244 12,03,547

Jun-15 10,91,867 2,16,967 13,08,834 11,06,555 2,27,365 13,33,920 -14,688 -10,398 -25,086 11,73,294

Jul-15 11,85,641 2,17,866 14,03,507 10,88,326 1,96,121 12,84,447 97,315 21,745 1,19,060 13,17,267

Aug-15 9,13,537 1,86,689 11,00,226 9,51,153 1,95,823 11,46,976 -37,616 -9,134 -46,750 12,55,506

Sep-15 8,13,316 2,03,831 10,17,147 8,77,833 2,16,455 10,94,289 -64,518 -12,624 -77,142 11,87,313

Oct-15 7,81,344 2,15,063 9,96,407 6,83,103 1,78,740 8,61,842 98,241 36,323 1,34,565 13,24,165

Nov-15 6,35,757 1,65,727 8,01,484 6,56,798 1,75,882 8,32,680 -21,041 -10,155 -31,196 12,95,131

Dec-15 9,60,395 2,61,339 12,21,734 9,80,675 2,63,626 12,44,301 -20,281 -2,287 -22,567 12,74,835

Jan-16 9,68,204 2,48,606 12,16,809 9,48,732 2,45,507 11,94,239 19,471 3,099 22,570 12,73,714

Feb-16 9,53,997 2,55,483 12,09,480 9,37,270 2,49,183 11,86,453 16,727 6,300 23,027 12,62,842


Source: SEBI.

Table 53: Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended (` crore)

Scheme

2014-15 2015-16$ Feb-16 Assets at

the end of

periodSale Purchase Net Sale Purchase Net Sale Purchase Net

Open-ended 1,08,70,940 1,10,26,222 1,55,282 1,21,30,653 1,23,47,146 2,16,493 11,86,050 12,03,375 17,324 10,96,795

Close-ended 1,05,075 57,545 -47,529 41,660 33,440 -8,221 316 5,452 5,136 1,58,176

Interval 6,958 2,493 -4,465 1,819 840 -979 86 653 567 7,871

Total 1,09,82,972 1,10,86,260 1,03,288 1,21,74,132 1,23,81,425 2,07,293 11,86,453 12,09,480 23,027 12,62,842


Source: SEBI.

219


ab

le 5

4:

Sch

em

e-w

ise R

eso

urc

e M

ob

ilis

ati

on

an

d A

ssets

un

der

Man

ag

em

en

t b

y M

utu

al

Fu

nd

s (`

cro

re)

Typ

e

2014

-15

2015

-16$

Feb

-16

Sale

Pu

rch

ase

Net

Ass

ets

at

the e

nd

of

Peri

od

Sale

Pu

rch

ase

Net

Ass

ets

at

the e

nd

of

Peri

od

Sale

Pu

rch

ase

Net

A.

In

co

me/

Deb

t O

rien

ted

Sch

em

es

(i

+ii

+ii

i+iv

)1,

08,8

9,5

32

1,09,1

2,0

88

22,5

56

6,9

4,1

28

1,20,8

0,9

49

1,21,

87,5

101,

06,5

61

8,4

7,6

36

11,7

6,5

22

11,9

5,0

62

18,5

41

i.

Li

quid

/Mon

ey M

arke

t1,

03,9

5,48

41,

04,0

5,26

59,

781

1,62

,562

1,16

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638

1,17

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352

75,7

142,

57,9

8611

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707

11,5

7,74

620

,039

ii.

G

ilt5,

421

13,1

337,

711

14,6

149,

267

11,0

991,

832

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033

461

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iii

. D

ebt (

othe

r th

an a

ssur

ed r

etur

n)4,

88,6

274,

93,5

024,

876

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26

iv.

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t (as

sure

d re

turn

)0

00

00

00

00

00

v.

In

fras

truc

ture

Dev

elop

men

t0

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188

1,17

90

230

230

1,52

30

00

B.

G

row

th/

Eq

uit

y O

rien

ted

Sch

em

es

(i+

ii)

77,1

42

1,48,1

71

71,

030

3,4

5,1

39

76,5

161,

51,

910

75,3

94

3,5

4,6

42

8,3

54

10,8

77

2,5

22

i.

EL

SS5,

434

8,34

32,

908

39,4

703,

150

7,72

84,

577

36,4

0822

61,

115

888

ii.

O

ther

s71

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1,39

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68,1

213,

05,6

6973

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1,44

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70,8

173,

18,2

338,

128

9,76

21,

634

C.

B

ala

nced

Sch

em

es

5,5

91

15,4

179,8

26

26,3

68

4,9

76

24,6

41

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65

39,1

04

434

1,375

941

D.

E

xch

an

ge T

rad

ed

Fu

nd

(i+

ii)

9,1

98

9,9

74

776

14,7

1511

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17,1

09

6,0

60

19,5

181,

098

2,1

46

1,048

i.

G

old

ETF

1,59

311

8-1

,475

6,65

582

627

-799

6,67

214

64

-142

ii.

O

ther

ET

Fs7,

605

9,85

62,

251

8,06

010

,223

17,0

816,

859

12,8

4695

22,

142

1,19

0E

.

Fu

nd

of F

un

ds

Inve

stin

g O

vers

eas

1,509

609

-900

2,4

08

643

255

-388

1,943

45

20

-25

To

tal

(A+

B+

C+

D+

E)

1,09,8

2,9

72

1,10

,86,2

60

1,03,2

88

10,8

2,7

57

1,21,

74,1

32

1,23,8

1,425

2,0

7,2

93

12,6

2,8

42

11,8

6,4

53

12,0

9,4

80

23,0

27

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

So

urc

e:

SE

BI.

Tab

le 5

5:

Nu

mb

er

of S

ch

em

es

an

d F

oli

os

by I

nve

stm

en

t O

bje

cti

ve

Typ

e

2014

-15

2015

-16$

No

. o

f S

ch

em

es

No

. o

f F

oli

os

No

. o

f S

ch

em

es

No

. o

f F

oli

os

Op

en

Clo

sed

Inte

rval

To

tal

Op

en

Clo

sed

Inte

rval

To

tal

Op

en

Clo

sed

Inte

rval

To

tal

Op

en

Clo

sed

Inte

rval

To

tal

A.

In

co

me/

Deb

t O

rien

ted

Sch

em

es

(i+

ii+

iii+

iv)

364

910

72

1,346

62,1

7,1

46

9,8

0,0

59

14,9

82

72,1

2,1

87

366

1,351

78

1,795

71,

06,0

41

10,5

2,2

55

11,8

64

81,

70,1

60

i.

Liq

uid/

Mon

ey M

arke

t52

00

523,

11,6

440

03,

11,6

4455

00

553,

65,3

640

03,

65,3

64

ii. G

ilt45

00

4565

,225

00

65,2

2541

00

4165

,709

00

65,7

09

iii.

Deb

t (ot

her

than

ass

ured

ret

urn)

267

906

721,

245

58,4

0,27

79,

80,0

3014

,982

68,3

5,28

927

013

4478

1692

66,7

4,96

810

,52,

207

11,8

6477

,39,

039

iv

. D

ebt (

assu

red

retu

rn)

00

00

00

00

00

00

00

00

v.

Inf

rast

ruct

ure

Dev

elop

men

t0

40

40

290

290

70

70

480

48B

. G

row

th/

Eq

uit

y O

rien

ted

Sch

em

es

(i+

ii)

342

92

0434

3,0

2,3

3,4

44

14,5

8,1

75

03,1

6,9

1,619

361

119

0480

3,4

0,9

3,1

00

15,2

5,5

100

3,5

6,1

8,6

10

i.

ELS

S39

160

5558

,54,

422

6,37

,858

064

,92,

280

4216

058

64,6

5,49

76,

05,8

120

70,7

1,30

9

ii. O

ther

s30

376

037

92,

43,7

9,02

28,

20,3

170

2,51

,99,

339

319

103

042

22,

76,2

7,60

39,

19,6

980

2,85

,47,

301

C.

Bala

nced

Sch

em

es

25

00

25

19,9

0,5

160

019

,90,5

1628

00

28

24,4

5,0

46

00

24,4

5,0

46

D.

Exch

an

ge T

rad

ed

Fu

nd

(i+

ii)

48

00

48

6,9

9,7

29

00

6,9

9,7

29

57

00

57

6,9

9,8

50

00

6,9

9,8

50

i.

Gol

d ET

F14

00

144,

65,7

650

04,

65,7

6513

00

134,

32,7

890

04,

32,7

89

ii. O

ther

ET

Fs34

00

342,

33,9

640

02,

33,9

6444

00

442,

67,0

610

02,

67,0

61E

. F

un

d o

f F

un

ds

Inve

stin

g O

vers

eas

31

00

31

1,46,1

55

00

1,46,1

55

30

00

30

1,27,1

82

00

1,27,1

82

To

tal

(A+

B+

C+

D+

E)

810

1,002

72

1,884

3,9

2,8

6,9

90

24,3

8,2

34

14,9

82

4,1

7,4

0,2

06

842

1,470

78

2,3

90

4,4

4,7

1,219

25,7

7,7

65

11,8

64

4,7

0,6

0,8

48

No

te:

Data

fo

r N

o.

of S

ch

em

es

als

o i

nclu

des

seri

al

pla

ns.

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

So

urc

e:

SE

BI.

220


Table 56: Trends in Transactions on Stock Exchanges by Mutual Funds (` crore)

Year/

Month

Equity Debt Total

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

2014-15 2,31,409 1,90,687 40,722 17,17,155 11,30,138 5,87,018 19,48,565 13,20,825 6,27,741

2015-16$ 2,62,155 1,85,814 76,342 12,79,820 9,85,872 2,93,950 15,41,975 11,71,686 3,70,292

Apr-15 24,367 15,123 9,244 1,41,787 1,19,137 22,650 1,66,154 1,34,261 31,894

May-15 21,701 17,524 4,177 1,04,974 87,586 17,389 1,26,675 1,05,110 21,566

Jun-15 25,608 15,283 10,326 1,46,832 92,177 54,655 1,72,440 1,07,460 64,980

Jul-15 23,108 17,666 5,442 1,06,552 77,058 29,494 1,29,659 94,724 34,936

Aug-15 28,256 17,723 10,533 1,18,362 94,100 24,262 1,46,618 1,11,823 34,795

Sep-15 23,398 14,078 9,320 1,14,333 97,699 16,634 1,37,732 1,11,777 25,955

Oct-15 21,691 18,756 2,935 93,852 68,842 25,011 1,15,544 87,598 27,947

Nov-15 21,314 14,766 6,548 94,768 63,929 30,839 1,16,082 78,695 37,387

Dec-15 22,097 17,553 4,544 1,48,009 1,08,847 39,163 1,70,106 1,26,399 43,707

Jan-16 26,367 19,039 7,328 93,377 88,209 5,168 1,19,743 1,07,248 12,495

Feb-16 24,249 18,304 5,946 1,16,973 88,288 28,686 1,41,223 1,06,591 34,632


Source: SEBI

Table 57: Asset Under Management by Portfolio Manager

Year/Month 2014-15 Dec-15 Feb-16

ParticularsDiscret-

ionary

Non-

Discret-

ionary

AdvisoryDiscret-

ionary

Non-

Discret-

ionary

AdvisoryDiscret-

ionary

Non-

Discret-

ionary

Advisory

No. of Clients 40,558 3,297 2,851 53,334 3,698 2,262 44,727 3,808 2,260

AUM (` in crore)

Listed Equity 40,829 8,651

180,124

45,120 10,069

173773.01*

41,844 9,568

165287.99*

Unlisted Equity 1,129 42 943 42 881 44

Plain Debt 6,27,716 33,730 7,20,789 41,051 729,479 41,616

Structured Debt 137 500 185 407 90 418

Equity Derivative 153 -4 181 -2 185 -2

Mutual Fund 5,866 4,901 7,267 6,046 6,276 5,771

Others 23,473 136 17,534 273 17,273 424

Total 6,99,304 47,957 7,92,019 57,886 7,96,028 57,840

Total of all Services 9,27,385 10,23,678 10,19,156

Notes: 1. *Value of Assets for which Advisory Services are being given.

2. #Of the above AUM ` 726246.817 crore is contributed by funds from EPFO/PFs.

3. The above data is based on the monthly reports received from portfolio managers


Source: SEBI.

221


ab

le 5

8:

Pro

gre

ss R

ep

ort

of N

SD

L &

CD

Sl

as

on

en

d o

f F

ebru

ary

2016

(L

iste

d C

om

pan

ies)

Para

mete

rU

nit

NS

DL

CD

SL

Feb

-16

Jan

-16

Feb

-15

%C

hang

e du

ring

the

year

%C

hang

e du

ring

the

mon

th

Feb

-16

Jan

-16

Feb

-15

%C

hang

e du

ring

the

year

%C

hang

e du

ring

the

mon

th

Num

ber

of c

ompa

nies

sign

ed u

p to

mak

e th

eir

shar

es a

vaila

ble

for

dem

ater

ializ

atio

nN

umbe

r6,

139

6,11

45,

914

3.8

0.4

6,36

76,

344

6,16

33.

30.

4

Num

ber

of D

epos

itory

Par

ticip

ants

(r

egist

ered

)N

umbe

r27

227

227

3-0

.4 -

581

580

571

1.8

0.2

Num

ber

of S

tock

Exc

hang

es (c

onne

cted

)N

umbe

r4

44

- -

33

8-6

2.5

0.0

Num

ber

of In

vest

ors A

ccou

nts

Lakh

144.

814

3.9

137.

75.

20.

710

6.7

105.

495

.212

.11.

2

Qua

ntity

of S

hare

s dem

ater

ializ

edcr

ore

41,1

0340

,911

38,1

587.

70.

512

,321

12,3

5911

,379

8.3

-0.3

Val

ue o

f Sha

res d

emat

eria

lized

`cro

re74

,48,

483

81,1

9,81

089

,44,

475

-16.

7-8

.310

,42,

478

11,2

9,26

813

,08,

463

-20.

3-7

.7

Qua

ntity

of S

ecur

ities

dem

ater

ializ

ed #

cror

e44

,924

44,6

7041

,101

9.3

0.6

12,7

8612

,814

11,7

169.

1-0

.2

Val

ue o

f Sec

uriti

es d

emat

eria

lized

#`c

rore

92,4

2,45

599

,00,

657

1,05

,02,

493

-12.

0-6

.710

,95,

823

11,8

2,78

213

,52,

819

-19.

0-7

.4

Qua

ntity

of s

hare

s set

tled

duri

ng th

e m

onth

cror

e79

080

780

9-2

.3-2

.144

063

654

6-1

9.4

-30.

8

Ave

rage

Qua

ntity

of

shar

es s

ettle

d da

ily

(qua

ntity

of

sh

ares

se

ttle

d du

ring

th

e m

onth

(div

ided

by

30))

cror

e26

2727

-2.3

-2.1

1521

18-1

9.4

-30.

8

Val

ue o

f sha

res s

ettle

d du

ring

the

mon

th

in d

emat

eria

lized

form

`cro

re1,

54,6

671,

47,6

391,

96,4

31-2

1.3

4.8

31,9

7139

,850

47,0

22-3

2.0

-19.

8

Ave

rage

Val

ue o

f sha

res s

ettle

d da

ily

(val

ue o

f sha

res s

ettle

d du

ring

the

mon

th

(div

ided

by

30))

`cro

re5,

156

4,92

16,

548

-21.

34.

81,

066

1,32

81,

567

-32.

0-1

9.8

Tra

inin

g Pr

ogra

mm

es c

ondu

cted

for

repr

esen

tativ

es o

f Cor

pora

tes,

DPs

and

Br

oker

sN

umbe

r17

1627

-37.

06.

313

936

259

135.

6-6

1.6

The

rat

io o

f dem

ater

ializ

ed e

quity

shar

es

to th

e to

tal o

utst

andi

ng sh

ares

(mar

ket

valu

e)pe

rcen

t85

.585

.684

.90.

8-0

.912

.812

.713

.1-1

.91.

1

No

tes:

1.

S

hare

s in

clu

des

on

ly e

qu

ity s

hare

s.

2.

S

ecu

riti

es

inclu

de c

om

mo

n e

qu

ity s

hare

s, p

refe

ren

ce s

hare

s, d

eben

ture

, M

F u

nit

s, e

tc.

3.

N

o.

of d

ays

tak

en

fo

r calc

ula

tin

g D

ail

y A

vera

ge i

s 30 d

ays

inst

ead

of A

ctu

al

sett

lem

en

t d

ays.

4.

Q

uan

tity

an

d v

alu

e o

f s

hare

s m

en

tio

ned

are

sin

gle

sid

ed

. 5.

#S

ou

rce f

or

list

ed

secu

riti

es

info

rmati

on

: Is

suer/

NS

E/

BS

E.

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

So

urc

e:

NS

DL

an

d C

DS

L.

222


Table 59: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)

Year/

Month

NSDL CDSL

Companies

LiveDPs Live

DPs

Locations

Demat

Quantity

(million

securities)

Demat

Value

(` crore)

Companies

LiveDPs Live

DPs

Locations

Demat

Quantity

(million

securities)

Demat

Value

(` crore)

2014-15 13,992 273 15,960 927,357 1,17,48,315 9,399 574 11,877 206,012 13,94,264

2015-16$ 15,447 272 26,187 10,68,319 1,09,06,200 9,958 581 16,577 2,26,847 11,98,327

Apr-15 14,200 273 16,849 937,777 1,15,19,700 9,452 574 11,944 208,782 13,94,833May-15 14,319 273 16,900 953,758 1,18,12,484 9,503 574 12,050 209,355 14,61,124Jun-15 14,449 271 17,137 963,076 1,17,04,162 9,549 573 12,183 211,178 14,21,673Jul-15 14,571 270 17,265 974,878 1,19,82,064 9,608 574 12,278 212,725 14,44,187Aug-15 14,687 269 17,640 986,539 1,15,22,199 9,663 576 12,456 214,333 13,32,854Sep-15 14,809 270 17,711 995,870 1,15,06,522 9,714 578 12,561 217,269 13,19,167Oct-15 14,913 269 18,460 1,101,720 1,16,84,461 9,742 578 16,116 219,295 13,69,155Nov-15 15,003 271 19,166 1,023,212 1,17,50,473 9,772 577 16,156 219,989 13,74,782Dec-15 15,115 272 25,793 1,036,896 1,19,29,978 9,813 578 16,359 222,815 13,90,410Jan-16 15,266 272 25,948 1,045,786 1,14,56,291 9,880 580 16,486 225,610 12,82,176Feb-16 15,447 272 26,187 1,068,319 1,09,06,200 9,958 581 16,577 2,26,847 11,98,327

Notes : 1. For CDSL, the current and historical data of Companies Live has been revised to exclude MF schemes count.

2. The Companies Live figure includes only the number of mutual fund companies and not the mutual fund schemes.

3. DPs Locations’ represents the total live (main DPs and branch DPs as well as non-live (back office connected collection

centres).


Source: NSDL and CDSL.

Table 60: Depository Statistics for February 2016

Particulars UnitDebt Equity Others Total

Listed Unlisted Listed Unlisted Listed Unlisted Listed Unlisted

NSDL

Issuers(debt)/ Companies(equity),

who have issued the active instumentNumber 688 876 6,139 7,192 57 2,809 6,884 10,877

Active Instruments Number 10,565 4,012 12,272 7,652 6,850 25,046 29,687 36,710

Dematerialised Quantity Lakh 99,177 1,88,535 41,10,269 48,90,746 2,82,934 11,11,532 44,92,380 61,90,812

Dematerialised Value `crore 17,55,851 2,25,413 74,48,483 4,74,645 38,121 9,63,715 92,42,455 16,63,772

Quantity settled during the month Lakh 1,31,974 1,336 79,020 75 5,463 453 2,16,457 1,863

Value Settled during the month `crore 1,86,413 16,359 1,54,667 113 1,825 88 3,42,905 16,560CDSL

Issuers(debt)/ Companies(equity),

who have issued the active instumentNumber 513 233 6,367 2,175 2,762 352 9,642 2,760

Active Instruments Number 20,382 4,392 8,681 2,631 37,044 5,743 66,107 12,766

Dematerialised Quantity Lakh 1,992 17,498 12,32,058 8,44,673 44,568 1,27,682 12,78,618 9,89,853

Dematerialised Value `crore 40,087 19,166 10,42,478 66,403 13,259 16,935 10,95,823 1,02,504

Quantity settled during the month Lakh 98 0 44,007 0 5,021 0 49,126 0

Value Settled during the month `crore 1,597 0 31,971 0 1,974 0 35,541 0

Note: The categories included in Others are Preference Shares, Mutual Fund Units, Warrants, PTCs, Treasury Bills, CPs, CDs and

Government Securities.

Source: NSDL and CDSL.

223


Table 61: National Commoditiy Exchanges - Permitted Commodities

Exchanges AgricultureMetals other than

bullionBullion Energy

NCDEX

No. of Permitted Commodities 18 2 2 1No. of Commodities in which contracts have been floated 16 0 1 0MCX

No. of Permitted Commodities 5 5 2 2No. of Commodities in which contracts have been floated 5 5 2 2NMCE

No. of Permitted Commodities 13 0 0 0No. of Commodities in which contracts have been floated 6 0 0 0Regional Exchanges

No. of Permitted Commodities 3 0 0 0No. of Commodities in which contracts have been floated 3 0 0 0

Note: 1. In Regional Exchanges, data pertaining to Rajkot Commodity Exchange and The Chamber of Commerce, Hapur is considered.

Source: NCDEX, MCX, NMCE, RCE, Rajkot, COC, Hapur

Table 62: Trends in MCXCOMDEX of MCX

Year/ MonthMCXCOMDEX

Open High Low Close

2014-15 3,925 4,046 2,775 2,915

2015-16$ 2,915 3,290 2,447 2,700

Apr-15 2,915 3,208 2,898 3,190May-15 3,190 3,290 3,124 3,182Jun-15 3,182 3,209 3,077 3,095Jun-15 3,095 3,095 2,771 2,778Aug-15 2,778 2,881 2,641 2,872Sep-15 2,872 2,880 2,772 2,792Oct-15 2,792 2,918 2,768 2,808Nov-15 2,808 2,821 2,570 2,651Dec-15 2,651 2,671 2,483 2,591Jan.-16 2,586 2,624 2,447 2,616Feb-16 2,615 2,735 2,539 2,700


Source: MCX

Table 63: Trends in Dhaanya of NCDEX

Year/ MonthDhaanya

Open High Low Close

2014-15 2,604 2,785 2,379 2,479

2015-16$ 2,481 3,043 2,479 2,686

Apr-15 2,481 2,811 2,479 2,686May-15 2,741 2,904 2,739 2,871Jun-15 2,871 2,916 2,597 2,671Jun-15 2,674 2,770 2,664 2,693Aug-15 2,692 2,790 2,606 2,784Sep-15 2,784 2,853 2,677 2,765Oct-15 2,763 3,043 2,763 2,907Nov-15 2,907 2,959 2,827 2,869Dec-15 2,873 2,967 2,870 2,913Jan.-16 2,886 2,904 2,682 2,686Feb-16 2,689 2,756 2,655 2,686


Source: NCDEX

224


Tab

le 6

5:

Tre

nd

s in

Co

mm

od

ity F

utu

res

at

NC

DE

X

Year/

Mo

nth

No

.of

Tra

din

g

days

Ag

ricu

ltu

reM

eta

lsB

ull

ion

En

erg

yT

ota

lO

pen

in

tere

st a

t th

e e

nd

of t

he p

eri

od

Vo

lum

e

('00

0

ton

nes

)

No

of

con

tract

s

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('00

0

ton

nes

)

No

of

con

tract

s

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('00

0

ton

nes

)

No

of

con

tract

s

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('00

0

ton

nes

)

No

of

con

tract

s

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('00

0

ton

nes

)

No

of

con

tract

s

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('00

0

ton

nes

)

No

. o

f

Co

ntr

act

s

Valu

e

(` c

rore

)

2014

-15

255

1,94,2

55

2,7

0,9

9,5

91

8,7

0,8

63

1,622

200

71.

3744

1,96,7

38

32,7

08

107

7,8

68

485

1,94,3

66

2,7

3,0

4,3

97

9,0

4,0

63

1,433

1,95,9

50

6,0

87

2015

-16$

235

2,0

4,0

64

2,7

7,7

3,6

66

9,3

9,2

54

00

00.6

452

91,

353

19,9

170

00

2,0

4,0

65

2,7

8,6

5,0

199,5

9,1

72

1,071

1,59,9

50

4,8

51

Apr

-15

2119

,480

26,5

4,50

792

,598

00

00.

1431

9,85

21,

731

00

019

,480

26,6

4,35

994

,329

1,49

02,

09,0

727,

192

May

-15

2120

,828

27,1

7,47

01,

04,6

700

00

0.13

3710

,638

2,03

90

00

20,8

2927

,28,

108

1,06

,709

1,60

72,

21,4

138,

179

Jun-

1522

22,8

9530

,20,

259

1,12

,328

00

00.

1457

13,5

412,

733

00

022

,896

30,3

3,80

01,

15,0

611,

698

2,33

,418

8,08

7Ju

l-15

2319

,804

26,5

4,45

791

,245

00

00.

1072

12,8

632,

605

00

019

,804

26,6

7,32

093

,850

1,60

62,

19,2

267,

460

Aug

-15

2118

,586

25,0

1,68

585

,181

00

00.

0789

9,46

11,

969

00

018

,586

25,1

1,14

687

,150

1,60

62,

15,5

267,

636

Sep-

1522

19,0

7125

,92,

666

88,8

190

00

0.00

624,

900

1,23

00

00

19,0

7125

,97,

566

90,0

481,

503

2,12

,271

7,09

8O

ct-1

521

22,5

4431

,00,

082

1,07

,272

00

00.

0049

4,66

11,

205

00

022

,544

31,0

4,74

31,

08,4

771,

646

2,34

,457

7,61

0N

ov-1

521

16,0

6721

,87,

051

73,2

380

00

0.00

989,

619

2,32

50

00

16,0

6721

,96,

670

75,5

621,

561

2,16

,799

6,94

7D

ec-1

522

16,9

8523

,44,

053

70,5

220

00

0.00

343,

404

815

00

016

,985

23,4

7,45

771

,336

1,59

32,

19,3

426,

910

Jan.

-16

2014

,902

20,6

8,56

259

,077

00

00.

0053

5,32

51,

318

00

014

,902

20,7

3,88

760

,395

1,05

41,

61,5

164,

556

Feb-

1621

12,9

0119

,32,

874

54,3

050

00

0.00

717,

089

1,94

70

00

12,9

0119

,39,

963

56,2

521,

071

1,59

,950

4,85

1N

ote

s:

1.

Th

e f

oll

ow

ing

co

mm

od

itie

s are

co

nsi

dere

d i

n e

ach

cate

go

ry:

Ag

ricu

ltu

re:

Bajr

a,

Barl

ey,

Cast

orS

eed

, C

han

a,

Co

tto

n C

ak

e,

Co

tto

nse

ed

, C

hil

li,

Co

rian

der,

Co

tto

n,

Cru

de p

alm

oil

, G

uarg

um

, G

uars

eed

, G

ur,

Jeera

, K

ap

as,

R

ap

ese

ed

Mu

stard

seed

, S

han

kar

kap

as,

Su

gar,

So

yab

ean

, R

efi

ned

So

yao

il T

urm

eri

c,

Wh

eat,

Maiz

e;

Meta

ls:

Co

pp

er,

Ste

el;

Bu

llio

n:

Go

ld,

Sil

ver;

En

erg

y:

Bre

nt

Cru

de O

il,

Cru

de O

il.

$ i

nd

icate

s as

on

Feb

ruary

29,

2016

So

urc

e:

NC

DE

X

Tab

le 6

4:

Tre

nd

s in

Co

mm

od

ity F

utu

res

at

MC

X

Year/

Mo

nth

No

.of

Tra

din

g

days

Ag

ricu

ltu

reM

eta

lsB

ull

ion

En

erg

yT

ota

lO

pen

in

tere

st a

t th

e e

nd

of

the p

eri

od

Vo

lum

e

('000

ton

nes)

No

of

co

ntr

acts

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('000

ton

nes)

No

of

co

ntr

acts

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('000

ton

nes)

No

of

co

ntr

acts

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('000

ton

nes)

*

No

of

co

ntr

acts

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('000

ton

nes)

No

of

co

ntr

acts

Tu

rno

ver

(` c

rore

)

Vo

lum

e

('000

ton

nes)

No

of

co

ntr

acts

Val

ue

(` c

rore

)

2014

-15

255

13,5

04

33,7

1,516

1,10

,268

62,0

83

4,7

3,5

2,0

37

12,7

4,2

13240.0

64,6

2,9

4,5

85

21,

53,4

27

4,0

4,5

56

5,1

5,5

7,8

04

16,4

5,7

99

4,8

0,3

83

14,8

5,7

5,9

42

51,

83,7

07

561

3,1

1,14

38,7

15

2015

-16$

235

12,4

67

31,

43,4

03

1,10

,982

82,0

51

5,8

8,8

1,755

13,8

6,6

16216

.30

3,8

6,3

9,4

08

18,5

2,9

37

7,3

2,6

1111

,17,7

1,263

17,7

5,0

64

8,2

7,3

46

21,

24,3

5,8

29

51,

25,5

99

620

3,1

3,0

45

9,5

82

Apr

-15

21

1,0

273,

45,5

68 1

2,18

5 5

,632

45,3

3,55

21,

15,1

0020

.81

35,5

7,03

81,

58,2

91 5

6,24

780

,32,

678

1,59

,482

62,9

271,

64,6

8,83

64,

45,0

5858

43,

17,2

639,

845

May

-15

21

1,0

412,

91,8

48 1

0,34

0 6

,057

44,5

3,30

01,

19,9

4820

.19

34,5

1,24

71,

64,5

89 5

0,38

071

,37,

785

1,62

,674

57,4

981,

53,3

4,18

04,

57,5

5250

73,

05,8

659,

429

Jun-

15 2

2 9

863,

71,2

47 1

3,71

3 6

,775

50,6

8,37

21,

26,3

7320

.83

33,3

3,55

21,

55,8

03 4

7,63

076

,15,

773

1,59

,378

55,4

121,

63,8

8,94

44,

55,2

6752

43,

91,4

5510

,893

Jul-1

5 2

3 8

312,

68,3

79 9

,412

8,1

7962

,75,

928

1,48

,937

21.3

436

,97,

529

1,78

,924

58,

668

89,2

7,95

01,

64,4

7267

,699

1,91

,69,

786

5,01

,744

665

4,01

,258

10,3

28A

ug-1

5 2

1 1

,160

2,75

,023

9,2

40 8

,171

59,2

0,45

31,

38,6

8623

.56

41,1

2,38

51,

92,3

01 6

7,69

699

,09,

995

1,58

,007

77,0

512,

02,1

7,85

64,

98,2

3357

83,

04,9

238,

496

Sep-

15 2

2 1

,201

2,51

,441

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2,61

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2,88

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157

1,44

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72,

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1,10

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728

1,58

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81,7

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1886

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Jan.

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20

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812,

82,6

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7,4

8550

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395

1,09

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1,64

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1,39

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788

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225


Table 66: Trends in Commodity Futures at NMCE

Year/

Month

No.of Trading

days

Agriculture Open interest at the end of the period

Volume

('000 tonnes)No of contracts

Turnover

(` crore)

Volume

('000 tonnes)No of contracts

Value

(` crore)

2014-15 246 8,334 15,76,654 36,040 6.74 3,072 46.18

2015-16$ 224 5,513 7,44,288 26,904 4.99 3,188 39.67

Apr-15 19 591 1,06,579 2,584 5.81 2,869 44.51

May-15 19 579 73,580 2,594 5.87 2,992 49.11

Jun-15 22 774 95,555 3,728 6.19 2,697 47.60

Jul-15 23 733 88,368 3,607 4.08 1,801 30.90

Aug-15 21 536 64,576 2,658 4.14 1,920 31.20

Sep-15 20 473 58,599 2,420 3.82 2,068 30.79

Oct-15 20 342 47,154 1,817 3.41 1,962 28.54

Nov-15 19 285 38,468 1,605 3.24 1,806 26.48

Dec-15 21 380 57,179 2,045 3.30 1,809 26.70

Jan.-16 19 327 46,998 1,685 3.71 2,070 27.55

Feb-16 21 493 67,232 2,160 4.99 3,188 39.67


Source: NMCE

Table 67: Category-wise Share in Turnover at MCX (percent)

Year/ MonthPercentage Share in Turnover

Agriculture Metals Bullion Energy

2014-15 2.13 24.58 41.54 31.75

2015-16$ 2.17 27.05 36.15 34.63

Apr-15 2.74 25.86 35.57 35.83

May-15 2.26 26.22 35.97 35.55

Jun-15 3.01 27.76 34.22 35.01

Jul-15 1.88 29.68 35.66 32.78

Aug-15 1.85 27.84 38.60 31.71

Sep-15 1.77 28.07 35.46 34.70

Oct-15 1.96 27.38 36.42 34.24

Nov-15 1.69 29.21 34.03 35.07

Dec-15 2.31 27.93 33.29 36.47

Jan-16 2.20 24.25 36.33 37.22

Feb-16 2.19 23.76 40.81 33.24


Source: MCX

226


Table 68: Category-wise Share in Turnover at NCDEX (percent)

Year/

Month

Percentage Share in Turnover

Agriculture Metals Bullion Energy

2014-15 96.33 0.00 3.62 0.05

2015-16$ 97.92 0.00 2.07 0.00

Apr-15 98.16 0.00 1.84 0.00

May-15 98.09 0.00 1.91 0.00

Jun-15 97.62 0.00 2.38 0.00

Jul-15 97.22 0.00 2.78 0.00

Aug-15 97.74 0.00 2.26 0.00

Sep-15 98.63 0.00 1.37 0.00

Oct-15 98.89 0.00 1.11 0.00

Nov-15 96.92 0.00 3.08 0.00

Dec-15 98.86 0.00 1.14 0.00

Jan-16 97.82 0.00 2.18 0.00

Feb-16 96.54 0.00 3.46 0.00


Source: NCDEX

Table 69: Category-wise Percentage Share in Turnover & Open Interest at MCX

Year/

Month

Turnover Open Interest at the end of month

Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities

Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers

2014-15 41.6 58.4 NA 33.0 67.0 NA 20.6 79.4 NA 33.7 66.3 NA

2015-16$ 45.3 54.7 NA 23.4 76.6 NA 13.3 86.7 NA 27.5 72.5 NA

Apr-15 47.8 52.2 NA 25.8 74.2 NA 20.8 79.2 NA 35.7 64.3 NA

May-15 45.4 54.6 NA 23.3 76.7 NA 20.6 79.4 NA 34.4 65.6 NA

Jun-15 46.2 53.8 NA 23.6 76.4 NA 18.1 81.9 NA 35.3 64.7 NA

Jul-15 48.4 51.6 NA 23.6 76.4 NA 18.8 81.2 NA 34.0 66.0 NA

Aug-15 47.2 52.8 NA 26.4 73.6 NA 20.8 79.2 NA 36.5 63.5 NA

Sep-15 43.1 56.9 NA 23.8 76.2 NA 19.8 80.2 NA 30.9 69.1 NA

Oct-15 45.5 54.5 NA 22.3 77.7 NA 20.6 79.4 NA 29.9 70.1 NA

Nov-15 40.2 59.8 NA 21.8 78.2 NA 18.7 81.3 NA 32.5 67.5 NA

Dec-15 43.1 56.9 NA 20.9 79.1 NA 16.4 83.6 NA 29.3 70.7 NA

Jan-16 45.0 55.0 NA 21.7 78.3 NA 15.1 84.9 NA 26.9 73.1 NA

Feb-16 43.8 56.2 NA 24.1 75.9 NA 13.3 86.7 NA 27.5 72.5 NA

Notes: 1. All trades executed under client codes other than *OWN* (proprietary account) is treated as client trades and is computed at

client Level.

2. All Commodities falling under the category Energy, Bullion and Metals are treated as Non-Agri wheresas all other commodities

are treated as Agri.

3. Profile of participants as hedgers or otherwise is not available with the Exchange


Source: MCX

227


Table 70: Category-wise Percentage Share of Turnover & Open Interest at NCDEX

Year/

Month

Turnover

(` crore)

Open Interest at the end of month

(` crore)

Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities

Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers

2014-15 46.2 53.1 0.7 74.0 26.0 0.0 28.2 67.7 4.1 55.4 44.6 0.0

2015-16$ 49.4 50.3 0.3 79.6 20.4 0.0 23.9 71.3 4.8 29.2 70.8 0.0

Apr-15 52.1 47.8 0.1 85.9 14.1 0.0 27.7 68.1 4.2 37.0 63.0 0.0

May-15 50.7 49.1 0.2 83.7 16.3 0.0 27.5 68.5 4.0 52.2 47.8 0.0

Jun-15 50.6 49.1 0.3 85.4 14.6 0.0 27.0 68.2 4.8 47.1 52.9 0.0

Jul-15 52.6 46.8 0.6 86.1 13.9 0.0 27.8 68.2 3.9 58.8 41.2 0.0

Aug-15 51.3 48.4 0.3 86.1 13.9 0.0 27.5 68.1 4.4 59.0 41.0 0.0

Sep-15 50.6 49.2 0.2 77.7 22.3 0.0 24.4 70.5 5.2 36.7 63.3 0.0

Oct-15 48.4 51.4 0.2 89.5 10.5 0.0 23.1 71.8 5.1 38.0 62.0 0.0

Nov-15 44.8 54.4 0.9 71.1 28.9 0.0 24.1 70.3 5.6 33.9 66.1 0.0

Dec-15 44.3 55.3 0.4 75.7 24.3 0.0 23.0 71.9 5.0 25.7 74.3 0.0

Jan-16 45.9 53.6 0.4 64.7 35.3 0.0 25.5 69.1 5.3 19.9 80.1 0.0

Feb-16 47.5 52.1 0.4 63.9 36.1 0.0 23.9 71.3 4.8 29.2 70.8 0.0


Source: NCDEX

Table 71: Category-wise Percentage Share of Turnover & Open Interest at NMCE

Year/

Month

Turnover Open Interest at the end of month

Agriculture Commodities Agriculture Commodities

Pro Client Hedgers Pro Client Hedgers

2014-15 5.3 94.7 0.0 4.3 95.7 0.0

2015-16$ 4.0 96.0 0.0 0.6 99.4 0.0

Apr-15 4.5 95.5 0.0 3.2 96.8 0.0

May-15 2.7 97.3 0.0 1.7 98.3 0.0

Jun-15 2.1 97.9 0.0 1.2 98.8 0.0

Jul-15 2.8 97.2 0.0 1.2 98.8 0.0

Aug-15 6.1 93.9 0.0 1.8 98.2 0.0

Sep-15 7.8 92.2 0.0 1.6 98.4 0.0

Oct-15 8.1 91.9 0.0 0.9 99.1 0.0

Nov-15 4.1 95.9 0.0 0.7 99.3 0.0

Dec-15 0.9 99.1 0.0 1.1 98.9 0.0

Jan-16 3.7 96.3 0.0 2.0 98.0 0.0

Feb-16 2.6 97.4 0.0 0.6 99.4 0.0

Note: 1. NMCE do not have distinct identifiable records of turnover of hedgers and non hedgers participants. The above data of pro

and clients’ account may be inclusive of hedging turnover also.


Source: NMCE

228


Table 72: Macro Economic Indicators

I. GDP at constant prices (2011-12 prices) for 2014-15 (`crore)* 1,13,50,962

II. Gross Saving as a percent of Gross national Disposable Income at current market prices in 2014-15 @ 32.3

III. Gross Capital Formation as a percent of GDP at current market prices in 2014-15@ 34.2

IV. Monetary and Banking IndicatorsOctober November December January February

2015 2015 2015 2016 2016

Cash Reserve Ratio (percent) 4.0 4.0 4.0 4.0 4.0

Repo Rate (percent) 6.75 6.75 6.75 6.75 6.75

Money Supply (M3) (` crore) 1,12,27,440 1,12,50,590 1,13,38,400 1,14,43,300 1,15,80,800

Aggregate Deposit (` crore) 91,40,030 91,24,760 91,84,650 92,70,000 93,51,300

Bank Credit (` crore) 68,03,970 68,67,930 70,17,000 70,90,330 71,72,700

V. Interest Rate

Call Money Rate (Weighted Average) 6.8 6.8 6.8 7.8 7.7

91-Day-Treasury Bill (Primary Yield) 7.1 7.1 7.2 8.23 8.39

Base rate (percent) 9.3-9.7 9.3-9.7 9.3-9.7 10.00-10.25 10.00-10.25

Term Deposit Rate > 1 year (Maximum) 7.9 7.9 7.9 8.00-8.75 8.00-8.75

VI. Capital Market Indicators (`crore)

Turnover (BSE+NSE) 3,91,944 3,57,949 3,96,695 4,15,660 4,02,804

Market Cap-BSE 98,33,359 98,88,227 1,00,37,734 93,92,133 85,83,145

Market Cap-NSE 96,54,114 96,75,669 98,31,658 92,09,386 84,22,857

Net FPI Investment in Equity 6,650 -7,074 -2,817 -11,126 -5,521

VII. Exchange Rate and Reserves

Forex Reserves (USD million) 353,637 351,616 352,050 349,152 346,788

Re/ Dollar 65.2 66.8 66.2 61.76 61.79

Re/Euro 71.7 70.7 72.4 70.03 69.29

Forward Premia of USD 6-month 6.6 6.5 6.5 7.35 7.99

VIII. Public Borrowing and Inflation

Govt. Market Borrowing-Gross (` crore) 2015-16 4,11,000 4,56,000 5,01,000 5,57,000 5,85,000

Wholesale Price Index (2004-05=100) 176.7 177.6 177.4 175.7 174.0

Consumer Price Index (2012 =100) 126.1 126.6 126.6 126.3 125.9

IX. Index of Industrial Production (y-o-y) percent (Base year 2004-05 = 100)

General 181.3 166.6 183.4 186.3 NA

Mining 130.0 131.5 137.5 138.4 NA

Manufacturing 188.1 171.9 192.0 195.0 NA

Electricity 201.6 175.6 183.2 188.3 NA

X. External Sector Indicators (USD million)

Exports 21,353 20,014 22,297 21,076 20,739

Imports 31,120 29,796 33,961 5,026 27,280

Trade Balance -9,767 -9,782 -11,664 -7,639 -6,542

Notes: 1. * Advance estimates; Data as per the new series released by MOSPI

2. CPI Data ia being released on Base 2012=100 from January 2015 by MOSPI

3. @ First Revised Estimates

Source : RBI, MOSPI, Ministry of Commerce & Industry.

229


PUBLICATIONS

1. Annual Report : 2014-15

2. Handbook of Statistics on Indian Securities Market, 2014

Interested persons may contact Publication Division, Department of Economic and Policy Analysis of SEBI to

obtain a copy of Annual Report/Handbook of Statistics at the following address:

Publication Division

Department of Economic and Policy Analysis

Securities and Exchange Board of India

Plot No. C4-A, ‘G’ Block,

Bandra Kurla Complex,

Bandra (E), Mumbai-400051

Tel no. +91-2226449000

Fax no. +91-2226449021

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