bull-jan2009.pdf mimo

January 2009 VOL. 7 NUMBER 01

EDITORIALCOMMITTEE

[email protected]

http://www.sebi.gov.in.

[email protected]

�Mr. Radhakrishnan Nair

�Prof. G. Sethu

�Mr. J. Ranganayakulu

�Mr. Nagender Parakh

�Dr. Anil Kumar Sharma

The Securities and Exchange Board of India Bulletin is issued by the

Research Department, 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

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comments and suggestions on any of the features/ sections may be sent

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ContentsPage

POINT OF VIEW

Credit Rating Agencies

CAPITAL MARKET REVIEW

HIGHLIGHTS OF INTERNATIONAL STOCK MARKETS DURING 2008

PRESS RELEASES

General

1. SEBI Board Meeting

2. SEBI signs MoU with FFMS, Russia

3. SEBI amends DIP Guidelines to provide for combined offering of Non-Convertible Debentures(NCDs) with warrants, through Qualified Institutions Placement (QIP) mechanism

4. Re-allocation of debt investment limit

5. NISM to organize training programmes for professionals to audit books / records of stock brokers

6. Clarification on news reports relating to Pyramid SaimiraTheatre Ltd.

Orders

1. Orders in the matter of Bombay Dyeing & Manufacturing Co. Ltd.

2. Order against M/s. ICAP India Pvt. Ltd., Member, NSE

3. Order against Mr. Swaminathan Mahalingam in the matter of M/s. Mega Millennium Securities Pvt. Ltd. and M/s. Mega Millennium Investment Pvt. Ltd.

4. Orders in case of IPO irregularities – Amadhi Investments Ltd., Rajesh Kumar Patel and WelvetFinancial Advisors Pvt. Ltd.

5. Order against MCS Ltd.

6. Order against Mehta Equities Ltd.

7. Orders against Mr. Puroshattam Lal Kejdiwal and Mr. Dinesh Kumar Lodha, Members, CalcuttaStock Exchange in the matter of M/s. Adinath Bio-Labs Ltd.

8. Order against Shri Vidhyut B. Shah, Member, Ahmedabad Stock Exchange Ltd. in the matter of Manna GlassTech Industries Ltd.

9. Order against Mr. Sanju Kabra, Member, Calcutta Stock Exchange in the matter of M/s. AdinathBio-Labs Ltd.

10. Order against M/s. Prakash Nahata & Co. Member, Calcutta Stock Exchange in the matter ofM/s. Ashika Credit Capital Ltd.

11. Order in the matter of M/s. Mayekar Investment Private Ltd., Sub-broker, in the scrip of AvinashInformationTechnologies Ltd.

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12. Order against Equisearch Broking Private Ltd., Member, BSE, in the matter of Shree Yaax Pharmaand Cosmetics Ltd.

13. Order against M/s. Mackertich Consultancy Services Private Ltd., M/s. Vatican Commercials Ltd.and M/s. Pinnacle Trades & Investments Pvt. Ltd. in the matter of South East Asia MarineEngineering and Constructions Ltd.

14. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D.Shah in the matter of Sawaca Communications Ltd.

15. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D.Shah in the matter of Sawaca Business Machines Ltd. (Formerly Sawaca Finance Ltd.)

16. Order against M/s. C. Mackertich Ltd., Member, NSE, BSE, CSE & OTCEI, in the matter ofSouth East Asia Marine Engineering and Constructions Ltd.

17. Order against M/s.R.K. Global Shares & Securities Ltd., Member, NSE, in the matter ofSoundcraft Industries Ltd.

18. Order against Shri Rajkumar C. Basantani, Panna Agrofine Pvt. Ltd.,Jaitra Estate Developers Pvt.Ltd. and Born Free Finance Pvt. Ltd. in the matter of Soundcraft Industries Ltd.

19. Order against AMS Finance & Securities Ltd. in the matter of Soundcraft Industries Ltd.

20. Order against Bharat H Jain, M/s. Jain Investment (Prop. Ramila Jain) and Asmita R Shah in thematter of Soundcraft Industries Ltd.

21. Order against M/s. Admiral Securities, Sub-broker, Affiliated with VSE Securities Ltd. andMember, Vadodara Stock Exchange in the matter of M/s. Design Auto Systems Ltd.

22. Order against M/s. Bipin B Diwani, Sub-broker, Affiliated to M/s. Vyomit Shares, Stock andInvestments Pvt. Ltd., in the matter of Sawaca Communications Ltd.

23. Order against M/s. Mekaster Securities Pvt. Ltd., Member, NSE, in the matter of SoundcraftIndustries Ltd.

24. Order against M/s. Kolar Sharex Pvt. Ltd., Member, BSE, in the matter of Soundcraft IndustriesLtd.

25. Order against Shri Rajkumar Chainrai Basantani, Member, NSE, in the matter of SoundcraftIndustries Ltd.

26. Order against M/s. Sparkling Securities, Sub-broker, Affiliated to M/s. Churiwala Securities Pvt.Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.

27. Order against M/s. Gini Enterprises, Sub-broker, Affiliated to Park Light Investment Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.

28. Order against M/s. M.R.Share Broking Pvt. Ltd., Member, BSE, in the matter of SoundcraftIndustries Ltd.

29. Order against M/s. VRM Share Broking Pvt. Ltd., Member, NSE, in the matter of SoundcraftIndustries Ltd.

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30. Order against M/s. Apex Enterprises (India) Ltd. in the matter of Sri Adhikari Brothers TelevisionNetwork Ltd.

31. Order against Somani Cement Company Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K. Singh inthe matter of Somani Cement Company Ltd.

32. Order against Mr. Debapriya Ghosh in the matter of M/s. Adinath Bio-Labs Ltd.

33. Order against Mr. Pramod Kumar Kothari, Member, Calcutta Stock Exchange in the matter ofM/s. Adinath Bio-Labs Ltd.

34. Order in the matter of Nissan Copper Ltd.

Consent Orders

1. Consent order on the application submitted by R.S.S. Investments Pvt. Ltd. in the matter of OrderBook Manipulation

2. Consent Order on the applications submitted by Taurus Mutual Fund in the matter of DCMShriram Consolidated Ltd.

3. Consent Order against Shri Sharad Chhotabhai Patel in the matter of M/s. Shree Rama Multi-Tech Ltd.

4. Consent Order against CD Equisearch (Pvt.) Ltd. in the matter of M/s. Design Auto SystemsLtd.

5. Consent Order against of Shri Samir R Shah in the matter of M/s. Hindustan Bio Sciences Ltd.

6. Consent Order against Infinity.Com Stock Broking Private Ltd. in the matter ofM/s. GreenfieldTrading & Finance Ltd.

7. Consent Order in matter of IPO irregularities – Shri Saumil A. Bhavnagari

8. Consent Order against M/s. SPT Securities Ltd., Member of NSE and Depositary Participantof NSDL

9. Consent Order against M/s. Sovereign Securities Private Ltd., Member, BSE

10. Consent Order against Shri R. D. Lahoti, sub-broker affiliated to HSE Securities Ltd., Member,NSE

11. Consent Order against P. Suryakant Share & Stock Brokers Pvt. Ltd. in the matter of M/s. Design Auto Systems Ltd.

12. Consent Order against M/s. Uttam Investments in the matter of M/s. Prabhu Steel IndustriesLtd.

13. Consent Order in the matter of M/s. Winsome International Ltd.

14. Consent Order in the matter of M/s. Hardcastle & Waud Manufacturing Co. Ltd.

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15. Consent Order on the application submitted by Bharti Infotel Private Ltd. and BhartiEnterprises in the matter of Bharti Healthcare Ltd. (Now known as Capsugel HealthcareLtd.)

16. Consent Order against Shri Santosh Gayakwad in the matter of Genus Commutrade Ltd.

17. Consent Order against SAM Global Securities Ltd. and Globe Capital Market Ltd. in thematter ofTrading on May 17, 2004

18. Consent Orders in the matter of dealing in futures and options contracts on the NSE

CIRCULARS

1. Cross Margining across Exchange traded Equity (Cash) and Exchange traded EquityDerivatives (Derivatives) segments

2. Maintenance of Security Deposit of 1% of the amount of securities offered topublic/shareholders by issuer companies with the designated stock exchanges

3. Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

4. Listing and trading of warrants issued as part of a Qualified Institutions Placement (QIP) beinga combined issuance of Non-convertible Debentures with Warrants

5. Review of Provisions relating to Close Ended Schemes

6. Anti Money Laundering (AML) Standards/Combating Financing of Terrorism(CFT)/Obligations of Securities Market Intermediaries under Prevention of MoneyLaundering Act, 2002 and Rules framed there-under- Master Circular on AML/CFT

7. Guidelines in respect of exit option to Regional Stock Exchanges

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS


ANNEXURES & STATISTICAL TABLES

PUBLICATIONS

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January SEBI BULLETIN 2009

001

POINT OF VIEW

1Credit Rating Agencies

Investors' need to assess the available securities for experts with the requisite knowledge, skills and

investment on one hand and the expertise to accessibility to data which is not available publicly.

analyze on the other lead to the existence of the Thus, the investors' need to assess the available

Credit RatingAgencies (CRAs). It is a mechanism securities for investment and the expertise to

whereby assessment of a corporate issuer on the analyze led to the genesis of the credit rating

likelihood of a default in the debt payment is made agencies (CRAs).

by an independent third party based on different The role of CRAs became important from investorsources of information. Realizing the increasing as well as issuer point of view by influencingimportance of the CRAs and the ratings accorded investment decisions and also acting asby them, it became critical to comprehend whether gatekeepers to the financial markets. It is athese agencies are doing the necessary due mechanism whereby assessment is made by andiligence as per the required standards. This article independent third party on the likelihood of aattempts to glance on the role of the CRAs in default in the debt re-payment by a corporate issuerpresent financial market scenario, consider their based on different sources of information.role in the earlier crises and the recent sub-prime

Thus, CRAs are agencies performing thecrisis, looking into the attempts made by SEC to

specialized function of assessing an issuer'simprove regulations governing CRAs, defining the

capability of making timely payment towardsrole of CRAs in the Indian securities market

financial obligation i.e. the credit rating. Becausefollowed by an analysis of the role performed,

of the capability of the rating agencies to evaluate aconclusion and suggestions.

broad range of securities, world-wide regulators

also started incorporating/ using credit ratings as a

I. Introduction criterion for assessing the quality of issues for

investors. This helps in cost cutting for investorsFor a market to be efficient, accurate and timelyand issuers. For example, regulatory agencies ininformation should be available to all the investors.the United States have made increased use ofAs all the investors are not equipped with the skillsratings in supervisory settings. Professorof analyzing the creditworthiness of an issuer and

2Schwartz referred to U.S. Securities andmost do not have access to all the requiredExchange Commission (SEC) Rule 3a-7 under theinformation for making such an analysis, it makeInvestment Company Act of 1940, citing ansense for them to rely on the analysis done by

1A Point of View is prepared by the officers of Research Department of SEBI, views are personal and not necessarily of SEBI.

ABSTRACT

217 C.F.R. § 270.3a-7 (2000), discussed in Steven L. Schwarcz, supra note 1 as referred in The Role of Credit Rating Agencies in the

Establishment of Capital Standards for Financial Institutions in a Global Economy by Professor Howell E. Jackson, Harvard Law School


002

example of this sort of regulatory incorporation. In II. Recent Scenario

the United States, when a corporation invests in a Due to globalization the entire world is gettingpool of securities, the corporation is presumptively increasingly financially integrated. This enhancessubject to regulation under the Investment the responsibility on the part of regulators asCompany Act of 1940, a law to protect investors increased integration means that financial crisisfrom various sorts of investment fraud. In the can spread more easily from one country to1980's, this jurisdictional structure created another. The role of CRAs becomes moreproblems for the emerging market for securitized important in this scenario. Originated in USA, nowassets. Eventually, the SEC created an exemption ratings provided by CRAs are used all over thefrom the 1940 Act for pools of securitized assets world for nearly all types of financial instruments.provided the instrument received an adequate These ratings are used as a benchmark for assessingrating from an accredited rating agency. The logic credit risk. Published ratings are not only observedof this exemption was that, if the pool received a by the investors but, as stated earlier, are used bygood enough credit rating, then the provisions regulators also for regulation of financial markets.dealing with investor protection under the 1940Act

Banks or certain types of other investors arewould be superfluous. In this context, an adequate

allowed to hold only lower risk securities ratedcredit rating became the path to exemption from 'investment grade'. By referring to the marketintricate regulation. benchmark for credit risk, regulation remains inBut is this regulatory dependence on rating touch with the changing credit risks in the market.agencies fair to the investors? Starting from the This increasing importance of credit ratings for theEast Asian crisis to recent sub-prime crisis, rating investors as well as for the regulators, raises some agencies have been blamed for their failures to important questions - whether the rating agenciespredict the vulnerability of the issuers as well as are able to adapt themselves with the rapidlycountries and revising their ratings in a time-bound changing financial markets and increasingly largemanner leading to various crises and loss of number of complex financial instruments?investors' money. Whether rating-based risk management results in

Thus, realizing the increasing importance of the greater adaptability with complex financial

CRAs and the vulnerability of the ratings given by markets or whether it is limited to the trial and error

them, it became important to know whether these learning of markets?

agencies are performing as per the required There are instances where CRAs have either notstandards. This article attempts to analyse the role rated companies accurately or have not changed theof CRAs in the present financial market scenario, ratings assigned earlier in a time bound manner.consider their role in the recent sub-prime crisis The ratings were revised only when the crisis hadand the earlier crises, list the attempts made by SEC already been triggered resulting in a furtherto improve regulations governing CRAs, define the increase in the intensity of the crisis. The Asianrole of CRAs in the Indian securities market, crisis is also one of the examples of failure on theanalyse the role performed and conclude with part of rating agencies. The crisis focused on thesuggestions on the way ahead. pivotal role of the international credit rating


003

Table II: Ratings of Lehman Brothersagencies in the movement of capital in and out of

emerging markets. The major rating agencies were

accused even at that time for not issuing warning

signals ahead of the crisis rather these agencies

started downgrading the country rating after the

crisis started thus, making the condition worse. The

sudden downgrade of ratings encouraged an abrupt

outflow of foreign capital and fed the downward

spiral. These CRAs failed to realize that the crisis

was related more with conditions in financial

markets such as lack of liquidity in East Asia than

the region's underlying economic conditions such

as national trade and current account balances. The

East Asian crisis revealed the power of rating Table III: Ratings of Merrill Lynch & Co Inc

agencies to attract or divert the foreign investment

from a developing country.

In the recent sub-prime crisis, CRAs became the

target for criticism for the reason that higher credit

ratings were issued for many collateralized debt

obligations (CDOs) than was deserved. The three

big CRAs of USA viz. Moody's, S&P, and Fitch

were also criticized for reacting very slowly to the

crisis. Companies that were rated investment grade

by Moody's and Standard & Poor's becameDates on which these firms filed for bankruptcy or

bankrupt The following tables show the ratingswere sold are provided in the following table:

given by Moody's Fitch and S&P to AIG, Lehman

Brothers and Merill Lynch.Table IV : Date of Filing for bankruptcy/ sold out

Table I: Ratings ofAIG Inc

As can be seen from the above tables, there was not

much revision in the ratings given by the three

CRAs in the above mentioned firms till the time

they were sold out or even filed for bankruptcy.

Earlier also there were cases like Enron where the

credit rating agencies were questioned for the

.

Issuer Rating

- Moody's

LT Issuer Default

Rating -FITCH

LT Foreign Issuer

Credit -S&P

Rating Effective

From

Rating Effective

From

Rating Effective

From

A2 15-Sep-08 A 15-Sep-08 A- 15-Sep-08

Aa3 22-May-08 AA- 22-Aug-08 AA- 12-Sep-08

Aa2 09-May-08 AA- 22-May-08 AA- 21-May-08

Aa2 31-May-05 AA- 08-May-08 AA- 08-May-08

Aa2 02-May-05 AA 11-Feb-08 AA 21-Dec-06

Aa1 31-Mar-05 AA 02-May-05

Aaa 20-Apr-95 AA+ 15-Mar-05

AAA 28-Feb-97

Source: Bloomberg

Issuer Rating -

Moody's

LT Issuer Default

Rating -FITCH

LT Foreign Issuer

Credit -S&P

Rating Effective

From

Rating Effective

From

Rating Effective

From

B3 15-Sep-08 D 15-Sep-08 D 16-Sep-08

A2 10-Sep-08 A+ 09-Sep-08 SD 15-Sep-08

A2 17-Jul-08 A+ 09-Jun-08 A 12-Sep-08

A1 13-Jun-08 AA- 28-Jun-07 A 09-Sep-08

A1 22-Oct-03 A+ 20-Jun-01 A 02-Jun-08

A2 24-Jun-03 A 19-Nov-97 A+ 11-Oct-05

A2 03-Nov-00 A- 01-Jul-91

A3 14-Sep-00

A3 05-Aug-99

Baa1 07-Jul-99

Baa1 29-Jun-95

Source: Bloomberg

Company Sold out/Filed for

Bankruptcy

AIG Inc 16 Sept. 2008 by Federal Reserve

Lehman brothers holdings Ltd. 16 Sept. 2008

Merill Lynch & Co Inc 15 Sept 2008 by Bank of America

Issuer Rating -

Moody's

LT Issuer Default

Rating -FITCH

LT Foreign Issuer

Credit -S&P

Rating Effective

From

Rating Effective

From

Rating Effective

From

A2 15-Sep-08 A+ 15-Sep-08 A 15-Sep-08

A2 17-Jul-08 A+ 09-Jul-08 A 02-Jun-08

A1 17-Apr-08 A+ 24-Oct-07 A+ 24-Oct-07

A1 24-Oct-07 AA- 17-May-02 AA- 27-Oct-06

Aa3 08-Oct-96 AA 26-Nov-97 A+ 17-Oct-02

A1 29-Jun-95 AA- 15-Aug-02

AA- 18-Dec-96

A+ 22-Mar-96

Source: Bloomberg


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credibility of their ratings. impartiality of their ratings. In August 2007, SEC

commenced an extensive examination of threeThough CRAs may adopt different methodologies,major credit rating agencies viz. Fitch Ratings Ltd.,similar procedures are generally followed forMoody's Investor Services Inc., and Standard &rating. When an issuer approaches a CRA forPoor's Ratings Services (recognized CRAs areratings, the first task for the analyst is to analyze theknown as the Nationally Recognized Statisticalsecurity on the basis of various parameters. TheseRating Organizations in USA). The main aim of theparameters include industry characteristics as wellexamination was to review the role of CRAs in theas the competitive position of the company. Inrecent crisis in sub-prime mortgage-relatedaddition, financial aspects of the company viz.securities markets and the focus was the ratingfinancial policy, profitability, capital structure etc.agencies' activities in rating sub-prime RMBS andare also analysed. The analyst developsCDOs linked to sub-prime residential mortgage-predictions, based on quantitative models and otherbacked securities.qualitative factors. He checks the proposed

3structure of the security against requirements for a Specifically, key areas of review included :

particular rating. Here arises the main dilemma. • the Nationally Recognized Statistical RatingIdeally, a rating should be given to a security as per

Organizations' (NRSROs) ratings policies,its structure. But generally it does not happen.

procedures and practices, including gaining anUsually, if the analyst concludes that the capital

u n d e r s t a n d i n g o f r a t i n g s m o d e l s ,structure of the security does not support the

methodologies, assumptions, criteria anddesired ratings, this is conveyed to the issuer. Now

protocols;the issuer could accept the given rating and issue

• the adequacy of the disclosure of the ratingsthe securities with the proposed capital structure orprocess and methodologies used by theadjust the structure to get the desired highest rating.NRSROs;Generally companies alter the structure of the

securities to get the desired rating. This is what has • whether the NRSROs complied with theirexactly happened in case of ratings given to ratings policies and procedures for initialcollateralized debt obligations (CDOs) and ratings and ongoing surveillance;residential mortgage backed securities (RMBS).

• the efficacy of the NRSROs' conflict of interestRatings should be given as per the structure of the

procedures; andsecurity but what has happened is exactly opposite.

• whether ratings were unduly influenced bySecurities were structured so as to get the desired

conflicts of interest related to the NRSROs'ratings.

role in bringing issues to market and theAfter the recent sub-prime crisis, the Europeancompensation they receive from issuers andUnion had announced probes into the role of theunderwriters.CRAs. SEC of USA became particularly interested

Different CRAs follow different policies andin the rating agencies' policies and practices in

procedures and different issues were identifiedrating mortgage-backed securities and the

3 Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies, by the Staff of the Office of Compliance Inspections and Examinations Division of Trading and Markets and Office of Economic Analysis United States Securities and Exchange Commission, July 2008


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among the firms, the SEC Staff's examinations meant to supplement previous rules implemented4among other things revealed that significant by the Commission in June 2007. The proposed

aspects of ratings were not always disclosed and measures required enhanced disclosures by

the rating agencies did not always document NRSROs such as transition statistics including

significant steps and significant participants in the upgrades or downgrades as well as default statistics

ratings process; for each asset class for which it is registered or is

seeking registration.Also NRSROs are required toIn addition, the surveillance processes used by theprovide enhanced disclosure in three areas: (1)rating agencies appeared to have been less robustwhether and, if so, how much verificationthan the processes used for initial ratings and issuesperformed on assets underlying or referenced bywere identified in the management of conflicts ofthe structured finance transaction is relied on ininterest and improvements can be made.determining credit ratings; (2) whether and, if so,

SEC's examined the three rating agencies andhow assessments of the quality of originators of

reviewed the processes used by these firms withstructured finance transactions play a part in the

respect to rating RMBS and CDOs that held sub-determination of the credit ratings; and (3) more

prime RMBS securities to gain insight into thedetailed information on the surveillance process,

conflicts of interest in the ratings process forincluding whether different models or criteria are

RMBS and CDOs, and to understand the ratingsused for ratings surveillance than for determining

methodologies employed by them.initial ratings.

The details regarding the change in the ratingsIII.Approved Measures by SEC: as well as disclosures about the rating may help

On December 03, 2008, the Securities and the investors to decide about the credibility of

Exchange Commission approved a series of ratings and thus take well-informed investment

measures regarding credit rating agencies (CRAs). decisions.

These measures aimed at increasing the It is proposed by Commission staff that NRSROtransparency and accountability of credit rating should make publicly available a random sample ofagencies and ensuring that the firms provide more 10 per cent of their issuer-paid credit ratings andmeaningful ratings and additional disclosure to the their histories documented for each class of issuer-investors. paid credit rating for which the NRSRO is

This is the second set of reforms for the credit registered and has issued 500 or more ratings. This

rating agencies as the initial rules were information is to be made public on the NRSRO's

implemented in June 2007 by SEC under the Credit corporate Internet Web site in XBRL format within

Rating Agency Reform Act. Public comments are six months after the rating is made. In addition,

invited on the new proposed amendments to be three new record keeping requirements are

received by the Commission within 45 days after proposed.

their publication in the Federal Register. An analysis of the data of the issuer paid ratings

The rules considered on December 03, 2008 were over a period of time may help in analyzing

4Ibid


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whether there is a conflict of interest in monitor the rating, is made available to other

determining the rating i.e. whether the ratings NRSROs. Specifically, the re-proposed

are fair or are influenced as the rating agencies amendments would require NRSROs that are hired

are getting paid from the issuer. by arrangers to perform credit ratings for structured

finance products to disclose to other NRSROs (andAnother proposed measure would require anonly other NRSROs) the deals for which they wereNRSRO to provide the Commission with an annualin the process of determining such credit ratings.report of the number of credit rating actions thatThe arrangers would need to provide the NRSROsoccurred during the fiscal year for each class ofthey hire with a representation that they willsecurity for which the NRSRO is registered.Also itprovide information given to the hired NRSRO tois proposed to add three new prohibited conflictsother NRSROs. The Commission is proposing toprohibiting an NRSRO from issuing a credit ratingamend Rule 100 of Regulation FD (Fairwith respect to an obligor or security where theDisclosure) to permit the disclosure of materialNRSRO or an affiliate of the NRSRO madenon-public information to NRSROs regardless ofrecommendations to the obligor or the issuer,whether they make their ratings publicly available.underwriter, or sponsor of the security about the

corporate or legal structure, assets, liabilities, or Making the same data available to all the rating

activities of the obligor or issuer of the security, agencies may help in arriving at a fair rating. In

prohibiting a person within an NRSRO who has case the hired rating agencies may not be able to

responsibility for participating in determining provide a fair rating or revise rating at a proper

credit ratings or for developing or approving time, due to whatever reason, other CRAs will

procedures or methodologies used for determining be able to provide a fair rating with the data

credit ratings from participating in any fee available. And because of this reason, there will

discussions, negotiations, or arrangements and be a pressure on the rating agency to provide an

prohibiting an NRSRO from allowing a credit accurate rating for the sake of its reputation and

analyst who participated in determining or credibility.

monitoring the credit rating to receive gifts,

including entertainment, from the obligor beingIV. Indian scenario

rated or from the issuer, underwriter, or sponsor ofIn India, Securities and Exchange Board of Indiathe securities being rated, other than items(SEBI) has registered only five CRAs, namelyprovided in the context of normal businessCredit Rating Information Services of Indiaactivities.Limited (Crisil), ICRA Ltd., Credit Analysis and

The above proposed measures may help inResearch Ltd. (CARE), Fitch and Brickwork

resolving various issues involving conflict ofRatings India Pvt Ltd. There are two more CRAs in

interest.India, ONICRA and SME Rating Agency of India

An NRSRO is prohibited from issuing a rating for a Ltd. (SMERA) but these do not seem to havestructured finance product paid for by the product's official recognition. As discussed earlier,issuer, sponsor, or underwriter unless the regulators had started relying on the ratingsinformation about the product provided to the assigned by the CRAs for maintaining marketNRSRO to determine the rating and, thereafter, efficiency and investor protection. SEBI is no


007

exception. CRAs rate a number of products coming or 12 shall be payable by, inter alia, issue,

under the purview of other regulators viz. Reserve exchange and, or transfer of secured instruments of

Bank of India (RBI), Pension Fund Regulatory and acquirer company with a minimum 'A' grade rating

Development Authority (PFRDA) and Insurance from a CRAregistered with the SEBI.

Regulatory and Development Authority (IRDA).

For the purpose of rating securities, SEBI hasc. Collective Investment Schemes (CIS)

defined CRAs under SEBI (Credit RatingNo CIS can be launched before obtaining ratingAgencies) Regulations, 1999 and prescribed a codefrom a registered credit rating agency. Ratingof conduct for CRAs. Similarly, IRDA, PFRDAreceived along with the tenure is to be disclosed inand RBI also have certain regulatory requirementsthe offer document. It is the responsibility of thelinked to rating of the investible products.trustee of the CIS to get the scheme rated by a credit

Following are the various rules/regulations/rating agency.

guidelines where the credit rating has been made

mandatory by the SEBI:

d. Comprehensive Risk Management

Framework for Derivatives and Cash Marketa. Mutual Funds

As a risk containment measure in derivatives, inMutual funds can only invest in the debt securities

1999, it was made mandatory to have at least 50 perand mortgage backed securities having at least

cent of the total liquid assets in the form of cashinvestment grade by a CRA. Mutual funds are

equivalents viz., cash, bank guarantee, fixedallowed to invest in foreign debt securities in the

deposits, T-bills and dated Government securities.countries with fully convertible currencies, debt

For this purpose, the clearing corporation/house setinstruments with highest rating (foreign currency)

an exposure limit for each bank to have liquidby accredited/registered CRAs. They may also

assets as bank guarantee taking into account allinvest in Government securities where the

relevant factors. It includes that not more than fivecountries areAAArated.

per cent of the Trade Guarantee fund (TGF) or oneFor the purpose of valuation, all non-traded debt per cent of the total liquid assets deposited with thesecurities are classified into “Investment grade” clearing house whichever is lower shall be exposedand “Non-Investment grade” securities based on to any single bank which is not rated P1 (or P1+) ortheir credit rating. equivalent by a RBI recognized credit rating

For Capital protection oriented schemes launched agency. Also, not more than 50 per cent of the trade

in 2006, it was mandatory to rate the proposed guarantee fund or 10 per cent of the total liquid

portfolio structure by a SEBI registered credit assets deposited with the clearing house whichever

rating agency. Further, it should also be ensured is lower should be exposed to all such banks put

that the debt component of the portfolio structure together.

has the highest investment grade rating. The same was made applicable to the cash markets

in 2005.

b. Takeover and Buyback

The offer to acquire shares under regulations 10, 11


008

e. Secondary Market for Corporate Debt Thus, it can be seen that in India too, there is a

Securities growing reliance on CRAs for regulatory purposes.

This will be helpful till the time CRAs areAny listed company making issue of debt securitiesproviding fair, accurate and timely ratings. Buton a private placement basis and listed on a stockthere is a need to take a word of precaution learningexchange is required to ensure that the debtfrom the experience of the recent crisis.An analysissecurities carry a credit rating of not less thanof the role of CRAs brings out some loopholes oninvestment grade from a CRA registered withthe CRAs side as well as on the regulator side.SEBI.

The Issuer is required to promptly notify the

exchange, the details of any rating or revision in V. Analysis

rating assigned to any debenture or equity CRAs undertake an elaborate study of the issuinginstrument of the issuer or to any fixed deposit companies/ governments and accord ratingsprogramme or to any scheme or proposal of the ranging from the best to the lowest depending onissuer involving mobilisation of funds whether in their assessment of the issuing company's ability toIndia or abroad provided the rating so assigned has honour the debt obligation in time. They have farbeen quoted, referred to, reported, relied upon or reaching consequences for the issuers as well as theotherwise used by or on behalf of the Issuer. investors. CRAs contribute to the achievement of

the regulatory objectives of investor protection,

fair and transparent markets and reduction off. Initial Public Offerings (IPOs) and Debtsystemic risk. CRAs are playing such an importantInstruments

5role that Tom Freidman once compared theCredit Rating from at least one CRA registered

strength of Moody's Investor Services with thewith SEBI was made mandatory for making a

USA.public or rights issue of debt instruments as well as

With the recent crisis, there is a world wide demandfor IPOs of equity shares or any other securityfor tightening regulations for CRAs and USA hadconvertible/exchangeable into equity shares at aalready started responding towards the same.later date in 2007.Though the recent crisis has not impacted India as

Before roll over of any non-convertible debenturesmuch as it did the USA there is a need to learn from

(NCDs) or non-convertible portion of the partlytheir experiences. As stated earlier, CRAs in India

convertible debentures (PCDs), it is mandatory torate various products coming under the purview of

obtain at least one rating from a credit ratingdifferent regulators. This may give rise to systemic

agency registered with the SEBI within a period ofrisk in case of inaccurate rating of any product.

six months prior to the due date of redemption andWith so much of benefits derived from CRAs, there

communicate the same to the debenture holdersare certain problems associated with them as

before the roll over. Credit rating will bedescribed below:

compulsory, if conversion/redemption falls after1. As CRAs are paid by the issuers to rate their18 months.

5 "There are two superpowers in the world … the United States and Moody's Bond Rating Service ... and believe me, it is not clear sometimes who is more powerful.”: Attributed to Tom Friedman, New York Times columnist by Senator Joeseph Lieberman, Rating the Raters: Enron and the Credit Rating Agencies: Before the Senate Committee on Governmental Affairs, 107th Cong. 471, March 20, 2002.


009

products, it is possible that these agencies give quality detoriates but the ratings were not

a favorable rating to their clients. On the revised for a long time. Does this suggest that

contrary it may also happen that the issuer market and regulators should rely on credit

changes the structure of the security in order to spreads rather than credit ratings?

get the desired rating. Thus the whole intention

of getting rated is destroyed as rating is done toVI. Issues for Consideration

determine the grade/level of the structure of theThe two most prominent models of CRAsecurity.regulations, outside India are that of USA and

2. As CRAs also offer services such asIOSCO. India follows the simple registration

consultancy, credit risk management etc. theymodel for CRAs with the supervisory and

may temper with the accurate rating to enticeregulatory powers vested with SEBI. Registration

the issuers to use these services. This is oftenis compulsory and CRAs are required to maintain

referred to as the conflict of interest problem.the records.ACRAhas to disclose possible sources

The issuers may exert pressure on the ratingof conflict of duties and interests, which could

agency to improve the ratings in return for theimpair its ability to make fair, objective and

purchase of its consultancy services. Also thereunbiased ratings to the clients. Further it should

is problem of notching whereby rating agenciesensure that no conflict of interest exists between

lower the ratings of the issue not rated by them.any member of its rating committee participating in

3. As CRAs have access to non-public the rating analysis, and that of its client. It has beeninformation, they are to be monitored for made mandatory for issuers to obtain credit rating insider trading. In addition, there is a problem as per the SEBI (DIP) Guidelines, 2000. No otherof lack of transparency regarding rating country has made credit rating compulsory formethodology, procedures etc. followed by the IPOs. Following issues need considerationrating agencies.

1. Regulatory dependence on CRAs should be4. While CRAs themselves generally put a minimized. Regulator should not make it

disclaimer," A rating is not a recommendation mandatory to obtain rating from one or twoto buy, sell or hold the rated instrument, it does rating agencies as in one way it is like bringingnot comment on the market price or suitability business to the CRAs. Issuers are going forfor a particular investor", how come regulators ratings not for grading their securities but oncan rely on their ratings so much that the ratings account of regulatory compulsion. Creditbecomes the regulatory requirement? rating should be obtained by issuers voluntarily

5. As in the case of Enron, and the recent sub- for improving the image of the issuer. Investors

prime crisis, it is observed that CRAs reacted should demand for the rating of the products

very slowly, failed to monitor ratings and revise whereas if regulator makes it mandatory to

them especially upon receipt of negative obtain ratings it is like creating an artificial

information. In the case of Enron, some demand for the ratings.

scholars pointed out the yield spread of 2. The Regulator while making it mandatory forcorporate bond started expanding as the credit the issuers to be rated by one/two registered


010

rating agencies thereby increasing the reliance under rating methodology to make the system

of investors on these ratings, also allows CRAs more transparent.

to put disclaimers which relieves them of their 7. Another measure to reduce the negative impactresponsibility. Investors do not have any right of ratings is to be more transparent and enhanceto take action against CRAs in case of wrong disclosures. Investors should know the reasonsassessment of an issue or delay in revising their behind a decision taken by the CRAs. This willratings. CRAs should be made liable towards help the investors to compare their opinionstheir wrong assessments/delays or any such with the CRAs opinion rather than simplyactions which goes against the interest of following the CRAs opinion.investors.

8. Rating Agencies should be encouraged to3. To manage the problem of conflict of interest, update ratings more frequently. As the

which may indirectly impact the ratings given frequency of the updating the ratings increases,by CRAs, these agencies may be instructed to any change in the rating whether positive orfire-wall their rating and consultancy negative will be communicated to the marketbusinesses. Further, senior management of the well in time. In such a case, even a negativeCRAs should not be allowed to be on the change in the ratings will not be sudden and anymanagement of the issuing companies to be chances of a negative impact will berated by them. minimized.

4. As stated earlier, CRAs are rating various 9. The incentive structure of the CRAs needs to beproducts coming under the jurisdiction of re-examined. Incentive of an analyst should notdifferent regulators. There is a need to make the be linked with the ratings given. Also, theexisting regulations comprehensive enough problem of issuer paying the CRAs for gettingcovering all the products rated by CRAs and themselves rated needs to be addressed. Ifalso all the aspects related to the governing of regulator made it mandatory to get the ratings, the CRAs. CRAs can be paid from investor protection

5. As the structured products are still in a nascent fund or a separate fund can be created for the

stage in India, CRAs may be asked to purpose. Such a fund though created by using

upgrade/evolve their rating techniques to rate the funds of the issuer company yet as the

complex structural products. As such, rating CRAs will not be paid directly by the company

methodologies should be continually upgraded being rated there will be no bias. To further

with the invention of new and complex improve the practice, CRAs can be assigned to

products in the financial markets. companies by the regulator rather than

companies choosing the rating agencies6. While SEBI has been emphasizing that CRAsthemselves.must disclose the rating and the rating

methodology but it has not been specified as to 10. Competition between the rating agencies will

what information is to be covered under rating help in getting fair and appropriate ratings.

methodology. Therefore, there is a need to Therefore, there is a need to increase the

state clearly what information is to be covered number of rating agencies.


VII. Conclusion Policy Report 6, Financial Policy Forum,

Derivatives Study Center,April 14, 2003.As credit rating agencies are a means to provide

investors the information which they may not be 3. Consultation Report, "The Role of Credit

able to generate due to lack of technical know-how Rating Agencies in Structured Finance

and expertise, the responsibility of CRAs has Markets", Technical Committee of the

increased manifold. In the era of financial International Organization of Securities

globalization the role of CRAs becomes all the Commissions, March 2008.

more important. 4. Standards and Poor's, "Rating Methodology :

Similar to USA, in India too, we can observe Evaluating the Issuer".

increasing regulatory dependence on these 5. Report on the Role and Function of Creditagencies. Indian markets have been saved this time Rating Agencies in the Operation of thefrom any major impact of the sub-prime crisis due Securities Markets, U.S. Securities andto whatever reasons. This has given us an Exchange Commission, January 2003.opportunity to prepare our system against any such

6. Standard and Poor's, "Ratings Direct",crisis in future. Accurate and timely ratings should

September 24, 2008.be encouraged and transparency should be

7. Professor Howell E. Jackson, "The Role ofenhanced with more disclosures. Though India hasCredit Rating Agencies in the Establishment ofcredit rating agencies regulations, there is a need toCapital Standards for Financial Institutions in aimprove the existing regulations keeping in mindGlobal Economy", Harvard Law School.the problem of overlap of jurisdictions of various

regulatory agencies. The move should be towards 8. 17 C.F.R. § 270.3a-7 (2000), discussed in

voluntary credit rating by entity rather than Steven L. Schwarcz, supra note 1 as referred in

obligation made under various rules/regulations. "The Role of Credit Rating Agencies in the

The regulatory measures though important in Establishment of Capital Standards for

regulating the function of CRAs and binding them Financial Institutions in a Global Economy by

to be more transparent, yet the self image would be Professor Howell E. Jackson* ,Harvard Law

the driving force for the CRAs in the long run. School.

9. Summary Report of Issues Identified in the

Commission Staff's Examinations of SelectReferencesCredit Rating Agencies, by the Staff of the

1. Elkhoury, Marwan, "Office of Compliance Inspections and

Examinations Division of Trading and MarketsUNCTAD/OSG/DP/2008/1, No.

and Office of Economic Analysis United States186, January 2008.

Securities and Exchange Commission, July2. Setty, Gautam and Dodd, Randall, " Credit 2008.

Rating Agencies: Their Impact on Capital10. Various Rules and Regulations of SEBI.

Flows to Developing Countries", Special

Credit Rating Agencies

and Their Potential Impact on Developing

Countries",

011


012


I. Trends in the Primary Market

During December 2008, Rs. 1,484.19 crore was mobilised Rs. 38,153.20 crore and 22 rights issues

mobilised through 4 issues in the primary market. which mobilised Rs. 13,446.68 crore during 2007-

No public issue was raised during the month. There 08 (April – December).

were 3 rights issues which mobilised Rs. 1,369.90 In December 2008, there was only one QIP which crore. During December 2007, there were 8 public mobilised Rs. 114.29 crore as compared to 10 QIPsissues which mobilised Rs. 1,843.42 crore and 5 which mobilised Rs. 8,419.94 crore in Decemberrights issue which mobilised Rs. 2,952.38 crore. Of 2007.the public issues 6 were Initial Public Offerings

During December 2008, 28 preferential allotments(IPOs) which mobilised Rs. 1,557.92 crore and 2

(Rs. 218.20 crore) were listed at BSE and 15were Follow on Public Offerings (FPOs) which

preferential allotments (Rs. 273.21 crore) weremobilised Rs. 285.50 crore.

listed at NSE. During 2008-09 (April – December),During 2008-09 (April – December), there were 20 310 preferential allotments with issue value of Rs.public issues which mobilised Rs. 2,058.51 crore 2,06,761.52 crore were listed at BSE and 236and 21 rights issues which mobilised Rs. 11,997.31 preferential allotments with issue value ofcrore as compared to 74 public issues which Rs. 39,268.17 crore were listed at NSE (Table 1).

1 Differences in total are due to rounding off and sometimes they may not exactly add up to the last digit.

1Table 1: Funds Mobilised in Primary Market

December-08 December-07 2008-09 (April -

December)

2007-08 (April -

December)

% Change

Amount Amount Amount Amount

Particulars

No. of

Issues (Rs.crore)No. of

Issues (Rs.crore)No. of

Issues (Rs.crore)No.

of

Issues

(Rs.crore)Column6 over

column 8

Column 7 over

colunm 9

1 2 3 4 5 6 7 8 9 10 11

a) Public Issues 0 0.00 8 1,843.42 20 2,058.51 74 38,153.20 -72.97 -94.60i) IPOs 0 0.00 6 1,557.92 20 2,058.51 68 26,260.43 -70.59 -92.16

ii) FPOs 0 0.00 2 285.50 0 0.00 6 11,892.77 - -

b) Rights Issues 3 1,369.90 5 2,952.38 21 11,997.31 22 13,446.68 -4.55 -10.78

c) QIP 1 114.29 10 8,419.94 2 188.82 29 21,110.26 -93.10 -99.11

Total (a+b+c) 4 1,484.19 23 13,215.74 43 14,244.64 125 72,710.15 -65.60 -80.41

d) Preferential Allotment*

BSE 28 218.20 N.A N.A 310 2,06,761.52 N.A N.A - -NSE 15 273.21 N.A N.A 236 39,268.17 N.A N.A - -

Note: Data related to (c) and (d) are obtained from BSE and NSE.

*Preferential issues are classified according to the month in which they are listed . Preferential issues may

include common issues reported to both the exchanges.

013

I.1 Private Placement of Corporate Debt

As per SEBI Guidelines, corporates are required to through private placements during December 2008

report to the stock exchanges, funds raised through were reported to NSE and BSE, the details of which

private placement of debt issues. Funds raised are given below:

During December 2008, a total Rs. 34,525.10 crore (2008-09), the total amount of private placement of

was raised through 121 debt issues by the corporate corporate debt reported was Rs. 1,21,129.82 crore

sector by way of private placement. Of the total, through 775 issues as compared to Rs. 94,391.29

Rs. 4,192.14 crore was reported to BSE and Rs. crore through 719 issues during the April –

30,332.96 crore to NSE. During April – December December (2007-08) (Table 2).

I.2 Mutual Funds

During December 2008, Rs. 1,205.02 crore was sector mutual funds. In total mutual funds

mobilised by public sector mutual funds, whereas, mobilised Rs. 98.47 crore during the month.

Rs. 1,106.55 crore was redeemed from private During April – December (2008-09) there has been


Table 2: Private Placement of Corporate Debt reported to BSE and NSE

Note: Figures in parentheses relate to the respective period in previous year.Source: BSE, NSE

BSE NSE TotalMonth/Year

No. of

Issues

Amount

(Rs. crore)No. of

Issues

Amount

(Rs. crore)No. of

Issues

Amount

(Rs. crore)

1 2 3 4 5 6 7

April-08 15 540.10 74 7,888.02 89 8428.12

(25) (2,141.00) (75) (10,251.00) (100) (12,392.00)

May-08 31 2,255.45 31 6,271.49 62 8,526.94

(26) (3,957.00) (37) (5,217.00) (63) (9,174.00)

June-08 65 2,789.31 49 6,581.80 114 9,371.11

(52) (1,209.00) (87) (11,053.00) (139) (12,262.00)

July-08 21 1,087.11 33 1,890.75 54 2,977.86

(26) (1,209.00) (48) (6,310.00) (74) (7,519.00)

August-08 16 149.70 41 9,046.61 57 9,196.31(18) (1,058.00) (59) (6,121.00) (77) (7,179.00)

September-08 14 3,013.60 80 14,433.60 94 17,447.20

(20) (7,959.37) (51) (11,971.92) (71) (19,931.29)

October-08 32 1,661.90 18 8,523.67 50 10,185.57

(27) (1,226.00) (31) (5,456.00) (58) (6,682.00)

November-08 54 5,035.03 80 15,436.58 134 20,471.61(28) (4,638.00) (59) (8,760.00) (87) (13,398.00)

December-08 33 4,192.14 88 30,332.96 121 34,525.10

(28) (2,085.00) (22) (3,769.00) (50) (5,854.00)

April - December, 2008 281 20,724.34 494 1,00,405.48 775 1,21,129.82

(250) (25,482.37) (469) (68,908.92) (719) (94,391.29)

014

II. TRENDS IN THE SECONDARYMARKET

II.1 Cash Segment


a redemption of Rs. 30,431.99 crore by mutual management was lower by 24.83% to

funds, whereas, Rs. 1,23,993.10 crore was Rs. 4,13,364.51 crore as on December 31, 2008 as

mobilised duringApril – December (2007-08). compared to Rs. 5,49,936.13 crore as on December

31, 2007 (Table 3).The market value of cumulative asset under

Table 3: Net Resource Mobilisation by Mutual Funds

December DecemberCategory

2008

April -

December 20082007

April - December

2007

1 2 3 4 5

(i) Public Sector 1,205.02 9,510.11 2,364.33 18,125.05

(ii) Private Sector -1,106.55 -39,942.10 -13,495.59 1,05,868.05

Total (i + ii) 98.47 -30,431.99 -11,131.27 1,23,993.10

Cumulative Assets Under Management 4,13,364.51 5,49,936.13

Chart 1: Movement of BSE Sensex and S&P CNX Nifty

7000.00

9000.00

11000.00

13000.00

15000.00

17000.00

19000.00

Ap

r-0

8

Ma

y-0

8

Ju

n-0

8

Ju

l-0

8

Au

g-0

8

Se

p-0

8

Oc

t-0

8

No

v-0

8

De

c-0

8

BS

ES

en

se

x

2000

2500

3000

3500

4000

4500

5000

5500

S&

PC

NX

Nif

ty

BSE Sensex S&P CNX Nifty

015

The market capitalisation of BSE, was higher by 2008 to Rs. 80,865.79 crore in December 2008.

11.56% from Rs. 28,18,964.33 crore as on The monthly turnover of NSE, too was higher by

November 28, 2008 to Rs. 31,44,766.89 crore as on 23.01% from Rs. 1,73,122.83 crore in November

December 31, 2008. The market capitalisation of 2008 to Rs. 2,12,955.99 crore in December 2008.

NSE was also higher by 9.93% from The P/E ratio of BSE Sensex was 12.36 as onRs. 26,53,281.28 crore as on November 28 , 2008 December 31, 2008 against 11.62 as on Novemberto Rs. 29,16,768.42 crore as on December 31, 28, 2008. The P/E ratio of S&P CNX Nifty was2008. 12.97 as on December 31, 2008 against 12.08 as on

The monthly turnover of BSE was higher by November 28, 2008 (Table 4).

26.96% from Rs. 68,693.62 crore in November

Table 4: Major Indicators of Stock Market


BSE Sensex closed at 9647.31 on December 31, S&P CNX Nifty closed at 2959.15 on December

2008, as against 9092.72 on November 28, 2008, 31, 2008, as against 2755.10 on November 28,

registering a rise of 554.59 points (6.10%). In terms 2008, registering a rise of 204.05 points (7.41%). In

of closing value, Sensex recorded a high of terms of closing value, Nifty recorded a high of

10099.91 on December 19, 2008 and a low of 3077.50 on December 19, 2008 and a low of

8739.24 on December 02, 2008. 2656.45 on December 03, 2008 (Chart 1).

2005-06 2006-07 2007-08 Nov-08 Dec-08 Percentage

change over the

previous month

(col. 6 over col.5)

1 2 3 4 5 6 7

A. Indices*

BSE Sensex 11280 13072 15644.44 9092.72 9647.31 6.10S&P CNX Nifty 3403 3822 4734.50 2755.10 2959.15 7.41S&P CNX 500 2910 3145 3825.85 2093.10 2295.75 9.68

B. Market Capitalisation*

(Rs.crore)

BSE 30,22,189 35,45,041 51,38,014.13 28,18,964.33 31,44,766.89 11.56NSE 28,13,201 33,67,350 48,58,121.72 26,53,281.28 29,16,768.42 9.93

C. Gross Turnover (Rs.crore)

BSE 8,16,074 9,56,186 15,78,855.29 63,693.62 80,865.79 26.96NSE 15,69,558 19,45,285 35,51,038.00 1,73,122.83 2,12,955.99 23.01

D. P/E ratio*

BSE Sensex 20.92 20.33 20.11 11.62 12.36 -BSE 100 index 20.08 17.64 19.95 12.87 14.30 -S&P CNX Nifty 20.26 18.4 20.63 12.08 12.97 -

Source: BSE and NSE

016


II.2 Sectoral Indices

Table 5: Percentage change in Sectoral and other Indices in BSE and NSE

(Per cent)

Change in BSE Indices Change in NSE Indices

Index Over

Nov 30, 2008

Over

Mar 31, 2008

Index Over

Nov 30, 2008

Over Mar

31, 2008

1 2 3 4 5 6

BSE Sensex 6.10 -38.33 S&P CNX Nifty 7.41 -37.50BSE 100 8.43 -39.41 CNX Nifty Junior 18.37 -42.88BSE 200 8.87 -40.15 S&P CNX 500 9.68 -39.99

BSE 500 9.14 -41.58 CNX Mid-cap 12.87 -40.14BSE Small Cap 11.45 -53.03 CNX 100 8.79 -38.27BSE FMCG 2.62 -13.22 S&P CNX Defty 10.92 -48.53BSE Consumer Durables 6.70 -50.72 CNX IT -10.73 -40.97BSE Capital Goods 8.20 -50.67 Bank Nifty 16.56 -24.85BSE Bankex 17.42 -29.32 Nifty Mid-cap 50 12.99 -44.43BSE Teck -2.73 -35.62BSE Oil & Gas 7.69 -39.60BSE Metal 18.96 -62.81BSE Auto 4.90 -45.97BSE PSU 15.13 -28.91BSE Healthcare 2.71 -22.92

Source: BSE, NSE

II.3 Institutional Investment

During December 2008, among the BSE indices, During December 2008, among the indices

BSE Metal was up by 18.96% over its previous followed by NSE, CNX Nifty Junior was up by

month's closing followed by BSE Bankex 18.37% over its previous month's closing followed

(↑17.42%), BSE PSU ( 15.13%) and BSE Small by Bank Nifty (↑ 16.56%), Nifty Midcap-50

Cap ( 11.45%). BSE Teck on the other hand was ( 12.99%) and CNX Mid-cap ( 12.87%). Over

lower by 2.73% over its previous month's closing. March 31, 2008, S&P CNX Defty declined by

Over March 31, 2008, BSE Metal declined by 48.53%, followed by Nifty Mid-Cap 50

62.81%, followed by BSE Small Cap ( 53.03%), ( 44.43%) and CNX Nifty Junior ( 42.88%)

BSE Consumer Durables ( 50.72%) and BSE (Table 5).

Capital Goods ( 50.67%).

During December 2008, total investment by (April December), 2008, net investment by mutual

mutual funds was Rs.13,991.10 crore of which funds has been Rs. 37,126.90 crore, of which

Rs. 340.80 crore was invested in equity and Rs. 7,866.70 crore was invested in equity and

Rs. 13,650.30 crore was invested in debt. During Rs. 29,260.20 crore was invested in debt (Table 6).

017

There was a net inflow of foreign funds in FIIs liquidated Rs. 41,554.60 crore in equity

December 2008. FIIs invested a total amount of whereas invested Rs. 8,201.00 crore in debt. In

Rs. 2,376.60 crore of which Rs. 1,750.10 crore was total Rs. 33,353.60 crore was liquidated in the

invested in equity and Rs. 626.50 crore was market in the current financial year so far (Table 7).

invested in debt. During 2008 (April - December),


Table 6: Investment by Mutual Funds(Rs. crore)

Mutual FundsYear/Month

Equity Debt Total Asset under Management

1 2 3 4 5

2004-05 448 16,987 17,435 1,49,600

2005-06 14,303 36,801 51,104 2,31,862

2006-07 9,062 52,543 61,605 3,26,292

2007-08 16,306 73,790 90,096 5,62,820

2008-09 (Apr-Dec) 7,866.70 29,260.20 37,126.90 413,364.51

Apr-08 -112.00 16,438.00 16,327.00 595,010.45

May-08 64.00 5,919.00 5,982.00 588,643.21

Jun-08 3,179.20 3,264.00 6,443.20 521,898.53

Jul-08 1,412.20 5,788.90 7,201.10 540,623.13

Aug-08 -368.70 7,463.70 7,095.00 544,534.56

Sep-08 2,292.20 6,416.60 8,708.80 483,270.02

Oct-08 1,431.60 -26,081.80 -24,650.20 394,710.67

Nov-08 -372.60 -3,598.50 -3,971.10 405,111.90

Dec-08 340.80 13,650.30 13,991.10 413,364.51

Table 7: Investment by FIIs

FIIsYear/Month

Equity

(Rs. crore)Debt

(Rs. crore)Total

(Rs. crore)Net Investment

(US$ million)

1 2 3 4 5

2004-05 44,123.00 1,759.00 45,882.00 10,172.00

2005-06 48,801.00 -7,334.00 41,467.00 9,332.00

2006-07 25,237.00 5,607.00 30,844.00 6,709.00

2007-08 53,403.30 12,775.90 66,179.20 16,040.20

2008-09 (Apr-Dec) -41,554.60 8,201.00 -33,353.60 -8,268.70

Apr-08 1,074.80 -1,701.70 -626.90 -155.20May-08 -5,011.50 -162.90 -5,174.40 -1,282.80Jun-08 -10,095.80 -998.70 -11,094.50 -2,750.50Jul-08 -1,836.80 3,618.90 1,782.10 441.70Aug-08 -1,211.70 1,257.80 46.10 11.70Sep-08 -8,278.10 3,204.20 -5,073.90 -1,258.00Oct-08 -15,347.30 -1,858.10 -17,205.40 -4,265.30Nov-08 -2,598.30 4,215.00 1,616.70 400.80Dec-08 1,750.10 626.50 2,376.60 588.90

018

Table 8: Percentage change in International Indices

II.4 International Markets

During December 2008, among developed market closing.

indices, Japan NIKKEI increased by 4.08% over its As regards, the emerging market indices, Thailandprevious month's closing, followed by Hong Kong SET increased by 11.97%, followed by IndonesiaHSI (↑ 3.59%), UK FTSE 100 ( 3.41%) and JCI ( 9.17%), Mexico MEXBOL ( 8.99%) and

Egypt HERMES ( 7.68%) (Table8).Germany DAX ( 3.01%). France CAC, on the

other hand, fell by 1.37% over its previous month's


Index As on November

30, 2008

As on December

31, 2008

Change over the

previous month

(Per cent)

1 2 3 4

Developed Markets

Australia AS 30 3672.70 3659.30 -0.36France CAC 3262.68 3217.97 -1.37Germany DAX 4669.44 4810.20 3.01Hong Kong HSI 13888.24 14387.48 3.59Japan NIKKEI 8512.27 8859.56 4.08Singapore STI 1732.57 1761.56 1.67UK FTSE 100 4288.01 4434.17 3.41USA DOW JONES 8829.04 8776.39 -0.60USA NASDAQ Composite 1535.57 1577.03 2.70

Emerging Markets

Argentina IBG 59247.55 62180.16 4.95Brazil IBOV 36595.87 37550.31 2.61Chile IPSA 2406.26 2376.42 -1.24China SHCOMP 1871.16 1820.81 -2.69Colombia IGBC 7314.81 7560.68 3.36

Egypt HERMES 396.70 427.18 7.68

Hungary BUX 12694.74 12241.69 -3.57

Indonesia JCI 1241.54 1355.41 9.17

Malaysia KLCI 866.14 876.75 1.22

Mexico MEXBOL 20534.72 22380.32 8.99

Pakistan KSE 30 9981.93 5485.33 -45.05

Russia CRTX 1058.38 987.74 -6.67

S. Korea KOSPI 1076.07 1124.47 4.50

South Africa JALSH 21209.49 21509.20 1.41

Taiwan TWSE 4460.49 4591.22 2.93

Thailand SET 401.84 449.96 11.97

Turkey XU 100 25714.98 26864.07 4.47

Source: Bloomberg Financial Services

019

Among developed market indices, P/E ratio of SHCOMP (14.12% ↓ 4.27%) and Chile IPSA

USA NASDAQ Composite was 31.73 (↑5.14%), (12.20,↓3.79%) (Table 9).

followed by Japan NIKKEI (12.88,↑4.46%) andFigures in italic denote the percentage changes of

Australia AS 30 (10.77%, ↓ 0.28%). Among P/E values of the respective indices in December

emerging market indices, the P/E ratio of Colombia 2008 over their P/E values in November 2008.

IGBC was 19.64 (↑ 3.15%) followed by China


Table 9: P/E Ratios in International Market

Index 2005-06 2006-07 2007-08 Nov-08 Dec-08

1 2 3 4 5 6

Developed Markets

Australia AS 30 18.20 17.80 13.63 10.80 10.77

France CAC 15.80 15.00 11.38 8.34 8.29Germany DAX 15.70 14.60 11.22 11.12 10.66Hong Kong HSI 12.80 15.60 13.32 8.51 8.82Japan NKY 45.70 37.40 14.23 12.33 12.88Singapore STI 11.90 14.00 10.77 5.75 6.00UK FTSE 100 14.90 16.80 11.50 7.89 7.87USA NASDAQ Comp. 41.80 34.60 33.74 30.18 31.73USA DOW JONES 22.90 17.10 15.65 10.65 10.59

Emerging Markets

Argentina IBG 11.40 19.50 2.58 5.10 5.37Brazil IBOV 10.10 12.40 14.10 8.62 8.78Chile IPSA 15.70 21.30 19.35 12.68 12.20

China SHCOMP 19.00 40.50 28.07 14.75 14.12

Colombia IGBC 25.80 12.20 21.67 19.04 19.64

Egypt HERMES 22.80 18.10 15.17 7.39 7.48

Hungary BUX 12.50 9.40 10.36 4.59 4.43

Indonesia JCI 21.70 21.40 16.90 7.36 8.26

Malaysia KLCI 15.30 17.50 13.65 9.76 10.09

Mexico MEXBOL 14.40 16.70 13.93 10.14 11.06

Pakistan KSE 30 - 11.60 13.94 6.85 3.76

Russia CRTX 15.00 12.00 10.57 3.57 3.28

S. Korea KOSPI 7.90 13.00 14.23 8.34 10.95

South Africa JALSH 11.20 10.10 12.71 7.57 7.33

Taiwan TWSE 14.60 20.10 18.36 9.05 9.31

Thailand SET 9.80 11.50 16.61 6.47 7.26

Turkey XU100 19.70 12.30 8.36 5.01 5.37

Source: Bloomberg Financial Services

020

Table 11: Average Daily Volatility and Annualised Volatility in the Indices

(Per cent)

II.5 Volatility

Table 10: Average Daily Volatility in Indian Indices*(Per cent)

Among BSE indices, the highest volatility was Among indices followed by NSE, S&P CNX Defty

recorded in case of BSE Consumer Durables recorded the highest volatility (2.92%), followed

(3.43%), followed by BSE Metal (3.40%) and BSE by Bank Nifty (2.79%) and CNX IT (2.68%)

Bankex (2.90%) during December 2008. during December 2008 (Table 10).


Index Dec-08 Apr-Dec 2008 Index Dec-08 Apr-Dec 2008

1 2 3 4 5 6

BSE Sensex S&P CNX NiftyHigh 2.18 2.56 High 2.46 2.77

Low 2.30 3.07 Low 2.08 2.34

Close 2.53 2.88 Close 2.16 2.86

BSE 100 2.43 2.81 CNX Nifty Junior 2.30 2.92BSE 200 2.31 2.73 S&P CNX 500 2.26 2.61BSE 500 2.24 2.65 CNX Mid-cap 1.96 2.24BSE Small-cap 1.71 2.13 CNX 100 2.41 2.76BSE FMCG 1.41 1.89 S&P CNX Defty 2.92 3.12BSE Consumer Durables 3.43 2.94 CNX IT 2.68 2.98BSE Capital Goods 2.89 3.24 Bank Nifty 2.79 3.58BSE Bankex 2.90 3.67 Nifty Mid-cap 50 2.36 2.71BSE Teck 2.46 2.75BSE Oil & Gas 2.88 3.17BSE Metal 3.40 3.66BSE Auto 2.31 2.32BSE PSU 2.22 2.47BSE Healthcare 1.23 1.73

*Average Daily Volatility is calculated as the standard deviation of logarithmic returns of index values for the particular period.

Source: BSE, NSE

Month

US

AD

ow

Jo

nes

US

AN

AS

DA

Q

Co

mp

.

UK

FT

SE

100

Ho

ng

Kon

gH

SI

Ma

lay

sia

KL

CI

S.K

ore

aK

OS

PI

Th

ail

an

dS

ET

Sin

ga

po

reS

TI

Ger

ma

ny

DA

X

Fra

nce

CA

C

Ind

on

esia

JC

I

BS

ES

ense

x

S&

PC

NX

Nif

ty

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Apr-08 1.05 1.41 1.04 1.47 0.73 0.96 0.67 1.27 1.12 1.14 1.98 1.28 1.28May-08 0.90 1.13 1.02 1.33 0.59 1.11 1.11 1.04 0.85 0.99 1.11 1.31 1.21Jun-08 1.24 1.52 1.18 1.48 0.98 1.06 1.48 0.92 1.05 1.12 0.85 1.93 1.91Jul-08 1.47 1.56 1.60 1.97 1.13 1.75 1.60 1.36 1.35 1.68 1.45 3.30 2.97

Aug-08 1.42 1.34 1.23 1.72 1.00 1.11 1.47 0.92 1.24 1.43 1.60 1.73 1.61Sep-08 2.98 3.39 2.94 3.21 1.12 2.62 1.85 2.29 2.08 3.00 2.36 2.50 2.32Oct-08 4.81 4.79 4.85 7.01 1.94 5.33 4.77 4.63 4.91 5.17 5.55 5.19 5.03Nov-08 4.06 4.25 3.47 3.51 1.34 3.64 2.65 2.61 3.84 3.74 2.87 3.85 3.83Dec-08 2.71 3.31 2.21 3.22 1.08 2.67 1.79 2.23 2.78 2.91 2.64 2.53 2.46

Annualised Volatility(April - December 2008) 41.44 44.70 39.69 51.33 18.40 42.14 36.60 35.14 39.61 42.73 40.57 45.69 43.89

021

In December 2008, the monthly turnover of index crore. In December 2008, monthly turnover of put

futures increased by 5.08% to Rs. 2,69,997.30 options on index increased by 5.84% to

crore from Rs. 2,56,949.73 crore in November Rs. 1,41,918.64 crore from Rs. 1,34,092.20 crore

2008. During the same period, the monthly and the monthly turnover of call options on index

turnover of stock futures also increased by 23.10% increased by 8.64% to Rs. 1,71,696.77 crore from

to Rs. 2,30,465.57 crore from Rs. 1,87,211.26 Rs. 1,58,042.13 crore in November 2008. In

During December 2008, among the major (2.91%). The annualised volatility for 2008-09

international indices, the volatility of USA (April to December) of Hong Kong HSI was

NASDAQ Composite was 3.31%, followed by 51.33% followed by BSE Sensex (45.69%), and

Hong Kong HSI (3.22%) and France CAC USANASDAQ Composite (44.70%) (Table 11).


Table 12: Trends in Derivatives Market at NSE

II.6 Derivatives Market

Item 2005-06 2006-07 2007-08 Nov-08 Dec-08 Percentage

change over

previous month

(Col.6 over

Col.5)

1 2 3 4 5 6 7

A. Turnover (Rs.crore)

(i) Index Futures 15,13,791 20,06,381 38,20,667.28 2,56,949.73 2,69,997.30 5.08 (ii) Options on Index Put 1,69,837 3,93,693 6,93,294.63 1,34,092.20 1,41,918.64 5.84

Call 1,68,632 3,98,219 668,816.25 1,58,042.13 1,71,696.77 8.64 (iii) Stock Futures 27,91,721 32,00,941 75,48,563.16 1,87,211.26 2,30,465.57 23.10 (iv) Options on Stock Put 36,518 31,909 50,693.27 2,632.14 4,526.02 71.95 Call 1,43,752 1,61,902 3,08,443.28 6,428.65 10,561.95 64.29

Total 48,24,250 61,93,045 1,30,90,477.87 7,45,356.11 8,29,166.25 11.24

B. No. of Contracts

(i) Index Futures 5,85,37,886 5,81,02,968 15,65,98,579 1,94,71,367 2,00,07,895 2.76

(ii) Options on Index

Put 65,21,649 1,25,25,089 2,86,98,156 96,24,563 1,00,14,156 4.05

Call 64,13,467 1,26,32,349 2,66,67,882 1,02,96,361 1,11,44,623 8.24

(iii) Stock Futures 7,95,86,852 8,42,28,281 20,35,87,952 1,79,49,270 2,22,62,785 24.03

(iv) Options on Stock

Put 10,74,780 8,89,018 14,57,918 2,41,953 4,36,840 80.55

Call 41,65,996 43,94,292 80,02,713 5,61,864 9,27,467 65.07

Total 15,63,00,630 17,27,71,997 42,50,13,200 5,81,45,378 6,47,93,766 11.43

C. Average Open Interest

No. of Contracts 10,28,003 17,91,549 16,31,427 34,99,664 35,58,332 1.68

Notional Turnover(Rs.crore)

38,469.00 38,670.00 52,095.00 44,315.04 46,041.67 3.90

Source: NSE

022

December 2008, the monthly turnover of put increased by 64.29% to Rs. 10,561.95 crore from

options on stocks increased by 71.95% to Rs. 6,42 8.65 crore.

Rs. 4,526.02 crore from Rs. 2,632.14 crore in The average open interest in December 2008November 2008. During the same period, the increased by 3.90% to Rs. 46,041.67 crore frommonthly turnover of call options on stocks Rs. 44,315.04 crore in November 2008 (Table 12).


2

3

4

5

6

7

8

9

10

1

023


HIGHLIGHTS OF INTERNATIONAL

STOCK MARKETS DURING 2008*

1 NYSE Group 9,209 15,525 - 40.7

2 Tokyo SE 3,116 4,524 - 31.1

3 Nasdaq 2,396 4,061 - 41.0

4 Euronext 2,102 4,283 - 50.9

5 London SE 1,868 3,949 - 52.7

6 Shanghai SE 1,425 3,279 - 56.5

7 Hong Kong Exchanges 1,329 2,724 - 51.2

8 Deutsche Börse 1,111 2,085 - 46.7

9 TSX Group 1,033 1,974 - 47.6

10 BME Spanish Exchanges 948 1,801 - 47.3

Exchange 2008(USD bn)

2007(USD bn)

Percentagechange

1. Equity market capitalisation: Top ten exchanges

2. Total value of share trading: Top ten exchanges

36,446 28,116 29.6

NYSE Group 33,639 29,210 15.2

London SE 6,474 10,324 -37.3

Tokyo SE 5,586 6,476 -13.7

Euronext 4,454 5,648 -21.1

Deutsche Börse 3,881 4,324 -10.2

Shanghai SE 2,587 4,070 -36.4

BME Spanish Exchanges 2,439 2,971 -17.9

TSX Group 1,736 1,649 5.3

Hong Kong Exchanges 1,629 2,139 -23.8

Exchange

Nasdaq

Percentage change2008 2007

(USD bn) (USD bn)

* Data Source: World Federation of Stock Exchanges. SE denotes Stock Exchange

024


3. Percentage change in Blue chip index movement as on December 2008 over December 2007

-50.3%

-50.4%

-51.3%

-51.8%

-52.3%

-52.4%

-52.8%

-53.3%

-53.8%

-54.9%

-55.9%

-59.5%

-59.7%

-61.2%

-63.2%

-66.1%

-66.1%

-66.3%

-66.6%

-77.0%

-94.4%

-100.0%-90.0%-80.0%-70.0%-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%

Istanbul (National 30)

Colombo (Milanka Price Index)

Euronext Lisbon ( PSI 20)

India NSE (S&P CNX Nifty)

Euronext Amsterdam (AEX 25)

India BSE SENSEX

Oslo Børs (OBX Index)

Budapest (BUX)

Euronext Brussels (BEL 20)

Indonesia ( LQ45 Index)

Egypt (Titans 20 Index)

Luxembourg (LuxX)

Lima (ISBVL)

Wiener Börse (Austrian Traded Index)

Shenzhen (SZSE 100 Index)

Ljubljana (SBI Top)

Athens Exchange (ASE 20)

Shanghai (SSE 180 Index)

Irish (ISEQ 20)

Cyprus (CySE 20)

OMX Nordic Iceland (OMXI15)

% change

Bombay SE 4,921 4,887

TSX Group 3,841 3,951

BME Spanish Exchanges 3,576 3,537

London SE 3,096 3,307

NYSE Group 3,011 2,273

Nasdaq 2,952 3,069

Tokyo SE 2,390 2,414

Australian SE 2,009 1,998

Korea Exchange 1,793 1,757

National Stock Exchange India 1,406 1,330

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007

4. Total number of listed companies: Top ten exchanges

025


5. Total number of trades in equity shares (in thousands): Top ten exchanges

NYSE Group 4,050,573 2,234,160 81.3

Nasdaq 3,779,384 2,058,455 83.6

National Stock Exchange India 1,368,050 1,052,318 30.0

Shanghai SE 1,278,881 1,617,332 -20.9

Shenzhen SE 658,047 840,258 -21.7

Korea Exchange 641,754 605,799 5.9

Bombay SE 565,605 480,270 17.8

London SE 201,779 160,990 25.3

Taiwan SE Corp. 200,976 213,203 -5.7

Euronext 191,760 154,736 23.9

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007 % Change

6. Number of contracts in the stock options: Top ten exchanges

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

Inte

rna

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2008 2007

026


7. Stock Options turnover: Top ten exchanges

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007(USD bn) (USD bn)

Percentage change

EUREX 1,550 1,604 -3.4

BM&FBOVESPA 894 1,064 -16.0

Euronext.liffe 771 970 -20.5

ASX Derivatives Trading 263 406 -35.3

Philadelphia SE 226 163 38.6

Hong Kong Exchanges 182 225 -19.3

Borsa Italiana 115 149 -22.9

Bourse de Montreal 102 101 1.4

American SE 56 80 -30.4

National Stock Exchange India 52 86 -39.8

8. Stock Futures turnover: Top ten exchanges

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007(USD bn) (USD bn)

Percentage change

National Stock Exchange India 1033 1710 -39.6

EUREX 652 232 181.4

Euronext.liffe 512 340 50.5

BME Spanish Exchanges 91 57 59.0

JSE 43 50 -14.4


OMX Nordic Exchange 10 10 2.2

ASX Derivatives Trading 9 11 -18.8

Budapest SE 8 13 -41.7

Athens Derivatives Exchange 6 7 -13.2

2

3

4

5

6

7

8

9

10

1

027


9. Number of contracts in the stock futures: Top ten exchanges

10. Index Futures turnover: Top ten exchanges

Exchange 2008 2007(USD bn) (USD bn)

Percentage change

UREX

TAIFEX

ASX SFE Derivatives Trading

Borsa Italiana

BME Spanish Exchanges

Tokyo SE Group

Hong Kong Exchanges

Osaka SE

Korea Exchange

Euronext.liffe

33,264

8,886

5,602

5,205

4,046

2,104

1,320

1,149

1,031

1,031

33,503

9,664

5,594

5,044

3,788

2,334

1,789

1,427

1,075

741

-0.7

-8.1

0.2

3.2

6.8

-9.9

-26.3

-19.5

-4.1

39.2

E

028


0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

EU

RE

X

Natio

nal

Sto

ck

Ex

chan

ge

Ind

ia

Osak

aS

E

Eu

ron

ext.liffe

Ko

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ange

Sin

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ore

Ex

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Ho

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Ex

chan

ges

OM

XN

ord

ic

Ex

chan

ge

TA

IFE

X

To

ky

oS

EG

rou

p2008 2007

11. Number of contracts in the index futures: Top ten exchanges

12. Index Options turnover: Top ten exchanges

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007(USD bn) (USD bn)

Percentage change

Korea Exchange 44,308 63,397 -30.1

EUREX 24,441 19,840 23.2

Euronext.liffe 5,363 5,854 -8.4

TAIFEX 2,205 27 8,182.1

Tel Aviv SE 2,199 2,531 -13.1

National Stock Exchange India 673 314 114.2

Hong Kong Exchanges 613 1,268 -51.7


OMX Nordic Exchange 266 350 -23.9

BME Spanish Exchanges 142 118 20.9

029


0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000

Ko

reaE

xch

ang

e

EU

RE

X

Ch

icago

Bo

ard

Op

tion

sE

xch

ang

e

Natio

nal

Sto

ck

Ex

chan

ge

Ind

ia

TA

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X

Tel

Av

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E

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ron

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Osak

aS

E

OM

XN

ord

ic

Ex

chan

ge

Intern

ation

al

Secu

ritiesE

xch

ang

e

2008 2007

13. Number of contracts in the index options: Top ten exchanges

14. Total value of bonds traded: Top ten exchanges

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007(USD bn) (USD bn)

Percentage change

BME Spanish Exchanges 6,823 5,854 16.5

London SE 6,118 3,605 69.7

OMX Nordic Exchange 2,546 2,797 -9.0

Colombia SE 468 526 -11.0

Istanbul SE 406 480 -15.3

Deutsche Börse 382 317 20.6

Korea Exchange 348 381 -8.8

Tel Aviv SE 262 196 33.9

Borsa Italiana 256 206 24.5

Swiss Exchange 185 144 28.2

030


15. Capital raised by bonds issuances: Top ten exchanges

16. Trading in securitized derivatives: Top ten exchanges

Luxembourg SE 1399 1350 3.7

London SE 1262 618 104.3

Bursa Malaysia 867 NA NA

Deutsche Börse 552 449 23.0

Korea Exchange 373 295 26.5

The Stock Exchange of Thailand 273 122 124.3

National Stock Exchange India 141 118 18.9

OMX Nordic Exchange 87 60 44.9

Istanbul SE 82 84 -2.4

Wiener Börse 79 78 0.9

2

3

4

5

6

7

8

9

10

Exchange

1

2

3

4

5

6

7

8

9

10

Exchange

1

2008 2007(USD bn) (USD bn)

Percentage change

Hong Kong Exchanges 574 Korea Exchange 43,023.1

Deutsche Börse 337 Taiwan SE Corp. 27,522.4

Korea Exchange 86 Hong Kong Exchanges 26,380.2

Swiss Exchange 56 Deutsche Börse 22,515.6

Euronext 48 Euronext 4,950.9

Borsa Italiana 34 Borsa Italiana 2,701.0

Singapore Exchang 15 Swiss Exchange 2,228.5

Taiwan SE Corp. 9 OMX Nordic Exchange 834.1

Australian SE 7 Australian SE 615.3

OMX Nordic Exchange 4 Bursa Malaysia 320.4

Turnover(USD Bn)

Exchange No. of Trades

(thousands)

031

PRESS RELEASES

GENERAL

1. SEBI Board Meeting

underlying shares in demat form.

The policy measures approved by the Board in

this meeting, along with measures undertaken• SEBI to extend validity of the observationin the recent past for reduction in timelines, are

letterexpected to streamline the rights issue process

SEBI Board has approved extension of validityand make it more efficient.

of observation letter issued for public / rights• It was decided that no early exit will be allowedissue from present three months to one year,

in any scheme of Mutual Fund in the nature of asubject to filing of updated document withclose ended scheme. The schemes which haveSEBI where there are material changes.been approved earlier but not yet launched will

• SEBI to introduce electronic rightsalso have to be amended accordingly. It will be

entitlements and ASBA in the Rights Issueobligatory for the Asset Management

process.Company to list the close ended schemes. The

SEBI Board has approved certain policy Board also decided that for such close ended

measures pertaining to rights issue process, schemes the underlying assets will not have a

which, inter-alia, include enabling electronic maturity beyond the date on which the scheme

rights entitlement, which can be traded expires.

electronically in Stock Exchanges, introducing• The Board decided to adopt a code to avoid

alternate mode for making applications inconflict of interest for the members of the

rights issue viz Applications Supported byBoard. It was further decided that this code

Blocked Amount (ASBA) mode andwill be put up in the public domain by

mandating that the issuer can get access topublishing it on the SEBI website before

rights issue proceeds only after the allotment isDecember 12, 2008.

finalized.

• In order to bring transparency in the working ofCurrently a shareholder intending to renounce

the Board it was decided that the agenda papershis/her Rights entitlements fills up part B of the

submitted to the Board on all policy issues willrights issue application form. The renouncee

be made available in the public domain bycan trade this form or apply in the Rights Issue

putting them up on the SEBI website after theby filling up Part C of the form. Renunciation

Board has taken a decision on the issue. Theforms are traded in physical segment in

minutes of the meeting relating to such itemsBombay Stock Exchange. The right

will also be made available on the SEBIentitlement will now be made available in

website after the Board has approved thedemat form for all shareholders holding the


032

minutes. Accordingly the agenda papers for 2007-08, has proposed, inter-alia, to enhance the

Board meeting are made available on the SEBI tradability of Domestic Convertible Bonds

website. (DCBs). This requires a mechanism that will

enable investors to separate the embedded equityRef. : PR No.283/2008 dated December 04, 2008option from the convertible bond and trade it

separately. This mechanism requires basic enablers

like existence of long tenor callable Credit

Derivatives market, ability to borrow stock for longSecurities and Exchange Board of India (SEBI),

tenors to enable short selling, etc.signed a bilateral Memorandum of Understanding

(MoU) with Federal Financial Markets Service of SEBI, in consultation with market participants,Russian Federation (FFMS), Russia on mutual explored alternate structures which would yield thecooperation and information sharing. same benefits as that of DCBs to the issuer and

enhance the suite of products from the investors'The Memorandum of Understanding was signed

point of view. SEBI has now put in place aby Mr. C. B. Bhave, Chairman, SEBI and Mr.

framework whereby a listed company can make aVladimir Milovidov, Head, FFMS, Russia in the

combined offering of Non-Convertible Debenturespresence of the Prime Minister, Dr. Manmohan

(NCDs) with warrants to QIBs, under the QualifiedSingh and the President of Russian Federation, H.

Institutions Placement mechanism. SEBI (DIP)E. Mr. Dmitry Medvedev in New Delhi.

Guidelines, 2000 have been amended to this effect.The MoU was signed to establish a general

Qualified Institutional Buyers can subscribe to theframework for cooperation and consultation and

combined offering of NCDs with warrants or to themutual assistance between the regulatory

individual instruments, i.e., either NCDs orauthorities, in order to fulfilling of their regulatory

warrants, where separate books are run for NCDs/responsibilities.

warrants.Including this MoU, SEBI has signed bilateral

Ref. : PR No.293/2008 dated December 08, 2008MoUs with 16 jurisdictions and a Letter of Intent

for mutual cooperation with Securities and Futures

Commission, Hong Kong.

Ref. : PR No.285/2008 dated December 05, 2008The enhanced debt limits in corporate debts

category were allocated to entities on October 22,

2008. The unutilized limits were re-allocated to the

entities on November 19, 2008. The unutilized

limits in Government debt category were re-

allocated to the entities on November 10, 2008.

After assessment of the utilization, the unutilized

debt limits are being re-allocated to entities lowerThe Hon'ble Finance Minister, in his

down in the list.announcement in the Union Budget for the year

2. SEBI signs MoU with FFMS, Russia

4. Re-allocation of debt investment limit

3. SEBI amends DIP Guidelines to provide for

combined offering of Non-Convertible

Debentures (NCDs) with warrants, through

Qualified Institutions Placement (QIP)

mechanism


033

In terms of SEBI circular dated November 06, including trading and clearing members of the

2008, in case the allocated limits are not utilized by derivatives segments of the Exchanges to carry out

the entities in 11 working days, i.e. by December comprehensive internal audit of their books /

30, 2008, the same shall be withdrawn and records on half yearly basis by independent,

allocated to the entities lower down in the list. qualified Chartered Accountants, Company

Secretaries and Cost and Management

Accountants. The first such audit is to be carried

out for the period October 01, 2008 to March 31,

2009.

SEBI has also specified the scope of such internal

audit. These include compliance of the stock

broker with the provisions of the SEBI Act, 1992,

SEBI (Stock brokers and sub-brokers)

Regulations, 1992; circulars issued by SEBI and

Stock Exchanges and also compliance w.r.t bye

laws of the stock exchange. In order to create

capacity to undertake internal audit in a

professional manner, National Institute of

Securities Markets (NISM), in association with

BSE and NSE, is offering training programmes for

Chartered Accountants, Company Secretaries and

Cost and Management Accountants. The training

programmes, would be held during January –

March 2009, at Mumbai, Delhi, Kolkata and

Chennai.

The first programme would be held at BSE

Training Institute, Mumbai on January 09 and 10.

Six such programmes are proposed to be held at

Mumbai and two each at other locations.

Professional bodies viz ICAI, ICSI and ICWAIRef. : PR No.301/2008 dated December 12, 2008

have been informed about the training

programmes. Professionals desirous of attending

the training may contact NISM for further details.

The details of the programme are available on the

website of NISM www.nismindia.com

Ref. : PR No.305/2008 dated December 18, 2008SEBI has recently directed the stock brokers,

5. NISM to organize training programmes for

professionals to audit books / records of stock

brokers


Allotment In Government Securities All figure in USD

Million

Sr.

No.

Name of entity Limits

Requested

Limits

Allocated

1 Japan Trustee Services Bank, Ltd. astrustee for The Sumitomo Trust &Banking Co., Ltd. as trustee forSchroder Asian Sovereign andCorporate Bond Mother Fund

5 5

2 The Master Trust Bank Of Japan LtdAs Trustee For Schroder Asian BondMother Fund

20 20

3 Credit Suisse Singapore Branch 200 83.93

Allotment In Corporate Debt All figure in USD

Million

Sr.

No.

Name of entity Limits

Reques-ted

Limits

All-ocated

1 Standard Chartered Bank (Mauritius) Ltd.– Debt

102.62 102.62

2 Sophia Growth - A Share Clas s OfSomerset India Fund

5 5.00

3 Somerset Emerging Opportunities Fund 5 5.00

4 Copthall Mauritius Investment Ltd. 300 300.00

5 JPMorgan Securities Asia 300 300.00

6 DB International (Asia) Ltd - Debt Fund 300 300.00

7 Credit Suisse Singapore Branch 300 300.00

8 Mirae Asset India Discovery EquityInvestment Trust 1

35 35.00

9 India Diversified ( Mauritius) Ltd 25 25.00

10 Abn Amro Asia Pacific Pte Ltd 300 300.00

11 India Optima Fund 300 41.29

034

6. Clarification on news reports relating to

Pyramid Saimira Theatre Ltd.

2. Order against M/s. ICAP India Pvt. Ltd.,

Member, NSE

3. Order agains t Mr. Swaminathan

Mahalingam in the matter of M/s. MegaOrders Millennium Securities Pvt. Ltd. and M/s. Mega

1. Orders in the matter of Bombay Dyeing & Millennium Investment Pvt. Ltd.

Manufacturing Co. Ltd.

M/s. Bluechip Capital Market Pvt. Ltd. sub-broker.

Shri Naresh Chand Chandak and Shri Niraj Kumar

Balasaria are warned to be more cautious in theIt has been widely reported in the media that SEBIconduct of their business.has vide order dated December 19, 2008, directed

Mr. P S Saminathan, the CMD of Pyramid Saimira Ref. : PR No.277/2008 dated December 02, 2008

Theatre Ltd. (PSTL), to make an open offer for

acquisition of shares of the Target Company

(PSTL) at a price of not less than Rs.250/-. A copy

of the letter purported to have been issued by SEBIDr. K. M. Abraham, Whole Time Member, SEBI,was also flashed on some TV Channels onhas passed an order dated November 21, 2008,December 23, 2008.against M/s. ICAP India Pvt. Ltd. (SEBI

It is hereby clarified that no order or letter has beenRegistration No. INB231140337), Member,

issued by SEBI to Mr. P S Saminathan onNational Stock Exchange of India Ltd. By this

19.12.2008. It appears that the said letter is beingorder M/s. ICAP India Private Ltd. is warned to be

circulated with ulterior motives.more cautious in the conduct of its business and to

SEBI is separately investigating into the matter adhere to and comply with all statutoryincluding the origin of the letter. SEBI is also provisions/instructions received in the discharge ofseparately inquiring into the dealing in the scrip its function as a stock broker.following the press report including alleged

Ref. : PR No.279/2008 dated December 02, 2008violation of SEBI (SAST) Regulations, 1997.

Ref. : PR No.327/2008 dated December 23, 2008

Dr. K. M. Abraham, Whole Time Member, SEBI,

Dr. T. C. Nair, Whole Time Member, SEBI, has has passed an order dated November 21, 2008,

passed orders dated November 28, 2008, in the revoking the interim directions passed against Mr.

matter of Bombay Dyeing & Manufacturing Co. Swaminathan Mahalingam issued by SEBI vide

Ltd. to the effect that the Show cause notices issued order dated September 03, 2007. It is further

to Mega Stocks Ltd., Mega Resources Ltd., The directed in the said order that the interim order

Hoogly Mills Company Ltd., BPS Securities Pvt. dated September 03, 2007, will continue to operate

Ltd. and Shri D.K.Singhania are disposed of against M/s. Mega Millennium Investment Pvt.

without any direction. The proceedings against Ltd. and M/s. Mega Millennium Securities Pvt.

Late Shri Arun Kumar Bajoria are abated. Further, Ltd.

for the reasons stated in the order, no further Ref. : PR No.280/2008 dated December 02, 2008direction in the matter is passed against


035

4. Orders in case of IPO irregularities – Amadhi

Investments Ltd., Rajesh Kumar Patel and

Welvet FinancialAdvisors Pvt. Ltd.

6. Order against Mehta Equities Ltd.

7. Orders against Mr. Puroshattam Lal

Kejdiwal and Mr. Dinesh Kumar Lodha,

Members, Calcutta Stock Exchange in the

matter of M/s.Adinath Bio-Labs Ltd.

5. Order against MCS Ltd.

8. Order against Shri Vidhyut B. Shah, Member,

Ahmedabad Stock Exchange Ltd. in the matter

of Manna Glass Tech Industries Ltd.

mentioned in the above said order.

Ref. : PR No.282/2008 December 2, 2008

In the matter of “irregularities in IPOs”, SEBI

passed ad interim ex-parte order on April 27, 2006In view of various irregularities observed duringagainst various entities including Amadhiinspection of Mehta Equities Ltd., a depositoryInvestment Ltd, Rajesh Kumar Patel and Welvetparticipant of CDSL at their Udaipur branch, Dr.Financial Advisors Pvt. Ltd., prohibiting themT.C. Nair, Whole Time Member , SEBI vide order from buying, selling and dealings in securitiesdated December 02, 2008 has debarred the Udaipureither directly or indirectly till further orders. It wasbranch of Mehta Equities Ltd. from carrying outalleged that they acted as financiers to keythe depository participant activities for a period ofoperators for cornering of shares in various IPOsone month.and thereafter sold the shares in the market

immediately after the day of listing and made ill- Ref. : PR No.284/2008 dated December 04, 2008

gotten gains.

Shri M. S. Sahoo, Whole Time Member, SEBI

passed orders on December 01, 2008 against

aforesaid entities, confirming the directions passed

ad interim ex-parte Order datedApril 27, 2006.

Ref. : PR No.281/2008 dated December 02, 2008 Dr. K. M. Abraham, Whole Time Member, SEBI,

has passed orders dated November 28, 2008,

disposing of the enquiry proceedings against the

brokers Mr. Puroshattam Lal Kejdiwal and Mr.In view of complaints received by SEBI from

Dinesh Kumar Lodha. As the said brokers haveissuer companies regarding refusal by MCS Ltd.(a

already been prohibited from buying, selling orRegistrar to an issue and share transfer agent) to

dealing in securities from November 30, 2005 totransfer records/data and issue NOC to the

August 11, 2008, in accordance with interim orderDepositories on termination of the agreement

passed by SEBI, no further penalty has beenbetween MCS and the said issuer companies, Shri

imposed.M.S. Sahoo, Whole Time Member , SEBI vide

Ref : PR No.286/2008 dated December 05, 2008order dated December 2, 2008 has directed MCS

Ltd. to transfer all the data/records to the issuers /

complainants or to their newly appointed share

transfer agents and issue NOC to the depositories

within a period of 15 days from the date of the

order. MCS Ltd. was also directed to cease andDr. T. C. Nair, Whole Time Member, SEBI, has

desist from violating the provisions of lawpassed an order dated December 02, 2008, in the


matter of Manna Glass Tech Industries Ltd.,

suspending the certificate of registration of Shri

Vidhyut B. Shah, Member, Ahmedabad Stock Dr. T. C. Nair, Whole Time Member, SEBI, hasExchange Ltd., having SEBI Registration No. INB passed an order dated December 12, 2008, in the020125315 for a period of four months. scrip of Avinash Information Technologies Ltd.

Ref. : PR No.287/2008 dated December 05, 2008 against M/s. Mayekar Investment Private Ltd.,

S u b - b r o k e r, h a v i n g S E B I R e g n . N o .

INS010608532 affiliated to BSE Member, M/s.

Ramanlal D. Shah.

The Whole Time Member found that though the

violations committed by Mayekar InvestmentDr. K. M. Abraham, Whole Time Member, SEBI,

Private Ltd. are serious in nature but as thehas passed order dated December 04, 2008,

certificate of registration of Mayekar Investmentdisposing of the enquiry proceeding against the

Private Ltd. has already been cancelled, no furtherbroker, Mr. Sanju Kabra. As the said broker has

action is required. Therefore, the Whole Timealready been prohibited from buying, selling or

Member disposed off the enquiry proceedingsdealing in securities from September 29, 2005 to

against Mayekar Investment Private Ltd.July 02, 2008 in another case, in accordance with

Ref. : PR No.304/2008 dated December 17, 2008interim order passed by SEBI, no further penalty

has been imposed.


Dr. T. C. Nair, Whole Time Member, SEBI, has

passed an order dated December 12, 2008, in the

matter of Shree Yaax Pharma and Cosmetics Ltd.Dr. K. M. Abraham, Whole Time Member, SEBI,

directing Equisearch Broking Private Ltd.,has passed an order dated December 05, 2008

Member, Bombay Stock Exchange Ltd. havingagainst M/s. Prakash Nahata & Co., Member,

SEBI Registration No. INB 010992338 to beCalcutta Stock Exchange imposing a penalty of

careful in future and exercise due care andsuspension of certificate of registration for a period

diligence in the conduct of its affairs as a capitalof one month in respect of dealings in the shares of

market intermediary. The entity has also beenM/s.Ashika Credit Capitals Ltd.

asked to note that any instance of violation or non-Ref. : PR No.298/2008 dated December 11, 2008 compliance of SEBIAct and Rules and Regulations

in future shall be dealt with stringently.


Investment Private Ltd., Sub-broker, in the

scrip ofAvinash Information Technologies Ltd.

9. Order Mr. Sanju Kabra, Member,

Calcutta Stock Exchange in the matter of M/s.

Adinath Bio-Labs Ltd.

12. Order against Equisearch Broking Private

Ltd., Member, BSE, in the matter of Shree Yaax

Pharma and Cosmetics Ltd.10. Order against M/s. Prakash Nahata & Co.

Member, Calcutta Stock Exchange in the matter

of M/s.Ashika Credit Capital Ltd.

11. Order in the matter of M/s. Mayekar

against

036


13. Order M/s. Mackertich

Consultancy Services Private Ltd., M/s. Vatican

Commercials Ltd. and M/s. Pinnacle Trades &

Investments Pvt. Ltd. in the matter of South

Eas t As ia Mar ine Engineer ing and

Constructions Ltd.

15. Order against M/s. Mayekar Investment

Private Ltd., Sub-broker affiliated to M/s.

Ramanlal D. Shah in the matter of Sawaca

Business Machines Ltd. (Formerly Sawaca

Finance Ltd.)

14. Order against M/s. Mayekar Investment

Private Ltd., Sub-broker affiliated to M/s.

Ramanlal D. Shah in the matter of Sawaca

Communications Ltd.

16. Order against M/s. C. Mackertich Ltd.,

Member, NSE, BSE, CSE & OTCEI, in the

matter of South East Asia Marine Engineering

and Constructions Ltd.

against dated November 17, 2008, no further action is

required. Therefore, the Whole Time Member

disposed of the enquiry proceedings against

Mayekar Investment Private Ltd.




matter of South East Asia Marine Engineering and

Constructions Ltd. restraining M/s. Mackertich

Consultancy Services Private Ltd. (PAN

No.AABCM5680Q) from accessing the securitiesDr. T. C. Nair, Whole Time Member, SEBI, hasmarket for a period of 15 days and warning M/s.passed an order dated December 12, 2008, in thePinnacle Trades & Investments Private Ltd. (PANmatter of Sawaca Business Machines Ltd.N o . A A B C P 7 7 8 9 D ) a n d M / s . Va t i c a n(Formerly Sawaca Finance Ltd.) against M/s.Commercials Ltd. (PAN No.AABCV7869G) to beMayekar Investment Private Ltd., Sub-brokermore cautious while dealing in securities market.affiliated to M/s. Ramanlal D. Shah (SEBI Regn.

Ref. : PR No.307/2008 dated December 18, 2008No. INS010608532)

The Whole Tome Member found that though

having regard to the nature and gravity of the

charges established, the ends of justice will be met

by canceling the certificate of registration of M/s.

Mayekar Investment Private Ltd. but as the

Dr. T. C. Nair, Whole Time Member, SEBI, has certificate of registration of Mayekar Investment

passed an order dated December 12, 2008, in the Private Ltd. has already been cancelled vide order

matter of Sawaca Communications Ltd. against dated November 17, 2008, no further action is

M/s. Mayekar Investment Private Ltd., Sub-broker required. Therefore, the Whole Time Member

affiliated to M/s. Ramanlal D. Shah (SEBI Regn. disposed of the enquiry proceedings against

No. INS010608532) Mayekar Investment Private Ltd.

The Whole Tome Member found that though the Ref. : PR No.309/2008 dated December 19, 2008

violations committed by M/s. Mayekar Investment

Private Ltd. are serous in nature and warrant

cancellation of certificate of registration of

Mayekar Investment Private Ltd. but as the

certificate of registration of Mayekar Investment

Private Ltd. has already been cancelled vide order

037


038

Dr. T. C. Nair, Whole Time Member, SEBI, has Panna Agrofine Pvt. Ltd. (PAN: AAACP6160H),

passed an order dated December 12, 2008, in the Jaitra Estate Developers Pvt. Ltd. (PAN:

matter of South East Asia Marine Engineering and AAACJ2532P) and Born Free Finance Pvt. Ltd.

Constructions Ltd., suspending the certificate of (PAN: AABCB5127B) from accessing the

registration of M/s. C.Mackertich Ltd., Member, securities market and prohibiting from buying,

National Stock Exchange of India Ltd., Member, selling or dealing in securities, either directly or

The Bombay Stock Exchange Ltd., Member, indirectly, for a period of six months.

Calcutta Stock Exchange Ltd. and Member, Over Ref. : PR No.312/2008 dated December 19, 2008the Counter Exchange of India Ltd. for period of

one month.




matter of Soundcraft Industries Ltd. debarring

AMS Finance & Securities Ltd. (PAN:

Dr. T. C. Nair, Whole Time Member, SEBI, has AAACA6746Q) from accessing the securities

passed an order dated December 12, 2008, in the market and prohibiting from buying, selling or

matter of Soundcraft Industries Ltd. suspending the dealing in securities, either directly or indirectly,

certificate of registration of M/s. R.K. Global for a period of six months.

Shares & Securities Ltd., Member, National Stock Ref. : PR No.313/2008 dated December 19, 2008Exchange of India Ltd. having SEBI Registration

No. INB 0230825035 for a period of one month.




matter of Soundcraft Industries Ltd. debarring

Bharat H Jain, M/s. Jain Investment (Prop. Ramila

Dr. T. C. Nair, Whole Time Member, SEBI, has Jain) and Asmita R Shah from accessing the

passed an order dated December 12, 2008, in the securities market and prohibiting from buying,

matter of Soundcraft Industries Ltd. debarring Shri selling or dealing in securities, either directly or

Rajkumar C. Basantani from accessing the indirectly, for a period of six months.

securities market and prohibiting from buying, Ref. : PR No.314/2008 dated December 19, 2008selling or dealing in securities, either directly or

indirectly, for a period of five years; and debarring

19. Order against AMS Finance & Securities

Ltd. in the matter of Soundcraft Industries Ltd.

17. Order M/s.R.K. Global Shares &

Securities Ltd., Member, NSE, in the matter of

Soundcraft Industries Ltd.

20. Order against Bharat H Jain, M/s. Jain

Investment (Prop. Ramila Jain) and Asmita R

Shah in the matter of Soundcraft Industries

18. Order against Shri Rajkumar C. Basantani, Ltd.

Panna Agrofine Pvt. Ltd., Jaitra Estate

Developers Pvt. Ltd. and Born Free Finance

Pvt. Ltd. in the matter of Soundcraft Industries

Ltd.

against


039

21. Order M/s. Admiral Securities, Sub-

broker, Affiliated with VSE Securities Ltd. and

Member, Vadodara Stock Exchange in the

matter of M/s. DesignAuto Systems Ltd.

24. Order against M/s. Kolar Sharex Pvt. Ltd.,

Member, BSE, in the matter of Soundcraft

Industries Ltd.

22. Order against M/s. Bipin B Diwani, Sub-

broker, Affiliated to M/s. Vyomit Shares, Stock25. Order against Shri Rajkumar Chainraiand Investments Pvt. Ltd., in the matter ofBasantani, Member, NSE, in the matter ofSawaca Communications Ltd.Soundcraft Industries Ltd.

23. Order against M/s. Mekaster Securities Pvt.26. Order against M/s. Sparkling Securities,Ltd., Member, NSE, in the matter ofSub-broker, Affiliated to M/s. ChuriwalaSoundcraft Industries Ltd.Securities Pvt. Ltd., Member, BSE, in the

matter of Soundcraft Industries Ltd.

against Exchange of India Ltd. having SEBI Registration

No. INB0 230826230 for a period of one month.




matter of M/s. Design Auto Systems Ltd.

suspending the certificates of registration of M/s.Dr. T. C. Nair, Whole Time Member, SEBI, hasAdmiral Securities, sub-broker (SEBI Registrationpassed an order dated December 12, 2008, in theNo. INS011751315) affiliated with VSE Securitiesmatter of Soundcraft Industries Ltd. suspending theLtd. and member of Vadodara Stock Exchangecertificate of registration of M/s. Kolar Sharex Pvt.(SEBI Registration No. INB191029819) for aLtd., Member, Bombay Stock Exchange Ltd.period of seven days.having SEBI Registration No. INB011105138 for a

Ref. : PR No.315/2008 dated December 19, 2008period of six months.


Dr. T. C. Nair, Whole Time Member, SEBI, hasDr. T. C. Nair, Whole Time Member, SEBI, haspassed an order dated December 12, 2008, in thepassed an order dated December 12, 2008, in thematter of Sawaca Communications Ltd.,matter of Soundcraft Industries Ltd. suspending thecancelling the certificate of registration of Bipin V.certificate of registration of Shri RajkumarDiwani, sub-broker, affiliated to Vyomit Shares,Chainrai Basantani, Member, National StockStock and Investments Pvt. Ltd. (SEBIExchange of India Ltd., having SEBI Registration Registration no. INS010474513).No. INB0 230649415 for a period of two years.

Ref. : PR No.316/2008 dated December 19, 2008Ref. : PR No.319/2008 dated December 19, 2008


passed an order dated December 12, 2008, in theDr. T. C. Nair, Whole Time Member, SEBI, hasmatter of Soundcraft Industries Ltd., suspendingpassed an order dated December 12, 2008, in thethe certificate of registration of M/s. Mekastermatter of Soundcraft Industries Ltd., suspendingSecurities Pvt. Ltd., Member, National Stock


040

the certificate of registration of Sparkling

Securities, Sub-broker, Affiliated to Churiwala Dr. T. C. Nair, Whole Time Member, SEBI, hasSecurities Pvt. Ltd., Member, Bombay Stock passed an order dated December 12, 2008, in theExchange Ltd. having SEBI Registration No. matter of Soundcraft Industries Ltd. suspending theINS0101952211/ 0109841 for a period of three certificate of registration of M/s. VRM Sharemonths. Broking Pvt. Ltd., Member, National Stock

Ref. : PR No.320/2008 dated December 19, 2008 Exchange of India Ltd. having SEBI Registration

No. INB0 231109837 for a period of one month.



passed an order dated December 12, 2008, in the Dr. T. C. Nair, Whole Time Member, SEBI, hasmatter of Soundcraft Industries Ltd. suspending the passed an order dated December 12, 2008, in thecertificate of registration of Gini Enterprises, Sub- matter of Sri Adhikari Brothers Televisionbroker, Affiliated to Park Light Investment Pvt. Network Ltd. restraining M/s Apex EnterprisesLtd., Member, Bombay Stock Exchange Ltd. (India) Ltd. from dealing in securities directly andhaving SEBI Registration No. INS 010738214/01- indirectly for a period of one month10378 for a period of three months.


Dr. T. C. Nair, Whole Time Member, SEBI, has Shri M. S. Sahoo, Whole Time Member, SEBI, haspassed an order dated December 12, 2008, in the passed an order dated December 17, 2008 in thematter of Soundcraft Industries Ltd. suspending the matter of Somani Cement Company Ltd.certificate of registration of M/s. M.R.Share restraining Somani Cement Company Ltd. and Mr.Broking Pvt. Ltd., Member, Bombay Stock Bimlesh Kumar Mishra (PAN No.AGCPM0469R)Exchange Ltd. having SEBI Registration No. INB from buying, selling or dealing in securities in011076834 for a period of one month. whatsoever manner or accessing the securities

Ref. : PR No.322/2008 dated December 19, 2008 market, directly or indirectly in any manner for a

period of ten years and also restraining Mr.

A.K.Singh from buying, selling and dealing in

securities in whatsoever manner or accessing the

Soundcraft Industries Ltd.

27. Order M/s. Gini Enterprises, Sub-

broker, Affiliated to Park Light Investment Pvt.

Ltd., Member, BSE, in the matter of Soundcraft30. Order against M/s. Apex Enterprises (India)

Industries Ltd.Ltd. in the matter of Sri Adhikari Brothers

Television Network Ltd.

31. Order against Somani Cement Company28. Order against M/s. M.R.Share Broking Pvt. Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K.Ltd., Member, BSE, in the matter of Soundcraft Singh in the matter of Somani CementIndustries Ltd. Company Ltd.

29. Order against M/s. VRM Share Broking Pvt.

Ltd., Member, NSE, in the matter of

against


041


securities market, directly or indirectly, in any account of any other person, for a period of three

manner for a period of three years. years from the date of the Order. The order also

directed impounding of profits/gains ofRef. : PR No.328/2008 dated December 26, 2008Rs.41,61,159.08 made by Yogesh Mafatlal

Bhansali and others.

It may be mentioned that SEBI vide Order dated

January 17, 2007, had directed BSE to withhold theDr. K. M. Abraham, Whole Time Member, SEBI, profits made by Yogesh Bhansali and others fromhas passed an order dated December 26, 2008 their alleged irregular trades executed in the sharesagainst Mr. Debapriya Ghosh prohibiting him from of Nissan Copper Limited on December 29, 2006buying, selling or dealing in securities, in any and January 2, 2007 in a separate escrow account.manner, for a period of one month.

Ref. : PR No.333/2008 dated December 31, 2008.The order comes into force with immediate effect.

Ref. PR No.330/2008 dated December 29, 2008

Dr. K. M. Abraham, Whole Time Member, SEBI,In matter of Order Book Manipulation it was

has passed order dated December 26, 2008,observed that the prices of few scrips saw a sudden

disposing of the enquiry proceedings against thespurt because of the abnormally large orders of

broker Mr. Pramod Kumar Kothari. As the saidshares placed at prices much below prevailing

broker has already been prohibited from buying,market prices portraying misleading appearance of

selling or dealing in securities from November 30,market in these shares.

2005 to August 11, 2008, in accordance withAPanel consisting of Whole Time Members, SEBI,interim order passed by SEBI, no further penaltyDr. T.C.Nair, and Shri M.S.Sahoo, has passedhas been imposed.consent orders dated November 28, 2008, on the

Ref.: PR No.331/2008 dated December 29, 2008application of consent submitted by R.S.S.

Investments Pvt. Ltd. in the matter of Order Book

Manipulation, in accordance with SEBI Circular

dated April 20, 2007. The applicant has remitted aShri M. S. Sahoo, Whole Time Member, SEBI hassum of Rs.2,00,000/- (Rupees Two Lakh only)passed an order dated December 31, 2008towards the terms of consent in the matter.restraining Yogesh Mafatlal Bhansali and others

Ref. : PR No.276/2008 dated December 02, 2008from buying, selling or otherwise dealing in

securities in whatsoever manner, directly or

indirectly, either on their own account or on

32. Order Mr. Debapriya Ghosh in the

matter of M/s.Adinath Bio-Labs Ltd.

Consent Orders33. Order against Mr. Pramod Kumar Kothari,

1. Consent order on the application submittedMember, Calcutta Stock Exchange in the matter

by R.S.S. Investments Pvt. Ltd. in the matter ofof M/s.Adinath Bio-Labs Ltd.

Order Book Manipulation

34. Order in the matter of Nissan Copper Ltd.

against

042


2. Consent Order on the applications submitted

by Taurus Mutual Fund in the matter of DCM

Shriram Consolidated Ltd.

5. Consent Order against Shri Samir R Shah in

the matter of M/s. Hindustan Bio Sciences Ltd.

3. Consent Order against Shri Sharad

Chhotabhai Patel in the matter of M/s. Shree

Rama Multi-Tech Ltd.

6. Consent Order against Infinity.Com Stock

Broking Private Ltd. in the matter of M/s.

Greenfield Trading & Finance Ltd.

4. Consent Order against CD Equisearch (Pvt.)

Ltd. in the matter of M/s. Design Auto Systems

Ltd.

Dr. T. C. Nair and Shri M. S. Sahoo has passed

consent order dated November 28, 2008 on an

application submitted by CD Equisearch (Pvt.)

Ltd. in the matter of M/s. DesignAuto Systems Ltd.APanel consisting of Whole Time Members, SEBI,in accordance with SEBI Circular dated April 20,Dr. T. C. Nair and Shri M. S. Sahoo, has passed a 2007. The applicant has remitted a sum ofconsent order dated November 28, 2008, on anRs.5,00,000/- (Rupees Five Lakh only) towards theapplication submitted by Taurus Mutual Fund interms of consent in the matter.the matter of DCM Shriram Consolidated Ltd., in

accordance with SEBI Circular dated April 20, Ref. : PR No.289/2008 dated December 05, 2008

2007. The applicant has remitted a sum of

Rs.20,00,000/- (Rupees Twenty Lakh only)

towards the terms of consent in the matter.

Ref. : PR No.278/2008 dated December 02, 2008APanel consisting of Whole Time Members, SEBI,

Dr. T.C.Nair and Shri M.S.Sahoo has passed

consent order dated November 28, 2008 on an

application submitted by Shri Samir R Shah in the

matter of M/s. Hindustan Bio Sciences Ltd. in

accordance with SEBI Circular dated April 20,APanel consisting of Whole Time Members, SEBI,2007. The applicant has remitted a sum ofDr. T. C. Nair and Shri M. S. Sahoo, has passedRs.2,00,000/- (Rupees Two Lakh only) towards theconsent order dated November 28, 2008 on anterms of consent in the matter.application submitted by Shri Sharad Chhotabhai

Patel, in the matter of M/s. Shree Rama Multi-Tech Ref. : PR No.290/2008 dated December 5, 2008

Ltd. in accordance with SEBI Circular dated April

20, 2007. The applicant has remitted a sum of

Rs.1,25,000/- (Rupees One Lakh and Twenty Five

Thousand only) towards the terms of consent in the

matter. It is also ordered that the applicant shall notAPanel consisting of Whole Time Members, SEBI,buy, sell or deal in securities, directly or indirectly,Dr. T.C.Nair and Shri M.S.Sahoo has passedfor a period of 18 months from the date of theconsent order dated November 28, 2008 on anconsent order.application submitted by Infinity.Com Stock

Ref : PR No.288/2008 dated December 05, 2008Broking Private Ltd. in the matter of M/s.

Greenfield Trading & Finance Ltd. in accordance

with SEBI Circular dated April 20, 2007. The

applicant has remitted a sum of Rs.1,00,000/-

(Rupees One Lakh only) towards the terms of

consent in the matter. Also, as undertaken by theAPanel consisting of Whole Time Members, SEBI,

043


applicant, they shall not buy, sell or deal in

securities, directly or indirectly for a period of one

year from the date of this consent order.

Ref. : PR No.291/2008 dated December 5, 2008 APanel consisting of Whole Time Members, SEBI,

Dr. T. C. Nair and Shri M. S. Sahoo has passed a

consent order dated November 28, 2008 on the

application submitted by M/s. SPT Securities Ltd.,

in the matter of enquiry proceedings pendingAPanel consisting of Whole Time Members, SEBI, before SEBI against it for the violations observedDr.T.C.Nair and Shri M.S. Sahoo, has passed a during inspection of its books of accounts and otherconsent order on December 02, 2008 in the matter records for the period April 01, 2000 to Septemberof “irregularities in the IPOs“ on an application 30, 2002, in accordance with SEBI Circular datedsubmitted by Shri Saumil A. Bhavnagari, a April 20, 2007. The applicant has remitted a sum offinancier. Rs.5,00,000/- (Rupees Five Lakh only) towards

terms of consent, in the matter.SEBI had passed an ad interim ex-parte order on

April 27, 2006 in the matter of “irregularities in Ref. : PR No.295/2008 dated December 10, 2008IPOs”. It was found that Shri SaumilA. Bhavnagari

was alleged to be a financier for cornering of shares

in IPO's of Suzlon Energy Ltd., FCS Software Ltd.,

Sasken Communication during the period 2004-

2005. Since SEBI's ex-parte order, Shri Saumil A. APanel consisting of Whole Time Members, SEBI,

Bhavnagari has undergone prohibition from Dr. T. C. Nair and Shri M. S. Sahoo has passed a

buying, selling and dealing in securities. consent order dated November 28, 2008 on the

application submitted by M/s. Sovereign SecuritiesShri Saumil A. Bhavnagari remitted a total sum ofPrivate Ltd., in the matter of enquiry proceedingsRs.3,15,000/- (Rupees Three Lakh Fifteenpending before SEBI against it for the violationsThousand only), towards the terms of consent inobserved during inspection of its books of accountsthe matter. The consent amount includesand other records for the period April 01, 2000 to Rs.1,52,000/- (Rupees One Lakh Fifty TwoAugust 06, 2002, in accordance with SEBI CircularThousand only) towards disgorgement of thedated April 20, 2007. The applicant has remitted aamount of alleged ill-gotten gains, Rs.13,000/-sum of Rs.4,00,000/- (Rupees Four Lakh only)(Rupees Thirteen Thousand only) towards terms oftowards the terms of consent and a sum ofconsent, Rs.90,000/- (Ninety Thousand only)Rs.25,000/- (Rupees Twenty Five Thousand only) towards Compounding Charges, Rs.60,000/-towards administrative charges, in the matter.(Sixty Thousand only) towards Legal Expenses.


8. Consent Order against M/s. SPT Securities

Ltd., Member of NSE and Depositary

Participant of NSDL

7. Consent Order in matter of IPO irregularities

– Shri SaumilA. Bhavnagari

9. Consent Order against M/s. Sovereign

Securities Private Ltd., Member, BSE

044


10. Consent Order Shri R. D. Lahoti,

sub-broker affiliated to HSE Securities Ltd.,

Member, NSE

13. Consent order in the matter of M/s.

Winsome International Ltd.

11. Consent Order against P. Suryakant Share

& Stock Brokers Pvt. Ltd. in the matter of M/s.

DesignAuto Systems Ltd.

14. Consent Order in the matter of M/s.

Hardcastle & Waud Manufacturing Co. Ltd.

12. Consent Order against M/s. Uttam

Investments in the matter of M/s. Prabhu Steel

Industries Ltd.

against APanel consisting of Whole Time Members, SEBI,

Dr. T. C. Nair and Shri M. S. Sahoo, has passed

consent order dated November 28, 2008, on an

application submitted by M/s. Uttam Investments, APanel consisting of Whole Time Members, SEBI,in the matter of M/s. Prabhu Steel Industries Ltd., inDr. T. C. Nair and Shri M. S. Sahoo has passed aaccordance with SEBI Circular dated April 20,consent order dated November 28, 2008 on the2007. The applicant has remitted a sum ofapplication submitted by Shri R. D. Lahoti, in theRs.50,000/- (Rupees Fifty Thousand only) towardsmatter of enquiry proceedings pending beforethe terms of consent in the matter.SEBI against him for the violations observed

during inspection of his books of accounts and Ref. : PR No.300/2008 dated December 12, 2008

other records for the period April 01, 2001 to May

23, 2003, in accordance with SEBI Circular dated

April 20, 2007. The applicant has remitted a sum of

Rs.25,000/- (Rupees Twenty Five Thousand only) APanel consisting of Whole Time Members, SEBI,towards the terms of consent, in the matter.Dr. T. C. Nair and Shri M. S. Sahoo, has passed a

Ref. : PR No.297/2008 dated December 10, 2008consent order dated December 10, 2008 on the

application submitted by M/s. Winsome

International Ltd. for delay in compliance of

Regulation 6(2) and 6(4) for the year 1997,

Regulation 7(3) for the year 2004 and Regulation

8(3) of the SEBI (SubstantialAcquisition of SharesAPanel consisting of Whole Time Members, SEBI,and Takeovers) Regulations for the years 1998 to

Dr. T. C. Nair and Shri M. S. Sahoo has passed2006. The applicant has remitted a sum of

consent order dated November 28, 2008 on anRs.3,00,000/- (Rupees Three Lakh only) towards

application submitted by P. Suryakant Share &terms of consent, in the matter.

Stock Brokers Pvt. Ltd. in the matter of M/s.Ref. : PR No.302/2008 dated December 15, 2008Design Auto Systems Ltd. in accordance with

SEBI Circular dated April 20, 2007. The applicant

has remitted a sum of Rs.5,00,000/- (Rupees Five

Lakh only) towards the terms of consent in the

matter.APanel consisting of Whole Time Members, SEBI,

Ref. : PR No.299/2008 dated December 11, 2008 Dr. T. C. Nair and Shri M.S. Sahoo, has passed a

consent order dated December 10, 2008, on the

consent application submitted by M/s. Hardcastle

& Waud Manufacturing Co. Ltd. for failure to

comply with Regulation 6(2) and 6(4) for the year

1997 and Regulation 8(3) for the year 1999 of SEBI

045


(Substantial acquisition of Shares and Takeovers) securities in any manner whatsoever, directly or

Regulations 1997. The applicant has remitted a indirectly, for a period of three years.

sum of Rs.2,00,000/- (Rupees Two Lakh only) Ref. : PR No.326/2008 dated December 23, 2008towards the terms of consent in the matter.

Ref.: PR No.303/2008 dated December 17, 2008

APanel consisting of Whole Time Members, SEBI,

Shri M. S. Sahoo and Dr. K. M. Abraham, has

passed consent order dated December 22, 2008, on

APanel consisting of Whole Time Members, SEBI, the applications submitted by SAM Global

Shri M. S. Sahoo and Dr. K.M.Abraham, has Securities Ltd. and Globe Capital Market Ltd., in

passed a consent order dated December 22, 2008, the matter of Trading on May 17, 2004, in

on an application submitted by Bharti Infotel accordance with SEBI Circular dated April 20,

Private Ltd. and Bharti Enterprises in the matter of 2007. The applicants have remitted sum of

Bharti Healthcare Ltd. (Now known as Capsugel Rs.15,00,000/- (Rupees Fifteen Lakh only) each

Healthcare Ltd.), in accordance with SEBI Circular towards the terms of consent in the matter.

dated April 20, 2007. The applicant has remitted a Ref. : PR No.329/2008 dated December 26, 2008sum of Rs.54,43,254/- (Rupees Fifty Four Lakh

Forty Three Thousand Two Hundred and Fifty Four

only) towards the terms of consent in the matter.

Ref. : PR No.325/2008 dated December 23, 2008APanel consisting of Whole Time Members, SEBI,

Shri M.S. Sahoo and Dr. K.M. Abraham, has

passed consent orders dated December 22, 2008,

on the applications submitted by the following

entities in the matter of dealing in futures and

APanel consisting of Whole Time Members, SEBI, options contracts on the National Stock Exchange

Shri M.S. Sahoo and Dr. K. M. Abraham, has of India Ltd. (NSE), in accordance with SEBI

passed consent order dated December 22, 2008, on Circular dated April 20, 2007. The applicants have

an application submitted by Shri Santosh remitted their respective sums as given below

Gayakwad in the matter of Genus Commutrade towards consent terms in the matter.

Ltd., in accordance with SEBI circular dated April

20,2007. The applicant has remitted a sum of

Rs.25,000/- (Rupees Twenty Five Thousand only)

towards the terms of consent in the matter and also

undertaken that he shall not buy, sell or deal in Ref.: PR No.332/2008 dated December 29, 2008

17. Consent Order against SAM Global

Securities Ltd. and Globe Capital Market Ltd.

15. Consent Order on the application submitted in the matter of Trading on May 17, 2004

by Bharti Infotel Private Ltd. and Bharti

Enterprises in the matter of Bharti Healthcare

Ltd. (Now known as Capsugel Healthcare Ltd.)

18. Consent orders in the matter of dealing in

futures and options contracts on the NSE

16. Consent Order against Shri Santosh

Gayakwad in the matter of Genus

Commutrade Ltd.

Sl.

No

Name of the entity Amount

1 M/s. Ashika Stock Broking Ltd. Rs. 5 Lakh

2 M/s. Raj Corporation Rs. 7.5 Lakh

046

CIRCULARS

1.Cross Margining across Exchange traded

Equity (Cash) and Exchange traded Equity

Derivatives (Derivatives) segments

stock/stock futures, which is a complete

replica of the index in the ratio specified by the

Exchange/Clearing Corporation, shall be

eligible for cross margining benefit.Issued to: Derivative Segments of NSE and BSE

and their Clearing Houses / Corporations. c. The positions in the derivatives segment for

the stock futures and index futures shall be in This is in continuation of SEBI Circular No.the same expiry month to be eligible for crossMRD/DoP/SE/Cir-13/2008 dated May 05, 2008,margining benefit.on the cross margining facility across cash and

derivatives segments for institutional trades. In Computation of cross margin

order to improve the efficiency of the use of the a. To begin with, a spread margin of 25% of themargin capital by market participants, it has now total applicable margin on the eligible off-been decided to revise the existing facility of cross setting positions, as mentioned in para 1 (a)margining and to extend it across cash and above, shall be levied in the respective cashderivatives segments to all categories of market and derivative segments.participants. The features of the revised cross

b. Cross margining benefit shall be computed at margining facility are detailed below:

client level on an online real time basis andPositions eligible for cross margining benefit provided to the trading member / clearing

a. The positions of clients in both the cash and member / custodian, as the case may be, who,

derivatives segments to the extent they offset in turn, shall pass on the benefit to the client.

each other shall be considered for the purpose For institutional investors, however, the cross

of cross margining as per the following margining benefit shall be provided after

priority: confirmation of trades.

i. Index futures position and constituent Separate accounts

stock futures position in derivatives To avail the facility of cross margining, a clientsegment may maintain two accounts with the trading

ii. Index futures position in derivatives member / clearing member, namely arbitrage

segment and constituent stock position in account and a non-arbitrage account, to allow

cash segment converting partially replicated portfolio into a fully

replicated portfolio by taking opposite positions iniii. Stock futures position in derivativestwo accounts. However, for the purpose ofsegment and the position in thecompliance and reporting requirements, thecorresponding underlying in cash segmentpositions across both accounts shall be taken

b. A basket of positions in index constituent



047

together and client shall continue to have unique b. make necessary amendments to the relevant

client code. bye-laws, rules and regulations for the

implementation of the above decision.Settlement

c. specify the legal agreements between theTo begin with, a client may settle through a tradingclearing entities for the purpose of marginmember / clearing member / custodian, as the caseutilisation in case of liquidation/default etc.may be, who is clearing in both the segments or

through two trading members / clearing members / d. bring the provisions of this circular to the

custodians, one of whom is a trading member / notice of the trading members / clearing

custodian in the cash segment and the other is a members/custodians and also to disseminate

clearing member in the derivatives segment. the same on the website.

However, in course of time, a client will settle Ref. : SEBI/DNPD/Cir- 44 /2008 dated December through only one clearing member who is a 02, 2008member in both the segments.

Default

In the event of default by a trading member /

clearing member / custodian, as the case may be,

whose clients have availed cross margining Issued to : All Stock Exchanges,benefit, the Stock Exchange / Clearing Corporation

The Clause 42 of the Listing Agreement requiresshall have the option to:

that every company proposing to issue newa. Hold the positions in the cross margin account securities, shall, as a condition precedent, deposit

till expiry in its own name. before the opening of subscription list and keep

b. Liquidate the positions / collateral in either deposited with the designated exchange, an amount

segment and use the proceeds to meet the calculated at the rate of 1% of the amount of

default obligation in the other segment. securities (hereinafter referred to as 'security

deposit') offered for subscription to the public

and/or to the holders of existing securities of theAgreement

company, as the case may be, for ensuringThe Exchange / Clearing Corporation shall enter compliance by the company, within the prescribedinto agreement with client / clearing member / or stipulated period, of all prevailing requirementstrading member / custodian, as the case may be, of law. The said clause also prescribes that 50% ofclearly laying down the inter-se distribution of such security deposit shall be paid to the Exchangeliability / responsibility in the event of default. in cash and the balance amount can be provided for

by way of a bank guarantee. Further, Clause 16.2.4The Stock Exchanges are advised to:of the SEBI (Disclosure and Investor Protection)

a. put in place the adequate systems and issue theGuidelines, 2000 prescribes that the security

necessary guidelines for implementing thedeposit so deposited with the designated stock

above decision.

2. Maintenance of Security Deposit of 1% of the

amount of securities offered to public/

shareholders by issuer companies with the

designated stock exchanges


048

exchanges can be released by the concerned stock of issue of this circular under intimation to SEBI.

exchange only after obtaining a 'NOC' from SEBI. Further, some stock exchanges have sought advice

It has come to the notice of the SEBI that in many as to whether they can adjust the 1% security

cases, the bank guarantees so kept with the stock deposit against the dues payable to them by the

exchanges under Clause 42 of the listing issuer companies. It is hereby clarified that the

agreement, have expired and the exchanges have stock exchanges shall maintain the said 1%

neither taken any step to prevent such eventuality security deposit at all times and no adjustment

nor to revive the bank guarantees so expired. By against any dues of the company can be permitted.

allowing such bank guarantees to expire, the stock Ref. : MRD/DSA/SE/Cir -34 /2008 December 05,exchanges have compromised with an important 2008mechanism available for redressal of investor

grievances.

In view of the above, the stock exchanges are

hereby directed :Issued to : All Registered Merchant Bankers / Stock

a) to recoup immediately any shortfall in theExchanges

deposit that has been caused due to the expiryIn exercise of the powers conferred underof such bank guarantees by taking either cash

or fresh/re-validated bank guarantees from the sub-section (1) of Section 11 of the Securities and

concerned issuer companies. Exchange Board of India Act, 1992, it has been

decided to amend Chapter XIII-A of the SEBIb) to put in place a system to keep track of the(Disclosure and Investor Protection) Guidelines,bank guarantees furnished to it by the issuer2000 (hereinafter referred to as the “SEBI (DIP)companies. The said system should generateGuidelines”).alerts atleast one month prior to the expiry of

such bank guarantees, so that the stock

exchanges have sufficient time to require thea. Issuance of “Non-convertible Debentures with

issuer companies to provide fresh/renewedWarrants” (i.e., NCDs with warrants) under

bank guarantees in place of the bankChapter XIII-A

guarantees about to expire.The amendments made in Chapter XIII-A of the

c) To invoke such bank guarantees before itSEBI (DIP) Guidelines on “Guidelines for

expires, if any issuer company fails to satisfyQualified Institutions Placement (QIP)” enable a

the shortfall in the deposit amount either bylisted company to make a combined offering of

cash or by fresh/renewed bank guarantees,Non-Convertible Debentures (NCDs) with

within the time frame given in this regard,warrants. Qualified Institutional Buyers (QIBs)

inspite of the said advise from the stockcan subscribe to the combined offering of NCDs

exchange.with warrants or to the individual instruments, i.e.,

These directions shall be implemented by all the either NCDs or warrants, where separate books arestock exchanges within three months from the date run for NCDs/warrants.

3. Amendments to SEBI (Disclosure and

Investor Protection) Guidelines, 2000


049

The company is however required to obtain Ref.: SEBI/CFD/DIL/SE/2008/08/12 dated

relaxation from the applicability of the provisions December 8, 2008

of Rule 19(2)(b), read with Rule 19(4) of the

Securities Contracts (Regulation) Rules, 1957 for

listing/ trading of the warrants.

Ref. : SEBI/CFD/DIL/DIP/33/2008/08/12 datedIssued to : All Mutual Funds Registered with SEBI

December 8, 2008and Association of Mutual Funds in India (AMFI)

In order to further strengthen the framework for

close ended schemes, it has been decided that for all

close ended schemes (except Equity Linked

Savings Schemes) to be launched on or after

December 12, 2008:

Issued to : All Stock Exchanges The units shall be mandatorily listed. The

SEBI has, vide circular no. SEBI/CFD/ provisions in the SEBI (Mutual Funds)

DIL/DIP/33/2008/08/12 dated December 8, 2008, Regulations, 1996 regarding repurchase and re-

amended the SEBI (Disclosure and Investor issue and exemption from listing of units of close

Protection (DIP)) Guidelines, 2000 to permit a ended scheme would be suitably amended in due

listed company to make a combined offering of course.

Non-convertible Debentures (NCDs) with Listing fees shall be a permissible expense to bewarrants through the QIP mechanism, in terms of charged under Regulation 52(4).the provisions of Chapter XIII-Aof the Guidelines.

Trustees shall ensure that before launch of theNCDs and warrants issued pursuant to a combined scheme the in-principle approval for listing hasoffering as mentioned above, can be listed and been obtained from the stock exchange(s) andtraded separately. No relaxation from the appropriate disclosures are made in the Schemeapplicability of the provisions of Rule 19(2)(b) of Information Document.the Securities Contracts (Regulation) Rules, 1957

NAV shall be computed and published on daily(SCRR) shall be required for listing of the NCDs,

basis. It has also been decided that a close endedas this relaxation is available pursuant to

debt scheme shall invest only in such securitiesRegulation 22(b)(i) of the SEBI (Issue and Listing

which mature on or before the date of the maturityof Debt Securities) Regulations, 2008. However,

of the scheme. Schemes for which observationsfor listing and trading of the warrants, relaxation

(final) under Regulation 29 of SEBI (Mutualfrom the applicability of the provisions of the Rule

Funds) Regulations, 1996 have been issued but are19(2)(b) of SCRR is required.

yet to be launched would be required to carry outThe minimum contract value for trading of NCDs/ the changes in Scheme Information Document andwarrants has been set at Rs.1 lacs. The file the same with SEBI before the launch.amendments made vide this circular shall come

Ref. : SEBI/IMD/CIR No. 12/147132/08 datedinto force with immediate effect.

December 11, 2008

5. Review of Provisions relating to Close Ended

Schemes

4. Listing and trading of warrants issued as part

of a Qualified Institutions Placement (QIP)

being a combined issuance of Non-convertible

Debentures with Warrants


050

6. Anti Money Laundering (AML) Standards/

Combating Financing of Terrorism (CFT)/

Obligations of Securities Market Inter-

mediaries under Prevention of Money

Laundering Act, 2002 and Rules framed there-

under- Master Circular onAML/CFT

record of all the transactions; the nature and value

of which has been prescribed in the Rules notified

under the PMLA. Such transactions include:

• All cash transactions of the value of more than

Rs 10 lakhs or its equivalent in foreign

currency.Issued to : all Intermediaries registered with SEBI

• All series of cash transactions integrallyunder section 12 of the SEBI Act. (Through the

connected to each other which have beenstock exchanges for stock brokers, sub-brokers and

valued below Rs 10 lakhs or its equivalent indepositories for depository participants)

foreign currency where such series ofThe Prevention of Money Laundering Act, 2002 transactions take place within one calendar

st(PMLA) was brought into force with effect from 1 month.July 2005. Necessary Notifications / Rules under

• All suspicious transactions whether or not madethe said Act were published in the Gazette of Indiain cash.on July 01, 2005. Subsequently, SEBI issued

The Guidelines laid down the minimumnecessary guidelines vide circular no.

requirements and it was emphasised that theISD/CIR/RR/AML/1/06 dated January 18, 2006 to

intermediaries may, according to theirall securities market intermediaries as registered

requirements, specify additional disclosures to beunder Section 12 of the SEBI Act, 1992. These

made by clients to address concerns of Moneyguidelines were issued in the context of the

Laundering and suspicious transactionsrecommendations made by the Financial Action

undertaken by clients. All intermediaries were alsoTask Force (FATF) on anti-money laundering

advised to ensure that a proper policy framework asstandards. Compliance with these standards by all

per the Guidelines on anti-money launderingintermediaries and the country has become

measures is put into place and to designate animperative for international financial relations.

officer as 'Principal Officer' who would beAs per the provisions of the Prevention of Moneyresponsible for ensuring compliance of theLaundering Act, every banking company, financialprovisions of the PMLA. Names, designation andinstitution (which includes chit fund company, aaddresses (including e-mail addresses) ofco-operative bank, a housing finance institution'Principal Officer' shall also be intimated to theand a non-banking financial company) andOffice of the Director-FIU, 6th Floor, Hotelintermediary (which includes a stock-broker, sub-Samrat, Chanakyapuri, New Delhi 110021, Indiabroker, share transfer agent, banker to an issue,on an immediate basis.trustee to a trust deed, registrar to an issue,

The detailed procedure incorporating the mannermerchant banker, underwriter, portfolio manager,

of maintaining information and matters incidentalinvestment adviser and any other intermediary

thereto for SEBI registered intermediaries, underassociated with securities market and registered

the prevention of Money LaunderingAct, 2002 andunder section 12 of the Securities and Exchange

the Rules made there-under and formats forBoard of India Act, 1992) shall have to maintain a


051

reporting by the intermediaries were also issued attention of their member brokers/ depository

subsequently vide circular reference no. participants and verify compliance during

ISD/CIR/RR/AML/2/06 dated March 20, 2006. inspections.

This Master circular consolidates all the Ref. : ISD/AML/CIR-1/2008 dated December 19,

requirements/obligations issued with regard to 2008

AML/CFT till December 15, 2008. This Circular is

being issued to all the intermediaries as specified at

para 2 above. The circular shall also apply to their

branches and subsidiaries located abroad,Issued to All the Stock Exchanges,especially, in countries which do not or

insufficiently apply the FATF Recommendations, SEBI Board has approved the broad guidelines asto the extent local laws and regulations permit. under, to provide an exit option to such RegionalWhen local applicable laws and regulations Stock Exchanges (RSEs) whose recognition isprohibit implementation of these requirements, the withdrawn and/or renewal of recognition is refusedsame should be brought to the notice of SEBI. In by SEBI and RSEs who may want to surrender theircase there is a variance in KYC/AML standards recognition. In all such cases, an appropriate orderprescribed by SEBI and the regulators of the host will be passed by SEBI.country, branches/overseas subsidiaries of

As per the said guidelines, such RSEs (or theirintermediaries are required to adopt the more

successor entities) may be permitted to retainstringent requirements of the two.

movable and immovable assets and to deal withThis Master circular is being issued in exercise of such assets as they deem fit subject to compliance powers conferred under Section 11 (1) of the with the following conditions:Securities and Exchange Board of India Act, 1992,

1. The Investor Protection Fund, Investorand Rule 7 of Prevention of Money-laundering

Services Fund, 1% security deposit available(Maintenance of Records of the Nature and Value

with such exchanges shall be transferred toof Transactions, the Procedure and Manner of

the SEBI Investor Education and ProtectionMaintaining and Time for Furnishing Information

Fund. The 1% security deposit shalland Verification and Maintenance of Records of the

subsequently be returned to the issuerIdentity of the Clients of the Banking Companies, company in due course on satisfying theFinancial Institutions and Intermediaries) Rules,prescribed conditions.2005 to protect the interests of investors in

2. Statutory dues outstanding to SEBI includingsecurities and to promote the development of, and

to regulate the securities market. 10% of the listing fee and the annual

regulatory fee, shall be transferred to SEBI.All the registered intermediaries are directed to

ensure compliance with the requirements 3. Consequent upon de-recognition, the trading

contained in this Master Circular on an immediate members of such exchanges shall cease to bebasis. Stock exchanges and depositories are also trading members and therefore liable to be de-directed to bring the contents of this circular to the registered as stock brokers, and their

7. Guidelines in respect of exit option to

Regional Stock Exchanges


certificate of registration granted by SEBI 7. In case of sale/distribution/transfer of

shall accordingly stand automatically assets/winding up of such exchanges/

cancelled. companies, the relevant provisions of the

various laws such as Income Tax Act, 1961,4. The brokers/trading members of such de-the Companies Act, 1956, Stamp Act, etc.recognised stock exchanges shall be liable towould apply. SEBI would inform thepay SEBI registration fees as per Schedule IIIconcerned State Governments aboutof the SEBI (Stock Brokers and Sub Brokers)derecognition of a Stock Exchange.Regulations, 1992 till the date of such de-

recognition. Dues of the brokers to SEBI shall 8. The companies which are listed in such de-

be recovered by the exchange out of the recognised RSEs and also listed in any other

brokers' deposits / capital / share of sale stock exchange(s) may continue to remain

proceeds / winding up proceeds / dividend listed in the other stock exchange(s). In case

payable, etc. available with the exchange and of companies exclusively listed on those de-

transferred to SEBI. recognised stock exchanges, it shall be

mandatory for such companies to either seek5. In case the stock exchange, after de-listing at other stock exchanges or provide forrecognition, continues as a corporate entityexit option to the shareholders as per SEBIunder the Companies Act, 1956, it shall notDelisting Guidelines / Regulations afteruse the expression 'stock exchange' or anytaking shareholders' approval for the same,variant in its name or in its subsidiaries namewithin a time frame, to be specified by SEBI,so as to avoid any representation of anyfailing which the companies shall standpresent or past affiliation with the stockdelisted through operation of law.exchange.

9. The stock exchange shall set aside sufficient6. The subsidiaries of de-recognised stockfunds in order to provide for settlement of anyexchanges may continue to function as anyclaims, pertaining to pending arbitrationother normal broking entity with a suitablecases, arbitration awards, not implemented, ifchange of name so as to avoid anyany, liabilities/claims of contingent nature, ifrepresentation of any present or pastany, and unresolved investors complaints/affiliation with the stock exchange. Further,grievances lying with the exchange.the additional conditions specified by SEBI

vide circulars dated November 26, 1999 Ref.: MRD/DoP/SE/Cir- 36 /2008 dated December

dated December 16, 1999 would not apply to 29, 2008

the said broking entity. (For details, please refer to http://www.sebi.gov.in)

052


053

1. New Measures to Provide more Transparency

for Municipal Bond Investors

2. SEC Improves Protections for Seniors and

Other Investors in Equity-IndexedAnnuities

3. SEC Approves Interactive Data for Financial

Reporting by Public Companies, Mutual Funds

resources already are available on EMMA at

www.emma.msrb.org.

The Securities Exchange Commission (SEC), USA In order to provide adequate transition time, the

has approved measures on the municipal securities SEC's rule amendments and the MSRB's rule

market by tapping the power of the Internet. For the change will be effective from July 1, 2009.

first time, investors will have a free, one-stop way

to find municipal bond information online to help

them make investment decisions.

The SEC has worked with the Municipal SecuritiesThe SEC, USA approved a new rule to help protect

Rulemaking Board (MSRB) to correct a glaringseniors and other investors from fraudulent and

deficiency in the $2.6 trillion municipal market, inabusive practices that can occur in the sale of

which two-thirds of the securities are owned byequity-indexed annuities.

individual investors. Unlike investors in corporateThe rule that the SEC approved establishes, on asecurities who have direct access to free company prospective basis, the standards for determininginformation through the SEC's EDGAR system,when equity-indexed annuities are considered notaverage investors in municipal securities currentlyto be annuity contracts under the securities lawshave no free and convenient way to get importantand thus subject to the investor protections againstinformation about the municipal bonds in whichfraud and misrepresentation, limiting the potentialthey invest. The rule amendments approved by thefor sales practice abuses in the promotion of equity-SEC designate the MSRB as the central repositoryindexed annuities to older investors. The SEC'sfor ongoing disclosures by municipal issuers.new rule defines the terms "annuity contract" andUnder a separate MSRB rule change, its Electronic"optional annuity contract" under the SecuritiesMunicipal Market Access (EMMA) system wouldAct of 1933. The rule clarifies the status under themake these disclosures available to investors in thefederal securities laws of equity-indexed annuities,same manner that the SEC's EDGAR system doesunder which payments to the purchaser arefor corporate disclosures.dependent on the performance of a securities index.

EMMA will operate as a consolidated, online

portal where investors can instantly access, for

free, all of the key information produced by

municipal bond issuers about their bonds. Offering

documents, real-time trade prices, and education The SEC has voted to require public companies and

HIGHLIGHTS OF DEVELOPMENTS ININTERNATIONAL SECURITIES MARKETS


mutual funds to use interactive data for financial

information, which has the potential to increase the

speed, accuracy and usability of financial The Hong Kong Securities and Futuresdisclosure and eventually reduce costs for Commission (SFC) has issued a circular informinginvestors. For public companies, interactive data the industry of a phased approach to implementingfinancial reporting will occur on a phased-in revised advertising guidelines for marketingschedule beginning next year. All U.S. public materials of collective investment schemes (CIS)companies will have filed interactive data financial authorised by the SFC.information by December 2011 for use by

The revised advertising guidelines enhanceinvestors.

disclosure in CIS marketing materials, codifyMutual fund investors will begin reaping the regulatory practices and facilitate post-vetting ofbenefits of interactive data starting in 2011. Mutual marketing materials. All new marketing materialsfunds will be required to begin including data tags will be required to comply with these newin their public filings that supply investors with guidelines with effect from 1 January 2009.such information as objectives and strategies, risks,

In order to accommodate practical difficultiesperformance, and costs. This will allow investors to

faced by the industry in updating existingcompare more than 8,000 mutual funds at the click

marketing materials, the SFC has agreed to adoptof a mouse. A mutual fund also would be required

administrative measures to allow the updating ofto post the interactive data on its Web site, if it

these materials over a period up to 31 March 2009.maintains one.

4. SFC provides guidance on revised advertising

guidelines

054

ANNEXURES AND STATISTICAL TABLES

Annexures

1 A. Company-wise Capital Raised though Public and Rights Issues during 2008December

Statistical Tables

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

24.

25.

SEBI Registered Market Intermediaries


055

1 B. Company-wise Capital Raised though Qualified Institutions' Placement (QIP) during December 2008

1 C. (ii) Shares listed at NSE under Preferential Basis during 2008December

2. Rating Assigned to IPOs during December 2008

Company-wise Capital Raised though Public and Rights Issues

Capital Raised from the Primary Market through Qualified Institutions' Placement (QIP)

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

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

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

Distribution of Turnover on Cash Segments of Exchanges

Cash Segment of BSE

Cash Segment of NSE

Trends in Cash Segment of BSE, December 2008

Trends in Cash Segment of NSE, December 2008

Turnover and Market Capitalisation at BSE and NSE, December 2008

Component Stocks: BSE Sensex, December 2008

Component Stocks: S&P CNX Nifty index, December 2008

Volatility of Major Indices

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

Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)

Trading Frequency in Cash Segment of BSE and NSE

Percentage Share of Top 'N' Securities/Members in Turnover of Cash Segment

Settlement Statistics for Cash Segment of BSE

Settlement Statistics for Cash Segment of NSE

Derivatives Segment at BSE

Derivatives Segment at NSE

Derivatives Trading at NSE, December 2008

Settlement Statistics in Derivatives Segment at BSE and NSE

1 C. (i) Shares listed at BSE under Preferential Basis during 2008December

3 A. Open Offer under SEBI takeover Code during 2008December

3 B. Buyback documents filed with SEBI during 2008December

056

N.B.:1. NA = Not Applicable/Available.2. 1 crore = 10 million = 100 lakh.3. The total provided in the Annexures and Statistical Tables may not always match with the sum total of

the break-ups due to decimal differences.4. The data for the current month is provisional.

26.

27.

28.

29.

30.

31.

32.

33.A

33.B

34.

35.

36.

37.

38.

Trends in Trading in the Corporate Debt Market


Trading Statistics of Currency Futures Segment

Daily Trends of Currency Futures , 2008Segment December

Settlement Statistics of Currency Futures Segment

Trends in Foreign Institutional Investment

Daily Trends in 2008Foreign Institutional Investment, December

Trends in Resource Mobilisation by Mutual Funds

Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended

Scheme-wise Resource Mobilisation by Mutual Funds

Trends in Transactions on Stock Exchanges by Mutual Funds

Assets under the Custody of Custodians

Substantial Acquisition of Shares and Takeovers

Progress of Dematerialisation at NSDL and CDSL

39.

40. Macro-economic Indicators

41. Daily Return and Volatility: Select World Stock Indices

057

Annexure 1 A: Company-wise Capital Raised through Public & Rights Issues during December 2008

Annexure 1B : Company-wise Capital Raised through Qualified Institutions'Placement (QIP) during December 2008


SL.

No.

Name of the Issuer/

Company

Date of

Opening

Type of

Issue

Type of

Instrument

No. of

Shares

Issued

Par Value

(Rs. )

Premium

Value

( Rs.)

Size of Issue

(Rs. crore)

1 2 3 4 5 6 7 8 9

1 Sumeet Industries Limited 08-Dec-08 Rights Equity 20122930 10 5 30.18

2 Dish TV India Limited 12-Dec-08 Rights Equity 518149592 1 21 1139.93

3 Thomas Cook (India) Limited 31-Dec-08 Rights Equity 56278554 1 34.5 199.79

Sr.No.

Name of the

Company

Date of

Shareholder

Meeting

Relevant

Date

Allotment

Date

Name of the Merchant Banker

Instrument

Type

No. of

Allotees

Issue Price

( Rs.)

Total

Shares

Allotted

Issue Size

(Rs. crore)

1 2 3 4 5 6 7 8 9 10 11

1 IBN18 Broadcast

Limited

1-Oct-2008 19-Nov-2008 N.A. JM Financial Consultants

Private Limited, Antique

Capital Markets Private

Limited, HSBC Securities and

Capital Markets (India) Private

Limited

Equity

shares

13 102 11204508 114.28598

Source : BSE, NSE

058

Annexure 1C(i) : Shares Listed at BSE under Preferential Basis during December 2008


Sr.

No.

Company Name Date of

Shareholders

Meeting

Relevant Date Instrument

(Warrants /

PCDs / Equity

shares)

Category of

Allottee

No. of

Allo-ttees

No. of

Securities

Issued

Issue Price

(Rs.)

Issue Size

(Rs.crore)

1 2 3 4 5 6 7 8 9 10

1 Agro Dutch Industries Ltd. 20-Nov-06 21-Oct-06 Warrants Promoter 4 1,675,000 27.02 4.526

2 Ansal Housing & Construction Ltd 12-Jan-08 13-Dec-07 Equity Shares Non-promoter 3 150,000 225.00 3.375

3 Ansal Housing & Construction Ltd 20-Dec-07 20-Nov-07 Warrants Promoter 4 711,300 208.00 14.795

4 Arihant Foundation & Housing Ltd. 23-Oct-07 23-Sep-07 Warrants Promoter 2 50,000 456.74 2.284

5 BAG Films & Media Ltd. 13-02-07 14-Jan-07 Warrants Promoter 1 4,600,000 10.72 4.931

6 Blue Chip Tex Industries Ltd 28-04-95 8-Apr-95 Equity shares Promoter/Non-promoter

26 730,100 14.63 1.068

7 Blue Coast Hotels and Resorts Ltd 18-Aug-08 19-Jul-08 Equity Shares Non-promoter 2 2,312,162 185.00 42.775

8 Cable Corporation of India Ltd 23-Sep-08 24-Aug-08 Equity Shares Promoter 2 2,000,000 30.00 6.000

9 Gandhinagar Hotels Ltd. 10-Oct-07 10-Sep-07 Warrants Promoter/Non-promoter

10 525,000 27.31 1.434

10 The Great Eastern Shipping Company Ltd 26-Jul-07 26-Jun-07 Warrants Non-promoter 1 10,000 312.73 0.313

11 Gujarat Terce Laboratories Ltd 15-May-08 15-Apr-08 Equity Shares Promoter/Non-promoter

7 1,025,000 10.00 1.025

12 IOL Chemicals & Pharmaceuticals Ltd 23-Jul-07 23-Jun-07 Warrants Promoter 1 1,330,500 41.85 5.568

13 IOL Chemicals & Pharmaceuticals Ltd 22-Oct-07 22-Sep-07 Warrants Non-promoter 1 1,100,000 68.24 7.506

14 Jhunjhunwala Vanaspati Ltd. 29-Sep-07 30-Aug-07 Equity shares Non-promoter 1 403,100 76.28 3.075

15 Kirloskar Ferrous Industries Ltd 2-Jan-07 3-Dec-06 Warrants Non-promoter 2 290 35.00 0.001

16 Mac Charles ( India) Ltd 26-Dec-00 26-Nov-00 Equity Shares Promoter 1 100,000 23.28 0.233

17 Mayur Uniquoters Ltd 3-Aug-07 4-Jul-07 Warrants Promoter/Non-promoter

2 206,600 38.00 0.785

18 National Plastic Technologies Ltd. 30-Sep-08 31-Aug-08 Equity shares Promoter 1 410,000 11.81 0.484

19 Sah Petroleums Ltd 17-Nov-08 18-Oct-08 Equity Shares Promoter 1 12,000,000 26.65 31.980

20 Salzer Electronics Ltd. 28-Mar-07 26-Feb-07 Warrants Promoter/Non-promoter

2 249,192 96.12 2.395

21 Shakti Pumps (India) Ltd 11-Nov-06 12-Oct-06 Warrants Promoter/Non-promoter

2 851,000 112.29 9.556

22 Shilpa Medicare Ltd. 22-Jan-07 23-Dec-06 Warrants Promoter 4 750,000 76.04 5.703

23 Shiva Fertilizers Ltd. 4-Mar-08 3-Feb-08 Equity shares Promoter/Non-promoter

7 993,000 24.16 2.399

24Shree Krishna Paper Mills & Industries

Ltd26-Sep-08 27-Aug-08 Equity shares Non-promoter 1 1,400,000 15.86 2.220

25 Sujana Universal Industries Ltd. 23-Jul-08 23-Jun-08 Debentures Non-promoter 1 4,979,253 24.10 12.000

26 Sunteck Realty Ltd. 29-Nov-06 30-Oct-06 Warrants Promoter 1 400,000 78.50 3.140

27 Vijay Shanthi Builders Ltd. 18-Dec-06 18-Nov-06 Warrants Promoter 2 630,000 56.00 3.528

28 Western India Shipyard Ltd 31-Oct-08 1-Oct-08 Equity shares Non-promoter 1 3,720,500 12.39 4.610

* Minimum applicable price as per Auditors Certificate is prior to face value split and the Issue Price is post face value split

** Minimum applicable price as per Auditors Certificate is prior to bonus and the Issue Price is post bonus

Source: BSE

059

Annexure 1C(ii) : Shares Listed at NSE under Preferential Basis during 2008December


Sr.

No.

Company Name Date of

Shareholders

Meeting

Relevant

Date

Instrument

(Warrants /

PCDs / Equity

shares)

Category of

Allottee

No. of

Allottees

No. of

Securities

Issued

Issue

Price

(Rs.)

Issue Size

(Rs.crore)

1 2 3 4 5 6 7 8 9 10

1 Ansal Housing and Construction Ltd. 20-Dec-07 20-Nov-07 Warrants Promoter 4 711300 208.00 14.795

2 Arihant Foundations & Housing Ltd 23-Oct-07 24-Sep-07 Warrants Promoter 2 50000 460.00 2.300

3 Blue Coast Hotels and Resorts Ltd. 18-Aug-08 19-Jul-08 Equity shares Non-promoter 1 1150000 185.00 21.275

4 Blue Coast Hotels and Resorts Ltd. 18-Aug-08 19-Jul-08 Equity shares Non-promoter 1 1162162 185.00 21.500

5 The Great Eastern Shipping Co. Ltd. 26-Jul-07 26-Jun-07 Warrants Non-promoter 1 10000 312.75 0.313

6 Hikal Ltd. 30-Jul-08 30-Jun-08 Equity shares Non-promoter 1 1360000 474.00 64.464

7 IFB Agro Industries Ltd 29-Aug-08 30-Jul-08 Equity shares Promoter 1 300000 67.00 2.010

8 IFB Industries Ltd. 06-Aug-08 07-Jul-08 Equity shares Promoter 1 1850000 47.00 8.695

9 Ind-Swift Laboratories Ltd. 23-Feb-07 23-Jan-07 Warrants Promoter 1 322000 70.00 2.254

10 JIK Industries Ltd. BIFR NA Equity shares Promoter 1 5102010 10.00 5.102

11 Karuturi Global Ltd. * 02-Jun-07 01-May-07 Warrants Promoter 4 47000000 16.50 77.550

12 Rohit Ferro-Tech Ltd. 09-Oct-07 09-Sep-07 Warrants Non-promoter 3 2545000 43.00 10.944

13 Sah Petroleums Ltd. 17-Nov-08 18-Oct-08 Equity shares Promoter 1 12000000 26.65 31.980

14 Suryajyoti Spinning Mills Ltd. 20-Sep-08 21-Aug-08 Equity shares Non-promoter 1 1300200 50.00 6.501

15 Vijay Shanthi Builders Ltd. 18-Dec-06 17-Nov-06 Warrants Promoter 2 630000 56.00 3.528

* Minimum applicable price is as per auditors certificate post-bonus issue and prior to face value split from Rs.10 to Re.1/-

** Minimum applicable price as per Auditors Certificate is prior to bonus and the Issue Price is post bonus

Source : NSE

060

Annexure 2 : Rating Assigned to IPOs during December 2008


Name of the

Company

Credit Rating

Agencies

Rating

Assigned

Size of Issue

(Rs. crore)

1 2 3 4

Edserv Softsystems Ltd. CARE 1/5 23.46

Source: Credit Rating Agencies

Note : 5/5 : Strong fundamentals; 4/5 : Above average fundamentals; 3/5 : Average

fundamentals; 2/5 : Below average fundamentals; 1/5 : Poor fundamentals

061

Annexure 3A : Open Offers under SEBI Takeover Code during 2008December


No. of

Shares

% of

Equity

Capital

1 2 3 4 5 6 7 8

1 Indusvista Ventures Ltd. (Formerly

Aridhi Hi-Tech Industries Ltd)

Finaventure Advisory Services

(India) Pvt Ltd.14-Nov-08 03-Dec-08 713098 20 25.50

2 Shaktiman Constructions Ltd

(Formerly Shaktiman Mercantile Co.

Ltd.)

Shri Ashok Bhanwarlal Chhajer

And Smt. Sangeeta19-Nov-08 08-Dec-08 49800 20 12.00

3 Melstar Information Technologies Ltd Godavari Corporation Private Ltd. 19-Nov-08 08-Dec-08 2856628 20 15.00

4 Pushkar Banijya Ltd Mr Pawan Kumar Chandak &

Pacs19-Nov-08 08-Dec-08 995800 20 84.00

5 Monotona Securities Ltd (Formerly

Palladium Trading & Agencies Ltd) M/S. Pan Infosystems Private Ltd. 26-Nov-08 15-Dec-08 74800 20 40.00

6 Avon Organics Ltd. Arch Pharmalabs Ltd. 03-Dec-08 22-Dec-08 4500000 20 21.85

7 Natraj Financial And Services Ltd

(Formerly Natraj Commercial

Enterprises Ltd)

Balaji Bullions & Commodities

(I) P. Ltd & Others10-Dec-08 29-Dec-08 900000 20 41.00

Offer Size Offer

Price

(Rs.)

Sl.No.

Target Company Acquirer Offer

Opening

Date

Offer

Closing

Date

062

Annexure 3B: Buyback Documents Filed with SEBI during 2008December


Sl.No

Company Mode of Buyback Maximum

Price

Payable

( Per Share)

Maximum

Considerati

on Payable

(Rs. lakh)

Date of

Filing

of Public

Notice / PA

Date of

Opening

of Offer

Date of

Closing

of Offer

1 2 3 4 5 6 7 8

1 Godrej Consumer Products Ltd. Open market through Stock Exchange 150 1490 1-Dec-08 4-Dec-08 40141

2 The Supreme Industries Ltd. Open market through Stock Exchange 125 2457.2 1-Dec-08 8-Dec-08 40142

3 Jindal Poly Films Ltd. Open market through Stock Exchange 350 15000 2-Dec-08 10-Dec-08 40053

4 E.I.D. Parry (India) Ltd. Open market through Stock Exchange 160 4684 3-Dec-08 15-Dec-08 40114

5 India Infoline Ltd. Open market through Stock Exchange 43.2 9891 8-Dec-08 18-Dec-08 40145

6 Bosch Ltd. Open market through Stock Exchange 4500 63920 8-Dec-08 15-Dec-08 40109

7 Supreme Petrochem Ltd. Open market through Stock Exchange 14 1050 18-Dec-08 24-Dec-08 40151

8 Binani Metals Ltd. Tender Offer 4500 105.75 23-Dec-08 3-Feb-09 39876

9 Nava Bharat Ventures Ltd. Open market through Stock Exchange 170 5000 23-Dec-08 6-Jan-09 40158

063

Table 1: SEBI Registered Market Intermediaries/Institutions


2005 2006 2007 2008

1 2 3 4 5 6 7

Stock Exchanges (Cash Market) 22 22 21 19 19 19

Stock Exchanges (Derivatives Market) 2 2 2 2 2 2

Brokers (Cash Segment)* 9,128 9,335 9,443 9,487 9,594 9,609

Corporate Brokers (Cash Segment) 3,773 3,961 4,110 4,190 4,275 4,286

Brokers (Derivative) 994 1,120 1,258 1,442 1,546 1,557

Brokers (Currency Futures) NA NA NA NA 959 1,029

Sub-brokers (Cash Segment) 13,684 23,479 27,541 44,074 56,179 56,585

Foreign Institutional Investors 685 882 996 1,319 1,581 1,594

Sub-accounts 1,889 2,488 2,922 3,964 4,824 4,872

Custodians 11 11 15 15 16 16

Depositories 2 2 2 2 2 2

Depository Participants 477 526 593 654 683 696

Merchant Bankers 128 130 152 155 132 132

Bankers to an Issue 59 60 47 50 52 52

Underwriters 59 57 45 35 20 20

Debenture Trustees 35 32 30 28 29 29

Credit Rating Agencies 4 4 4 5 5 5

Venture Capital Funds 50 80 90 106 130 131

Foreign Venture Capital Investors 14 39 78 97 100 116

Registrars to an Issue & Share Transfer Agents 83 83 82 76 70 70

Portfolio Managers 84 132 158 205 229 230

Mutual Funds 39 38 40 40 43 43

Collective Investment Schemes 0 0 0 0 0 0

Approved Intermediaries (Stock Lending Schemes) 3 3 3 2 2 3

STP (Centralised Hub) 1 1 1 1

STP Service Providers 4 2 2 2

*The data on brokers includes that of Mangalore ,Hyderabad and Saurashtra Kutch stock exchanges, which have been de-recognised by

SEBI.

As on

December

31,

2008

Market Intermediaries

As on March 31 As on

November

30,

2008

064


Ta

ble

2:

Ca

pit

al

Ra

ised

fro

mth

eP

rim

ary

Ma

rket

thro

ug

hP

ub

lic

an

dR

igh

tsIs

sues

(Rs.

crore

)

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

12

34

56

78

910

1112

13

14

15

16

17

18

19

20

21

2004-0

560

28,2

56

34

24,6

40

26

3,6

16

37

14,5

07

23

13,7

49

6420

49

23,9

68

00

53,8

67

00

2005-0

6139

27,3

82

103

23,2

94

36

4,0

88

60

16,4

46

79

10,9

36

10

372

128

27,0

00

00

00

110

2006-0

7124

33,5

08

85

29,7

96

39

3,7

10

47

5,0

02

77

28,5

04

212

119

32,8

89

00

2356

1249

2007-0

8124

87,0

29

92

54,5

1132

32,5

18

39

44,4

34

85

42,5

95

7387

113

79,3

52

25,6

87

21,6

03

00

2008-0

9(A

pr-

Dec

)41

14,0

56

20

2,0

59

21

11,9

98

21

11,9

97

20

2,0

59

478

36

13,5

30

00

1448

00

Apr-

08

2439

114

1425

1425

114

00

2439

00

00

00

May

-08

4307

4307

00

00

4307

00

4307

00

00

00

Jun-0

89

1,2

85

81,2

72

113

113

81,2

72

114

81,2

71

00

00

00

Jul-

08

5296

2128

3168

3168

2128

00

5296

00

00

00

Aug-0

85

368

2262

3106

3106

2262

115

4353

00

00

00

Sep

-08

89,7

15

249

69,6

66

69,6

66

249

17

69,2

59

00

1448

00

Oct

-08

3129

126

2102

2102

126

142

287

00

00

00

Nov-0

82

148

00

2148

2148

00

00

2148

00

00

00

Dec

-08

31,3

70

00

31,3

70

31,3

70

00

00

31,3

70

00

00

00

Bo

nd

sC

CP

SE

qu

itie

s

At

Par

At

Pre

miu

m

Inst

rum

ent-

wis

e

Pu

bli

cT

ota

lO

ther

sY

ear/

Mon

th

Cate

gory

-wis

e

IPO

sL

iste

dR

igh

ts

Issu

er-t

yp

e

065


Table 3 : Capital raised from the Primary Market through QIPs

No Amount

(Rs. crore)

No Amount

(Rs. crore)

No Amount

(Rs. crore)

1 2 3 4 5 6 7

2006-07 21 4,530 25 4,963 25 4,963

2007-08 34 24,679 36 25,525 36 25,525

2008-09 (Apr-Dec) 2 189 1 75 2 189

Apr-08 0 0.00 0 0 0 0

May-08 0 0.00 0 0 0 0

Jun-08 0 0.00 0 0 0 0

Jul-08 0 0.00 0 0 0 0

Aug-08 1 75.00 1 75 1 75

Sep-08 0 0.00 0 0 0 0

Oct-08 0 0.00 0 0 0 0

Nov-08 0 0.00 0 0 0 0

Dec-08 1 114 0 0 1 114

Source : BSE , NSE

NSE BSE

Month

Total

066

Table 4: Industry-wise Classification of Capital Raised through Public and Rights Issues(Rs.crore)


No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11

Banking/FIs 5 2,190 6 30,955 0 0 0 0 0 0

Cement & Construction 13 2,747 27 18,905 3 80 0 0 0 0

Chemical 5 147 8 661 3 58 0 0 0 0

Electronics 9 480 4 684 0 0 0 0 0 0

Engineering 2 465 5 378 0 0 0 0 0 0

Entertainment 8 1,219 2 403 2 1,156 0 0 1 1140

Finance 9 2,765 7 1,773 1 448 0 0 0 0

Food Processing 9 634 2 100 0 0 0 0 0 0

Health Care 2 208 3 542 3 144 0 0 0 0

Information Technology 12 2,077 10 691 1 42 0 0 0 0

Paper & Pulp 1 15 1 35 0 0 0 0 0 0

Plastic 3 106 5 211 0 0 0 0 0 0

Power 1 30 4 13,709 2 959 0 0 0 0

Printing 2 121 0 0 0 0 0 0 0 0

Telecommunication 3 2,994 2 1,000 2 100 0 0 0 0

Textile 15 1,064 7 442 4 260 0 0 1 30

Others * 25 16,246 31 16,541 20 10,809 2 148 1 200

Total 124 33,508 124 87,029 41 14,056 2 148 3 1,370

*: Tata Steel is included in others for the month of November 2007.

Nov - 20082007-08

Industry

2006-072008-09

(Apr-Dec)Dec - 2008

067

January SEBI BULLETIN 2009(R

s.cr

ore

)

Ta

ble

5:

Sec

tor-

wis

ea

nd

Reg

ion

-wis

eD

istr

ibu

tio

no

fC

ap

ita

lM

ob

ilis

edth

rou

gh

Pu

bli

ca

nd

Rig

hts

Issu

es

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

t

12

34

56

78

91

011

12

13

14

15

20

04

-05

60

28

,25

65

51

7,1

62

511

,09

48

8,7

25

72

04

34

17

,95

111

1,3

77

20

05

-06

13

92

7,3

82

13

12

0,1

99

87

,18

33

05

,38

91

31

,49

55

61

4,9

63

40

5,5

35

20

06

-07

12

43

3,5

08

12

23

1,7

28

21

,77

92

83

,67

35

16

55

52

2,9

64

36

6,7

06

20

07

-08

12

48

7,0

29

12

06

7,3

114

19

,71

82

21

6,5

26

111

,09

35

56

4,1

39

36

5,2

70

20

08

-09

(Ap

r-D

ec)

41

14

,05

64

11

4,0

56

00

51

,40

24

30

31

91

0,7

34

13

1,6

16

Ap

r-0

82

43

92

43

90

00

00

00

02

43

9

May

-08

43

07

43

07

00

00

00

220

12

10

6

Jun

-08

91

,28

59

1,2

85

00

12

21

13

43

32

39

18

Jul-

08

52

96

52

96

00

211

00

01

12

82

58

Au

g-0

85

36

85

36

80

00

02

23

02

13

51

3

Sep

-08

89

,71

58

9,7

15

00

00

00

79

,69

01

25

Oct

-08

31

29

31

29

00

00

16

00

02

68

No

v-0

82

14

82

14

80

01

13

00

01

18

00

Dec

-08

31

,37

03

1,3

70

00

11

,14

00

02

23

00

0

*Jo

int

sect

or

issu

es,

ifan

y,h

ave

bee

ncl

ubbed

wit

hpri

vat

ese

ctor

for

the

resp

ecti

ve

per

iod.

Yea

r/

Mo

nth

To

tal

Sec

tor-

wis

e

Pu

bli

cP

rivate

*

Reg

ion

-wis

e

So

uth

ern

Wes

tern

Ea

ster

nN

ort

her

n

068

(Rs. crore)

Table 6: Size-wise Classification of Capital Raised through Public and Rights Issues


No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11 12 13

2004-05 60 28,256 2 3 5 44 17 461 11 723 25 27,025

2005-06 139 27,382 6 20 4 32 47 1,325 33 2,189 49 23,815

2006-07 124 33,508 3 10 6 45 40 1,129 31 2,386 44 29,938

2007-08 124 87,029 4 16 1 6 33 920 25 1,669 61 84,418

2008-09 (Apr-Dec) 41 14,056 1 3 1 7 18 455 9 1,222 12 12,368

Apr-08 2 439 0 0 0 0 1 14 0 0 1 425

May-08 4 307 0 0 0 0 1 26 2 142 1 140

Jun-08 9 1,285 0 0 0 0 5 136 1 69 3 1,081

Jul-08 5 296 0 0 0 0 3 82 1 86 1 128

Aug-08 5 368 1 3 0 0 1 15 1 87 2 262

Sep-08 8 9,715 0 0 1 7 3 66 1 448 3 9,194

Oct-08 3 129 0 0 0 0 2 68 1 60 0 0

Nov-08 2 148 0 0 0 0 1 18 1 130 0 0

Dec-08 3 1,370 0 0 0 0 1 30 1 200 1 1,140

Year/

Month

≥ 10 cr. - < 50 cr. ≥ 50 cr. - < 100 cr. ≥ 100 cr.Total < 5 cr. ≥ 5cr. - < 10cr.

069

(Rs.crore)

Table 7: Distribution of Turnover on Cash Segments of Exchanges


Stock Exchanges 2004-05 2005-06 2006-07 2007-082008-09

(Apr-Dec)Nov-08 Dec-08

1 2 3 4 5 6 7 8

Ahmedabad 0 0 0 0 0 0 0

Bangalore 0 0 0 0 0 0 0

Bhubaneshwar 0 0 0 0 0 0 0

BSE 5,18,715 8,16,074 9,56,185 15,78,857 9,05,445 63,694 80,866

Calcutta 2,715 2,800 694 446.00 NA NA NA

Cochin 0 0 0 0 0 0 0

Coimbatore 0 0 0 0 0 0 0

Delhi 0 0 0 0 0 0 0

Gauhati 0 0 0 0 0 0 0

Hyderabad 14 89 92 0 0 0 0

ISE 0 0 0 0 0 0 0

Jaipur 0 0 0 0 0 0 0

Ludhiana 0 0 0 0 0 0 0

Madhya Pradesh 0 0 0 0 0 0 0

Madras 27 5 2 0 0 0 0

Magadh (Patna) 0 91 0 0 0 0 0

NSE 11,40,072 15,69,558 19,45,287 35,51,038 22,08,183 1,73,123 2,12,956

OTCEI 0.01 0.01 0 0 0 0 0

Pune 0.3 0 0 0 0 0 0

SKSE 0 0 0 0 0 0 0

Uttar Pradesh 5,343 1,486 799 475 NA NA 3

Vadodara 0 0 0 0 0 0

N.A: Not Available

Source: Various Exchanges

070


Tab

le8:

Cash

Seg

men

tof

BS

E

45

67

89

1011

1213

14

6,89

725

32,

382

2,37

44,

77,1

715,

18,7

152,

050

21,8

494,

31,3

074,

51,0

8016

,98,

428

7,31

125

12,

548

2,64

06,

64,4

558,

16,0

743,

251

30,9

116,

45,0

617,

90,4

4630

,22,

190

7,56

124

92,

641

3,46

25,

60,7

779,

56,1

853,

840

27,6

185,

58,0

689,

52,0

2535

,45,

041

7,68

125

12,

709

5,30

39,

86,0

1015

,78,

857

6,29

029

,771

9,84

,081

15,7

4,72

951

,38,

014

7,72

718

42,

565

4,20

95,

61,9

539,

05,4

454,

921

21,5

105,

61,6

829,

05,2

4231

,44,

767

7,79

320

2,77

347

567

,672

1,15

,454

5,77

324

,316

67,6

281,

15,4

7057

,94,

292

7,86

720

2,77

148

872

,891

1,21

,670

6,08

424

,949

72,8

431,

21,7

0754

,28,

878

7,89

921

2,69

747

860

,944

1,13

,605

5,41

023

,750

60,8

991,

13,5

5643

,75,

021

7,91

323

2,70

155

775

,115

1,23

,916

5,38

822

,241

75,1

091,

23,9

0247

,32,

544

7,70

220

2,75

844

660

,455

99,9

244,

996

22,3

8360

,415

99,8

7247

,78,

864

7,68

521

2,69

945

154

,883

1,08

,090

5,14

723

,947

54,8

611,

08,0

8641

,65,

387

7,70

520

2,59

943

152

,032

78,2

273,

911

18,1

5852

,020

78,2

0829

,97,

259

7,73

718

2,41

439

850

,354

63,6

943,

539

15,9

8450

,325

63,6

1828

,18,

964

7,72

721

2,56

548

467

,607

80,8

663,

851

16,6

9867

,582

80,8

2331

,44,

767

#B

SESe

nsex

com

men

ced

from

Janu

ary

219

86.

##B

SE-1

00In

dex

com

men

ced

from

Apr

il3

1984

.

Mar

ket

Cap

i-ta

lisat

ion

(Rs.

cr.)

*

Ave

rage

Dai

ly

Turn

ove

(Rs.

cr.)r

Ave

rage

Tra

de

Size

(Rs.

)

Dem

at

Secu

riti

eT

rade

ds

(Lak

h)

Dem

at

Turn

over

(Rs.

cr.)

No.

of

Scri

ps

Lis

ted

*

No.

of

Tra

ding

Day

s

No.

of

Scri

ps

Tra

ded

No.

of

Tra

des

(Lak

h)

Tra

ded

Qua

ntit

y

(Lak

h)

Turn

over

(Rs.

cr.)

Hig

hL

owC

lose

Hig

hL

owC

lose

1516

1718

1920

6954

.86

4227

.50

6492

.82

3756

.07

2226

.36

3481

.86

1135

6.95

6140

.97

1127

9.96

5943

.32

3302

.80

5904

.17

1432

6.00

8799

.00

1307

2.00

7276

.00

4472

.00

6587

.00

2120

6.77

1242

5.52

1564

4.44

1165

5.91

6270

.97

8232

.82

1773

5.70

7697

.39

9647

.31

9432

.50

3949

.13

4988

.04

1748

0.74

1529

7.96

1728

7.31

9312

.29

8062

.58

9199

.46

1773

5.70

1619

6.02

1641

5.57

9432

.50

8584

.50

8683

.27

1663

2.72

1340

5.54

1346

1.60

8780

.18

7004

.44

7029

.74

1513

0.09

1251

4.02

1435

5.75

7880

.04

6536

.94

7488

.48

1557

9.78

1400

2.43

1456

4.53

8138

.57

7332

.72

7621

.40

1510

7.01

1215

3.55

1286

0.43

7892

.81

6331

.94

6691

.57

1320

3.86

7697

.39

9788

.06

6853

.72

3949

.13

4953

.98

1094

5.41

8316

.39

9092

.72

5556

.23

4263

.12

4600

.45

1018

8.54

8467

.43

9647

.31

5230

.68

4309

.85

4988

.04

BSE

Sens

ex#

BSE

100

Inde

x##

12

3

2004

-05

4,73

136

2005

-06

4,78

142

2006

-07

4,82

160

2007

-08

4,88

763

(200

8-09

)A

prto

Dec

4,92

166

Apr

-08

064

May

-08

4,90

164

Jun-

084,

909

64

Jul-

084,

917

64

Aug

-08

4,92

466

Sep-

084,

926

66

Oct

-08

4,92

766

Nov

-08

4,92

866

Dec

-08

4,92

166

*A

tthe

end

ofth

epe

riod

.

Sour

ce:

BSE

Mon

th/

Yea

r

No.

of

Com

p-an

ies

Lis

ted

*

No.

of

Com

p-an

ies

Per

mi-

tted

*

071


Ta

ble

9:

Ca

shS

egm

ent

of

NS

E

12

34

56

78

910

1112

1314

2004

-05

970

183

925

585

64,

508

7,97

,685

11,4

0,07

24,

471

25,2

837,

97,6

8511

,40,

072

15,8

5,58

5

2005

-06

1,06

9-

929

251

928

6,08

98,

44,4

8615

,69,

558

6,25

325

,044

8,44

,486

15,6

9,55

828

,13,

201

2006

-07

1,22

8-

1,08

424

91,

114

7,84

78,

55,4

5619

,45,

287

7,81

224

,790

8,55

,456

19,4

5,28

733

,67,

350

2007

-08

1,38

1--

1,23

625

11,

244

11,7

2714

,98,

469

35,5

1,03

814

,148

30,2

8014

,98,

469

35,5

1,03

848

,58,

122

2008

-09

(Apr

-Dec

)1,

428

--1,

283

184

1,27

010

,378

10,3

9,62

222

,08,

183

12,0

0121

,277

10,3

9,62

222

,08,

183

29,1

6,76

8

Apr

-08

1,39

0--

1,24

420

1,24

01,

079

1,14

,280

2,71

,227

13,5

6125

,142

1,14

,280

2,71

,227

54,4

2,78

0

May

-08

1,39

8--

1,25

220

1,24

61,

071

1,15

,014

2,77

,923

13,8

9625

,960

1,15

,014

2,77

,923

50,9

8,87

3

Jun-

081,

407

--1,

262

211,

256

1,11

51,

08,5

482,

64,4

2812

,592

23,7

171,

08,5

482,

64,4

2841

,03,

651

Jul-

081,

417

--1,

272

231,

267

1,33

71,

34,2

852,

95,8

1612

,862

22,1

291,

34,2

852,

95,8

1644

,32,

427

Aug

-08

1,42

2--

1,27

820

1,27

41,

067

1,04

,352

2,34

,251

11,7

1321

,962

1,04

,352

2,34

,251

44,7

2,46

1

Sep-

081,

424

--1,

278

211,

275

1,13

21,

02,2

022,

62,2

6112

,489

23,1

601,

02,2

022,

62,2

6139

,00,

185

Oct

-08

1,43

1--

1,28

220

1,27

71,

178

1,09

,299

2,16

,198

10,8

1018

,355

1,09

,299

2,16

,198

28,2

0,38

8

Nov

-08

1,43

0--

1,28

618

1,28

21,

099

1,06

,848

1,73

,123

9,61

815

,758

1,06

,848

1,73

,123

26,5

3,28

1

Dec

-08

1,42

8--

1,28

321

1,28

21,

302

1,44

,793

2,12

,956

10,1

4116

,359

1,44

,793

2,12

,956

29,1

6,76

8

*A

tthe

end

ofth

epe

riod

.@

Exc

lude

ssu

spen

ded

com

pani

es.

#S&

PC

NX

Nif

tyin

dex

com

men

ced

from

Nov

embe

r3,1

995.

##C

NX

Nif

tyJu

nior

com

men

ced

from

Nov

embe

r4,1

996.

Sour

ce:

NSE

Mon

th/

Yea

rN

o.of

Com

p-an

ies

Lis

ted*

No.

of

Com

p-an

ies

Per

mi-

tted

*

No.

ofC

omp-

anie

s

Ava

ilabl

e

for

Tra

d-in

g*@

No.

of

Tra

ding

Day

s

No.

of

Com

p-an

ies

Tra

ded

No.

of

Tra

des

(Lak

h)

Tra

ded

Qua

ntit

y

(Lak

h)

Turn

over

(Rs.

cr.)

Ave

rage

Dai

ly

Turn

over

(Rs.

cr.)

Ave

rage

Tra

deSi

ze

(Rs.

)

Dem

at

Secu

riti

es

Tra

ded

(Lak

h)

Dem

at

Turn

over

(Rs.

cr.)

Mar

ket

Cap

ita-

lisat

ion

(Rs.

cr.)

*

1516

1718

1920

2183

.45

1292

.20

2035

.65

4705

.25

2493

.70

4275

.15

3433

.85

1896

.30

3402

.55

6437

.40

3998

.80

6412

.10

4245

.00

2596

.00

3822

.00

7567

.00

4464

.00

6878

.00

6357

.10

3617

.00

4734

.50

1320

9.35

6559

.55

7975

.75

5298

.85

2252

.75

2959

.15

9541

.00

3603

.20

4555

.70

5230

.75

4628

.75

5165

.90

9272

.25

7699

.35

9170

.95

5298

.85

4801

.90

4870

.10

9541

.00

8075

.50

8221

.35

4908

.80

4021

.70

4040

.55

8305

.15

6201

.05

6233

.20

4539

.45

3790

.20

4332

.95

7363

.20

5756

.85

6936

.80

4649

.85

4201

.85

4360

.00

7177

.15

6799

.55

7138

.30

4558

.00

3715

.05

3921

.20

7400

.25

5633

.10

6043

.15

4000

.50

2252

.75

2885

.60

6203

.65

3603

.20

4291

.30

3240

.55

2502

.90

2755

.10

4937

.65

3706

.70

3848

.85

3110

.45

2570

.70

2959

.15

4695

.30

3675

.50

4555

.70

S&P

CN

XN

ifty

Inde

x#

CN

XN

ifty

Juni

orIn

dex

##

Hig

hL

owC

lose

Hig

hL

owC

lose

072


Tab

le10:

Tre

nd

sin

Cash

Seg

men

tof

BS

E,

2008

Dec

emb

er

Hig

hL

ow

Clo

seH

igh

Lo

wC

lose

12

34

56

78

91

011

12

13

14

15

16

17

18

1-D

ec-0

84

,92

86

67,7

35

2,4

97

18

2,1

74

2,9

22

15

,91

62

,17

32,9

19

27

,65

,13

193

26

.68

88

03

.34

88

39

.87

47

22

.81

44

71

.58

44

87

.56

2-D

ec-0

84

,92

66

67,7

28

2,4

82

18

2,1

09

2,6

03

14

,60

32

,10

92,5

99

27

,38

,93

387

85

.04

84

67

.43

87

39

.24

44

63

.76

43

09

.85

44

43

.50

3-D

ec-0

84

,92

66

67,7

29

2,5

02

19

2,2

57

2,9

55

15

,32

92

,25

62,9

49

27

,53

,68

888

54

.81

86

01

.41

87

47

.43

45

00

.23

43

90

.14

44

56

.31

4-D

ec-0

84

,92

66

67,7

30

2,5

35

23

3,0

02

3,7

48

16

,14

63

,00

23,7

41

28

,66

,84

192

45

.06

87

26

.71

92

29

.75

46

90

.66

44

50

.67

46

82

.67

5-D

ec-0

84

,92

76

67,7

31

2,5

25

24

2,9

08

3,7

56

15

,93

52

,90

73,7

55

28

,08

,99

993

40

.69

89

14

.38

89

65

.20

47

47

.04

45

46

.25

45

65

.56

8-D

ec-0

84

,92

76

67,7

35

2,5

09

20

2,4

70

3,2

43

16

,41

42

,47

03,2

43

28

,58

,311

94

32

.11

90

95

.70

91

62

.62

47

83

.37

46

26

.31

46

56

.68

10

-Dec

-08

4,9

27

66

7,7

36

2,5

47

24

3,1

14

4,1

81

17

,34

03

,114

4,1

80

29

,71

,22

896

78

.70

92

80

.16

96

54

.90

48

98

.00

47

09

.00

48

86

.95

11-D

ec-0

84,9

27

66

7,7

39

2,5

86

27

3,8

58

4,6

38

17

,22

83

,85

84,6

38

29

,83

,20

697

46

.01

94

41

.97

96

45

.46

49

35

.97

47

91

.82

48

94

.49

12

-Dec

-08

4,9

26

66

7,7

46

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45

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81

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96

90

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49

41

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47

16

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49

15

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15

-Dec

-08

4,9

26

66

7,7

51

2,5

92

25

4,0

02

4,3

81

17

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44

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48

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97

49

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98

32

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50

64

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49

71

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50

13

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16

-Dec

-08

4,9

26

66

7,7

51

2,5

96

25

3,7

80

4,1

50

16

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13

,77

94,1

50

31

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00

9.2

19

79

0.3

19

97

6.9

85

116

.49

49

94

.31

51

02

.59

17

-Dec

-08

4,9

26

66

7,7

54

2,6

14

28

4,2

01

4,8

94

17

,48

74

,20

14,8

93

30

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610

07

3.1

09

68

2.9

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71

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18

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4,9

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66

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28

3,9

43

5,0

96

18

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73

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33

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07

6.4

35

16

5.0

24

91

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14

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6

19

-Dec

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4,9

21

66

7,7

18

2,6

15

28

4,2

01

5,0

67

18

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94

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8.5

49

98

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24

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20

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51

81

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22

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4,9

21

66

7,7

21

2,6

36

23

3,4

63

3,8

61

16

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13

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49

89

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19

92

8.3

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23

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4,9

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66

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21

2,5

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08

3,3

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38

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43

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86

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72

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49

56

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49

76

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24

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4,9

21

66

7,7

23

2,5

30

20

2,8

22

3,1

90

15

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02

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94

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98

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48

17

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29

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4,9

21

66

7,7

23

2,4

86

22

2,7

52

3,4

12

15

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42

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50

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62

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33

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33

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43

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49

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30

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4,9

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66

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23

2,5

57

22

3,5

35

3,9

84

17

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23

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85

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94

94

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97

16

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50

47

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49

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16

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31

-Dec

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4,9

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66

7,7

27

2,5

65

23

3,4

64

3,7

46

16

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03

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87

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47

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58

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88

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.

##

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ence

dfr

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kh

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ded

Qu

an

tity

(La

kh

)

Tu

rn-

over

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Cr.

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SE

NS

EX

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SE

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dex

##

Av

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Tra

de

Siz

e

(Rs.

)

Dem

at

Sec

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riti

es

Tra

ded

(La

kh

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Mark

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pit

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Co

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073


Tab

le11

:T

ren

ds

inC

ash

Seg

men

tof

NS

E,D

ecem

ber

2008

Hig

hL

ow

Clo

seH

igh

Low

Clo

se

12

34

56

78

91

011

12

13

14

15

1-D

ec-2

008

1,2

32

52.4

74,9

62

8,3

92

15,9

93

4,9

62

8,3

92

25,9

9,7

74

2832.8

52669.5

02682.9

03960.9

53795.3

03808.3

0

2-D

ec-2

008

1,2

37

50.8

64,6

81

7,6

08

14,9

58

4,6

81

7,6

08

25,7

4,5

00

2672.9

02570.7

02657.8

03832.2

03675.5

03814.5

0

3-D

ec-2

008

1,2

29

54.3

15,2

84

8,2

86

15,2

56

5,2

84

8,2

86

25,8

9,1

93

2693.6

52611

.95

2656.4

53917.8

03834.2

03907.3

5

4-D

ec-2

008

1,2

39

63.0

26,7

88

9,7

13

15,4

13

6,7

88

9,7

13

27,0

1,7

69

2793.8

02646.3

52788.0

0411

8.5

53909.2

04099.2

5

5-D

ec-2

008

1,2

34

63.0

76,7

30

9,7

31

15,4

30

6,7

30

9,7

31

26,4

0,8

49

2821.1

52701.3

52714.4

04189.4

04027.6

04036.0

0

8-D

ec-2

008

1,2

45

54.4

95,8

34

9,4

19

17,2

85

5,8

34

9,4

19

26,8

7,8

59

2861.5

52714.7

02784.0

04184.3

04048.7

04066.0

5

10-D

ec-2

008

1,2

43

66.2

97,2

70

11,5

20

17,3

78

7,2

70

11,5

20

28,0

0,5

48

2940.1

52785.7

02928.2

54216.9

54087.6

54203.2

5

11-D

ec-2

008

1,2

35

72.1

48,4

74

12,0

75

16,7

39

8,4

74

12,0

75

28,1

1,6

95

2945.3

02861.5

52920.1

54313.9

54185.7

04288.6

0

12-D

ec-2

008

1,2

42

68.1

88,0

59

11,1

86

16,4

07

8,0

59

11,1

86

28,2

5,6

82

2936.8

02812.5

52921.3

54350.5

04145.5

54323.8

5

15-D

ec-2

008

1,2

44

65.6

68,1

84

11,0

78

16,8

70

8,1

84

11,0

78

28,9

6,2

48

3012.1

02917.9

02981.2

04471.7

54380.9

04400.8

5

16-D

ec-2

008

1,2

54

65.9

07,7

60

11,1

16

16,8

69

7,7

60

11,1

16

29,6

7,5

35

3052.5

52963.3

03041.7

54519.0

04379.4

04505.4

0

17-D

ec-2

008

1,2

50

72.0

38,4

43

12,8

72

17,8

70

8,4

43

12,8

72

28,8

0,4

18

3076.2

02943.5

02954.3

54559.8

04342.6

04354.1

0

18-D

ec-2

008

1,2

44

74.2

88,5

75

13,3

63

17,9

90

8,5

75

13,3

63

29,7

4,9

85

3072.5

52922.6

53060.7

54540.9

04318.4

04524.5

0

19-D

ec-2

008

1,2

50

73.7

78,7

86

13,2

46

17,9

56

8,7

86

13,2

46

30,0

3,2

75

3106.8

03036.3

03077.5

04628.4

04508.7

54603.1

0

22-D

ec-2

008

1,2

48

62.7

27,2

16

10,1

49

16,1

81

7,2

16

10,1

49

29,7

2,3

29

311

0.4

53027.8

03039.3

04695.3

04546.4

54576.7

0

23-D

ec-2

008

1,2

54

57.5

06,3

43

9,0

26

15,6

97

6,3

43

9,0

26

28,9

9,1

50

3040.0

02957.0

52968.6

54554.2

04386.8

04403.8

0

24-D

ec-2

008

1,2

35

56.4

56,7

77

9,9

14

17,5

61

6,7

77

9,9

14

28,6

2,0

40

2968.0

02900.4

52916.8

54434.2

54333.7

04403.9

0

26-D

ec-2

008

1,2

33

52.1

95,2

94

7,2

48

13,8

87

5,2

94

7,2

48

28,0

9,2

07

2960.9

52844.8

02857.2

54485.9

54301.4

54325.2

5

29-D

ec-2

008

1,2

33

58.4

86,1

02

9,0

62

15,4

96

6,1

02

9,0

62

28,6

7,5

10

2931.8

02812.9

02922.2

04468.7

04269.8

04452.0

0

30-D

ec-2

008

1,2

38

59.3

76,4

80

9,0

05

15,1

67

6,4

80

9,0

05

29,2

4,2

55

2999.1

52899.7

52979.5

04579.6

04451.8

54558.0

0

31-D

ec-2

008

1,2

41

58.6

06,7

50

8,9

47

15,2

68

6,7

50

8,9

47

29,1

6,7

68

3002.6

52937.3

52959.1

54634.1

54535.5

54555.7

0

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per

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No.of

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kh

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218

,95,

473

2,88

,778

29,7

4,98

563

.71

9.71

1,52

8,06

224

,58,

408

32,2

3,77

947

.40

76.2

619

,05,

867

2,93

,796

30,0

3,27

563

.46

9.78

1,50

8,40

024

,40,

028

32,0

5,28

547

.06

76.1

318

,82,

186

2,92

,112

29,7

2,32

963

.32

9.83

1,47

4,76

823

,87,

707

31,3

6,82

247

.01

76.1

218

,38,

449

2,81

,076

28,9

9,15

063

.41

9.70

1,45

1,16

323

,56,

037

30,9

9,35

046

.82

76.0

218

,06,

400

2,81

,082

28,6

2,04

063

.12

9.82

1,41

6,90

723

,06,

486

30,4

2,77

946

.57

75.8

017

,69,

485

2,76

,063

28,0

9,20

762

.99

9.83

1,44

4,77

223

,52,

114

30,9

6,11

046

.66

75.9

718

,09,

714

2,88

,746

28,6

7,51

063

.11

10.0

7

1,47

3,21

423

,90,

362

31,4

8,38

146

.79

75.9

218

,45,

218

2,95

,619

29,2

4,25

563

.10

10.1

1

1,46

3,16

523

,79,

501

31,4

4,76

746

.53

75.6

718

,32,

610

2,95

,471

29,1

6,76

862

.83

10.1

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075

Table 13: Component Stocks: BSE Sensex, 2008December


Sr.

No.

Name of Security Issued

Capital

(Rs. cr.)

MarketCapita-lisation(Rs. cr.)

Weightage

(%)

Beta R2 Daily

Volatility

(%)

Monthly

Return

(%)

Impact

Cost (%)

1 2 3 4 5 6 7 8 9 10

1 ACC LTD 188 4,932 0.72 0.66 0.36 3.16 17.64 0.60

2 BHEL 490 23,342 3.41 1.02 0.60 3.77 0.08 0.11

3 BHARTI ARTL 1,898 47,509 6.95 0.84 0.54 3.28 6.56 0.13

4 DLF LIMITED* 341 7,202 1.05 1.48 0.63 5.35 42.19 0.15

5 GRASIM IND. 92 8,374 1.22 0.71 0.43 3.11 36.96 0.71

6 HDFC BANK 425 36,049 5.27 0.98 0.61 3.58 8.39 0.17

7 HINDALCO 170 6,162 0.90 1.16 0.56 4.47 (2.64) 0.35

8 HIND UNI LT 218 27,269 3.99 0.51 0.33 2.56 5.95 0.23

9 HDFC 284 35,966 5.26 1.19 0.67 4.19 1.62 0.14

10 ICICI BANK 1,113 49,893 7.30 1.51 0.76 4.94 27.59 0.11

11 INFOSYS TECH 286 54,397 7.95 0.72 0.45 3.06 (9.89) 0.16

12 ITC LTD. 377 45,255 6.62 0.57 0.39 2.63 (1.18) 0.28

13 JAIPRA 237 5,895 0.86 1.72 0.66 6.08 48.08 0.25

14 LARSEN & TOU 117 40,793 5.96 1.06 0.69 3.66 6.53 0.12

15 MAH & MAH 259 5,330 0.78 0.91 0.43 3.98 (2.41) 1.11

16 MARUTISUZUK 144 7,513 1.10 0.67 0.37 3.15 (2.94) 0.34

17 NTPC LTD 8,245 22,386 3.27 0.89 0.58 3.36 13.41 0.12

18 ONGC CORPN 2,139 28,560 4.18 0.84 0.54 3.26 (3.98) 0.16

19 RANBAXY LAB. 210 4,245 0.62 0.62 0.20 3.96 20.88 0.52

20 REL COM LTD 1,032 16,417 2.40 1.33 0.58 4.99 16.24 0.14

21 RELIANCE 1,574 96,808 14.16 1.15 0.75 3.79 8.72 0.07

22 REL INFRA 228 8,604 1.26 1.68 0.70 5.78 15.33 0.13

23 SATYAM COM 135 10,892 1.59 0.82 0.28 4.42 (29.98) 0.23

24 STATE BANK 635 36,810 5.38 0.99 0.61 3.63 18.53 0.07

25 STERLITE IN 142 7,389 1.08 1.21 0.53 4.77 10.04 0.27

26 TCS LTD. 98 11,697 1.71 0.86 0.47 3.61 (14.33) 0.29

27 TATA MOTORS 450 4,650 0.68 0.98 0.50 3.97 16.65 0.52

28 TATA POWER 221 11,597 1.70 1.02 0.51 4.12 11.84 0.37

29 TATA STEEL 731 11,100 1.62 1.24 0.58 4.65 43.66 0.13

30 WIPRO LTD. 293

-

6,836 1.00 0.92 0.53 3.62 (4.01) 0.53

Total 6,83,873 100.00

* Volatility is the standard deviation of the daily returns for the period January 01, 2008 to December 31, 2008.

Source: BSE

Figures in parentheses are negative.

* Beta & R2

are calculated for the period January, 2008 to December 2008. Beta measures the degree to which any portfolio of stocks

is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of

relationship between two variables the return on a security versus that of the market.

* Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It iscalculated for the period It is calculated for the period December 01, 2008 to December 31, 2008.

- - - - -

076

Table 14: Component Stocks : S&P CNX Nifty Index, 2008December


Sl.

No.

Name of Security Issued

Capital

(Rs. cr.)

Market

Capitalisation

(Rs. cr.)

Weightage

(%)

Beta R2 Daily

Volatility

(%)

Monthly

Return

(%)

Impact Cost

(%)

1 2 3 4 5 6 7 8 9 101 ABB 42 9,616 0.52 0.90 0.59 2.62 3.57 0.122 ACC 188 9,011 0.49 0.69 0.38 4.11 18.38 0.113 AMBUJACEM 305 10,666 0.58 0.79 0.40 5.21 34.20 0.184 BHARTIARTL 1,898 1,35,817 7.41 0.88 0.55 2.77 6.62 0.115 BHEL 490 66,702 3.64 1.05 0.59 3.26 0.22 0.096 BPCL 362 13,598 0.74 0.66 0.24 3.58 5.88 0.117 CAIRN 1,897 32,632 1.78 1.02 0.40 4.06 21.46 0.138 CIPLA 155 14,504 0.79 0.56 0.37 2.18 (6.77) 0.109 DLF 341 48,043 2.62 1.52 0.64 7.01 42.21 0.13

10 RPOWER 2,397 28,750 1.57 1.05 0.24 3.33 8.55 0.1411 GAIL 1,268 26,162 1.43 0.88 0.52 3.52 5.12 0.1412 GRASIM 92 11,183 0.61 0.76 0.48 4.07 37.65 0.1213 HCLTECH 134 7,718 0.42 1.00 0.41 6.23 (16.15) 0.1214 HDFC 284 42,280 2.31 1.16 0.59 3.52 1.15 0.0915 HDFCBANK 425 42,444 2.32 0.99 0.58 2.59 8.19 0.0916 HEROHONDA 40 16,048 0.88 0.41 0.19 1.65 0.00 0.0817 HINDALCO 170 8,741 0.48 1.23 0.58 3.18 (2.93) 0.1418 HINDUNILVR 218 54,552 2.98 0.55 0.34 1.58 5.88 0.0819 ICICIBANK 1,113 49,865 2.72 1.48 0.71 4.35 27.43 0.1020 IDEA 3,100 16,322 0.89 0.99 0.45 4.18 12.38 0.1721 INFOSYSTCH 286 63,875 3.49 0.71 0.41 2.58 (10.32) 0.0822 ITC 377 64,757 3.53 0.61 0.41 1.87 (1.09) 0.0923 LT 117 45,287 2.47 1.07 0.66 3.31 6.39 0.0924 M&M 259 7,098 0.39 0.92 0.42 5.12 (2.24) 0.1425 MARUTI 144 15,029 0.82 0.67 0.36 2.87 (2.50) 0.1026 NATIONALUM 644 12,206 0.67 0.92 0.28 4.47 9.16 0.1927 NTPC 8,245 1,48,913 8.13 0.98 0.66 2.20 13.26 0.1128 ONGC 2,139 1,42,684 7.79 0.90 0.59 2.88 (3.85) 0.1229 PNB 315 16,607 0.91 0.92 0.52 2.35 18.25 0.1030 POWERGRID 4,209 34,997 1.91 1.00 0.59 2.32 12.29 0.1431 RANBAXY 210 10,608 0.58 0.63 0.20 2.48 21.21 0.1232 RCOM 1,032 46,895 2.56 1.36 0.59 5.17 16.21 0.1233 RELINFRA 231 13,379 0.73 1.76 0.72 5.78 14.99 0.1034 RELIANCE 1,574 1,94,010 10.59 1.17 0.76 3.82 8.66 0.1035 RPL 4,500 39,240 2.14 1.15 0.64 4.50 19.04 0.1336 SAIL 4,130 32,011 1.75 1.25 0.58 6.22 16.28 0.1537 SATYAMCOMP 135 11,510 0.63 0.81 0.28 8.79 (29.68) 0.1138 SBIN 635 81,823 4.46 1.01 0.59 3.12 18.40 0.0939 SIEMENS 67 9,675 0.53 0.90 0.42 3.20 27.96 0.1440 STER 142 18,428 1.01 1.24 0.53 4.98 9.75 0.1241 SUNPHARMA 104 22,040 1.20 0.30 0.08 2.08 (1.66) 0.1042 SUZLON 300 9,334 0.51 1.42 0.46 5.44 49.58 0.1443 TATACOMM 285 14,300 0.78 1.01 0.42 4.65 27.23 0.1244 TATAMOTORS 450 7,192 0.39 1.00 0.50 5.38 16.76 0.1245 TATAPOWER 221 16,585 0.91 1.09 0.53 2.77 12.06 0.1046 TATASTEEL 731 15,872 0.87 1.28 0.59 5.01 43.46 0.1147 TCS 98 46,768 2.55 0.87 0.45 3.39 (14.57) 0.1348 UNITECH 325 6,599 0.36 1.69 0.46 7.33 75.59 0.1849 WIPRO 293 34,163 1.86 0.92 0.49 3.75 (3.81) 0.1550 ZEEL 43 6,070 0.33 0.69 0.32 3.18 28.30 0.15

Total - 18,32,610 100.00- ---- - -

Notes:

Source: NSE

* Beta & R2

are calculated for the period 01-January-2008 to 31-December-2008. Beta measures the degree to which any portfolio of stocks is affected ascompared to the effect on the market as a whole. The coefficient of determination (R

2) measures the strength of relationship between two variables the

return on a security versus that of the market.

2. Volatility is the Std. deviation of the daily returns for the period 01-December-2008 to 31-December-2008. Last day of trading was 31-December-2008.

3. Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 Lakhs. Impact Cost for S&P CNX Nifty is the weightage average impact cost.

077

(Per cent)

Table 15: Volatility* of Major Indices


Month/Year BSE Sensex BSE 100

Index

Dollex-200 S&P CNX

Nifty

CNX Nifty

Junior

S&P CNX

Defty

1 2 3 4 5 6 7

2004-05 1.48 1.50 1.73 1.61 1.83 1.70

2005-06 1.03 0.98 0.99 1.04 1.13 1.44

2006-07 1.75 1.76 1.86 1.77 2.05 1.89

2007-08 1.93 2.04 2.20 2.02 2.41 2.20

2008-09 (Apr-Dec) 2.88 2.81 3.08 2.86 2.92 3.12

Apr-08 1.40 1.30 1.32 1.29 1.41 1.34

May-08 1.31 1.30 1.32 1.20 1.71 1.27

Jun-08 1.93 1.96 2.04 1.89 2.41 1.91

Jul-08 3.30 3.24 3.48 2.97 3.68 3.28

Aug-08 1.73 1.68 1.84 1.61 2.02 1.79

Sep-08 2.50 2.36 2.64 2.32 2.48 2.89

Oct-08 5.19 5.07 5.34 5.03 4.83 5.35

Nov-08 3.85 3.60 4.25 3.83 3.19 4.63

Dec-08 2.53 2.43 2.84 2.16 2.30 2.92

Source: BSE, NSE.

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

078

(Percentage share in Turnover)

Table 16: City-wise Distribution of Turnover on Cash Segments of BSE and NSE


2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08 2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08

1 2 3 4 5 6 7 8 9 10 11 12 13 14

1 Ahmedabad 3.14 2.91 3.00 3.42 5.32 5.88 2.91 3.00 2.90 3.38 7.39 7.51

2 Bangalore 0.74 0.94 0.71 0.56 0.51 0.46 1.67 1.65 1.33 0.80 0.62 0.70

3 Baroda 0.02 0.03 0.05 0.31 0.18 0.20 0.71 0.77 0.89 0.80 0.66 0.61

4 Bhubaneshwar 0.02 0.02 0.01 0.01 0.00 0.00 0.02 0.02 0.02 0.01 0.00 0.00

5 Chennai 0.40 0.53 0.52 0.49 0.40 0.37 2.88 2.77 2.18 1.90 2.10 2.20

6 Cochin 0.12 0.18 0.17 0.22 0.27 0.27 0.64 0.61 0.54 0.51 0.83 0.93

7 Coimbatore 0.06 0.04 0.03 0.03 0.02 0.02 0.46 0.44 0.25 0.20 0.39 0.43

8 Delhi 3.05 3.79 3.24 3.21 2.77 3.23 14.92 13.37 13.54 14.67 15.11 15.59

9 Guwahati 0.06 0.06 0.03 0.03 0.07 0.05 0.02 0.02 0.03 0.02 0.52 0.01

10 Hyderabad 0.20 0.36 0.36 0.37 0.25 0.27 2.25 1.91 1.21 1.26 1.89 2.05

11 Indore 0.46 0.53 0.54 0.56 0.58 0.55 0.98 0.83 0.78 0.65 0.40 0.46

12 Jaipur 0.74 0.77 0.73 0.75 0.85 0.93 1.17 1.15 0.88 0.74 0.49 0.51

13 Kanpur 0.44 0.34 0.37 0.36 0.34 0.32 0.40 0.21 0.17 0.10 0.07 0.06

14 Kolkata 0.96 1.38 1.08 0.97 0.65 0.69 12.46 11.39 10.59 10.96 9.05 9.18

15 Ludhiana 0.34 0.25 0.18 0.19 0.06 0.06 0.43 0.32 0.22 0.20 0.18 0.18

16 Mangalore 0.07 0.06 0.05 0.03 0.03 0.03 0.08 0.06 0.06 0.04 0.04 0.04

17 Mumbai 75.33 75.05 76.34 75.79 71.54 70.10 47.39 52.43 57.06 57.66 53.26 51.69

18 Patna 0.07 0.10 0.09 0.07 0.04 0.06 0.10 0.08 0.06 0.04 0.03 0.03

19 Pune 0.63 0.73 0.81 0.74 0.76 0.68 0.75 0.56 0.41 0.29 0.19 0.21

20 Rajkot 1.71 1.25 1.25 1.82 4.37 4.54 0.32 0.31 0.36 0.75 1.45 1.37

21 Others 11.44 10.68 10.44 10.07 10.97 11.28 9.44 8.10 6.54 5.01 5.33 6.25

Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Source: BSE, NSE

Sl.

No.

Stock Exchange/

City

BSE NSE

079

Table 17: Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)


Advances Declines Advance/

Decline Ratio

Advances Declines Advance/

Decline Ratio

1 2 3 4 5 6 7

Apr-06 2041 669 3.1 464 440 1.1May-06 1496 1234 1.2 387 533 0.7Jun-06 161 2557 0.1 416 495 0.8Jul-06 850 1858 0.5 403 500 0.8Aug-06 1972 734 2.7 418 492 0.8Sep-06 1822 917 2.0 418 492 0.8Oct-06 1925 792 2.4 452 479 0.9Nov-06 1293 1448 0.9 423 490 0.9Dec-06 1457 1304 1.1 466 563 0.8Jan-07 2304 484 4.8 423 490 0.9Feb-07 1060 1741 0.6 397 622 0.6Mar-07 254 2571 0.1 462 567 0.8Apr-07 1825 1002 1.8 556 493 1.1May-07 1682 1142 1.5 510 553 0.9Jun-07 1460 1385 1.1 507 569 0.9Jul-07 1944 925 2.1 508 592 0.9Aug-07 1157 1745 0.7 544 573 0.9Sep-07 2395 524 4.6 585 549 1.1Oct-07 1185 1734 0.7 439 500 0.9Nov-07 1793 1134 1.6 576 576 1.0Dec-07 2705 249 10.9 720 460 1.6Jan-08 1714 1250 1.4 439 500 0.9Feb-08 161 2809 0.1 550 639 0.9Mar-08 193 2759 0.1 467 737 0.6Apr-08 2101 833 2.5 675 525 1.3May-08 1753 1182 1.5 495 708 0.7Jun-08 986 1584 0.6 440 769 0.6Jul-08 421 2553 0.2 607 605 1.0Aug-08 2227 743 3.0 572 644 0.9Sep-08 610 2375 0.3 435 790 0.6Oct-08 188 2715 0.1 436 795 1.1Nov-08 211 2669 0.1 483 726 0.7Dec-08 1062 1853 0.6 656 541 1.21-Dec-08 1037 1294 0.8 522 662 0.82-Dec-08 878 1452 0.6 383 813 0.53-Dec-08 1292 1054 1.2 676 496 1.44-Dec-08 1608 775 2.1 921 272 3.45-Dec-08 1118 1250 0.9 515 672 0.88-Dec-08 1359 997 1.4 712 480 1.510-Dec-08 1483 880 1.7 817 364 2.211-Dec-08 1490 918 1.6 801 382 2.112-Dec-08 1513 838 1.8 819 382 2.115-Dec-08 1889 547 3.5 1040 179 5.816-Dec-08 1836 621 3.0 969 249 3.917-Dec-08 918 1561 0.6 337 888 0.418-Dec-08 1426 980 1.5 785 416 1.919-Dec-08 1447 1006 1.4 718 482 1.522-Dec-08 1234 1250 1.0 538 668 0.823-Dec-08 680 1755 0.4 211 1011 0.224-Dec-08 865 1505 0.6 358 828 0.426-Dec-08 817 1597 0.5 340 855 0.429-Dec-08 1225 1106 1.1 672 516 1.330-Dec-08 1596 806 2.0 892 300 3.031-Dec-08 1451 930 1.6 746 446 1.7

Source: BSE, NSE

Month/Date BSE NSE

080

Table 18: Trading Frequency in Cash Segment of BSE and NSE


1 2 3 4 5 6 7

Apr-06 7,336 2,425 33.06 944 935 99May-06 7,408 2,460 33.21 952 943 99Jun-06 7,490 2,459 32.83 962 950 99Jul-06 7,466 2,500 33.49 956 950 99Aug-06 7,407 2,590 34.97 958 949 99Sep-06 7,505 2,567 34.20 969 968 100Oct-06 7,484 2,575 34.41 981 973 99Nov-06 7,412 2,620 35.35 991 982 99Dec-06 7,500 2,692 35.89 1,016 1,009 99Jan-07 7,553 2,689 35.60 1,040 1,035 100Feb-07 7,596 2,602 34.25 1,063 1,057 99Mar-07 7,561 2,641 34.93 1,084 1,081 78Apr-07 7,591 2,567 33.82 1,104 1,088 99May-07 7,635 2,674 35.02 1,126 1,113 99Jun-07 7,707 2,728 35.40 1,143 1,130 99Jul-07 7,753 2,749 35.46 1,150 1,140 99Aug-07 7,806 2,775 35.55 1,170 1,166 100Sep-07 7,803 2,741 35.13 1,173 1,116 95Oct-07 7,683 2,778 36.29 1,180 1,176 100Nov-07 7,732 2,833 36.64 1,180 1,173 99Dec-07 7,706 2,904 37.68 1,207 1,202 100Jan-08 7,799 2,839 36.40 1,216 1,210 100Feb-08 7,811 2,792 35.74 1,227 1,226 100Mar-08 7,757 2,746 35.39 1,236 1,229 99Apr-08 7,740 2,740 35.40 1,244 1,240 100May-08 7,867 2,771 35.22 1,252 1,246 100Jun-08 7,885 2,716 34.45 1,262 1,256 100Jul-08 7,913 2,701 34.13 1,272 1,267 100Aug-08 7,702 2,758 35.81 1,278 1,274 100Sep-08 7,685 2,699 35.12 1,278 1,275 100Oct-08 7,705 2,599 33.73 1,282 1,277 100Nov-08 7,737 2,414 31.20 1,286 1,282 100Dec-08 7,727 2,565 33.20 1,283 1,282 1001-Dec-08 7,735 2,497 32.282-Dec-08 7,728 2,482 32.123-Dec-08 7,729 2,502 32.374-Dec-08 7,730 2,535 32.795-Dec-08 7,731 2,525 32.668-Dec-08 7,735 2,509 32.4410-Dec-08 7,736 2,547 32.9211-Dec-08 7,739 2,586 33.4212-Dec-08 7,746 2,503 32.3115-Dec-08 7,751 2,592 33.4416-Dec-08 7,751 2,596 33.4917-Dec-08 7,754 2,614 33.7118-Dec-08 7,760 2,567 33.0819-Dec-08 7,718 2,615 33.8822-Dec-08 7,721 2,636 34.1423-Dec-08 7,721 2,576 33.3624-Dec-08 7,723 2,530 32.7626-Dec-08 7,723 2,552 33.0429-Dec-08 7,723 2,486 32.1930-Dec-08 7,723 2,557 33.1131-Dec-08 7,727 2,565 33.20

Source: BSE, NSE

Companies

Traded

% of Traded to

Listed

N.A.

*At the end of the period includes listed/permitted to trade companies but excludes suspended companies.

Month/Year BSE NSE

Scrips Listed* Scrips Traded % of Traded to

Listed

Companies

Available for

Trading*

081

Table 19: Percentage Share of Top 'N' Securities/Members in Turnover in Cash Segment

(Per cent)


Top 5 10 25 50 100 5 10 25 50 100

1 2 3 4 5 6 7 8 9 10 11

2004-05 25.48 39.11 52.61 64.23 75.29 25.88 41.65 57.98 72.40 84.26

2005-06 16.78 23.75 35.55 45.55 57.71 22.15 31.35 46.39 59.22 73.12

2006-07 15.31 23.86 40.20 55.01 70.05 18.49 28.44 48.57 66.57 82.24

2007-08 16.17 25.68 41.76 55.84 70.44 18.37 28.93 48.16 65.02 81.01

2008-09 (So far)

Apr-08 18.98 28.61 47.46 63.40 77.75 17.99 30.29 51.88 70.09 85.00

May-08 16.39 26.55 45.94 63.39 76.94 15.74 27.00 50.27 69.61 84.41

Jun-08 20.91 30.49 50.82 68.24 82.02 20.85 32.29 55.78 74.96 88.09

Jul-08 23.11 34.43 53.86 71.98 84.97 21.35 34.50 58.51 77.35 89.42

Aug-08 22.53 34.00 54.17 70.33 81.97 20.33 32.12 55.16 73.83 86.79

Sep-08 21.96 34.02 53.89 71.33 83.33 23.79 36.44 58.76 77.76 89.77

Oct-08 26.42 37.26 59.11 75.38 86.03 27.02 41.30 64.57 81.92 92.39

Nov-08 26.24 39.28 63.16 79.03 88.62 26.56 40.70 66.11 83.42 93.66

Dec-08 25.25 41.69 66.78 79.79 88.79 24.89 39.39 68.04 83.02 92.86

2004-05 14.46 22.84 38.65 53.44 72.14 13.52 20.20 34.97 49.01 65.09

2005-06 14.83 24.02 39.21 54.94 72.13 14.62 25.57 38.17 52.75 68.45

2006-07 15.10 24.01 40.41 56.37 73.57 15.63 25.49 43.63 57.59 72.04

2007-08 14.38 22.77 39.46 55.74 73.56 15.03 25.82 44.78 60.35 74.39

2008-09 (So far)

Apr-08 14.48 21.82 38.59 55.23 73.74 14.45 24.70 45.39 61.73 75.59

May-08 14.28 21.76 38.50 54.54 73.21 14.07 24.99 45.35 61.69 76.00

Jun-08 14.34 22.26 38.94 55.65 73.88 13.69 24.88 45.95 62.59 76.34

Jul-08 15.29 23.15 40.08 57.34 75.05 13.49 24.44 45.04 62.09 76.39

Aug-08 14.24 21.69 38.73 55.46 73.23 13.77 24.18 43.33 60.30 75.05

Sep-08 15.75 23.53 40.61 58.44 75.87 12.61 23.63 45.05 62.48 77.01

Oct-08 14.20 22.45 40.41 58.08 75.36 13.09 24.07 45.39 63.51 77.84

Nov-08 14.93 23.02 39.87 57.25 74.89 13.43 23.41 43.09 61.88 76.33

Dec-08 15.72 24.09 40.83 57.35 74.98 14.33 23.70 42.52 59.92 75.63

Source: BSE, NSE

Securities

Members

Month/Year BSE NSE

082


Ta

ble

20

:S

ettl

emen

tS

tati

stic

sfo

rC

ash

Seg

men

to

fB

SE

Mo

nth

/

Yea

r

No

.o

f

Tra

des

(La

kh

)

Tra

ded

Qu

an

tity

(La

kh

)

Del

i-v

ered

Qu

an

tity

(La

kh

)

%of

Del

iver

ed

Qu

an

tity

toT

rad

ed

Qu

an

tity

Tu

rn-

over

(Rs.

cr.)

Del

i-

ver

ed

Va

lue

(Rs.

cr.)

%of

Del

iver

eV

alu

ed

toT

otal

Tu

rnov

er

Del

i-ver

ed

Qu

an

-ti

tyin

Dem

at

Mo

de

(La

kh

)

%o

f

Dem

at

Del

iver

ed

Qu

an

tity

toT

ota

l

Del

iver

ed

Qu

an

tity

Del

iver

eV

alu

ed

in

Dem

at

Mod

e

(Rs.

cr.)

%of

Dem

at

Del

iver

eV

alu

ed

toT

otal

Del

iver

eV

alu

ed

Sh

ort

Del

iver

y

(Au

c-ti

on

ed

qu

an

tity

(La

kh

))

12

34

56

78

91

011

12

13

20

04

-05

2,3

74

4,7

7,1

71

1,8

7,5

19

39

.30

5,1

8,7

16

1,4

0,0

56

27

.00

1,8

7,3

47

99

.91

1,3

9,5

27

99

.62

1,5

52

20

05

-06

2,6

43

6,6

4,4

67

3,0

0,6

53

45

.25

8,1

6,0

74

2,7

1,2

27

33

.24

3,0

0,4

97

99

.95

2,7

0,9

86

99

.91

2,5

18

20

06

-07

3,4

62

5,6

0,7

80

2,2

9,6

85

40

.96

9,5

6,1

85

2,9

7,6

60

31

.13

2,2

9,5

73

99

.95

2,9

6,9

20

99

.75

1,3

12

20

07

-08

5,3

03

9,8

6,0

09

3,6

1,6

28

36

.68

15

,78

,85

74

,76

,19

63

0.1

63

,61

,54

299

.98

4,7

5,8

09

99

.92

2,2

42

20

08

-09

(Ap

r-D

ec)

4,2

09

5,6

1,9

53

1,5

0,2

74

26

.74

9,0

5,4

45

1,9

4,1

32

21

.44

1,4

9,7

48

99

.65

1,9

3,9

76

99

.92

59

2

Apr

-08

475

67,6

7218

,178

26.8

61,

15,4

5425

,603

22.1

818

,165

99.9

325

,590

99.9

586

May

-08

488

72,8

9218

,125

24.8

71,

21,6

7026

,058

21.4

218

,097

99.8

526

,002

99.7

910

4

Jun-

0847

860

,943

15,7

9725

.92

1,13

,605

24,5

7821

.63

15,7

9499

.98

24,5

5499

.90

59

Jul-

0855

775

,114

17,2

3222

.94

1,23

,916

23,3

6418

.85

17,2

3099

.99

23,3

4399

.91

59

Aug

-08

446

60,4

5416

,287

26.9

499

,924

21,8

2421

.84

16,2

8699

.99

21,8

1199

.94

56

Sep

-08

451

54,8

8217

,629

32.1

21,

08,0

9027

,604

25.5

417

,403

98.7

227

,596

99.9

774

Oct

-08

431

52,0

3217

,428

33.4

978

,227

19,3

2824

.71

17,1

7898

.56

19,3

2499

.98

66

Nov

-08

398

50,3

5413

,450

26.7

163

,694

12,1

0419

.00

13,4

4999

.99

12,0

9399

.91

35

Dec

-08

484

67,6

0816

,147

23.8

880

,866

13,6

6916

.90

16,1

4610

0.00

13,6

6299

.95

52

So

urc

e:B

SE

%o

f

Sh

ort

Del

iver

y

to

Del

iver

y

Un

rec-

tifi

edB

ad

Del

iver

y

(Au

c-ti

oned

qu

anti

ty(L

akh

))

%o

f

Un

re-

ctif

ied

Bad

Del

iver

y

to

Del

iver

y

Fu

nd

s

Pay-i

n

(Rs.

cr.)

Sec

u-

riti

esP

ay-i

n

(Rs.

cr.)

Tra

de

Gu

ara

-n

tee

Fu

nd

(Rs.

cr.)

*

14

15

16

17

18

19

0.8

30.8

70.0

048,3

91

1,3

9,9

99

1,1

65

0.8

41.3

60.0

073,1

56

2,7

1,2

27

3,2

97

0.5

70.4

60.0

085,8

68

2,9

7,6

60

2,7

35

0.6

20.2

50.0

01,4

4,3

76

4,7

6,1

96

4,3

99

0.4

00.0

70.0

070,4

49

1,9

4,1

32

3,8

25

0.48

0.00

0.00

8,11

025

,603

4,50

0

0.57

0.01

0.00

7,90

226

,058

4,47

3

0.37

0.03

0.00

8,74

224

,578

4,36

2

0.34

0.00

0.00

7,94

023

,364

4,44

9

0.35

0.00

0.00

7,69

521

,824

4,56

7

0.43

0.00

0.00

11,5

8427

,604

4,17

8

0.39

0.00

0.00

8,44

719

,328

3,83

2

0.26

0.00

0.00

4,78

112

,104

3,72

6

0.32

0.02

0.00

5,24

913

,669

3,82

5

083


Tab

le21:

Set

tlem

ent

Sta

tist

ics

for

Cash

Seg

men

tof

NS

E

Mon

th/

Yea

r

No.

of

Tra

des

(Lak

h)

Tra

ded

Qu

anti

ty

(Lak

h)

Del

iver

ed

Qu

anti

ty

(Lak

h)

%of

Del

iver

ed

Qu

anti

ty

toT

rad

ed

Qu

anti

ty

Tu

rnov

er

(Rs.

cr.)

Del

iver

ed

Val

ue

(Rs.

cr.)

%of

Del

iver

ed

Val

ue

to

Tot

al

Tu

rnov

er

Del

iver

ed

Qu

anti

ty

inD

emat

Mod

e

(Lak

h)

%of

Dem

at

Del

iver

ed

Qu

anti

ty

toT

otal

Del

iver

ed

Qu

anti

ty

Del

iver

ed

Val

ue

in

Dem

at

Mod

e(R

s.cr

.)

%of

Dem

at

Del

iver

ed

Val

ue

to

Tot

al

Del

iver

ed

Val

ue

12

34

56

78

910

1112

2004

-05

4,49

47,

87,9

962,

01,4

0525

.56

11,4

0,96

92,

76,1

2024

.20

2,01

,405

100.

002,

76,1

2010

0.00

2005

-06

6,00

08,

18,4

382,

26,3

4627

.66

15,1

6,83

94,

07,9

7626

.90

2,26

,346

100.

004,

07,9

7610

0.00

2006

-07

7,85

78,

50,5

152,

38,5

7128

.05

19,4

0,09

45,

43,5

3328

.02

2,38

,571

100.

005,

43,5

3310

0.00

2007

-08

11,6

4514

,81,

229

3,66

,974

24.7

735

,19,

919

9,70

,618

27.5

83,

66,9

7410

0.00

9,70

,618

100.

00

2008

-09

(Ap

r-D

ec)

10,3

6910

,35,

429

2,27

,444

21.9

722

,12,

036

5,05

,209

22.8

42,

27,4

4410

0.00

5,05

,209

100.

00

Apr

-08

1,06

91,

11,3

6424

,864

22.3

32,

62,4

2363

,383

24.1

524

,864

100.

0063

,383

100.

00

May

-08

1,07

91,

15,4

9925

,326

21.9

32,

78,9

6268

,799

24.6

625

,326

100.

0068

,799

100.

00

Jun-

081,

122

1,10

,685

23,8

1521

.52

2,72

,697

64,2

1723

.55

23,8

1510

0.00

64,2

1710

0.00

Jul-

081,

329

1,31

,998

25,2

5619

.13

2,90

,699

61,3

1121

.09

25,2

5610

0.00

61,3

1110

0.00

Aug

-08

1,08

21,

06,9

0922

,779

21.3

12,

38,2

7954

,369

22.8

222

,779

100.

0054

,369

100.

00

Sep

-08

1,05

495

,556

24,0

3025

.15

2,47

,189

60,9

3424

.65

24,0

3010

0.00

60,9

3410

0.00

Oct

-08

1,22

611

1,15

728

,588

25.7

22,

30,1

9254

,585

23.7

128

,588

100.

0054

,585

100.

00

Nov

-08

1,11

910

9,96

824

,685

22.4

51,

78,2

0836

,811

20.6

624

,685

100.

0036

,811

100.

00

Dec

-08

1,29

014

2,29

428

,101

19.7

52,

13,3

8740

,800

19.1

228

,101

100.

0040

,800

100.

00

*B

alan

ceat

the

end

ofpe

riod

.S

ourc

e:N

SE

Sh

ort

Del

iver

y

(Au

c-ti

oned

qu

anti

ty)

(Lak

h)

%of

Sh

ort

Del

iver

y

to

Del

iver

y

Un

rec-

tifi

edB

ad

Del

iver

y

(Au

c-ti

oned

qu

anti

ty)

(Lak

h)

%of

Un

rect

ifie

dB

ad

Del

iver

y

to

Del

iver

y

Fu

nd

s

Pay

-in

(Rs.

cr.)

Sec

uri

ties

Pay

-in

(Rs.

cr.)

Set

tle-

men

t

Gu

aran

teF

un

de

(Rs.

cr.)

*

1314

1516

1718

19

868

0.43

0.00

0.00

97,2

4127

6,12

0N

.A.

894

0.39

0.00

0.00

1,31

,426

4,07

,976

N.A

.

769

0.32

0.00

0.00

1,73

,188

5,43

,950

N.A

997

0.27

0.00

0.00

3,09

,543

9,70

,618

N.A

460

0.20

0.00

0.00

1,84

,121

5,05

,209

550.

220.

000.

0019

,339

63,3

83N

.A

540.

210.

000.

0021

,745

68,7

99N

.A

550.

230.

000.

0022

,216

64,2

17N

.A

550.

220.

000.

0021

,015

61,3

11N

.A

430.

190.

000.

0017

,862

54,3

69N

.A

440.

180.

000.

0026

,208

60,9

34N

.A

670.

230.

000.

0025

,889

54,5

85N

.A

400.

160.

000.

0014

,772

36,8

11N

.A

470.

170.

000.

0015

,075

40,8

00N

.A

084


Tab

le22:

Der

ivati

ves

Seg

men

tat

BS

E

No

.of

Con

tract

s

Tu

rnover

(Rs.

cr.)

No

.of

Co

n-

tract

s

Tu

rnove

(Rs.

cr.)r

No.

of

Co

n-

tract

s

Noti

on

al

Tu

rn-

over

(Rs.

cr.)

No

.of

Co

n-

tract

s

Noti

on

al

Tu

rn-

over

(Rs.

cr.)

12

34

56

78

910

2004-0

5253

4,4

9,6

30

13,6

00

6,7

25

213

48,0

65

1,4

71

27,2

10

827

2005-0

6251

89

512

1100

30

0

2006-0

7250

16,3

8,7

79

55,4

91

1,4

2,4

33

3,5

15

20

00

2007-0

8251

71,5

7,0

78

2,3

4,6

60

2,9

5,1

17

7,6

09

951

31

210

8

2008-0

9(A

pr-

Dec

)184

5,1

3,3

23

12,2

28

300

9251

6122

3

Apr-

08

20

1,6

6,1

61

4,0

51

73

2251

6122

3

May

-08

20

1,9

8,0

98

5,0

49

48

10

00

0

Jun-0

821

59,9

01

1,3

59

61

20

00

0

Jul-

08

23

37,7

54

765

48

10

00

0

Aug-0

820

16,7

25

372

28

10

00

0

Sep

-08

21

17,4

76

370

26

10

00

0

Oct

-08

20

11,6

90

182

16

00

00

0

Nov-0

818

3,3

87

49

00

00

00

Dec

-08

21

2,1

31

30

00

00

00

Mon

th/

Yea

r

No

.of

Tra

din

g

Da

ys

Ind

exF

utu

res

Sto

ckF

utu

res

Ind

exO

pti

on

s

Call

Pu

t

No

.of

Co

n-

tract

s

Noti

on

al

Tu

rn-

over

(Rs.

cr.)

No

.of

Co

n-

tract

s

Noti

on

al

Tu

rnove

(Rs.

cr.)r

No

.of

Con

tract

s

Tu

rn-

over

(Rs.

cr.)

No

.of

Co

n-

tract

s

Tu

rn-

over

(Rs.

cr.)

1112

13

14

15

16

17

18

72

217

05,3

1,7

19

16,1

12

00

20

00

103

60

0

50

10

15,4

5,1

69

59,0

06

408

13

90

60

74,5

3,3

71

2,4

2,3

09

3,1

75

74

00

00

5,1

3,9

96

12,2

45

97

1

00

00

1,6

6,6

07

4,0

63

2,4

28

63

00

00

1,9

8,1

46

5,0

51

765

19

00

00

59,9

62

1,3

60

1,0

48

21

00

00

37,8

02

766

127

3

00

00

16,7

53

373

328

7

00

00

17,5

02

371

561

11

00

00

11,7

06

183

142

2

00

00

3,3

87

49

109

1

00

00

2,1

31

30

97

1

Sto

ckO

pti

on

sT

ota

l

Op

enIn

tere

stat

the

end

of

Novem

ber

2008

Call

Pu

t

Note

:1.N

oti

onal

Turn

over

=(S

trik

eP

rice

+P

rem

ium

)*

Quan

tity

.2.In

dex

Futu

res,

Index

Opti

ons,

Sto

ckO

pti

ons

and

Sto

ckF

utu

res

wer

ein

troduce

din

June

2000,Ju

ne

2001,

July

2001

and

Novem

ber

2001,re

spec

tivel

y.

Sou

rce:

BS

E

085


Ta

ble

23

:D

eriv

ati

ves

Seg

men

ta

tN

SE

No.

of

Con

trac

ts

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

trac

ts

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

-tr

acts

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

trac

ts

Not

ion

al

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

trac

ts

Not

ion

al

Tu

rnov

er

(Rs.

cr.)

12

34

56

78

910

1112

2004

-05

253

2,16

,35,

449

7,72

,174

4,70

,43,

066

14,8

4,06

70

018

,70,

647

6937

314

,22,

911

5258

1

2005

-06

251

5,85

,37,

886

15,1

3,79

18,

09,0

5,49

327

,91,

721

00

64,1

3,46

71,

68,6

3265

,21,

649

1,69

,837

2006

-07

249

8,14

,87,

424

25,3

9,57

510

,49,

55,4

0138

,30,

972

00

1,26

,32,

349

3,98

,219

1,25

,25,

089

3,93

,693

2007

-08

251

15,6

5,98

,579

38,2

0,66

720

,35,

87,9

5275

,48,

563

00

2,66

,67,

882

6,68

,816

2,86

,98,

156

6,93

,295

2008

-09

(Ap

r-D

ec)

184

15,6

4,84

,642

28,5

3,61

517

,14,

22,7

8227

,89,

329

00

7,42

,54,

295

14,6

8,29

66,

36,9

5,19

212

,04,

236

Apr

-08

201,

20,6

3,17

22,

80,1

001,

56,0

1,53

13,

36,9

010

026

,72,

588

67,9

5426

,92,

643

65,6

11

May

-08

201,

11,6

1,42

72,

67,6

411,

66,9

3,26

03,

80,1

610

022

,43,

173

58,1

1528

,35,

787

70,9

51

Jun-

0821

1,79

,41,

870

3,77

,939

1,91

,54,

946

3,75

,987

00

60,5

6,05

61,

39,9

1975

,08,

380

1,68

,790

Jul-

0823

2,04

,23,

139

3,95

,380

2,22

,32,

227

3,82

,601

00

91,4

4,70

71,

98,1

7477

,44,

997

1,59

,035

Aug

-08

201,

44,3

3,98

43,

00,4

491,

75,9

4,21

63,

24,0

110

075

,68,

163

1,74

,797

62,6

7,47

91,

37,3

05

Sep-

0821

1,93

,32,

343

3,80

,198

2,00

,76,

138

3,32

,728

00

1,21

,61,

148

2,68

,033

92,3

7,28

21,

93,5

89

Oct

-08

202,

16,4

9,44

53,

24,9

621,

98,5

8,40

92,

39,2

640

01,

29,6

7,47

62,

31,5

6577

,69,

905

1,32

,945

Nov

-08

181,

94,7

1,36

72,

56,9

501,

79,4

9,27

01,

87,2

110

01,

02,9

6,36

11,

58,0

4296

,24,

563

1,34

,092

Dec

-08

212,

00,0

7,89

52,

69,9

972,

22,6

2,78

52,

30,4

660

01,

11,4

4,62

31,

71,6

971,

00,1

4,15

61,

41,9

19

Not

e:

Not

iona

lVal

ueof

Out

stan

ding

Con

trac

tsfo

rF

UT

ST

K-

Ope

nIn

tere

st*

Clo

sepr

ice

ofst

ock

futu

re

Not

iona

lVal

ueof

Out

stan

ding

Con

trac

tsfo

rO

PT

IDX

-O

pen

Inte

rest

*C

lose

pric

eS

&P

CN

XN

ifty

Not

iona

lVal

ueof

Out

stan

ding

Con

trac

tsfo

rO

PT

ST

K-

Ope

nIn

tere

st*

Clo

sepr

ice

ofU

nder

lyin

gse

curi

ty

Not

iona

lTur

nove

r=

(Str

ike

Pri

ce+

Pre

miu

m)

*Q

uant

ity.

Sou

rce:

NS

E

Mon

th/Y

ear

No.

of

Tra

din

g

Day

sIn

dex

Fu

ture

sS

tock

Fu

ture

sIn

tere

st

Rat

eF

utu

res

Ind

exO

pti

ons

Cal

lP

ut

No.

of

Con

trac

ts

Not

ion

al

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

trac

ts

Not

ion

al

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

trac

ts

Tu

rnov

er

(Rs.

cr.)

No.

of

Con

trac

ts

Tu

rnov

er

(Rs.

cr.)

1314

1516

1718

1920

39,4

6,97

91,

32,0

6610

,98,

133

3679

27,

70,1

7,18

525

,47,

053

5,92

,646

21,0

52

41,6

5,99

61,

43,7

5210

,74,

780

3651

815

,76,

19,2

7148

,24,

250

10,2

8,00

338

,469

43,9

4,29

21,

61,9

028,

89,0

1831

909

21,6

8,83

,573

73,5

6,27

117

,91,

549

38,6

70

80,0

2,71

33,

08,4

4314

,57,

918

5069

342

,50,

13,2

001,

30,9

0,47

822

,82,

671

48,9

00

70,3

3,64

21,

29,2

5221

,56,

896

35,3

3447

,50,

47,4

4984

,80,

063

29,7

5,64

238

,481

5,73

,744

13,1

391,

26,1

462,

725

3,37

,29,

824

7,66

,431

26,6

7,55

463

,806

7,40

,079

17,2

391,

66,3

293,

801

3,38

,40,

055

7,97

,908

27,8

7,56

262

,438

7,40

,229

17,0

091,

99,6

484,

421

5,16

,01,

129

10,8

4,06

432

,13,

051

59,3

98

9,44

,602

19,3

543,

07,6

885,

630

6,07

,97,

360

11,6

0,17

426

,35,

124

51,8

05

8,20

,895

16,8

802,

08,8

064,

003

4,68

,93,

543

9,57

,445

31,7

9,34

562

,805

10,3

5,53

118

,688

2,69

,124

4,63

66,

21,1

1,56

611

,97,

872

33,3

2,84

457

,612

6,89

,231

9,95

12,

00,3

622,

960

6,31

,34,

828

9,41

,646

27,9

9,15

135

,982

5,61

,864

6,42

92,

41,9

532,

632

5,81

,45,

378

7,45

,356

27,4

1,25

933

,151

9,27

,467

10,5

624,

36,8

404,

526

6,47

,93,

766

8,29

,166

29,7

5,64

238

,481

Sto

ckO

pti

ons

Tot

alO

pen

Inte

rest

atth

e

end

ofC

all

Pu

t

086


Tab

le2

4:

Der

iva

tiv

esT

rad

ing

at

NS

E,

20

08

Dec

emb

er

(Rs.

cror

e)

12

34

56

78

91

011

1-D

ec-0

89,

33,0

0111

,969

7,37

,864

7,36

40

04,

60,5

707,

064

3,87

,893

5,32

2

2-D

ec-0

89,

84,5

5211

,893

8,04

,707

7,77

30

05,

20,7

097,

654

4,32

,738

5,69

7

3-D

ec-0

89,

70,5

9311

,787

8,34

,014

8,10

30

05,

21,4

287,

615

4,26

,421

5,59

4

4-D

ec-0

88,

97,7

8011

,304

9,77

,469

9,09

40

05,

22,3

627,

719

4,03

,994

5,36

4

5-D

ec-0

89,

75,8

2712

,349

9,88

,643

9,41

10

05,

40,0

938,

084

4,67

,294

6,28

3

8-D

ec-0

89,

88,8

9112

,949

8,64

,948

9,00

80

06,

75,9

6810

,211

4,61

,049

6,21

2

10-D

ec-0

810

,33,

254

13,8

939,

86,4

669,

817

00

6,82

,413

10,4

856,

29,8

798,

626

11-D

ec-0

89,

42,0

2412

,693

11,0

7,14

310

,990

00

5,26

,278

8,14

94,

23,2

775,

909

12-D

ec-0

810

,64,

562

14,1

3610

,82,

695

10,8

910

05,

12,8

057,

833

5,27

,737

7,33

0

15-D

ec-0

88,

28,6

4111

,461

10,0

9,11

610

,568

00

4,93

,193

7,71

75,

02,0

777,

094

16-D

ec-0

88,

61,4

0712

,045

9,97

,927

10,5

490

05,

01,2

197,

853

5,53

,819

7,93

7

17-D

ec-0

811

,29,

470

15,8

6412

,75,

936

13,7

190

06,

09,1

229,

532

6,46

,075

9,44

6

18-D

ec-0

812

,37,

329

17,4

9014

,69,

346

15,9

770

06,

55,9

3710

,227

6,78

,021

9,88

1

19-D

ec-0

811

,07,

385

16,0

7514

,76,

299

15,9

730

05,

90,8

759,

371

5,72

,121

8,52

4

22-D

ec-0

810

,38,

615

15,0

8814

,36,

665

15,9

050

04,

98,5

967,

918

5,14

,655

7,74

4

23-D

ec-0

811

,49,

524

16,3

0614

,96,

490

15,7

690

06,

34,6

909,

825

5,76

,043

8,55

0

24-D

ec-0

89,

35,5

9513

,124

14,8

5,48

115

,901

00

5,39

,561

8,19

24,

90,5

767,

298

26-D

ec-0

85,

48,4

797,

331

6,58

,805

7,02

30

03,

06,1

644,

862

2,89

,551

4,20

0

29-D

ec-0

88,

16,8

2910

,881

8,77

,900

8,75

90

05,

06,0

677,

909

3,51

,810

4,98

3

30-D

ec-0

88,

43,5

2311

,519

8,62

,268

9,05

10

04,

50,8

637,

163

3,85

,875

5,54

3

31-D

ec-0

87,

20,6

149,

839

8,32

,603

8,82

00

03,

95,7

106,

313

2,93

,251

4,38

2

Da

te

Ind

exF

utu

res

Sto

ckF

utu

res

Inte

rest

Ra

te

Fu

ture

s

Ind

exO

pti

on

s

Call

sP

uts

No

.o

f

Co

ntr

act

s

Tu

rn-

over

(Rs.

cro

res.

)

No

.of

Co

ntr

act

s

Tu

rno

ve

(Rs.

cro

res.

)rN

o.

of

Co

n-

tract

s

Tu

rnov

e(R

s.r

crore

s)

No

.o

f

Co

ntr

act

s

Tu

rn-

over

(Rs.

crore

s)

No

.o

f

Co

n-

tract

s

Tu

rn-

over

(Rs.

crore

s.)

12

13

14

15

16

17

18

19

27,2

6730

711

,871

129

25,5

8,46

632

,155

28,9

9,72

434

,250

28,7

6931

214

,580

142

27,8

6,05

533

,471

29,7

3,20

834

,763

31,2

3036

715

,092

140

27,9

8,77

833

,606

30,8

9,00

836

,207

45,4

9545

220

,771

191

28,6

7,87

134

,124

32,8

9,99

740

,605

39,3

8739

219

,392

191

30,3

0,63

636

,709

32,8

8,24

639

,637

39,3

8145

620

,135

215

30,5

0,37

239

,051

35,3

5,63

943

,968

46,2

8050

528

,212

271

34,0

6,50

443

,598

38,1

8,54

549

,768

55,6

8660

025

,907

266

30,8

0,31

538

,606

38,6

7,49

550

,477

54,3

1760

827

,043

280

32,6

9,15

941

,078

39,5

5,86

351

,628

49,8

4457

922

,708

227

29,0

5,57

937

,646

40,2

2,42

453

,671

46,1

4355

721

,737

232

29,8

2,25

239

,173

41,4

6,95

656

,484

46,1

2155

423

,526

244

37,3

0,25

049

,360

41,9

0,43

455

,546

57,9

4469

931

,045

333

41,2

9,62

254

,607

43,7

8,36

660

,154

46,9

3853

517

,711

192

38,1

1,32

950

,670

44,4

4,94

361

,503

41,1

8946

620

,145

200

35,4

9,86

547

,321

44,9

1,72

561

,627

39,4

2043

324

,254

249

39,2

0,42

151

,132

44,7

3,71

659

,830

45,4

8953

826

,475

303

35,2

3,17

745

,356

24,8

5,75

231

,461

45,3

5457

014

,993

168

18,6

3,34

624

,154

26,4

6,24

032

,890

54,8

0661

517

,721

179

26,2

5,13

333

,326

28,2

6,16

135

,945

42,9

6851

117

,776

203

26,0

3,27

333

,989

29,2

4,89

637

,979

43,4

3950

715

,746

172

23,0

1,36

330

,033

29,7

5,64

238

,481

Sto

ckO

pti

on

sT

ota

lT

urn

ov

erO

pen

Inte

rest

at

the

end

of

the

da

yC

all

sP

uts

No

.o

f

Co

n-

tract

s

Tu

rnove

(Rs.

r

crore

s)

No

.of

con

tract

s

Va

lue

(Rs.

crore

s)

Tu

rno

ve

(Rs.

r

cror

es)

No

.o

fT

urn

ov

e(R

s.r

crore

s)

No

.o

f

Con

tract

s

Not

iona

lV

alue

ofO

utst

andi

ngC

ontr

acts

for

OP

TS

TK

-O

pen

Inte

rest

*C

lose

pric

eof

Und

erly

ing

secu

rity

.N

otio

nal

Val

ueof

Out

stan

ding

Con

trac

tsfo

rO

PT

IDX

-O

pen

Inte

rest

*C

lose

pric

eS

&P

CN

XN

ifty

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otio

nal

Tur

nove

r=

(Str

ike

Pri

ce+

Pre

miu

m)

*Q

uant

ity.

Inde

xF

utur

es,I

ndex

Opt

ions

,Sto

ckO

ptio

nsan

dS

tock

Fut

ures

wer

ein

trod

uced

inJu

ne20

00,J

une

2001

,Jul

y20

01an

dN

ovem

ber

2001

,res

pect

ivel

y.O

pen

inte

rest

valu

eis

com

pute

das

Und

erly

ing

clos

epr

ice*

Qua

ntit

y.S

ou

rce:

NS

E

Co

n-

tract

s

087


s.cr

ore

)

Ta

ble

25

:S

ettl

emen

tS

tati

stic

sin

Der

iva

tiv

esS

egm

ent

at

BS

Ea

nd

NS

E

MT

M

Set

tlem

ent

Fin

al

Set

tlem

ent

Pre

miu

m

Set

tlem

ent

Exer

cise

Set

tlem

ent

MT

M

Set

tlem

ent

Fin

al

Set

tlem

ent

Pre

miu

m

Set

tlem

ent

Ex

erci

se

Set

tlem

ent

12

34

56

78

91

011

12

13

2004-0

519

1147

3169

51

13,0

24

228

941

456

14,6

49

N.A

.

2005-0

60

00

00

44

25,5

86

598

1,5

21

818

28,5

22

N.A

.

2006-0

70

00

00

061,3

14

798

3,1

94

1,1

89

66,4

94

N.A

.

2007-0

8420

10

00

431

1,9

42

1,4

4,6

55

1,3

12

6,7

60

3,7

92

1,5

6,5

19

N.A

.

2008-0

9(A

pr-

Dec

)

Apr-

08

19

00

019

181

5,3

92

67

786

164

6,4

08

N.A

.

May

-08

31

10

03

21

77

5,6

02

204

604

191

6,6

00

N.A

.

Jun-0

814

10

014

154

9,1

83

137

1,1

26

342

10,7

88

N.A

.

Jul-

08

20

00

020

149

11,0

70

60

1,0

16

209

12,3

54

N.A

.

Aug-0

85

00

05

141

4,8

45

129

742

146

5,8

62

N.A

.

Sep

-08

90

00

926

7,1

20

226

921

179

8,4

46

N.A

.

Oct

-08

90

00

91

27

9,4

09

54

1,3

84

1,4

19

12,2

67

N.A

.

Nov-0

82

00

02

109

5,7

82

46

786

160

6,7

74

N.A

.

Dec

-08

10

00

136

4,3

01

152

771

582

5,8

05

N.A

.

Sou

rce:

BS

E,N

SE

Mo

nth

/Y

ear

BS

EN

SE

Ind

ex/S

tock

Fu

ture

sIn

dex

/Sto

ckO

pti

on

s

To

tal

Set

tlem

ent

Gu

ran

tee

Fu

nd

*

Ind

ex/S

tock

Fu

ture

s

*in

cludes

mem

ber

sco

llat

eral

and

Set

tlem

ent

Guar

ante

eF

und

Ind

ex/S

tock

Op

tio

ns

To

tal

Set

tlem

ent

Gu

ran

tee

Fu

nd

*(S

GF

)

*B

alan

ces

atth

een

dof

the

per

iod

Table 26: Trends in Trading in the Corporate Debt Market

088


No. of No. of

Trades

Traded

Value

(Rs.

crore)

No. of

Traded

No. of

Trades

Traded

Value

(Rs.

crore)

No. of

Trades

Traded

Value

(Rs.

crore)

No. of

Secu-rities

Traded

No. of

Trades

Traded

Value

(Rs.

crore)

1 2 3 4 5 6 7 8 9 10 11 12

2007-08 1,646 27,697 41,187 2,016 3,789 31,453 4,089 23,479 3,662 32,217 75,737

2008-09

(Apr-Dec)

1,451 2,72,406 25,663 1,393 2,652 26,571 5,649 26,762 2,844 2,80,707 78,996

Apr-08 140 1,912 2,690 128 214 2,768 714 4,615 268 2,840 10,073

May-08 182 1,804 4,207 156 256 2,134 780 3,715 338 2,840 10,056

Jun-08 228 2,067 3,587 233 397 3,294 884 3,299 461 3,348 10,180

Jul-08 121 1,462 1,401 120 180 2,226 638 2,910 241 2,280 6,536

Aug-08 126 3,012 1,211 53 73 865 590 2,174 179 3,675 4,250

Sep-08 182 42,243 2,652 120 187 2,552 738 4,373 302 43,168 9,577

Oct-08 129 75,925 2,517 139 244 2,554 741 2,731 268 76,910 7,803

Nov-08 132 70,671 1,611 107 147 1,859 508 2,066 239 71,326 5,536

Dec-08 211 73,310 5,787 337 954 8,319 56 880 548 74,320 14,985

Note: Data is aggregation of transactions in trading and reporting platform.

Source: BSE, NSE

FIMMDA TotalMonth/Year

BSE NSE

Secu-rities

Traded

Secu-rities

089


Ta

ble

27

:T

rad

ing

Sta

tist

ics

of

Cu

rren

cyF

utu

res

Seg

men

t

No.of

Tra

ded

Valu

e

(Rs.

Cr.

)

No.of

Tra

ded

Valu

e

(Rs.

Cr.

)

No

.of

Co

n-

tract

s

Tra

ded

Valu

e

(Rs.

Cr.

)

Aug-0

80

00.0

00

0.0

065,7

98

291.0

5*

16,3

32

72.1

20

00.0

00

0.0

0

Sep

-08

00

0.0

00

0.0

012,5

8,0

99

5,7

63.0

2261.9

690,8

71

428.3

60

00.0

00

0.0

0

Oct

-08

1,6

1,7

32

766

38.3

1316

1.5

622,7

5,2

61

11,1

41.9

3557.1

01,7

0,2

02

851.2

711

,19,9

68

5,5

21

324.7

860,0

55

299.9

4

Nov-0

811

,500

57

3.1

5236

1.1

832,3

3,6

79

15,9

69.0

0887.1

71,4

6,2

62

736.7

530,5

4,6

40

15,1

14

839.6

855,7

11280.6

0

Dec

-08

5,5

87

28

1.3

21

0.0

046,8

1,5

93

22,8

39.9

81,0

87.6

21,7

7,5

20

866.5

747,0

1,4

92

22,9

37

1,0

92.2

21,1

9,2

33

582.0

6

2008-0

9(A

ug

-Dec

)1,7

8,8

19

851

10.0

01,1

5,1

4,4

30

56,0

04.9

8691.4

21,7

7,5

20

866.5

788,7

6,1

00

43,5

72

778.0

71,1

9,2

33

582.0

6

*T

radin

gin

Curr

ency

Futu

res

com

men

ced

on

29th

August

2008

at

NSE

Sou

rce:

BS

E,N

SE

,M

CX

Avg

Dail

y

Trd

Valu

e

(Rs.

Cr)

Op

enIn

tere

stat

the

end

of

Op

enIn

tere

stat

the

end

of

Mo

nth

/Y

ear

Av

g

Dail

y

Trd

Valu

e

(Rs.

Cr)

No

.of

Con

tract

s

Tra

ded

Va

lue

(Rs.

Cr)

BS

EN

SE

MC

X

No

.of

Con

tract

s

Tra

ded

Valu

e

(Rs.

Cr)

No

.of

Co

n-

tract

s

Tra

ded

Valu

e

(Rs.

Cr)

Avg

Dail

y

Trd

Valu

e

(Rs.

Cr)

Op

enIn

tere

stat

the

end

of

Co

n-

tract

sC

on

-tr

act

s

-

Table 28: Daily Trends of Currency Futures , 2008Segment December

090


No. of

Contracts

Traded

Value

(Rs. Cr.)

No. of

Con-tracts

Traded

Value

(Rs. Cr.)

No. of

Contracts

Traded

Value

(Rs. Cr.)

1-Dec-08 787 3.96 621 3.14 2,02,748 1,022.95 1,48,879 753.85 1,92,221 970.10 71,325 361.10

2-Dec-08 328 1.66 731 3.68 1,96,118 993.85 1,60,822 811.95 2,23,556 1,132.47 65,418 330.32

3-Dec-08 533 2.67 619 3.11 1,98,472 996.11 1,72,308 866.67 2,10,881 1,058.71 84,771 426.21

4-Dec-08 1,124 5.62 416 2.08 2,24,803 1,123.40 1,65,559 828.10 2,45,739 1,227.43 77,989 390.05

5-Dec-08 1,042 5.19 416 2.07 2,07,853 1,035.97 1,67,582 835.15 1,72,783 861.33 69,279 345.36

8-Dec-08 510 2.52 566 2.80 2,20,649 1,091.39 1,71,495 851.89 1,95,063 965.07 67,815 336.86

10-Dec-08 395 1.94 589 2.90 2,66,666 1,312.23 1,72,851 849.80 2,82,280 1,388.66 67,752 333.06

11-Dec-08 159 0.77 619 3.00 2,35,789 1,147.07 1,68,081 815.37 2,38,890 1,161.78 83,547 405.25

12-Dec-08 253 1.24 620 3.03 2,33,242 1,136.46 1,64,986 805.01 2,66,892 1,300.14 86,017 419.58

15-Dec-08 13 0.06 622 2.99 2,51,763 1,211.72 1,53,307 739.64 2,07,426 998.75 77,369 373.18

16-Dec-08 0 - 622 2.98 1,60,488 770.27 1,49,147 716.93 1,82,876 877.76 84,031 403.83

17-Dec-08 253 1.20 625 2.96 2,58,366 1,228.52 1,49,667 714.82 2,38,945 1,135.92 70,332 335.85

18-Dec-08 79 0.37 629 2.96 2,20,655 1,043.02 1,43,249 674.77 2,31,864 1,095.10 78,167 368.11

19-Dec-08 0 - 629 2.97 1,87,940 887.90 1,56,399 742.52 1,81,196 855.98 84,326 400.15

22-Dec-08 8 0.04 621 2.95 1,72,241 821.99 1,52,703 735.13 2,12,495 1,015.34 98,563 474.18

23-Dec-08 7 0.03 614 2.98 2,29,563 1,117.88 1,66,457 814.67 2,19,912 1,071.44 1,14,673 560.99

24-Dec-08 1 0.00 613 3.01 2,95,192 1,437.60 1,89,353 914.53 2,99,152 1,455.20 1,13,090 546.29

26-Dec-08 2 0.01 612 2.93 2,59,739 1,252.77 1,83,981 893.26 2,53,547 1,222.13 1,06,914 519.25

29-Dec-08 92 0.45 612 2.98 2,73,862 1,334.00 1,67,068 813.17 2,83,906 1,383.36 1,36,805 666.17

30-Dec-08 1 0.00 1 0.00 1,86,592 907.26 1,68,751 820.18 1,97,764 961.50 1,07,723 523.56

31-Dec-08 0 - 1 0.00 1,98,852 967.65 1,77,520 866.57 1,64,104 798.42 1,19,233 582.06

Source: BSE, NSE, MCX

Open Interest

at the end of

No. of

Contracts

Traded

Traded

Value

(Rs. Cr)

Open Interest

at the end of

Month/

Year (Day

wise)No. of

Con-tracts

Traded

Traded

Value

(Rs. Cr)

Open Interest

at the end of

BSE NSE MCX

No. of

Contracts

Traded

Traded

Value

(Rs. Cr)

Table 29: Settlement Statistics of Currency Futures Segment

(Rs. crore)

091


Aug-08 - 0 0.22 *

Sep-08 - - 22.86 0.77

Oct-08 5.45 0.12 52.33 0.04 14.21 0.03

Nov-08 0.49 0.00 58.56 0.95 26.13 0.89

Dec-08 0.47 0.05 58.00 1.14 35.85 0.73

2008-09 (Aug-Dec) 6.41 0.18 191.97 2.90 76.19 1.64

* Trading in Currency Futures commenced on 29th August 2008 at NSE

Source: BSE, NSE, MCX

Currency Futures

BSE NSE

Month/Year

MCX

Currency Futures Currency Futures

MTM

Settlement

Final

Settlement

MTM

Settlement

Final

Settlement

MTM

Settlement

Final

Settlement

-

-

-

-

Table 30: Trends in Foreign Institutional Investment

(Rs. crore)

092


Period Gross

Purchases

(Rs. cr.)

Gross

Sales

(Rs. cr.)

Net Investment

(Rs. cr.)

Net Investment**

(US $ mn.)

Cumulative Net

Investment** (US $ mn.)

1 2 3 4 5 6

2004-05 2,16,953 1,71,072 45,881 10,172 35,926

2005-06 3,46,978 3,05,512 41,467 9,332 45,260

2006-07 5,20,508 4,89,667 30,840 6,708 51,967

2007-08 9,48,020 8,81,842 66,179 16,040 68,007

2008-09 (Apr-Dec)

5,09,835 5,43,189 -33,353 -8,268 59,737

Apr-08 62,329 62,956 -627 -155 67,850

May-08 58,966 64,141 -5,174 -1,283 66,567

Jun-08 63,154 74,248 -11,095 -2,751 63,817

Jul-08 69,646 67,864 1,782 442 64,259

Aug-08 50,140 50,094 46 12 64,270

Sep-08 73,515 78,590 -5,074 -1,258 63,012

Oct-08 52,287 69,492 -17,205 -4,265 58,747

Nov-08 39,489 37,871 1,617 401 59,148

Dec-08 40,311 37,934 2,377 589 59,737

** Net Investment in US $ mn at the prevailing exchange rate.Discrepancies in total figures, if any, are due to rounding off.

Table 31: Daily Trends in Foreign Institutional Investment, 2008December(Rs. crore)

093


1 2 3 4 5 6 7 8 9 10 11 12 13

01-Dec-08 2158 1738 419 104 286 0 286 71 2443 1738 705 175

02-Dec-08 1663 1509 154 38 322 574 -251 -62 1986 2083 -97 -24

03-Dec-08 856 1176 -320 -79 402 166 236 58 1258 1342 -84 -21

04-Dec-08 876 1362 -487 -121 175 194 -19 -5 1050 1556 -506 -125

05-Dec-08 1780 1331 448 111 898 256 642 159 2677 1587 1090 270

08-Dec-08 1182 1131 51 13 152 316 -164 -41 1334 1447 -113 -28

10-Dec-08 1725 1264 460 114 194 35 159 39 1918 1299 619 153

11-Dec-08 2603 1615 988 245 102 555 -453 -112 2706 2170 535 133

12-Dec-08 2079 1745 333 83 592 961 -369 -92 2671 2707 -36 -9

15-Dec-08 1527 1633 -106 -26 877 240 637 158 2404 1873 530 131

16-Dec-08 1799 1559 239 59 113 162 -48 -12 1912 1721 191 47

17-Dec-08 1685 1657 28 7 157 419 -262 -65 1842 2076 -234 -58

18-Dec-08 2288 2397 -109 -27 305 697 -392 -97 2593 3094 -501 -124

19-Dec-08 2140 2194 -54 -13 777 164 613 152 2916 2358 558 138

22-Dec-08 2243 1780 463 115 174 62 113 28 2418 1842 576 143

23-Dec-08 943 1167 -224 -56 602 935 -333 -83 1545 2102 -557 -138

24-Dec-08 646 917 -271 -67 154 135 19 5 800 1053 -253 -63

26-Dec-08 1095 1214 -119 -29 952 175 777 193 2047 1389 658 163

29-Dec-08 357 616 -259 -64 59 804 -745 -185 416 1420 -1004 -249

30-Dec-08 830 841 -10 -3 97 185 -88 -22 927 1025 -98 -24

31-Dec-08 882 758 124 31 1567 1295 272 67 2450 2053 397 98

Total 31357 29608 1750 434 8956 8329 627 155 40311 37934 2377 589

* 1 USD = 40.34 INR

Debt Total

Gross

Purchase

(Rs.crore)

Date

Gross

Sales

Net

Invest-ment

Net

(US $

mn.)*

Equity

Gross

Purchase

Gross

Sales

Net Net

(US $

mn.)*

Net Gross

Purchase

Gross

Sales

(Rs.crore) (Rs.

crore)

Invest-ment (Rs.

crore)(Rs.

crore)

Invest-ment(Rs.

crore)

Net

(US $

mn.)*

Invest-ment (Rs.

crore)(Rs.

crore) (Rs.crore)

Invest-ment

Invest-ment

094


s.cr

ore

)

Ta

ble

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94

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56

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9,7

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7,2

8,8

64

59

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78

8,3

7,5

08

7,6

00

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77

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22

2,2

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9,6

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05

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4,7

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1,3

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79

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01

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20

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(Ap

r-D

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84

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8,2

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61

31

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8,7

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85

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73

9,1

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34

,52

54

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,62

65

7,9

21

9,6

15

3,9

44

71

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05

,95

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0

May

-08

3,4

4,2

23

48

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04

0,6

10

4,3

3,4

52

3,5

1,2

51

41

,14

63

4,8

64

4,2

7,2

62

-7,0

28

7,4

73

5,7

45

6,1

91

5,8

8,6

43

Jun

-08

3,7

4,8

34

45

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13

0,8

29

4,5

0,9

24

4,0

1,4

62

51

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33

6,7

81

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0,1

57

-26

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9-6

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2-5

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2-3

9,2

33

5,2

1,8

99

Jul-

08

3,8

4,8

88

59

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42

7,2

22

4,7

1,2

84

3,7

5,7

43

55

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83

0,2

93

4,6

1,5

84

9,1

45

3,6

26

-3,0

72

9,7

00

5,4

0,6

23

Au

g-0

83

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84

9,1

96

27

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04

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53

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05

0,2

01

28

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34

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41

,89

8-1

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5-9

03

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5,4

4,5

35

Sep

t-0

83

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65

3,8

70

23

,76

54

,43

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94

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2-3

7,9

75

-3,9

82

-3,6

93

-45

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04

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,27

0

Oct

-08

2,7

7,2

88

38

,78

32

3,5

49

3,3

9,6

20

3,1

8,3

70

44

,08

02

3,9

76

3,8

6,4

27

-41

,08

3-5

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8-4

16

-46

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63

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No

v-0

82

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24

8,3

70

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23

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52

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3,7

63

22

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63

,18

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64

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44

,60

84

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71

3,7

89

4,0

5,1

12

Dec

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3,2

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41

69

,13

53

8,4

17

4,2

7,5

93

3,2

1,1

48

65

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14

0,5

96

4,2

7,4

95

-1,1

07

3,3

84

-2,1

79

98

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cludes

repurc

has

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wel

las

redem

pti

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2.

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erta

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Funds

of

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emes

isnot

incl

uded

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dat

a.

Note

s:

1.

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has

bee

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alF

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(reg

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ith

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rmat

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only

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ets

at

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etIn

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095


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ble

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pe-

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tua

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-en

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(Rs.

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)

Sale

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rch

ase

Net

Sale

Pu

rch

ase

Net

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Pu

rch

ase

Net

Sale

Pu

rch

ase

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12

34

56

78

91

011

12

13

14

Open

-ended

18,0

0,1

58

17,7

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58

23,9

00

43,3

7,0

42

42,0

3,5

88

1,3

3,4

54

36,6

3,7

00

36,4

7,2

63

16,4

37

4,2

6,6

01

4,0

6,5

84

20,0

17

3,1

1,5

85

Clo

se-e

nded

1,3

8,3

35

68,2

50

70,0

85

1,2

7,3

35

1,0

6,9

87

20,3

48

1,0

5,3

49

1,3

3,6

87

-28,3

39

527

12,1

43

-11,6

16

95,5

23

Inte

rval

--

--

--

52,6

23

71,1

53

-18,5

30

465

8,7

68

-8,3

02

6,2

56

Tota

l19,3

8,4

93

18,4

4,5

08

93,9

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44,6

4,3

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75

1,5

3,8

02

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1,6

71

38,5

2,1

03

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32

4,2

7,5

94

4,2

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98

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65

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etas

sets

of

Rs.

792.3

2cr

ore

per

tain

ing

toF

und

of

Funds

Sch

emes

isnot

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uded

inth

eab

ove

dat

a.

Net

Ass

ets

as

on

Dec

31,

2008*

Sch

eme

2007-0

8D

ecem

ber

2008*

2008-0

9

(Ap

r-D

ec)

2006-0

7

096


Ta

ble

33

B:

Sch

eme-

wis

eR

eso

urc

eM

ob

ilis

ati

on

by

Mu

tua

lF

un

ds

(Rs.

Cro

re)

Sa

leP

urc

ha

seN

etS

ale

Pu

rch

ase

Net

Sa

leP

urc

ha

seN

etS

ale

Pu

rch

ase

Net

12

34

56

78

910

1112

13

A.In

com

e/D

ebt

Ori

ente

dS

chem

es(i

+ii

+ii

i+iv

)18,3

9,6

68

17,7

5,6

01

64,0

68

43,1

7,2

63

42,1

3,3

96

1,0

3,8

67

37,8

5,3

44

38,1

9,9

45

-34,6

01

4,2

5,5

70

4,2

4,4

22

1,1

49

i.L

iquid

/Money

Mar

ket

16,2

6,7

90

16,2

1,8

05

4,9

85

34,3

2,7

37

34,1

7,7

61

14,9

76

28,9

8,0

02

29,0

6,6

09

-8,6

07

3,3

5,3

97

3,3

9,7

39

-4,3

42

ii.G

ilt

1,8

53

2,8

16

-964

3,1

80

2,7

46

434

10,6

05

7,8

06

2,7

99

3,1

70

2,1

82

988

iii.

Deb

t(o

ther

than

assu

red

retu

rn)

2,1

1,0

26

1,5

0,9

80

60,0

46

8,8

1,3

46

7,9

2,8

89

88,4

57

8,7

6,7

37

9,0

5,5

30

-28,7

93

87,0

03

82,5

00

4,5

03

iv.D

ebt

(ass

ure

dre

turn

)0

00

00

00

00

00

0

B.G

row

th/E

qu

ity

Ori

ente

dS

chem

es(i

+ii

)94,3

51

66,1

45

28,2

06

1,2

6,2

86

79,3

53

46,9

33

27,0

30

23,9

43

3,0

87

2,1

46

2,7

12

-352

i.E

LS

S4,6

69

216

4,4

53

6,4

48

297

6,1

51

2,0

76

242

1,8

34

213

27

187

ii.O

ther

s89,6

83

65,9

29

23,7

53

1,1

9,8

39

79,0

56

40,7

82

24,9

55

23,7

02

1,2

53

1,5

35

2,0

74

-539

C.B

ala

nce

dS

chem

es4,4

73

2,7

62

1,7

1111

,488

5,7

20

5,7

68

2,3

13

2,1

70

142

120

149

-28

D.E

xch

an

ge

Tra

ded

Fu

nd

(i+

ii)

--

-9

,33

91

2,1

06

-2,7

67

5,3

83

5,4

14

-30

44

77

31

-64

2

i.G

old

ET

F-

--

433

156

276

232

101

130

030

-30

ii.O

ther

ET

Fs

--

-8,9

06

11,9

50

-3,0

43

5,1

52

5,3

13

-161

104

716

-612

E.F

un

ds

of

Fu

nd

sIn

ves

tin

gO

ver

sea

s-

--

--

-1,6

01

631

970

50

78

-29

Tota

l(A

+B

+C

+D

+E

)19,3

8,4

93

18,4

4,5

08

93,9

85

44,6

4,3

76

43,1

0,5

75

1,5

3,8

02

38,2

1,6

71

38,5

2,1

03

-30,4

32

4,2

7,5

94

4,2

7,4

95

98

*N

etas

sets

per

tain

ing

toF

und

of

Funds

Sch

emes

isnot

incl

uded

inth

eab

ove

dat

a.

Sch

eme

2006-0

72008-0

9

(Ap

r-D

ec)

Dec

emb

er2008*

2007-0

8

(Rs. crore)

Table 34: Trends in Transactions on Stock Exchanges by Mutual Funds

097


Gross

Purchase

Gross

Sales

Net Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

1 2 3 4 5 6 7 8 9 10

2004-05 45,045 44,597 448 62,186 45,199 16,987 1,07,232 89,796 17,435

2005-06 1,00,436 86,133 14,303 1,09,770 72,969 36,801 2,10,206 1,59,102 51,104

2006-07 1,35,948 1,26,886 9,062 1,53,733 1,01,189 52,543 2,89,681 2,28,075 61,606

2007-08 2,17,578 2,01,274 16,306 2,98,605 2,24,816 73,790 5,16,183 4,26,090 90,095

2008-09 (Apr-Dec) 1,16,034 1,08,166 7,868 2,27,648 1,98,387 29,260 3,43,681 3,06,553 37,128

Apr-08 13,407 13,518 -111 36,801 20,363 16,438 50,208 33,881 16,327

May-08 13,470 13,406 64 30,920 25,002 5,918 44,390 38,408 5,982

Jun-08 14,811 11,632 3,179 24,287 21,023 3,264 39,098 32,655 6,443

Jul-08 17,189 15,777 1,413 23,529 17,740 5,789 40,718 33,517 7,202

Aug-08 10,660 11,029 -369 23,387 15,923 7,464 34,047 26,952 7,095

Sep-08 14,656 12,364 2,292 29,332 22,915 6,417 43,988 35,279 8,709

Oct-08 13,177 11,746 1,432 15,621 41,703 -26,082 28,799 53,448 -24,650

Nov-08 8,454 8,826 -373 13,883 17,482 -3,599 22,337 26,308 -3,971

Dec-08 10,210 9,870 341 29,887 16,237 13,650 40,098 26,106 13,991

Total

Period

Equity Debt

Purchase/

Sales

(Rs. crore)

Table 35: Substantial Acquisition of Shares and Takeovers

098


No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11

2004-05 35 3,503 12 165 14 964 61 4,632 212 6,958

2005-06 78 3,252 9 119 15 709 102 4,078 245 17,132

2006-07 66 6,771 15 4,498 6 83 87 11,352 223 18,608

2007-08 78 11,657 28 13,254 8 3,796 114 28,706 232 6,458

2008-09 (Apr-Dec) 71 2,507 11 594 3 167 83 3,268 180 8,197

Apr-08 9 144 2 16 0 0 11 160 44 3,495

May-08 4 15 1 8 1 96 6 119 18 309

Jun-08 14 492 3 317 0 0 17 809 21 382

Jul-08 7 674 2 175 0 0 9 849 23 299

Aug-08 5 26 0 0 1 29 6 55 20 190

Sep-08 8 256 0 0 0 0 6 256 13 76

Oct-08 9 687 1 49 1 42 11 778 14 1202

Nov-08 7 13 1 3 0 0 8 16 14 2215

Dec-08 8 200 1 26 0 0 9 226 13 29

Automatic

Exemption

AmountNo.Change in Control

of Management

Consolidation of

Holdings

Total

Year

Open Offers

Objectives

No. Amount

Substantial

Acquisition

099


Table 36: Progress of Dematerialisation at NSDL and CDSL

Companies

Live

DPs Live DPs

Locations

(Nos)

Demat

Quantity

(million

shares)

Demat

Value

(Rs.crore)

Companies

Live

DPs Live DPs

Locations

(Nos)

Demat

Quantity

(million

shares)

Demat

Value

(Rs.crore)

1 2 3 4 5 6 7 8 9 10 11

2004-05 5,536 216 2,819 1,28,663 14,47,663 5,068 271 1,530 19,080 1,20,959

2005-06 6,022 223 3,017 1,74,722 24,78,941 5,479 315 2,577 27,220 2,35,829

2006-07 6,483 240 5,599 2,02,701 31,42,645 5,589 365 4,178 31,250 2,83,136

2007-08 7,354 251 7,204 2,36,897 43,76,953 5,943 420 6,372 49,820 5,90,039

Apr-08 7,383 253 7,264 2,40,307 48,04,591 5,970 423 6,430 52,800 6,99,115

May-08 7,441 256 7,350 2,42,477 46,02,244 5,995 430 6,464 53,640 6,45,154

Jun-08 7,530 258 7,556 2,50,343 39,12,542 6,025 433 6,498 63,100 5,46,428

Jul-08 7,597 262 7,718 2,51,215 40,99,134 6,046 440 6,474 64,410 6,26,959

Aug-08 7,633 266 7,778 2,53,927 47,66,900 6,082 447 6,526 65,750 6,43,187

Sep-08 7,708 266 7,945 2,68,723 41,74,400 6,111 448 6,573 66,960 5,81,866

Oct-08 7,722 266 8,136 2,71,893 30,33,000 6,125 449 6,628 67,700 4,36,537

Nov-08 7,755 266 8,201 2,76,034 28,45,700 6,143 453 6,862 68,430 4,12,142

Dec-08 7,760 268 8,552 2,74,895 31,67,300 6,154 455 6,886 69,090 4,90,779

Note: The count of DPs includes main DPs as well as Branch DPs.

DPs Locations' represents the total live (main DPs and branch DPsas well as non-live (back office connected collection centres).

Source : NSDL and CDSL

At the end

of the period

NSDL CDSL

2008-09 (Apr-Dec)

100


s.cr

ore

)

Am

oun

t

6,68

,585

11,6

9,11

3

14,0

0,61

0

20,4

2,21

2

22,6

9,22

1

22,0

0,17

8

18,9

4,26

4

20,3

1,80

9

20,5

0,71

3

19,6

8,41

5

15,7

4,07

8

14,7

6,42

8

10,0

8,69

2

Ta

ble

37

:A

sset

su

nd

erth

eC

ust

od

yo

fC

ust

od

ian

s

No.

Am

oun

tN

o.A

mou

nt

No.

Am

oun

tN

o.A

mou

nt

No.

Am

oun

tN

o.A

mou

nt

No.

Am

oun

t

12

36

78

910

1112

1314

1516

17

2004

-05

1,85

22,

36,2

5763

91,

26,2

862,

649

1,48

113

01,

466

535

678

22,2

8916

24,5

31

2005

-06

2,49

14,

53,6

3683

12,

04,5

182,

975

1,63

312

91,

616

635

683

37,6

3056

31,8

72

2006

-07

3,07

05,

47,0

101,

220

2,90

,378

741

1,05

679

1,19

85

033

925

,656

6424

,522

2007

-08

3,97

77,

36,7

531,

784

4,69

,776

877

606

561,

238

45

309

36,9

7567

29,9

83

Apr

-08

4,07

38,

14,8

651,

814

5,25

,684

906

1,08

857

1,27

23

544

039

,516

6727

,609

May

-08

4,14

47,

68,5

941,

856

5,24

,176

921

1,01

857

1,22

43

544

239

,496

6728

,041

Jun-

084,

240

6,12

,268

1,90

54,

80,9

9793

383

957

1,02

53

545

437

,073

6725

,863

Jul-

084,

332

6,47

,439

1,97

74,

96,3

7694

386

455

1,06

91

545

735

,401

6926

,063

Aug

-08

4,15

46,

60,1

441,

936

5,11

,857

951

891

591,

150

15

439

37,6

3566

26,2

01

Sep

t08

4,52

85,

73,6

412,

157

4,76

,271

964

870

591,

018

15

463

35,7

0668

25,1

29

Oct

-08

4,53

94,

15,1

092,

236

3,73

,747

980

683

5968

61

547

533

,064

6827

,248

Nov

-08

3,84

2

3,83

2

3,86

,365

4,17

,476

1,86

5

1,81

0

3,55

,647

3,70

,434

814

833

578

528

58 59

564

665

15

414

414

24,9

99

19,2

44

67 70

27,4

34

19,0

32D

ec-0

81

5

Sou

rce:

Vari

ous

Cus

todi

ans

2008

-09

(Ap

r-D

ec)

NR

IsM

utu

alF

un

ds

FII

s/S

As

Cli

ent

Per

iod

Cor

por

ates

Bro

ker

sO

CB

sB

ank

s

No.

Am

oun

tN

o.A

mou

nt

No.

1819

2021

2223

3747

,780

27,8

702,

08,4

6133

,876

4784

,048

28,2

743,

54,1

2535

,492

121,

00,3

613,

369

4,10

,429

8,89

7

111,

39,9

184,

068

6,26

,958

10,3

01

121,

65,6

324,

845

6,93

,550

12,2

17

121,

58,6

134,

905

6,79

,010

12,4

07

121,

28,1

444,

983

6,08

,050

12,6

54

121,

30,5

495,

096

6,94

,042

12,9

42

121,

34,3

375,

008

6,78

,493

12,6

26

131,

12,7

076,

221

7,43

,070

14,4

74

1383

,052

8,37

46,

40,4

8416

,745

1371

,479

76,5

99

5,41

4

5,66

6

6,09

,357

1,04

,709

12,4

88

1312

,723

Tot

alO

ther

sF

orei

gn

Dep

osit

orie

s

101


Tab

le3

8:

Ra

tin

gs

Ass

ign

edfo

rL

on

g-t

erm

Co

rpo

rate

Deb

tS

ecu

riti

es(M

atu

rity

≥1

yea

r)

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

No

.A

mo

un

tN

o.

Am

ou

nt

12

34

56

78

910

1112

13

2004-0

52

78

1,5

9,7

88

110

48,6

02

58

8,1

91

35

4,1

39

96

88

490

2,1

8,7

07

2005-0

62

61

2,7

9,9

68

147

62,3

16

45

28,9

57

21

1,2

00

4144

478

3,8

2,5

85

2006-0

73

12

2,6

6,8

63

144

53,7

66

53

5,9

05

33

9,0

14

275

544

3,3

5,6

23

2007-0

8335

4,5

4,1

64

257

1,2

0,1

99

167

35,6

61

63

9,4

78

27

1,6

03

845

6,2

0,7

85

2008-0

9(A

pr-

Dec

)229

4,0

9,5

39

271

1,0

0,5

72

219

39,8

38

332

36,7

81

159

12,1

59

1,2

10

5,9

8,8

89

Apr-

08

25

1,2

8,9

19

38

24,6

06

20

5,4

85

18

5,5

00

10

690

111

1,6

5199

May

-08

26

1,0

1,6

21

28

6,1

81

35

4,7

82

34

1,6

76

9829

132

1,1

5,0

89

Jun-0

819

12,2

57

27

17,1

57

20

2,4

98

21

859

12

931

99

33,7

02

Jul-

08

30

16,2

21

22

2,5

15

19

1,5

89

32

3,0

27

10

238

113

23,5

90

Aug-0

820

12,7

58

31

12,1

42

26

4,1

78

39

10,5

28

22

3056

138

42,6

62

Sep

-08

29

21,5

60

34

7,0

20

24

3,6

78

38

3,0

18

19

700

144

35,9

75

Oct

-08

29

16,5

94

28

8,7

83

16

8,2

60

39

2,2

20

12

388

124

36,2

46

Nov-0

819

40,7

71

26

7,3

48

29

4,9

22

34

3,0

05

19

2,0

13

127

58,0

60

Dec

-08

32

58,8

38

37

14,8

21

30

4446

77

6948

46

3314

222

88,3

67

Sou

rce:

Cre

dit

Rati

ng

Agen

cies

No

n-I

nv

estm

ent

Gra

de

Mod

erate

Safe

ty

(BB

B)

Tota

l

Gra

de

Per

iod

Inves

tmen

tG

rad

e

Hig

hes

t

Sa

fety

(AA

A)

Hig

hS

afe

ty(A

A)

Ad

equ

ate

Safe

ty(A

)

102


Tab

le39:

Rev

iew

of

Acc

epte

dR

ati

ngs

of

Corp

ora

teD

ebt

Sec

uri

ties

(Matu

rity

≥1

yea

r)

(Rs.

cro

re)

No.

Am

ou

nt

No.

Am

ou

nt

No.

Am

ou

nt

No.

Am

ou

nt

No.

Am

ou

nt

No.

Am

ou

nt

No.

Am

ou

nt

12

34

56

78

910

1112

13

14

15

20

04

-05

81

22

,19

96

09

58

28

87

7,9

3,5

40

21

4,7

20

15

31

2,2

78

811

61

,21

08

,40

,42

7

20

05

-06

68

51

,82

74

36

85

28

70

13

,39

,01

62

12

,31

91

77

33

,79

23

28

71

,18

21

4,3

4,0

93

20

06

-07

32

6,5

33

41

5,0

50

85

411

,41

,73

43

911

,36

41

27

19

,33

511

5,9

91

1,1

04

11,9

0,0

05

20

07

-08

62

8,7

62

73

31

,49

01

03

11

8,0

5,4

68

51

40

,60

21

72

25

,18

80

01

38

91

9,1

1,5

09

20

08

-09

(Ap

r-D

ec)

23

3,6

05

13

69

3,4

83

1,0

90

17

,78

,07

33

18

4,4

61

23

23

4,2

69

00

1,5

12

19

,93

,89

0

Ap

r-0

81

15

06

10

,63

94

71

,48

,10

91

011

1,6

55

00

66

1,6

0,5

53

May

-08

21

51

31

32

30

2,3

8,1

98

11

00

34

7,9

69

00

70

2,4

6,5

50

May

-08

21

51

31

32

30

2,3

8,1

98

11

00

34

7,9

69

00

70

2,4

6,5

50

Jun

-08

21

50

86

41

49

1,4

4,8

89

11

,50

01

38

22

00

73

1,4

8,0

02

Jul-

08

32

84

21

,53

01

00

69

,86

10

02

82

,87

90

01

33

74

,55

4

Au

g-0

80

01

33

,65

41

99

1,5

4,4

51

00

16

3,0

31

00

22

81

,61

,13

6

Sep

-08

58

72

12

1,8

49

26

31

,11

,96

31

41

6,7

73

91

,43

30

03

03

1,3

2,8

90

Oct

-08

41

,07

55

86

511

12

,37

,57

06

28

,17

61

64

,06

90

01

42

2,7

1,7

54

No

v-0

80

03

02

4,8

75

84

1,0

6,3

19

42

6,2

67

26

2,1

69

00

14

41

,59

,62

9

Dec

-08

47

72

54

49

,16

51

77

3,2

8,5

16

311

,54

54

52

,27

30

02

83

3,9

2,2

72

So

urc

e:C

redit

Rati

ng

Agen

cies

Up

gra

ded

Dow

ngra

ded

Rea

ffir

med

Gra

de

Per

iod

Rati

ng

Watc

hN

ot

Mea

nin

gfu

l

Cate

gory

Tota

lW

ith

dra

wn

/

Su

spen

ded

Table 40: Macro Economic Indicators

[i] As on August 29, 2008, September 26, 2008, 24 October 2008, November 28, 2008, December 19, 2008

[ii] As on September 5, 2008, September 26, 2008, 24 October 2008, November 30, 2008, December 26, 2008

[iii] As on September 5, 2008, October 3, 2008, October 31, 2008, Novermber 28, 2008, December 26, 2008

[iv] As on September 5, 2008, October 3, 2008, October 31, 2008, December 5, 2008, January 2, 2009

* upto October 31, 2008, December 5, 2008, December 19, 2008

** As on October 25, 2008, November 24, 2008, January 2, 2009

Source : websites of RBI, CSO, Director General of Foreign Trade, Ministry of Commerce & Industry.

103


47,13,148

34.8

35.9

August September October November December

2008 2008 2008 2008 2008

Cash Reserve Ratio (%) 8.75 9.00 6.50 5.50 5.50

Bank Rate (%) 6.00 6.00 6.00 6.00 6.00

Money Supply (M3) (Rs.crore)* 42,15,293 42,71,086 43,38,172 43,80,915 44,30,231

Aggregate Deposit (Rs.crore)* 33,91,461 34,42,138 34,86,221 36,49,506 35,69,352

Bank Credit (Rs.crore)* 24,58,334 25,42,467 26,15,041 26,32,700 26,44,528

Call Money Rate( lending / borrowing )-Max 10.04 15.25 10.29 8.10 6.60

91-Day-Treasury Bill[iii] 9.03 8.85 7.43 6.70 5.48

PLR (Maximum) (%) 14.00 14.00 14.00 13.25 13.25

Deposit Rate (Maximum) (%) 10.00 10.00 10.50 9.00 10.00

Turnover (BSE+NSE) (Rs.crore) 3,34,175 3,70,352 2,94,425 2,36,816 80,866

Market Cap-BSE (Rs.crore) 47,78,864 41,65,387 29,97,259 28,18,964 31,44,766

Market Cap-NSE (Rs.crore) 44,72,461 39,00,185 28,20,388 26,53,281 29,16,768

Net FII Investment in Equity (Rs.crore) -1,212 -8278 -15347 -2,598 2,377

Forex Reserves (Rs.crore) 12,80,950 13,31,166 12,01,920 12,21,778 12,47,495

Re/ Dollar 44.37 46.88 49.24 49.69 48.45

Re/Euro 63.41 64.99 62.83 63.46 68.22

6- months Inter Bank Forward Premia of US Dollar 2.84 0.62 2.21 2.52 2.37

Govt. Market Borrowing (Rs. crore)* 88,000 1,06,000 1,06,000* 1,45,000 1,55,000

Wholesale Price Index (Base 1993-94) 213.9 241.4 241.4** 233.7 229.5

General 264 274.7 261.5 267.2 QE

Mining 160.2 162.8 174.4 175.0 QE

Manufacturing 283.1 296.4 276.9 285.7 QE

Electricity 221.6 219.3 231.2 217.5 QE

Exports (Rs.crore) 68,721 62,641 62,387 56,374

Imports (Rs.crore) 1,28,582 1,11,085 1,13,659 1,05,697

Trade Balance (Rs.crore) -59,861 -48,444 -51,272 -49,323

V. Interest Rate[ii]

VI. Capital Market Indicators

IV. Monetary and Banking Indicators[i]

I. GDP at Market Prices ( 2007-08 Advance Estimate) (Rs.crore)

II. Gross Domestic Saving as a % of GDP at market prices (2006-07 Quick Estimates)

III. Gross Domestic Capital Formation as a % of GDP at market prices

(2006-07 Quick Estimates)

VII. Exchange Rate and Reserves[iv]

VIII. Public Borrowing and Inflation

IX. Index of Industrial Production (y-o-y)% (Base year 1993-94 = 100)

X. External Sector Indicators

104


Dail

yR

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2006

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1.0

70.0

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60.0

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2008

(Jan

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62.3

8-0

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2.3

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2.8

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2.0

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11.5

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40.8

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0.1

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61.4

50.1

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50.1

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20

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60.0

61.2

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1.5

40.1

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20

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(Jan

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PUBLICATIONS

1. Annual Reports: 2006-07, 2005-06, 2004-05, 2003-04.2007-08,

2. Handbook of Statistics on Indian Securities Market, 2008.

Interested persons may contact the Research Department of SEBI to obtain a copy of Annual Report / Handbook of Statistics at the following address:

Research Department Securities and Exchange Board of IndiaPlot No. C4-A, ‘G’ Block, Bandra Kurla Complex,

Bandra (E).Mumbai - 400051

Tel No. +91-22-26449000,Fax No. +91-22-26449013, 40459013

105
