fact book 2008

Fact Book2008

NATIONAL STOCK EXCHANGE OF INDIA LIMITEDJune 2008

i

C O N T E N T S

SECTION 1 – NATIONAL STOCK EXCHANGE OF INDIA

Genesis ......................................................................................................... 3

Ownership And Management ..................................................................... 3

Market Segments And Products .................................................................. 3

Achievements / Milestones .......................................................................... 6

Facts And Figures ...................................................................................... 11

Technology ................................................................................................ 11

Application Systems .................................................................................. 12

NSE Family ............................................................................................... 14

NSCCL .............................................................................................. 14

NSDL ................................................................................................. 15

NSE Infotech Services Ltd .................................................................... 15

NSE.IT ............................................................................................... 15

IISL .................................................................................................... 16

NCDEX ............................................................................................. 16

NCCL ................................................................................................ 16

PXI ..................................................................................................... 16

SECTION 2 – MEMBERSHIP ADMINISTRATION

Eligibility Criteria ...................................................................................... 21

Trading Membership ................................................................................. 21

Clearing Membership ................................................................................ 22

Growth And Distribution Of Members .................................................... 22

Transaction Charges .................................................................................. 23

SECTION 3 – LISTING OF SECURITIES

Benefi ts Of Listing On NSE ...................................................................... 31

Listing Criteria ........................................................................................... 32

Listing Agreement ..................................................................................... 32

Compliance By Listed Companies ............................................................. 32

Disclosures By Listed Companies .............................................................. 32

De-Listing .................................................................................................. 33

CM Segment .............................................................................................. 34

Listing Fees ................................................................................................ 34

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C O N T E N T S

Shareholding Pattern ................................................................................. 35

WDM Segment .......................................................................................... 35

Funds Mobilisation On The Exchange ...................................................... 36

Initial Public Offerings (IPO’s) .................................................................. 36

FPOs .................................................................................................. 36

Rights Issues ........................................................................................ 37

Preferential Allotment / Private Placement ........................................ 37

QIPs ................................................................................................... 37

SECTION 4 – CAPITAL MARKET SEGMENT

NEAT System ........................................................................................... 59

Market Performance .................................................................................. 59

Trading Volume ................................................................................. 59

Liquidity ............................................................................................ 60

Distribution of Turnover .................................................................... 61

Market Capitalisation ......................................................................... 61

Sectoral Distribution ........................................................................... 61

Trading Records during 2007-08 ......................................................... 62

Internet Trading ................................................................................. 62

FII Turnover on NSE .......................................................................... 62

On-line IPOs ...................................................................................... 62

Indices ........................................................................................................ 63

Volatility Index .................................................................................. 63

Mutual Funds And Exchange Traded Funds ............................................. 64

Transaction Charges .................................................................................. 64

Clearing & Settlement ............................................................................... 65

Settlement Agencies ............................................................................. 66

Settlement Cycles ................................................................................ 67

Settlement Statistics ............................................................................. 67

Risk Management System .......................................................................... 67

Capital Adequacy ............................................................................... 68

Margin Requirements .......................................................................... 68

Categorisation of newly listed securities ............................................... 68

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C O N T E N T S

Value at Risk Margin .......................................................................... 69

Extreme Loss Margin ........................................................................... 69

Mark to Market Margin ....................................................................... 69

Index-based Circuit Filters ................................................................... 70

Settlement Guarantee Fund ................................................................. 71

Surveillance, Investigation & Inspection ................................................... 71

Surveillance & Investigation ............................................................... 71

Inspection ........................................................................................... 71

SECTION 5 – WHOLESALE DEBT MARKET SEGMENT

Trading Mechanism ..................................................................................103

Market Performance .................................................................................104

Turnover ...........................................................................................104

Market Capitalisation ........................................................................106

Transaction Charges .................................................................................106

Settlement .................................................................................................106

Constituent SGL Facility ..........................................................................107

FIMMDA-NSE MIBID/MIBOR ..............................................................107

Zero Coupon Yield Curve ........................................................................108

NSE-VAR System .....................................................................................109

GOI-bond Index .......................................................................................110

SECTION 6 – FUTURES & OPTIONS SEGMENT

Trading Mechanism ..................................................................................136

Contract Specifi cation ..............................................................................137

Selection Criteria For Stocks And Index Eligibility For Trading ............138

Trading Value & Contract Traded ...........................................................140

Product wise turnover on F&O Segment .............................................141

Futures and Options on Benchmark Indices ........................................142

Sectorwise Stock Futures & Options Turnover ....................................143

Participant wise turnover on F&O Segment .......................................143

FII Turnover on NSE .........................................................................144

Memberwise turnover on the Exchange ...............................................144

High Volume Members .......................................................................144

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C O N T E N T S

Internet Trading ................................................................................145

Traded Value Records ........................................................................145

Top 20 Futures And Option Contracts ....................................................145

Number Of Trades ..................................................................................146

Charges .....................................................................................................146

Clearing And Settlement ..........................................................................147

Settlement Statistics ............................................................................147

Clearing Mechanism ..........................................................................148

Settlement Mechanism ........................................................................148

Risk Management System .........................................................................150

NSE- SPAN .......................................................................................151

Margins .............................................................................................152

Position Limits ..................................................................................153

SECTION 7 – INVESTOR GRIEVANCES, ARBITRATION

Investor Grievances ..................................................................................185

Arbitration ................................................................................................186

SECTION 8 – KNOWLEGDE INITIATIVE

NSE’S Certifi cation in Financial Markets ................................................191

NCFM Online Payment System ..............................................................192

NCFM Tests conducted in other languages .............................................192

CBSE- NSE Certifi cation in Financial Markets ........................................192

NSE Research Initiative ............................................................................193

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C O N T E N T S

TABLES

SECTION 1

1-1 Board of Directors ............................................................ 17

1-2 Executive Committees ...................................................... 18

SECTION 2

2-1 (a) Eligibility Criteria for Membership ................................. 24

2-1 (b) Requirements for Professional Clearing Membership ...................................................................... 25

2-2 Growth and Distribution of Members ............................. 25

SECTION 3

3-1 Listing Criteria for Companies on CM Segment of NSE ............................................................... 38

3-2 Companies Listed/ Permitted to Trade/Available for Trading on the CM Segment ...................................... 40

3-3 Share holding Pattern at the end of March 2008 of Companies Listed on NSE .............................................. 43

3-4 Eligibility Criteria for Securities on WDM Segment ....... 44

3-5 Securities Available for Trading on WDM Segment (as on March 31) ............................................................... 45

3-6 Initial Public Offerings (IPOs) during 2007-08 ................. 46

3-7 FPOs during 2007-08 ........................................................ 50

3-8 Rights Issues during 2007-08 ............................................. 50

3-9 Preferential Allotments by NSE Listed Companies during 2007-08 .................................................................. 51

3-10 Amount raised through QIP during 2007-08 ................... 56

SECTION 4

4-1 Business Growth of CM Segment .................................... 72

4-2 Percentage Share of Top ‘N’ Securities /Members in Turnover ...................................................................... 75

4-3 ‘50’ Most Active Securities during 2007-08 in Terms of Trading Value ................................................... 76

4-4 Top ‘50’ Companies by Market Capitalisation as on March 31, 2008 ........................................................ 78

4-5 Industry Wise Classifi cation of Top ‘50’ Companies by Trading Volume and Market Capitalisation ............... 80

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C O N T E N T S

4-6 NSE’s Most Active Trading days during the year 2007-08 ................................................................ 81

4-7 Individual Securities Single day Trading Records ............ 81

4-8 FII turnover on derivative Market Segment of Exchange ........................................................ 81

4-9 Market Capitalisation of Securities in the CM Segment ..................................................................... 82

4-10 Composition of S&P CNX Nifty Index as on March 31, 2008 ................................................................. 84

4-11 Composition of CNX NIFTY Junior Index - as on March 31, 2008 ........................................................ 85

4-12 Industry-wise Weightages of S&P CNX NIFTY Securities as on 31st March, 2008 ..................................... 87

4-13 S&P CNX NIFTY Index ................................................. 87

4-14 CNX NIFTY Junior Index .............................................. 90

4-15 Performance of NSE Indices during the year 2007-08 ................................................................ 93

4-16 Details of Mutual Funds and Exchange Traded Funds Listed on NSE ....................................................... 93

(a) List of Mutual Funds (MF’s) and Exchange Traded Funds (ETF’s) ................................................................... 93

(b) No of Trades and Trading Value ...................................... 94

4-17 Settlement Cycle and Process in CM Segment & Settlement Process ........................................................ 94

4-18 Settlement Statistics in CM Segment ................................ 96

SECTION 5

5-1 Business Growth of WDM Segment ...............................111

5-2 WDM Transactions in Government Securities ...............116

5-3 Security-wise and Participant –wise Distribution of WDM Trades ..............................................................119

5-4 Share of Top ‘N’ Securities/Trading Members/ Participants in Turnover in WDM Segment ...................122

5-5 Market Capitalisation of WDM Securities ......................123

5-6 FIMMDA NSE-MIBID/MIBOR Rates ...........................128

5-7 1 day Value-at-Risk (99%) for Government of India Securities Traded as on March 31, 2008 ...........................131

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C O N T E N T S

SECTION 6

6-1 List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008) .....................................................156

6-2 Contract Specifi cation for Index Futures and Options ........................................................163

6-3 Contract Specifi cation for Stock Futures and Options ........................................................166

6-4 Business Growth of Futures & Options Market Segment ...............................................................167

6-5 Sector-wise Trading Value of Top 5 companies in the F&O Segment (2007-08) ........................................172

6-6 Participant wise Trading Value in the F&O Segment (2007-08) ..................................................174

6-7 FII Gross turnover on derivative Market Segment of Exchange .......................................................175

6-8 (a) Number of Members in different turnover brackets during 2007-08 ...................................................176

(b) No. of members in different Turnover Brackets in Futures and Options Segment for 2007-08 .....................177

(c) Segment wise Contribution of Top ‘N’ Members to turnover on Futures and Options segment .....................176

6-9 Top 20 Futures contracts according to number of contracts 2007-08 .........................................................178

6-10 Top 20 Option contracts according to no. of contracts traded 2007-08 .................................................179

6-11 Number of trades in the Futures & Options Segment 2007-08 ..............................................................179

6-12 Settlement Statistics in F&O Segment ............................180

SECTION 7

7-1 Receipt and Disposal of Investor Grievance ....................187

7-2 Status Report of Arbitration Matters ..............................187

SECTION 8

8-1 NCFM Modules ..............................................................194

8-2 Studies under the NSE Research Initiative ......................195

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C O N T E N T S

CHARTS

SECTION 1

1-1 Market Segment Indications - Trading Volume ................. 5

1-2 Market Segment Indicators - Market Capitalisation ........... 6

SECTION 3

3-1 No. of Companies Listed ................................................. 37

SECTION 4

4-1 Business Growth of Capital Market Segment .................. 75

4-2 Movement of Sectoral Indices : 2007-08 ........................... 92

SECTION 5

5-1 Business Growth of WDM Segment ...............................104

5-2 (a) Security-wise Distribution of WDM Trades (2007-08) ....105

(b) Participant-wise distribution of WDM trades (2007-08) .....................................................105

5-3 Overnight MIBID/MIBOR Rates, 2006-07 - from 3 April 2007 to 31st March 2008 ............................108

5-4 Zero Coupon Yield Curve, 2007-08 ................................109

SECTION 6

6-1 Business Growth of F&O Segment .................................140

6-2 Product wise Number of Contracts Traded during 2007-08 .....................................................141

6-3 Product wise trading volumes during 2007-08 .................142

6-4 Participant wise F&O Turnover during 2007-08 ............144

National Stock Exchange of India 1

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1National Stock Exchange of India

Genesis

NSE was given recognition as a stock exchange in April 1993 and started operations in June 1994, with trading on the Wholesale Debt Market Segment. Subsequently, it launched the Capital Market Segment in November 1994 as a trading platform for Equities and the Futures and Options segment in June 2000 for various derivative instruments.

Ownership and Management

The NSE is owned by a set of leading fi nancial institutions, banks, insurance companies and other fi nancial intermediaries. It is managed by professionals, who do not directly or indirectly trade on the Exchange. The trading rights are with trading members who offer their services to the investors. The Board of NSE comprises of senior executives from promoter institutions and eminent professionals, without having any representation from trading members.

While the Board deals with the broad policy issues, the Executive Committees (ECs), which include trading members, formed under the Articles of Association and the Rules of NSE for different market segments, set out rules and parameters to manage the day-to-day affairs of the Exchange. The day-to-day management of the Exchange is delegated to the Managing Director and CEO who is supported by a team of professional staff. Therefore, though the role of trading members at NSE is to the extent of providing only trading services to the investors, the Exchange involves trading members in the process of consultation and participation in vital inputs towards decision making.

Tables 1-1 and 1-2 gives the composition of its Board of Directors and the Executive Committees.

Market Segments and Products

NSE provides a trading platform for of all types of securities for investors under one roof – Equity, Corporate Debt, Central and State Government Securities, T-Bills, Commercial Paper (CPs), Certifi cate of Deposits (CDs), Warrants, Mutual Funds (MFs) units, Exchange Traded Funds (ETFs), Derivatives like Index Futures, Index Options, Stock Futures, Stock Options. The Exchange provides trading in 3 different segments viz., Wholesale Debt Market (WDM) segment, Capital Market (CM) segment and the Futures & Options (F&O) segment

The Wholesale Debt Market segment provides the trading platform for trading of a wide range of debt securities which includes State and Central Government securities, T-Bills, PSU Bonds, Corporate debentures, CPs, CDs etc. However, along with these fi nancial instruments, NSE has also launched various products e.g. FIMMDA-NSE MIBID/MIBOR

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owing to the market need. A reference rate is said to be an accurate measure of the market price. In the fi xed income market, it is the interest rate that the market respects and closely matches. In response to this, NSE started computing and disseminating the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-Bank Offer Rate (MIBOR). Owing to the robust methodology of computation of these rates and its extensive use, this product has become very popular among the market participants. Keeping in mind the requirements of the banking industry, FIs, MFs, insurance companies, who have substantial investments in sovereign papers, NSE also started the dissemination of its yet another product, the ‘Zero Coupon Yield Curve’. This helps in valuation of sovereign securities across all maturities irrespective of its liquidity in the market. The increased activity in the government securities market in India and simultaneous emergence of MFs (Gilt MFs) had given rise to the need for a well defi ned bond index to measure the returns in the bond market. NSE constructed such an index the, ‘NSE Government Securities Index’. This index provides a benchmark for portfolio management by various investment managers and gilt funds.

The Capital Market segment offers a fully automated screen based trading system, known as the National Exchange for Automated Trading (NEAT) system. This operates on a price/time priority basis and enables members from across the country to trade with enormous ease and effi ciency. Various types of securities e.g. equity shares, warrants, debentures etc. are traded on this system. The average daily turnover in the CM Segment of the Exchange during 2007-08 was nearly Rs. 14,148 crore. (US $ 3,540 million).

Futures & Options segment of NSE provides trading in derivatives instruments like Index Futures, Index Options, Stock Options, Stock Futures. Though only eight years into its’ operations, the futures and options segment of NSE has made a mark for itself globally. In the Futures and Options segment, trading in S&P CNX Nifty Index, CNX IT index, Bank Nifty Index, CNX Nifty Junior, CNX 100 index, Nifty Midcap 50 index and single stocks are available. The average daily turnover in the F&O Segment of the Exchange during 2007-08 was nearly Rs. 52,153 cr. (US $ 13,048 millions).

The statistical details of these segments are presented in the tables and charts below :

Market Segments – Selected IndicatorsAt end of March 2008

Segments No. of Members No. of Securities/Contracts Available

CM 1,069 1,236 a

WDM 62 3,566

F&O 942 23,466 b

Total 1,075 c 28,268

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a Excludes suspended securities.

b 3 Nifty index Futures, 3 CNX IT Futures, 3 Bank Nifty Futures, 3 CNX 100 futures, 3 Nifty Junior index futures, 3 Nifty Midcap50 futures, 3 Mini Nifty Futures, 681 stock futures, 520 Nifty index options, 124 CNX IT options, 296 Bank Nifty options, 146 CNX 100 options, 312 Nifty Junior index options , 112 Nifty Midcap50 options, 142 Mini Nifty Options, 21,094 stock option and 18 interest rate futures contracts.

c Do not add up to total because of multiple membership.

Trading Value

(Rs. cr)

Segment/Year 2004-05 2005-06 2006-07 2007-08

CM 1,140,072 1,569,558 1,945,287 3,551,038

F&O 2,547,053 4,824,250 7,356,271 13,090,478

WDM 887,294 475,523 219,106 282,317

Total 4,574,418 6,869,332 9,520,664 16,923,833

Market Segments Indicators- Trading Volume

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Market Capitalisation (As at end March)

(Rs. cr)

Segment/Year Mar-05 Mar-06 Mar-07 Mar-08

CM 1,585,585 2,813,201 3,367,350 4,858,122

WDM 1,461,734 1,567,574 1,784,801 2,123,346

Total 3,047,319 4,380,775 5,152,151 6,981,468

Market Segment Indicators- Market Capitalisation

Achievements/Milestones

Month/Year Event

November 1992 IncorporationApril 1993 Recognition as a stock exchange.June 1994 WDM segment goes live.November 1994 CM segment goes live through VSAT.March 1995 Establishment of Investor Grievance Cell.April 1995 Establishment of NSCCL, the fi rst Clearing Corporation.July 1995 Establishment of Investor Protection Fund.October 1995 Became largest stock exchange in the country.April 1996 Commencement of clearing and settlement by NSCCL.April 1996 Launch of S&P CNX Nifty.

Contd...

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Month/Year Event

June 1996 Establishment of Settlement Guarantee Fund.November 1996 Setting up of National Securities Depository Ltd., first

depository in India, co-promoted by NSE.November 1996 ‘Best IT Usage’ award by Computer Society of India.December 1996 Commencement of trading/settlement in dematerialised

securities.December 1996 Dataquest award for ‘Top IT User’.December 1996 Launch of CNX Nifty Junior.November 1997 ‘Best IT Usage’ award by Computer Society of India.May 1998 Promotion of joint venture, India Index Services & Products

Limited (IISL) (along with CRISIL) for index services.May 1998 Launch of NSE’s Web-site : www.nseindia.com.July 1998 Launch of ‘NSE’s Certification Programme in Financial

Markets’. (NCFM) August 1998 ‘CYBER CORPORATE OF THE YEAR 1998’ award.April 1999 ‘CHIP Web Award’ by CHIP magazine.October 1999 Setting up of NSE.IT Ltd.January 2000 Launch of NSE Research Initiative.February 2000 Internet Trading in CM segment.June 2000 Commencement of Derivatives Trading (in Index Futures).September 2000 Launch of Zero Coupon Yield Curve.June 2001 Commencement of Trading in Index OptionsJuly 2001 Commencement of Trading in Options on Individual

SecuritiesNovember 2001 Commencement of Trading in Futures on Individual

SecuritiesDecember 2001 Launch of NSE VAR for Government SecuritiesJanuary 2002 Launch of Exchange Traded Funds (ETFs). May 2002 NSE wins the Wharton-Infosys business Transformation

Award in the organization-wide transformation categoryOctober 2002 Launch of Government Securities IndexJanuary 2003 Launch of Retail Debt of Government SecuritiesJune 2003 Launch of Exchange Traded Interest Rate derivatives on

Notional 91 day T-bills and Notional 10 year bondsAugust 2003 Launch of Futures and Options on CNX IT Index June 2004 Launch of STP InteroperabilityAugust 2004 Launch of NSE electronic interface for listed companies

Contd...

Contd...

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Month/Year Event

March 2005 ‘India Innovation Award’ by EMPI Business School, New Delhi

June 2005 Launch of Futures & Options on BANK Nifty IndexAugust 2006 Setting up of NSE Infotech Services Ltd. December 2006 ‘Derivative Exchange of the Year’, by Asia Risk magazineJanuary 2007 Launch of NSE – CNBC TV 18 media centreMarch 2007 NSE, CRISIL announce launch of India Bond Watch.comMarch 2007 Launch of Gold BeES- Exchange Traded Fund (ETF).(First

Gold ETF)June 2007 Launch of Futures & Options on CNX 100 and CNX Nifty

Junior contracts.October 2007 Launch of Futures & Options on Nifty Midcap 50January 2008 Launch of Mini Nifty derivative contractsMarch 2008 Launch of long term option contracts on S&P CNX Nifty

Index.April 2008 Launch of Securities Lending & Borrowing SchemeApril 2008 Launch of - India VIX - The Volatility IndexJune 2008 Setting up of Power Exchange India Ltd.

Developments during the year.

New Products in the F & O Segment

Based on the evolving needs of the market and the investors, NSE introduced futures and options trading on Nifty Midcap 50 index in October 2007. It is a gateway for investors to invest in the medium capitalised segment of the stock market which is being increasingly perceived as an attractive investment strategy with high growth potential. Mini Nifty derivative were available for trading from 01st January 2008. It provides an opportunity and easier access for small investors to invest in derivatives. Index is the most actively traded index based derivative product in India. The long term options contract which was introduced in March 2008 has expected to deepen this market further.

Securities Lending and Borrowing

SEBI issued a SLB scheme on December 20, 2007. The salient features of the scheme are as under:

• To begin with, the SLB would be operated through Clearing Corporation/Clearing House of stock exchanges having nation-wide terminals who will be registered as Approved Intermediaries (AIs) under the SLS, 1997.

Contd...

9

• The SLB would take place on an automated, screen based, order-matching platform which will be provided by the AIs. This platform would be independent of the other trading platforms.

• To begin with, the securities traded in derivatives segment would be eligible for lending & borrowing under the scheme.

• All categories of investors including retail, institutional etc. will be permitted to borrow and lend securities. The borrowers and lenders would access the platform for lending/borrowing set up by the AIs through the clearing members (CMs) who are authorized by the AIs in this regard.

• The tenure of lending/borrowing would be fi xed as standardised contracts. To start with, contracts with tenure of 7 trading days may be introduced.

• The settlement cycle for SLB transactions would be on T+1 basis. The settlement of lending and borrowing transactions would be independent of normal market settlement.

• The settlement of the lending and borrowing transactions should be done on a gross basis at the level of the clients i.e. no netting of transactions at any level will be permitted.

NSCCL, as an Approved Intermediary (AI) launched the Securities Lending & Borrowing Scheme from April 21, 2008. Lending & Borrowing is carried on an automated screen based platform where the order matching is done on basis of price time priority. The borrowing has a fi xed tenure of seven days with the fi rst leg settlement on T+1 day and reverse leg settlement on T+8 day.

Direct Market Acess

During April 2008, Securities & Exchange Board of India (SEBI) allowed the direct market access (DMA) facility to the institutional investors. DMA allows brokers to offer clients direct access to the exchange trading system through the broker’s infrastructure without manual intervention by the broker. DMA facility give clients direct control over orders, help in faster execution of orders, reduce the risk of errors from manual order entry and lend greater transparency and liquidity. DMA also leads to lower impact cost for large orders, better audit trails and better use of hedging and arbitrage opportunities through the use of decision support tools/algorithms for trading.

Volatility Index

The India VIX, the volatility Index was launched on 08th April, 2008 . A Volatility Index refl ects the market’s expectation of volatility over the near term. The index captures the implied volatility embedded in option prices. Volatility is often described as the “rate and magnitude of changes in prices” and, in, fi nance often referred to as risk.

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Volatility Index is a measure, of the amount by which an underlying Index is expected to fl uctuate, in the near term, (calculated as annualised volatility, denoted in percentage e.g. 20%) based on the order book of the underlying index options. Market volatility keeps changing as new information fl ows into the market. It would be imperative for market participants to have an index designed to track market volatility. The India VIX is a simple but useful tool in determining the overall volatility of the market.

Cross Margining

Many trading members undertake transactions on both the cash and derivative segments of an Exchange. They keep separate deposits with the exchange for taking positions in two different segments. In order to improve the effi ciency of the use of the margin capital by market participants and as in initial step towards cross margining across cash and derivatives markets SEBI allowed Cross Margining benefi t in May 2008.

For Cross margining the stock positions of the institutions in capital market segment after confi rmation by the custodian on T+1 day shall be compared with the stock futures position of the same institution in derivative segment based on the CP code of the institution at the end of the day. The position shall be considered for cross margining only if the position in the capital market segment off set the position in the derivative segment.

SEBI has allowed the following to start with: a. Cross margin is available for institutional trades. b. Cross margin is available to positions in cash market having corresponding off-setting positions in the stock futures market. c. For positions in the cash market which have corresponding offsetting positions in the stock futures, VaR margin is not be levied on the cash market position to the extent of the off-setting stock futures market position. d. Extreme Loss margin and Market to Market margin shall continue to be levied on the entire cash market position. e. The near-month stock futures positions are not considered for cross-margin benefi t three days prior to expiry (the last Thursday of every month) and there will be no change in the margins on the F & O positions.

Power Exchange India Limited

Power Exchange India Limited (PXI) a joint venture of National Stock Exchange of India Ltd (NSE) and National Commodity & Derivatives Exchange Ltd (NCDEX) has been set up in response to the guidelines issued by Central Electricity Regulatory Commission (CERC). PXI would be operating as a National Level electricity exchange covering the entire Indian electricity market. It will provide a common electronic platform for trading of electricity. It is proposed that the initial trading would be done on a day-ahead basis with voluntary participation. New contracts would be introduced after taking feedback form the market and obtaining approval from CERC.

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Facts And Figures

The growth in the stock market activity across the different market segments and products is visible from records reached as at the end of March 2008 as sited in the table below :

Stock Market Records

Sr.

No.

Parameter Date Magnitude

Capital Market Segment

1 Record number of trades January 03, 2008 6,812,991

2 Record daily turnover (quantity) September 26, 2007 11,353 lakhs

3 Record daily turnover (value) November 01, 2007 Rs.28,476.07 cr.

(US $ 7,124.36 mn.)

4 Record market capitalisation January 07, 2008 Rs.6,745,724.00 cr.

(US $ 1,687,696.77 mn.)

5 Record value of S&P CNX Nifty Index January 08, 2008 6357.10

6 Record value of CNX Nifty Junior Index January 04, 2008 13209.35

Clearing & Settlement

Record Pay-in/Pay-out (Rolling Settlement):

1 Funds Pay-in/Pay-out October 23,2007 * Rs.4,567.70 cr.

(US $ 1,142.78 mn.)

2 Securities Pay-in/Pay-out (Value) December 31,2007 * Rs.9,195.56 cr.

(US $ 2,300.62 mn.)

3 Securities Pay-in/Pay-out (Qty) October 01,2007 * 2,788.30 lakhs

* Settlement Date

Derivatives (F&O segment)

1 Record number of trades October 18,2007 1,420,967

2 Record daily turnover (value) October 18,2007 Rs. 110,563 cr.

(US $ 27,661.50 mn.)

Wholesale Debt Market Segment

1 Record daily turnover (value) August 25,2003 Rs.13,911.57 cr.

(US $ 3,179.79 mn.)

Technology

Technology has been the backbone of the Exchange. Providing the services to the investing community and the market participants using technology at the cheapest possible cost has been its main thrust. NSE chose to harness technology in creating a new market design. It believes that technology provides the necessary impetus for the organisation to retain its

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competitive edge and ensure timeliness and satisfaction in customer service. In recognition of the fact that technology will continue to redefi ne the shape of the securities industry, NSE stresses on innovation and sustained investment in technology to remain ahead of competition. NSE is the fi rst exchange in the world to use satellite communication technology for trading. It uses satellite communication technology to energise participation from about 2,956 VSATs from nearly 245 cities spread all over the country.

Its trading system, called National Exchange for Automated Trading (NEAT), is a state of-the-art client server based application. At the server end, all trading information is stored in an in-memory database to achieve minimum response time and maximum system availability for users. It has uptime record of 99.7%. For all trades entered into NEAT system, there is uniform response time of less than 1.5 seconds. NSE has been continuously undertaking capacity enhancement measures so as to effectively meet the requirements of increased users and associated trading loads. NSE has also put in place NIBIS (NSE’s Internet Based Information System) for on-line real-time dissemination of trading information over the Internet.

As part of its business continuity plan, NSE has established a disaster back-up site at Chennai along with its entire infrastructure, including the satellite earth station and the high-speed optical fi bre link with its main site at Mumbai. This site at Chennai is a replica of the production environment at Mumbai. The transaction data is backed up on near real time basis from the main site to the disaster back-up site through the 2 mbps high-speed link to keep both the sites all the time synchronized with each other.

Application Systems

The various application systems that NSE uses for its trading as well clearing and settlement and other operations form the backbone of the Exchange. The application systems used for the day-to-day functioning of the Exchange can be divided into (a) Front end applications and (b) Back offi ce applications.

In the front end, there are 6 applications: (i) NEAT – CM system takes care of trading of securities in the Capital Market segment that includes equities, debentures/notes as well as retail Gilts. The NEAT – CM application has a split architecture wherein the split is on the securities and users. The application runs on three Stratus systems with Open Strata Link (OSL). The application has been benchmarked to support 15,000 users and handle more than 15 million trades daily. This application also provides data feed for processing to some other systems like Index, OPMS through TCP/IP. This is a direct interface with the trading members of the CM segment of the Exchange for entering the orders into the main system. There is a two way communication between the NSE main system and the front end terminal of the trading member. (ii) NEAT – WDM system takes care of trading of securities in the Wholesale Debt Market (WDM) segment that includes Gilts, Corporate Bonds, CPs, T-Bills, etc. This is a direct interface with the trading members of the WDM segment of the Exchange for entering the orders/trades into the main system. There is a two way communication between the NSE main system and the front end terminal of

13

the trading member. (iii) NEAT – F&O system takes care of trading of securities in the Futures and Options (F&O) segment that includes Futures on Index as well as individual stocks and Options on Index as well as individual stocks. This is a direct interface with the trading members of the F&O segment of the Exchange for entering the orders into the main system. There is a two way communication between the NSE main system and the front end terminal of the trading member. (iv) NEAT – IPO system is an interface to help the initial public offering of companies which are issuing the stocks to raise capital from the market. This is a direct interface with the trading members of the CM segment who are registered for undertaking order entry on behalf of their clients for IPOs. NSE uses the NEAT IPO system that allows bidding in several issues concurrently. There is a two way communication between the NSE main system and the front end terminal of the trading member. (v) NEAT – MF system is an interface with the trading members of the CM segment for order collection of designated Mutual Funds units (vi) Surveillance system offers the users a facility to comprehensively monitor the trading activity and analyse the trade data online and offl ine.

In the back offi ce, the following important application systems are operative : (a) NCSS (Nationwide Clearing and Settlement System) is the clearing and settlement system of the NSCCL for the trades executed in the CM segment of the Exchange. The system has 3 important interfaces – OLTL (Online Trade loading) that takes each and every trade executed on real time basis and allocates the same to the clearing members, Depository Interface that connects the depositories for settlement of securities and Clearing Bank Interface that connects the thirteen clearing banks for settlement of funds. It also interfaces with the clearing members for all required reports. Through collateral management system it keeps an account of all available collaterals on behalf of all trading/clearing members and integrates the same with the position monitoring of the trading/clearing members. The system also generates base capital adequacy reports. (b) FOCASS is the clearing and settlement system of the NSCCL for the trades executed in the F&O segment of the Exchange. It interfaces with the clearing members for all required reports. Through collateral management system it keeps an account of all available collaterals on behalf of all trading/clearing members and integrates the same with the position monitoring of the trading/clearing members. The system also generates base capital adequacy reports. (c) OPMS – the online position monitoring system that keeps track of all trades executed for a trading member vis-à-vis its capital adequacy, (d) PRISM is the parallel risk management system for F&O trades using Standard Portfolio Analysis (SPAN). It is a system for comprehensive monitoring and load balancing of an array of parallel processors that provides complete fault tolerance. It provides real time information on initial margin value, mark to market profi t or loss, collateral amounts, contract-wise latest prices, contract-wise open interest and limits. The system also tracks online real time client level portfolio base upfront margining and monitoring (e) Data warehousing that is the central repository of all data in CM as well as F&O segment of the Exchange, (f) Listing system that captures the data from the companies which are listed in the Exchange for corporate governance and integrates the same to the trading system for necessary broadcasts for data dissemination process and (g) Membership system that keeps track of all required details of the Trading Members of the Exchange.

14

NSE Family

NSCCL

National Securities Clearing Corporation Ltd. (NSCCL), a wholly-owned subsidiary of NSE, was set up in August 1995. It was the fi rst clearing corporation in the country to provide novation/settlement guarantee that revolutionized the entire concept of settlement system in India. It commenced clearing operations in April 1996. It has been set up to bring and sustain confi dence in clearing and settlement of securities; to promote and maintain short and consistent settlement cycles; to provide counter-party risk guarantee, and to operate a tight risk containment system. It carries out the clearing and settlement of the trades executed in the equities and derivatives segments of the NSE. It operates a well-defi ned settlement cycle and there are no deviations or deferments from this cycle. It aggregates trades over a trading period T, nets the positions to determine the liabilities of members and ensures movement of funds and securities to meet respective liabilities. It also operates Subsidiary General Ledger (SGL) for settling trades in government securities for its constituents. It has been managing clearing and settlement functions since its inception without a single failure or clubbing of settlements. It assumes the counter-party risk of each member and guarantees fi nancial settlement. It also undertakes settlement of transactions on other stock exchanges like the Over the Counter Exchange of India. It operates Mutual Fund Service System to clear and settle purchase and redemption of mutual fund units for individual investors. It has tied up with 13 Clearing Banks viz., Canara Bank, Citi bank N.A, HSBC Ltd., HDFC Bank, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank Lt,. Bank of India, IDBI Bank, Standard Chartered Bank, State Bank of India and Union Bank of India for funds settlement while it has direct connectivity with depositories for settlement of securities. It has also initiated a working capital facility in association with the clearing banks that helps clearing members to meet their working capital requirements. Any clearing bank interested in utilizing this facility has to enter into an agreement with NSCCL and with the clearing member.

NSCCL has also introduced the facility of direct payout to clients’ account on both the depositories. It ascertains from each clearing member, the benefi ciary account details of their respective clients who are due to receive pay out of securities. It has provided its members with a front-end for creating the fi le through which the information is provided to NSCCL. Based on the information received from members, it sends payout instructions to the depositories, so that the client receives the pay out of securities directly to their accounts on the pay-out day.

NSCCL currently settles trades under T+2 rolling settlement. It has the credit of continuously upgrading the clearing and settlement procedures and has also brought Indian fi nancial markets in line with international markets. It has put in place online real-time monitoring and surveillance system to keep track of the trading and clearing members’ outstanding positions and each member is allowed to trade/operate within the

15

pre-set limits fi xed according to the funds available with the Exchange on behalf of the member. The online surveillance mechanism also generates various alerts/reports on any price/volume movements of securities not in line with the trends/patterns.

NSDL

Prior to trading in a dematerialized environment, settlement of trades required moving the securities physically from the seller to the ultimate buyer, through the seller’s broker and buyer’s broker, which involved lot of time and the risk of delay somewhere along the chain. Further, the system of transfer of ownership was grossly ineffi cient as every transfer involved physical movement of paper to the issuer for registration, with the change of ownership being evidenced by an endorsement on the security certifi cate. In many cases, the process of transfer took much longer than stipulated in the then regulations. Theft, forgery, mutilation of certifi cates and other irregularities were rampant. All these added to the costs and delays in settlement, restricted liquidity. To obviate these problems, NSE to promote dematerialization of securities joined hands with UTI and IDBI to set up the fi rst depository in India called the “National Securities Depository Limited” (NSDL). The depository system gained quick acceptance and in a very short span of time it was able to achieve the objective of eradicating the paper from the trading and settlement of securities, and was also able to get rid of the risks associated with fake/forged/stolen/bad paper. Dematerialized delivery today constitutes almost 100% of total of the total delivery based settlement.

NSE Infotech Services Ltd

NSE Infotech Services Ltd Information Technology has been the back bone of conceptualization, formation, running and the success of National Stock Exchange of India Limited (NSE). NSE has been at the forefront in spearheading technology changes in the securities market. It was important to give a special thrust and focus on Information Technology to retain the primacy in the market. Towards this a wholly owned subsidiary M/s. NSE Infotech Services Limited (NSETECH) was incorporated to cater to the needs of NSE and all it’s group companies exclusively.

NSE.IT

NSE.IT Limited, a 100% technology subsidiary of NSE, was incorporated in October 1999 to provide thrust to NSE’s technology edge, concomitant with its overall goal of harnessing latest technology for optimum business use. It provides the securities industry with technology that ensures transparency and effi ciency in the trading, clearing and risk management systems. Additionally, NSE.IT provides consultancy services in the areas of data warehousing, internet and business continuity plans. Amongst various products launched by NSE.IT are NEAT XS, a Computer-To-Computer Link (CTCL) order routing system, NEAT iXS, an internet trading system and Probos, professional broker’s back office system. NSE.IT also offers an e-learning portal, finvarsity (www.fi nvarsity.com) dedicated to the fi nance sector. The site is powered by Enlitor - a

16

learning management system developed by NSE.IT jointly with an e-learning partner. New initiatives include payment gateways, products for derivatives segments and Enterprise Management Services.

IISL

India Index Services and Products Limited (IISL), a joint venture of CRISIL and NSE, was set up in May 1998 to provide indices and index services. It has a licensing and marketing agreement with Standard and Poor’s (S&P), the world’s leading provider of investible equity indices, for co-branding equity indices. IISL is India’s fi rst specialized company focusing upon the index as a core product. It provides a broad range of services, products and professional index services. It maintains over 96 equity indices comprising broad-based benchmark indices, sectoral indices and customised indices. Many investment and risk management products based on IISL indices have developed in the recent past, within India and abroad. These include index based derivatives on NSE and on Singapore Exchange, India’s fi rst exchange traded fund, a number of index funds, and Licensing of the Index for various structured products

NCDEX

NSE joined hand with other fi nancial institutions in India to promote the NCDEX which provides for a world class commodity exchange platform for Market Participants to trade in wide spectrum of commodity derivatives. Currently NCDEX facilitates trading of 48 agro based commodities, 2 precious metal, 6 base metal, 3 energy products and 3 polymers.

NCCL

National Commodity Clearing Limited (NCCL) is a company promoted by National Stock Exchange of India Limited (NSEIL). It was incorporated in the year 2006. One of the objectives of NCCL is to provide and manage clearing and settlement, risk management and collateral management services to commodity exchanges. NCCL is having the requisite experience and exposure in providing clearing and settlement facility, risk and collateral management services in the commodities market including funds settlement with multiple clearing banks. Currently NCCL is providing clearing and settlement services to NCDEX.

PXI

A National Level Power Exchange by the name of Power Exchange India Limited (PXI) has been set up through a Joint Venture by India’s two leading Exchanges, National Stock Exchange of India Ltd (NSE) and National Commodity & Derivatives Exchange Ltd (NCDEX). PXI has got the in-principle approval from CERC to set up and operate the power exchange and will operate as a National Level electricity exchange covering the entire Indian electricity market.

17

Table 1-1 : Board of Directors*

1 Mr. S. B. Mathur Chairman

2 Mr. Ravi NarainNational Stock Exchange of India Ltd.

MD & CEO

3 Ms. Chitra RamkrishnaNational Stock Exchange of India Ltd.

Deputy Managing Director

4 Mr. C. AchuthanFormer Presiding Offi cer, Securities Appellate Tribunal

Director

5 Mr. Anjan BaruaChief General Manager ( Global Markets), State Bank of India

Director

6 Rear Admiral Madan Mohan Chopra AVSM (Retd.) Director

7 Mr. A. P. Kurian Chairman, Association of Mutual Funds in India

Director

8 Dr. Rajiv B. LallManaging Director & CEO, Infrastructure Development Finance Company Limited

Director

9 Mr. Lawrence LeibowitzGroup EVP and Head of US Markets & Global TechnologyNYSE Euronext

Director

10 Mr. Anand G. MahindraVice Chairman & Managing Director, Mahindra & Mahindra Ltd.

Director

11 Mr. Y. H. MalegamChairman Emeritus, M/s. S.B. Billimoria & Co. Chartered Accountants

Director

12 Prof. (Dr.) K. R. S. MurthyProfessor & Former Director, Indian Institute of Management, Bangalore

Director

13 Dr. R. H. PatilChairman, The Clearing Corporation of India Limited

Director

14 Ms. Bhagyam RamaniGeneral Manager, General Insurance Corporation of India

Director

15 Dr. V. A. Sastry Director

16 Mr. Onkar Nath SinghEx-Chairman & Mananging DirectorIndustrial Investment Bank of India Ltd.

Director

17 Mr. Justice B.N.Srikrishna (Retd.)Former Judge, Supreme Court of India

Director

18 Mr. T. S. VijayanChairmanLife Insurance Corporation of India

Director

* As of July 15, 2008.

18

Table 1-2 : Executive Committees

I CM & WDM SEGMENTS

1 Mr. Ravi Narain MD & CEO, National Stock Exchange of India Ltd.

Chairman

2 Mr. Ashok Kumar Agarwal Chairman, Globe Capital Market Ltd. Trading Member

3 Mr. D. C. Anjaria Director, International Financial Solutions Pvt. Ltd.

Public Representative

4 Mr. Vimal Bhandari Country Manager – India AEGON International NV


5 Mr. C. J. George Managing Director, Geojit Financial Services Ltd.

Trading Member

6 Mr. Y. H. Malegam Chairman Emeritus, S.B.Billimoria & Co. Chartered Accountants


7 Ms. Chitra Ramkrishna Deputy Managing Director, National Stock Exchange of India Ltd

Other Nominees

8 Mr. Rashesh Shah Director, Edelweiss Securities Pvt. Ltd. Trading Member

9 Mr. Ramesh Kumar Somani Whole-time Director, Eureka Stock & Share Broking Services Ltd

Trading Member

10 Mr. P. M. Venkatasubramanian Ex-Managing Director, GIC Other Nominees

11 Mr. Gagan Rai Managing Director & CEO, National Securities Depository Limited

Other Nominees

II F&O MARKET SEGMENT

1 Mr. Ravi Narain MD & CEO, National Stock Exchange of India Ltd.

Chairman

2 Mr. D.C.Anjaria Director, International Finance Solutions Pvt. Ltd.


3 Prof. V. Ravi Anshuman Indian Institute of Management Bangalore


4 Mr. Sunil Godhwani Managing Director, Religare Securities Ltd.

Trading Member

5 Mr. Shailesh Haribhakti Chairman Haribhakti Group Public Representative

6 Mr. Ketan Marwadi Managing Director, Marwadi Shares and Finance Limited

Trading Member

7 Mr. M. Raghavendra Ex-General Manager, General Insurance Corporation of India

Other Nominees

8 Ms. Chitra Ramkrishna Deputy Managing Director, National Stock Exchange of India Ltd

Other Nominees

9 Ms. T. S. Jagadharini Vice President, National Stock Exchange of India Limited

Other Nominees

* As of July 15, 2008.

Membership Administration 2

21

2Membership Administration

The trading in NSE has a three tier structure-the trading platform provided by the Exchange, the broking and intermediary services and the investing community. The trading members have been provided exclusive rights to trade subject to their continuously fulfi lling the obligation under the Rules, Regulations, Byelaws, Circulars, etc. of the Exchange. The trading members are subject to its regulatory discipline. Any person can become a trading member by complying with the prescribed eligibility criteria and exit by surrendering trading membership without any hidden/overt cost. There are no entry/exit barriers to trading membership.

Eligibility Criteria

The Exchange stresses on factors such as corporate structure, capital adequacy, track record, education, experience, etc. while granting trading rights to its members. This refl ects a conscious effort by the Exchange to ensure quality broking services which enables to build and sustain confi dence in the Exchange’s operations. The standards stipulated by the Exchange for trading membership are substantially in excess of the minimum statutory requirements as also in comparison to those stipulated by other exchanges in India. The exposure and volume of transactions that can be undertaken by a trading member are linked to liquid assets in the form of cash, bank guarantees, etc. deposited by the member with the Exchange as part of the membership requirements.

The trading members are admitted to the different segments of the Exchange subject to the provisions of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992, the rules, circulars, notifi cations, guidelines, etc., issued there under and the byelaws, Rules and Regulations of the Exchange. All trading members are registered with SEBI.

Trading Membership

A prospective trading member is admitted to any of the following combinations of market segments:

• Wholesale Debt Market (WDM) segment,

• Capital Market (CM) and the Futures and Options (F&O) segments,

• CM Segment and the WDM segment, or

• CM Segment, the WDM and the F&O segment.

In order to be admitted as a trading member, the individual trading member/at least two partners of the applicant firm/at least two directors of the applicant corporate must be graduates and must possess at least two years’ experience in securities markets. The applicant for trading membership/any of its partners/

22

shareholders/directors must not have been declared defaulters on any stock exchange, must not be debarred by SEBI for being associated with capital market as intermediaries and must not be engaged in any fund-based activity. For the F&O segment, at least two dealers should also have passed SEBI-approved certifi cation test for derivatives. In case of corporate applicant, the minimum paid up capital should be Rs. 30 lakh and the dominant promoter/shareholder group should hold at least 51% (40% in case of listed companies) of paid-up equity capital of such corporate entity. The net worth required for trading members on CM & F&O Segment is 100 lakh, however, a net worth of Rs. 300 lakh is required for members clearing for self as well as for other trading members.

Clearing Membership

The trades executed on the Exchange may be cleared and settled by a clearing member. The trading members in the CM segment are also clearing members. In the F&O segment, some members, who are registered with SEBI as self-clearing members, clear and settle their own trades. Certain others, registered as trading member-cum-clearing member, clear and settle their own trades as well as trades of other trading members. Besides this, there is a special category of members, called professional clearing members (PCMs), who do not trade but only clear trades executed by others. This means that some members clear and settle their trades through a trading member-cum-clearing member or a PCM, not themselves. The members clearing their own trades or trades of others, and the PCMs are required to bring in additional security deposits in respect of every trading member whose trades they undertake to clear and settle. The requirements of trading membership and clearing membership are presented in Tables 2-1A and 2-1B.

Growth and Distribution of Members

As at end March 2008, the Exchange had 1,075 members. A large majority (91.72 %) of them were corporate members, and the remaining, individuals and fi rms. There were 1,069, 63 and 942 members in the CM, WDM and F&O segments respectively. The growth of membership on NSE is presented in Table 2-2. The distribution of trading members on the Exchange as at end March 2008 is presented below:

Distribution of Trading Members (as on March 31, 2008)

CMSegment

WDMSegment

CM & WDM

Segment

CM, WDM & F&O Segment

CM & F&O

Segment

Total

Corporates 97 6 8 48 827 986

Individuals 10 0 0 0 34 44

Firms 12 0 0 0 33 45

Total 119 6 8 48 894 1,075

23

A total of 21,083 (1,359 corporates, 1,467 partnership fi rms and 18,257 individuals) sub-brokers were affiliated to 505 trading members of the Exchange on March 31, 2008.

Transaction Charges

In addition to annual fees, members are required to pay transaction charges on trades undertaken by them. They pay transaction charges at the rate of Rs. 3.5 for every Rs. 1 lakh of turnover in the CM segment. The transaction charges payable to the exchange by the trading member for the trades executed by him on the F&O segment are fi xed at the rate of Rs. 2 per lakh of turnover (0.002%) subject to a minimum of Rs. 1,00,000 per year. However, for the transactions in the options sub-segment the transaction charges will be levied on the premium value at the rate of 0.05% (each side) instead of on the strike price as levied earlier. The Exchange has waived the transaction charges for Wholesale Debt Market Segment of the Exchange for the period April 1, 2007 to March 31, 2008.

24

Tab

le 2

-1A

: El

igib

ility

Cri

teri

a fo

r M

embe

rhip

(All

valu

es in

Rs.

lakh

)

Par

ticu

lars

CM

and

F&

O S

egm

ent

CM

and

WD

M S

egm

ent

WD

M S

egm

ent

CM

, WD

M a

nd F

&O

Seg

men

t

Con

stitu

tion

Indi

vidu

als/

Firm

s/C

orpo

rate

s C

orpo

rate

sC

orpo

rate

sC

orpo

rate

s

Paid

-up

capi

tal

(in c

ase

of c

orpo

rate

s)30

3030

30

Net

Wor

th

100*

200

200

200*

Inte

rest

Fre

e Se

curi

ty D

epos

it

(IFSD

)12

5**

250

150

275*

*

Col

late

ral S

ecur

ity D

epos

it (C

SD)

25**

25N

il25

**

Ann

ual S

ubsc

ript

ion

12

12

Educ

atio

nIn

divi

dual

trad

ing m

embe

r/ tw

o pa

rtne

rs/t

wo

dire

ctor

s sho

uld

be g

radu

ates

. Dea

lers

shou

ld

also

hav

e pa

ssed

SEB

I app

rove

d ce

rtifi

catio

n te

st fo

r der

ivat

ives

and

Cap

ital M

arke

t (Ba

sic

or D

eale

rs) M

odul

e of

NC

FM.

At

leas

t tw

o di

rect

ors

shou

ld b

e gr

adua

tes.

At

leas

t tw

o di

rect

ors

shou

ld

be g

radu

ates

.

At

leas

t tw

o di

rect

ors

shou

ld b

e gr

adua

tes.

Dea

lers

sho

uld

also

hav

e pa

ssed

SE

BI

appr

oved

cer

tifi

cati

on

test

for

deri

vativ

es a

nd C

apita

l Mar

ket

(Bas

ic o

r D

eale

rs) M

odul

e of

NC

FM.

Expe

rien

ce---

------

------

------

--Tw

o ye

ar’s

expe

rien

ce in

secu

ritie

s mar

ket--

------

------

------

---

Tra

ck R

ecor

dT

he A

pplic

ant/

Part

ners

/Dir

ecto

rs s

houl

d no

t be

def

ault

ers

on a

ny s

tock

exc

hang

e.

The

y m

ust

not

be d

ebar

red

by S

EB

I fo

r be

ing

asso

ciat

ed w

ith

capi

tal

mar

ket

as

inte

rmed

iari

es T

hey

mus

t be

enga

ged

sole

ly

in th

e bu

sines

s of

sec

uriti

es a

nd m

ust n

ot b

e en

gage

d in

any

fund

-bas

ed a

ctiv

ity.

*

No

addi

tiona

l net

wor

th is

requ

ired

for s

elf-c

lear

ing

mem

bers

in th

e F&

O se

gmen

t. H

owev

er, a

net

wor

th o

f Rs.

300

lakh

is re

quir

ed fo

r mem

bers

cle

arin

g fo

r sel

f as w

ell

as fo

r ot

her

trad

ing

mem

bers

.

**

Add

ition

al R

s. 25

lakh

is r

equi

red

for

clea

ring

mem

bers

hip

(sel

f-cle

arin

g m

embe

r/m

embe

rs c

lear

ing

for

self

as w

ell a

s fo

r ot

hers

) in

the

F&O

seg

men

t. In

add

ition

, a

mem

ber

clea

ring

for

othe

rs is

req

uire

d to

bri

ng in

IFSD

of R

s. 2

lakh

and

CSD

of R

s. 8

lakh

per

trad

ing

mem

ber

he u

nder

take

s to

clea

r in

the

F&O

segm

ent.

25

Contd...

Table 2-1B : Requirements for Professional Clearing Memberhip

(All values in Rs. lakh)

Particulars CM Segment F&O Segment CM and F&O Segment

Eligibility Trading Member of NSE/SEBI Registered Custodians/Recognised Banks

Net Worth 300 300 300

Interest Free Security Deposit (IFSD) *

25 25 34

Collateral Security Deposit (CSD)

25 25 50

Annual Subscription 2.5 Nil 2.5

* The Professional Clearing Member (PCM) is required to bring in IFSD of Rs. 2 lakh

and CSD of Rs. 8 lakh per trading member whose trades he undertakes to clear in the F&O segment and IFSD of Rs. 6 lakh and CSD of Rs. 17.5 lakh (Rs. 9 lakh and Rs. 25 lakh respectively for corporate Members) per trading member in the CM segment.

Table 2-2 : Growth and Distribution of Members

Trading Members

Month/Year(end of period)

CM Segment WDM Segment

F&O Segment

Total * Professional Clearing Member

Mar-95 348 88 – 353

Mar-96 890 104 – 895 –

Mar-97 1,013 111 – 1,019 –

Mar-98 964 108 – 970 –

Mar-99 918 99 – 924 –

Mar-00 883 94 – 892 –

Mar-01 973 90 340 980 13

Mar-02 928 88 484 936 13

Apr-02 927 89 502 935 13

May-02 926 88 501 934 13

Jun-02 920 86 449 928 13

Jul-02 918 85 521 926 13

Aug-02 914 84 532 921 13

Sep-02 912 84 532 919 13

Oct-02 907 82 540 914 13

26


Trading Members



F&O Segment


Nov-02 899 82 539 906 13

Dec-02 894 81 544 901 14

Jan-03 891 81 546 899 13

Feb-03 889 79 551 897 13

Mar-03 887 78 553 895 13

Apr-03 882 77 561 890 13

May-03 874 77 566 882 13

Jun-03 870 77 568 879 13

Jul-03 863 75 568 872 13

Aug-03 859 75 568 869 13

Sep-03 860 75 574 871 14

Oct-03 860 75 578 871 14

Nov-03 857 75 579 868 14

Dec-03 860 75 583 871 14

Jan-04 861 76 584 872 14

Feb-04 861 76 588 872 16

Mar-04 862 78 589 874 16

Apr-04 860 75 595 872 16

May-04 860 75 599 872 17

Jun-04 863 75 614 874 17

Jul-04 865 75 621 876 17

Aug-04 866 75 621 877 17

Sep-04 866 74 620 876 17

Oct-04 869 76 625 880 17

Nov-04 868 74 628 879 17

Dec-04 867 74 634 878 17

Jan-05 872 74 646 883 17

Feb-05 876 75 652 886 16

Mar-05 881 75 661 891 17

Apr-05 884 75 667 894 17

May-05 886 75 676 896 17

Jun-05 885 75 679 895 17

Jul-05 883 74 679 893 16

Aug-05 887 71 695 896 17

Contd...

Contd...

27


Trading Members



F&O Segment


Sep-05 892 70 702 899 17

Oct-05 900 70 704 907 17

Nov-05 902 70 706 909 17

Dec-05 903 70 716 910 17

Jan-06 915 70 731 922 17

Feb-06 920 68 753 927 19

Mar-06 933 68 767 940 19

Apr-06 937 68 776 944 17

May-06 937 68 776 944 17

Jun-06 950 68 789 957 18

Jul-06 950 68 789 957 18

Aug-06 964 68 804 971 19

Sep-06 966 68 806 973 19

Oct-06 965 66 805 972 19

Nov-06 972 66 811 979 19

Dec-06 978 64 819 985 19

Jan-07 991 64 832 998 19

Feb-07 995 63 836 1,002 19

Mar-07 1,002 63 845 1,009 19

Apr-07 1,003 62 849 1,009 19

May-07 1,005 62 851 1,011 19

Jun-07 1,008 62 859 1,014 19

Jul-07 1,018 62 884 1,024 19

Aug-07 1,014 62 871 1,020 19

Sep-07 1,016 62 877 1,022 19

Oct-07 1,018 62 884 1,024 19

Nov-07 1,018 62 884 1,024 19

Dec-07 1,025 62 892 1,031 19

Jan-08 1,033 62 901 1,039 19

Feb-08 1,051 62 919 1,057 19

Mar-08 1,069 62 942 1,075 19

-- Not Applicable

* Do not add up to total because of multiple membership.

Note: Number of SEBI registered members excluding surrendered, dafaulter and expelled members.

Contd...

Listing of Securities 3

31

3Listing of Securities

The stocks, bonds and other securities issued by issuers require listing for providing liquidity to investors. Listing means formal admission of a security to the trading platform of the Exchange. It provides liquidity to investors without compromising the need of the issuer for capital and ensures effective monitoring of conduct of the issuer and trading of the securities in the interest of investors. The issuer wishing to have trading privileges for its securities satisfi es listing requirements prescribed in the relevant statutes and in the listing regulations of the Exchange. It also agrees to pay the listing fees and comply with listing requirements on a continuous basis. All the issuers who list their securities have to satisfy the corporate governance requirement framed by regulators.

Benefi ts of Listing on NSE

The benefi ts of listing on NSE are as enumerated below:

• NSE provides a trading platform that extends across the length and breadth of the country. Listing on NSE thus, enables issuers to reach and service investors across the country.

• NSE being the largest stock exchange in terms of trading volumes, the securities trade at low impact cost and are highly liquid. This in turn reduces the cost of trading to the investor.

• The trading system of NSE provides unparallel level of trade and post-trade information. The best 5 buy and sell orders are displayed on the trading system and the total number of securities available for buying and selling is also displayed. This helps the investor to know the depth of the market. Further, corporate announcements, results, corporate actions etc are also available on the trading system, thus reducing scope for price manipulation or misuse.

• The facility of making initial public offers (IPOs), using NSE’s network and software, results in signifi cant reduction in cost and time of issues.

• NSE’s web-site www.nseindia.com provides a link to the web-sites of the companies that are listed on NSE, so that visitors interested in any company can visit that company’s web-site from the NSE site.

• Listed companies are provided with monthly trade statistics for the securities of the company listed on the Exchange.

• The listing fee is nominal.

32

Listing Criteria

The Exchange has laid down criteria for listing of new issues by companies through IPOs, companies listed on other exchanges in conformity with the Securities Contracts (Regulation) Rules, 1957 and directions of the Central Government and the Securities and Exchange Board of India (SEBI). The criteria include minimum paid-up capital and market capitalisation, company/promoter’s track record, etc. The listing criteria for companies in the CM Segment are presented in Table 3-1. The issuers of securities are required to adhere to provisions of the Securities Contracts (Regulation) Act, 1956, the Companies Act, 1956, the Securities and Exchange Board of India Act, 1992, and the rules, circulars, notifi cations, guidelines, etc. prescribed there under.

Listing Agreement

All companies seeking listing of their securities on the Exchange are required to enter into a formal listing agreement with the Exchange. The agreement specifi es all the quantitative and qualitative requirements to be continuously complied with by the issuer for continued listing. The Exchange monitors such compliance and companies who do not comply with the provisions of the listing agreement may be suspended from trading on the Exchange. The agreement is being increasingly used as a means to improve corporate governance. Compliance by Listed Companies

NSE has institutionalised a process of verifying compliance of various conditions of the listing agreement. It conducts a periodic review for compliance on account of announcement of book closure/record date, announcement of quarterly results, submission of shareholding pattern, annual reports, appointment of compliance offi cer, corporate governance report, investor grievances and various disclosures etc.

Disclosures by Listed Companies

It is essential that all critical price sensitive/material information relating to securities is made available to the market participants and the investors immediately to enable them to take informed decisions in respect of their investments in securities. The Exchange therefore ensures certain important timely disclosures by listed companies and disseminates them to market through the NEAT terminals and through its website. These disclosures include corporate actions, quarterly/half yearly results, decisions at board meeting, non-promoters’ holding, announcements / press releases etc.

33

De-listing

There are two kinds of delisting which can be done from the Exchanges as per the SEBI (Delisting of Securities) Guidelines, 2003 in the following manner:

Voluntary De-listing of Companies

Any promoter or acquirer desirous of delisting securities of the company under the provisions of these guidelines shall obtain the prior approval of shareholders of the company by a special resolution passed at its general meeting, make a public announcement in the manner provided in these guidelines, make an application to the delisting exchange in the form specifi ed by the exchange, and comply with such other additional conditions as may be specifi ed by the concerned stock exchanges from where securities are to be de-listed. Any promoter of a company which desires to de-list from the stock exchange shall also determine an exit price for delisting of securities in accordance with the book building process as stated in the guidelines. The stock exchanges shall provide the infrastructure facility for display of the price at the terminal of the trading members to enable the investors to access the price on the screen to bring transparency to the delisting process.

Compulsory De-listing of Companies

The stock exchanges may de-list companies which have been suspended for a minimum period of six months for non-compliance with the listing agreement. The stock exchanges shall give adequate and wide public notice through newspapers and also give a show cause notice to a company. The exchange shall provide a time period of 15 days within which representation may be made to the exchange by any person who may be aggrieved by the proposed delisting.

The Stock Exchanges may, after consideration of the representation received from the aggrieved persons, delist the securities of such companies. The stock exchange shall ensure that adequate and wide public notice is given through newspaper and on the notice boards/trading systems of the stock exchanges and shall ensure disclosure in all such notices of the fair value of such securities. The stock exchange shall display the name of such company on its website. Where the securities of the company are de-listed by an exchange, the promoter of the company shall be liable to compensate the security holders of the company by paying them the fair value of the securities held by them and acquiring their securities, subject to their option to remain security-holders with the company.

The table below gives the names of the six companies delisted from the Exchange during 2007-08.

34

Sr. No. Name of the Company Date of Delisting

1 Yokogawa India Limited 10-May-07

2 Wartsila India Ltd 19-Jun-07

3 FCI OEN Connectors Limited 17-Sep-07

4 Panasonic AVC Networks India Co. Limited. 14-Dec-07

5 Essar Steel Limited 24-Dec-07

6 iGate Global Solutions Limited 4-Feb-08

CM Segment

Two categories, namely ‘listed’ and ‘permitted to trade’ categories of securities (equity shares, preference shares and debentures) are available for trading in the CM segment. However, the permitted to trade category has been phased out gradually and no new company is been given the benefi t of this category. At the end of March 2008, 1,381 companies were listed while 1,236 companies available for trading. These securities had a market capitalisation of Rs. 48,58,122 crore (US $ 1,215,442 million). The growth of securities available for trading on the CM segment is presented in Table 3-2.

Listing Fees

The listing fees charged by the Exchange are presented in the following table:

Listing Fees in the CM Segment

Sr. No.

Listing Fees Amount

(Rs.)

1 Initial Listing Fees 25,000

2 Annual Listing Fees (based on paid up share, bond and/ or debenture and/or debt capital, etc.)

a) Upto Rs. 1 Crore 10,000

b) Above Rs. 1 Crore and upto Rs.5 Crores 15,000

c) Above Rs. 5 Crore and upto Rs.10 Crores 25,000

d) Above Rs. 10 Crore and upto Rs.20 Crores 45,000

e) Above Rs. 20 Crore and upto Rs.30 Crores 70,000

f) Above Rs. 30 Crore and upto Rs.40 Crores 75,000

g) Above Rs. 40 Crore and upto Rs.50 Crores 80,000

Contd...

35

Listing Fees in the CM Segment

Sr. No.

Listing Fees Amount

(Rs.)

h) Above Rs. 50 Crores and upto Rs.100 Crores 1,30,000

i) Above Rs. 100 Crore and upto Rs.150 Crores 1,50,000

j) Above Rs. 150 Crore and upto Rs.200 Crores 1,80,000

k) Above Rs. 200 Crore and upto Rs.250 Crores 2,05,000

l) Above Rs. 250 Crore and upto Rs.300 Crores 2,30,000

m) Above Rs. 300 Crore and upto Rs.350 Crores 2,55,000

n) Above Rs. 350 Crore and upto Rs.400 Crores 2,80,000

o) Above Rs. 400 Crore and upto Rs.450 Crores 3,25,000

p) Above Rs. 450 Crore and upto Rs.500 Crores 3,75,000

Companies which have a paid up share, bond and/ or debenture and/or debt capital, etc. of more than Rs.500 crores will have to pay minimum fees of Rs.3,75,000 and an additional listing fees of Rs.2,500 for every increase of Rs.5 crores or part thereof in the paid up share, bond and/ or debenture and/or debt capital, etc.

Companies which have a paid up share, bond and/ or debenture and/or debt capital, etc. of more than Rs.1,000 crores will have to pay minimum fees of Rs.6,30,000 and an additional listing fees of Rs.2,750 for every increase of Rs.5 crores or part thereof in the paid up share, bond and/ or debenture and/or debt capital, etc.

Shareholding Pattern

In the interest of transparency, the issuers are required to disclose shareholding pattern on a quarterly basis. Table 3-3 presents the sector-wise shareholding pattern at end - March 2008 of companies listed on NSE. On an average, the promoters hold more than 56.12% of total shares. Though non-promoter holding is nearly 41.91 %, Indian public held only 13.07% and the institutional holdings by Financial Institutions / Banks / Central Government / State Government / Insurance Companies, FIIs, MFs, VCF’s accounted for 19.37 %.

WDM Segment

In the WDM segment, all government securities, state development loans and treasury bills are ‘deemed’ listed as and when they are issued. Other than those mentioned above, all eligible debt securities whether publicly issued or privately placed can be made available

Contd...

36

for trading in the WDM segment. Amongst other requirements, privately placed debt paper of banks, institutions and corporates require an investment grade credit rating to be eligible for listing. The listing requirements for securities on the WDM segment are presented in Table 3-4.

The growth of securities available for trading on the WDM segment is presented in Table 3-5. As at end March 2008, 3,566 securities with issued capital of Rs.2,103,082 crore (US $ 526,165) and a market capitalisation of Rs.2,123,346 crore (US $ 531,235) were available for trading on the WDM segment.

FUNDS MOBILISATION ON THE EXCHANGE

During the year 2007-08, the resources raised through Public Issues, Rights Issues, QIP and Preferential Allotments is summarized in the table below.

Particulars No. of Issues

Amount Amount

(Rs.cr) (US $ mn)

Public Issues 77 62,483.70 15,632.65

IPOs 74 41,899.13 10,482.64

FPOs 3 20,584.57 5,150.01

Rights Issues 14 13,413.79 3,355.96

QIP 33 24,434.17 6,113.13

Preferential Allotment 174 24,026.97 6,011.25

Total 298 124,358.64 31,112.99

Initial Public Offerings (IPO’s)

During the year 2007-08, 74 companies were listed through IPO and the amount mobilized through issuance of IPOs was Rs.41, 899.13 crore (US $ 10,482.64 million). The biggest IPO was that of Reliance Power Limited from the Infrastructure sector whose issue size was Rs.11,563.20 crore (US $ 2,893 million). DLF Limited was the second largest IPO during the year, issue size of which was Rs.9,187.50 crore ( US $ 2,299 million) followed by Power Grid Corporation of India Ltd. with issue size of Rs.2,984.45 crore (US $ 746.67 million). The details of IPOs listed on NSE during 2007-08 is presented in Table 3-6.

FPOs

During the year 2007-08 three companies raised capital through the FPO route raising resources worth Rs. 20,584.57 crore (US $ 5,150.01 million). The details of FPOs listed on NSE during 2007-08 is presented in Table 3-7.

37

RIGHTS ISSUES

There were 14 Rights issues during 2007-08, out of which Tata Steel Limited was the largest in terms of issue size of Rs.9,120.85 crore (US $ 2,281.92 million). The details of Rights Issues listed on NSE during 2007-08 is presented in Table 3-8.

PREFERENTIAL ALLOTMENT/PRIVATE PLACEMENT

During 2007-08, there were 174 preferential allotments that raised Rs.24,026.97 crore (US $ 6,011.25 million). The details of Preferential Allotment listed on NSE during 2007-08 are presented in Table 3-9.

QIPs

The amount raised through 33 QIPs during 2007-08, was Rs.24,413.17 crore (US $ 6,113.13 million). GMR Infrastructure raised the highest amount of Rs.3,965.71 (US $ 992.17 million).The details of QIPs are presented in Table 3-10.

Chart 3-1 Number of Companies Listed

38

Table 3-1 : Listing Criteria for Companies on the CM Segment of NSE

Criteria Initial Public Offerings (IPOs) Companies listed on other exchanges

Paid-up Equity Capital (PUEC)/Market Capitalisation (MC) /Net Worth

PUEC ≥ Rs. 10 cr. and MC ≥ Rs. 25 cr.

PUEC ≥ Rs. 10 cr. and MC ≥ Rs. 25 cr. OR PUEC ≥ Rs. 25 cr. ORMC ≥ Rs. 50 cr. OR The company shall have a net worth of not less than Rs.50 crores in each of the preceding fi nancial years.

Company/Promoter’s Track Record

Atleast 3 years track record of either(a) the applicant seeking listing OR(b) the promoters/promoting

company incorporated in or outside India OR

(c) Partnership fi rm and subsequently converted into Company not in existence as a Company for three years) and approaches the Exchange for listing. The Company subsequently formed would be considered for listing only on fulfi llment of conditions stipulated by SEBI in this regard.

Atleast three years track record of either(a) the applicant seeking listing; OR(b) the promoters/promoting

company, incorporated in or outside India.

Dividend Record / Net worth / Distributable Profi ts

– Dividend paid in at least 2 out of the last 3 fi nancial years immediately preceding the year in which the application has been made OR The networth of the applicants atleast Rs.50 crores OR The applicant has distributable profi ts in at least two out of the last three fi nancial years.

Listing – Listed on any other recognised stock exchange for at least last three years OR listed on the exchange having nationwide trading terminals for at least one year.

Other Requirements (a) No disciplinary action by other stock exchanges/regulatory authority in past 3 yrs.

(b) Satisfactory redressal mechanism for investor grievances,

(c) distribution of shareholding and(d) details of litigation record in past

3 years.(e) Track record of Directors of the

Company

(a) No disciplinary action by other stock exchanges/regulatory authority in past 3 yrs.

(b) Satisfactory redressal mechanism for investor grievances,

(c) distribution of shareholding and(d) details of litigation record in past

3 years.(e) Track record of Directors of the

Company(f) Change in control of a

Company/Utilisation of funds raised from public

39

Note:

1. (a) In case of IPOs, Paid up Equity Capital means post issue paid up equity capital.

(b) In case of Existing companies listed on other exchanges, the existing paid up equity capital as well as the paid up equity capital after the proposed issue for which listing is sought shall be taken into account.

2. (a) In case of IPOs, market capitalisation is the product of the issue price and the post-issue number of equity shares.

(b) In case of case of Existing companies listed on other stock exchanges the market capitalisation shall be calculated by using a 12 month moving average of the market capitalisation over a period of six months immediately preceding the date of application. For the purpose of calculating the market capitalisation over a 12 month period, the average of the weekly high and low of the closing prices of the shares on any of the recognised Stock Exchanges where those shares were frequently traded shall be taken into account while determining market capitalisation after making necessary adjustments for Corporate Action such as Rights / Bonus Issue/Split.

3. In case of Existing companies listed on other stock exchanges, the requirement of Rs.25 crores market capital shall not be applicable to listing of securities issued by Government Companies, Public Sector Undertakings, Financial Institutions, Nationalised Banks, Statutory Corporations and Banking Companies who are otherwise bound to adhere to all the relevant statutes, guidelines, circulars, clarifi cations etc. that may be issued by various regulatory authorities from time to time.

4. Net worth means paid-up equity capital + reserves excluding revaluation reserve - miscellaneous expenses not written off - negative balance in profi t and loss account to the extent not set off.

5. Promoters mean one or more persons with minimum 3 years of experience of each of them in the same line of business and shall be holding at least 20 % of the post issue equity share capital individually or severally.

6. In case a company approaches the Exchange for listing within six months of an IPO, the securities may be considered as eligible for listing if they were otherwise eligible for listing at the time of the IPO. If the company approaches the Exchange for listing after six months of an IPO, the norms for existing listed companies may be applied and market capitalisation be computed based on the period from the IPO to the time of listing.

40

Table 3-2 : Companies Listed/Permitted to Trade/Available for Trading on the CM Segment

Month/Year (end of period)

No. of Companies

Listed*

No. of Companies

Permitted to Trade*

No. of Companies

Available for Trading*@

Market Capitalisation*


(Rs. crore) (US $ mn)

Nov-94 0 300 300 292,637 93,108

Mar-95 135 543 678 363,350 115,606

Mar-96 422 847 1,269 401,459 116,873

Mar-97 550 934 1,484 419,367 116,880

Mar-98 612 745 1,357 481,503 121,807

Mar-99 648 609 1,254 491,175 115,761

Mar-00 720 479 1,152 1,020,426 240,496

Apr-00 725 473 1,145 846,391 181,473

May-00 733 431 1,109 790,478 169,485

Jun-00 741 423 1,109 852,554 182,795

Jul-00 747 410 1,094 746,402 160,035

Aug-00 751 410 1,089 794,516 170,351

Sep-00 758 379 1,070 730,350 156,593

Oct-00 764 377 1,067 707,121 151,613

Nov-00 767 376 1,070 764,177 163,846

Dec-00 775 350 1,050 760,391 163,034

Jan-01 778 348 1,050 807,641 173,165

Feb-01 782 320 1,026 789,600 169,297

Mar-01 785 320 1,029 657,847 141,048

Apr-01 790 319 1,031 653,720 133,959

May-01 789 318 1,030 592,437 121,401

Jun-01 790 292 1,001 569,797 116,762

Jul-01 785 294 994 574,260 117,676

Aug-01 786 293 994 575,242 117,877

Sep-01 788 293 987 509,105 104,325

Oct-01 789 292 986 535,846 109,805

Nov-01 788 268 956 581,386 119,136

Dec-01 788 268 956 552,908 113,301

Jan-02 794 199 893 563,683 115,509

Feb-02 791 198 889 621,523 127,361

Mar-02 793 197 890 636,861 130,504

Apr-02 800 173 865 649,551 136,748

May-02 798 172 863 631,609 132,970

Jun-02 799 170 848 659,991 138,945

Jul-02 799 163 841 608,643 128,135

Contd...

41



No. of Companies

Listed*

No. of Companies

Permitted to Trade*

No. of Companies





Aug-02 799 161 839 632,618 133,183

Sep-02 801 161 840 599,603 126,232

Oct-02 803 119 803 606,788 127,745

Nov-02 805 118 788 645,388 135,871

Dec-02 809 116 788 672,862 141,655

Jan-03 814 112 789 572,277 120,479

Feb-03 818 107 788 581,985 122,523

Mar-03 818 107 788 537,133 113,081

Apr-03 830 78 771 530,630 122,293

May-03 847 61 769 612,030 141,053

Jun-03 853 52 769 678,550 156,384

Jul-03 865 44 774 719,144 165,740

Aug-03 873 35 775 836,650 192,821

Sep-03 883 27 774 863,480 199,004

Oct-03 887 26 776 926,747 213,585

Nov-03 891 23 777 979,541 225,753

Dec-03 897 23 779 1,167,028 268,962

Jan-04 904 22 786 1,116,150 257,237

Feb-04 907 21 788 1,110,954 256,039

Mar-04 909 18 787 1,120,976 258,349

Apr-04 918 18 795 1,171,828 267,846

May-04 928 16 804 950,494 217,256

Jun-04 940 12 813 979,700 223,931

Jul-04 929 12 815 1,066,087 243,677

Aug-04 936 9 820 1,143,075 261,274

Sep-04 945 7 824 1,227,550 280,583

Oct-04 950 6 828 1,253,825 286,589

Nov-04 954 6 831 1,446,292 330,581

Dec-04 957 6 832 1,579,161 360,951

Jan-05 958 5 833 1,557,444 355,987

Feb-05 964 4 837 1,614,597 369,051

Mar-05 970 1 839 1,585,585 362,419

Apr-05 973 1 836 1,517,908 340,262

May-05 977 1 842 1,654,995 370,992

Jun-05 987 1 854 1,727,502 387,245

Contd...

Contd...

42



No. of Companies

Listed*

No. of Companies

Permitted to Trade*

No. of Companies





Jul-05 999 1 868 1,848,740 414,423

Aug-05 1,006 1 875 1,957,491 438,801

Sep-05 1,016 1 883 2,098,263 470,357

Oct-05 1,019 1 881 1,927,645 432,111

Nov-05 1,025 – 886 2,166,823 485,726

Dec-05 1,036 – 896 2,322,392 520,599

Jan-06 1,043 – 903 2,434,395 545,706

Feb-06 1,051 – 911 2,512,083 563,121

Mar-06 1,069 – 929 2,813,201 630,621

Apr-06 1,089 – 944 2,990,200 685,983

May-06 1,093 – 952 2,612,639 599,367

Jun-06 1,099 – 962 2,524,659 579,183

Jul-06 1,095 – 956 2,514,261 576,798

Aug-06 1,099 – 958 2,777,401 637,165

Sep-06 1,116 – 969 2,994,132 686,885

Oct-06 1,127 – 981 3,138,319 719,963

Nov-06 1,137 – 991 3,373,652 773,951

Dec-06 1,158 – 1,016 3,426,236 786,014

Jan-07 1,185 – 1,040 3,571,487 819,336

Feb-07 1,208 – 1,063 3,296,931 756,350

Mar-07 1,228 – 1,084 3,367,350 772,505

Apr-07 1,246 – 1,104 3,650,368 913,277

May-07 1,267 – 1,126 3,898,078 975,251

Jun-07 1,283 – 1,143 3,978,381 995,342

Jul-07 1,293 – 1,150 4,317,571 1,080,203

Aug-07 1,316 – 1,170 4,296,994 1,075,055

Sep-07 1,319 – 1,173 4,886,561 1,222,557

Oct-07 1,327 – 1,180 5,722,227 1,431,630

Nov-07 1,343 – 1,197 5,876,742 1,470,288

Dec-07 1,353 – 1,207 6,543,272 1,637,046

Jan-08 1,362 – 1,216 5,295,387 1,324,840

Feb-08 1,372 – 1,227 5,419,942 1,356,003

Mar-08 1,381 – 1,236 4,858,122 1,215,442

* Excluding suspended companies.

@ Excludes suspended companies.

Contd...

43

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467,

003

251,

395,

853

15,6

24,8

51

10,2

71,8

64,8

14

23,1

02,8

20,4

41

5,95

3,45

0,43

3 3,

467,

066,

400

% to

Tot

al

Num

ber o

f Sha

res

49.1

07.

03 5

.36

10.6

23.

260.

140.

295.

8113

.07

3.37

1.96

44

Table 3-4 Eligibility Criteria for Securities on WDM Segment

Issuer Eligibility Criteria for listing

Public Issue /Private Placement

Corporates (Public limited companies and Private limited companies)

• Paid-up capital of Rs.10 crores; or

• Market capitalisation of Rs.25 crores

(In case of unlisted companies Networth more than Rs.25 crores)

• Credit rating

Public Sector Undertaking, Statutory Corporation established/ constituted under Special Act of Parliament /State Legislature, Local bodies/authorities,

• Credit rating

Mutual Funds:

Units of any SEBI registered Mutual Fund/scheme

• Investment objective to invest predominantly in debt or

• Scheme is traded in secondary market as debt instrument

• Qualifi es for listing under SEBI’s Regulations

Infrastructure companies

• Tax exemption and recognition as infrastructure company under related statutes/regulations

• Qualifi es for listing under the respective Acts, Rules or Regulations under which the securities are issued.

• Credit rating

Financial Institutions u/s. 4A of Companies Act, 1956 including Industrial Development Corporations

Public Issue Private Placement

Qualifi es for listing under the respective Acts, Rules or Regulations under which the securities are issued.

Credit rating

Banks • Scheduled banks

• Networth of Rs.50 crores or above

• Qualifi es for listing under the respective Acts, Rules or Regulations under which the securities are issued.

• Scheduled Banks

• Networth of Rs.50 crores or above

• Credit rating

45

Tab

le 3

-5 :

Secu

ritie

s Ava

ilabl

e fo

r T

radi

ng o

n W

DM

Seg

men

t (as

on

Mar

ch 3

1)

Secu

riti

es20

0620

0720

08

Num

ber

Am

ount

A

mou

nt

Num

ber

Am

ount

A

mou

nt

Num

ber

Am

ount

A

mou

nt

(Rs.

cr)

(US

$ m

n)

(Rs.

cr)

(US

$ m

n)

(Rs.

cr)

(US

$ m

n)

Gov

ernm

ent S

ecur

ities

1

,259

1

,227

,608

2

75,1

87

1,2

76

1,3

96,3

65

320

,341

1

,336

1

,682

,607

4

20,9

68

T-B

ills

51

71,

471

16,

021

52

117

,950

2

7,05

9 5

2 1

13,9

47

28,

508

PSU

Bon

ds

791

8

8,69

0 1

9,88

1 7

96

90,

374

20,

733

777

9

7,28

2 2

4,33

9

Inst

itutio

nal.

Bond

s 3

69

26,

738

5,9

94

271

2

8,13

6 6

,455

2

62

32,

419

8,1

11

Bank

Bon

ds

184

3

3,94

2 7

,609

2

68

66,

137

15,

172

396

9

9,61

5 2

4,92

2

Cor

pora

te B

onds

5

12

43,

863

9,8

33

584

5

4,08

7 1

2,40

8 7

38

76,

489

19,

136

Oth

ers

11

1,7

94

402

5

7

23

166

5

7

23

181

Tot

al

3,1

77

1,4

94,1

06

334

,926

3

,252

1

,753

,771

4

02,3

33

3,5

66

2,1

03,0

82

526

,165

46

Tab

le 3

-6 :

Initi

al P

ublic

Offe

ring

s (IP

Os)

duri

ng 2

007-

08

Sr.

No.

Com

pany

Nam

eSe

ctor

Issu

e si

ze

Dat

e of

Li

stin

gN

o. o

f Se

curi

-ti

es

issu

ed

Issu

e P

rice

Clo

se

Pri

ce

on

fi rst

da

y of

tr

adin

g

Clo

se

Pri

ce a

t en

d of

M

arch

20

08

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

on

the

fi rst

da

y of

tra

ding

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

at

end

Mar

ch 2

008

(Rs.

cr)

(Rs.

cr)

(%)

(%)

1O

rbit

Cor

pora

tion

Lim

ited

Infr

astr

uctu

re10

0.10

12-A

pr-0

791

0000

011

012

8.2

527.

1 1

6.55

3

79.1

8

2IC

RA

Lim

ited

Fi

nanc

e85

.18

13-A

pr-0

725

8110

033

080

3.25

664.

05 1

43.4

1 1

01.2

3

3A

dvan

ta In

dia L

imite

dFM

CG

216.

3219

-Apr

-07

3380

000

640

845.

510

63.6

5 3

2.11

6

6.20

4Fo

rtis

Hea

lthca

re L

imite

dM

iscel

lane

ous

496.

769-

May

-07

4599

6439

108

100.

1583

.4 (7

.27)

(22.

78)

5Bh

agw

ati B

anqu

ets a

nd H

otel

s Lim

ited

Serv

ices

92.0

017

-May

-07

2300

0000

4049

.05

71.1

5 2

2.63

7

7.88

6H

ilton

Met

al F

orgi

ng L

imite

d M

anuf

actu

ring

38.1

224

-May

-07

5445

016

7067

.75

27.7

(3.2

1) (6

0.43

)

7Bi

nani

Cem

ent L

imite

dM

anuf

actu

ring

153.

7528

-May

-07

2050

0000

7569

.05

62.4

5 (7

.93)

(16.

73)

8M

IC E

lect

roni

cs L

imite

dTe

leco

mm

unic

atio

n76

.50

30-M

ay-0

751

0000

015

033

8.15

715.

3 1

25.4

3 3

76.8

7

9In

sect

icid

es (I

ndia

) Lim

ited

Petr

oche

mic

als

36.5

530

-May

-07

3177

900

115

109.

4546

.85

(4.8

3) (5

9.26

)

10N

itin

Fire

Pro

tect

ion

Indu

strie

s Lim

ited

Misc

ella

neou

s64

.47

5-Ju

n-07

3393

141

190

484.

8540

4.9

155

.18

113

.11

11Ti

me T

echn

opla

st Li

mite

d M

anuf

actu

ring

123.

5313

-Jun-

0739

2150

031

548

0.9

791.

75 5

2.67

1

51.3

5

12G

lory

Pol

yfi lm

s Lim

ited

Man

ufac

turin

g39

.46

18-Ju

n-07

8220

000

4862

.166

29.

38

37.

50

13D

ecol

ight

Cer

amic

s Lim

ited

Misc

ella

neou

s43

.47

19-Ju

n-07

8049

237

5444

.65

19.8

5 (1

7.31

) (6

3.24

)

14N

elca

st Li

mite

dM

anuf

actu

ring

95.2

727

-Jun-

0743

5024

021

920

7.35

97.3

(5.3

2) (5

5.57

)

15M

eghm

ani O

rgan

ics L

imite

dPe

troc

hem

ical

s10

2.00

28-Ju

n-07

5368

4211

1926

.621

.1 4

0.00

1

1.05

16V

ishal

Ret

ail L

imite

dM

iscel

lane

ous

110.

004-

Jul-0

740

7407

427

075

3.1

831.

3 1

78.9

3 2

07.8

9

17D

LF L

imite

dIn

fras

truc

ture

9187

.50

5-Ju

l-07

1750

0000

052

556

9.8

645.

75 8

.53

23.

00

18R

oman

Tar

mat

Lim

ited

Infr

astr

uctu

re50

.78

9-Ju

l-07

2901

507

175

319.

272

.75

82.

40

(58.

43)

19C

eles

tial L

abs L

imite

dPh

arm

aceu

tical

s30

.00

17-Ju

l-07

5000

000

6067

.55

37.3

12.

58

(37.

83)

Con

td...

47

Tab

le 3

-6 :

Initi

al P

ublic

Offe

ring

s (IP

Os)

duri

ng 2

007-

08

Sr.

No.

Com

pany

Nam

eSe

ctor

Issu

e si

ze

Dat

e of

Li

stin

gN

o. o

f Se

curi

-ti

es

issu

ed

Issu

e P

rice

Clo

se

Pri

ce

on

fi rst

da

y of

tr

adin

g

Clo

se

Pri

ce a

t en

d of

M

arch

20

08

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

on

the

fi rst

da

y of

tra

ding

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

at

end

Mar

ch 2

008

(Rs.

cr)

(Rs.

cr)

(%)

(%)

20H

ousin

g D

evel

opm

ent a

nd In

fras

truc

ture

Lim

ited

Infr

astr

uctu

re17

07.7

524

-Jul-0

734

1550

0050

055

9.35

657.

25 1

1.87

3

1.45

21A

llied

Dig

ital S

ervi

ces L

imite

dIn

form

atio

n Te

chno

logy

85.9

325

-Jul-0

745

2243

519

033

0.15

793.

4 7

3.76

3

17.5

8

22Ev

eron

n Sy

stem

s Ind

ia L

imite

dIn

form

atio

n Te

chno

logy

50.0

21-

Aug

-07

3572

964

140

477.

3558

4.35

240

.96

317

.39

23Si

mpl

ex P

rojec

ts Li

mite

dIn

fras

truc

ture

55.5

13-

Aug

-07

3000

397

185

273.

721

9.6

47.

95

18.

70

24A

lpa L

abor

ator

ies L

imite

dPh

arm

aceu

tical

s61

.07

6-A

ug-0

789

8060

068

55.1

528

.45

(18.

90)

(58.

16)

25O

max

e Lim

ited

Infr

astr

uctu

re60

5.94

9-A

ug-0

719

5465

2031

034

9.35

207.

35 1

2.69

(3

3.11

)

26O

mni

tech

Info

solu

tions

Lim

ited

Info

rmat

ion

Tech

nolo

gy35

.00

14-A

ug-0

733

3333

310

516

3.4

128.

95 5

5.62

2

2.81

27IV

R P

rime U

rban

Dev

elop

ers L

imite

dIn

fras

truc

ture

721.

6516

-Aug

-07

1415

0000

510

417.

917

5.55

(18.

06)

(65.

58)

28Zy

log

Syste

ms L

imite

dIn

form

atio

n Te

chno

logy

126.

0017

-Aug

-07

3600

000

350

427.

518

3.1

22.

14

(47.

69)

29C

entr

al B

ank

of In

dia

BAN

KS

816.

0021

-Aug

-07

8000

0000

102

115.

386

.9 1

3.04

(1

4.80

)

30SE

L M

anuf

actu

ring

Com

pany

Lim

ited

Man

ufac

turin

g37

.25

21-A

ug-0

741

3841

090

144.

7532

3.85

60.

83

259

.83

31A

sian

Gra

nito

Indi

a Lim

ited

Man

ufac

turin

g67

.90

23-A

ug-0

770

0000

097

94.2

50.7

5 (2

.89)

(47.

68)

32Ta

ke S

olut

ions

Lim

ited

Info

rmat

ion

Tech

nolo

gy15

3.30

27-A

ug-0

721

0000

073

092

7.8

771.

65 2

7.10

5

.71

33K

.P.R

. Mill

Lim

ited

Man

ufac

turin

g13

3.02

28-A

ug-0

759

1210

022

517

4.2

96.0

5 (2

2.58

) (5

7.31

)

34Pu

rava

nkar

a Pro

jects

Lim

ited

Infr

astr

uctu

re85

6.28

30-A

ug-0

721

4068

8040

036

2.3

241.

05 (9

.43)

(39.

74)

35M

otila

l Osw

al F

inan

cial

Ser

vice

s Lim

ited

Fina

nce

246.

0711

-Sep

-07

2982

710

825

976.

8567

7.35

18.

41

(17.

90)

36In

dow

ind

Ener

gy L

imite

dM

anuf

actu

ring

73.3

514

-Sep

-07

1128

4600

6511

3.65

69.3

74.

85

6.6

2

37M

agnu

m V

entu

res L

imite

dM

anuf

actu

ring

52.9

220

-Sep

-07

1764

1184

3049

.413

.85

64.

67

(53.

83)

Con

td...

Con

td...

48

Tab

le 3

-6 :

Initi

al P

ublic

Offe

ring

s (IP

Os)

duri

ng 2

007-

08

Sr.

No.

Com

pany

Nam

eSe

ctor

Issu

e si

ze

Dat

e of

Li

stin

gN

o. o

f Se

curi

-ti

es

issu

ed

Issu

e P

rice

Clo

se

Pri

ce

on

fi rst

da

y of

tr

adin

g

Clo

se

Pri

ce a

t en

d of

M

arch

20

08

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

on

the

fi rst

da

y of

tra

ding

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

at

end

Mar

ch 2

008

(Rs.

cr)

(Rs.

cr)

(%)

(%)

38K

aver

i See

d C

ompa

ny L

imite

dFM

CG

68.0

44-

Oct

-07

4002

184

170

230.

9527

9.9

35.

85

64.

65

39Po

wer

Grid

Cor

pora

tion

of In

dia L

imite

dIn

fras

truc

ture

2984

.45

5-O

ct-0

757

3932

895

5210

0.6

98.3

93.

46

89.

04

40K

outo

ns R

etai

l Ind

ia L

imite

dM

anuf

actu

ring

146.

2612

-Oct

-07

3524

439

415

586.

580

5.3

41.

33

94.

05

41C

onso

lidat

ed C

onstr

uctio

n C

onso

rtiu

m L

imite

dIn

fras

truc

ture

188.

7015

-Oct

-07

3700

000

510

792.

173

2.7

55.

31

43.

67

42D

hanu

s Tec

hnol

ogie

s Lim

ited

Tele

com

mun

icat

ion

109.

3017

-Oct

-07

3835

000

285

309.

7516

5.6

8.6

8 (4

1.89

)

43Su

prem

e Inf

rastr

uctu

re In

dia L

imite

dIn

fras

truc

ture

37.5

318

-Oct

-07

3475

000

108

175.

181

.45

62.

13

(24.

58)

44M

ayta

s Inf

ra L

imite

dIn

fras

truc

ture

327.

4525

-Oct

-07

8850

000

370

613.

3571

6.3

65.

77

93.

59

45R

elig

are E

nter

prise

s Lim

ited

Fina

nce

140.

1621

-Nov

-07

7576

102

185

525.

337

2 1

83.9

5 1

01.0

8

46V

arun

Indu

strie

s Lim

ited

Man

ufac

turin

g54

.01

22-N

ov-0

790

0114

560

112.

261

.05

87.

00

1.7

5

47Ba

rak

Val

ley

Cem

ents

Lim

ited

Man

ufac

turin

g23

.77

23-N

ov-0

756

6000

042

55.3

32.8

5 3

1.67

(2

1.79

)

48Em

pee D

istill

erie

s Lim

ited

FMC

G19

2.20

26-N

ov-0

748

0489

340

031

9.35

153.

1 (2

0.16

) (6

1.73

)

49M

undr

a Por

t and

Spe

cial

Eco

nom

ic Z

one L

imite

dSe

rvic

es17

71.0

027

-Nov

-07

4025

0000

440

962.

957

8.75

118

.84

31.

53

50Ed

elw

eiss

Cap

ital L

imite

dFi

nanc

e69

1.86

12-D

ec-0

783

8614

782

515

10.2

582

7.45

83.

06

0.3

0

51R

enai

ssan

ce Je

wel

lery

Lim

ited

Misc

ella

neou

s79

.86

12-D

ec-0

753

2424

015

016

4.9

71.8

9.9

3 (5

2.13

)

52K

olte

- Pa

til D

evel

oper

s Lim

ited

Infr

astr

uctu

re27

5.54

13-D

ec-0

719

0029

7714

518

1.35

95.7

25.

07

(34.

00)

53K

aush

alya

Infr

astr

uctu

re D

evel

opm

ent C

orpo

ratio

n Li

mite

dIn

fras

truc

ture

51.0

014

-Dec

-200

785

0000

060

82.4

535

.25

37.

42

(41.

25)

54Jy

othy

Lab

orat

orie

s Lim

ited

Phar

mac

eutic

als

305.

6919

-Dec

-07

4430

260

690

794.

0578

5.3

15.

08

13.

81

55Tr

ansfo

rmer

s And

Rec

tifi e

rs (I

ndia

) Lim

ited

Infr

astr

uctu

re13

9.27

28-D

ec-0

729

9500

046

572

9.25

395.

35 5

6.83

(1

4.98

)

Con

td...

Con

td...

49

Tab

le 3

-6 :

Initi

al P

ublic

Offe

ring

s (IP

Os)

duri

ng 2

007-

08

Sr.

No.

Com

pany

Nam

eSe

ctor

Issu

e si

ze

Dat

e of

Li

stin

gN

o. o

f Se

curi

-ti

es

issu

ed

Issu

e P

rice

Clo

se

Pri

ce

on

fi rst

da

y of

tr

adin

g

Clo

se

Pri

ce a

t en

d of

M

arch

20

08

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

on

the

fi rst

da

y of

tra

ding

Pri

ce A

ppre

cia-

tion

/ D

epre

cia-

tion

at

end

Mar

ch 2

008

(Rs.

cr)

(Rs.

cr)

(%)

(%)

56Br

igad

e Ent

erpr

ises L

imite

dIn

fras

truc

ture

745.

6231

-Dec

-07

1911

8428

390

379.

916

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50

Table 3-7 : FPOs during 2007-08

Sr. No.

Company Name

Sector Issue size Date of Listing

No. of Securities

issued

Issue Price (Rs.)

(Rs.cr)

1 ICICI Bank Ltd. Banking 10,043.00 6-Jul-07 58,160,431 940 (Price for the existing

retail shareholders and

retail shareholders is

Rs. 890/-)

2 ICICI Bank Ltd. Banking 10,014.82 6-Jul-07 99,898,476 1002.5

3 Bharat Earth

Movers Ltd

Manufacturing 526.75 17-Jul-07 4,900,000 1075

Table 3-8 : Rights Issues during 2007-08

S. No. Company Name Amount Mobilised

(Rs. Cr.)

Amount Mobilised

(US $ mn)

1 Bajaj Auto Finance Ltd 1.32 0.33

2 Cholamandalam DBS Finance Limited 199.21 49.84

3 DIC India Limited 51.60 12.91

4 Exide Industries Ltd. 150.00 37.53

5 The Federal Bank Ltd 2,135.74 534.34

6 Federal-Mogul Goetze (India) Limited. 106.33 26.60

7 GTL Infrastructure Limited 336.28 84.13

8 Hindustan Oil Exploration Co. Ltd 610.51 152.74

9 ITD Cementation India Limited 244.71 61.22

10 Lg Balakrishnan & Bros Ltd 94.42 23.62

11 Nandan Exim Limited 45.45 11.37

12 Orient Paper & Industries Ltd 160.24 40.09

13 Tata Steel Limited 9,120.85 2,281.92

14 Trent Ltd. 157.13 39.31

Total Resources Mobilised 13,413.79 3,355.96

51

Contd...

Table 3-9 Preferential Allotments by NSE Listed Companies during 2007-08

S. No.

Company Name Amount Raised Rs. cr

Amount Raised US $ mn

1 Aarvee Denims & Exports Limited 8.36 2.09

2 Agro Dutch Industries Limited 2.06 0.52

3 Ahmednagar Forgings Ltd 40.80 10.21

4 Deccan Aviation Limited 575.40 143.96

5 Alps Industries Ltd. 13.00 3.25

6 Amtek Auto Ltd 322.00 80.56

7 Amtek India Limited 96.25 24.08

8 Anant Raj Industries Limited 800.12 200.18

9 ANG Auto Limited 8.06 2.02

10 Ankur Drugs And Pharma Limited 45.76 11.45

11 Ansal Housing and Construction Limited 18.96 4.74

12 Apollo Hospitals Enterprise Ltd 426.40 106.68

13 Apollo Tyres Ltd 35.16 8.80

14 The Andhra Pradesh Paper Mills Limited 20.00 5.00

15 Aptech Limited 43.33 10.84

16 Archies Limited 3.99 1.00

17 Arihant Foundations & Housing Ltd 20.10 5.03

18 Asian Electronics Ltd 13.68 3.42

19 Aurionpro Solutions Limited 25.96 6.49

20 Axis Bank Limited 1,903.10 476.13

21 B.A.G Films and Media Limited 52.48 13.13

22 Bajaj Auto Finance Ltd 123.27 30.84

23 Balrampur Chini Mills Ltd 67.16 16.80

24 Bhartiya International Limited 10.85 2.71

25 Bilpower Limited 29.10 7.28

26 BPL Limited 18.89 4.73

27 California Software Company Limited 38.39 9.60

28 Cambridge Solutions Limited 133.65 33.44

29 CESC Ltd. 43.34 10.84

30 Clutch Auto Limited 27.38 6.85

31 Color Chips Limited 0.40 0.10

32 Core Projects and Technologies Limited 3.78 0.95

33 City Union Bank Ltd. 145.73 36.46

34 Development Credit Bank Limited 280.00 70.05

35 DCW Ltd 28.33 7.09

52

Contd...

Contd...


S. No.



36 Dewan Housing Finance Corporation Ltd 52.99 13.26

37 Everest Kanto Cylinder Limited 88.70 22.19

38 Electrosteel Castings Ltd 54.97 13.75

39 Emco Limited 21.75 5.44

40 Era Infra Engineering Limited 50.83 12.72

41 Ess Dee Aluminium Limited 81.08 20.28

42 Four Soft Limited 19.85 4.97

43 Ganesh Housing Corporation Ltd. 7.46 1.87

44 Garware Wall Ropes Ltd. 4.99 1.25

45 Garware Offshore Services Limited 17.33 4.34

46 Gati Limited 34.45 8.62

47 Gemini Communication Limited 15.53 3.88

48 Genesys International Corporation Limited 1.09 0.27

49 Genus Power Infrastructures Limited 84.00 21.02

50 Geodesic Information Systems Limited 24.96 6.25

51 Geojit Financial Services Limited 147.69 36.95

52 GHCL Limited 16.28 4.07

53 Gitanjali Gems Limited 45.07 11.28

54 Goldiam International Limited 0.75 0.19

55 Goldstone Technologies Ltd. 15.33 3.84

56 Granules India Limited 82.87 20.73

57 Greenply Industries Ltd 6.21 1.55

58 Gujarat State Petronet Limited 107.35 26.86

59 GTC Industries Ltd 8.00 2.00

60 Gujarat NRE Coke Ltd. 52.50 13.13

61 Gujarat Sidhee Cements Ltd 4.73 1.18

62 Havells India Limited 260.00 65.05

63 Housing Development Finance Corporation Ltd. 3,114.00 779.08

64 HDFC Bank Ltd 1,390.10 347.79

65 Hexaware Technologies Limited 150.00 37.53

66 Himatsingka Seide Ltd 9.98 2.50

67 Hindalco Industries Ltd. 1,173.62 293.63

68 Hindustan Dorr-Oliver Ltd 8.00 2.00

69 I-Flex Solutions Limited 40.17 10.05

70 Indiabulls Real Estate Limited 273.83 68.51

53

Contd...

Contd...


S. No.



71 Indo Count Industries Ltd 6.07 1.52

72 ICSA (India) Limited 53.20 13.31

73 IG Petrochemicals Ltd. 13.50 3.38

74 Indiabulls Financial Services Limited 321.17 80.35

75 India Infoline Limited 609.20 152.41

76 IMP Powers Ltd 5.91 1.48

77 Ind-Swift Laboratories Ltd. 2.35 0.59

78 Infotech Enterprises Ltd 201.01 50.29

79 ING Vysya Bank Limited 157.51 39.41

80 IOL Netcom Limited 5.68 1.42

81 Jai Corp Limited 611.75 153.05

82 Jayant Agro Organics Ltd. 3.90 0.98

83 JIK Industries Limited 13.89 3.47

84 Jindal Saw Limited 116.53 29.15

85 Jain Irrigation Systems Limited 47.59 11.91

86 Jindal Stainless Limited 102.77 25.71

87 JSW Steel Limited 190.40 47.64

88 Jyoti Structures Ltd 5.27 1.32

89 Kanoria Chemicals & Industries Ltd 20.34 5.09

90 Kesar Enterprises Ltd. 4.38 1.10

91 Kinetic Motor Company Limited 9.75 2.44

92 Karuturi Networks Limited 39.85 9.97

93 Kopran Ltd. 7.03 1.76

94 KPIT Cummins Infosystems Limited 38.55 9.64

95 K S Oils Limited 131.78 32.97

96 Lakshmi Precision Screws Limited 9.09 2.27

97 Lakshmi Energy and Foods Limited 37.38 9.35

98 Lloyd Electric & Engineering Ltd 50.00 12.51

99 Lumax Industries Ltd 54.00 13.51

100 Lyka Labs Ltd 27.36 6.84

101 Mahindra & Mahindra Financial Services Limited 414.20 103.63

102 Mahindra Lifespace Developers Limited 198.83 49.74

103 Malwa Cotton Spg. Mills Ltd 2.80 0.70

104 Man Industries (India) Ltd. 9.00 2.25

105 Media Video Ltd. 18.49 4.63

54

Contd...

Contd...


S. No.



106 Micro Technologies (India) Limited 9.09 2.27

107 Mercator Lines Limited 44.00 11.01

108 MSK Projects (India) Limited 37.38 9.35

109 Nagarjuna Construction Co. Ltd 410.00 102.58

110 Nagreeka Exports Ltd 6.09 1.52

111 Nagreeka Exports Limited 6.05 1.51

112 Nava Bharat Ventures Limited 30.40 7.61

113 Nicco Corporation Limited 20.00 5.00

114 Onward Technologies Ltd 0.18 0.04

115 Opto Circuits (India) Limited 41.93 10.49

116 Pantaloon Retail (India) Ltd. 398.24 99.63

117 Paramount Communications Ltd 14.58 3.65

118 Parekh Aluminex Limited 18.40 4.60

119 Phoenix Lamps Ltd 42.53 10.64

120 The Phoenix Mills Limited 317.72 79.49

121 Polyplex Corporation Ltd. 20.52 5.13

122 Prajay Engineers Syndicate Limited 1.46 0.37

123 Praj Industries Ltd 87.78 21.96

124 Precision Wires India Ltd 19.49 4.88

125 Provogue (India) Limited 130.50 32.65

126 Rana Sugars Ltd 6.82 1.71

127 Rane Holdings Limited 29.70 7.43

128 Reliance Capital Limited 494.76 123.78

129 Shree Renuka Sugars Limited 62.57 15.65

130 Ramkrishna Forgings Limited 1.50 0.38

131 Radha Madhav Corporation Limited 6.57 1.64

132 Reliance Natural Resources Limited 743.85 186.10

133 RPG Cables Ltd 8.30 2.08

134 Sabero Organics Gujarat Ltd 8.50 2.13

135 Sagar Cements Ltd. 28.72 7.18

136 Saksoft Limited 3.27 0.82

137 Sangam (India) Ltd. 2.76 0.69

138 Sanghi Industries Limited 93.71 23.45

139 Sanghvi Movers Ltd. 29.69 7.43

140 South Asian Petrochem Limited 71.77 17.96

55

Contd...


S. No.



141 SB&T International Ltd 7.75 1.94

142 Sharyans Resources Ltd. 94.82 23.72

143 Shiv-Vani Oil & Gas Exploration Services Limited 102.50 25.64

144 Shreyans Industries Ltd 5.98 1.49

145 Sical Logistics Limited 219.05 54.80

146 Sona Koyo Steering Systems Ltd. 30.98 7.75

147 Spentex Industries Ltd 1.00 0.25

148 Shriram Transport Finance Co. Ltd. 539.20 134.90

149 Strides Arcolab Limited 1.71 0.43

150 STI India Ltd 4.08 1.02

151 Sterlite Technologies Limited 28.00 7.01

152 Subhash Projects & Marketing Ltd 134.60 33.68

153 Summit Securities Limited 28.73 7.19

154 Supreme Tex Mart Limited 14.81 3.70

155 Surana Industries Limited 24.75 6.19

156 Suryajyoti Spinning Mills Limited 3.48 0.87

157 Surya Pharmaceutical Limited 20.93 5.24

158 Tata Power Co. Ltd. 580.86 145.32

159 Tata Steel Limited 1,380.17 345.30

160 Tata Tea Ltd 204.13 51.07

161 Transport Corporation of India Limited 52.63 13.17

162 TIPS Industries Limited 11.12 2.78

163 Trent Ltd. 43.50 10.88

164 Television Eighteen India Ltd. 91.54 22.90

165 UFLEX Limited 80.50 20.14

166 Usha Martin Limited 88.74 22.20

167 Vakrangee Softwares Limited 42.18 10.55

168 Valecha Engineering Limited 21.05 5.27

169 Varun Shipping Co. Ltd. 63.75 15.95

170 Viceroy Hotels Limited 8.13 2.03

171 Welspun Gujarat Stahl Rohren Limited 68.45 17.13

172 Xpro India Limited 1.76 0.44

173 Yes Bank Limited 330.75 82.75

174 Zicom Electronic Security Systems Limited 14.34 3.59

TOTAL 24,026.97 6,011.25

56

Table 3-10 : Amount raised through QIP during 2007-08

Sr. No

Name of the company Amount Raised Amount Raised

(Rs.cr) (US $ mn)

1 GMR Infrastructure Limited 3965.71 992.17

2 Suzlon Energy Limited 2182.70 546.08

3 IDFC Limited 2100.00 525.39

4 UTI Bank Limited 1752.43 438.44

5 Kotak Mahindra Bank Limited 1615.00 404.05

6 Bank of India 1359.81 340.21

7 GVK Power & Infrastructure Limited 1221.00 305.48

8 PTC India Limited 1199.99 300.22

9 Max India Limited 999.99 250.19

10 The Phoenix Mills Limited 980.00 245.18

11 United Phosphorous Limited 845.81 211.61

12 Punj Lloyd Limited 814.00 203.65

13 Godrej Industries Ltd. 600.00 150.11

14 India Cements Ltd. 592.49 148.23

15 CESC Limited 590.81 147.81

16 Sintex Industries Ltd. 589.50 147.49

17 Peninsula Land Limited 525.00 131.35

18 Centurion Bank of Punjab Limited 500.00 125.09

19 Simplex Infrastructures Limited 400.00 100.08

20 The South Indian Bank Ltd. 326.00 81.56

21 ING Vysya Bank Limited 192.49 48.16

22 Nitco Tiles Limited 166.01 41.53

23 Shree Renuka Sugars Limited 164.00 41.03

24 Godawari Power And Ispat limited 100.00 25.02

25 Logix Microsystems Limited 97.65 24.43

26 Sadbhav Engineering Limited 92.00 23.02

27 Escorts Limited 87.92 22.00

28 Sunil Hitech Engineering Limited 81.00 20.27

29 Birla Power Solutions Limited. 67.32 16.84

30 Escorts Limited 60.84 15.22

31 Pratibha Industries Limited 60.72 15.19

32 Parekh Aluminex Limited 54.00 13.51

33 West Coast Paper Mills Limited 49.99 12.51

TOTAL 244,34.17 6,113.13

Capital Market Segment 4

59

4Capital Market Segment

The Trading on NSE’s capital market segment which commenced on November 04, 1995 has been witnessing a substantial growth over the years. The trading volumes jumped by 82.55 % during the fi scal 2007-08 as compared to 2006-07. With the increase in volumes, effi cient and transparent trading platform, a vide range of securities like equity, preference shares, debt warrants, exchange traded funds as well as retail government securities, NSE upholds its position as the largest stock exchange in the country.

NEAT System

National Exchange for Automated Trading (NEAT) is the trading system of NSE. NEAT facilitates a system on-line, fully automated, nationwide, anonymous, order driven, screen-based trading. In this system a member can punch into the computer quantities of securities and the prices at which he likes to transact and the transaction is executed as soon as it fi nds a matching sale for buy order for a counter party. The numerous advantages of the NEAT system are detailed out below :

• It electronically matches orders on a price/time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational effi ciency.

• It allows faster incorporation of price sensitive information into prevailing prices, thus increasing the informational effi ciency of markets.

• It enables market participants to see the full market on real-time, making the market transparent. It allows a large number of participants, irrespective of their geographical locations, to trade with one another simultaneously, improving the depth and liquidity of the market.

• It provides tremendous fl exibility to the users in terms of kinds of orders that can be placed on the system. It ensures full anonymity by accepting orders, big or small, from members without revealing their identity, thus providing equal access to everybody.

• It provides a perfect audit trail which helps to resolve disputes by logging in the trade execution process in entirety.

• The trading platform of the CM segment is accessed not only from the computer terminals from the premises of brokers spread over about 245 cities, but also from the personal computers in the homes of investors through the Internet.

Market Performance

Trading Volume

Over the years the Capital market has witnessed a growth in the trading volumes. From Rs. 1,805 crore in 1994-95 the volumes increased to Rs. 1,945,287 crore (US $ 446,269 million) in 2006-07. In the reporting year 2007-08 the volumes increased by leaps and bounds to

60

Rs. 3,551,038 crore (US $ 888,426 million). The average daily trading volume increased from Rs. 17 crore during 1994-95 to Rs. 14,148 crore (US $ 3,540 million) during 2007-08. The business growth of the CM segment is presented in Table 4-1 and Chart 4-1.

Liquidity

The liquidity in the CM segment, as measured by the turnover ratio, has witnessed a steady increase and reached nearly 73.09% during the year 2007-2008 compared to 57.77% during the year 2006-07. The securities available for trading for more than 100 days accounted for 92.97% as indicated in the table below:

Frequency Distribution of Securities Traded During 2007-08

No. of Days Traded No. of Securities % to TotalAbove 100 1,177 92.9791-100 5 0.3981-90 17 1.3471-80 7 0.5561-70 11 0.8751-60 7 0.5541-50 7 0.5531-40 6 0.4721-30 9 0.7111-20 13 1.031-10 7 0.55Total 1,266 100.00

The percentage of companies traded compared to the number of companies available for trading is quite high at more than 98% for all the months during the fi scal 2007-08. In the month of February 08 almost 100% of the companies traded. The month wise statistics are indicated in the table below :

Trading Frequency of Companies during the period 2007-08

Month Companies Avaliable for Trading*

Companies Traded % of Traded to Available for Trading

Apr-07 1,104 1,088 98.55May-07 1,126 1,113 98.85Jun-07 1,143 1,130 98.86Jul-07 1,150 1,140 99.13Aug-07 1,170 1,166 99.66Sep-07 1,173 1,116 95.14Oct-07 1,180 1,176 99.66Nov-07 1,197 1,189 99.33Dec-07 1,207 1,202 99.59Jan-08 1,216 1,210 99.51Feb-08 1,227 1,226 99.92Mar-08 1,236 1,229 99.43

*At the end of the period includes listed/permitted to trade companies but excludes suspended companies

61

Distribution of Turnover

The concentration of trading among top ‘N’ securities/brokers is presented in Table 4-2. It is observed that the top ‘5’ and ‘100’ securities account for about 16.29 % and 77.29 % of total turnover in the CM segment in 2007-08. The top ‘50’ securities accounted for 61.47 % of the total turnover, details of which are presented in Table 4-3.

Broker-wise distribution of turnover as presented in Table 4-2 indicates increasing diffusion of trades among a large number of trading members over the years. During 2007-08, top ‘5’ brokers accounted for only 14.57% of turnover, while top ‘100’ brokers accounted for 73.90% of total turnover.

Market Capitalisation

The total market capitalisation of securities available for trading on the CM segment increased from Rs. 363,350 crore as at end March 1995 to Rs. 4,858,122 crore (US $ 1,125,442 million) as at end March 2008. A Y-o-Y increase of 44.27 % was witnessed during 2007-08 as compared to the market capitalization of Rs.3,367,350 crore (US $ 772,505 million) in 2006-07. The details of ‘50’ top companies by market capitalisation, which accounted for 65.12% of total market capitalisation as at end March 2008, are presented in Table 4-4.

Sectoral Distribution

Table 4-5 presents the classifi cation of ‘Top 50’ companies based on their trading value and on their Market capitalization. A signifi cant change in the importance of different sectors is observed during the past few years.

The share of trading volumes in the Infrastructure sector saw a signifi cant increase from 7.39 % in the last fi scal to 22.93 % in the current year. In terms of market capitalisation the share increased from 7.05 % during 2006-07 to 17.05% in the current year. This sector also holds the maximum share in terms of trading volumes and market capitalization in the current fi scal 2007-08. Among the top ‘50’ Companies there was a signifi cant contribution in trading volumes from newly listed companies like DLF limited-2.53 % (listed on 05th July, 2007), Power Grid Corporation Ltd- 1.45 % (listed on 05th October 2007), Reliance Power Ltd -0.80 % (listed on 11th February 2008) and Housing Dev & Infra Ltd- 1.09 % (listed on 24th July,2007) which has attributed to the emergence of this sector.

The top ‘50’ companies cover a signifi cant share of trading volumes and market capitalistion in the Petrochemicals sector of 17.80% and 22.94% respectively. Under this sector, among the companies - Cairn India Limited (listed on 09th January 2008) features both in the top 50’ traded volumes and market capitalistion.

The share of manufacturing companies in the trading volume and market capitalization of top ‘50’ companies has been witnessing a steady increase over the years. In the current fi scal the top ‘50’ companies with the maximum share in this sector were Rel. Nat.

62

Resources Ltd - 4.90 % in terms of trading volumes and NMDC Ltd (listed on 03rd March 2008) 4.33 % in terms of market capitalization.

The IT sector on the other hand witnessed a slowdown in the share of top ‘50’ companies both in terms of trading volumes and market capitalization. The share of trading volumes decreased from 15.04 % in 2006-07 to 5.90 % in 2007-08. The market capitalization share decreased from 18.14 % in the previous fi scal to 7.95 % in the current fi scal year.

Trading Records during 2007-08

Ten of NSE’s most Active trading days in terms of trading values are presented in Table 4-6 . During the fi scal, the month of October 07 witnessed the highest trading value of Rs.455,589 cr (US $ 113,983 million) and maximum number of active days (03rd,17th,18th and 20th of October 2007).

Internet Trading

At the end of March 2008, a total number of 305 members were permitted to allow investor’s web based access to NSE’s trading system. The members of the exchange in turn had registered 4,405,134 clients for web based access as on March 31, 2008. In the Capital market segment, the trading volume of Rs. 4,405,134 crore (US$ 668,399 million) during the year 2007-08 constituting 18.82% of total trading volume, was routed and executed through the internet. The following table shows the growth of internet trading for the fi scal years 2006-07 and 2007-08.

Year Enabled Members*

Registered Clients*

Internet TradingVolume

(Rs. crore)

Internet TradingVolume

(US $ million)

% of total TradingVolume

2006-07 242 2,279,098 337,524 77,432 17.35

2007-08 305 4,405,134 668,399 167,225 18.82

* At the end of the fi nancial year

FII Turnover on NSE :

The gross turnover of FIIs amounted to Rs.1,270,521 crore ( US $ 317,869 million) as compared with Rs.686,297 crore (US $ 157,444 million) during 2006-07.

On-line IPOs

The on-line trading system of NSE is used by companies to make IPOs through book building. It is a fully automated screen based bidding system that allows trading members to enter bids on behalf of their clients. All bids received by the system are numbered, time stamped, and stored in the book till the last day of the book building process and the offer price is determined after the bid closing date. While ensuring effi cient price discovery, this system reduces time taken for completion of the issue process. 281 companies have used the on-line IPO system of NSE by the end of March 2008.

63

Indices

India Index Services and Products Ltd. (IISL), in technical partnership with S&P, have developed and have been maintaining scientifi cally an array of indices of stock prices on NSE. The popular indices are the S&P CNX Nifty, CNX Nifty Junior, S&P CNX Defty, S&P CNX 500, CNX Midcap, CNX 100, Nifty Midcap 50, S&P CNX Industry indices and CNX segment indices. S&P CNX Nifty, introduced in November 3, 1995, is based on 50 largest and highly liquid stocks. CNX Nifty Junior, introduced in December 1996, is built out of the next 50 large and liquid stocks. These indices are monitored and updated dynamically and are reviewed regularly. The comparative movement of major sectoral indices along with that of S&P CNX Nifty is presented in Chart 4-2.

The S&P CNX Nifty accounted for 58.64% of total market capitalisation as at end March 2008, while the CNX Nifty Junior accounted for 9.34% of market capitalisation (Table 4-9). The compositions of these two indices as at end March 2008 are presented in Table 4-10 and Table 4-11. The industry wise weightages of securities included in S&P CNX Nifty are presented in Table 4-12.

The movements in S&P CNX Nifty and CNX Nifty Junior are presented in Table 4-13 and Table 4-14 respectively. The Performance of few of the indices is presented in Table 4-15. All the indices with the exception of CNX IT witnessed their record time highs during the month of January 2008. The S&P CNX Nifty Index touched its peak of 6357.10 on January 08, 2008. It yielded a point to point positive return of 23.89% during 2007-08. The Finance index earned the highest point to point positive returns of 60.06 % followed by the Petrochemicals index 45.30 % during the current fi scal.

Volatility Index

Volatility Index is a measure of market’s expectation of volatility over the near term. Volatility is often described as the “rate and magnitude of changes in prices” and in fi nance often referred to as risk. Volatility Index is a measure, of the amount by which an underlying Index is expected to fl uctuate, in the near term, (calculated as annualised volatility, denoted in percentage e.g. 20%) based on the order book of the underlying index options. Volatility Index is a good indicator of the investors’ perception on how volatile markets are expected to be in the near term. Usually, during periods of market volatility, market moves steeply up or down and the volatility index tends to rise. As volatility subsides, option prices tend to decline, which in turn causes volatility index to decline.

India VIX

NSE has been in the forefront of bringing the latest products and services to the Indian capital markets for the benefi t of the investors. In another innovation in the Indian markets, NSE launched the India VIX on 08th April, 2008 a volatility index based on the Nifty 50 Options prices. From the best bidask prices of Nifty 50 Options contracts (which are traded on the F&O segment of NSE), a volatility fi gure (%) is calculated which indicates the expected market volatility over the next 30 calendar days. Higher the implied volatility higher the India VIX value and vice versa.

64

There are some differences between a price index, such as the Nifty 50 and India VIX. Nifty 50 is calculated based on the price movement of the underlying 50 stocks which comprises the index. India VIX is calculated based on the bid-offer prices of the near and mid month Nifty 50 Index Options. Nifty 50 Index is an absolute number, e.g. 4500, 5000 etc., whereas India VIX is a percentage value (eg. 20%, 30% etc.). Whereas Nifty 50 signifi es how the markets have moved directionally, India VIX indicates the expected near term volatility and how the volatility is changing from time to time.

Uses of Volatility Index

Volatility Index offers great advantages in terms of trading, hedging and introducing derivative products on this index. Investors can use volatility index for various purposes as mentioned below:

• Investors’ portfolios are exposed to the market volatility. Investors could hedge their portfolios against volatility with an off-setting position in India VIX futures or options contracts.

• Volatility index depicts the collective consensus of the market on the expected volatility and being contrarian in nature helps in predicting the direction. Investors therefore could appropriately use this information for taking trading positions.

• Investors could also use the implied volatility information given by the index, in identifying mis-priced options.

• Short sale positions could expose investors to directional risk. Derivatives on volatility index could help investors in safeguarding their positions and thus avoid systemic risk for the market Based on the experience gained with the benchmark broad based index, sector specifi c volatility indices could be constructed to enable hedging by investors in those specifi c sectors.

Mutual Funds and Exchange Traded Funds

Out of the 11 Mutual Funds listed on the Exchange, 8 of them have been listed during the current fi scal 2007-08. In case of Exchange Traded Funds there have been 6 new listings during 2007-08 taking the total numbers to 12 as on 31st March, 2008. Table 4-16 (A) & (B) presents the details of the names and volumes of these funds.

Transaction Charges

The maximum brokerage chargeable by trading member in respect of trades effected in the securities admitted to dealing on the CM segment of the Exchange is fi xed at 2.5% of the contract price, exclusive of statutory levies like, securities transaction tax, SEBI turnover fee, service tax and stamp duty. However, the brokerage charges as low as 0.10% are also observed in the market.

65

A member is required to pay the exchange transaction charges at the rate of 0.0035% (Rs. 3.5 per Rs. 1 lakh) of the turnover. Trading members are also required to pay securities transaction tax (STT) on all delivery based transaction at the rate of 0.125% (payable by both buyer and seller) and in case of non-delivery transactions at the rate of 0.025% for equities payable by the seller only).

Clearing & Settlement

While NSE provides a platform for trading to its trading members, the National Securities Clearing Corporation Ltd. (NSCCL) determines the funds/securities obligations of the trading members and ensures that trading members meet their obligations. The core processes involved in clearing and settlement are:

(a) Trade Recording : The key details about the trades are recorded to provide basis for settlement. These details are automatically recorded in the electronic trading system of the exchanges.

(b) Trade Confi rmation : The parties to a trade agree upon the terms of trade like security, quantity, price, and settlement date, but not the counterparty which is the NSCCL. The electronic system automatically generates confi rmation by direct participants.

(c) Determination of Obligation : The next step is determination of what counter-parties owe, and what counter-parties are due to receive on the settlement date. The NSCCL interposes itself as a central counterparty between the counterparties to trades and nets the positions so that a member has security wise net obligation to receive or deliver a security and has to either pay or receive funds.

(d) Pay-in of Funds and Securities : The members bring in their funds/securities to the NSCCL. They make available required securities in designated accounts with the depositories by the prescribed pay-in time. The depositories move the securities available in the accounts of members to the account of the NSCCL. Likewise members with funds obligations make available required funds in the designated accounts with clearing banks by the prescribed pay-in time. The NSCCL sends electronic instructions to the clearing banks to debit member’s accounts to the extent of payment obligations. The banks process these instructions, debit accounts of members and credit accounts of the NSCCL.

(e) Pay-out of Funds and Securities : After processing for shortages of funds /securities and arranging for movement of funds from surplus banks to deficit banks through RBI clearing, the NSCCL sends electronic instructions to the depositories/clearing banks to release pay-out of securities/funds. The depositories and clearing banks debit accounts of the NSCCL and credit accounts of members. Settlement is complete upon release of pay-out of funds and securities to custodians/members.

66

(f) Risk Management : A sound risk management system is integral to an effi cient settlement system. The NSCCL ensures that trading members’ obligations are commensurate with their net worth. It has put in place a comprehensive risk management system, which is constantly monitored and upgraded to pre-empt market failures. It monitors the track record and performance of members and their net worth; undertakes on-line monitoring of members’ positions and exposure in the market, collects margins from members and automatically disables members if the limits are breached. The risk management methods adopted by NSE have brought the Indian fi nancial market in line with the international markets.

Settlement Agencies

The NSCCL, with the help of clearing members, custodians, clearing banks and depositories settles the trades executed on exchanges. The roles of each of these entities are explained below:

(a) NSCCL : The NSCCL is responsible for post-trade activities of a stock exchange. Clearing and settlement of trades and risk management are its central functions. It clears all trades, determines obligations of members, arranges for pay-in of funds/securities, receives funds/securities, processes for shortages in funds securities, arranges for pay-out of funds/securities to members, guarantees settlement, and collects and maintains margins/collateral/base capital/other funds. It is the counterparty to all settlement obligations of the members.

(b) Clearing Members : They are responsible for settling their obligations as determined by the NSCCL. They have to make available funds and/or securities in the designated accounts with clearing bank/depositories, as the case may be, to meet their obligations on the settlement day.

(c) Custodians : Custodian is a clearing member but not a trading member. They settles trades assigned to them by trading members. They are required to confi rm whether they are going to settle a particular trade or not. If it is confi rmed, the NSCCL assigns that obligation to that custodian and the custodian is required to settle it on the settlement day.

(d) Clearing Banks : Every clearing member is required to open a dedicated clearing account with one of the clearing banks. Based on his obligation as determined through clearing, the clearing member makes funds available in the clearing account for the pay-in and receives funds in case of a pay-out.

(e) Depositories : Depositories help in the settlement of the dematerialised securities. Each custodian/clearing member is required to maintain a clearing pool account with the depositories. He is required to make available the required securities in the designated account on settlement day. The depository runs an electronic fi le to transfer the securities from accounts of the custodians/clearing member to that of

67

NSCCL. As per the schedule of allocation of securities determined by the NSCCL, the depositories transfer the securities on the pay-out day from the account of the NSCCL to those of members/custodians.

(f) Professional Clearing Member : NSCCL admits special category of members namely, professional clearing members. Professional Clearing Member (PCM) may clear and settle trades executed for their clients (individuals, institutions etc.). In such an event, the functions and responsibilities of the PCM would be similar to Custodians. PCMs may also undertake clearing and settlement responsibility for trading members. In such a case, the PCM would settle the trades carried out by the trading members connected to them. A PCM has no trading rights but has only clearing rights, i.e. he clears the trades of his associate trading members and institutional clients.

Settlement Cycles

NSCCL clears and settles trades as per well-defi ned settlement cycles, as presented in Table 4-17. Since the beginning of the fi nancial year 2003, all securities are being traded and settled under T+2 rolling settlement. The NSCCL notifi es the consummated trade details to clearing members/custodians on the trade day. The custodians affi rm back the trades to NSCCL by T+1 day. Based on the affi rmation, NSCCL nets the positions of counterparties to determine their obligations. A clearing member has to pay-in/pay-out funds and/or securities. A member has a security-wise net obligation to receive/deliver a security. The obligations are netted for a member across all securities to determine his fund obligations and he has to either pay or receive funds. Members’ pay-in/pay-out obligations are determined latest by T+1 day and are forwarded to them on the same day so that they can settle their obligations on T+2 day. The securities/funds are paid-in/paid-out on T+2 day and the settlement is complete in 3 days from the end of the trading day.

Settlement Statistics

The settlement statistics of the CM segment is presented in Table 4-18. During 2007-08, NSCCL settled trades for Rs. 3,519,919 crore (US $ 880,640 million.) of which 27.64% were settled by delivery. However, these deliveries include only the net deliveries made by the trading members to the clearing corporation. Of total delivery, nearly 100% of securities were delivered in demat form in 2007-08. Short deliveries averaged around 0.27 of total delivery in 2007-08.

Risk Management System

There have been a number of experiments with different risk containment measures in the recent pasts. NSE being aware of the importance of the risk containment measures has a dedicated Risk Group which looks into aspects relating to the risk management. These measures have been repeatedly reviewed and revised. The risk containment measures in vogue are described below:

68

Capital Adequacy

The capital adequacy requirements stipulated by the NSE are substantially in excess of the minimum statutory requirements as also in comparison to those stipulated by other stock exchanges. A person seeking membership in the CM and F&O segment is required to have a net worth of Rs. 1 crore, and keep an interest free security deposit of Rs. 1.25 crore and collateral security deposit of Rs. 0.25 crore with the Exchange/NSCCL. The deposits kept with the Exchange as part of the membership requirement may be used towards the margin requirement of the member. Additional capital may be provided by the member for taking additional exposure.

Margin Requirements

NSCCL imposes stringent margin requirements as a part of its risk containment measures. The categorization of stocks for imposition of margins has the structure as given below;

• The Stocks which have traded atleast 80% of the days for the previous six months constitute the Group I and Group II.

• Out of the scrips identifi ed above, the scrips having mean impact cost of less than or equal to 1% are categorized under Group I and the scrips where the impact cost is more than 1, are categorized under Group II.

• The remaining stocks are classifi ed into Group III.

• The impact cost is be calculated on the 15th of each month on a rolling basis considering the order book snapshots of the previous six months. On the basis of the impact cost so calculated, the scrips are moved from one group to another group from the 1st of the next month.

• For securities that have been listed for less than six months, the trading frequency and the impact cost is computed using the entire trading history of the security

Categorisation of newly listed securities

For the fi rst month and till the time of monthly review a newly listed security is categorised in that Group where the market capitalization of the newly listed security exceeds or equals the market capitalization of 80% of the securities in that particular group. Subsequently, after one month, whenever the next monthly review is carried out, the actual trading frequency and impact cost of the security is computed, to determine the liquidity categorization of the security.

In case any corporate action results in a change in ISIN, then the securities bearing the new ISIN are treated as newly listed security for group categorization.

Daily margin, comprises of VaR margin, Extreme Loss margin and Mark to Market margin.

69

1) Value at Risk Margin :

All securities are classifi ed into three groups for the purpose of VaR margin

For the securities listed in Group I, scrip wise daily volatility calculated using the exponentially weighted moving average methodology is applied to daily returns in the same manner as in the derivatives market. The scrip wise daily VaR would be 3.5 times the volatility so calculated subject to a minimum of 7.5%.

For the securities listed in Group II, the VaR margin is higher of scrip VaR (3.5 sigma) or three times the index VaR, and it shall be scaled up by root 3.

For the securities listed in Group III, the VaR margin is equal to fi ve times the index VaR and scaled up by root 3.

The index VaR, for the purpose, is higher of the daily Index VaR based on S&P CNX NIFTY or BSE SENSEX. The index VaR is subject to a minimum of 5%.

Security specifi c Margin: NSCCL may stipulate security specifi c margins for the securities from time to time.

The VaR margin rate computed as mentioned above is to be charged on the net outstanding position (buy value-sell value) of the respective clients on the respective securities across all open settlements. There is netting off of positions across different settlements. The VaR margin is collected on an upfront basis by adjusting against the total liquid assets of the member at the time of trade. The VaR margin so collected is released on completion of pay-in of the settlement.

The VaR numbers are recomputed six times during the day taking into account price and volatilities at various time intervals and are provided on the website of the Exchange.

2) Extreme Loss Margin

The Extreme Loss Margin for any security is higher of 5%, or 1.5 times the standard deviation of daily logarithmic returns of the security price in the last six months. The Extreme Loss Margin collected/ adjusted against the total liquid assets of the member on a real time basis.

3) Mark to Market Margin

Mark to market loss is calculated by marking each transaction in security to the closing price of the security at the end of trading. In case the security has not been traded on a particular day, the latest available closing price at the NSE shall be considered as the closing price. In case the net outstanding position in any security is nil, the difference between the buy and sell values is considered as notional loss for the purpose of calculating the mark to market margin payable.

70

The mark to market margin (MTM) is collected from the member before the start of the trading of the next day. The MTM margin is also collected/adjusted from/against the cash/cash equivalent component of the liquid net worth deposited with the Exchange.

The MTM margin so collected is released on completion of pay-in of the settlement.

Index-based Circuit Filters

An index based market-wide circuit breaker system applies at three stages of the index movement either way at 10%, 15% and 20%. These circuit breakers bring about a coordinated trading halt in all equity and equity derivatives markets nation wide. The breakers are triggered by movement of either S&P CNX Nifty or Sensex, whichever is breached earlier.

• In case of a 10% movement of either of these indices, there would be a one-hour market halt if the movement takes place before 1:00 p.m. In case the movement takes place at or after 1:00 p.m. but before 2:30 p.m. there would be trading halt for ½ hour. In case movement takes place at or after 2:30 p.m. there will be no trading halt at the 10% level and market shall continue trading.

• In case of a 15% movement of either index, there shall be a two-hour halt if the movement takes place before 1 p.m. If the 15% trigger is reached on or after 1:00 p.m. but before 2:00 p.m., there shall be a one-hour halt. If the 15% trigger is reached on or after 2:00 p.m. the trading shall halt for remainder of the day.

• In case of a 20% movement of the index, trading shall be halted for the remainder of the day.

NSE may suo moto cancel the orders in the absence of any immediate confi rmation from the members that these orders are genuine or for any other reason as it may deem fi t. The Exchange views entries of non-genuine orders with utmost seriousness as this has market-wide repercussion. As an additional measure of safety, individual scrip-wise price bands have been fi xed as below:

• Daily price bands of 2% (either way) on a set of specifi ed securities

• Daily price bands of 5% (either way) on a set of specifi ed securities

• Daily price banks of 10% (either way) on specifi ed securities

• Price bands of 20% (either way) on all remaining securities (including debentures, warrants, preference shares etc. which are traded on CM segment of NSE),

• No price bands are applicable on:

scrips on which derivative products are available or

scrips included in indices on which derivatives products are available. *

71

The price bands for the securities in the Limited Physical Market as the same as those applicable for the securities in the Normal Market.

For Auction market the price bands of 20% are applicable.

*In order to prevent members from entering orders at non-genuine prices in such securities, the Exchange has fi xed operating range of 20% for such securities.

Settlement Guarantee Fund

The Settlement Guarantee Fund (SGF), provides the cushion for any residual risk. It operates like a self-insurance mechanism where members contribute to the Fund. In the event of failure of a trading member to meet settlement obligations or committing a default, the Fund is utilised to the extent required for successful completion of the settlement. This has eliminated counter-party risk of trading on the Exchange. The market has full confi dence that settlement shall take place in time and shall be completed irrespective of default by isolated trading members.

Surveillance, Investigation & Inspection

Surveillance & Investigation

As the securities transactions are prone to a variety of manipulations, the Exchange has instituted a strong surveillance mechanism to protect market integrity. Surveillance mechanism includes monitoring of orders and trades data, open positions and corporate information that fl ow into the market to identify possible market abuse practices. Various on-line and off-line alerts/reports are generated, on any price/volume movement of securities not in line with past trends/patterns. Besides, rumors in the print media are tracked and where they are price sensitive, companies are contacted for verifi cation. Replies received are informed to the members and the public.

The investigation is based on various alerts which require further analysis. If further analysis suggests any possible irregular activity which deviates from the past trends/patterns and concentration of trading at NSE at the client level, then a more detailed investigation is undertaken. If the detailed investigation establishes any irregular activity, then disciplinary action is initiated against the member. If the investigation suggests possible irregular activity across exchanges and/or possible involvement of clients, then the same is informed to SEBI.

Inspection

As per regulatory requirement, a minimum of 20% of the active trading members are to be inspected every year to verify the level of compliance with various rules, byelaws and regulations of the Exchange. Usually, inspection of more members than the regulatory requirement is undertaken every year. The inspection randomly verifi es if investor interests are being compromised in the conduct of business by the members.

72

Con

td...

Tab

le 4

-1 :

Busi

ness

Gro

wth

of C

M S

egm

ent

Mon

th &

Yea

rN

o. o

f Tr

adin

g D

ays

No.

of

com

pani

es

Trad

ed

No.

of

Trad

esTr

aded

Q

uant

ityTr

adin

g V

alue

Ave

rage

Dai

ly

Trad

ing

Val

ueTu

rnov

er

Rat

ioD

emat

Tr

aded

Q

uant

ity

Dem

at T

radi

ng V

alue

Mar

ket C

apita

lisat

ion

(Rs.

lakh

)(la

kh)

(Rs.

cr.)

(US

$ m

n.)

(Rs.

cr.)

(US

$ m

n.)

(%)

(lakh

)(R

s. cr

.) (U

S $

mn.

)(R

s. cr

.) (U

S $

mn.

)19

94-9

5 (N

ov.-M

ar.)

102

–3

1,39

11,

805

–17

–0.

500

0–

363

,350

–

1995

-96

246

–66

39,9

1267

,287

–27

6–

16.7

60

0–

401

,459

–

1996

-97

250

–26

413

5,56

129

4,50

3–

1,17

6–

70.2

32

6–

419

,367

–

1997

-98

244

–38

113

5,68

537

0,19

3–

1,52

0–

76.8

831

535

1–

481

,503

–

1998

-99

251

–54

616

5,32

741

4,47

497

,683

1,65

138

984

.38

8,54

223

,818

5,61

3 4

91,1

75

115,

760

1999

-200

025

4–

984

242,

704

839,

052

192,

353

3,30

375

782

.23

153,

772

711,

706

163,

159

1,02

0,42

6 23

3,93

320

00-0

125

11,

201

1,6

76

329,

536

1,33

9,51

028

7,20

25,

337

1,14

443

.66

307,

222

1,26

4,33

727

1,08

465

7,84

714

1,04

8A

pr-0

119

951

114

20,7

8235

,616

7,29

81,

875

384

5.45

20,7

3535

,605

7,29

665

3,72

013

3,95

9M

ay-0

122

954

141

25,7

1548

,329

9,90

32,

197

450

8.16

25,7

1448

,329

9,90

359

2,43

712

1,40

1Ju

n-01

2196

313

322

,336

42,7

838,

767

2,03

741

77.

5121

,935

42,6

258,

735

569,

797

116,

762

Jul-0

122

924

9913

,142

27,2

285,

579

1,23

825

44.

7413

,137

27,2

275,

579

574,

260

117,

676

Aug

-01

2193

111

215

,937

29,4

176,

028

1,40

128

75.

1115

,931

29,4

156,

028

575,

242

117,

878

Sep-

0120

917

135

17,3

4235

,323

7,23

81,

766

362

6.94

17,3

4235

,323

7,23

850

9,10

510

4,32

5O

ct-0

121

917

141

19,7

9935

,326

7,23

91,

682

345

6.59

19,7

9635

,324

7,23

953

5,84

610

9,80

5N

ov-0

120

920

153

25,3

4942

,132

8,63

42,

107

432

7.25

25,2

9542

,121

8,63

158

1,38

611

9,13

6D

ec-0

119

895

177

31

,777

54,4

6811

,161

2,86

758

89.

8531

,775

54,4

6511

,161

552,

908

113,

301

Jan-

0223

896

213

34

,384

68,7

1914

,082

2,98

861

212

.19

34,2

1968

,606

14,0

5956

3,68

311

5,50

9Fe

b-02

2084

0 1

77

28,5

5249

,564

10,1

572,

478

508

7.97

28,5

4749

,564

10,1

5762

1,52

312

7,36

1M

ar-0

219

840

157

23

,294

44,2

629,

070

2,33

047

76.

9523

,291

44,2

629,

070

636,

861

130,

504

2001

-02

247

1,01

91,

753

278,

408

513,

167

105,

157

2,07

842

680

.58

277,

717

512,

866

105,

095

636,

861

130,

504

Apr

-02

2284

320

128

,798

53,3

2011

,225

2,42

451

08.

2128

,782

53,3

1611

,224

649,

551

136,

748

May

-02

2282

121

735

,303

54,9

7911

,575

2,49

952

68.

7035

,303

54,9

7811

,574

631,

609

132,

970

Jun-

0220

825

189

38,5

1944

,241

9,31

42,

212

466

6.70

38,5

1944

,241

9,31

465

9,99

113

8,94

5Ju

l-02

2382

021

136

,821

51,3

9810

,821

2,23

547

18.

4436

,821

51,3

9810

,821

608,

643

128,

135

Aug

-02

2180

619

126

,000

46,1

139,

708

2,19

646

27.

2926

,000

46,1

139,

708

632,

618

133,

183

Sep-

0220

806

185

25,5

8146

,499

9,78

92,

325

489

7.75

25,5

8146

,499

9,78

959

9,60

312

6,23

2O

ct-0

221

770

201

26,4

5851

,902

10,9

272,

472

520

8.55

26,4

5851

,902

10,9

2760

6,78

812

7,74

5N

ov-0

219

767

175

23,6

3151

,352

10,8

112,

703

569

7.96

23,6

3151

,352

10,8

1164

5,38

813

5,87

1D

ec-0

221

762

219

33,0

2261

,973

13,0

472,

951

621

9.21

33,0

2261

,973

13,0

4767

2,86

214

1,65

5Ja

n-03

2376

323

936

,336

64,7

6213

,634

2,81

659

311

.32

36,3

3664

,762

13,6

3457

2,27

712

0,47

9Fe

b-03

1976

019

128

,681

48,2

8910

,166

2,54

253

58.

3028

,681

48,2

8910

,166

5819

8512

2,52

3M

ar-0

320

762

177

24,9

1743

,160

9,08

62,

158

454

8.04

24,9

1743

,160

9,08

653

7133

113,

081

2002

-03

251

899

2,39

736

4,06

661

7,98

913

0,10

32,

462

518

115.

0536

4,04

961

7,98

413

0,10

253

7133

113,

081

73

Con

td...

Con

td...

Tab

le 4

-1 :

Busi

ness

Gro

wth

of C

M S

egm

ent

Mon

th &

Yea

rN

o. o

f Tr

adin

g D

ays

No.

of

com

pani

es

Trad

ed

No.

of

Trad

esTr

aded

Q

uant

ityTr

adin

g V

alue

Ave

rage

Dai

ly

Trad

ing

Val

ueTu

rnov

er

Rat

ioD

emat

Tr

aded

Q

uant

ity

Dem

at T

radi

ng V

alue

Mar

ket C

apita

lisat

ion

(Rs.

lakh

)(la

kh)

(Rs.

cr.)

(US

$ m

n.)

(Rs.

cr.)

(US

$ m

n.)

(%)

(lakh

)(R

s. cr

.) (U

S $

mn.

)(R

s. cr

.) (U

S $

mn.

)A

pr-0

320

738

207

31,4

4848

,971

11,2

862,

449

564

9.23

31,4

4848

,971

11,2

8653

0630

122,

293

May

-03

2174

325

044

,001

54,6

9012

,604

2,60

460

08.

9444

,001

54,6

9012

,604

6120

3014

1,05

3Ju

n-03

2174

426

751

,896

61,5

8614

,194

2,93

367

69.

0851

,896

61,5

8614

,194

6785

5015

6,38

4Ju

l-03

2375

532

064

,906

78,8

7818

,179

3,42

979

010

.97

64,9

0678

,878

18,1

7971

9145

165,

740

Aug

-03

2075

232

284

,554

85,3

4719

,670

4,26

798

310

.20

84,5

5485

,347

19,6

7083

6651

192,

821

Sep-

0322

761

346

71,8

4810

3,34

523

,818

4,69

81,

083

11.9

771

,848

103,

345

23,8

1886

3481

199,

004

Oct

-03

2372

835

871

,768

115,

595

26,6

415,

026

1,15

812

.47

71,7

6811

5,59

526

,641

9267

4821

3,58

6N

ov-0

320

738

307

56,7

1692

,886

21,4

074,

644

1,07

09.

4856

,716

92,8

8621

,407

9795

4122

5,75

3D

ec-0

322

754

379

71,7

5411

0,37

325

,437

5,01

71,

156

9.46

71,7

5411

0,37

325

,437

1167

029

268,

963

Jan-

0421

761

398

73,3

4013

4,26

930

,945

6,39

41,

474

12.0

373

,340

134,

269

30,9

4511

1615

025

7,23

7Fe

b-04

1976

330

846

,484

108,

718

25,0

565,

722

1,31

99.

7946

,484

108,

718

25,0

5611

1095

425

6,03

9M

ar/0

422

769

318

44,5

8610

4,87

724

,171

4,76

71,

099

9.36

44,5

8610

4,87

724

,171

1,12

0,97

625

8,34

920

03-0

425

480

43,

780

713,

300

1,09

9,53

425

3,40

74,

329

998

98.0

971

3,30

01,

099,

534

253,

407

1,12

0,97

625

8,34

9A

pr-0

420

771

319

53,6

8610

0,95

123

,075

5,04

81,

154

8.61

53,6

8610

0,95

123

,075

1,1

71,8

28

267,

846

May

-04

2177

635

754

,651

98,9

2022

,610

4,71

01,

077

10.4

154

,651

98,9

2022

,610

950

,494

21

7,25

6Ju

n-04

2278

733

641

,987

84,8

9819

,405

3,85

988

28.

6741

,987

84,8

9819

,405

979

,700

22

3,93

1Ju

l-04

2279

337

763

,058

93,8

3621

,448

4,26

597

58.

8063

,058

93,8

3621

,448

1,0

66,0

87

243,

677

Aug

-04

2279

935

857

,543

86,8

5619

,853

3,94

890

27.

6057

,543

86,8

5619

,853

1,1

43,0

75

261,

274

Sep-

0422

809

367

62,6

6688

,508

20,2

304,

023

920

7.21

62,6

6688

,508

20,2

30 1

,227

,550

28

0,58

3O

ct-0

420

814

299

47,2

7475

,698

17,3

023,

785

865

6.04

47,2

7475

,698

17,3

02 1

,253

,825

28

6,58

9N

ov-0

420

816

328

62,5

4882

,035

18,7

514,

102

938

5.67

62,5

4882

,035

18,7

51 1

,446

,292

33

0,58

1D

ec-0

423

821

475

99,3

2611

5,59

326

,421

5,02

61,

149

7.32

99,3

2611

5,59

326

,421

1,5

79,1

61

360,

951

Jan-

0519

823

410

81,5

7599

,732

22,7

965,

249

1,20

06.

4081

,575

99,7

3222

,796

1,5

57,4

44

355,

987

Feb-

0520

835

425

89,6

6599

,989

22,8

554,

999

1,14

36.

1989

,665

99,9

8922

,855

1,6

14,5

97

369,

051

Mar

-05

2287

045

9 8

3,70

5 1

13,0

55

25,8

41 5

,139

1,

175

7.13

8370

4.62

113

,055

25

,841

1,5

85,5

85

362,

419

2004

-05

253

856

4,50

979

7,68

51,

140,

072

260,

588

4,50

61,

030

71.9

079

7,68

51,

140,

072

260,

588

1,58

5,58

5 36

2,41

9A

pr-0

520

829

367

51,

265

82,

718

18,5

43 4

,136

92

75.

45 5

1,26

5 8

2,71

8 18

,543

1,5

17,9

08

340,

262

May

-05

2283

041

3 5

6,51

6 8

6,80

2 19

,458

3,9

46

884

5.24

56,

516

86,

802

19,4

58 1

,654

,995

37

0,99

2Ju

n-05

2384

347

7 7

0,48

5 1

11,3

97

24,9

71 4

,843

1,

086

6.45

70,

485

111

,397

24

,971

1,7

27,5

02

387,

246

Jul-0

520

856

503

84,

134

123

,008

27

,574

6,1

50

1,37

96.

65 8

4,13

4 1

23,0

08

27,5

74 1

,848

,740

41

4,42

3A

ug-0

522

864

570

100

,717

1

45,7

31

32,6

68 6

,624

1,

485

7.44

100

,717

1

45,7

31

32,6

68 1

,957

,491

43

8,80

1Se

p-05

2187

257

6 9

1,99

6 1

45,3

93

32,5

92 6

,923

1,

552

6.93

91,

996

145

,393

32

,592

2,0

98,2

63

470,

357

74

Con

td...

Tab

le 4

-1 :

Busi

ness

Gro

wth

of C

M S

egm

ent

Mon

th &

Yea

rN

o. o

f Tr

adin

g D

ays

No.

of

com

pani

es

Trad

ed

No.

of

Trad

esTr

aded

Q

uant

ityTr

adin

g V

alue

Ave

rage

Dai

ly

Trad

ing

Val

ueTu

rnov

er

Rat

ioD

emat

Tr

aded

Q

uant

ity

Dem

at T

radi

ng V

alue

Mar

ket C

apita

lisat

ion

(Rs.

lakh

)(la

kh)

(Rs.

cr.)

(US

$ m

n.)

(Rs.

cr.)

(US

$ m

n.)

(%)

(lakh

)(R

s. cr

.) (U

S $

mn.

)(R

s. cr

.) (U

S $

mn.

)O

ct-0

520

887

463

57,

670

120

,810

27

,081

6,0

40

1,35

46.

27 5

7,67

0 1

20,8

10

27,0

81 1

,927

,645

43

2,11

0N

ov-0

520

872

434

53,

870

109

,578

24

,564

5,4

79

1,22

85.

06 5

3,87

0 1

09,5

78

24,5

64 2

,166

,823

48

5,72

6D

ec-0

522

888

553

63,

699

149

,908

33

,604

6,8

14

1,52

76.

45 6

3,69

9 1

49,9

08

33,6

04 2

,322

,392

52

0,59

9Ja

n-06

2089

355

4 6

6,71

7 1

49,4

42

33,5

00 7

,472

1,

675

6.14

66,

717

149

,442

33

,500

2,4

34,3

95

545,

706

Feb-

0619

900

521

6

1,62

9 1

35,3

74

30,3

46 7

,125

1,

597

5.39

61,

629

135

,374

30

,346

2,5

12,0

83

563,

121

Mar

-06

2292

0 6

58

85,

788

209

,395

46

,939

9,5

18

2,13

47.

44 8

5,78

8 2

09,3

95

46,9

39 2

,813

,201

63

0,62

120

05-0

625

192

8 6

,089

8

44,4

86

1,56

9,55

8 35

1,84

0 6

,253

1,

402

55.7

9 8

44,4

86

1,56

9,55

8 35

1,84

02,

813,

201

630,

621

Apr

-06

1893

556

7 7

2,89

2 1

77,3

72

40,6

91 9

,854

2,

261

5.93

72,

892

177

,372

40

,691

2,9

90,2

00

685,

983

May

-06

2294

369

4 9

5,37

1 2

01,4

09

46,2

05 9

,155

2,

100

7.71

95,

371

201

,409

46

,205

2,6

12,6

39

599,

367

Jun-

0623

950

667

66,

748

151

,050

34

,652

6,5

67

1,50

75.

98 6

6,74

8 1

51,0

50

34,6

52 2

,524

,659

57

9,18

3Ju

l-06

2195

053

7 4

6,14

6 1

18,6

98

27,2

31 5

,652

1,

297

4.72

46,

146

118

,698

27

,231

2,5

14,2

61

576,

798

Aug

-06

2294

963

1 5

6,44

3 1

30,7

96

30,0

06 5

,945

1,

364

4.71

56,

443

130

,796

30

,006

2,7

77,4

01

637,

165

Sep-

0621

968

648

64,

385

144

,339

33

,113

6,8

73

1,57

74.

82 6

4,38

5 1

44,3

39

33,1

13 2

,994

,132

68

6,88

5O

ct-0

620

973

579

60,

823

138

,382

31

,746

6,9

19

1,58

74.

41 6

0,82

3 1

38,3

82

31,7

46 3

,138

,319

71

9,96

3N

ov-0

622

982

747

73,

071

189

,863

43

,557

8,6

30

1,98

05.

63 7

3,07

1 1

89,8

63

43,5

57 3

,373

,652

77

3,95

1D

ec-0

620

1,0

09

666

58,

581

170

,105

39

,024

8,5

05

1,95

14.

96 5

8,58

1 1

70,1

05

39,0

24 3

,426

,236

78

6,01

4Ja

n-07

20 1

,035

69

9 8

8,35

4 1

75,1

47

40,1

81 8

,757

2,

009

4.90

88,

354

175

,147

40

,181

3,5

71,4

87

819,

336

Feb-

0719

1,0

57

702

89,

807

180

,170

41

,333

9,4

83

2,17

55.

46 8

9,80

7 1

80,1

70

41,3

33 3

,296

,931

75

6,35

0M

ar-0

721

1,0

81

710

82,

836

167

,954

38

,530

7,9

98

1,83

54.

99 8

2,83

6 1

67,9

54

38,5

30 3

,367

,350

77

2,50

520

06-0

724

9 1

,114

7

,847

8

55,4

56

1,94

5,28

7 44

6,26

9 7

,812

1,

792

57.7

7 8

55,4

56

1,94

5,28

7 44

6,26

93,

367,

350

772,

505

Apr

-07

20 1

,088

6

78

77,

081

168

,567

4

2,17

3 8

,428

2

,109

4.

62 7

7,08

1 1

68,5

67

42,

173

3,6

50,3

68

913

,277

M

ay-0

721

1,1

13

802

9

7,91

1 2

07,5

85

51,

935

9,8

85

2,4

73

5.33

97,

911

207

,585

5

1,93

5 3

,898

,078

9

75,2

51

Jun-

0721

1,1

30

751

7

9,63

6 1

93,6

48

48,

448

9,2

21

2,3

07

4.87

79,

636

193

,648

4

8,44

8 3

,978

,381

9

95,3

42

Jul-0

722

1,1

40

897

1

05,3

15

267

,227

6

6,85

7 1

2,14

7 3

,039

6.

19 1

05,3

15

267

,227

6

6,85

7 4

,317

,571

1

,080

,203

A

ug-0

722

1,1

66

874

1

06,2

18

231

,241

5

7,85

4 1

0,51

1 2

,630

5.

38 1

06,2

18

231

,241

5

7,85

4 4

,296

,994

1

,075

,055

Se

p-07

20 1

,116

9

19

143

,797

2

66,0

50

66,

562

13,

302

3,3

28

5.44

143

,797

2

66,0

50

66,

562

4,8

86,5

61

1,2

22,5

57

Oct

-07

22 1

,176

1

,227

1

70,9

45

455

,589

1

13,9

83

20,

709

5,1

81

7.96

170

,945

4

55,5

89

113

,983

5

,722

,227

1

,431

,630

N

ov-0

722

1,1

89

1,1

80

170

,588

4

14,4

19

103

,683

1

8,83

7 4

,713

7.

05 1

70,5

88

414

,419

1

03,6

83

5,8

76,7

42

1,4

70,2

88

Dec

-07

19 1

,202

1

,088

1

63,9

65

366

,385

9

1,66

5 1

9,28

3 4

,824

5.

60 1

63,9

65

366

,385

9

1,66

5 6

,543

,272

1

,637

,046

Ja

n-08

23 1

,210

1

,252

1

66,8

21

447

,138

1

11,8

68

19,

441

4,8

64

8.44

166

,821

4

47,1

38

111

,868

5

,295

,387

1

,324

,840

Fe

b-08

21 1

,226

1

,072

1

13,5

88

280

,176

7

0,09

7 1

3,34

2 3

,338

5.

17 1

13,5

88

280

,176

7

0,09

7 5

,419

,942

1

,356

,003

M

ar-0

8 1

8 1

,229

9

87

102

,604

2

53,0

12

63,

301

14,

056

3,5

17

5.21

102

,604

2

53,0

12

63,

301

4,8

58,1

22

1,2

15,4

42

2007

-08

251

1,2

44

11,

727

1,49

8,46

9 3,

551,

038

888

,426

1

4,14

8 3

,540

73

.09

1,4

98,4

69

3,55

1,03

8 8

88,4

26

4,85

8,12

2 1

,215

,442

75

Table 4-2 : Percentage Share of Top ‘N’ Securities/Member in Turnover

No. of Securities/BrokersYear 5 10 25 50 100

Securities1994-95 (Nov.-Mar.) 48.77 55.92 68.98 81.14 91.071995-96 82.98 86.60 90.89 93.54 95.871996-97 84.55 91.96 95.70 97.03 98.191997-98 72.98 85.17 92.41 95.76 97.901998-99 52.56 67.11 84.71 92.03 95.981999-00 39.56 59.22 82.31 88.69 93.662000-01 52.15 72.90 88.93 94.57 97.462001-02 44.43 62.92 82.24 91.56 95.912002-03 40.58 55.41 77.8 89.16 95.382003-04 31.04 44.87 64.32 79.44 91.032004-05 25.88 41.65 57.98 72.40 84.262005-06 22.15 31.35 46.39 59.22 73.122006-07 16.97 25.25 43.46 61.94 77.222007-08 16.29 26.78 45.46 61.47 77.29Members1994-95 (Nov.-Mar.) 18.19 26.60 44.37 61.71 81.121995-96 10.65 16.56 28.61 41.93 58.591996-97 5.94 10.08 19.67 30.57 45.951997-98 6.29 10.59 18.81 29.21 44.241998-99 7.73 11.96 20.77 31.66 47.021999-00 7.86 12.99 22.78 34.41 49.962000-01 7.78 12.76 23.00 33.86 48.792001-02 7.14 12.29 23.63 36.32 53.402002-03 10.26 16.41 29.07 42.49 59.152003-04 11.58 17.36 30.34 44.05 61.372004-05 13.52 20.20 34.97 49.01 65.092005-06 14.62 22.57 38.17 52.57 38.452006-07 14.72 24.27 42.61 56.71 71.222007-08 14.57 25.71 44.70 60.11 73.90

Chart 4-1 : Business Growth of Capital Market Segment

76

Table 4-3 : ‘50’ Most Active Securities during 2007-08 in Terms of Trading Value

Rank Name of Security Trading Value % Share in Total Trading Value

Market Capitalisation as on March 31,2008

% Share in Total Market

Capitali-sation

(Rs. cr.) (US $ mn.) (Rs. cr.) (US $ mn.)

1 Reliance Industries Ltd.

180,435 45,143 5.08 329,368 82,404 6.78

2 Reliance Natural. Resources Ltd.

106,895 26,744 3.01 16,299 4,078 0.34

3 Reliance Energy Ltd. 106,484 26,641 3.00 29,586 7,402 0.61

4 Reliance Petroleum Ltd.

96,968 24,260 2.73 70,290 17,586 1.45

5 Reliance Communications Ltd.

87,839 21,976 2.47 105,214 26,323 2.17

6 Reliance Capital Ltd. 83,504 20,892 2.35 30,183 7,552 0.62

7 ICICI Bank Ltd. 77,736 19,448 2.19 85,512 21,394 1.76

8 IFCI Ltd. 74,312 18,592 2.09 3,362 841 0.07

9 Infosys Technologies Ltd.

69,809 17,465 1.97 82,362 20,606 1.70

10 Larsen & Toubro Ltd. 66,812 16,716 1.88 88,702 22,192 1.83

11 State Bank Of India 63,360 15,852 1.78 101,065 25,285 2.08

12 DLF Ltd. 55,389 13,858 1.56 110,090 27,543 2.27

13 Bharti Airtel Ltd. 54,387 13,607 1.53 156,815 39,233 3.23

14 Steel Authority Of India

48,170 12,052 1.36 76,536 19,148 1.58

15 Tata Steel Ltd. 47,526 11,890 1.34 50,741 12,695 1.04

16 GMR Infrastructure Ltd.

47,354 11,847 1.33 27,110 6,782 0.56

17 BHEL 47,235 11,818 1.33 100,907 25,246 2.08

18 Jaiprakash Associates Ltd

45,654 11,422 1.29 26,519 6,635 0.55

19 NTPC Ltd. 38,833 9,716 1.09 162,106 40,557 3.34

20 HDFC Ltd. 38,579 9,652 1.09 67,560 16,903 1.39

21 Unitech Ltd. 38,565 9,649 1.09 44,838 11,218 0.92

22 Essar Oil Ltd. 36,280 9,077 1.02 23,286 5,826 0.48

23 Oil And Natural Gas Corp.

35,359 8,846 1.00 209,727 52,471 4.32

24 Indiabulls Real Estate Ltd.

34,039 8,516 0.96 11,753 2,940 0.24

25 Indiabulls Financial Services Ltd.

32,611 8,159 0.92 10,563 2,643 0.22

26 Satyam Computer Services

31,777 7,950 0.89 26,571 6,648 0.55

Contd...

77

Table 4-3 : ‘50’ Most Active Securities during 2007-08 in Terms of Trading Value

Rank Name of Security Trading Value % Share in Total Trading Value

Market Capitalisation as on March 31,2008

% Share in Total Market

Capitali-sation


27 Power Grid Corp. Ltd.

31,702 7,931 0.89 41,373 10,351 0.85

28 Suzlon Energy Ltd. 29,964 7,497 0.84 39,489 9,880 0.81

29 Sterlite Inds (Ind) Ltd. 29,347 7,342 0.83 50,621 12,665 1.04

30 Jindal Steel & Power Ltd.

27,897 6,980 0.79 31,870 7,973 0.66

31 Tata Consultancy Services Ltd.

27,208 6,807 0.77 79,311 19,843 1.63

32 Industrial Development Bank Of India Ltd.

26,764 6,696 0.75 6,457 1,615 0.13

33 ITC Ltd. 26,700 6,680 0.75 77,700 19,440 1.60

34 Infra. Dev. Fin. Co. Ltd.

25,518 6,384 0.72 19,544 4,890 0.40

35 Tata Teleserv (Maharastra)

24,633 6,163 0.69 5,320 1,331 0.11

36 Housing Dev & Infra Ltd.

23,852 5,967 0.67 14,083 3,523 0.29

37 Nagarjuna Fertilizers Ltd

23,610 5,907 0.66 1,586 397 0.03

38 Tata Motors Ltd. 23,608 5,906 0.66 24,005 6,006 0.49

39 Punj Lloyd Ltd. 22,049 5,516 0.62 9,431 2,360 0.19

40 Ispat Industries Ltd. 20,759 5,194 0.58 3,808 953 0.08

41 Tata Power Co Ltd. 20,504 5,130 0.58 25,777 6,449 0.53

42 HDFC Bank Ltd. 20,359 5,094 0.57 47,184 11,805 0.97

43 Jaiprakash Hydropower Ltd.

18,596 4,653 0.52 2,651 663 0.05

44 ACC Ltd. 17,937 4,488 0.51 15,501 3,878 0.32

45 Reliance Power Ltd. 17,434 4,362 0.49 71,862 17,979 1.48

46 Cairn India Ltd. 15,993 4,001 0.45 39,872 9,975 0.82

47 Kotak Mahindra Bank Ltd.

15,963 3,994 0.45 21,573 5,397 0.44

48 Hindalco Industries Ltd

15,590 3,900 0.44 20,261 5,069 0.42

49 Maruti Suzuki India Ltd.

15,557 3,892 0.44 23,893 5,978 0.49

50 Idea Cellular Ltd. 15,334 3,836 0.43 27,052 6,768 0.56

Total 2,182,792 546,107 61.47 2,747,289 687,338 56.55

Contd...

78

Table 4-4 : Top ‘50’ Companies by Market Capitalisation as on March 31, 2008

Rank Name of Company Market Capitalisation % Share in Total Market

Capitali-sation

Trading Volume During 2007-08

% Share in

Total Trading Volume


1 Reliance Industries Ltd.

329,368 82,404 6.78 180,435 45,143 5.08

2 Oil And Natural Gas Corporation

209,727 52,471 4.32 35,359 8,846 1.00

3 NTPC Ltd. 162,106 40,557 3.34 38,833 9,716 1.09

4 Bharti Airtel Ltd. 156,815 39,233 3.23 54,387 13,607 1.53

5 NMDC Ltd. 136,979 34,270 2.82 27 7 0.0008

6 DLF Ltd. 110,090 27,543 2.27 55,389 13,858 1.56

7 Reliance Communications Ltd.

105,214 26,323 2.17 87,839 21,976 2.47

8 State Bank Of India 101,065 25,285 2.08 63,360 15,852 1.78

9 BHEL 100,907 25,246 2.08 47,235 11,818 1.33

10 Larsen & Toubro Ltd..

88,702 22,192 1.83 66,812 16,716 1.88

11 ICICI Bank Ltd.. 85,512 21,394 1.76 77,736 19,448 2.19

12 Infosys Technologies Ltd.

82,362 20,606 1.70 69,809 17,465 1.97

13 Tata Consultancy Services Ltd.

79,311 19,843 1.63 27,208 6,807 0.77

14 ITC Ltd. 77,700 19,440 1.60 26,700 6,680 0.75

15 Steel Authority Of India

76,536 19,148 1.58 48,170 12,052 1.36

16 Reliance Power Ltd. 71,862 17,979 1.48 17,434 4,362 0.49

17 Reliance Petroleum Ltd.

70,290 17,586 1.45 96,968 24,260 2.73

18 HDFC Ltd. 67,560 16,903 1.39 38,579 9,652 1.09

19 Wipro Ltd. 63,144 15,798 1.30 11,571 2,895 0.33

20 Indian Oil Corp Ltd. 53,126 13,292 1.09 6,835 1,710 0.19

21 Tata Steel Ltd. 50,741 12,695 1.04 47,526 11,890 1.34

22 Sterlite Inds (Ind) Ltd. 50,621 12,665 1.04 29,347 7,342 0.83

23 Hindustan Unilever Ltd.

49,832 12,467 1.03 13,120 3,283 0.37

24 HDFC Bank Ltd. 47,184 11,805 0.97 20,359 5,094 0.57

25 Unitech Ltd. 44,838 11,218 0.92 38,565 9,649 1.09

26 Power Grid Corp. Ltd.

41,373 10,351 0.85 31,702 7,931 0.89

Contd...

79

Table 4-4 : Top ‘50’ Companies by Market Capitalisation as on March 31, 2008

Rank Name of Company Market Capitalisation % Share in Total Market

Capitali-sation

Trading Volume During 2007-08

% Share in

Total Trading Volume


27 Cairn India Ltd. 39,872 9,975 0.82 15,993 4,001 0.45

28 Suzlon Energy Ltd. 39,489 9,880 0.81 29,964 7,497 0.84

29 Gail (India) Ltd. 35,978 9,001 0.74 12,926 3,234 0.36

30 Jindal Steel & Power Ltd.

31,870 7,973 0.66 27,897 6,980 0.79

31 Reliance Capital Ltd. 30,183 7,552 0.62 83,504 20,892 2.35

32 Reliance Energy Ltd. 29,586 7,402 0.61 106,484 26,641 3.00

33 National Aluminium Co Ltd.

29,110 7,283 0.60 2,129 533 0.06

34 Axis Bank Ltd. 28,254 7,069 0.58 14,562 3,643 0.41

35 GMR Infrastructure Ltd..

27,110 6,782 0.56 47,354 11,847 1.33

36 Idea Cellular Ltd. 27,052 6,768 0.56 15,334 3,836 0.43

37 Satyam Computer Services

26,571 6,648 0.55 31,777 7,950 0.89

38 Jaiprakash Associates Ltd.

26,519 6,635 0.55 45,654 11,422 1.29

39 Tata Power Co Ltd. 25,777 6,449 0.53 20,504 5,130 0.58

40 Sun Pharmaceuticals Ind.

25,462 6,370 0.52 5,814 1,455 0.16

41 ABB Ltd. 25,004 6,256 0.51 11,347 2,839 0.32

42 Tata Motors Ltd. 24,005 6,006 0.49 23,608 5,906 0.66

43 Maruti Suzuki India Ltd.

23,893 5,978 0.49 15,557 3,892 0.44

44 Grasim Industries Ltd. 23,609 5,907 0.49 8,313 2,080 0.23

45 Essar Oil Ltd. 23,286 5,826 0.48 36,280 9,077 1.02

46 Mundra Port & Sez Ltd.

23,189 5,802 0.48 9,635 2,410 0.27

47 Hindustan Zinc Ltd. 22,193 5,553 0.46 2,095 524 0.06

48 Kotak Mahindra Bank Ltd.

21,573 5,397 0.44 15,963 3,994 0.45

49 Siemens Ltd. 20,783 5,200 0.43 12,425 3,108 0.35

50 Hindalco Industries Ltd.

20,261 5,069 0.42 15,590 3,900 0.44

Total 3,163,594 791,492 65.12 1,842,016 460,850 51.87

Contd...

80

Tab

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81

Table 4-6 : NSE’s Most Active Trading days during the year 2007-08

Sr No. Date Highest Single Day Trading Value

(Rs. cr.) (US $ mn.)1 1-Nov-2007 28,476.07 7,124.362 18-Oct-2007 26,030.25 6,512.453 8-Jan-2008 25,435.15 6,363.564 27-Dec-2007 24,976.78 6,248.885 3-Oct-2007 24,842.41 6,215.266 3-Jan-2008 24,710.05 6,182.157 30-Oct-2007 24,636.21 6,163.688 21-Jan-2008 24,525.77 6,136.059 17-Oct-2007 24,061.67 6,019.9310 6-Nov-2007 23,764.91 5,945.69

Table 4-7 : Individual Securities Single day Trading Records

Rank Symbol Name of Company Date Traded Value (Rs. cr.) (US $ mn.)

1 RPOWER Reliance Power Ltd. 11-Feb-2008 5,602.50 1,401.68 2 POWERGRID Power Grid Corp. Ltd. 5-Oct-2007 4,930.56 1,233.57 3 DLF DLF Limited 5-Jul-2007 4,346.70 1,087.49 4 RPL Reliance Petroleum Ltd. 1-Nov-2007 3,950.54 988.38 5 RPL Reliance Petroleum Ltd. 6-Nov-2007 3,626.62 907.33 6 RPL Reliance Petroleum Ltd. 29-Nov-2007 3,624.58 906.82 7 RNRL Rel. Nat. Resources Ltd. 5-Nov-2007 3,315.46 829.49 8 RNRL Rel. Nat. Resources Ltd. 6-Nov-2007 3,306.10 827.15 9 MUNDRAPORT Mundra Port & Sez Ltd 27-Nov-2007 2,687.72 672.43 10 RELIANCE Reliance Industries Ltd 12-Oct-2007 2,629.35 657.83

Table 4-8 : FII turnover on Capital Market Segment of Exchange

FII Turnover Market Turnover Contribution of FII turnover to total turnover

(Rs. cr.) (US $ mn) (Rs.cr.) (US $ mn)

Apr-06 58,705 13,467 354,745 81,382 16.55

May-06 72,026 16,524 402,818 92,411 17.88Jun-06 52,539 12,053 302,100 69,305 17.39Jul-06 35,265 8,090 237,397 54,461 14.85Aug-06 35,416 8,125 261,592 60,012 13.54Sep-06 45,113 10,349 288,678 66,226 15.63Oct-06 49,588 11,376 276,764 63,493 17.92Nov-06 64,426 14,780 379,727 87,113 16.97Dec-06 65,331 14,988 340,211 78,048 19.20Jan-07 71,757 16,462 350,294 80,361 20.48

Contd...

82

Table 4-8 : FII turnover on Capital Market Segment of Exchange

FII Turnover Market Turnover Contribution of FII turnover to total turnover

(Rs. cr.) (US $ mn) (Rs.cr.) (US $ mn)

Feb-07 68,828 15,790 360,341 82,666 19.10Mar-07 67,303 15,440 335,907 77,061 20.042006-07 686,297 157,444 3,890,573 892,538 17.64Apr-08 61,119 15,291 337,134 84,347 18.13May-08 68,084 17,034 415,170 103,870 16.40Jun-08 63,289 15,834 387,296 96,897 16.34Jul-08 95,036 23,777 534,454 133,714 17.78Aug-08 82,061 20,531 462,482 115,707 17.74Sep-08 86,233 21,574 532,100 133,125 16.21Oct-08 171,701 42,957 911,178 227,965 18.84Nov-08 142,088 35,549 828,840 207,366 17.14Dec-08 117,423 29,378 732,770 183,330 16.02Jan-08 177,582 44,429 894,276 223,737 19.86Feb-08 101,022 25,275 560,352 140,193 18.03Mar-08 104,883 26,241 506,025 126,601 20.732007-08 1,270,521 317,869 7,102,077 1,776,852 17.89

Contd...

Table 4-9 : Market Capitalisation of Securities in the CM Segment(In Rs. cr.)


Total MC MC of S&P CNX Nifty

Share in Total MC (%)

MC of CNX Nifty Junior


Mar-95 363,350 – – – –Mar-96 401,459 139,357 34.71 – –Mar-97 419,367 159,758 38.09 25,184 6.01Mar-98 481,503 230,420 47.85 34,654 7.20Mar-99 491,175 236,569 48.16 53,452 10.88Mar-00 1,020,426 373,559 36.61 98,804 9.68Mar-01 657,847 301,085 45.77 31,989 4.86Mar-02 636,861 349,402 54.86 42,446 6.66Mar-03 537,133 316,762 58.97 34,550 6.43Apr-03 530,630 302,472 57.00 45,918 8.65May-03 612,030 335,765 54.86 60,229 9.84Jun-03 678,550 378,241 55.74 64,605 9.52Jul-03 719,145 395,497 55.00 73,504 10.22Aug-03 836,651 457,313 54.66 88,009 10.52Sep-03 863,481 477,724 55.33 95,403 11.05Oct-03 926,748 524,705 56.62 103,143 11.13Nov-03 979,541 544,756 55.61 108,847 11.11Dec-03 1,167,029 634,248 54.35 132,409 11.35Jan-04 1,116,150 611,844 54.82 130,917 11.73Feb-04 1,110,954 609,751 54.89 129,489 11.66Mar-04 1,120,976 638,599 56.97 130,122 11.61Apr-04 1,171,828 771,153 65.81 139,636 11.92

Contd...

83

Table 4-9 : Market Capitalisation of Securities in the CM Segment(In Rs. cr.)


Total MC MC of S&P CNX Nifty


MC of CNX Nifty Junior


May-04 950,494 632,652 66.56 104,708 11.02Jun-04 979,700 642,325 65.56 107,211 10.94Jul-04 1,066,087 698,209 65.49 114,185 10.71Aug-04 1,143,075 698,427 61.10 118,520 10.37Sep-04 1,227,550 747,280 60.88 129,944 10.59Oct-04 1,253,825 765,067 61.02 129,254 10.31Nov-04 1,446,292 839,857 58.07 144,221 9.97Dec-04 1,579,161 902,831 57.17 165,444 10.48Jan-05 1,557,444 893,674 57.38 157,825 10.13Feb-05 1,614,597 978,440 60.60 168,860 10.46Mar-05 1,585,585 951,672 60.02 164,668 10.39Apr-05 1,517,908 888,639 58.54 156,196 10.29May-05 1,654,995 977,445 59.06 169,627 10.25Jun-05 1,727,502 1,040,264 60.22 172,284 9.97Jul-05 1,848,740 1,083,537 58.61 193,242 10.45Aug-05 1,957,491 1,118,077 57.12 198,555 10.14Sep-05 2,098,263 1,227,424 58.50 208,551 9.94Oct-05 1,927,645 1,119,365 58.07 185,707 9.63Nov-05 2,166,823 1,254,781 57.91 206,702 9.54Dec-05 2,322,392 1,350,394 58.15 218,575 9.41Jan-06 2,434,395 1,399,294 57.48 232,925 9.57Feb-06 2,512,083 1,434,266 57.09 245,269 9.76Mar-06 2,813,201 1,590,155 56.52 274,823 9.77Apr-06 2,990,200 1,663,860 55.64 294,193 9.84May-06 2,612,639 1,437,366 55.02 250,680 9.59Jun-06 2,524,659 1,495,329 59.23 219,113 8.68Jul-06 2,514,261 1,503,314 59.79 222,011 8.83Aug-06 2,777,401 1,633,200 58.80 248,197 8.94Sep-06 2,994,132 1,781,134 59.49 301,814 10.08Oct-06 3,138,319 1,860,568 59.29 317,577 10.12Nov-06 3,373,652 1,968,913 58.36 327,045 9.69Dec-06 3,426,236 1,975,603 57.66 333,693 9.74Jan-07 3,571,487 2,036,797 57.03 341,389 9.56Feb-07 3,296,931 1,869,473 56.70 315,793 9.58Mar-07 3,367,350 1,909,448 56.70 323,308 9.60Apr-07 3,650,368 2,096,100 57.42 321,560 8.81May-07 3,898,078 2,206,712 56.61 343,150 8.80Jun-07 3,978,381 2,219,151 55.78 388,710 9.77Jul-07 4,317,571 2,358,907 54.64 397,396 9.20Aug-07 4,296,994 2,331,929 54.27 393,906 9.17Sep-07 4,886,561 2,774,625 56.78 448,284 9.17Oct-07 5,722,227 3,328,356 58.17 487,986 8.53Nov-07 5,876,742 3,257,297 55.43 525,730 8.95Dec-07 6,543,272 3,522,527 53.83 643,625 9.84Jan-08 5,295,387 2,966,421 56.02 522,450 9.87Feb-08 5,419,942 3,016,694 55.66 528,511 9.75Mar-08 4,858,122 2,848,773 58.64 453,625 9.34

Contd...

84

Table 4-10 : Composition of S&P CNX Nifty Index as on March 31, 2008

Sl. No.

Name of Security Issued Capital

Market Capitali-

sation

Weigh-tage

Beta R2 Volatility Return Impact Cost

(Rs. cr.) (Rs. cr.) (%) (%) (%) (%)

1 ABB 42 25,004 0.88 0.83 0.48 3.41 2.13 0.112 ACC 188 15,501 0.54 0.79 0.34 2.92 3.79 0.073 AMBUJACEM 304 18,428 0.65 0.37 0.18 1.79 0.08 0.124 BHARTIARTL 1,898 156,815 5.50 0.78 0.37 3.31 0.00 0.095 BHEL 490 100,907 3.54 1.10 0.58 4.11 -9.86 0.096 BPCL 362 14,771 0.52 0.71 0.20 3.85 -12.10 0.117 CAIRN 1,779 39,872 1.40 0.95 0.41 5.58 -1.97 0.118 CIPLA 155 17,100 0.60 0.53 0.21 2.63 6.23 0.099 DLF 341 110,090 3.86 1.29 0.55 7.16 -17.24 0.0910 DRREDDY 84 9,943 0.35 0.44 0.23 2.25 1.29 0.1111 GAIL 846 35,978 1.26 0.94 0.38 3.13 0.48 0.0912 GRASIM 92 23,609 0.83 0.80 0.53 2.86 -10.62 0.1013 HCLTECH 133 16,845 0.59 0.87 0.37 4.62 -8.79 0.1314 HDFC 284 67,560 2.37 0.90 0.40 5.31 -14.90 0.0815 HDFCBANK 354 47,184 1.66 0.93 0.50 3.74 -8.62 0.0916 HEROHONDA 40 13,869 0.49 0.45 0.18 2.33 -8.81 0.1217 HINDALCO 123 20,261 0.71 1.19 0.50 5.29 -18.51 0.1118 HINDUNILVR 218 49,832 1.75 0.58 0.25 2.85 0.57 0.0919 ICICIBANK 1,111 85,512 3.00 1.10 0.55 5.35 -29.32 0.0920 IDEA 2,635 27,052 0.95 0.80 0.34 3.41 -6.64 0.1421 INFOSYSTCH 286 82,362 2.89 0.62 0.30 4.01 -7.00 0.0822 ITC 377 77,700 2.73 0.67 0.32 2.79 1.73 0.0823 LT 58 88,702 3.11 1.04 0.52 4.75 -13.78 0.0824 M&M 246 17,129 0.60 0.76 0.40 1.83 0.77 0.1125 MARUTI 144 23,893 0.84 0.68 0.34 2.33 -4.75 0.0826 NATIONALUM 644 29,110 1.02 0.76 0.18 3.72 -2.66 0.1527 NTPC 8,245 162,106 5.69 1.17 0.58 3.40 -2.67 0.0928 ONGC 2,139 209,727 7.36 1.10 0.64 3.27 -3.60 0.1029 PNB 315 16,088 0.56 1.03 0.49 3.72 -15.43 0.0930 POWERGRID 4,209 41,373 1.45 1.19 0.52 4.83 -10.56 0.0931 RANBAXY 187 16,361 0.57 0.60 0.31 2.45 -1.64 0.0832 RCOM 1,032 105,214 3.69 1.18 0.66 4.05 -11.30 0.0833 REL 237 29,586 1.04 1.67 0.55 6.41 -20.30 0.0934 RELIANCE 1,454 329,368 11.56 1.12 0.77 3.50 -8.02 0.0835 RPL 4,500 70,290 2.47 1.32 0.48 4.28 -11.15 0.0836 SAIL 4,130 76,536 2.69 1.47 0.66 4.90 -27.18 0.1037 SATYAMCOMP 134 26,571 0.93 0.64 0.24 3.93 -9.28 0.0838 SBIN 632 101,065 3.55 0.99 0.52 3.65 -24.22 0.0839 SIEMENS 67 20,783 0.73 0.87 0.38 4.13 -24.56 0.1140 STER 142 50,621 1.78 1.28 0.55 4.23 -14.45 0.1241 SUNPHARMA 104 25,462 0.89 0.38 0.11 2.87 0.19 0.12

Contd...

85

Table 4-10 : Composition of S&P CNX Nifty Index as on March 31, 2008

Sl. No.


Market Capitali-

sation

Weigh-tage

Beta R2 Volatility Return Impact Cost

(Rs. cr.) (Rs. cr.) (%) (%) (%) (%)

42 SUZLON 299 39,489 1.39 1.09 0.34 5.80 -6.25 0.1143 TATACOMM 285 14,619 0.51 0.98 0.34 4.26 0.16 0.1244 TATAMOTORS 386 24,005 0.84 0.77 0.46 2.80 -11.09 0.0945 TATAPOWER 220 25,777 0.90 1.20 0.38 4.21 -16.32 0.1246 TATASTEEL 731 50,741 1.78 1.15 0.52 5.27 -13.40 0.0847 TCS 98 79,311 2.78 0.68 0.40 3.30 -7.63 0.1048 UNITECH 325 44,838 1.57 1.55 0.49 5.79 -23.26 0.1149 WIPRO 292 63,144 2.22 0.69 0.35 4.39 -1.13 0.1350 ZEEL 43 10,668 0.37 0.78 0.30 3.06 1.61 0.12

Total 43,440 2,848,773 100.00 1.00 – 3.04 -9.36 0.09

* Beta & R2 are calculated for the period 01-Apr-2007 to 31-Mar-2008* Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the

market as a whole.* The coeffi cient of determination (R2) measures the strength of relationship between two variables the

return on a security versus that of the market.* Volatility is the Std. deviation of the daily returns for the period 01-Mar-2008 to 31-Mar-2008* Last day of trading was 31-Mar-2008* Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 lakhs * Impact Cost for S&P CNX Nifty is the weightage average impact cost

Contd...

Table 4-11 : Composition of CNX NIFTY Junior Index - as on March 31, 2008

Sl. No.


Market Capitali-

sation

Weigh-tage

Beta R2 Volatility Returns Impact Cost

(Rs. cr.) (Rs. cr.) (%) (%) (%) (%) 1 ANDHRABANK 485 3,570 0.78 1.00 0.59 3.86 -18.7 0.162 APOLLOTYRE 48 1,966 0.43 0.83 0.34 4.48 -5.92 0.163 ASHOKLEY 133 4,709 1.03 0.94 0.48 2.81 -5.47 0.124 ASIANPAINT 96 11,509 2.51 0.22 0.05 2.05 7.61 0.255 AUROPHARMA 27 1,566 0.34 0.65 0.32 4.19 -11.65 0.166 AVENTIS 23 1,762 0.38 0.41 0.22 3.61 -18.57 0.437 BANKBARODA 364 10,321 2.25 1.02 0.58 4.48 -22.53 0.168 BANKINDIA 525 13,300 2.90 1.08 0.46 5.19 -29.49 0.129 BEL 80 8,539 1.86 0.62 0.32 2.2 -25.73 0.2510 BHARATFORG 45 5,948 1.30 0.60 0.32 4.4 -7.80 0.1711 BIOCON 50 4,305 0.94 0.63 0.35 3.25 -3.55 0.1812 PFC 1148 18,611 4.05 1.08 0.44 4.41 -13.50 0.1813 CADILAHC 63 3,184 0.69 0.40 0.19 3.38 -2.84 0.4114 CANBK 410 9,229 2.01 0.99 0.48 4.28 -19.12 0.15

Contd...

86

Table 4-11 : Composition of CNX NIFTY Junior Index - as on March 31, 2008

Sl. No.


Market Capitali-

sation

Weigh-tage

Beta R2 Volatility Returns Impact Cost

(Rs. cr.) (Rs. cr.) (%) (%) (%) (%) 15 CHENNPETRO 149 4,185 0.91 0.88 0.35 3.95 -6.52 0.1916 RELCAPITAL 246 30,183 6.58 1.63 0.72 8.19 -32.65 0.1017 ULTRACEMCO 124 9,767 2.13 0.71 0.45 2.7 -13.26 0.2718 CORPBANK 143 4,045 0.88 0.81 0.37 5.52 -13.52 0.1719 CUMMINSIND 40 6,385 1.39 0.65 0.32 5.08 -5.19 0.3220 INDHOTEL 72 8,117 1.77 0.81 0.53 4.13 -11.06 0.1821 CONCOR 65 11,216 2.44 0.23 0.06 1.69 -1.88 0.2222 I-FLEX 42 7,881 1.72 0.94 0.42 3.78 -12.78 0.2723 GMRINFRA 364 27,110 5.91 1.36 0.62 5.67 -14.82 0.1124 IDBI 725 6,457 1.41 1.37 0.71 4.21 -24.78 0.1225 IFCI 762 3,362 0.73 1.50 0.49 5.98 -34.23 0.1226 MCDOWELL-N 100 15,009 3.27 0.81 0.30 3.07 -11.72 0.1727 IOB 545 7,360 1.60 0.91 0.48 3.75 -18.39 0.2128 JPASSOCIAT 234 26,519 5.78 1.39 0.59 7.97 -13.78 0.1029 KOTAKBANK 345 21,573 4.70 1.23 0.62 7.18 -21.97 0.1530 LICHSGFIN 85 2,395 0.52 1.15 0.45 4.21 -9.24 0.1631 LUPIN 82 4,092 0.89 0.47 0.28 2.7 -9.99 0.2032 MOSERBAER 168 2,560 0.56 0.91 0.38 6.97 -14.18 0.1933 MPHASIS 209 4,211 0.92 0.67 0.26 5.57 -12.28 0.3034 JINDALSTEL 15 31,870 6.94 1.41 0.42 6.66 -10.19 0.1035 NIRMA 80 2,468 0.54 0.59 0.18 3.2 -15.76 0.4336 PATNI 28 3,091 0.67 0.76 0.28 4.85 -7.72 0.1737 PFIZER 30 2,045 0.45 0.37 0.22 2.83 2.01 0.2438 ABIRLANUVO 93 13,027 2.84 0.82 0.42 4.13 -18.35 0.2739 RNRL 817 21,704 4.73 1.57 0.44 5.55 -24.91 0.0940 RAYMOND 61 1,860 0.41 0.65 0.27 4.66 -12.28 0.2241 IDFC 1294 19,544 4.26 1.16 0.59 6.08 -22.62 0.1342 TECHM 121 8,559 1.86 0.64 0.29 3.00 2.11 0.1443 SYNDIBANK 522 3,912 0.85 1.11 0.62 4.2 -23.68 0.1644 TTML 1893 5,320 1.16 1.33 0.56 4.28 -20.28 0.1245 TVSMOTOR 24 829 0.18 1.08 0.46 5.64 -20.32 0.1546 UNIONBANK 505 7,110 1.55 1.18 0.56 5.41 -24.31 0.1847 AXISBANK 358 28,254 6.16 0.82 0.42 5.08 -22.76 0.1348 VIJAYABANK 434 2,148 0.47 1.24 0.66 4.52 -25.21 0.1549 INGVYSYABK 102 3,430 0.75 0.59 0.24 3.52 -2.12 0.5250 WOCKPHARMA 55 2,914 0.63 0.70 0.45 3.28 -21.05 0.25

Total 14,428 459,031 100.00 1.00 – 4.16 -17.23 0.16

* Beta & R2 are calculated for the period 01-April 2006 to 30-Mar-2007 * Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the

market as a whole. * The coeffi cient of determination (R2) measures the strength of relationship between two variables, the

return on a security versus that of the market. * Volatility is the Std. deviation of the daily returns for the period 01-Mar-2008 to 31-Mar-2008 * Last day of trading was 31-Mar-2008 * Impact Cost for CNX Nifty Junior is for a portfolio of Rs. 0.25 lakhs * Impact Cost for CNX Nifty Junior is the weightage average impact cost

Contd...

87

Table 4-12 : Industry-wise Weightages of S&P CNX NIFTY Securities as on 31st March, 2008

Sl. No. Industry Market Cap(Rs. cr.)

Weightage(%)

1 Refi neries 414,429 14.552 Telecommunication - Services 303,699 10.663 Computers - Software 268,233 9.424 Power 258,843 9.095 Banks 249,849 8.776 Oil Exploration 249,599 8.767 Electrical Equipment 186,183 6.548 Construction 154,927 5.449 Steel & Steel Products 127,277 4.4710 Engineering 88,702 3.1111 Cigarettes 77,700 2.7312 Pharmaceuticals 68,866 2.4213 Finance - Housing 67,560 2.3714 Automobile - 4 wheelers 65,028 2.2815 Cement & Cement Products 57,539 2.0216 Metals 50,621 1.7817 Diversifi ed 49,832 1.7518 Aluminium 49,371 1.7319 Gas 35,978 1.2620 Automohiles - 2 and 3 wheelers 13,869 0.4921 Media & Entertainment 10,668 0.37

Total 2,848,773 100

Table 4-13 : S&P CNX NIFTY Index*

Month & Year Open High Low Close Volatility (%)

Price To Earning Ratio#

1995-96 (Nov.-Mar.) 1000.00 1067.49 813.12 985.30 1.62 –1996-97 988.33 1203.11 775.43 968.30 1.67 –1997-98 931.95 1297.10 929.05 1116.90 1.52 –1998-99 1117.15 1247.15 800.10 1078.05 1.86 16.531999-2000 1082.55 1818.15 916.00 1528.45 1.93 24.602000-01 1528.70 1636.95 1098.75 1148.20 1.98 17.21Apr-01 1148.10 1171.85 1000.10 1125.25 2.20 14.57May-01 1125.45 1207.00 1096.25 1167.90 0.89 15.80Jun-01 1168.10 1175.80 1060.05 1107.90 1.27 15.76Jul-01 1108.35 1127.15 1046.90 1072.85 1.01 15.15Aug-01 1073.00 1084.00 1051.75 1053.75 0.57 15.10Sep-01 1054.65 1059.90 849.95 913.85 2.52 13.16Oct-01 914.65 1000.95 884.65 971.90 0.99 13.79

Contd...

88




Nov-01 973.55 1097.60 973.55 1067.15 1.25 15.46Dec-01 1067.20 1132.65 1010.45 1059.05 1.22 15.35Jan-02 1058.85 1121.75 1052.05 1075.40 0.99 16.99Feb-02 1076.95 1205.95 1069.40 1142.05 1.48 18.38Mar-02 1142.05 1201.10 1117.85 1129.55 1.18 18.102001-02 1148.10 1207.00 849.95 1129.55 1.40 18.10Apr-02 1129.85 1153.30 1073.30 1084.50 1.11 17.86May-02 1084.80 1136.55 1020.10 1028.80 1.35 16.19Jun-02 1029.25 1102.05 1029.25 1057.80 1.13 15.73Jul-02 1058.00 1087.40 943.60 958.90 1.01 14.30Aug-02 959.20 1012.75 935.55 1010.60 0.85 15.04Sep-02 1010.90 1024.65 960.20 963.15 0.72 14.33Oct-02 961.15 983.60 920.10 951.40 0.84 14.47Nov-02 951.45 1057.40 946.40 1050.15 0.70 14.24Dec-02 1050.15 1103.95 1034.10 1093.50 0.97 14.83Jan-03 1093.60 1105.60 1026.20 1041.85 0.80 14.13Feb-03 1040.25 1075.50 1034.10 1063.40 0.89 14.42Mar-03 1063.55 1070.85 974.10 978.20 1.09 13.362002-03 1129.85 1153.30 920.10 978.20 0.99 13.36Apr-03 977.40 1033.45 920.00 934.05 1.38 13.14May-03 930.90 1013.85 930.80 1006.80 0.74 11.65Jun-03 1006.85 1141.30 1004.70 1134.15 0.94 12.95Jul-03 1133.95 1198.50 1089.30 1185.85 1.04 12.84Aug-03 1185.80 1365.80 1164.75 1356.55 1.52 14.95Sep-03 1356.70 1430.70 1285.25 1417.10 1.81 15.43Oct-03 1416.60 1574.10 1407.95 1555.90 1.52 17.15Nov-03 1556.50 1630.25 1509.15 1615.25 1.30 17.81Dec-03 1615.85 1914.40 1615.70 1879.75 0.96 20.73Jan-04 1880.35 2014.65 1756.25 1809.75 2.18 19.96Feb-04 1809.30 1935.80 1755.65 1800.30 1.69 19.74Mar-04 1798.35 1898.70 1669.70 1771.90 1.48 20.702003-04 977.40 2014.65 920.00 1771.90 1.43 20.70Apr-04 1771.45 1912.35 1771.45 1796.10 1.40 18.68May-04 1796.10 1837.95 1292.20 1483.60 4.21 11.94Jun-04 1483.90 1566.50 1437.90 1505.60 1.46 12.64Jul-04 1506.65 1638.70 1472.55 1632.30 1.29 13.63Aug-04 1631.55 1658.90 1573.70 1631.75 0.99 13.64Sep-04 1631.70 1760.80 1619.90 1745.50 0.83 14.59Oct-04 1744.40 1829.45 1737.85 1786.90 0.97 14.93Nov-04 1787.30 1963.80 1776.70 1958.80 0.68 16.39Dec-04 1960.75 2088.45 1944.50 2080.50 0.74 15.32Jan-05 2080.00 2120.15 1894.40 2057.60 1.67 14.68Feb-05 2057.75 2110.15 2036.60 2103.25 0.78 15.02

Contd...

Contd...

89




Mar-05 2103.10 2183.45 1971.15 2035.65 1.08 14.602004-05 1771.45 2183.45 1292.20 2035.65 1.61 14.60Apr-05 2035.90 2084.90 1896.30 1902.50 1.23 13.27May-05 1903.10 2099.35 1898.15 2087.55 0.67 13.94Jun-05 2087.80 2226.15 2061.35 2220.60 0.73 14.31Jul-05 2220.45 2332.55 2171.25 2312.30 0.93 14.10Aug-05 2312.05 2426.65 2294.25 2384.65 0.98 14.78Sep-05 2384.70 2633.90 2382.90 2601.40 1.19 16.15Oct-05 2601.00 2669.20 2307.45 2370.95 1.51 14.23Nov-05 2366.80 2727.05 2366.80 2652.25 0.95 15.95Dec-05 2651.60 2857.00 2641.95 2836.55 1.13 17.16Jan-06 2836.80 3005.10 2783.85 3001.10 0.93 17.90Feb-06 3001.30 3090.30 2928.10 3074.70 0.81 18.27Mar-06 3074.60 3433.85 3064.00 3402.55 0.93 20.262005-06 2035.90 3433.85 1896.30 3402.55 1.04 20.26Apr-06 3403.15 3598.95 3290.35 3557.60 1.67 20.31May-06 3557.55 3774.15 2896.40 3071.05 2.73 17.46Jun-06 3072.55 3134.15 2595.65 3128.20 3.23 18.44Jul-06 3128.75 3208.85 2878.25 3143.20 1.93 17.64Aug-06 3128.20 3452.30 3113.60 3413.90 0.72 19.15Sep-06 3414.00 3603.70 3328.45 3588.40 1.06 20.92Oct-06 3588.95 3782.85 3508.65 3744.10 0.93 20.37Nov-06 3744.10 3976.80 3737.00 3954.50 0.61 21.18Dec-06 3955.70 4046.85 3657.65 3966.40 1.50 21.26Jan-07 3966.25 4167.15 3833.60 4082.70 1.15 19.85Feb-07 4083.40 4245.30 3674.85 3745.30 1.55 18.01Mar-07 3745.40 3901.75 3554.50 3821.55 2.00 18.402006-07 3403.15 4245.30 2595.65 3821.55 1.77 18.40Apr-07 3820.00 4217.90 3617.00 4087.90 1.73 19.48May-07 4089.45 4306.75 3981.15 4295.80 0.86 20.41Jun-07 4296.05 4362.95 4100.80 4318.30 0.84 20.60Jul-07 4318.40 4647.95 4304.00 4528.85 1.15 20.49Aug-07 4528.85 4532.90 4002.20 4464.00 2.04 20.20Sep-07 4466.65 5055.80 4445.55 5021.35 1.08 22.58Oct-07 5021.50 5976.00 5000.95 5900.65 2.48 25.74Nov-07 5903.80 6011.95 5394.35 5762.75 1.73 25.21Dec-07 5765.45 6185.40 5676.70 6138.60 1.67 27.62Jan-08 6136.75 6357.10 4448.50 5137.45 3.27 21.97Feb-08 5140.60 5545.20 4803.60 5223.50 2.46 22.27Mar-08 5222.80 5222.80 4468.55 4734.50 3.04 20.632007-08 3820.00 6357.10 3617.00 4734.50 2.02 20.63

* S&P CNX Nifty commenced from November 3, 1995# At the end of the periodNote : Volatility is the standard deviation of daily returns for the respective month/year

Contd...

90

Table 4-14 : CNX NIFTY Junior Index*

Month & Year Open High Low Close Volatil-ity (%)


1996-97 (Nov.-Mar.) 1000.00 1208.87 907.02 1032.95 1.76 –

1997-98 1028.30 1395.25 1016.65 1339.40 1.44 –

1998-99 1339.75 2079.10 1177.20 2069.20 2.14 18.92

1999-2000 2099.75 5365.90 1631.90 3695.75 2.46 33.47

2000-01 3720.45 3771.80 1570.20 1601.80 2.75 9.69

Apr-01 1601.80 1638.05 1362.50 1525.20 2.62 8.47

May-01 1529.05 1676.25 1472.40 1627.15 1.20 8.61

Jun-01 1627.55 1638.90 1397.60 1415.40 1.30 8.68

Jul-01 1416.45 1438.25 1304.25 1342.55 1.17 7.14

Aug-01 1341.90 1370.25 1275.20 1277.35 0.58 6.79

Sep-01 1278.25 1292.00 1038.75 1084.40 2.68 5.90

Oct-01 1083.70 1206.65 1044.90 1174.20 0.99 6.13

Nov-01 1174.15 1376.75 1173.35 1334.15 0.96 5.95

Dec-01 1335.45 1415.85 1215.45 1298.30 1.86 5.84

Jan-02 1298.60 1358.55 1273.80 1348.55 0.91 5.28

Feb-02 1350.60 1617.05 1350.60 1495.55 2.14 6.54

Mar-02 1496.40 1611.20 1489.25 1566.95 1.11 6.80

2001-02 1601.40 1676.25 1038.75 1566.95 1.60 6.80

Apr-02 1568.40 1658.50 1564.15 1607.75 0.95 7.35

May-02 1608.25 1665.15 1448.35 1497.10 1.74 8.56

Jun-02 1497.90 1682.00 1497.90 1617.40 1.35 8.26

Jul-02 1617.40 1690.35 1429.05 1455.85 1.47 7.44

Aug-02 1455.75 1517.35 1433.05 1452.60 1.03 7.42

Sep-02 1453.45 1468.85 1255.20 1257.85 1.35 6.48

Oct-02 1256.95 1321.00 1231.95 1255.30 1.03 6.56

Nov-02 1255.60 1340.85 1243.15 1337.10 0.63 11.55

Dec-02 1337.60 1435.20 1337.20 1413.05 1.13 12.26

Jan-03 1413.25 1462.90 1353.75 1376.85 1.05 11.95

Feb-03 1377.20 1415.65 1333.75 1387.10 1.21 12.05

Mar-03 1401.00 1409.30 1255.35 1259.55 1.15 11.68

2002-03 1568.40 1690.35 1231.95 1259.55 1.23 11.68

Apr-03 1260.75 1370.80 1259.75 1339.75 1.16 16.37

May-03 1342.75 1693.15 1340.25 1664.15 1.21 20.36

Jun-03 1605.50 1804.60 1598.60 1783.70 1.46 8.39

Jul-03 1787.25 2056.85 1778.20 2012.30 1.48 9.48

Aug-03 2014.95 2287.60 1959.50 2275.25 1.66 10.46

Sep-03 2279.30 2459.35 2188.45 2456.95 1.65 11.34

Oct-03 2460.85 2679.80 2448.00 2656.15 1.65 12.26

Nov-03 2671.60 2807.05 2603.95 2801.20 1.13 12.93

Contd...

91




Dec-03 2823.50 3451.40 2816.80 3405.70 1.02 15.73

Jan-04 3421.40 3702.60 3234.00 3367.65 2.55 15.56

Feb-04 3371.60 3632.10 3193.80 3330.60 1.78 15.35

Mar-04 3340.00 3488.95 3064.10 3392.05 1.55 11.93

2003-04 1260.75 3702.60 1259.75 3392.05 1.57 11.93

Apr-04 3398.00 3875.55 3398.00 3639.80 1.56 12.9

May-04 3643.80 3756.65 2493.70 2846.90 1.39 7.84

Jun-04 2898.45 3018.40 2723.50 2903.35 1.39 7.94

Jul-04 2921.30 3162.85 2804.75 3082.10 1.18 8.13

Aug-04 3088.05 3206.15 3006.70 3199.00 0.94 8.42

Sep-04 3204.55 3543.60 3204.55 3504.25 0.76 9.23

Oct-04 3512.05 3653.40 3403.70 3481.55 0.89 9.18

Nov-04 3480.40 3913.60 3466.65 3884.55 0.86 10.23

Dec-04 3896.25 4468.35 3849.05 4453.30 0.96 14.19

Jan-05 4483.65 4549.85 3999.75 4247.80 1.92 12.93

Feb-05 4249.70 4427.45 4213.95 4388.20 0.85 14.17

Mar-05 4381.00 4705.25 4113.40 4275.15 1.36 13.82

2004-05 3398.00 4705.25 2493.70 4275.15 1.83 13.82

Apr-05 4275.35 4413.40 4016.85 4024.40 1.17 13.21

May-05 4039.85 4369.05 3998.80 4364.55 0.84 14.42

Jun-05 4374.50 4573.05 4351.25 4393.25 0.877 13.89

Jul-05 4398.35 4991.50 4396.15 4919.10 1.01 15.3

Aug-05 4904.45 5173.05 4786.45 5053.00 1.15 15.86

Sep-05 5068.90 5419.90 4955.75 5303.50 1.56 16.65

Oct-05 5338.00 5443.40 4609.15 4714.45 1.37 14.63

Nov-05 4787.50 5383.20 4690.90 5242.00 0.88 16.18

Dec-05 5269.40 5591.45 5222.90 5541.45 1.22 17.11

Jan-06 5555.90 5980.50 5543.45 5882.90 1.18 17.66

Feb-06 5902.10 6132.40 5758.80 5966.65 1.03 18.06

Mar-06 6279.00 6437.40 5938.55 6412.10 0.95 20.25

2005-06 4275.35 6437.40 3998.80 6412.10 0.95 20.25

Apr-06 6415 6882.55 6199.70 6856 1.59 20.12

May-06 6923 7250.30 5116.05 5827.4 3.26 17.08

Jun-06 5901.8 5953.05 4463.75 5264.3 4.15 14.52

Jul-06 5327.15 5391.70 4735.60 5335.1 1.78 14.62

Aug-06 5330.00 6044.55 5244.15 5940.5 1.01 16.46

Sep-06 5964.55 6551.35 5924.20 6510.4 1.31 20.37

Oct-06 6531.15 6868.40 6439.90 6823.15 0.88 20.06

Nov-06 6846.10 7151.80 6734.60 6967.25 0.87 21.34

Contd...

Contd...

92




Dec-06 7028.85 7240.15 6420.65 7106.35 1.91 21.78

Jan-07 7131.25 7459.45 6914.25 7268.05 1.06 19.64

Feb-07 7319.50 7566.65 6537.80 6722.1 1.68 18.08

Mar-07 6719.55 7015.40 6233.80 6878.05 1.93 18.48

2006-07 6415.25 7566.65 4463.75 6878.05 2.05 18.48

Apr-07 6675.85 7554.55 6559.55 7527.30 1.53 17.23

May-07 7610.45 8153.05 7429.15 8022.55 0.95 17.30

Jun-07 8047.10 8708.35 7799.70 8699.05 1.10 20.19

Jul-07 8720.50 9247.00 8564.30 8849.60 1.13 18.71

Aug-07 8829.65 8966.25 7700.20 8632.75 2.30 18.51

Sep-07 8658.20 9838.30 8658.20 9820.90 1.11 21.06

Oct-07 9831.65 10726.65 8908.55 10643.30 2.85 21.43

Nov-07 10757.05 11740.95 10020.35 11431.65 2.05 23.09

Dec-07 11471.60 12533.95 11455.05 12488.25 1.70 26.48

Jan-08 12488.65 13209.35 8336.55 10130.00 4.40 19.89

Feb-08 10269.75 10684.40 9025.60 9636.10 2.42 19.56

Mar-08 9526.40 9526.40 7235.25 7975.75 4.16 16.69

2007-08 6675.85 13209.35 6559.55 7975.75 2.41 16.69

* CNX Nifty Junior commenced from November 4, 1996.# At the end of periodNote : Volatility is the standard deviation of daily returns for the respective month/year

Chart 4-2 : Movement of Sectoral Indices: 2007-08

Contd...

93

Table 4-15 : Performance of NSE Indices during the year 2007-08

Indices Record high Closing index values

(31-03-08)

Average Daily

Volatility

Y-o-Y ReturnsValue Date

S&P CNX Nifty 6357.10 8-Jan-08 4734.50 2.00 23.89CNX Junior 13209.35 4-Jan-08 7975.75 2.40 15.96CNX 100 6277.05 8-Jan-08 4537.85 2.02 22.59S&P CNX 500 5563.50 8-Jan-08 3825.85 2.02 21.64CNX Midcap 9781.70 8-Jan-08 6240.65 2.08 28.67Nifty Midcap 50 4047.55 9-Jan-08 2371.70 2.55 22.95CNX FMCG 6778.92 7-Jan-08 5817.72 1.72 23.13CNX IT 5513.40 4-May-07 3704.95 1.99 -28.49Finance 9584.19 9-Jan-08 4715.80 3.27 60.06Petrochemicals 8616.05 7-Jan-08 4664.27 2.47 45.30Pharmaceuticals 5316.13 2-Jan-08 4549.10 1.46 4.71

Table 4-16 : Details of Mutual Funds and Exchange Traded Funds Listed on NSE

A: List of Mutual Funds (MF’s) and Exchange Traded Funds (ETF’s)MUTUAL FUNDS

Sr. No.

Symbol Company Name Date of Listing

1 MORGANSTAN Morgan Stanley 27-May-20042 BSCFAUG08A Benchmark Mutual Fund 21-Sep-20053 BSCFAUG08B Benchmark Mutual Fund 21-Sep-20054 FTCSF3YDIV Franklin Templeton Mutual Fund-Capital Safety Fund-3Y

(Divdend Option)28-May-2007

5 FTCSF3YGRO Franklin Templeton Mutual Fund-Capital Saftey Fund 3Y (Growth Option)

28-May-2007

6 FTCSF5YDIV Franklin Templeton Mutual Fund-Capital Safety Fund-5Y Dividend Option

28-May-2007

7 FTCSF5YGRO Franklin Templeton Mutual Fund-Capital Safety Fund-5Y (Growth Option)

28-May-2007

8 FTCPOF3YDV Franklin Templeton Capital Protection Oriented Fund 25-Jun-20079 FTCPOF3YGR Franklin Templeton Capital Protection Oriented Fund 25-Jun-200710 FTCPOF5YDV Franklin Templeton Capital Protection Oriented Fund 25-Jun-200711 FTCPOF5YGR Franklin Templeton Capital Protection Oriented Fund 25-Jun-2007

EXCHANGE TRADED FUNDS1 NIFTYBEES Benchmark Mutual Fund 8-Jan-20022 JUNIORBEES Benchmark Mutual Fund-Nifty Junior Benchmark ETF 6-Mar-20033 UTISUNDER UTI Mutual Fund 16-Jul-20034 LIQUIDBEES Benchmark Asset Management Company Private Limited 16-Jul-20035 BANKBEES Benchmark Asset Management Company Pvt. Ltd. 4-Jun-20046 GOLDBEES Benchmark Mutual Fund - Gold Benchmark Exchange

Traded Scheme19-Mar-2007

7 GOLDSHARE UTI Mutual Fund - UTI Gold Exchange Traded Fund 17-Apr-20078 KOTAKGOLD Kotak Mutual Fund - Gold Exchange Traded Fund 8-Aug-20079 PSUBNKBEES Benchmark Mutual Fund - PSU Bank Benchmark Exchange

Traded Scheme1-Nov-2007

10 KOTAKPSUBK Kotak Mahindra Mutual Fund 16-Nov-200711 RELGOLD Reliance Mutual Fund - Gold Exchange Traded Fund 26-Nov-200712 QGOLDHALF Quantum Gold Fund -Exchange Traded Fund (ETF) 28-Feb-2008

94

Table 4-16 : Details of Mutual Funds and Exchange Traded Funds Listed on NSE

B: No of Trades and Trading Value

Month & Year

Mutual Funds (MF’s) Exchange traded funds (ETF’s)

No. of Trades

Trading Value No. of Trades

Trading Value


Apr-07 4,676 16.51 4.13 31,467 129.28 32.34

May-07 5,476 15.39 3.85 27,911 94.37 23.61

Jun-07 5,507 24.33 6.09 19,449 106.16 26.56

Jul-07 7,544 24.67 6.17 16,105 123.30 30.85

Aug-07 6,241 17.22 4.31 15,400 174.79 43.73

Sep-07 7,043 24.53 6.14 15,818 123.99 31.02

Oct-07 10,241 37.15 9.29 20,505 260.64 65.21

Nov-07 7,169 20.94 5.24 26,693 162.94 40.76

Dec-07 6,640 29.51 7.38 15,971 134.05 33.54

Jan-08 26,382 36.71 9.18 28,646 190.24 47.59

Feb-08 12,522 18.56 4.64 24,398 153.39 38.38

Mar-08 7,731 23.31 5.83 51,728 259.42 64.90

2007-08 107,172 288.84 72.26 294,091 1,912.55 478.50

Table 4-17 : Settlement Cycle and Process in CM Segment

Settlement Cycle

Activity T+2 Rolling Settlement (From April 1, 2003)

Trading T

Custodial Confi rmation T+1

Determination of Obligation T+1

Securities/Funds Pay-in T+2

Securities/Funds Pay-out T+2

Valuation Debit T+2

Auction T+3

Bad Delivery Reporting T+4

Auction Pay-in/Pay-out T+5

Close Out T+5

Rectifi ed Bad Delivery Pay-in/Pay-out T+6

Re-bad Delivery Reporting T+8

Close Out of Re-bad Delivery T+9

T+1 means one working day after the trade day. Other T+ terms have similar meanings.

95

Tab

le 4

-17

: Set

tlem

ent C

ycle

and

Pro

cess

in C

M S

egm

ent

Sett

lem

ent

Pro

cess

TT

radi

ngN

SE

→N

SCC

LT

rade

det

ails

from

Exc

hang

e to

NSC

CL

(rea

l-tim

e an

d en

d of

day

trad

e fi l

e).

T+

1C

usto

dial

Con

fi rm

atio

nN

SCC

L

↔C

UST

OD

IAN

S/C

Ms

NSC

CL

notifi

es t

he c

onsu

mm

ated

trad

e de

tails

to c

lear

ing

mem

bers

/cus

todi

ans w

ho a

ffi rm

bac

k. B

ased

on

the

affi r

mat

ion,

N

SCC

L ap

plie

s mul

tilat

eral

net

ting

and

dete

rmin

es o

blig

atio

ns.

Det

erm

inat

ion

of O

blig

atio

nN

SCC

L

→

CU

STO

DIA

NS/

CM

sD

ownl

oad

of o

blig

atio

n an

d pa

y-in

adv

ice

of fu

nds/

secu

ritie

s

CU

STO

DIA

NS/

CM

s →

CLE

AR

ING

BA

NK

Inst

ruct

ions

to c

lear

ing

bank

s to

mak

e fu

nds a

vaila

ble

by p

ay-in

tim

e

CU

STO

DIA

NS/

CM

s →

DEP

OSI

TO

RIE

SIn

stru

ctio

ns to

dep

osito

ries

to m

ake

secu

ritie

s ava

ilabl

e by

pay

-in-

time

T+

2Se

curi

ties P

ay-in

NSC

CL

↔D

EPO

SIT

OR

IES

Pay-

in o

f sec

uriti

es (N

SCC

L ad

vise

s dep

osito

ry to

deb

it po

ol

acco

unt o

f cus

todi

ans/

CM

s and

cre

dit i

ts a

ccou

nt a

nd d

epos

itory

do

es it

)

Fund

sPay

-inN

SCC

L

↔

CLE

AR

ING

BA

NK

Pay-

in o

f fun

ds(N

SCC

L ad

vise

s Cle

arin

g Ba

nks t

o de

bit a

ccou

nt o

f cu

stod

ians

/CM

s and

cre

dit i

ts a

ccou

nt a

nd c

lear

ing

bank

doe

s it)

Secu

ritie

s Pay

-out

NSC

CL

↔D

EPO

SIT

OR

IES

Pay-

out o

f sec

uriti

es (N

SCC

L ad

vise

s dep

osito

ry t

o cr

edit

pool

ac

coun

t of c

usto

dian

s/C

Ms a

nd d

ebit

its a

ccou

nt a

nd d

epos

itory

do

es it

)

Fund

sPay

-out

NSC

CL

↔C

LEA

RIN

G B

AN

KPa

y-ou

t of f

unds

(NSC

CL

advi

ses C

lear

ing

Bank

s to

cre

dit a

ccou

nt

of c

usto

dian

s/C

Ms a

nd d

ebit

its a

ccou

nt a

nd c

lear

ing

bank

doe

s it)

DEP

OSI

TO

RIE

S →

CU

STO

DIA

NS/

CM

sD

epos

itory

info

rms c

usto

dian

s/C

Ms t

hrou

gh D

Ps

CLE

AR

ING

BA

NK

→

CU

STO

DIA

NS/

CM

sC

lear

ing

Bank

s inf

orm

cus

todi

ans/

CM

s

96

Tab

le 4

-18

: Set

tlem

ent S

tatis

tics i

n C

M S

egm

ent

Mon

th/Y

ear

No.

of

Tra

des

Tra

ded

Qua

ntit

y

Qua

ntit

y of

Sha

res

Del

ive-

rabl

e

% o

f Sh

ares

D

eliv

e-ra

ble

to

Tot

al

Shar

es

Tra

ded

Tra

ding

Vol

ume

Val

ue o

f Sh

ares

D

eliv

e-ra

ble

% o

f D

eliv

e-ra

ble

to

Val

ue o

f Sh

ares

T

rade

d

Secu

riti

es

Pay

-in

Shor

t D

eliv

ery

(Auc

tion

ed

quan

tity

)

% o

f Sh

ort

Del

iver

y to

Tot

al

Del

ive-

rabl

e

Unr

ec-

tifi e

d B

ad

Del

iver

y (A

ucti

-on

ed

quan

tity

)

% o

f U

nrec

t-ifi

ed B

ad

Del

iver

y to

D

eliv

er-

able

Fun

ds

Pay

-in

(lakh

)(la

kh)

(lakh

)(R

s. c

r.)

(US

$ m

n.)

(Rs.

cr.

)(R

s. c

r.)

(lakh

)(la

kh)

(Rs.

cr.

)N

ov 9

4-M

ar 9

5 0.

313

369

51.7

417

,280

–8,

980

51.9

861

10.

60.

850.

180.

263,

004

1995

-96

63,

901

726

18.6

265

7,42

0–

117,

750

17.9

15,

805

182.

463.

220.

4432

,583

1996

-97

2613

,432

1,64

512

.25

2,92

3,14

0–

326,

400

11.1

713

,790

382.

326.

630.

4072

,121

1997

-98

3813

,522

2,20

516

.31

3,70

0,10

0 –

597,

748

16.1

521

,713

331.

517.

290.

3310

8,27

219

98-9

955

16,5

312,

799

16.9

34,

135,

730

974,

709

662,

038

16.0

130

,755

311.

096.

970.

2512

1,75

419

99-0

095

823

8,60

548

,713

20.4

280

3,05

018

4,09

982

,607

10.2

979

,783

635

1.30

110.

130.

2327

,992

2000

-01

1,61

430

4,19

650

,203

16.5

01,

263,

898

270,

990

106,

277

8.41

94,9

6233

90.

6811

.58

0.02

345

,937

Apr

-01

8716

,323

5,64

334

.57

28,2

265,

784

6,08

321

.55

5,21

416

0.28

0.04

30.

0008

1,91

5M

ay-0

115

527

,764

6,42

823

.15

51,8

3510

,622

7,37

114

.22

3,75

215

0.24

0.01

90.

0003

1,97

6Ju

n-01

127

22,7

975,

134

22.5

243

,136

8,83

95,

960

13.8

24,

058

140.

270.

010

0.00

021,

626

Jul-0

197

13,1

492,

971

22.5

929

,092

5,96

13,

721

12.7

94,

020

210.

700.

002

0.00

011,

830

Aug

-01

111

15,5

123,

018

19.4

628

,572

5,85

53,

962

13.8

73,

531

311.

030.

003

0.00

011,

847

Sep-

0112

416

,554

3,13

618

.94

33,7

186,

909

3,93

311

.66

3,80

716

0.51

0.00

00.

002,

068

Oct

-01

145

19,7

753,

485

17.6

235

,225

7,21

84,

247

12.0

64,

136

401.

150.

000

0.00

1,95

4N

ov-0

114

222

,647

4,86

521

.48

37,4

717,

678

5,67

915

.16

5,46

846

0.95

0.00

00.

002,

311

Dec

-01

168

29,2

215,

929

20.2

953

,098

10,8

817,

184

13.5

36,

924

480.

810.

000

0.00

3,03

5Ja

n-02

225

38,3

255,

729

14.9

571

,329

14,6

177,

940

11.1

37,

849

390.

680.

000

0.00

3,44

0Fe

b-02

170

26,8

666,

600

24.5

748

,823

10,0

057,

982

16.3

57,

935

390.

590.

000

0.00

3,01

6M

ar-0

216

925

,762

6,36

024

.69

47,5

969,

753

7,70

316

.18

7,65

840

0.62

0.00

00.

003,

030

2001

-200

21,

720

274,

695

59,2

9921

.59

508,

121

104,

123

71,7

6614

.12

64,3

5336

40.

610.

080.

0001

28,0

48

Con

td...

97

Tab

le 4

-18

: Set

tlem

ent S

tatis

tics i

n C

M S

egm

ent

Mon

th/Y

ear

No.

of

Tra

des

Tra

ded

Qua

ntit

y

Qua

ntit

y of

Sha

res

Del

ive-

rabl

e

% o

f Sh

ares

D

eliv

e-ra

ble

to

Tot

al

Shar

es

Tra

ded

Tra

ding

Vol

ume

Val

ue o

f Sh

ares

D

eliv

e-ra

ble

% o

f D

eliv

e-ra

ble

to

Val

ue o

f Sh

ares

T

rade

d

Secu

riti

es

Pay

-in

Shor

t D

eliv

ery

(Auc

tion

ed

quan

tity

)

% o

f Sh

ort

Del

iver

y to

Tot

al

Del

ive-

rabl

e

Unr

ec-

tifi e

d B

ad

Del

iver

y (A

ucti

-on

ed

quan

tity

)

% o

f U

nrec

t-ifi

ed B

ad

Del

iver

y to

D

eliv

er-

able

Fun

ds

Pay

-in

(lakh

)(la

kh)

(lakh

)(R

s. c

r.)

(US

$ m

n.)

(Rs.

cr.

)(R

s. c

r.)

(lakh

)(la

kh)

(Rs.

cr.

)A

pr-0

220

430

,113

7,51

324

.95

56,1

3011

,817

8,93

315

.91

8,85

661

0.81

0.00

0.00

3,21

6M

ay-0

221

133

,785

8,31

724

.62

53,4

1411

,245

8,73

216

.35

8,67

655

0.66

0.00

0.00

3,16

2Ju

n-02

195

39,1

3710

,232

26.1

446

,334

9,75

58,

000

17.2

77,

955

640.

620.

000.

002,

728

Jul-0

220

636

,835

10,3

4828

.09

50,2

6210

,582

8,40

716

.73

8,35

869

0.67

0.00

0.00

2,94

2A

ug-0

219

326

,822

5,08

518

.96

45,4

439,

567

5,31

211

.69

5,27

530

0.59

0.00

0.00

2,15

2Se

p-02

183

25,2

544,

433

17.5

546

,894

9,87

25,

271

11.2

45,

235

250.

560.

000.

002,

336

Oct

-02

201

26,5

914,

601

17.3

051

,382

10,8

175,

734

11.1

65,

704

210.

460.

000.

002,

599

Nov

-02

174

23,0

704,

433

19.2

250

,171

10,5

626,

452

12.8

66,

411

230.

520.

000.

002,

635

Dec

-02

223

33,7

657,

573

22.4

363

,872

13,4

478,

859

13.8

78,

823

350.

460.

000.

003,

391

Jan-

0323

135

,017

8,15

223

.28

62,8

1513

,224

9,16

914

.60

9,12

838

0.47

0.00

0.00

3,35

5Fe

b-03

193

28,5

906,

033

21.1

048

,717

10,2

566,

737

13.8

36,

709

230.

380.

000.

002,

644

Mar

-03

182

26,4

245,

633

21.3

246

,134

9,71

26,

350

13.7

66,

317

250.

440.

000.

002,

932

2002

-03

2,39

736

5,40

382

,353

22.5

462

1,56

913

0,85

787

,956

14.1

587

,447

469

0.57

0.00

0.00

34,0

92A

pr-0

321

432

,488

7,83

024

.10

51,1

5911

,790

8,32

816

.28

8,27

587

1.11

0.00

0.00

3,78

3M

ay-0

324

040

,500

10,8

8726

.88

51,7

2011

,920

9,90

719

.15

9,85

664

0.59

0.00

0.00

3,58

4Ju

n-03

253

50,0

5414

,030

28.0

357

,524

13,2

5712

,539

21.8

012

,481

780.

550.

000.

004,

292

Jul-0

333

266

,940

18,5

0927

.65

81,4

2218

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17,5

8121

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17,4

8911

50.

620.

000.

005,

915

Aug

-03

317

81,3

0120

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25.3

182

,734

19,0

6817

,798

21.5

117

,693

146

0.71

0.00

0.00

5,46

5Se

p-03

338

72,9

1616

,810

23.0

510

1,22

923

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20,6

2520

.37

20,5

3890

0.53

0.00

0.00

7,41

2O

ct-0

336

772

,440

16,1

5722

.30

116,

749

26,9

0722

,957

19.6

622

,860

790.

490.

000.

008,

992

Con

td...

Con

td...

98

Tab

le 4

-18

: Set

tlem

ent S

tatis

tics i

n C

M S

egm

ent

Mon

th/Y

ear

No.

of

Tra

des

Tra

ded

Qua

ntit

y

Qua

ntit

y of

Sha

res

Del

ive-

rabl

e

% o

f Sh

ares

D

eliv

e-ra

ble

to

Tot

al

Shar

es

Tra

ded

Tra

ding

Vol

ume

Val

ue o

f Sh

ares

D

eliv

e-ra

ble

% o

f D

eliv

e-ra

ble

to

Val

ue o

f Sh

ares

T

rade

d

Secu

riti

es

Pay

-in

Shor

t D

eliv

ery

(Auc

tion

ed

quan

tity

)

% o

f Sh

ort

Del

iver

y to

Tot

al

Del

ive-

rabl

e

Unr

ec-

tifi e

d B

ad

Del

iver

y (A

ucti

-on

ed

quan

tity

)

% o

f U

nrec

t-ifi

ed B

ad

Del

iver

y to

D

eliv

er-

able

Fun

ds

Pay

-in

(lakh

)(la

kh)

(lakh

)(R

s. c

r.)

(US

$ m

n.)

(Rs.

cr.

)(R

s. c

r.)

(lakh

)(la

kh)

(Rs.

cr.

)N

ov-0

330

556

,150

13,4

2023

.90

94,3

7621

,751

19,0

5720

.19

18,9

8170

0.48

0.00

0.00

7,15

7D

ec-0

337

068

,161

18,9

7727

.84

107,

898

24,8

6725

,825

23.9

325

,687

109

0.53

0.00

0.00

9,17

1Ja

n-04

396

73,5

1018

,610

25.3

213

2,75

130

,595

28,3

4521

.35

28,2

2010

00.

530.

000.

009,

677

Feb-

0431

147

,223

9,81

120

.78

110,

070

25,3

6819

,681

17.8

819

,628

320.

330.

000.

008,

438

Mar

-04

307

4285

09,

930

23.1

710

3,33

123

,814

18,7

2118

.12

18,6

3444

0.33

0.00

0.00

7703

.620

03-0

43,

750

704,

533

175,

550

24.9

21,

090,

963

251,

432

221,

364

20.2

922

0,34

11,

014

0.58

0.00

0.00

81,5

88A

pr-0

433

054

,207

12,9

3423

.86

103,

154

23,5

7821

,719

21.0

521

,617

640.

500.

000.

007,

870

May

-04

351

54,7

7913

,855

25.2

910

0,20

322

,904

22,7

2722

.68

22,6

6848

0.35

0.00

0.00

8,96

0Ju

n-04

320

39,2

848,

578

21.8

481

,020

18,5

1913

,999

17.2

813

,948

290.

330.

000.

005,

862

Jul-0

439

263

,779

14,0

3822

.01

97,3

0922

,242

18,1

6418

.67

18,0

9951

0.37

0.00

0.00

6,52

3A

ug-0

436

158

,304

13,9

4823

.92

89,5

9620

,479

18,6

0520

.77

18,5

5455

0.40

0.00

0.00

6,46

3Se

p-04

345

57,3

3715

,588

27.1

981

,913

18,7

2319

,656

24.0

019

,585

710.

460.

000.

006,

171

Oct

-04

318

51,3

9915

,178

29.5

379

,878

18,2

5821

,660

27.1

221

,588

700.

460.

000.

007,

304

Nov

-04

319

59,1

2418

,965

32.0

879

,921

18,2

6824

,359

30.4

824

,269

930.

490.

000.

008,

401

Dec

-04

466

95,2

3927

,464

28.8

411

5,86

726

,484

33,1

2128

.59

32,9

9413

50.

490.

000.

0011

,386

Jan-

0541

182

,113

19,4

9723

.74

97,7

5522

,344

25,0

3125

.61

24,9

4586

0.44

0.00

0.00

8,08

3Fe

b-05

424

88,1

4722

,208

25.1

910

0,26

722

,918

28,1

5828

.08

28,0

6289

0.40

0.00

0.00

9,80

1M

ar-0

546

684

284

2002

323

.76

114

,085

26

,077

29,

903

26.2

129

,792

790.

400.

000.

00 1

0,41

7 20

04-0

54,

503

787,

996

202,

277

25.6

71,

140,

969

260,

793

277,

101

24.2

927

6,12

087

10.

430.

000.

0097

,241

Apr

-05

365

51,

949

13,

147

25.3

1 8

3,03

8 18

,614

21,

624

26.0

421

,538

640.

480.

000.

00 7

,691

Con

td...

Con

td...

99

Tab

le 4

-18

: Set

tlem

ent S

tatis

tics i

n C

M S

egm

ent

Mon

th/Y

ear

No.

of

Tra

des

Tra

ded

Qua

ntit

y

Qua

ntit

y of

Sha

res

Del

ive-

rabl

e

% o

f Sh

ares

D

eliv

e-ra

ble

to

Tot

al

Shar

es

Tra

ded

Tra

ding

Vol

ume

Val

ue o

f Sh

ares

D

eliv

e-ra

ble

% o

f D

eliv

e-ra

ble

to

Val

ue o

f Sh

ares

T

rade

d

Secu

riti

es

Pay

-in

Shor

t D

eliv

ery

(Auc

tion

ed

quan

tity

)

% o

f Sh

ort

Del

iver

y to

Tot

al

Del

ive-

rabl

e

Unr

ec-

tifi e

d B

ad

Del

iver

y (A

ucti

-on

ed

quan

tity

)

% o

f U

nrec

t-ifi

ed B

ad

Del

iver

y to

D

eliv

er-

able

Fun

ds

Pay

-in

(lakh

)(la

kh)

(lakh

)(R

s. c

r.)

(US

$ m

n.)

(Rs.

cr.

)(R

s. c

r.)

(lakh

)(la

kh)

(Rs.

cr.

)M

ay-0

541

4 5

6,27

8 1

5,27

4 27

.14

88,

444

19,8

26 2

4,56

0 27

.77

24,4

4975

0.49

0.00

0.00

7,9

20

Jun-

0546

4 6

6,79

2 1

8,29

0 27

.38

106

,133

23

,791

30,

065

28.3

329

,964

760.

420.

000.

00 1

0,58

6 Ju

l-05

474

77,

979

21,

012

26.9

5 1

14,7

29

25,7

18 3

1,30

8 27

.29

31,1

9891

0.43

0.00

0.00

10,

174

Aug

-05

579

100

,127

2

8,30

5 28

.27

152

,560

34

,199

42,

894

28.1

242

,745

121

0.43

0.00

0.00

13,

404

Sep-

0553

7 8

5,35

4 2

2,99

5 26

.94

132

,088

29

,609

35,

618

26.9

735

,463

112

0.49

0.00

0.00

10,

373

Oct

-05

503

64,

735

18,

216

28.1

4 1

35,3

76

30,3

47 3

3,85

7 25

.01

33,7

4172

0.40

0.00

0.00

13,

171

Nov

-05

425

52,

006

14,

164

27.2

4 1

04,7

48

23,4

81 2

7,65

3 26

.40

27,5

7446

0.32

0.00

0.00

9,1

55

Dec

-05

551

62,

112

17,

235

27.7

5 1

42,8

14

32,0

14 3

6,29

5 25

.41

36,1

9451

0.29

0.00

0.00

11,

482

Jan-

0655

0 6

6,01

0 1

8,60

7 28

.19

148

,258

33

,234

40,

098

27.0

539

,964

670.

360.

000.

00 1

3,63

3 Fe

b-06

515

60,

323

17,

701

29.3

4 1

33,7

53

29,9

83 3

7,35

2 27

.93

37,2

4655

0.31

0.00

0.00

10,

581

Mar

-06

624

74,

773

22,

293

29.8

1 1

74,8

99

39,2

06 4

8,02

9 27

.46

47,8

9964

0.29

0.00

0.00

13,

256

2005

-06

6,00

081

8,43

822

7,24

027

.77

1,51

6,83

934

0,02

240

9,35

326

.99

407,

976

894

0.39

0.00

0.00

131,

426

Apr

-06

570

72,8

68 2

1,02

4 28

.85

174

,555

40

,045

48,

907

28.0

248

,761

910.

440.

000.

00 1

3,73

0 M

ay-0

671

799

,758

30,

580

30.6

5 2

16,3

97

49,6

44 6

6,75

0 30

.85

66,5

0212

10.

400.

000.

00 2

6,47

0 Ju

n-06

667

66,3

30 1

7,78

0 26

.81

149

,842

34

,375

36,

217

24.1

736

,126

530.

300.

000.

00 1

3,39

8 Ju

l-06

537

46,6

42 1

3,09

7 28

.08

121

,978

27

,983

30,

347

24.8

830

,272

350.

270.

000.

00 1

1,48

9 A

ug-0

662

754

,989

14,

843

26.9

9 1

27,8

07

29,3

20 3

2,57

3 25

.49

32,4

7756

0.38

0.00

0.00

9,6

36

Sep-

0663

861

,974

17,

387

28.0

6 1

40,3

00

32,1

86 3

9,35

4 28

.05

39,2

6758

0.33

0.00

0.00

12,

206

Oct

-06

577

60,6

76 1

7,91

8 29

.53

136

,036

31

,208

40,

449

29.7

340

,344

570.

320.

000.

00 1

1,11

8 N

ov-0

674

472

,408

21,

215

29.3

0 1

83,4

96

42,0

96 5

2,04

9 28

.37

51,9

2462

0.29

0.00

0.00

15,

535

Con

td...

Con

td...

100

Tab

le 4

-18

: Set

tlem

ent S

tatis

tics i

n C

M S

egm

ent

Mon

th/Y

ear

No.

of

Tra

des

Tra

ded

Qua

ntit

y

Qua

ntit

y of

Sha

res

Del

ive-

rabl

e

% o

f Sh

ares

D

eliv

e-ra

ble

to

Tot

al

Shar

es

Tra

ded

Tra

ding

Vol

ume

Val

ue o

f Sh

ares

D

eliv

e-ra

ble

% o

f D

eliv

e-ra

ble

to

Val

ue o

f Sh

ares

T

rade

d

Secu

riti

es

Pay

-in

Shor

t D

eliv

ery

(Auc

tion

ed

quan

tity

)

% o

f Sh

ort

Del

iver

y to

Tot

al

Del

ive-

rabl

e

Unr

ec-

tifi e

d B

ad

Del

iver

y (A

ucti

-on

ed

quan

tity

)

% o

f U

nrec

t-ifi

ed B

ad

Del

iver

y to

D

eliv

er-

able

Fun

ds

Pay

-in

(lakh

)(la

kh)

(lakh

)(R

s. c

r.)

(US

$ m

n.)

(Rs.

cr.

)(R

s. c

r.)

(lakh

)(la

kh)

(Rs.

cr.

)D

ec-0

666

758

,890

17,

927

30.4

4 1

72,1

27

39,4

88 4

8,10

2 27

.95

48,0

0950

0.28

0.00

0.00

14,

340

Jan-

0769

885

,757

23,

554

27.4

7 1

72,2

10

39,5

07 5

1,85

5 30

.11

51,

719

850.

360.

000.

00 1

4,25

0 Fe

b-07

683

87,5

84 2

2,83

8 26

.08

176

,834

40

,568

51,

327

29.0

3 5

1,21

6 59

0.26

0.00

0.00

14,

023

Mar

-07

731

82,6

38 2

0,91

0 25

.30

168

,512

38

,658

46,

505

27.6

0 4

6,43

1 41

0.20

0.00

0.00

16,

992

2006

-07

7,8

57

850

,515

2

39,0

74

28.1

1 1

,940

,094

44

5,07

8 5

44,4

34

28.0

6 5

43,0

48

769

0.

320.

000.

0017

3,18

8 A

pr-0

7 6

74

76,

643

20,

619

26.9

0 1

68,1

81

42,

077

48,

349

28.

75

48,

228

520.

250.

000.

00 1

4,52

8 M

ay-0

7 7

86

95,

458

24,

635

25.8

1 1

99,1

70

49,

830

55,

670

27.

95

55,

530

640.

260.

000.

00 1

5,43

1 Ju

n-07

752

7

7,90

9 2

1,66

3 27

.81

192

,100

4

8,06

1 5

2,82

5 2

7.50

5

2,70

2 57

0.27

0.00

0.00

15,

074

Jul-0

7 8

90

106

,882

3

0,28

3 28

.33

264

,949

6

6,28

7 7

5,34

9 2

8.44

7

5,14

7 97

0.32

0.00

0.00

20,

938

Aug

-07

871

1

01,3

84

25,

753

25.4

0 2

26,2

39

56,

602

63,

766

28.

19

63,

651

620.

240.

000.

00 2

4,26

4 Se

p-07

894

1

35,8

65

34,

119

25.1

1 2

52,8

95

63,

271

73,

052

28.

89

72,

837

930.

270.

000.

00 2

1,49

6 O

ct-0

7 1

,207

1

72,4

79

41,

641

24.1

4 4

44,4

07

111

,185

1

21,8

22

27.

41

121

,561

10

80.

260.

000.

00 4

1,41

7 N

ov-0

7 1

,193

1

69,6

22

37,

921

22.3

6 4

15,1

29

103

,860

1

07,4

94

25.

89

107

,268

10

80.

280.

000.

00 3

1,60

7 D

ec-0

7 1

,077

1

63,0

37

40,

474

24.8

3 3

74,5

15

93,

699

110

,578

2

9.53

1

10,2

77

133

0.33

0.00

0.00

31,

670

Jan-

08 1

,262

1

67,8

60

41,

581

24.7

7 4

49,2

61

112

,400

1

26,8

08

28.

23

126

,552

12

20.

290.

000.

00 4

5,52

4 Fe

b-08

1,0

57

111

,923

2

4,36

3 21

.77

281

,395

7

0,40

2 7

2,12

3 2

5.63

7

2,01

4 51

0.21

0.00

0.00

25,

790

Mar

-08

982

1

02,1

66

24,

918

24.3

9 2

51,6

76

62,

966

64,

967

25.

81

64,

852

490.

200.

000.

00 2

1,80

4 20

07-0

8 1

1,64

5 1,

481,

229

367

,971

24

.84

3,5

19,9

19

880

,640

9

72,8

03

27.

64

970

,618

9

97

0.27

0.00

0.00

309,

543

Con

td...

Wholesale Debt Market Segment 5

103

5Wholesale Debt Market Segment

The Exchange started its trading operations in June 1994 by enabling the Wholesale Debt Market (WDM) segment of the Exchange. This segment provides a trading platform for a wide range of fi xed income securities that includes Central government securities, treasury bills (T-bills), state development loans (SDLs), bonds issued by public sector undertakings (PSUs), fl oating rate bonds (FRBs), zero coupon bonds (ZCBs), index bonds, commercial papers (CPs), certifi cates of deposit (CDs), corporate debentures, SLR and non-SLR bonds issued by fi nancial institutions (FIs), bonds issued by foreign institutions and units of mutual funds (MFs).

To further encourage wider participation of all classes of investors, including the retail investors, the Retail Debt Market segment (RDM) was launched on January 16, 2003. This segment provides for a nation wide, anonymous, order driven, screen based trading system in government securities. The settlement cycle is same as in the case of equity market i.e., T+2 rolling settlement cycle.

Trading Mechanism

The WDM trading system, known as NEAT (National Exchange for Automated Trading), is a fully automated screen based trading system that enables members across the country to trade simultaneously with enormous ease and effi ciency. It supports an anonymous order driven market which operates on a price/time priority and provides tremendous fl exibility to users in terms of orders with various time/price/quantity related conditions that can be placed on the system. It also provides on-line market information like total order depth, best buys and sells available, quantity traded, the high, low and last traded price for securities are available at all points of time.

The WDM Trading system provides two market sub-types: continuous market and negotiated market. In the continuous market, the buyer and seller do not know each other and they put their best buy/sell orders, which are stored in order book with price/time priority. If orders match, it results into a trade. The trades in WDM segment are settled directly between the participants, who take an exposure to the settlement risk attached to any unknown counter-party. In the NEAT-WDM system, all participants can set up their counter-party exposure limits against all probable counter-parties. This enables the trading member/participant to reduce/ minimize the counter-party risk associated with the counter-party to trade. A trade does not take place if both the buy/sell participants do not invoke the counter-party exposure limit in the trading system.

In the negotiated market, the trades are normally decided by the seller and the buyer outside the exchange, and reported to the Exchange through a trading member for approval. Thus, deals negotiated or structured outside the exchange are disclosed to the market through NEAT-WDM system. In negotiated market, as buyers and sellers know each other and have agreed to trade, no counter-party exposure limit needs to be invoked.

104

The trades on the WDM segment could be either outright trades or repo transactions with settlement cycle of T+2 and repo periods (1 to 14 days). For every trade, it is necessary to specify the number of settlement days and the trade type (repo or non-repo), and in the event of a repo trade, the repo term and repo rate.

Market Performance

Turnover

The trading volume on the WDM Segment of the Exchange witnessed a year on year increase of 28.85 % from Rs.219,106 crore (US $ 50,265 million) during 2006-07 to Rs. 282,317 crore (US $ 70,632 million) during 2007-08. The average daily trading volume also accelerated from Rs.898 crore (US $ 206 million) during 2006-07 to Rs.1,138 crore (US $ 285 million) in fi scal 2007-08. The highest recorded WDM trading volume of Rs. 13,912 crore ( US $ 3,206 million) was registered on August 25, 2003. The business growth of the WDM segment is presented in Table 5-1 and Chart 5-1.

Chart 5-1 : Business Growth of WDM Segment

The transactions in dated government securities accounted for a substantial share of 73.85 % on the WDM segment. The details of transactions in government securities and treasury bills, outright as well as repo transactions are presented in Table 5-2. There were no repo transactions recorded during 2005-06, 2006-07 and 2007-08. The WDM’s SGL Outright Transactions as a percentage to the total SGL Outright transactions was 52.05 % in 2007-08.

The security-wise and participant-wise distribution of WDM trades is presented in Table 5-3 and Chart 5-2(a&b). It is observed that the market is dominated by dated government securities

105

(including state development loan), which accounted for 68.84 % of WDM trades during 2007-08. Among the market participants, the trading members accounted for 38.15 % of the total WDM trades followed by foreign banks which held a share of 27.09 %. Share of Indian banks in WDM trades declined to 23.78 % during 2007-08 as compared with its share of 26.03 % in the corresponding period last year.

Chart 5-2 (a) : Security-wise Distribution of WDM Trades (2007-08)

Chart 5-2 (b) : Participant-wise distribution of WDM trades (2007-08)

106

The share of top ‘N’ securities/trading members/participants in turnover in WDM segment is presented in Table 5-4. The share of top ‘10’ securities increased marginally from 51.29 % in 2006-07 to 53.31 % in 2007-08. The share of top ‘50’ and top ‘100’ securities accounted for 79.64% and 89.55% respectively in the current year.

Market Capitalisation

Market capitalisation of the WDM segment has witnessed a constant increase indicating an increase in the number of securities available for trading on this segment. Total market capitalisation of the securities available for trading on WDM segment stood at Rs. 2,123,346 crore (US $ 53,123 million) as on March 31, 2008. Central Government securities accounted for the largest share of the market capitalisation with 65.57%. The details of market capitalisation of WDM securities are presented in Table 5-5.

Transaction Charges

The Exchange has waived the transaction charges for the Wholesale Debt Market segment of the Exchange for the period April 1, 2008 to March 31, 2009.

Settlement

Settlement is on a rolling basis, i.e. there is no account period settlement. Each order has a unique settlement date specifi ed upfront at the time of order entry and used as a matching parameter. It is mandatory for trades to be settled on the predefi ned settlement date. The Exchange currently allows settlement periods ranging from same day (T+0) settlement to a maximum of (T+2) for non-governmentsecurities while settlement of all outright secondary market transactions in government securities was standardized to T+1. In case of repo transactions in government securities, fi rst leg can be settled either on T+0 basis or T+1 basis.

In case of government securities, the actual settlement of funds and securities are effected directly between participants or through Reserve Bank of India (RBI). All trades in government securities are reported to RBI-SGL through the Negotiated Dealing System (NDS) of RBI, and Clearing Corporation of India Limited (CCIL) provides settlement guarantee for transactions in government securities including repos. The trades are settled on a net basis through the DvP-III system. In the DvP-III, the settlement of Securities and Funds are carried out on a net basis.

For securities other than government securities and T-bills, trades are settled on a gross basis directly between participants on delivery versus payment basis.

On the scheduled settlement date, the Exchange provides data/information to the respective member/participant regarding trades to be settled on that day with details like security, counter party and consideration.

107

The settlement details for non-government securities, i.e. certifi cate no., Cheque no., constituent etc. are reported by the member/participant to the Exchange.

The Exchange closely monitors the settlement of transactions through the reporting of settlement details by members and participants. In case of deferment of settlement or cancellation of trade, participants are required to seek prior approval from the Exchange. For any dispute arising in respect of the trades or settlement, the exchange has established arbitration mechanism for resolving the same.

Constituent SGL Facility

Subsidiary General Ledger (SGL) account is a facility provided by RBI to large banks and financial institutions to hold their investments in government securities and treasury bills in the electronic book entry form. Such institutions can settle their trades for securities held in SGL through a delivery-versus-payment (DvP) mechanism, which ensures movement of funds and securities simultaneously. As all investors in government securities do not have an access to the SGL accounting system, RBI has permitted such investors to hold their securities in physical stock certificate form. They may also open a constituent SGL account with any entity authorised by RBI for this purpose and thus avail of the DvP settlement. Such client accounts are referred to as constituent SGL accounts.

For retail participants in the market, who otherwise have to hold securities in physical form and settle their transactions on a bilateral basis, the NSCCL offers constituent SGL facility. RBI has allowed NSCCL to open SGL and current accounts for this purpose. FIMMDA-NSE MIBID/MIBOR

A reference rate is an accurate measure of the market price. In the fi xed income market, it is an interest rate that the market respects and closely matches. On these lines, NSE has been computing and disseminating the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-bank Offer Rate (MIBOR) for the overnight money market from June 15, 1998, the 14-day MIBID/MIBOR from November 10, 1998 and the 1 month and 3 month MIBID/MIBOR from December 1, 1998. Further the exchange introduced a 3-day FIMMDA – NSE MIBID / MIBOR on all Fridays with effect from June 6, 2008 in addition to existing overnight rate. In view of the robust methodology of computation of these rates and their extensive use by market participants, these have been co-branded with Fixed Income and Money Market Dealers Association (FIMMDA) from March 4, 2002. These are now known as FIMMDA-NSE MIBID/MIBOR. These are presented in Table 5-6. The Chart 5-3 presents overnight MIBID/MIBOR for 2007-08.

108

Chart 5-3 : Overnight MIBID/MIBOR Rates, 2006-07 - from 3 April 2007 to 31st March 2008

FIMMDA-NSE MIBID/MIBOR are based on rates polled by NSE from a representative panel of 33 banks/institutions/primary dealers. Currently, quotes are polled and processed daily by the Exchange at 0940 (IST) for overnight rate, at 1130 (IST) for the 14 day, 1 month and 3 month rates and 0940 (IST) for 3 Day rate as on the last working day of the week . The rates polled are then processed using the bootstrap method to arrive at an effi cient estimate of the reference rates. The overnight rates are disseminated daily and 3 Day rate are disseminated on the last working day of the week to the market at about 0955 (IST) and the 14 day, 1 month and 3 month rates at about 1145 (IST).Overnight Rates for Saturdays is calculated and disseminated at 1030Hrs. These are broadcast through NEAT-WDM trading system immediately on release and also disseminated through websites of NSE and FIMMDA and through e-mail.

The FIMMDA-NSE MIBID/MIBOR is used as a benchmark rate for majority of deals struck for interest rate swaps, forward rate agreements, fl oating rate debentures and term deposits.

Zero Coupon Yield Curve

Keeping in mind the requirements of the banking industry, fi nancial institutions, mutual funds, insurance companies, etc. that have substantial investment in sovereign papers, NSE disseminates a ‘Zero Coupon Yield Curve’ (NSE Zero Curve) to help in valuation of securities across all maturities irrespective of its liquidity in the market. This product has been developed by using Nelson-Siegel functional form to estimate the term structure of interest rate at any given point of time and been successfully tested by using daily WDM trades data. This is being disseminated daily.

109

The ZCYC depicts the relationship between spot interest rates in the economy and the associated term to maturity. It provides daily estimates of the term structure of interest rates using information on secondary market trades in government securities from the WDM segment. The term structure forms the basis for the valuation of all fi xed income instruments. Modelled as a series of cashfl ows due at different points of time in the future, the underlying price of such an instrument is calculated as the net present value of the stream of cashflows. Each cashflow, in such a formulation, is discounted using the interest rate for the associated term to maturity; the appropriate rates are read off the estimated ZCYC. Once estimated, the interest rate-maturity mapping is used to compute underlying valuations even for securities that do not trade on a given day. Changes in the economy cause shifts in the term structure, changing the underlying valuations of fi xed income instruments. The daily ZCYC captures these changes, and is used to track the value of portfolios of government securities on a day-to-day basis.

Chart 5-4 plots the spot interest rates at different maturities for the year 2007-08

Figure 5-4 : Zero Coupon Yield Curve, 2007-08

NSE-VaR System

NSE has developed a VaR system for measuring the market risk inherent in Government of India (GOI) securities. NSE-VaR system builds on the NSE database of daily yield curves (ZCYC) and provides measures of VaR using 5 alternative methods (variance-covariance (normal), historical simulation method, weighted normal, weighted historical simulation and extreme value method). Together, these 5 methods provide a range of options for market participants to choose from.

110

NSE-VaR system releases daily estimates of security-wise VaR at 1-day and multi-day horizons for securities traded on WDM segment of NSE and all outstanding GoI securities with effect from January 1, 2002. Participants can compute their portfolio risk as weighted average of security-wise VaRs, the weights being proportionate to the market value of a given security in their portfolio. 1-day VaR (99%) measure for GoI Securities traded on NSE-WDM on March 30, 2007 is presented in Table 5-7.

GOI-Bond Index

The increased activity in the government securities market in India and simultaneous emergence of mutual (gilt) funds has given rise to the need for a well defi ned Bond Index to measure returns in the bond market. The NSE-Government Securities Index prices components off the NSE Benchmark ZCYC, so that the movements refl ect returns to an investor on account of change in interest rates only, and not those arising on account of the impact of idiosyncratic factors. The index provides a benchmark for portfolio management by various investment managers and gilt funds. It also forms the basis for designing index funds and for derivative products such as options and futures. Some of the salient features of this index are:

• The base date for the index is 1st January 1997 and the base date index value is 100.

• The index is calculated on a daily basis from 1st January 1997 onwards; weekends and holidays are ignored.

• The index uses all Government of India bonds issued after April 1992. These were issued on the basis of an auction mechanism that imparted some amount of market-relatedness to their pricing. Bonds issued prior to 1992 were on the basis of administered interest rates.

• Each day, the prices for all these bonds are estimated off the NSE Benchmark-ZCYC for the day.

• The constituents are weighted by their market capitalisation.

• Computations are based on arithmetic and not geometric calculations.

• The index uses a chain-link methodology i.e. today’s values are based on the previous value times the change since the previous calculations. This gives the index the ability to add new issues and remove old issues when redeemed.

• Coupons and redemption payments are assumed to be re-invested back into the index in proportion to the constituent weights.

• Both the Total Returns Index and the Principal Returns Index are computed.

• The indices provided are: Composite, 1-3, 3-8, 8+ years, TB index, GS index

111

Con

td...

Tab

le 5

-1 :

Busi

ness

Gro

wth

of W

DM

Seg

men

t

Mon

th/Y

ear

All

Tra

des

Ret

ail T

rade

No.

of

acti

ve

secu

riti

es

Num

ber

of

Tra

des

Tra

ding

Vol

ume

Ave

rage

Dai

ly T

radi

ng

Vol

ume

Ave

rage

T

rade

Siz

e N

umbe

r of

Tra

des

Tra

ding

Vol

ume

Shar

e in

T

otal

Tra

ding

V

olum

e

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

) (R

s. c

r.)

( US

$ m

n)(%

)

1994

- 95

(Jun

e-M

arch

) 1

83

1,02

16,

781

2,15

730

106.

6416

831

9.86

0.45

1995

-96

304

2,

991

11,8

683,

455

4112

3.97

1,11

520

760

.26

1.74

1996

-97

524

7,

804

42,2

7811

,783

145

405.

421,

061

201

56.0

20.

4719

97-9

8 7

19

16,8

2111

1,26

328

,146

385

976.

611,

390

289

73.0

20.

2619

98-9

9 1

,071

16

,092

105,

469

24,8

5736

586

6.55

1,52

230

872

.54

0.29

1999

-00

1,0

57

46,9

8730

4,21

669

,742

1,03

523

76.

4793

621

849

.92

0.07

2000

-01

1,0

38

64,4

7042

8,58

291

,891

1,48

331

86.

6549

813

128

.09

0.03

Apr

-01

213

6,

606

46,2

859,

485

2,31

447

47.

0117

61.

230.

01M

ay-0

1 2

20

12,2

2083

,982

17,2

093,

359

688

6.87

528

1.64

0.01

Jun-

01 2

00

11,9

3682

,329

16,8

713,

293

675

6.90

285

1.02

0.01

Jul-0

1 2

23

12,5

7584

,629

17,3

423,

255

667

6.73

255

1.02

0.01

Aug

-01

215

11

,622

75,7

8415

,530

3,15

864

76.

5244

193.

890.

03Se

p-01

207

9,

526

63,1

9912

,951

2,52

851

86.

6328

40.

820.

01O

ct-0

1 1

96

12,6

3680

,860

16,5

703,

234

663

6.40

174

0.82

0.00

Nov

-01

216

15

,300

98,6

7420

,220

4,29

087

96.

4536

163.

280.

02D

ec-0

1 1

67

10,1

3562

,411

12,7

892,

600

533

6.16

216

1.23

0.01

Jan-

02 2

28

17,0

1111

1,73

622

,897

4,29

888

16.

5736

132.

660.

01Fe

b-02

254

16

,127

101,

313

20,7

614,

405

903

6.28

4415

3.07

0.01

Mar

-02

216

9,

157

55,9

8811

,473

2,43

449

96.

1130

91.

840.

0220

01-0

2 9

79

144,

851

947,

190

194,

096

3,27

767

26.

5437

811

022

.54

0.01

112

Tab

le 5

-1 :

Busi

ness

Gro

wth

of W

DM

Seg

men

t

Mon

th/Y

ear

All

Tra

des

Ret

ail T

rade

No.

of

acti

ve

secu

riti

es

Num

ber

of

Tra

des

Tra

ding

Vol

ume

Ave

rage

Dai

ly T

radi

ng

Vol

ume

Ave

rage

T

rade

Siz

e N

umbe

r of

Tra

des

Tra

ding

Vol

ume

Shar

e in

T

otal

Tra

ding

V

olum

e

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

) (R

s. c

r.)

( US

$ m

n)(%

)

Apr

-02

254

12

,164

77,3

3416

,281

3,22

267

86.

3632

71.

470.

01M

ay-0

2 2

06

8,66

253

,246

11,2

102,

130

448

6.15

3010

2.11

0.02

Jun-

02 2

37

8,87

554

,477

11,4

692,

179

459

6.14

227

1.47

0.01

Jul-0

2 2

30

14,9

9697

,725

20,5

743,

619

762

6.52

4616

3.37

0.02

Aug

-02

232

15

,483

100,

226

21,1

003,

855

812

6.47

5616

3.37

0.02

Sep-

02 2

51

10,4

3968

,269

14,3

722,

845

599

6.54

8121

4.42

0.03

Oct

-02

265

16

,587

106,

142

22,3

464,

246

894

6.40

143

418.

630.

04N

ov-0

2 2

60

21,0

5213

2,22

227

,836

5,50

91,

160

6.28

172

357.

370.

03D

ec-0

2 2

45

18,8

0711

7,38

324

,712

4,89

11,

030

6.24

152

367.

580.

03Ja

n-03

253

21

,335

139,

718

29,4

145,

175

1,08

96.

5513

132

6.74

0.02

Feb-

03 2

29

10,7

2866

,974

14,1

002,

912

613

6.24

115

245.

050.

04M

ar-0

3 2

76

8,65

054

,986

11,5

762,

391

503

6.36

272

5511

.58

0.10

2002

-03

1,1

23

167,

778

1,06

8,70

122

4,99

03,

598

758

6.37

1,25

230

063

.16

0.03

Apr

-03

282

15

,512

101,

052

23,2

894,

812

1,10

96.

5118

041

8.67

0.04

May

-03

290

18

,651

123,

359

28,4

305,

140

1,18

56.

6114

831

6.42

0.02

Jun-

03 3

10

18,4

0012

6,67

229

,194

5,06

71,

168

6.88

127

296.

110.

02Ju

l-03

271

18

,220

131,

027

30,1

974,

853

1,11

87.

1912

230

6.27

0.02

Aug

-03

306

22

,753

162,

737

37,5

066,

509

1,50

07.

1512

726

5.37

0.02

Sep-

03 3

34

17,1

5212

5,19

928

,854

4,81

51,

110

7.30

115

255.

280.

02O

ct-0

3 2

75

20,4

6514

3,40

433

,050

5,97

51,

377

7.01

8127

5.58

0.02

Con

td...

Con

td...

113

Tab

le 5

-1 :

Busi

ness

Gro

wth

of W

DM

Seg

men

t

Mon

th/Y

ear

All

Tra

des

Ret

ail T

rade

No.

of

acti

ve

secu

riti

es

Num

ber

of

Tra

des

Tra

ding

Vol

ume

Ave

rage

Dai

ly T

radi

ng

Vol

ume

Ave

rage

T

rade

Siz

e N

umbe

r of

Tra

des

Tra

ding

Vol

ume

Shar

e in

T

otal

Tra

ding

V

olum

e

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

) (R

s. c

r.)

( US

$ m

n)(%

)

Nov

-03

233

11

,737

80,9

0318

,646

3,51

881

16.

8989

285.

940.

03D

ec-0

3 2

47

12,5

2983

,906

19,3

383,

227

744

6.70

5714

2.99

0.02

Jan-

04 2

80

11,4

0777

,533

17,8

692,

982

687

6.80

123

347.

120.

04Fe

b-04

241

8,

675

61,4

9914

,174

2,79

564

47.

0979

214.

440.

03M

ar-0

4 3

72

14,0

1798

,806

22,7

723,

952

911

7.05

152

275.

640.

0320

03-0

4 1

,078

18

9,51

81,

316,

096

303,

318

4,47

71,

032

6.94

1,40

033

269

.83

0.03

Apr

-04

285

19

,075

133,

478

30,5

096,

067

1,38

77.

0033

112.

560.

01M

ay-0

4 2

75

13,0

9791

,340

20,8

783,

806

870

6.97

278

1.80

0.01

Jun-

04 3

47

11,3

8282

,453

18,8

463,

171

725

7.24

5618

4.03

0.02

Jul-0

4 3

02

9,30

366

,012

15,0

892,

445

559

7.10

5517

3.81

0.03

Aug

-04

243

9,

241

63,8

0614

,584

2,55

258

36.

9068

214.

850.

03Se

p-04

288

12

,659

87,6

9520

,044

3,50

880

26.

9310

337

8.41

0.04

Oct

-04

291

8,

437

55,7

7012

,747

2,42

555

46.

6179

378.

350.

07N

ov-0

4 3

29

5,76

745

,541

10,4

091,

980

453

7.90

134

449.

960.

10D

ec-0

4 3

33

10,3

2172

,593

16,5

932,

792

638

7.03

154

419.

270.

06Ja

n-05

273

8,

384

61,2

0513

,990

2,55

058

37.

3013

145

10.2

90.

07Fe

b-05

251

10

,156

73,5

8816

,820

3,06

670

17.

2513

343

9.86

0.06

Mar

-05

303

6,

486

53,8

1212

,300

2,24

251

38.

3030

590

20.5

40.

1720

04-0

5 1

,151

12

4,30

888

7,29

420

2,81

03,

028

692

7.14

1,27

841

093

.74

0.05

Apr

-05

204

6

,079

5

4,61

6 1

2,24

3 2

,483

55

7 8

.98

98

37

8.2

9 0

.07

Con

td...

Con

td...

114

Tab

le 5

-1 :

Busi

ness

Gro

wth

of W

DM

Seg

men

t

Mon

th/Y

ear

All

Tra

des

Ret

ail T

rade

No.

of

acti

ve

secu

riti

es

Num

ber

of

Tra

des

Tra

ding

Vol

ume

Ave

rage

Dai

ly T

radi

ng

Vol

ume

Ave

rage

T

rade

Siz

e N

umbe

r of

Tra

des

Tra

ding

Vol

ume

Shar

e in

T

otal

Tra

ding

V

olum

e

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

) (R

s. c

r.)

( US

$ m

n)(%

)

May

-05

256

9

,376

7

0,11

3 1

5,71

7 2

,805

62

9 7

.48

120

4

4 9

.86

0.0

6 Ju

n-05

268

1

4,21

3 9

6,10

8 2

1,54

4 3

,696

82

9 6

.76

108

2

7 6

.05

0.0

3 Ju

l-05

185

8

,042

5

2,30

9 1

1,72

6 2

,092

46

9 6

.50

52

13

2.9

1 0

.02

Aug

-05

274

5

,361

4

4,71

7 1

0,02

4 1

,789

40

1 8

.34

108

3

6 8

.07

0.0

8 Se

p-05

258

4

,127

3

1,96

0 7

,164

1

,278

28

7 7

.74

68

24

5.3

8 0

.08

Oct

-05

192

2

,987

2

5,38

7 5

,691

1

,209

27

1 8

.50

57

22

4.9

3 0

.09

Nov

-05

186

2

,822

2

4,36

0 5

,461

1

,218

27

3 8

.63

46

20

4.4

8 0

.08

Dec

-05

222

2

,505

2

0,77

1 4

,656

9

44

212

8.2

9 6

0 2

7 6

.05

0.1

3 Ja

n-06

180

2

,572

2

1,60

7 4

,844

1

,080

24

2 8

.40

54

17

3.8

1 0

.08

Feb-

06 1

45

2,0

75

16,

485

3,6

95

868

19

4 7

.94

39

17

3.8

1 0

.10

Mar

-06

224

1

,732

1

7,08

9 3

,831

8

14

182

9.8

7 8

2 2

6 5

.83

0.1

5 20

05-0

6 8

97

61,

891

475

,523

1

06,5

96

1,7

55

393

7.6

8 8

92

310

6

9.49

0

.07

Apr

-06

159

1

,962

2

3,18

4 5

,319

1

,364

31

3 1

1.82

1

9 7

1

.63

0.0

3 M

ay-0

6 1

74

1,7

55

17,

986

4,1

26

818

18

8 1

0.25

1

9 6

1

.35

0.0

3 Ju

n-06

168

9

50

11,

790

2,7

05

536

12

3 1

2.41

4

7 1

2 2

.68

0.1

0 Ju

l-06

146

1

,169

1

2,71

0 2

,916

6

05

139

10.

87

27

8

1.9

2 0

.07

Aug

-06

170

2

,341

2

3,56

1 5

,405

1

,071

24

6 1

0.06

3

9 1

4 3

.10

0.0

6 Se

p-06

198

2

,336

2

3,39

6 5

,367

1

,114

25

6 1

0.02

4

2 6

1

.48

0.0

3 O

ct-0

6 1

24

1,6

76

15,

810

3,6

27

832

19

1 9

.43

– –

-– –

N

ov-0

6 1

85

2,9

38

29,

339

6,7

31

1,3

34

306

9.9

9 1

5 4

0

.88

0.0

1

Con

td...

Con

td...

115

Tab

le 5

-1 :

Busi

ness

Gro

wth

of W

DM

Seg

men

t

Mon

th/Y

ear

All

Tra

des

Ret

ail T

rade

No.

of

acti

ve

secu

riti

es

Num

ber

of

Tra

des

Tra

ding

Vol

ume

Ave

rage

Dai

ly T

radi

ng

Vol

ume

Ave

rage

T

rade

Siz

e N

umbe

r of

Tra

des

Tra

ding

Vol

ume

Shar

e in

T

otal

Tra

ding

V

olum

e

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

)( U

S $

mn)

(Rs.

cr.

) (R

s. c

r.)

( US

$ m

n)(%

)

Dec

-06

170

1

,244

1

4,86

8 3

,411

7

08

162

11.

95

33

4

0.8

6 0

.03

Jan-

07 1

40

1,3

32

18,

026

4,1

35

901

20

7 1

3.53

3

5 1

4 3

.24

0.0

8 Fe

b-07

108

9

20

14,

245

3,2

68

791

18

2 1

5.48

4

9 1

4 3

.12

0.1

0 M

ar-0

7 1

78

952

1

4,19

2 3

,256

7

10

163

14.

91

74

13

3.0

1 0

.09

2006

-07

762

1

9,57

5 2

19,1

06

50,

265

898

20

6 1

1.19

3

99

102

2

3.29

0

.05

Apr

-07

98

928

1

7,15

9 4

,293

9

03

226

1

8.49

1

2 3

0

.75

0.0

2 M

ay-0

7 1

45

1,0

93

17,

483

4,3

74

833

2

08

16.

00

18

6

1.5

0 0

.03

Jun-

07 1

43

1,0

65

17,

335

4,3

37

825

2

07

16.

28

38

6

1.5

0 0

.03

Jul-0

7 1

84

2,0

89

33,

815

8,4

60

1,5

37

385

1

6.19

9

3

0

.75

0.0

1 A

ug-0

7 1

28

1,2

30

21,

431

5,3

62

1,0

21

255

1

7.42

8

4

1

.00

0.0

2 Se

p-07

148

9

34

16,

902

4,2

29

845

2

11

18.

10

27

4

1.0

0 0

.02

Oct

-07

147

1

,411

2

5,49

3 6

,378

1

,159

2

90

18.

07

10

4

1.0

0 0

.02

Nov

-07

110

1

,083

1

7,70

4 4

,429

8

43

211

1

6.35

7

2

0

.50

0.0

1 D

ec-0

7 1

17

1,5

85

32,

865

8,2

23

1,7

30

433

2

0.74

1

2 4

1

.00

0.0

1 Ja

n-08

144

2

,359

4

2,72

4 1

0,68

9 1

,858

4

65

18.

11

27

7

1.7

5 0

.02

Feb-

08 1

18

1,4

97

24,

044

6,0

15

1,1

45

286

1

6.06

7

2

0

.50

0.0

1 M

ar-0

8 1

48

905

1

5,36

2 3

,843

8

53

214

1

6.97

3

6 4

1

.00

0.0

3 20

07-0

8 6

01

16,

179

282

,317

7

0,63

2 1

,138

2

85

17.

45

211

4

9 1

2.26

0

.02

Con

td...

116

Table 5-2 : WDM Transactions in Government Securities

Month / Year

Outright Transactions Repo Transactions Total (5+8)

% Share in SGL

Out-right

Transac-tions

Dated Securities

State Govern-

ment Securi-

ties

Trea-sury Bills

Total (2+3+4)

Dated Securi-

ties

Trea-sury Bills

Total (6+7)

1 2 3 4 5 6 7 8 9 10

1994-95 (June-March)

2,947 79 2,634 5,660 – – – 5,660 –

1995-96 6,813 176 2,255 9,243 739 5 744 9,988 –

1996-97 26,891 298 10,912 38,101 162 45 207 38,308 –

1997-98 79,564 931 17,021 97,515 4,225 1,845 6,070 103,585 –

1998-99 78,973 860 10,586 90,419 4,741 120 4,861 95,280 –

1999-00 278,866 2,082 10,644 291,592 1,933 363 2,296 293,888 –

2000-01 388,098 1,256 23,142 412,496 1,600 – 1,600 414,096 –

Apr-01 42,110 292 2,888 45,290 – – – 45,290 –

May-01 79,516 133 2,594 82,243 – – – 82,243 –

Jun-01 78,794 55 2,344 81,193 – – – 81,193 –

Jul-01 79,945 121 2,834 82,900 216 – 216 83,116 –

Aug-01 72,543 68 1,546 74,157 131 – 131 74,288 –

Sep-01 59,704 100 2,137 61,941 – – – 61,941 –

Oct-01 77,611 160 1,656 79,427 25 50 75 79,502 –

Nov-01 94,348 109 2,651 97,108 37 10 47 97,155 –

Dec-01 59,854 23 1,615 61,492 50 – 50 61,542 –

Jan-02 106,148 114 3,164 109,426 10 – 10 109,436 –

Feb-02 96,712 124 1,191 98,027 – – – 98,027 –

Mar-02 52,816 113 863 53,792 79 – 79 53,871 –

2001-02 900,101 1,412 25,483 926,996 548 60 608 927,604 –

Apr-02 72,359 308 1,597 74,264 195 28 223 74,487 72.75

May-02 47,694 177 2,553 50,424 255 – 255 50,679 71.13

Jun-02 49,123 134 1,699 50,956 215 30 245 51,201 80.90

Jul-02 91,317 61 2,460 93,838 43 – 43 93,881 74.94

Aug-02 93,594 129 2,933 96,656 134 109 243 96,899 74.51

Sep-02 63,979 594 1,350 65,923 75 159 234 66,157 72.91

Oct-02 100,032 234 2,537 102,803 25 144 169 102,972 78.01

Nov-02 126,158 328 2,660 129,146 150 17 167 129,313 73.38

Dec-02 111,536 148 2,449 114,133 134 44 178 114,311 73.44

Jan-03 130,558 101 4,570 135,229 100 150 250 135,479 70.79

Feb-03 61,641 89 2,987 64,717 – – – 64,717 82.48

Mar-03 48,593 265 3,605 52,463 65 205 270 52,733 66.96

2002-03 996,584 2,568 31,400 1,030,552 1,391 886 2,277 1,032,829 74.01

Contd...

117


Month / Year


% Share in SGL

Out-right

Transac-tions

Dated Securities

State Govern-

ment Securi-

ties

Trea-sury Bills

Total (2+3+4)

Dated Securi-

ties

Trea-sury Bills

Total (6+7)

1 2 3 4 5 6 7 8 9 10

Apr-03 91,857 91 5,001 96,949 23 – 23 96,972 76.14

May-03 114,924 249 3,790 118,963 – – – 118,963 74.56

Jun-03 120,554 732 2,883 124,169 67 50 117 124,286 76.90

Jul-03 123,426 352 4,182 127,960 20 10 30 127,990 76.87

Aug-03 153,121 713 4,236 158,070 – – – 158,070 72.23

Sep-03 113,766 554 6,470 120,790 13 – 13 120,803 80.65

Oct-03 132,676 318 5,619 138,613 – – – 138,613 72.33

Nov-03 73,805 322 4,631 78,758 – – – 78,758 79.02

Dec-03 76,346 268 4,480 81,094 – – – 81,094 77.23

Jan-04 69,909 422 4,639 74,970 – – – 74,970 75.67

Feb-04 55,619 277 3,945 59,841 – – – 59,841 72.56

Mar-04 87,836 385 5,721 93,942 – – – 93,942 67.05

2003-04 1,213,839 4,683 55,597 1,274,119 123 60 183 1,274,302 74.89

Apr-04 123,050 338 5,340 128,728 27 15 42 128,770 70.90

May-04 79,292 759 8,085 88,137 28 31 59 88,196 70.40

Jun-04 68,629 1,282 8,766 78,678 23 – 23 78,700 62.77

Jul-04 53,035 864 9,034 62,934 45 25 70 63,003 69.07

Aug-04 54,514 206 6,330 61,049 21 77 98 61,147 66.40

Sep-04 73,815 639 9,923 84,377 – – – 84,377 69.50

Oct-04 44,692 1,454 7,593 53,740 – – – 53,740 65.55

Nov-04 31,034 909 11,665 43,608 – – – 43,608 64.37

Dec-04 55,894 1,033 12,162 69,090 – – – 69,090 65.51

Jan-05 44,323 844 13,146 58,313 – – – 58,313 67.42

Feb-05 54,136 310 15,727 70,173 – – – 70,173 69.70

Mar-05 33,298 315 16,888 50,500 – – – 50,500 61.62

2004-05 715,711 8,954 124,660 849,325 144 147 292 849,617 67.36

Apr-05 30,569 27 21,748 52,343 – – – 52,343 58.83

May-05 50,410 916 15,921 67,248 – – – 67,248 67.72

Jun-05 85,381 1,178 6,208 92,767 – – – 92,767 71.47

Jul-05 45,085 282 4,469 49,836 – – – 49,836 68.14

Aug-05 25,958 898 14,733 41,590 – – – 41,590 61.31

Sep-05 21,037 1,173 6,923 29,133 – – – 29,133 58.96

Oct-05 14,424 771 8,474 23,668 – – – 23,668 60.89

Contd...

Contd...

118


Month / Year


% Share in SGL

Out-right

Transac-tions

Dated Securities

State Govern-

ment Securi-

ties

Trea-sury Bills

Total (2+3+4)

Dated Securi-

ties

Trea-sury Bills

Total (6+7)

1 2 3 4 5 6 7 8 9 10

Nov-05 15,860 725 6,844 23,429 – – – 23,429 60.25

Dec-05 12,791 582 5,998 19,371 – – – 19,371 56.91

Jan-06 13,902 289 5,808 19,999 – – – 19,999 62.08

Feb-06 12,216 232 3,262 15,711 – – – 15,711 58.64

Mar-06 10,556 321 4,830 15,707 – – – 15,707 54.64

2005-06 338,190 7,393 105,218 450,802 – – – 450,802 63.67

Apr-06 15,346 158 6,729 22,233 – – – 22,233 55.66

May-06 12,380 466 3,462 16,309 – – – 16,309 43.13

Jun-06 5,994 421 4,298 10,713 – – – 10,713 39.54

Jul-06 6,715 282 4,536 11,533 – – – 11,533 47.87

Aug-06 14,706 294 7,540 22,540 – – – 22,540 50.36

Sep-06 17,072 416 4,832 22,320 – – – 22,320 52.29

Oct-06 11,355 88 3,683 15,125 – – – 15,125 55.64

Nov-06 22,697 267 5,313 28,277 – – – 28,277 57.73

Dec-06 10,776 435 2,880 14,091 – – – 14,091 56.53

Jan-07 13,159 124 3,346 16,629 – – – 16,629 59.48

Feb-07 10,021 161 2,863 13,046 – – – 13,046 53.55

Mar-07 9,712 325 2,471 12,508 – – – 12,508 46.33

2006-07 149,933 3,436 51,954 205,324 – – – 205,324 51.70

Apr-07 12,058 40 4,308 16,405 – – – 16,405 51.97

May-07 11,159 517 4,708 16,384 – – – 16,384 57.63

Jun-07 9,701 263 6,209 16,173 – – – 16,173 51.28

Jul-07 22,357 275 7,259 29,891 – – – 29,891 55.76

Aug-07 14,112 82 5,356 19,550 – – – 19,550 50.84

Sep-07 12,371 62 3,278 15,710 – – – 15,710 53.53

Oct-07 11,670 95 11,229 22,994 – – – 22,994 41.06

Nov-07 10,631 283 5,546 16,460 – – – 16,460 52.97

Dec-07 26,084 204 5,568 31,856 – – – 31,856 64.15

Jan-08 31,917 165 6,354 38,436 – – – 38,436 51.35

Feb-08 18,954 60 3,243 22,258 – – – 22,258 49.89

Mar-08 11,309 46 2,937 14,292 – – – 14,292 45.88

2007-08 192,322 2,092 65,995 260,409 – – – 260,409 52.05

Contd...

119

Table 5-3 : Security-wise and Participant-wise Distribution of WDM Trades(In per cent)

Month & Year

Security-wise Distribution Participant-wise Distribution

Gov-ern-ment

Securi-ties

T-Bills PSU /Inst. Bonds

Others Trad-ing

Mem-bers

FIs/MFs/

Corpo-rates

Pri-mary

Dealers

Indian Banks

For-eign

Banks

1994-95 (June-March)

44.63 38.84 12.15 4.38 57.82 6.43 0.02 14.16 21.57

1995-96 65.13 19.04 9.69 6.14 23.48 7.60 1.16 30.07 37.69

1996-97 64.70 25.92 6.55 2.84 22.95 3.81 6.10 30.01 37.13

1997-98 76.14 16.96 3.64 3.26 19.75 4.30 12.06 41.24 22.65

1998-99 80.19 10.15 4.78 4.88 15.48 4.93 14.64 42.12 22.83

1999-00 92.99 3.62 1.60 1.79 18.63 4.18 19.42 42.72 15.05

2000-01 91.22 5.40 1.84 1.54 23.24 4.18 22.14 33.54 16.90

Apr-01 91.61 6.24 1.43 0.72 18.82 3.01 25.17 36.81 16.19

May-01 94.84 3.09 1.36 0.71 19.55 3.99 25.28 38.40 12.78

Jun-01 95.77 2.85 0.88 0.50 19.92 3.58 22.88 41.31 12.31

Jul-01 94.86 3.35 1.14 0.65 20.51 4.78 20.60 41.66 12.45

Aug-01 95.99 2.04 1.19 0.78 21.71 3.53 24.49 39.05 11.22

Sep-01 94.63 3.38 1.31 0.68 25.33 4.17 24.19 31.78 14.53

Oct-01 96.21 2.11 1.03 0.65 26.98 4.19 23.74 34.58 10.51

Nov-01 95.76 2.70 0.67 0.87 25.96 3.97 24.49 34.66 10.92

Dec-01 96.02 2.59 0.83 0.56 26.51 4.65 23.11 33.89 11.84

Jan-02 95.11 2.83 0.88 1.18 25.43 4.46 19.19 36.09 14.83

Feb-02 95.58 1.18 1.59 1.65 25.16 4.53 19.78 34.26 16.27

Mar-02 94.68 1.54 2.03 1.75 24.23 4.61 19.43 35.84 15.89

2001-02 95.24 2.70 1.16 0.91 23.52 4.16 22.50 36.60 13.22

Apr-02 94.22 2.10 1.97 1.71 25.45 5.11 22.33 34.45 12.66

May-02 90.38 4.79 1.89 2.94 24.42 2.71 22.08 33.70 17.09

Jun-02 90.81 3.17 1.91 4.11 22.59 3.05 19.17 39.29 15.90

Jul-02 93.55 2.52 1.58 2.35 22.64 2.83 22.19 40.27 12.07

Aug-02 93.65 3.03 2.23 1.09 22.44 3.60 21.83 41.67 10.46

Sep-02 94.70 2.21 1.76 1.33 22.46 4.27 24.02 39.06 10.19

Oct-02 94.49 2.53 1.64 1.34 24.52 4.18 23.92 39.11 8.27

Nov-02 95.78 2.02 1.24 0.96 23.73 3.53 21.01 44.01 7.72

Dec-02 95.26 2.12 1.58 1.04 24.70 3.88 24.78 41.31 5.33

Jan-03 93.59 3.38 2.17 0.86 26.37 3.67 22.96 39.02 7.98

Feb-03 92.17 4.46 2.42 0.95 28.87 4.82 17.75 31.83 16.73

Mar-03 88.97 6.93 2.75 1.35 32.12 3.49 17.67 30.13 16.59

2002-03 93.62 3.02 1.87 1.49 24.81 3.77 22.03 38.77 10.62

Contd...

120


Month & Year


Gov-ern-ment

Securi-ties


Others Trad-ing

Mem-bers

FIs/MFs/

Corpo-rates

Pri-mary

Dealers

Indian Banks

For-eign

Banks

Apr-03 91.01 4.95 2.67 1.37 32.55 3.40 18.65 35.91 9.49

May-03 93.36 3.07 2.09 1.48 32.28 3.83 18.74 36.89 8.26

Jun-03 95.80 2.32 1.11 0.77 33.59 3.58 19.03 37.08 6.72

Jul-03 94.48 3.20 1.67 0.65 33.15 5.10 17.77 37.37 6.61

Aug-03 94.53 2.60 2.15 0.72 33.34 4.97 16.34 39.09 6.26

Sep-03 91.32 5.17 2.56 0.95 36.13 5.33 15.32 37.01 6.21

Oct-03 92.74 3.92 2.40 0.94 35.78 5.81 16.38 35.86 6.17

Nov-03 91.62 5.72 1.68 0.98 40.68 5.16 14.61 33.90 5.65

Dec-03 91.31 5.34 2.24 1.11 35.49 4.25 16.00 37.65 6.61

Jan-04 90.71 5.98 1.66 1.65 35.78 4.47 17.38 34.85 7.52

Feb-04 90.89 6.42 1.78 0.91 36.32 3.93 17.28 32.54 9.93

Mar-04 89.29 5.79 2.48 2.44 36.21 3.96 16.30 33.82 9.71

2003-04 92.60 4.23 2.06 1.11 34.80 4.56 17.03 36.36 7.25

Apr-04 92.46 4.01 1.72 1.81 33.75 5.69 18.92 35.71 5.93

May-04 87.67 8.89 1.89 1.55 32.90 5.24 17.88 35.57 8.41

Jun-04 84.82 10.63 2.55 2.00 30.78 6.03 19.60 33.96 9.63

Jul-04 81.72 13.72 2.07 2.49 33.33 7.03 19.15 28.88 11.61

Aug-04 85.79 10.04 2.15 2.02 32.27 6.04 20.60 25.23 15.86

Sep-04 84.90 11.32 1.54 2.24 33.97 4.99 21.49 25.79 13.76

Oct-04 82.74 13.61 1.58 2.07 34.17 4.54 18.64 27.08 15.57

Nov-04 70.14 25.61 1.96 2.29 36.30 4.28 16.73 23.30 19.39

Dec-04 78.42 16.75 1.88 2.95 39.94 3.33 18.10 23.94 14.69

Jan-05 73.80 21.48 2.15 2.57 34.07 4.04 16.80 26.64 18.45

Feb-05 73.99 21.37 2.51 2.13 34.26 4.66 15.27 29.74 16.07

Mar-05 62.46 31.38 2.42 3.74 33.15 4.73 16.91 33.49 11.72

2004-05 81.69 14.07 2.01 2.23 33.96 5.14 18.50 29.89 12.51

Apr-05 56.02 39.82 1.87 2.29 31.34 4.28 17.15 31.77 15.46

May-05 73.20 22.71 1.42 2.67 31.72 4.29 23.11 28.21 12.67

Jun-05 90.06 6.46 1.86 1.62 30.05 3.72 22.71 29.07 14.45

Jul-05 86.73 8.54 2.31 2.42 30.93 2.43 26.42 25.71 14.51

Aug-05 60.06 32.95 3.40 3.59 34.44 3.81 19.56 27.82 14.37

Sep-05 69.49 21.66 4.51 4.34 35.57 5.83 18.74 31.77 8.09

Oct-05 59.85 33.38 4.21 2.56 35.34 2.66 21.77 27.15 13.08

Contd...

Contd...

121


Month & Year


Gov-ern-ment

Securi-ties


Others Trad-ing

Mem-bers

FIs/MFs/

Corpo-rates

Pri-mary

Dealers

Indian Banks

For-eign

Banks

Nov-05 68.08 28.10 2.33 1.49 29.18 4.99 21.29 29.98 14.56

Dec-05 64.38 28.88 3.31 3.43 34.37 4.40 18.84 30.90 11.49

Jan-06 65.68 26.88 3.38 4.06 29.92 3.32 24.79 22.11 19.86

Feb-06 75.51 19.79 1.13 3.57 31.84 3.71 26.57 21.17 16.71

Mar-06 63.65 28.27 5.56 2.52 35.76 4.16 22.10 20.47 17.51

2005-06 72.67 22.13 2.56 2.64 32.01 3.92 21.89 28.07 14.11

Apr-06 66.87 29.03 2.21 1.89 26.13 2.31 23.05 29.11 19.40

May-06 71.43 19.25 2.79 6.53 30.34 2.58 22.11 28.21 16.76

Jun-06 54.41 36.45 4.25 4.89 29.40 3.18 24.39 29.24 13.79

Jul-06 55.05 34.92 2.88 6.00 29.60 1.85 20.56 24.33 23.66

Aug-06 63.67 32.00 0.85 3.48 26.44 2.93 17.69 29.68 23.26

Sep-06 74.75 20.65 1.54 3.06 32.27 2.48 19.48 29.80 15.97

Oct-06 72.37 23.30 1.44 2.89 31.93 1.46 22.08 27.31 17.22

Nov-06 78.27 18.11 1.35 2.27 28.53 2.80 19.04 29.07 20.56

Dec-06 75.40 19.37 1.16 4.07 33.32 3.18 17.59 23.48 22.43

Jan-07 73.69 18.56 2.63 5.12 31.91 2.41 24.81 21.18 19.69

Feb-07 71.48 20.10 2.04 6.38 42.33 3.16 12.44 17.10 24.97

Mar-07 70.72 17.41 3.02 8.85 35.13 4.43 13.70 14.91 31.83

2006-07 70.00 23.71 2.02 4.27 30.88 2.70 19.82 26.03 20.57

Apr-07 70.51 25.10 0.96 3.43 30.34 1.86 16.91 28.04 22.85

May-07 66.38 27.33 1.06 5.23 40.84 0.77 11.22 23.69 23.48

Jun-07 57.48 35.82 1.48 5.22 38.07 1.55 12.96 27.77 19.64

Jul-07 66.93 21.47 6.79 4.81 40.23 3.40 12.27 27.42 16.68

Aug-07 66.23 24.99 4.15 4.63 45.76 2.83 7.62 19.07 24.72

Sep-07 73.56 19.39 2.17 4.89 45.38 2.00 5.25 22.34 25.03

Oct-07 46.15 44.05 5.00 4.80 48.56 1.56 5.54 23.76 20.58

Nov-07 61.65 31.33 2.57 4.45 41.50 1.91 6.99 17.03 32.57

Dec-07 79.99 16.94 0.96 2.11 32.37 2.41 7.19 25.76 32.27

Jan-08 75.09 14.87 3.79 6.25 37.81 2.87 7.03 22.07 30.22

Feb-08 79.08 13.49 4.19 3.24 29.95 3.15 7.75 25.15 34.00

Mar-08 73.92 19.12 2.61 4.35 25.77 1.78 4.85 20.95 46.65

2007-08 68.84 23.40 3.27 4.49 38.15 2.34 8.64 23.78 27.09

Contd...

122

Table 5-4 : Share of Top ‘N’ Securities/Trading Members/ Participants in Turnover in WDM Segment

Year In Percent

Top 5 Top 10 Top 25 Top 50 Top 100Securities1994-95 42.84 61.05 80.46 89.81 97.161995-96 57.59 69.46 79.60 86.58 93.241996-97 32.93 48.02 65.65 78.32 90.171997-98 30.65 46.92 71.25 85.00 92.151998-99 26.81 41.89 64.30 78.24 86.661999-00 37.11 55.57 82.12 90.73 95.282000-01 42.20 58.30 80.73 89.97 95.132001-02 51.61 68.50 88.73 94.32 97.192002-03 43.10 65.15 86.91 92.74 96.132003-04 37.06 54.43 81.58 90.66 95.142004-05 43.70 57.51 71.72 80.59 89.552005-06 47.42 59.78 72.02 81.04 89.362006-07 40.90 51.29 65.82 77.15 86.912007-08 39.65 53.31 68.35 79.64 89.55Trading Members1994-95 51.99 73.05 95.37 100.00 –1995-96 44.36 68.58 96.10 100.00 –1996-97 30.02 51.27 91.57 99.96 100.001997-98 27.17 47.85 83.38 99.82 100.001998-99 29.87 50.45 86.55 99.98 100.001999-00 32.38 53.41 84.46 100.00 –2000-01 35.17 54.25 86.82 100.00 –2001-02 35.18 58.68 88.36 100.00 –2002-03 31.77 53.71 85.49 100.00 –2003-04 30.72 53.01 86.71 100.00 –2004-05 35.75 56.84 86.74 100.00 –2005-06 39.68 60.63 89.38 100.00 –2006-07 57.75 78.01 96.43 100.00 –2007-08 65.32 80.24 97.60 100.00 –Participants1994-95 18.37 27.38 38.40 42.20 –1995-96 29.66 47.15 70.49 76.32 76.581996-97 25.27 44.92 67.00 76.33 77.101997-98 23.60 38.96 65.59 77.96 80.221998-99 22.47 37.39 62.79 79.27 84.511999-00 15.54 27.87 52.51 74.76 81.322000-01 17.51 28.85 50.64 69.72 76.782001-02 17.49 29.25 50.19 69.16 76.492002-03 17.27 28.29 49.22 68.14 75.202003-04 16.66 25.96 44.25 59.87 65.172004-05 16.82 28.64 47.24 61.71 66.002005-06 17.5 30.53 53.61 65.84 67.972006-07 25.85 40.65 59.99 68.17 69.092007-08 28.36 40.64 55.58 61.77 61.84

123

Tab

le 5

-5 :

Mar

ket C

apita

lisat

ion

of W

DM

Sec

uriti

es

Mon

th/

Yea

rG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

Tot

alG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(US

$ m

n)(in

per

cent

)

Jun-

94 6

0,71

9 2

0,43

9 1

,833

1

8,47

6 2

0,05

2 12

1,51

838

,663

49.9

716

.82

1.51

15.2

016

.50

Mar

-95

86,

175

25,

675

5,8

67

17,

129

23,

334

158,

181

50,3

2854

.48

16.2

33.

7110

.83

14.7

5

Mar

-96

125

,492

3

0,07

4 1

3,85

0 8

,452

2

9,91

5 20

7,78

360

,490

60.4

014

.47

6.67

4.07

14.4

0

Mar

-97

169

,830

3

6,21

1 1

8,89

1 1

3,46

0 5

4,38

0 29

2,77

281

,598

58.0

112

.37

6.45

4.60

18.5

7

Mar

-98

196

,290

3

5,32

3 2

3,98

9 1

7,49

7 7

0,09

1 34

3,19

1 8

6,81

8 57

.20

10.2

96.

995.

1020

.42

Mar

-99

260

,002

3

4,99

4 3

0,51

6 1

1,29

2 7

4,66

6 41

1,47

0 9

6,97

6 63

.19

8.50

7.42

2.74

18.1

5

Mar

-00

319

,865

3

9,35

7 3

9,47

7 1

5,34

5 7

9,98

9 49

4,03

3 1

13,2

58

64.7

57.

977.

993.

1116

.19

Mar

-01

397

,228

3

6,36

5 4

4,62

4 1

7,72

5 8

4,89

4 58

0,83

6 1

24,5

36

68.3

96.

267.

683.

0514

.62

Apr

-01

424

,161

3

6,19

9 4

5,09

5 1

8,66

7 8

5,25

1 60

9,37

3 1

25,3

85

69.6

15.

947.

403.

0613

.99

May

-01

438

,203

3

6,31

5 4

6,94

0 1

8,53

8 8

5,37

4 62

5,37

0 1

28,6

77

70.0

75.

817.

512.

9613

.65

Jun-

01 4

42,2

90

38,

865

47,

302

21,

056

84,

917

634,

430

130

,541

69

.71

6.13

7.46

3.32

13.3

8

Jul-0

1 4

61,3

83

39,

442

47,

810

22,

272

83,

273

654,

181

134

,605

70

.53

6.03

7.31

3.40

12.7

3

Aug

-01

470

,148

4

2,71

9 5

0,71

1 2

3,04

1 8

2,83

5 66

9,45

5 1

37,7

48

70.2

36.

387.

573.

4412

.37

Sep-

01 4

74,7

79

42,

781

50,

217

23,

347

87,

037

678,

161

139

,539

70

.01

6.31

7.40

3.44

12.8

3

Oct

-01

490

,781

4

2,34

3 5

2,36

7 2

3,65

2 8

7,77

6 69

6,92

0 1

43,3

99

70.4

26.

087.

513.

3912

.59

Nov

-01

512

,702

4

3,26

0 5

3,82

9 2

3,58

6 8

7,85

6 72

1,23

4 1

48,4

02

71.0

96.

007.

463.

2712

.18

Dec

-01

514

,171

4

1,82

3 5

4,77

1 2

4,26

6 8

7,46

7 72

2,49

7 1

48,6

62

71.1

75.

797.

583.

3612

.11

Jan-

02 5

29,8

96

41,

566

57,

955

24,

004

88,

087

741,

508

152

,574

71

.46

5.61

7.82

3.24

11.8

8

Feb-

02 5

41,4

01

41,

130

59,

675

24,

366

89,

520

756,

092

155

,574

71

.61

5.44

7.89

3.22

11.8

4

Con

td...

124

Tab

le 5

-5 :

Mar

ket C

apita

lisat

ion

of W

DM

Sec

uriti

es

Mon

th/

Yea

rG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

Tot

alG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(US

$ m

n)(in

per

cent

)

Mar

-02

542

,601

3

9,94

4 6

1,38

5 2

3,84

9 8

9,01

6 75

6,79

4 1

55,7

19

71.7

05.

288.

113.

1511

.76

Apr

-02

555

,394

4

0,71

6 6

3,10

6 2

4,21

8 8

9,07

9 77

2,51

3 1

62,6

34

71.8

95.

278.

173.

1311

.54

May

-02

554

,137

4

0,33

3 6

4,06

5 2

4,74

5 8

9,41

0 77

2,69

0 1

62,6

72

71.7

25.

228.

293.

2011

.57

Jun-

02 5

62,2

42

39,

759

66,

649

25,

188

89,

098

782,

936

164

,829

71

.81

5.08

8.51

3.22

11.3

8

Jul-0

2 5

86,7

90

39,

643

66,

718

26,

065

87,

604

806,

821

169

,857

72

.73

4.91

8.27

3.23

10.8

6

Aug

-02

601

,410

3

9,87

2 6

6,42

4 2

6,58

0 8

6,49

3 82

0,77

9 1

72,7

96

73.2

74.

868.

093.

2410

.54

Sep-

02 6

02,2

01

40,

003

67,

074

27,

101

86,

264

822,

643

173

,188

73

.20

4.86

8.15

3.29

10.5

0

Oct

-02

617

,840

4

0,12

7 6

8,58

9 2

7,79

7 8

6,27

6 84

0,62

9 1

76,9

75

73.5

04.

778.

163.

3110

.26

Nov

-02

636

,392

3

9,90

2 6

9,50

0 2

8,37

7 6

5,28

0 83

9,45

1 1

76,7

27

75.8

14.

758.

283.

387.

78

Dec

-02

655

,148

3

9,43

1 7

0,36

8 3

0,85

2 6

5,05

8 86

0,85

7 1

81,2

33

76.1

04.

588.

173.

587.

57

Jan-

03 6

62,7

66

39,

588

70,

932

34,

934

65,

210

873,

430

183

,880

75

.88

4.53

8.12

4.00

7.47

Feb-

03 6

59,0

78

38,

404

71,

115

36,

156

63,

226

867,

979

182

,732

75

.93

4.42

8.19

4.17

7.29

Mar

-03

658

,002

3

8,38

3 7

2,09

4 3

4,91

9 6

1,08

4 86

4,48

1 1

81,9

96

76.1

24.

448.

344.

047.

06

Apr

-03

684

,912

3

9,66

1 7

2,29

5 3

2,88

0 6

2,16

3 89

1,91

2 2

05,5

57

76.7

94.

458.

113.

696.

96

May

-03

710

,420

4

2,01

5 7

0,21

4 3

2,14

7 6

2,11

0 91

6,90

5 2

11,3

17

77.4

84.

587.

663.

516.

77

Jun-

03 7

43,5

61

42,

165

71,

846

32,

809

63,

514

953,

895

219

,842

77

.95

4.42

7.53

3.44

6.66

Jul-0

3 7

83,8

75

42,

478

71,

950

32,

515

63,

859

994,

677

229

,241

78

.81

4.27

7.23

3.27

6.42

Aug

-03

798

,850

4

4,94

5 7

4,67

4 3

6,52

0 6

5,14

0 1,

020,

129

235

,107

78

.31

4.41

7.32

3.58

6.38

Sep-

03 8

07,0

01

44,

439

76,

353

40,

255

61,

990

1,03

0,03

8 2

37,3

91

78.3

54.

317.

413.

916.

02

Con

td...

Con

td...

125

Tab

le 5

-5 :

Mar

ket C

apita

lisat

ion

of W

DM

Sec

uriti

es

Mon

th/

Yea

rG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

Tot

alG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(US

$ m

n)(in

per

cent

)

Oct

-03

956

,295

4

4,54

4 7

7,03

7 4

0,70

3 6

1,09

2 1,

179,

671

271

,876

81

.06

3.78

6.53

3.45

5.18

Nov

-03

954

,259

4

4,48

6 7

7,15

4 3

6,50

7 6

0,22

3 1,

172,

629

270

,253

81

.38

3.79

6.58

3.11

5.14

Dec

-03

959

,903

4

6,43

6 7

7,29

2 3

2,63

9 6

2,65

6 1,

178,

926

271

,705

81

.42

3.94

6.56

2.77

5.31

Jan-

04 9

67,3

51

46,

121

78,

305

32,

232

68,

060

1,19

2,07

0 2

74,7

34

81.1

53.

876.

572.

705.

71

Feb-

04 9

68,1

55

49,

224

79,

036

32,

229

71,

507

1,20

0,15

1 2

76,5

96

80.6

74.

106.

592.

695.

95

Mar

-04

959

,302

5

6,83

2 7

9,34

0 3

2,69

2 8

7,69

8 1,

215,

864

280,

218

78.9

04.

676.

532.

697.

21

Apr

-04

972

,543

5

4,00

1 7

6,39

1 4

0,55

6 6

8,70

3 1,

212,

194

277

,073

80

.23

4.45

6.30

3.35

5.67

May

-04

969

,036

6

1,59

1 7

7,10

5 4

8,82

5 7

1,63

4 1,

228,

191

280

,729

78

.90

5.01

6.28

3.98

5.83

Jun-

04 9

90,2

44

66,

080

77,

589

56,

155

79,

209

1,26

9,27

6 2

90,1

20

78.0

25.

216.

114.

426.

24

Jul-0

4 9

85,6

95

67,

400

179

,858

5

9,46

2 8

0,68

4 1,

373,

099

313

,851

71

.79

4.91

13.1

04.

335.

87

Aug

-04

975

,712

6

7,76

3 1

85,8

64

59,

894

81,

510

1,37

0,74

4 3

13,3

13

71.1

84.

9413

.56

4.37

5.95

Sep-

04 9

97,1

63

67,

606

185

,359

6

0,60

8 8

3,29

2 1,

394,

027

318

,635

71

.53

4.85

13.3

04.

355.

97

Oct

-04

987

,454

6

8,54

6 1

83,7

71

63,

755

84,

207

1,38

7,73

3 3

17,1

96

71.1

64.

9413

.24

4.59

6.07

Nov

-04

981

,238

6

7,66

7 1

83,4

62

60,

897

83,

464

1,37

6,72

7 3

14,6

80

71.2

74.

9213

.33

4.42

6.06

Dec

-04

996

,341

6

7,94

0 2

14,5

19

62,

083

86,

623

1,42

7,50

6 3

26,2

87

69.8

04.

7615

.03

4.35

6.06

Jan-

05 1

,002

,006

6

7,81

3 2

14,8

98

63,

679

86,

240

1,43

4,63

5 3

27,9

17

69.8

44.

7314

.98

4.44

6.01

Feb-

05 1

,010

,936

6

7,25

5 2

23,3

95

69,

660

89,

493

1,46

0,73

9 3

33,8

83

69.2

14.

6015

.29

4.77

6.13

Mar

-05

1,0

06,1

07

68,

398

223

,208

7

3,50

2 9

0,51

9 1,

461,

734

334,

111

68.8

34.

6815

.27

5.03

6.19

Apr

-05

1,0

03,3

39

67,

934

223

,513

7

8,62

4 9

0,98

3 1

,464

,393

3

28,2

66

68.5

24.

6415

.26

5.37

6.21

Con

td...

Con

td...

126

Tab

le 5

-5 :

Mar

ket C

apita

lisat

ion

of W

DM

Sec

uriti

es

Mon

th/

Yea

rG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

Tot

alG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(US

$ m

n)(in

per

cent

)

May

-05

1,0

10,5

69

72,

388

216

,585

8

2,37

8 9

0,51

2 1

,472

,432

3

30,0

68

68.6

34.

9214

.71

5.59

6.15

Jun-

05 1

,014

,558

7

4,69

9 2

24,4

75

90,

679

90,

814

1,4

95,2

25

335

,177

67

.85

5.00

15.0

16.

066.

08

Jul-0

5 1

,025

,814

7

5,70

1 2

24,4

02

84,

249

93,

657

1,5

03,8

23

337

,104

68

.21

5.03

14.9

25.

606.

24

Aug

-05

1,0

36,0

04

76,

248

224

,717

8

7,37

2 9

3,55

9 1

,517

,900

3

40,2

60

68.2

55.

0214

.80

5.76

6.17

Sep-

05 1

,020

,612

7

6,19

0 2

33,1

34

102

,280

9

4,86

2 1

,527

,078

3

42,3

17

66.8

34.

9915

.27

6.70

6.21

Oct

-05

1,0

20,9

75

78,

117

233

,038

1

03,3

52

94,

755

1,5

30,2

37

343

,026

66

.72

5.10

15.2

36.

756.

20

Nov

-05

1,0

44,2

87

78,

182

235

,991

9

8,40

0 9

7,44

4 1

,554

,304

3

48,4

21

67.1

95.

0315

.18

6.33

6.27

Dec

-05

1,0

51,5

21

78,

721

236

,282

8

1,84

3 1

00,9

81

1,5

49,3

48

347

,310

67

.87

5.08

15.2

55.

286.

52

Jan-

06 1

,058

,461

8

4,20

7 2

36,8

43

72,

107

103

,561

1

,555

,179

3

48,6

17

68.0

65.

4115

.23

4.64

6.66

Feb-

06 1

,058

,681

8

3,57

3 2

40,4

27

67,

257

103

,510

1

,553

,448

3

48,2

29

68.1

55.

3815

.48

4.33

6.66

Mar

-06

1,0

59,7

89

88,

716

241

,927

7

0,18

6 1

06,9

56

1,56

7,57

4 3

51,3

95

67.6

15.

6615

.43

4.48

6.82

Apr

-06

1,0

59,8

66

88,

294

242

,182

6

6,36

4 1

08,0

72

1,5

64,7

78

358

,976

67

.73

5.64

15.4

84.

246.

91

May

-06

1,0

60,5

27

88,

897

241

,126

7

2,61

1 1

12,7

08

1,5

75,8

69

361

,521

67

.30

5.64

15.3

04.

617.

15

Jun-

06 1

,066

,643

8

8,59

0 2

40,6

90

75,

670

112

,658

1

,584

,251

3

63,4

44

67.3

35.

5915

.19

4.78

7.11

Jul-0

6 1

,058

,045

8

8,81

7 2

41,5

78

83,

515

113

,902

1

,585

,857

3

63,8

12

66.7

25.

6015

.23

5.27

7.18

Aug

-06

1,0

66,8

87

88,

530

242

,161

9

2,00

7 1

17,1

18

1,6

06,7

02

368

,594

66

.40

5.51

15.0

75.

737.

29

Sep-

06 1

,080

,169

8

8,49

9 2

41,7

23

94,

348

127

,896

1

,632

,635

3

74,5

44

66.1

65.

4214

.81

5.78

7.83

Oct

-06

1,0

92,7

91

87,

461

241

,944

9

3,43

2 1

32,1

36

1,6

47,7

63

378

,014

66

.32

5.31

14.6

85.

678.

02

Nov

-06

1,1

31,5

58

89,

496

243

,299

9

9,82

9 1

36,3

86

1,7

00,5

68

390

,128

66

.54

5.26

14.3

15.

878.

02

Con

td...

Con

td...

127

Tab

le 5

-5 :

Mar

ket C

apita

lisat

ion

of W

DM

Sec

uriti

es

Mon

th/

Yea

rG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

Tot

alG

ovt.

se

curi

ties

PSU

bo

nds

Stat

e lo

ans

T-b

ills

Oth

ers

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(Rs.

cr)

(US

$ m

n)(in

per

cent

)

Dec

-06

1,1

45,4

96

91,

368

244

,879

9

6,62

5 1

39,6

99

1,7

18,0

67

394

,142

66

.67

5.32

14.2

55.

628.

13

Jan-

07 1

,149

,001

9

0,52

1 2

44,3

23

103

,402

1

40,2

70

1,7

27,5

18

396

,311

66

.51

5.24

14.1

45.

998.

12

Feb-

07 1

,171

,593

9

1,94

7 2

47,2

03

99,

749

142

,240

1

,752

,732

4

02,0

95

66.8

45.

2514

.10

5.69

8.12

Mar

-07

1,1

82,2

78

89,

628

249

,847

1

15,1

83

147

,865

1,

784,

801

409

,452

66

.24

5.02

14.0

06.

458.

28

Apr

-07

1,1

88,1

85

90,

289

245

,888

1

19,4

33

153

,134

1

,796

,928

4

49,5

69

66.1

25.

0213

.68

6.65

8.53

May

-07

1,1

93,7

49

90,

293

247

,105

1

25,8

92

155

,634

1

,812

,673

4

53,5

08

65.8

64.

9813

.63

6.95

8.58

Jun-

07 1

,216

,175

8

8,94

0 2

50,3

99

144

,375

1

61,6

19

1,8

61,5

09

465

,727

65

.33

4.78

13.4

57.

768.

68

Jul-0

7 1

,252

,307

9

1,30

0 2

47,6

14

150

,513

1

62,8

66

1,9

04,6

00

476

,507

65

.75

4.79

13.0

07.

908.

55

Aug

-07

1,2

68,3

44

90,

283

255

,601

1

54,9

24

167

,655

1

,936

,806

4

84,5

65

65.4

94.

6613

.20

8.00

8.66

Sep-

07 1

,282

,109

9

1,46

7 2

58,6

83

145

,437

1

76,8

91

1,9

54,5

86

489

,013

65

.59

4.68

13.2

37.

449.

05

Oct

-07

1,3

09,5

79

92,

094

263

,329

1

55,4

73

180

,585

2

,001

,060

5

00,6

41

65.4

44.

6013

.16

7.77

9.02

Nov

-07

1,3

14,9

85

94,

626

268

,667

1

43,6

50

184

,816

2

,006

,743

5

02,0

62

65.5

34.

7213

.39

7.16

9.21

Dec

-07

1,3

18,4

19

94,

287

278

,966

1

24,1

69

186

,740

2

,002

,581

5

01,0

21

65.8

44.

7113

.93

6.20

9.32

Jan-

08 1

,357

,485

9

6,54

2 2

94,3

41

124

,393

1

97,1

04

2,0

69,8

65

517

,855

65

.58

4.66

14.2

26.

019.

53

Feb-

08 1

,386

,566

9

7,43

3 3

07,1

12

120

,665

2

01,3

00

2,1

13,0

76

528

,666

65

.62

4.61

14.5

35.

719.

53

Mar

-08

1,3

92,2

19

96,

268

315

,661

1

11,5

62

207

,636

2,

123,

346

531

,235

65

.57

4.53

14.8

75.

259.

77

Con

td...

128

Table 5-6 : FIMMDA NSE MIBID/MIBOR Rates

Month/Date

OVERNIGHT AT 9.40 a.m.*

14 DAY AT 11.30 a.m.**

1 MONTH RATE AT 11.30 a.m.***


MIBID MIBOR MIBID MIBOR MIBID MIBOR MIBID MIBOR

29-Jun-98 6.81 7.12 – – – – – –31-Jul-98 3.25 4.18 – – – – – –31-Aug-98 8.59 8.88 – – – – – –30-Sep-98 8.18 8.38 – – – – – –30-Oct-98 8.63 8.81 – – – – – –30-Nov-98 8.00 8.06 8.44 9.06 – – – –31-Dec-98 – – 8.87 9.45 9.45 10.24 10.43 11.2830-Jan-99 8.33 8.51 8.80 9.34 9.32 10.04 10.40 11.08 27-Feb-99 9.12 9.27 9.23 9.82 9.87 10.46 10.94 11.45 31-Mar-99 10.87 12.97 9.09 10.06 9.44 10.35 10.30 11.20 29-Apr-99 8.25 8.45 8.25 9.01 8.93 9.72 9.83 10.63 31-May-99 8.04 8.19 8.44 8.93 9.01 9.78 9.80 10.72 30-Jun-99 – – 8.48 9.11 9.11 9.84 9.89 10.68 31-Jul-99 8.18 8.31 8.36 8.86 8.79 9.37 9.36 10.09 31-Aug-99 9.93 10.09 9.24 9.83 9.46 10.11 9.86 10.57 30-Sep-99 – – 9.11 9.64 9.57 10.20 10.06 10.70 30-Oct-99 8.10 8.26 8.82 9.62 9.45 10.17 10.31 11.08 30-Nov-99 7.95 8.04 8.40 9.02 9.08 9.75 10.05 10.70 31-Dec-99 7.07 7.57 8.61 9.27 9.12 9.89 9.76 10.53 31-Jan-00 8.09 8.19 8.33 8.85 8.78 9.32 9.60 10.31 29-Feb-00 8.99 9.10 8.76 9.66 8.98 9.80 9.38 10.24 31-Mar-00 14.10 16.52 9.98 10.93 9.90 10.82 9.96 10.96 29-Apr-00 6.96 7.06 7.35 8.11 8.03 8.68 8.78 9.47 31-May-00 6.92 7.02 7.76 8.66 8.25 9.12 8.92 9.64 30-Jun-00 – – 9.80 11.25 9.71 10.92 9.78 11.13 31-Jul-00 8.20 8.33 9.14 10.11 9.62 10.49 10.28 11.11 31-Aug-00 13.94 14.31 13.02 14.33 12.54 13.61 11.58 12.67 30-Sep-00 10.10 10.28 10.29 11.23 10.55 11.49 10.75 11.76 31-Oct-00 8.10 8.26 8.77 9.48 9.34 10.16 9.89 10.73 30-Nov-00 7.98 8.06 8.68 9.33 9.12 9.82 9.73 10.54 29-Dec-00 8.24 8.46 9.21 9.96 9.49 10.20 9.85 10.64 31-Jan-01 9.66 9.85 9.41 10.05 9.63 10.28 10.00 10.57 28-Feb-01 7.71 7.84 8.11 8.80 8.67 9.38 9.40 10.10 31-Mar-01 10.22 12.18 9.03 9.89 9.08 9.86 9.26 10.25 30-Apr-01 7.25 7.39 7.55 8.33 8.15 8.83 8.83 9.54 31-May-01 6.79 6.95 7.40 8.04 7.89 8.57 8.41 9.08 29-Jun-01 7.20 7.34 7.25 7.85 7.69 8.41 8.16 8.87 31-Jul-01 6.91 7.04 7.29 7.88 7.58 8.17 7.99 8.66 31-Aug-01 6.92 7.03 7.01 7.40 7.34 7.82 7.82 8.32 28-Sep-01 7.77 8.21 7.52 8.14 8.07 8.70 8.33 8.98 31-Oct-01 8.47 8.77 7.15 7.72 7.39 8.03 7.61 8.37 29-Nov-01 6.42 6.59 6.74 7.23 7.26 7.80 7.77 8.32

Contd...

129


Month/Date


14 DAY AT 11.30 a.m.**




31-Dec-01 7.80 8.11 7.42 8.04 7.63 8.26 7.88 8.57 31-Jan-02 6.51 6.64 6.89 7.40 7.15 7.73 7.73 8.41 28-Feb-02 6.94 7.16 6.84 7.33 7.23 7.78 7.79 8.37 30-Mar-02 7.44 11.09 7.41 8.06 7.39 8.05 7.63 8.29 30-Apr-02 6.45 6.61 6.58 7.13 7.01 7.63 7.53 8.19 31-May-02 6.01 6.16 6.64 7.29 7.17 7.79 7.48 8.24 28-Jun-02 4.99 5.35 6.04 6.56 6.35 6.98 6.80 7.50 31-Jul-02 5.65 5.75 5.80 6.16 6.01 6.42 6.35 6.84 31-Aug-02 5.67 5.75 5.73 6.02 5.98 6.34 6.37 6.81 28-Sep-02 5.70 5.77 5.73 6.07 5.91 6.32 6.28 6.81 31-Oct-02 5.45 5.53 5.50 5.71 5.65 5.87 5.85 6.23 30-Nov-02 5.21 5.39 5.45 5.65 5.59 5.82 5.77 6.10 31-Dec-02 5.59 5.71 5.50 5.69 5.60 5.90 5.80 6.21 31-Jan-03 6.02 6.20 5.60 5.97 5.67 6.04 5.82 6.30 28-Feb-03 6.29 6.52 5.62 5.92 5.66 6.13 5.73 6.27 31-Mar-03 6.69 7.13 5.66 6.30 5.83 6.37 5.73 6.36 30-Apr-03 4.61 4.88 5.00 5.32 5.18 5.51 5.33 5.76 31-May-03 4.78 4.96 4.93 5.26 5.03 5.36 5.19 5.60 30-Jun-03 4.76 4.99 4.91 5.14 4.96 5.30 5.14 5.52 31-Jul-03 4.83 5.00 4.97 5.13 5.01 5.23 5.06 5.39 31-Aug-03 4.37 4.50 4.50 4.66 4.53 4.73 4.69 4.94 30-Sep-03 4.45 4.59 4.41 4.63 4.49 4.73 4.64 4.94 31-Oct-03 4.42 4.53 4.69 4.96 4.73 5.02 4.82 5.21 30-Nov-03 4.25 4.48 4.47 4.62 4.54 4.70 4.66 4.93 31-Dec-03 4.31 4.50 4.45 4.62 4.50 4.72 4.66 4.91 31-Jan-04 4.27 4.49 4.47 4.67 4.57 4.77 4.70 5.00 29-Feb-04 4.29 4.47 4.45 4.63 4.56 4.72 4.72 5.00 31-Mar-04 4.30 4.51 4.44 4.68 4.57 4.82 4.73 5.05 30-Apr-04 4.11 4.46 4.37 4.55 4.45 4.65 4.59 4.90 31-May-04 4.27 4.50 4.35 4.55 4.44 4.64 4.56 4.83 29-Jun-04 4.24 4.49 4.33 4.51 4.41 4.62 4.55 4.83 31-Jul-04 4.22 4.49 4.37 4.56 4.46 4.67 4.62 4.89 31-Aug-04 4.25 4.46 4.44 4.65 4.53 4.76 4.67 4.94 29-Sep-04 4.45 4.59 4.50 4.69 4.58 4.81 4.74 5.03 30-Oct-04 4.68 4.84 4.78 5.03 4.85 5.11 5.00 5.31 30-Nov-04 4.74 4.85 4.99 5.30 5.05 5.39 5.16 5.57 31-Dec-04 5.54 5.78 5.22 5.49 5.20 5.48 5.38 5.68 31-Jan-05 4.69 4.80 4.87 5.13 5.00 5.30 5.35 5.70 28-Feb-05 4.66 4.77 4.87 5.25 5.01 5.51 5.44 6.10 31-Mar-05 4.77 4.92 5.06 5.46 5.23 5.63 5.62 6.11 30-Apr-05 4.90 5.04 5.13 5.33 5.28 5.55 5.56 5.98

Contd...

Contd...

130


Month/Date


14 DAY AT 11.30 a.m.**




31-May-05 4.97 5.06 5.14 5.33 5.27 5.51 5.49 5.93 30-Jun-05 5.51 5.69 5.32 5.46 5.39 5.63 5.60 5.94 30-Jul-05 4.80 5.02 5.05 5.27 5.22 5.50 5.54 6.02 31-Aug-05 4.97 5.05 5.20 5.36 5.32 5.51 5.66 5.96 30-Sep-05 5.03 5.14 5.32 5.53 5.46 5.73 5.71 6.06 31-Oct-05 5.26 5.33 5.35 5.47 5.48 5.65 5.85 6.10 30-Nov-05 5.32 5.43 5.56 5.82 5.68 5.98 5.98 6.30 31-Dec-05 6.83 7.03 6.25 6.76 6.20 6.78 6.27 6.88 31-Jan-06 7.35 7.56 6.92 7.42 7.08 7.53 7.08 7.62 28-Feb-06 6.61 6.73 6.80 7.15 6.92 7.31 7.20 7.65 31-Mar-06 6.60 6.81 7.30 7.91 7.63 8.24 7.86 8.48 29-Apr-06 5.57 5.68 5.64 6.16 5.91 6.45 6.37 6.97 31-May-06 5.50 5.60 5.78 6.11 6.00 6.39 6.39 6.82 30-Jun-06 5.78 5.85 5.79 6.19 6.14 6.61 6.59 7.09 31-Jul-06 6.01 6.10 6.01 6.33 6.27 6.62 6.66 7.20 31-Aug-06 6.02 6.10 6.05 6.36 6.30 6.68 6.72 7.21 29-Sep-06 6.95 7.17 6.30 6.64 6.46 6.86 6.74 7.21 31-Oct-06 6.76 6.89 6.68 7.04 6.85 7.29 7.21 7.63 30-Nov-06 6.12 6.20 6.68 7.00 6.94 7.32 7.34 7.70 30-Dec-06 14.47 15.79 7.82 10.47 8.00 10.30 8.24 9.56 31-Jan-07 7.71 7.84 7.26 8.21 7.64 8.55 8.57 9.19 28-Feb-07 6.01 6.11 7.74 8.51 8.53 9.47 9.53 10.22 30-Mar-07 58.15 68.27 9.03 12.62 9.43 11.66 9.71 11.65 30-Apr-07 9.03 9.34 8.55 9.62 9.22 10.42 10.05 11.12 31-May-07 0.89 1.16 5.74 6.69 7.34 8.27 8.86 9.72 29-Jun-07 8.66 8.96 7.33 8.13 7.44 8.49 8.69 9.59 30-Jun-07 2.23 3.18 6.80 7.78 6.97 8.15 8.39 9.31 31-Jul-07 0.13 0.19 3.36 4.56 5.45 6.22 6.45 7.54 31-Aug-07 6.05 6.15 6.15 6.85 6.70 7.51 7.61 8.47 28-Sep-07 8.74 9.08 6.22 6.83 7.07 7.85 7.78 8.45 31-Oct-07 6.08 6.15 5.83 6.72 6.29 7.13 7.24 7.90 30-Nov-07 7.66 7.75 6.57 7.56 6.83 7.88 7.52 8.50 31-Dec-07 6.87 7.02 7.27 7.86 7.58 8.07 8.01 8.56 31-Jan-08 6.82 6.93 6.30 7.34 6.65 7.78 7.51 8.54 29-Feb-08 7.12 7.26 7.08 8.25 7.61 8.75 8.59 9.61 31-Mar-08 8.96 9.16 7.49 9.17 8.00 9.46 8.74 9.82

Note:

* Overnight : Disseminated since June 15, 1998.

** 14 Day : Disseminated since November 10, 1998.

*** 1 month : Disseminated since December 1, 1998.

*** 3 month : Disseminated Since December 1, 1998.

Contd...

131

Table 5-7 : 1-day Value-at-Risk (99%) for Government of India Securities Traded as on March 31, 2008

Security Type

Security Name

Issue Name

Normal Weighted Normal

Historical Simulation

Weighted Historical Simulation

EVT Clean Price (off

NSE-ZCYC)

Accrued_Interest

GS CG2009 6.65% 0.627 1.289 0.788 1.08 0.731 99.015 3.25

GS CG2010 5.87% 0.77 1.621 0.985 1.51 0.866 97.01 1.45

GS CG2013 7.27% 1.037 1.475 1.144 1.435 0.925 97.252 0.57

GS CG2017 7.99% 1.456 1.888 1.364 1.597 1.145 99.431 1.82

GS CG2027 8.26% 2.868 3.439 3.331 3.388 2.562 98.46 1.35

GS CG2036 8.33% 4.161 4.365 5.261 3.943 3.955 97.215 2.64

TB 182D 80808 0.326 0.72 0.412 0.815 0.385 97.362 0.00

TB 182D 130608 0.208 0.472 0.272 0.48 0.246 98.492 0.00

TB 182D 180408 0.058 0.134 0.076 0.128 0.068 99.631 0.00

Futures & Options Segment 6

135

6Futures & Options Segment

The Futures and Options segment of NSE witnessed commendable achievements during 2007-08. In addition to the launch of new products, it also witnessed huge volumes. NSE being the most vibrant exchange in the country created a niche for itself on the international front. In the year 2007, NSE ranked as the ninth largest derivatives exchange in the world, the second largest exchange in terms of number of contracts traded in single stock futures and the third largest in terms number of contracts traded in the index futures category.

The derivatives trading at NSE commenced on June 12, 2000 with futures trading on S&P CNX Nifty Index. Subsequently, the product base has been increased to include trading in options on S&P CNX Nifty Index, futures and options on CNX IT Index, Bank Nifty Index, CNX Nifty Junior, CNX 100, Nifty Midcap 50 Indices and single stocks. The various products on the derivative segment of NSE and their date of launch is shown in the table below.

Products available for trading on Derivatives Segment

Products on Derivative Segment Date of Launch

S&P CNX Nifty Futures June 12, 2000

S&P CNX Nifty Options June 4, 2001

Single Stock Options July 2, 2001

Single Stock Futures November 9, 2001

Interest Rate Futures June 24, 2003

CNX IT Futures & Options August 29, 2003

Bank Nifty Futures & Options June 13, 2005

CNX Nifty Junior Futures & Options June 1, 2007

CNX 100 Futures & Options June 1, 2007

Nifty Midcap 50 Futures & Options October 5, 2007

Mini Nifty Futures & Options on S&P CNX Nifty January 1, 2008

Long term Options on S&P CNX Nifty March 3, 2008

Number of Securities on which F&O Contracts were available for Trading (2007-08)

Month/Year Number of securities*

Apr-07 155

May-07 186

Jun-07 187

Jul-07 191

Aug-07 195

Contd...

136

Number of Securities on which F&O Contracts were available for Trading (2007-08)

Month/Year Number of securities*

Sep-07 207

Oct-07 208

Nov-07 224

Dec-07 225

Jan-08 224

Feb-08 228

Mar-08 228

2007-08 228

* at the end of the month

Trading on single stock options commenced on July 2, 2001 while trading on single stock futures were launched on November 9, 2001. The list of securities on which single stock futures and options are available at NSE along with their launch date and market lot is shown in Table 6-1.

Since inception, NSE established itself as the sole market leader in the Futures & Options segment in the country and during 2007-08, it accounted for 98.18 % of the market share.

Trading Mechanism

The derivatives trading system at NSE is called NEAT-F&O trading system. It provides a fully automated screen-based trading for all kind of derivative products available on NSE on a nationwide basis. It supports an anonymous order driven market, which operates on a strict price/time priority. It provides tremendous fl exibility to users in terms of kinds of orders that can be placed on the system. Various time and price related conditions like Immediate or Cancel, Limit/Market Price, Stop Loss, etc. can be built into an order. Trading in derivatives is essentially similar to that of trading of securities in the CM segment.

The NEAT-F&O trading system distinctly identifi es two groups of users. The trading user more popularly known as trading member has access to functions such as, order entry, order matching and order & trade management. The clearing user (clearing member) uses the trader workstation for the purpose of monitoring the trading member(s) for whom he clears the trades. Additionally, he can enter and set limits on positions, which a trading member can take.

Contd...

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Contract Specifi cation

The contract specifi cation for derivative products traded on NSE are summarised in Table 6-2 & Table 6-3.

The index futures and index options contracts traded on NSE are based on S&P CNX Nifty Index, CNX IT Index, Bank Nifty, CNX Nifty Junior, CNX 100 and Nifty Midcap 50 while stock futures and options are based on individual securities. Stock futures and options were available on 228 securities as of June 20, 2008. During January 2008, Mini futures and options contracts on S&P CNX Nifty were introduced for trading while long term options contracts on S&P CNX Nifty were introduced in March 2008.

At any point of time there are only three contract months available for trading, with 1 month, 2 months and 3 months to expiry. These contracts expire on last Thursday of the expiry month and have a maximum of 3-month expiration cycle. If the last Thursday is a trading holiday, the contracts expire on the previous trading day. A new contract is introduced on the next trading day following the expiry of the near month contract. All the derivatives contracts are presently cash settled.

The long term option contracts are available for 3 serial month contracts, 3 quarterly months of the cycle March / June / September / December and 5 following semi-annual months of the cycle June / December. Thus, at any point in time there are atleast 3 year tenure option available.

Introduction of strike prices for option contracts

Stock Options

NSE introduces option strikes on a daily basis based on the price of the underlying. With regard to options on stocks the Exchange provides a minimum of seven strike prices for every option type (i.e Call & Put) during the trading month. At any time, there are atleast three strikes in-the-money (ITM), three strikes out-of-the-money (OTM) and one strike at-the-money (ATM). The table below gives details of generation of strike price interval for stock options.

Generation of strikes for Stock Options

Price of underlying Strike Price Interval Schemes of Strikes

Less than or equal to Rs.50 2.5 3-1-3

> Rs.50 - Rs.250 5 3-1-3

> Rs.250 - Rs. 500 10 3-1-3

> Rs.500 - Rs.1000 20 3-1-3

> Rs.1000 - Rs.2500 30 3-1-3

> Rs.2500 50 3-1-3

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Index Options

The number of strikes provided in options on Indices- S&P CNX Nifty, CNX Nifty Junior, CNX 100, CNX IT, Bank Nifty and Nifty Midcap 50 are related to the range in which previous day’s closing value of the index falls as per the table below.

Generation of strikes for Index Options

Index Level Strike Interval Scheme of strikes (ITM-ATM-OTM)

Upto 2000 25 4-1-4

2001 to 4000 50 4-1-4

>4000 to 6000 50 5-1-5

>6000 50 6-1-6

Selection Criteria for Stocks and Index eligibility for trading

Eligibility Criteria of Stocks

• The stocks are chosen from amongst the top 500 stocks in terms of average daily market capitalisation and average daily traded value in the previous six months on a rolling basis.

• The stock’s median quarter-sigma order size over the last six months is not less than Rs.1 lakh. For this purpose, a stock’s quarter-sigma order size means the order size (in value terms) required to cause a change in the stock price equal to one-quarter of a standard deviation.

• The market wide position limit in the stock is not less than Rs. 50 crore. The market wide position limit (number of shares) are valued taking the closing prices of stocks in the underlying cash market on the date of expiry of contract in the month. The market wide position limit of open position (in terms of the number of underlying stock) on futures and option contracts on a particular underlying stock is 20% of the number of shares held by non-promoters in the relevant underlying security i.e. free-fl oat holding.

• If an existing security fails to meet the eligibility criteria for three months consecutively, then no fresh month contract are issued on that security.

• However, the existing unexpired contracts may be permitted to trade till expiry and new strikes may also be introduced in the existing contract months.

Eligibility Criteria of Indices

• The Exchange may consider introducing derivative contracts on an index if the stocks contributing to 80% weightage of the index are individually eligible for derivative trading. However, no single ineligible stocks in the index should have a weightage of more than 5% in the index.

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• The above criteria is applied every month, if the index fails to meet the eligibility criteria for three months consecutively, then no fresh month contract are issued on that index. However, the existing unexpired contacts are permitted to trade till expiry and new strikes may also be introduced in the existing contracts.

Selection criteria for unlisted companies

For unlisted companies coming out with initial public offering, if the net public offer is Rs. 500 crore or more, then the Exchange may consider introducing stock options and stock futures on such stocks at the time of its’ listing in the cash market.

Re-introduction of dropped stocks

A stock which is dropped from derivatives trading may become eligible once again. In such instances, the stock is required to fulfi ll the eligibility criteria for three consecutive months to be re-introduced for derivatives trading.

Eligibility criteria of stocks for derivatives trading especially on account of corporate restructuring

The eligibility criteria for stocks for derivatives trading on account of corporate restructuring is as under. All the following conditions should be met in the case of shares of a company undergoing restructuring through any means for eligibility to reintroduce derivative contracts on that company from the fi rst day of listing of the post restructured company/(s) (as the case may be) stock (herein referred to as post restructured company) in the underlying market,

a) The Futures and options contracts on the stock of the original (pre restructure) company were traded on any exchange prior to its restructuring;

b) The pre restructured company had a market capitalisation of at least Rs.1000 crores prior to its restructuring;

c) The post restructured company would be treated like a new stock and if it is, in the opinion of the exchange, likely to be at least one-third the size of the pre restructuring company in terms of revenues, or assets, or (where appropriate) analyst valuations; and

d) In the opinion of the exchange, the scheme of restructuring does not suggest that the post restructured company would have any characteristic (for example extremely low free fl oat) that would render the company ineligible for derivatives trading.

If the above conditions are satisfi ed, then the exchange takes the following course of action in dealing with the existing derivative contracts on the pre-restructured company and introduction of fresh contracts on the post restructured company

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a) In the contract month in which the post restructured company begins to trade, the Exchange introduce near month, middle month and far month derivative contracts on the stock of the restructured company.

b) In subsequent contract months, the normal rules for entry and exit of stocks in terms of eligibility requirements would apply. If these tests are not met, the exchange shall not permit further derivative contracts on this stock and future month series shall not be introduced.

Trading Value & Contracts Traded

The total turnover on the F&O Segment surged by an impressive 77.95 % to Rs. 13,090,478 crore (US $ 3,275,076 million ) during 2007-08 as compared with Rs. 7,356,271 crore (US $ 1,687,605 million) during 2006-07. The average daily turnover during 2007-08 was Rs.52,153 crore (US $ 13,048 million), a year on year growth of 76.53 %. The business growth of F&O segment and the number of contracts traded during the year is presented in Table 6-4 and Chart 6-1.

Chart 6-1 : Business Growth of F&O Segment

In the year 2007-08, total number of contracts traded in Futures & Options Segment aggregated to 43 crore, out of which 36 crore contracts were traded in Futures Segment and 7 crore contracts in Options Segment. During 2007-08, 48 % of the contracts traded on the F&O Segment of NSE were in stock futures followed by index futures (37 %), contracts traded on stock options was 13 % while 2 % of the contracts were traded on stock options (Chart 6-2).

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Chart 6-2 : Product wise Number of Contracts Traded during 2007-08

Product wise turnover on F&O Segment:

During 2007-08, the traded value of index futures saw a year-on-year growth of 50.45 % and amounted to Rs.3,820,667 crore (US $ 955,884 million) in 2007-08 as against Rs.2,539,575 crore (US $ 582,605 million) during 2006-07.

The traded value in stock futures saw growth of 97.04 % to Rs.7,548,563 crore (US $ 1,888,557 million) during 2007-08 over the turnover of Rs.3,830,972 crore (US $ 878,865 million) in 2006-07. The stock futures category saw the highest year on year growth in terms of turnover.

Index options recorded turnover of Rs.1,362,111 crore (US $ 340,783 million) during 2007-08 , an increase of 72 % over the turnover of Rs.791,913 crore (US $ 181,673 million) during 2006-07.

Stock options recorded turnover of Rs. 3,59,137 crore (US $ 89,852 million) during 2007-08 , an increase of 85 % over the turnover of Rs. 193,811 crore (US $ 4,4,462 million) during 2006-07.

Stock futures accounted for 58.83 % of the total turnover during the 2007-08 fi scal followed by the trading in index futures at 28.21 % (Chart 6-3). At the end of March 2008, there were 228 stock futures available for trading.

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Chart 6-3 : Product wise trading volumes during 2007-08

Futures and Options on Benchmark Indices

The details of traded volumes on Index Futures and Options, having the underlying as the NSE indices is shown in the table below.

Benchmark Indices Contracts & Trading Volume in F&O Segment of NSE (2007-08)

Products Underlying No. of Contracts

Turnover

(Rs.cr) (US $ mn)

NIFTY S&P CNX Nifty 208,198,647 5,112,864 1,279,175

BANKNIFTY BANK Nifty 2,075,132 37,514 9,386

MINIFTY S&P CNX Nifty 229,889 21,304 5,330

JUNIOR CNX Nifty Junior 211,418 5,354 1,340

CNXIT CNX IT 20,158 5,045 1,262

CNX100 CNX 100 1,217,577 425 106

Nifty Midcap 50 Nifty Midcap 50 11,796 273 68

TOTAL 211,964,617 5,182,778 1,296,667

During 2007-08, the S&P CNX Nifty Index accounted for more than 98 % of the turnover in Index futures and options. Around 15 crore futures contracts and 6 crore option contracts were traded on S&P CNX Nifty. The S&P CNX Nifty accounted for 98.92 % of the total contracts traded.

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Sectorwise Stock Futures & Options Turnover

Sectorwise turnover of stock futures and options is presented in the table below. Companies belonging to the manufacturing sector accounted for 25.68 % of total stock futures and options turnover on the Exchange followed by the stocks in petrochemicals sector (16.17 %) and the stocks in the infrastructure sector (15.76 %).

Sectorwise Classifi cation of turnover in F&O segment (2007-08)

Sector Total Turnover

(Rs. cr) ( US $ mn)

Manufacturing 2,032,057.67 508,118.76

Petrochemicals 1,278,682.43 319,910.54

Infrastructure 1,521,507.32 380,662.33

Banks 784,305.99 196,223.67

Finance 706,161.38 176,672.85

Telecommunication 548,008.89 137,382.00

Information Technology 385,714.09 96,500.90

Engineering 185,067.53 46,301.61

Pharmaceuticals 169,654.04 42,445.34

Fast Moving Consuming Goods (FMCG) 113,100.15 28,296.26

Services 79,157.65 19,804.27

Media & Entertainment 65,231.89 16,320.21

Miscellaneous 39,050.60 9,769.98

TOTAL 7,907,699.63 1,978,408.71

The stock futures and option turnover of top 5 companies in each sector for the period 2007-08 is presented in Table 6-5.

Participant wise turnover on F&O Segment:

During 2007-08, the retail investors accounted for 62.97 % of the turnover on the F&O segment of the Exchange. The gross turnover of the retail participants in the F&O Segment amounted to Rs.16,485,724 crore (US $ 4,124,524 million) during 2007-08 followed by the Proprietory segment with gross turnover of Rs.6,439,196 crore (US $ 1,611,007million) and the Institutional players with gross turnover of Rs. 3,256,034 crore (US $ 814,619million). The share of retail participants and institutional participants in the gross turnover was 24.59 % and 12.44 % respectively.

The month wise details of the turnover for the participants in the F&O segment is presented in Table 6-6 and Chart 6-4.

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Chart 6-4 : Participant wise F&O Turnover during 2007-08

FII Turnover on NSE:

Out of the total institutional turnover of Rs.3,256,034 crore (US $ 814,619 million), FIIs accounted for a share of 76.89 % . The gross turnover of FIIs amounted to Rs.2,503,511 crore (US $ 626,348 million) as compared with Rs.1,286,211 crore (US $ 295,070 million) during 2006-07. The FII share in derivatives turnover rose to 9.56 % during 2007-08 from 8.74 % in the corresponding period last year (Table 6-7).

Memberwise turnover on the Exchange:

During 2007-08, there were 691 members which accounted for turnover of Rs.1,000 crore and more while 54 members registered turnover between Rs.500 crore and Rs.1,000 crore collectively in the futures and options category. In the month of October 2007, 400 trading members accounted for a turnover of Rs.1,000 crore and more, which was the highest number of members during the fi scal year 2007-08.

The number of members in different turnover brackets in Futures and Options segment is presented 6-8a & b. Around 79 % of the trading members generated turnover of Rs.1,000 crore and more in futures trading. In the options segment, only 35 % of the trading members had a turnover of Rs.1,000 crore and more while 65 % trading members had turnover of less than Rs.1,000 crore.

High Volume Members

The turnover of the top ‘5’ and ‘10’ members accounted to Rs.1,591,692.26 crore (US $ 39,822.17 million) and Rs.2,614,923 crore (US $ 65,422.14 million) respectively in 2007-08 in the Futures segment. However, the turnover of the top ‘5’ and ‘10’ members

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in the options segment accounted to Rs.395,886.91 crore (US $ 9,904.60 million) and Rs. 585,224.12 crore (US $ 14,641.58 million) respectively in the same period (Table 6-8 c).

In the Futures segment, the share of top 5 and top ‘10’ members in turnover was 14% and 23% respectively , while in the options segment the share of top 5 and top 10 trading members in in turnover was 23% and 34 % respectively.

Internet Trading

At the end of March 2008, a total number of 305 members were permitted to allow investor’s web based access to NSE’s trading system. The members of the exchange in turn had registered 3,432,771 clients for web based access as on March 31, 2008. In the Futures and Options Segment the trading volume of Rs.2,417,165 crore (US $ 604,745 million) during the year 2007-08, constituting 18.47 % of total trading volume was routed and executed through the internet. The following table shows the growth of internet trading during the during 2006-07 and 2007-08.

Internet Trading in the F&O Segment of the Exchange

Year Enabled members *

Registered clients *

Internet Trading Value

Internet Trading Value

% of Total Trading Volume(Rs.cr.) (US $ mn)

2006-07 242 1,616,218 1,214,961 278,725 16.52

2007-08 305 3,432,771 2,417,165 604,745 18.47

* At the end of fi nancial year.

Traded Value Records

Trading volumes in the F&O Segment during 2007-08 reached a high of Rs.110,564 crore (US $ 27,661.75 million) on October 18, 2007. The following table the traded value records achieved in the F&O Segment of the Exchange during 2007-08.

Records Achieved in the F&O Segment during 2007-08

Product Traded Value (Rs. crores) Date

Index Futures 34,583 18-Oct-07

Stock Futures 71,195 1-Nov-07

Index Options 11,804 18-Oct-07

Stock Options 3,746 18-Oct-07

Total F&O Traded Value 1,10,564 18-Oct-07

Top 20 Futures and Option contracts

During 2007-08, top 20 Futures and options contracts in terms of number of contracts traded have been presented in Table 6-9 and Table 6-10.

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The top 20 Futures contracts accounted for 45.67 % of the total no. of contracts traded in the Futures segment while top 20 Option contracts accounted for 17.05 % of the total option contracts traded during 2007-08.

Among the top 20 future contracts, Nifty August 2007 futures accounted for 11.04 % of the total no. of contracts while Nifty January 2008 futures and Nifty October 2007 contributed 9.48 % and 9.44 % respectively.

Top 3 option contracts on the basis of turnover during 2007-08 were Nifty August 2007 PE 4300, Nifty August 2007 PE 4200 and Nifty May 2007 CE 4100. Together these three option contracts formed 17.41 % of the total turnover of top 20 option contracts.

Number of Trades

During 2007-08, maximum number of trades in the F&O Segment were witnessed in Stock Futures (75.75 %), Index futures (15.28 %), Index Options (5.13 %) and Stock Options (3.84 %) as mentioned in the table below.

Number of Trades in F&O Segment (2007-08)

Products Number of Trades (%)

Stock Futures 75.75

Index Futures 15.28

Index Options 5.13

Stock Options 3.84

TOTAL 100

The details of month wise trades on Index futures & options and stock futures & options is presented in Table 6-11.

Charges

Brokerage Charges

The maximum brokerage chargeable by a trading member in relation to trades effected in the contracts admitted to dealing on the F&O segment of NSE is fi xed at 2.5% of the contract value in case of index futures and stock futures. In case of index options and stock options it is 2.5% of notional value of the contract [(Strike Price + Premium) × Quantity)], exclusive of statutory levies.

Transaction Charges

The transaction charges payable to the exchange by the trading member for the trades executed by him on the F&O segment are fi xed at the rate of Rs. 2 per lakh of turnover (0.002%) subject to a minimum of Rs. 1,00,000 per year. However, for the transactions in the options sub-segment the transaction charges will be levied on the premium value at the rate of 0.05% (each side) instead of on the strike price as levied earlier.

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No transaction charges will be payable in respect of trades done in Interest Rate Futures in the Futures and Options Segment of the Exchange with effect from 1st April 2007 till 31st March 2008. Every Trading Member participating in trading in such Interest Rate Futures at any time during the year 2007-08 shall be required to make a lump sum contribution of Rs.500/- for the whole year as a contribution to Investor Protection Fund.

There would be no transaction charges levied on turnover above Rs.10 crores per trading member per day for trades done in NIFTY Junior and CNX 100 in the Futures sub-segment till September 30, 2007. Further, no transactions charge will be levied on trades done in NIFTY Junior and CNX 100 in the Options sub-segment till September 30, 2007.

Securities Transaction Tax

The trading members are also required to pay securities transaction tax (STT) on non-delivery transactions at the rate of 0.017 (payable by the seller) for derivatives w. e. f June 1, 2008.

Taxable securities transaction Rate (%) Taxable Value Payable by

Sale of an option in securities 0.017 Option premium Seller

Sale of an option in securities, where option is exercised

0.125 Settlement Price Purchaser

Sale of a futures in securities 0.017 Sale Price Seller

Value of taxable securities transaction relating to an “option in securities” will be the option premium, in case of sale of an option in securities.

Value of taxable securities transaction relating to an “option in securities” will be the settlement price, in case of sale of an option in securities, where option is exercised.

Contribution to Investor Protection Fund (F&O Segment)

The trading members contribute to Investor Protection Fund of F&O segment at the rate of Re.1/- per Rs. 100 crore of the traded value (each side) in case of Futures segment and Rs.1/- per Rs. 100 crore of the premium amount (each side) in case of Options segment.

Clearing And Settlement

Settlement Statistics

All derivative contracts are currently cash settled. The participants discharge their obligations through payment/receipt of cash. During 2007-08, such cash settlement amounted to Rs. 1,565,192.40 crore (US $ 392,278.80 million). The settlement of futures and options involved Rs.1,459,668 crore (US $ 365,191 million) and Rs. 105,524.30 (US $ 26,401 million) respectively. The details of settlement in the futures and options segment is presented in Table 6-12.

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Clearing and Settlement

NSCCL undertakes clearing and settlement of all trades executed on the F&O segment of the Exchange. It also acts as legal counterparty to all trades on this segment and guarantees their fi nancial settlement. The Clearing and Settlement process comprises of three main activities, viz., Clearing, Settlement and Risk Management.

Clearing Mechanism

The fi rst step in clearing process is working out open positions and obligations of clearing (self-clearing/trading-cum-clearing/professional clearing) members (CMs). The open positions of a CM is arrived at by aggregating the open positions of all the trading members (TMs) and all custodial participants (CPs) clearing though him, in the contracts which they have traded. The open position of a TM is arrived at by summing up his proprietary open position and clients’ open positions, in the contracts which they have traded. While entering orders on the trading system, TMs identify orders as either proprietary or client. Proprietary positions are calculated on net basis for each contract and that of clients are arrived at by summing together net positions of each individual client. A TM’s open position is the sum of proprietary open position, client open long position and client open short position.

Settlement Mechanism

All futures and options contracts are cash settled i.e. through exchange of cash. The underlying for index futures/options of the Nifty index cannot be delivered. The settlement amount for a CM is netted across all their TMs/clients, across various settlements. For the purpose of settlement, all CMs are required to open a separate bank account with NSCCL designated clearing banks for F&O segment.

Settlement of Futures Contracts on Index or Individual Securities

Futures contracts have two types of settlements, the MTM settlement which happens on a continuous basis at the end of each day, and the fi nal settlement which happens on the last trading day of the futures contract.

• MTM Settlement for Futures : The positions in futures contracts for each member are marked-to-market to the daily settlement price of the relevant futures contract at the end of each day. The CMs who have suffered a loss are required to pay the mark-to-market (MTM) loss amount in cash which is in turn passed on to the CMs who have made a MTM profi t. This is known as daily mark-to-market settlement. CMs are responsible to collect and settle the daily MTM profi ts/losses incurred by the TMs and their clients clearing and settling through them. Similarly, TMs are responsible to collect / pay losses /profits from/to their clients by the next day. The pay-in and pay-out of the mark-to-market settlement are effected on the day following the trade day (T+1).

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After completion of daily settlement computation, all the open positions are reset to the daily settlement price. Such positions become the open positions for the next day.

• Final Settlement for Futures : On the expiry day of the futures contracts, after the close of trading hours, NSCCL marks all positions of a CM to the fi nal settlement price and the resulting profi t/loss is settled in cash. Final settlement loss/profi t amount is debited/credited to the relevant CM’s clearing bank account on the day following expiry day of the contract.

• Settlement Prices for Futures : Daily settlement price on a trading day is the closing price of the respective futures contracts on such day. The closing price for a futures contract is currently calculated as the last half an hour weighted average price of the contract in the F&O Segment of NSE. Final settlement price is the closing price of the relevant underlying index/security in the Capital Market segment of NSE, on the last trading day of the Contract. The closing price of the underlying Index/security is currently its last half an hour weighted average value in the Capital Market Segment of NSE.

Settlement of Options Contracts on Index or Individual Securities

Options contracts have three types of settlements, daily premium settlement, interim exercise settlement in the case of option contracts on securities and fi nal settlement.

• Daily Premium Settlement for Options : Buyer of an option is obligated to pay the premium towards the options purchased by him. Similarly, the seller of an option is entitled to receive the premium for the option sold by him. The premium payable position and the premium receivable position are netted to compute the net premium payable or receivable amount for each client for each option contract. The CMs who have a premium payable position are required to pay the premium amount to NSCCL which in turn passed on to the members who have a premium receivable position. This is known as daily premium settlement. CMs are also responsible to collect and settle for the premium amounts from the TMs and their clients clearing and settling through them. The pay-in and pay-out of the premium settlement is on T+1 day (T=Trade day). The premium payable amount and premium receivable amount are directly credited/debited to the CMs clearing bank account.

• Interim Exercise Settlement : Interim exercise settlement takes place only for option contracts on individual securities. An investor can exercise his in-the-money options at any time during trading hours, through his trading member. Interim exercise settlement is effected for such options at the close of the trading hours, on the day of exercise. Valid exercised option contracts are assigned to short positions in the option contract with the same series (i.e. having the same underlying, same expiry date and same strike price), on a random basis, at the client level. The CM who has exercised the option receives the actual profi t or loss per unit of the option from the CM who has been assigned the option contract.

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Exercise settlement value is debited/credited to the relevant CMs clearing bank account on T+1 day (T=exercise date).

• Final Exercise Settlement : Final Exercise settlement is effected for option positions at in-the-money strike prices existing at the close of trading hours, on the expiration day of an option contract. All long positions at in-the-money strike prices are automatically assigned to short positions in option contracts with the same series, on a random basis.

For index options contracts, exercise style is European style, while for options contracts on individual securities, exercise style is American style. Final Exercise is Automatic on expiry of the option contracts.

Final settlement loss/profi t amount for option contracts on Index is debited/credited to the relevant CMs clearing bank account on T+1 day (T=expiry day). Final settlement loss/profi t amount for option contracts on Individual Securities is debited/credited to the relevant CMs clearing bank account on T+1 day. Open positions, in option contracts, cease to exist after their expiration day.

The pay-in / pay-out of funds for a CM on a day is the net amount across settlements and all TMs/clients, in F&O Segment.

Settlement of Custodial Participant (CP) Deals

NSCCL provides a facility to entities like institutions to execute trades through any TM, which may be cleared and settled by their own CM. Such entities are called Custodial Participants (CP). To avail of this facility, a CP is required to register with NSCCL through this CM, which allots them a unique CP code. The CP and the CM are required to enter into an agreement as per specifi ed format. Thereafter, all trades executed by such CP through any TM are required to have the CP code in the relevant fi eld on the F&O trading system at the time of order entry. Such trades executed on behalf of a CP are required to be confi rmed by their CM (and not the CM of the TM through whom the trade was executed), within the time specifi ed by NSE, using the confi rmation facility provided by NSCCL to the CMs in the F&O segment. Till such time the trade is confi rmed by the CM of the CP, the same is considered as a trade of the TM and the responsibility of settlement of such trade vests with the CM of the TM. Once the trades have been confi rmed by the CM of the CP, they form part of the obligations of the CM of the CP and they shall be responsible for all obligations arising out of such trades including the payment of margins and settlement of obligations.

Risk Management System

NSCCL has developed a comprehensive risk containment mechanism for the F&O segment. The salient features of risk containment measures on the F&O segment are:

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• The fi nancial soundness of the members is the key to risk management. Therefore, the requirements for membership in terms of capital adequacy (net worth, security deposits) are quite stringent. These requirements have already been explained in Table 2-1 in Section 2 of this publication.

• NSCCL charges an upfront initial margin for all the open positions of a Clearing Member (CM). It specifi es the initial margin requirements for each futures/options contract on a daily basis. It follows VaR-based margining computed through SPAN. The CM in turn collects the initial margin from the trading members (TMs) and their respective clients.

• The open positions of the members are marked to market based on contract settlement price for each contract at the end of the day. The difference is settled in cash on a T+1 basis.

• NSCCL’s on-line position monitoring system monitors a CM’s open position on a real-time basis. Limits are set for each CM based on his effective deposits. The on-line position monitoring system generates alert messages whenever a CM reaches 70 %, 80 %, 90 % and a disablement message at 100 % of the limit. NSCCL monitors the CMs for Initial Margin violation, Exposure margin violation, while TMs are monitored for Initial Margin violation and position limit violation.

• CMs are provided a trading terminal for the purpose of monitoring the open positions of all the TMs clearing and settling through him. A CM may set limits for a TM clearing and settling through him. NSCCL assists the CM to monitor the intra-day limits set up by a CM and whenever a TM exceed the limits, it stops that particular TM from further trading.

• A member is alerted of his position to enable him to adjust his exposure or bring in additional capital. Margin violations result in disablement of trading facility for all TMs of a CM in case of a violation by the CM.

• A separate Settlement Guarantee Fund for this segment has been created out of deposits of members.

The most critical component of risk containment mechanism for F&O segment is the margining system and on-line position monitoring. The actual position monitoring and margining is carried out on-line through Parallel Risk Management System (PRISM) using SPAN(R)* (Standard Portfolio Analysis of Risk) system for the purpose of computation of on-line margins, based on the parameters defi ned by SEBI.

NSE - SPAN

The objective of NSE-SPAN is to identify overall risk in a portfolio of all futures and options contracts for each member. The system treats futures and options contracts uniformly, while at the same time recognising the unique exposures associated with options portfolios, like extremely deep out-of-the-money short positions and inter-month risk.

* SPAN ® is a registered trademark of the Chicago Mercantile Exchange (CME) used here under license.

152

Its over-riding objective is to determine the largest loss that a portfolio might reasonably be expected to suffer from one day to the next day based on 99% VaR methodology.

SPAN considers uniqueness of option portfolios. The following factors affect the value of an option:

i. Underlying market price.

ii. Volatility (variability) of underlying instrument, and

iii. Time to expiration.

iv. Interest rate

v. Strike price

As these factors change, the value of options maintained within a portfolio also changes. Thus, SPAN constructs scenarios of probable changes in underlying prices and volatilities in order to identify the largest loss a portfolio might suffer from one day to the next. It then sets the margin requirement to cover this one-day loss.

The complex calculations (e.g. the pricing of options) in SPAN are executed by NSCCL. The results of these calculations are called risk arrays. Risk arrays, and other necessary data inputs for margin calculation are provided to members daily in a fi le called the SPAN Risk Parameter fi le. Members can apply the data contained in the Risk Parameter fi les, to their specifi c portfolios of futures and options contracts, to determine their SPAN margin requirements.

Hence, members need not execute a complex option pricing calculations, which is performed by NSCCL. SPAN has the ability to estimate risk for combined futures and options portfolios, and also re-value the same under various scenarios of changing market conditions.

NSCCL generates six risk parameters fi le for a day taking into account price and volatilities at various time intervals and are provided on the website of the Exchange.

Margins

The margining system for F&O segment is as below:

• Initial margin : Margin in the F&O segment is computed by NSCCL upto client level for open positions of CMs/TMs. These are required to be paid up-front on gross basis at individual client level for client positions and on net basis for proprietary positions. NSCCL collects initial margin for all the open positions of a CM based on the margins computed by NSE-SPAN. A CM is required to ensure collection of adequate initial margin from his TMs up-front. The TM is required to collect adequate initial margins up-front from his clients.

153

• Premium Margin : In addition to Initial Margin, Premium Margin is charged at client level. This margin is required to be paid by a buyer of an option till the premium settlement is complete.

• Assignment Margin for Options on Securities : Assignment margin is levied in addition to initial margin and premium margin. It is required to be paid on assigned positions of CMs towards interim and fi nal exercise settlement obligations for option contracts on individual securities, till such obligations are fulfi lled. The margin is charged on the net exercise settlement value payable by a CM towards interim and fi nal exercise settlement.

• Exposure Margins : Clearing members are subject to exposure margins in addition to initial margins.

• Client Margins : NSCCL intimates all members of the margin liability of each of their client. Additionally members are also required to report details of margins collected from clients to NSCCL, which holds in trust client margin monies to the extent reported by the member as having been collected form their respective clients.

Position Limits

The market wide limit of open position (in terms of the number of underlying stock) on futures and option contracts on a particular underlying stock should be 20% of the number of shares held by non-promoters in the relevant underlying security i.e. free–float holding. This limit is applicable on all open positions in all futures and option contracts on a particular underlying stock. The enforcement of the market wide limits is done in the following manner:

• At end of the day the exchange tests whether the market wide open interest for any scrip exceeds 95% of the market wide position limit for that scrip. In case it does so, the exchange takes note of open position of all client/TMs as at end of that day for that scrip and from next day onwards they can trade only to decrease their positions through offsetting positions.

• At the end of each day during which the ban on fresh positions is in force for any scrip, the exchange tests whether any member or client has increased his existing positions or has created a new position in that scrip. If so, that client is subject to a penalty equal to a specified percentage (or basis points) of the increase in the position (in terms of notional value). The penalty is recovered before trading begins next day.

• The normal trading in the scrip is resumed after the open outstanding position comes down to 80% or below of the market wide position limit. Further, the exchange also checks on a monthly basis, whether a stock has remained subject to the ban on new position for a significant part of the month consistently for three months. If so, then the exchange phases out derivative contracts on that underlying

154

Trading Member wise Position Limits

Index Futures Contract:

The trading member position limits in equity index futures contracts is higher of Rs.500 Crore or 15% of the total open interest in the market in equity index futures contracts. This limit would be applicable on open positions in all futures contracts on a particular underlying index.

Index Options Contract:

The trading member position limits in equity index option contracts is higher of Rs.500 Crore or 15% of the total open interest in the market in equity index option contracts. This limit would be applicable on open positions in all option contracts on a particular underlying index.

Futures and Option contracts on individual securities :

i. For stocks having applicable market-wise position limit (MWPL) of Rs. 500 crores or more, the combined futures and options position limit is 20% of applicable MWPL or Rs. 300 crores, whichever is lower and within which stock futures position cannot exceed 10% of applicable MWPL or Rs. 150 crores, whichever is lower.

ii. For stocks having applicable market-wise position limit (MWPL) less than Rs. 500 crores, the combined futures and options position limit would be 20% of applicable MWPL and futures position cannot exceed 20% of applicable MWPL or Rs. 50 crore which ever is lower. The Clearing Corporation shall specify the trading member-wise position limits on the last trading day of the month which shall be reckoned for the purpose during the next month.

Client level position limits

The gross open position for each client, across all the derivative contracts on an underlying, should not exceed 1% of the free float market capitalization (in terms of number of shares) or 5% of the open interest in all derivative contracts in the same underlying stock (in terms of number of shares) whichever is higher.

Disclosure for Client Positions in Index based contracts

Any person or persons acting in concert who together own 15% or more of the open interest on a particular underlying index is required to report this fact to the Exchange/ Clearing Corporation. Failure to do so shall be treated as a violation and shall attract appropriate penal and disciplinary action in accordance with the Rules, Byelaws and Regulations of Clearing Corporation.

Position limits for FII, Mutual Funds:

FII & MF Position limits in Index options contracts : FII & MF position limit in all index options contracts on a particular underlying index is Rs.500 Crores or 15 % of

155

the total open interest of the market in index options, whichever is higher. This limit would be applicable on open positions in all options contracts on a particular underlying index.

FII & MF Position limits in Index futures contracts : FII & MF position limit in all index futures contracts on a particular underlying index is Rs. 500 crores or 15 % of the total open interest of the market in index futures, whichever is higher. This limit would be applicable on open positions in all futures contracts on a particular underlying index.

In addition to the above, FIIs & MF’s shall take exposure in equity index derivatives subject to the following limits:

a) Short positions in index derivatives (short futures, short calls and long puts) not exceeding (in notional value) the FII’s / MF’s holding of stocks.

b) Long positions in index derivatives (long futures, long calls and short puts) not exceeding (in notional value) the FII’s / MF’s holding of cash, government securities, T-Bills and similar instruments.

The FIIs should report to the clearing members (custodian) the extent of the FIIs holding of stocks, cash, government securities, T-bills and similar instruments before the end of the day. The clearing member (custodian) in turn should report the same to the exchange. The exchange monitors the FII position limits. The position limit for sub-account is same as that of client level position limits.

156

Contd...

Table 6-1 : List of Securities on which Futures & Options available at NSE along with their market lot (as on 20th June 2008)

Sr. No

Security Symbol Launch Date

Market Lot

1 Ambuja Cements Ltd. AMBUJACEM 02-Jul-01 2062

2 Associated Cement Co. Ltd. ACC 02-Jul-01 188

3 Bharat Heavy Electricals Ltd. BHEL 02-Jul-01 75

4 Bharat Petroleum Corporation Ltd. BPCL 02-Jul-01 550

5 Cipla Ltd. CIPLA 02-Jul-01 1250

6 Dr. Reddy’S Laboratories Ltd. DRREDDY 02-Jul-01 400

7 Grasim Industries Ltd. GRASIM 02-Jul-01 88

8 Hindalco Industries Ltd. HINDALCO 02-Jul-01 1595

9 Hindustan Petroleum Corporation Ltd. HINDPETRO 02-Jul-01 1300

10 Hindustan Unilever Ltd HINDUNILVR 2-Jul-01 1000

11 Housing Development Finance Corporation Ltd. HDFC 02-Jul-01 75

12 Infosys Technologies Ltd. INFOSYSTCH 02-Jul-01 200

13 ITC Ltd. ITC 02-Jul-01 1125

14 Mahanagar Telephone Nigam Ltd. MTNL 02-Jul-01 1600

15 Mahindra & Mahindra Ltd. M&M 02-Jul-01 312

16 Ranbaxy Laboratories Ltd. RANBAXY 02-Jul-01 800

17 Reliance Industries Ltd. RELIANCE 02-Jul-01 75

18 Satyam Computer Services Ltd. SATYAMCOMP 02-Jul-01 600

19 State Bank Of India SBIN 02-Jul-01 132

20 Tata Power Co. Ltd. TATAPOWER 02-Jul-01 200

21 Tata Steel Ltd. TATASTEEL 2-Jul-01 382

22 Tata Tea Ltd. TATATEA 02-Jul-01 275

23 Bharat Electronics Ltd. BEL 31-Jan-03 138

24 HCL Technologies Ltd. HCLTECH 31-Jan-03 650

25 Hero Honda Motors Ltd. HEROHONDA 31-Jan-03 400

26 National Aluminium Co. Ltd. NATIONALUM 31-Jan-03 575

27 Oil & Natural Gas Corp. Ltd. ONGC 31-Jan-03 225

28 Polaris Software Lab Ltd. POLARIS 31-Jan-03 2800

29 Shipping Corporation Of India Ltd. SCI 31-Jan-03 800

30 Wipro Ltd. WIPRO 31-Jan-03 600

31 I-Flex Solutions Ltd. I-FLEX 30-May-03 150

32 Maruti Udyog Ltd. MARUTI 09-Jul-03 200

33 Andhra Bank ANDHRABANK 29-Aug-03 2300

34 Bank Of Baroda BANKBARODA 29-Aug-03 700

35 Bank Of India BANKINDIA 29-Aug-03 950

36 Canara Bank CANBK 29-Aug-03 800

37 HDFC Bank Ltd. HDFCBANK 29-Aug-03 200

157

Contd...

Contd...


Sr. No


Market Lot

38 Oriental Bank Of Commerce ORIENTBANK 29-Aug-03 1200

39 Punjab National Bank PNB 29-Aug-03 600

40 Union Bank Of India UNIONBANK 29-Aug-03 2100

41 Arvind Mills Ltd. ARVINDMILL 26-Sep-03 4300

42 GAIL (India) Ltd. GAIL 26-Sep-03 750

43 Indian Oil Corporation Ltd. IOC 26-Sep-03 600

44 Syndicate Bank SYNDIBANK 26-Sep-03 1900

45 Tata Motors Ltd. TATAMOTORS 26-Dec-03 412

46 Tata Consultancy Services Ltd TCS 25-Aug-04 250

47 National Thermal Power Corporation Ltd. NTPC 05-Nov-04 1625

48 Jet Airways (India) Ltd. JETAIRWAYS 14-Mar-05 400

49 Jaiprakash Hydro-Power Ltd. JPHYDRO 18-Apr-05 3125

50 ABB Ltd. ABB 20-Apr-05 250

51 Allahabad Bank ALBK 20-Apr-05 2450

52 Ashok Leyland Ltd ASHOKLEY 20-Apr-05 4775

53 Axis Bank Ltd. AXISBANK 20-Apr-05 225

54 Bharat Forge Co Ltd BHARATFORG 20-Apr-05 1000

55 Bharti Airtel Ltd BHARTIARTL 20-Apr-05 250

56 Century Textiles Ltd CENTURYTEX 20-Apr-05 212

57 Chennai Petroleum Corporation Ltd. CHENNPETRO 20-Apr-05 900

58 Cummins India Ltd CUMMINSIND 20-Apr-05 475

59 Dabur India Ltd. DABUR 20-Apr-05 2700

60 Glaxosmithkline Pharma Ltd. GLAXO 20-Apr-05 300

61 Indian Hotels Co. Ltd. INDHOTEL 20-Apr-05 1899

62 Indian Overseas Bank IOB 20-Apr-05 1475

63 Industrial Development Bank Of India Ltd. IDBI 20-Apr-05 1200

64 Jindal Steel & Power Ltd JINDALSTEL 20-Apr-05 160

65 LIC Housing Finance Ltd LICHSGFIN 20-Apr-05 850

66 Mangalore Refi nery And Petrochemicals Ltd. MRPL 20-Apr-05 2225

67 Matrix Laboratories Ltd. MATRIXLABS 20-Apr-05 1250

68 Neyveli Lignite Corporation Ltd. NEYVELILIG 20-Apr-05 1475

69 Patni Computer Syst Ltd PATNI 20-Apr-05 650

70 Reliance Capital Ltd RELCAPITAL 20-Apr-05 138

71 Siemens Ltd SIEMENS 20-Apr-05 376

72 Sterlite Industries (I) Ltd STER 20-Apr-05 219

73 Sun Pharmaceuticals India Ltd. SUNPHARMA 20-Apr-05 225

158

Contd...

Contd...


Sr. No


Market Lot

74 Tata Chemicals Ltd TATACHEM 20-Apr-05 675

75 Vijaya Bank VIJAYABANK 20-Apr-05 3450

76 Wockhardt Ltd. WOCKPHARMA 20-Apr-05 600

77 Aurobindo Pharma Ltd. AUROPHARMA 12-May-05 700

78 Bongaigaon Refi nery Ltd. BONGAIREFN 12-May-05 2250

79 CESC Ltd. CESC 12-May-05 550

80 Chambal Fertilizers Ltd. CHAMBLFERT 12-May-05 3450

81 Corporation Bank CORPBANK 12-May-05 600

82 Divi’S Laboratories Ltd. DIVISLAB 12-May-05 155

83 Essar Oil Ltd. ESSAROIL 12-May-05 1412

84 Federal Bank Ltd. FEDERALBNK 12-May-05 851

85 Gujarat Narmada Fertilizer Co. Ltd. GNFC 12-May-05 1475

86 Indusind Bank Ltd. INDUSINDBK 12-May-05 1925

87 J & K Bank Ltd. J&KBANK 12-May-05 300

88 Jindal Stainless Ltd. JSTAINLESS 12-May-05 1000

89 Maharashtra Seamless Ltd. MAHSEAMLES 12-May-05 600

90 Mphasis Ltd. MPHASIS 12-May-05 800

91 NDTV Ltd. NDTV 12-May-05 550

92 Orchid Chemicals Ltd. ORCHIDCHEM 12-May-05 1050

93 Titan Industries Ltd. TITAN 12-May-05 206

94 TVS Motor Company Ltd. TVSMOTOR 12-May-05 2950

95 Alok Industries Ltd. ALOKTEXT 27-May-05 3350

96 Escorts India Ltd. ESCORTS 27-May-05 2400

97 IFCI Ltd. IFCI 27-May-05 1970

98 India Cements Ltd. INDIACEM 27-May-05 725

99 IVRCL Infrastructure & Projects Ltd. IVRCLINFRA 27-May-05 500

100 Nagarjuna Fertiliser & Chemicals Ltd. NAGARFERT 27-May-05 3500

101 SRF Ltd. SRF 27-May-05 1500

102 Strides Arcolab Ltd. STAR 27-May-05 850

103 The Karnataka Bank Ltd. KTKBANK 27-May-05 1250

104 Infrastructure Development Finance Company Ltd. IDFC 12-Aug-05 1475

105 Suzlon Energy Ltd. SUZLON 19-Oct-05 1000

106 Punj Lloyd Ltd. PUNJLLOYD 06-Jan-06 750

107 Sun Tv Network Ltd. SUNTV 24-Apr-06 1000

108 Reliance Petroleum Ltd. RPL 11-May-06 1675

109 Gmr Infrastructure Ltd. GMRINFRA 21-Aug-06 1250

159

Contd...

Contd...


Sr. No


Market Lot

110 Reliance Communications Ltd. RCOM 15-Sep-06 350

111 Steel Authority Of India Ltd. SAIL 15-Sep-06 1350

112 Lanco Infratech Ltd. LITL 27-Nov-06 425

113 Parsvnath Developers Ltd. PARSVNATH 30-Nov-06 700

114 Sobha Developers Ltd. SOBHA 20-Dec-06 350

115 Aban Offshore Ltd. ABAN 29-Dec-06 50

116 Amtek Auto Ltd. AMTEKAUTO 29-Dec-06 600

117 Bajaj Hindustan Ltd. BAJAJHIND 29-Dec-06 950

118 Balrampur Chini Mills Ltd. BALRAMCHIN 29-Dec-06 2400

119 Bata India Ltd. BATAINDIA 29-Dec-06 1050

120 Bharat Earth Movers Ltd. BEML 29-Dec-06 125

121 Bombay Dyeing & Mfg. Co Ltd. BOMDYEING 29-Dec-06 300

122 Crompton Greaves Ltd. CROMPGREAV 29-Dec-06 500

123 Gateway Distriparks Ltd. GDL 29-Dec-06 2500

124 GTL Ltd. GTL 29-Dec-06 750

125 Gujarat Alkalies & Chem GUJALKALI 29-Dec-06 1400

126 Hindustan Construction Co HCC 29-Dec-06 1400

127 Jaiprakash Associates Ltd. JPASSOCIAT 29-Dec-06 750

128 Jsw Steel Ltd. JSWSTEEL 29-Dec-06 275

129 Kotak Mahindra Bank Ltd. KOTAKBANK 29-Dec-06 275

130 Lupin Ltd. LUPIN 29-Dec-06 700

131 Nagarjuna Constrn. Co. Ltd. NAGARCONST 29-Dec-06 1000

132 Praj Industries Ltd. PRAJIND 29-Dec-06 1100

133 Sesa Goa Ltd. SESAGOA 29-Dec-06 75

134 Shree Renuka Sugars Ltd. RENUKA 29-Dec-06 5000

135 Tata Teleserv(Maharastra) India Ltd TTML 29-Dec-06 5225

136 Triveni Engg. & Inds. Ltd. TRIVENI 29-Dec-06 1925

137 Ultratech Cement Ltd. ULTRACEMCO 29-Dec-06 400

138 United Spirits Ltd. MCDOWELL-N 29-Dec-06 125

139 Voltas Ltd. VOLTAS 29-Dec-06 900

140 Cairn India Limited CAIRN 09-Jan-07 1250

141 Power Finance Corporation Ltd. PFC 23-Feb-07 1200

142 Indian Bank INDIANB 01-Mar-07 1100

143 Idea Cellular Ltd. IDEA 09-Mar-07 2700

144 Aditya Birla Nuvo Limited ABIRLANUVO 14-May-07 200

145 Adlabs Films Ltd ADLABSFILM 14-May-07 225

160

Contd...

Contd...


Sr. No


Market Lot

146 Aia Engineering Limited AIAENG 14-May-07 200

147 Alstom Projects India Ltd APIL 14-May-07 200

148 Ansal Prop & Infra Ltd ANSALINFRA 14-May-07 1300

149 Birla Corporation Ltd BIRLAJUTE 14-May-07 850

150 Bombay Rayon Fashions Ltd BRFL 14-May-07 1150

151 Deccan Aviation Limited AIRDECCAN 14-May-07 850

152 Dena Bank DENABANK 14-May-07 2625

153 Educomp Solutions Ltd EDUCOMP 14-May-07 75

154 Everest Kanto Cylinder Ltd EKC 14-May-07 1000

155 Financial Technologies (I) Ltd FINANTECH 14-May-07 150

156 Hotel Leela Ventures Ltd HOTELEELA 14-May-07 3750

157 India Infoline Limited INDIAINFO 14-May-07 250

158 Kesoram Industries Ltd KESORAMIND 14-May-07 500

159 Mahindra Lifespace Developers Ltd MAHLIFE 14-May-07 350

160 Moser-Baer (I) Ltd MOSERBAER 14-May-07 825

161 Oswal Chem. & Fert. Ltd. BINDALAGRO 14-May-07 4950

162 Pantaloon Retail (I) Ltd PANTALOONR 14-May-07 500

163 Patel Engineering Ltd. PATELENG 14-May-07 250

164 Peninsula Land Limited PENINLAND 14-May-07 2750

165 Petronet Lng Limited PETRONET 14-May-07 2200

166 Rajesh Exports Ltd RAJESHEXPO 14-May-07 1650

167 Reliance Natural Resources Ltd. RNRL 14-May-07 1788

168 Rolta India Ltd ROLTA 14-May-07 900

169 Shree Cements Ltd SHREECEM 14-May-07 200

170 Sterling Biotech Ltd STERLINBIO 14-May-07 2500

171 Sterlite Technologies Ltd STRTECH 14-May-07 1050

172 Unitech Ltd UNITECH 14-May-07 900

173 United Phosphorous Ltd UNIPHOS 14-May-07 700

174 HTMT Global Solutions Ltd. HTMTGLOBAL 19-Jun-07 500

175 DLF Limited DLF 05-Jul-07 400

176 Housing Development And Infrastructure Ltd. HDIL 24-Jul-07 400

177 Omaxe Ltd. OMAXE 09-Aug-07 650

178 IVR Prime Urban Developers Ltd. IVRPRIME 16-Aug-07 800

179 Central Bank Of India CENTRALBK 21-Aug-07 2000

180 Puravankara Projects Ltd. PURVA 30-Aug-07 500

181 3I Infotech Ltd. 3IINFOTECH 06-Sep-07 2700

161

Contd...


Sr. No


Market Lot

182 Aptech Limited APTECHT 06-Sep-07 650

183 Bhushan Steel & Strips Lt BHUSANSTL 06-Sep-07 250

184 Biocon Limited. BIOCON 06-Sep-07 450

185 CMC Ltd. CMC 06-Sep-07 200

186 Havells India Limited HAVELLS 06-Sep-07 400

187 Lakshmi Machines Ltd LAXMIMACH 06-Sep-07 100

188 NIIT Technologies Ltd. NIITTECH 06-Sep-07 1200

189 Nucleus Software Exports NUCLEUS 06-Sep-07 550

190 Sasken Commu Techno Ltd SASKEN 06-Sep-07 1100

191 Tech Mahindra Limited TECHM 06-Sep-07 200

192 Tulip It Services Ltd TULIP 06-Sep-07 250

193 Welspun Guj St. Ro. Ltd. WELGUJ 06-Sep-07 800

194 Yes Bank Limited YESBANK 06-Sep-07 1100

195 Power Grid Corporation Of India Ltd. POWERGRID 05-Oct-07 1925

196 Develop Credit Bank Ltd DCB 30-Nov-07 1400

197 Gitanjali Gems Limited GITANJALI 30-Nov-07 500

198 Great Offshore Ltd GTOFFSHORE 30-Nov-07 250

199 Hindustan Oil Exploration HINDOILEXP 30-Nov-07 1600

200 Hindustan Zinc Limited HINDZINC 30-Nov-07 250

201 IBN 18 Broadcast Limited IBN18 30-Nov-07 1250

202 Info Edge (I) Ltd NAUKRI 30-Nov-07 150

203 Ispat Industries Limited ISPATIND 30-Nov-07 4150

204 Jindal Saw Limited JINDALSAW 30-Nov-07 250

205 Kpit Cummins Infosystems KPIT 30-Nov-07 1650

206 Motor Industries Co Ltd BOSCHLTD 30-Nov-07 50

207 Network 18 Fincap Ltd. NETWORK18 30-Nov-07 500

208 NIIT Limited NIITLTD 30-Nov-07 1450

209 Redington (India) Ltd. REDINGTON 30-Nov-07 500

210 Wire & Wireless (I) Ltd. WWIL 30-Nov-07 3150

211 Edelweiss Capital Ltd EDELWEISS 13-Dec-07 250

212 Brigade Enterprises Ltd. BRIGADE 31-Dec-07 550

213 Reliance Power Ltd. RPOWER 11-Feb-08 500

214 IRB Infrastructure Developers Ltd IRB 25-Feb-08 1100

215 Rural Electrifi cation Corporation Ltd. RECLTD 12-Mar-08 1950

216 Ballarpur Industries Limited BALLARPUR 31-Mar-08 7300

217 Bajaj Auto Limited BAJAJ-AUTO 26-May-08 200

162

Sr. No


Market Lot

Remarks

218 ICICI Bank Ltd. ICICIBANK 31-Jan-03 175 ICICI introduced on 02-07-01 underwent restructuring & got reintroduced as ICICIBANK on 31-01-03

219 Reliance Infrastructure Ltd.

RELINFRA 12-Mar-04 138 BSES introduced on 02.07.01 underwent restructuring & was reintroduced as REL on 12-Mar-04 (Symbol now RELINFRA)

220 Tata Communications Ltd

TATACOMM 20-Apr-05 525 VSNL introduced on 02.07.01 underwent restructuring and got reintroduced as VSNL on 20.04.05 (symbol now TATACOMM)

221 Larsen & Toubro Ltd.

LT 15-Sep-06 50 L&T introduced on 02.07.01 underwent restructuring & got reintroduced as LT on 15-09-06

222 The Great Eastern Shipping Co. Ltd.

GESHIP 27-Nov-06 600 GESHIPPING introduced on 20.04.05 underwent restructuring & got reintroduced as GESHIP on 27-11-06

223 Zee Entertainment Enterprises Ltd.

ZEEL 12-Feb-07 700 ZEETELE introduced on 15-Sep-06 underwent restructuring twice in 19-12-06 and 12-02-07 (Symbol now ZEEL)

224 Hinduja Ventures Ltd.

HINDUJAVEN 24-Apr-07 500 HTMT introduced on 29.12.06 underwent restructing & got reintroduced as HINDUJATMT on 24-04-07. (Symbol now HINDUJAVEN)

225 S Kumars Nationwide Ltd

SKUMARSYNF 14-May-07 1900 S K U M A R S Y N F i n t r o d u c e d o n 14.05.07 underwent restructuring & was reintroduced on 24.04.08

226 Colgate Palmolive Ltd

COLPAL 17-Dec-07 550 COLGATE introduced on 20.04.05 underwent restructuring & got reintroduced as COLPAL on 17-12-07

227 Piramal Healthcare Ltd

PIRHEALTH 15-Feb-08 750 NICOLASPIR introduced on 20.04.05 underwent r e s t ruc tur ing & was reintroduced on 15.02.08 (Symbol now PIRHEALTH)

228 Bajaj Holdings & Investment Ltd.

BAJAJHLDNG 14-Mar-08 250 BAJAJAUTO introduced on 02.07.01 underwent restructuring & got reintroduced as BAJAJAHLDNG on 14.03.08


Table 6-1 (b) List of Indices on which Futures & Options are available along with their market lot

Sr. No Security Symbol Market Lot

1 S&P CNX Nifty NIFTY 50

2 S&P CNX Nifty MINIFTY 20

3 CNX Nifty Junior JUNIOR 25

4 BANK Nifty BANKNIFTY 25

5 CNX 100 CNX100 50

6 CNX IT CNXIT 50

7 Nifty Midcap 50 NFTYMCAP50 75

163

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e Ju

ne /

Dec

)”

164

Con

td...

Tab

le 6

-2 :

Con

trac

t Spe

cifi c

atio

n fo

r In

dex

Futu

res a

nd O

ptio

ns

Par

ticu

lars

Inde

x F

utur

esIn

dex

Opt

ions

M

ini I

ndex

Fut

ures

Min

i Ind

ex O

ptio

nsLo

ng T

erm

Ind

ex

Opt

ions

Pric

e Ba

nds

No

pric

e ba

nd h

owev

er

Ope

ratin

g ra

nge

has

been

ke

pt w

hich

is

10 %

of

the

base

pri

ce

No

Pri

ce b

and

how

ever

O

pera

ting

rang

e ha

s be

en

kept

as:

Upp

er ra

nge

- 99

%

of t

he b

ase

pric

e or

Rs.

20

whi

ch ev

er is

hig

her.

Low

er

rang

e - 0

.05

(tick

size

)

No

pric

e ba

nd h

owev

er

Ope

ratin

g ra

nge

has

been

ke

pt w

hich

is

10 %

of

the

base

pri

ce

No

Pric

e ba

nd h

owev

er O

pera

ting

rang

e ha

s be

en k

ept

as: U

pper

ran

ge -

99 %

of t

he b

ase

pric

e or

Rs.

20 w

hich

ev

er is

hig

her.

Low

er r

ange

- 0.

05 (t

ick

size)

No.

of S

trik

e Pr

ices

NA

Dep

endi

ng o

n In

dex

leve

l as

per

tabl

e 6-

2(a)

(1)

NA

Dep

endi

ng o

n In

dex

leve

l as

per

tabl

e 6-

2(a)

(1)

Dep

endi

ng o

n In

dex

leve

l an

d ex

piry

mon

th a

s pe

r ta

ble

6-2(

a)(2

)

Stri

ke P

rice

Inte

rval

(in

Rs.)

NA

Dep

endi

ng o

n In

dex

leve

l as

per

tabl

e 6-

2(b)

(1)

NA

Dep

endi

ng o

n In

dex

leve

l as

per

tabl

e 6-

2(b)

(1)

Dep

endi

ng o

n In

dex

leve

l an

d ex

piry

mon

th a

s pe

r ta

ble

6-2(

b)(2

)

Sett

lem

ent

In c

ash

on T

+1

basis

Sett

lem

ent D

ayLa

st tr

adin

g da

y

Mar

gins

Up-

fron

t ini

tial m

argi

n on

dai

ly b

asis

Dai

ly S

ettle

men

t Pri

ceC

losi

ng p

rice

of

futu

res

cont

ract

on

the

trad

ing

day

N.A

Clo

sing

pri

ce o

f fu

ture

s co

ntra

ct o

n th

e tr

adin

g da

y

N.A

N.A

Fina

l Set

tlem

ent P

rice

Clo

sing

valu

e of

the

inde

x on

exp

iry

day

Clo

sin

g va

lue

of

the

unde

rlyi

ng in

dex

on ex

piry

da

y

Clo

sing

valu

e of u

nder

lyin

g In

dex

on th

e las

t tra

ding

day

of

the

futu

res c

ontr

act.

Clo

sing

valu

e of

und

erly

ing

Inde

x on

the

last

trad

ing

day

of th

e op

tions

con

trac

t.

165

Table 6-2 (a) : Number of strikes for Indices

Index Level First, second and third month expiries

(1)

3 quarterly expiries (2)*

5 half yearly expiries (2)*

Upto 2000 4-1-4 6-1-6 4-1-4

>2000 upto 4000 4-1-4 6-1-6 4-1-4

>4000 upto 6000 5-1-5 8-1-8 5-1-5

>6000 6-1-6 8-1-8 6-1-6

* At present only for S & P CNX Nifty.

Table 6-2 (b) : Strike price intervals for Long Term Nifty Index Options

Index Level First, second and third month expiries (1)

3 quarterly expiries (2) 5 half yearly expiries (2)

upto 2000 25 25 50

>2000 upto 4000 50 50 100

>4000 upto 6000 50 50 100

>6000 50 50 100

166

Table 6-3 : Contract Specifi cation for Stock Futures and Options

Particulars Stock Futures Stock Options

Security Description FUTSTK OPTSTK

Underlying Individual Securities

Style of Option NA American

Contract Size As specifi ed by SEBI; Currently minimum Rs.2 lakhs at the time of introduction

Price Steps Rs. 0.05

Expiration Period 3 months

Trading Cycle A maximum of three month trading cycle - the near month (one), the next month (two) and the far month (three). New contract is introduced on the next trading day following the expiry of near month contract

Last Trading/Expiration Day Last Thursday of the expiry month or the preceding trading day, if last Thursday is a trading holiday

Price Bands No price bands however Operating range has been kept which is 20% of the base price.

No price band however Operating range has been kept which is: Upper range - 99% of the base price or Rs. 20 which ever is higher, Lower range - 0.05 (tick size)

No. of strike Prices NA 7 strikes (3 ITM, 1 ATM and 3 OTM) for every option type (i.e call and put)

Strike Price Interval (in Rs.) NA Depending on underlying price level as per table 6-3 (1)

Settlement In cash on T+1 basis

Settlement Day Last trading day

Margins Up-front initial margin on daily basis

Daily Settlement Price Closing price of the futures contract on the trading day

Closing price of underlying on the day of exercise

Final Settlement Price Closing value of security on expiry day

Closing price of security on exercise day or expiry day

Table 6-3 (1) : Strike interval

Underlying price Strike price interval

0 - 50 2.5

50 - 250 5

250 - 500 10

500 - 1000 20

1000 - 2500 30

> 2500 50

Note:ITM: In-the-MoneyATM: At-the-MoneyOTM-Out-of-the-Money

167

Tab

le 6

-4 :

Busi

ness

Gro

wth

of F

utur

es &

Opt

ions

Mar

ket S

egm

ent

Mon

th/

Yea

rIn

dex

Fut

ures

Stoc

k F

utur

esIn

dex

Opt

ions

Stoc

k O

ptio

nsT

otal

Ave

rage

Dai

ly

Tra

ding

Vol

ume

Cal

lP

utC

all

Put

Con

trac

ts

Tra

ded

Tra

ding

V

olum

e N

o. o

f C

ontr

acts

T

rade

d

Tra

ding

V

alue

N

o. o

f C

ontr

acts

Tra

ded

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

trac

ts

Tra

ded

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

-tr

acts

T

rade

d

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

-tr

acts

T

rade

d

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

trac

ts

Tra

ded

Tra

ding

Vol

ume

(Rs.

cr.

)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s.cr

)(R

s.cr

)(U

S $

mn)

(Rs.

cr)

(US

$ m

n)

Jun-

00 to

M

ar-0

190

,580

2,36

5–

––

––

––

––

–90

,580

2,36

555

512

2.49

Apr

-01

13,2

7429

2–

––

––

––

––

–13

,274

292

6015

0.31

May

-01

10,0

4823

0–

––

––

––

––

–10

,048

230

4710

0.21

Jun-

0126

,805

590

––

5,23

211

93,

429

77–

––

–35

,466

785

161

370.

77

Jul-0

160

,644

1,30

9–

–8,

613

191

6,22

113

5 1

3,08

2 29

04,

746

106

93,3

062,

031

416

921.

89

Aug

-01

60,9

791,

305

––

7,59

816

55,

533

119

38,

971

844

12,5

0826

312

5,58

92,

696

553

128

2.63

Sep-

0115

4,29

82,

857

––

12,1

8824

38,

262

169

64,

344

1,32

233

,480

690

272,

572

5,28

11,

082

264

5.41

Oct

-01

131,

467

2,48

5–

–16

,787

326

12,3

2423

3 8

5,84

4 1,

632

43,7

8780

129

0,20

95,

477

1,12

226

15.

34

Nov

-01

121,

697

2,48

412

5,94

62,

811

14,9

9431

07,

189

145

112,

499

2,37

231

,484

638

413,

809

8,76

01,

795

438

8.98

Dec

-01

109,

303

2,33

930

9,75

57,

515

12,8

9028

75,

513

118

84,1

341,

986

28,4

2567

455

0,02

012

,919

2,64

768

013

.93

Jan-

0212

2,18

22,

660

489,

793

13,2

6111

,285

253

3,93

385

133,

947

3,83

644

,498

1,25

380

5,63

821

,348

4,37

592

819

.02

Feb-

0212

0,66

22,

747

528,

947

13,9

3913

,941

323

4,74

910

713

3,63

03,

635

33,0

5586

483

4,98

421

,616

4,42

91,

081

22.1

5

Mar

-02

94,2

292,

185

503,

415

13,9

8910

,446

249

4,77

311

110

1,70

82,

863

37,3

871,

094

751,

958

20,4

914,

199

1,07

822

.09

2001

-02

1,02

5,58

821

,482

1,95

7,85

651

,516

113,

974

2,46

661

,926

1,30

076

8,15

918

,780

269,

370

6,38

34,

196,

873

101,

927

20,8

8741

38.

46

Apr

-02

73,6

351,

656

552,

727

15,0

6511

,183

260

5,38

912

212

1,22

53,

400

40,4

431,

170

804,

602

21,6

744,

563

985

207.

40

May

-02

94,3

122,

022

605,

284

15,9

8113

,070

294

7,71

916

912

6,86

73,

490

57,9

841,

643

905,

236

23,6

004,

968

1,07

322

5.84

Jun-

0299

,514

2,12

361

6,46

116

,178

10,2

7222

37,

805

166

123,

493

3,32

548

,919

1,31

790

6,46

423

,332

4,91

21,

167

245.

60

Jul-0

212

2,66

32,

513

789,

290

21,2

0516

,637

350

7,68

816

215

4,08

94,

341

65,5

301,

837

1,15

5,89

730

,407

6,40

11,

322

278.

32

Aug

-02

152,

375

2,97

872

6,31

017

,881

15,9

6731

810

,124

200

147,

646

3,83

765

,630

1,72

51,

118,

052

26,9

385,

671

1,28

327

0.06

Con

td...

168

Tab

le 6

-4 :

Busi

ness

Gro

wth

of F

utur

es &

Opt

ions

Mar

ket S

egm

ent

Mon

th/

Yea

rIn

dex

Fut

ures

Stoc

k F

utur

esIn

dex

Opt

ions

Stoc

k O

ptio

nsT

otal

Ave

rage

Dai

ly

Tra

ding

Vol

ume

Cal

lP

utC

all

Put

Con

trac

ts

Tra

ded

Tra

ding

V

olum

e N

o. o

f C

ontr

acts

T

rade

d

Tra

ding

V

alue

N

o. o

f C

ontr

acts

Tra

ded

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

trac

ts

Tra

ded

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

-tr

acts

T

rade

d

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

-tr

acts

T

rade

d

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

trac

ts

Tra

ded

Tra

ding

Vol

ume

(Rs.

cr.

)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s.cr

)(R

s.cr

)(U

S $

mn)

(Rs.

cr)

(US

$ m

n)

Sep-

0214

4,30

32,

836

700,

051

17,5

0116

,578

332

12,5

4325

115

1,29

14,

016

80,0

382,

205

1,10

4,80

427

,140

5,71

41,

357

285.

69

Oct

-02

164,

934

3,14

585

6,93

021

,213

23,6

2845

913

,910

267

214,

027

5,59

510

4,65

92,

761

1,37

8,08

833

,441

7,04

01,

592

335.

25

Nov

-02

175,

567

3,50

097

0,25

125

,463

25,4

1350

917

,191

336

261,

600

7,10

610

4,52

92,

922

1,55

4,55

139

,836

8,38

72,

097

441.

40

Dec

-02

277,

403

5,95

81,

217,

873

35,5

3230

,261

660

19,

973

427

309,

573

9,55

211

1,75

63,

491

1,96

6,83

955

,620

11,7

092,

649

557.

60

Jan-

0325

8,95

55,

557

1,30

4,12

238

,299

26,3

7657

7 1

6,80

5 36

332

2,87

610

,174

132,

021

4,17

92,

061,

155

59,1

4912

,452

2,57

254

1.41

Feb-

0323

7803

504,

032

1,19

8,56

432

,445

26,5

0157

1 1

7,68

1 37

526

8,15

67,

644

114,

512

3,31

91,

863,

217

49,3

9510

,399

2,60

054

7.31

Mar

-03

325,

299

6,62

41,

138,

980

29,7

7053

,788

1,11

635

,739

740

255,

658

7,16

314

0,54

03,

919

1,95

0,00

449

,332

10,3

862,

467

519.

28

2002

-03

2,12

6,76

343

,951

10,6

76,8

4328

6,53

226

9,67

45,

670

172,

567

3,57

72,

456,

501

69,6

441,

066,

561

30,4

8916

,768

,909

439,

864

92,6

031,

752

368.

94

Apr

-03

362,

157

6,99

41,

291,

493

29,7

4954

,890

1,09

131

,107

616

297,

270

7,47

116

8,55

34,

098

2,20

5,47

050

,020

11,

528

2,50

157

6.40

May

-03

325,

784

6,28

31,

354,

581

32,7

5253

,198

1,03

930

,109

578

332,

529

8,86

115

5,84

93,

911

2,25

2,05

053

,423

12,

312

2,54

458

6.30

Jun-

0343

9,15

19,

348

1,69

4,50

546

,505

55,8

741,

206

34,8

9573

538

3,60

311

,303

132,

498

3,73

92,

750,

294

73,0

17 1

6,82

8 3,

477

801.

34

Jul-0

364

1,00

214

,743

2,28

2,42

670

,515

87,1

492,

040

50,6

691,

163

495,

853

16,1

8016

2,50

15,

189

3,72

0,56

310

9,84

9 2

5,31

7 4,

776

1,10

0.73

Aug

-03

990,

731

24,9

892,

620,

897

91,2

8896

,875

2,47

754

,649

1,36

243

4,52

616

,028

116,

370

4,21

94,

314,

098

140,

363

32,

349

7,01

81,

617.

45

Sep-

031,

676,

358

45,8

613,

122,

432

113,

874

110,

014

3,08

869

,920

1,92

540

1,66

016

,378

101,

555

4,02

55,

481,

939

185,

151

42,

671

8,41

61,

939.

61

Oct

-03

1,86

6,40

756

,435

3,46

9,56

314

6,37

789

,794

2,76

160

,330

1,81

340

5,70

618

,558

97,4

054,

420

5,98

9,20

523

0,36

5 5

3,09

2 10

,016

2,30

8.33

Nov

-03

1,55

7,90

949

,486

2,76

1,72

512

2,46

371

,696

2,31

348

,281

1,53

426

9,03

213

,314

61,2

953,

061

4,76

9,93

819

2,17

1 4

4,28

9 9,

609

2,21

4.47

Dec

-03

1,87

5,46

865

,378

3,33

4,46

815

0,93

387

,683

3,10

068

,394

2,35

529

4,59

614

,095

63,4

263,

046

5,72

4,03

523

8,90

7 5

5,06

0 10

,859

2,50

2.74

Jan-

042,

611,

649

99,8

783,

791,

114

195,

788

105,

431

4,12

072

,869

2,79

332

7,13

517

,804

67,8

253,

680

6,97

6,02

332

4,06

3 7

4,68

6 15

,432

3,55

6.48

Feb-

042,

339,

950

86,3

592,

868,

432

161,

464

98,9

383,

754

74,9

332,

791

238,

517

13,8

7375

,771

4,59

85,

696,

541

272,

839

62,

881

14,3

603,

309.

51

Con

td...

Con

td...

169

Tab

le 6

-4 :

Busi

ness

Gro

wth

of F

utur

es &

Opt

ions

Mar

ket S

egm

ent

Mon

th/

Yea

rIn

dex

Fut

ures

Stoc

k F

utur

esIn

dex

Opt

ions

Stoc

k O

ptio

nsT

otal

Ave

rage

Dai

ly

Tra

ding

Vol

ume

Cal

lP

utC

all

Put

Con

trac

ts

Tra

ded

Tra

ding

V

olum

e N

o. o

f C

ontr

acts

T

rade

d

Tra

ding

V

alue

N

o. o

f C

ontr

acts

Tra

ded

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

trac

ts

Tra

ded

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

-tr

acts

T

rade

d

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

-tr

acts

T

rade

d

No-

tion

al

Tra

d-in

g V

ol-

ume

No.

of

Con

trac

ts

Tra

ded

Tra

ding

Vol

ume

(Rs.

cr.

)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s.cr

)(R

s.cr

)(U

S $

mn)

(Rs.

cr)

(US

$ m

n)

Mar

-04

2,50

5,10

288

,710

3,77

7,20

614

4,24

313

2,35

24,

811

92,3

643,

357

367,

722

14,3

0913

1,87

45,

051

7,00

6,62

026

0,48

1 6

0,03

3 11

,840

2,72

8.75

2003

-04

17,1

91,6

6855

4,46

232

,368

,842

1,30

5,94

91,

043,

894

31,8

0168

8,52

021

,022

4,24

8,14

916

8,17

41,

334,

922

49,0

3856

,886

,776

2,13

0,64

9 4

91,0

46

8,38

81,

933.

25

Apr

-04

2,16

4,52

879

,560

3,82

9,40

312

1,04

811

5,37

84,

347

80,7

332,

968

292,

628

9,64

085

,998

2,73

66,

568,

668

220,

299

50,

354

11,0

152,

517.

71

May

-04

2,55

1,98

582

,149

3,32

2,79

992

,628

196,

198

6,82

410

0,43

03,

469

246,

630

7,71

763

,156

1,97

66,

481,

198

194,

763

44,

517

9,27

42,

119.

87

Jun-

042,

152,

644

64,0

173,

125,

283

78,3

9215

8,78

44,

914

117,

041

3,55

919

3,68

75,

339

75,3

802,

084

5,82

2,81

915

8,30

6 3

6,18

4 7,

196

1,64

4.73

Jul-0

41,

971,

231

61,1

253,

492,

774

94,0

0918

9,17

96,

059

124,

352

3,85

626

2,75

57,

614

94,2

222,

682

6,13

4,51

317

5,34

5 4

0,07

9 7,

970

1,82

1.77

Aug

-04

1,80

3,26

357

,926

3,57

7,91

199

,591

127,

779

4,19

298

,618

3,19

328

4,01

38,

499

86,9

192,

604

5,97

8,50

317

6,00

6 4

0,23

0 8,

000

1,82

8.63

Sep-

041,

463,

682

49,5

003,

768,

178

107,

123

124,

547

4,28

293

,808

3,16

436

5,18

710

,763

116,

304

3,54

75,

931,

706

178,

380

40,

772

8,10

81,

853.

30

Oct

-04

1,32

0,17

347

,191

3,66

0,04

711

1,69

513

8,09

95,

030

97,6

283,

500

357,

625

11,6

8493

,342

3,12

45,

666,

914

182,

224

41,

651

9,11

12,

082.

56

Nov

-04

1,02

3,11

138

,277

3,60

0,13

511

3,52

513

1,21

84,

979

102,

223

3,81

436

3,15

811

,971

94,8

103,

239

5,31

4,65

517

5,80

5 4

0,18

4 8,

790

2,00

9.19

Dec

-04

1,44

7,46

458

,333

5,23

8,49

817

9,38

713

0,55

75,

355

108,

650

4,35

648

1,34

916

,952

108,

951

3,84

57,

515,

469

268,

227

61,

309

11,6

622,

665.

61

Jan-

051,

931,

290

76,1

514,

551,

564

159,

564

176,

682

7,18

814

3,41

65,

786

362,

345

13,5

0281

,618

3,10

07,

246,

915

265,

290

60,

638

13,9

633,

191.

46

Feb-

051,

729,

103

71,5

464,

167,

787

151,

743

168,

594

7,12

814

4,62

75,

998

367,

707

13,8

9083

,843

3,24

76,

661,

661

253,

551

57,

955

12,6

782,

897.

73

Mar

-05

2,07

6,97

586

,398

4,70

8,68

717

5,36

321

3,63

29,

074

211,

385

8,91

836

9,89

514

,496

113,

590

4,60

87,

694,

164

298,

857

68,

310

13,5

843,

105.

01

2004

-05

21,6

35,4

4977

2,17

447

,043

,066

1,48

4,06

71,

870,

647

69,3

731,

422,

911

52,5

813,

946,

979

132,

066

1,09

8,13

336

,792

77,0

17,1

852,

547,

053

582,

183

10,0

672,

301.

12

Apr

-05

3,3

32,3

61

65,

598

4,22

5,62

3 1

06,1

29

361

,544

7

,295

2

95,0

20

5,9

81

307

,994

8

,203

1

05,9

55

2,7

64

8,6

28,4

97

195,

969

43,

929

9,7

98

2,19

6.47

May

-05

3,5

45,9

71

70,

465

4,4

66,4

04

112

,882

3

82,5

30

7,7

26

353

,975

7

,056

2

88,1

37

7,6

42

100

,602

2

,609

9

,137

,619

2

08,3

80

46,

712

9,4

72

2,12

3.25

Jun-

05 3

,626

,288

7

7,21

8 5

,783

,428

1

63,0

96

421

,480

9

,092

3

31,7

53

7,0

41

385

,640

1

1,67

7 1

04,4

78

3,1

22

10,

653,

067

271

,246

6

0,80

4 11

,793

2,

643.

65

Jul-0

5 3

,451

,684

7

7,39

9 6

,537

,794

1

99,6

38

358

,867

8

,130

3

89,1

54

8,6

42

376

,129

1

1,73

5 8

4,98

9 2

,623

1

1,19

8,61

7 3

08,1

66

69,

080

15,4

08

3,45

4.00

Con

td...

Con

td...

170

Tab

le 6

-4 :

Busi

ness

Gro

wth

of F

utur

es &

Opt

ions

Mar

ket S

egm

ent

Mon

th/

Yea

rIn

dex

Fut

ures

Stoc

k F

utur

esIn

dex

Opt

ions

Stoc

k O

ptio

nsT

otal

Ave

rage

Dai

ly

Tra

ding

Vol

ume

Cal

lP

utC

all

Put

Con

trac

ts

Tra

ded

Tra

ding

V

olum

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o. o

f C

ontr

acts

T

rade

d

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ding

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alue

N

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f C

ontr

acts

Tra

ded

No-

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No.

of

Con

trac

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No-

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No.

of

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No.

of

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d

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tion

al

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No.

of

Con

trac

ts

Tra

ded

Tra

ding

Vol

ume

(Rs.

cr.

)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s.cr

)(R

s.cr

)(U

S $

mn)

(Rs.

cr)

(US

$ m

n)

Aug

-05

4,2

78,8

29

100

,813

7

,124

,266

2

34,8

17

444

,294

1

0,62

0 4

85,0

01

11,

372

350

,370

1

1,93

5 8

1,45

3 2

,750

1

2,76

4,21

3 3

72,3

07

83,

458

16,9

23

3,79

3.56

Sep-

05 4

,701

,774

1

18,9

05

6,9

95,1

69

236

,945

5

23,9

48

13,

370

583

,081

1

4,55

0 3

63,8

72

12,

917

85,

897

3,0

69

13,

253,

741

399

,756

8

9,61

1 19

,036

4,

267.

21

Oct

-05

6,8

49,7

32

170

,100

6

,526

,919

2

14,3

98

695

,311

1

7,63

2 7

15,2

08

17,

954

309

,120

1

0,75

3 8

0,13

4 2

,822

1

5,17

6,42

4 4

33,6

60

97,

211

21,6

83

4,86

0.57

Nov

-05

5,2

38,1

75

135

,478

6

,252

,736

2

16,5

26

595

,900

1

5,58

2 6

04,6

57

15,

491

287

,136

1

0,06

9 7

7,05

2 2

,708

1

3,05

5,65

6 3

95,8

53

88,

736

19,7

93

4,43

6.82

Dec

-05

6,6

13,0

32

183

,293

6

,252

,736

2

80,2

83

775

,216

2

1,86

2 7

64,9

64

21,

125

361

,268

1

3,63

0 9

5,26

1 3

,614

1

4,86

2,47

7 5

23,8

07

117

,419

23

,809

5,

337.

24

Jan-

06 5

,760

,999

1

66,1

27

7,1

34,1

99

265

,042

6

63,6

84

19,

392

666

,782

1

9,12

9 3

65,4

93

14,

265

90,

562

3,6

29

14,

681,

719

487

,584

1

09,2

99

24,3

79

5,46

4.96

Feb-

06 5

,186

,835

1

56,3

59

7,4

43,1

78

288

,715

5

06,7

14

15,

526

559

,682

1

6,80

5 3

26,2

33

12,

350

75,

740

2,9

18

14,

098,

382

492

,672

1

10,4

40

25,9

30

5,81

2.63

Mar

-06

5,9

52,2

06

192

,035

1

0,84

4,40

0 4

73,2

51

683

,979

2

2,40

7 7

72,3

72

24,

690

444

,604

1

8,57

6 9

2,65

7 3

,890

1

8,79

0,21

8 7

34,8

49

164

,727

33

,402

7,

487.

61

2005

-06

58,

537,

886

1,51

3,79

1 7

9,58

6,85

2 2,

791,

721

6,4

13,4

67

168,

632

6,5

21,6

49

169,

837

4,16

5,99

6 14

3,75

2 1,

074,

780

36,5

18

156,

300,

630

4,8

24,2

50

1,08

1,42

8 19

,220

4,

308.

48

Apr

-06

5,8

47,0

35

204

,238

1

0,02

1,52

9 4

60,5

54

773

,632

2

7,52

4 7

15,4

72

24,

897

393

,306

1

7,62

7 6

7,17

9 2

,998

1

7,81

8,15

3 7

37,8

39

169

,268

40

,991

9,

403.

77

May

-06

7,6

66,5

25

257

,328

9

,082

,184

4

09,4

03

929

,908

3

3,09

6 7

25,7

69

25,

694

317

,774

1

4,91

0 4

1,90

4 1

,971

1

8,76

4,06

4 7

42,4

01

170

,315

33

,746

7,

741.

57

Jun-

06 8

,437

,382

2

43,5

71

6,2

41,2

47

243

,954

1

,118

,170

3

4,15

8 7

93,2

28

23,

814

206

,960

8

,767

5

7,52

7 2

,541

1

6,85

4,51

4 5

56,8

04

127

,737

24

,209

5,

553.

77

Jul-0

6 6

,103

,483

1

86,7

58

5,6

14,0

44

222

,538

8

98,7

96

28,

378

851

,659

2

6,33

4 2

47,5

62

10,

279

69,

314

2,9

68

13,

784,

858

477

,255

1

09,4

87

22,7

26

5,21

3.68

Aug

-06

5,2

50,9

73

173

,334

7

,530

,310

2

29,1

82

807

,014

2

7,27

6 7

89,2

41

25,

830

358

,753

1

1,27

3 8

7,76

7 2

,772

1

4,82

4,05

8 4

69,6

66

107

,746

21

,348

4,

897.

55

Sep-

06 5

,081

,055

1

77,5

18

8,6

44,1

37

275

,430

7

62,4

99

27,

130

762

,222

2

6,51

7 4

28,2

37

13,

791

79,

316

2,5

60

15,

757,

466

522

,946

1

19,9

69

24,9

02

5,71

2.83

Oct

-06

4,5

56,9

84

166

,974

7

,929

,018

2

72,5

16

622

,933

2

3,19

5 7

29,8

55

26,

549

400

,618

1

3,87

3 7

4,31

8 2

,553

1

4,31

3,72

6 5

05,6

58

116

,003

25

,283

5,

800.

16

Nov

-06

4,6

44,6

32

180

,781

1

0,53

9,50

7 3

88,8

00

701

,372

2

7,56

8 8

45,2

70

32,

450

463

,369

1

6,88

6 9

0,36

9 3

,343

1

7,28

4,51

9 6

49,8

29

149

,077

29

,538

6,

776.

25

Dec

-06

5,7

98,1

18

225

,288

9

,261

,984

3

47,7

47

961

,242

3

8,30

3 1

,060

,753

4

1,41

6 3

69,7

43

13,

989

64,

886

2,4

19

17,

516,

726

669

,162

1

53,5

13

33,4

58

7,67

5.64

Jan-

07 4

,716

,781

1

90,5

92

9,3

64,3

21

350

,817

7

38,9

31

30,

400

902

,654

3

6,24

5 4

38,2

97

16,

705

71,

462

2,6

97

16,

232,

446

627

,456

1

43,9

45

31,3

73

7,19

7.25

Con

td...

Con

td...

171

Tab

le 6

-4 :

Busi

ness

Gro

wth

of F

utur

es &

Opt

ions

Mar

ket S

egm

ent

Mon

th/

Yea

rIn

dex

Fut

ures

Stoc

k F

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esIn

dex

Opt

ions

Stoc

k O

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nsT

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rage

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ly

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ding

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No.

of

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of

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No.

of

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No.

of

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ded

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ding

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ume

(Rs.

cr.

)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s. c

r)(R

s.cr

)(R

s.cr

)(U

S $

mn)

(Rs.

cr)

(US

$ m

n)

Feb-

07 7

,735

,651

2

42,2

37

9,8

53,8

84

352

,653

1

,332

,380

4

3,50

8 1

,440

,592

4

8,30

9 3

84,9

94

14,

273

73,

643

2,5

13

20,

821,

144

703

,492

1

61,3

88

37,0

26

8,49

4.13

Mar

-07

15,

648,

805

290

,957

1

0,87

3,23

6 2

77,3

78

2,9

85,4

72

57,

683

2,9

08,3

74

55,

639

384

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9

,530

1

11,3

33

2,5

76

32,

911,

899

693

,763

1

59,1

56

33,0

36

7,57

8.88

2006

-07

81,

487,

424

2,53

9,57

5 10

4,95

5,40

1 3,

830,

972

12,6

32,3

49

398,

219

12,5

25,0

89

393,

693

4,39

4,29

2 16

1,90

2 8

89,0

18

31,9

09

216,

883,

573

7,3

56,2

71

1,68

7,60

5 29

,543

6,

777.

53

Apr

-07

10,

383,

282

205

,458

1

0,64

7,86

6 2

96,6

29

2,4

02,7

64

48,

574

2,4

71,6

98

48,

576

506

,497

1

3,73

5 1

28,8

60

3,3

15

26,

540,

967

616

,287

1

54,1

87

30,8

14

7,7

09

May

-07

10,

219,

149

214

,523

1

3,35

0,66

7 4

00,0

96

1,9

93,7

61

42,

577

2,0

61,9

21

42,

888

625

,846

1

9,38

0 1

32,4

60

3,9

77

28,

383,

804

723

,443

1

80,9

96

34,4

50

8,6

19

Jun-

07 1

1,40

7,86

5 2

40,7

97

14,

287,

983

451

,314

2

,116

,761

4

5,56

8 2

,224

,230

4

6,93

6 5

79,0

74

18,

359

115

,515

3

,569

3

0,73

1,42

8 8

06,5

42

201

,787

38

,407

9

,609

Jul-0

7 1

0,60

5,48

3 2

38,5

77

18,

888,

008

647

,356

1

,684

,458

3

8,41

5 2

,537

,127

5

6,14

6 8

50,1

53

28,

895

172

,005

5

,687

3

4,73

7,23

4 1

,015

,077

2

53,9

60

46,1

40

11,

544

Aug

-07

17,

052,

495

363

,988

1

5,79

8,35

1 5

19,3

85

3,1

58,7

58

69,

705

3,2

80,9

21

71,

256

774

,381

2

6,76

9 1

71,0

19

5,6

29

40,

235,

925

1,0

56,7

31

264

,381

48

,033

1

2,01

7

Sep-

07 1

0,90

4,56

4 2

56,4

70

17,

653,

654

670

,968

2

,020

,510

4

8,37

0 2

,599

,916

5

9,59

4 7

97,2

64

31,

958

143

,404

5

,527

3

4,11

9,31

2 1

,072

,889

2

68,4

24

53,6

44

13,

421

Oct

-07

17,

842,

671

485

,079

2

4,00

8,47

0 1

,120

,263

2

,808

,150

7

8,73

1 3

,599

,639

9

5,26

2 9

84,1

50

47,

981

142

,394

6

,347

4

9,38

5,47

4 1

,833

,663

4

58,7

60

83,3

48

20,

853

Nov

-07

12,

668,

280

365

,564

1

8,03

3,29

4 9

89,1

13

2,0

14,5

33

60,

097

1,9

94,1

75

56,

855

710

,304

4

0,29

7 1

01,3

27

5,3

79

35,

521,

913

1,5

17,3

04

379

,611

68

,968

1

7,25

5

Dec

-07

9,6

09,2

09

287

,357

1

6,56

5,23

6 8

49,9

97

1,6

24,3

54

49,

964

1,8

05,0

71

53,

202

578

,100

3

0,27

9 7

1,33

4 3

,432

3

0,25

3,30

4 1

,274

,230

3

18,7

97

67,0

65

16,

779

Jan-

08 1

6,14

8,83

8 4

50,6

57

23,

736,

610

851

,213

2

,018

,823

6

0,75

3 1

,957

,642

5

8,07

4 7

64,9

89

29,

383

103

,561

3

,800

4

4,73

0,46

3 1

,453

,881

3

63,7

43

63,2

12

15,

815

Feb-

08 1

4,06

4,21

1 3

52,2

26

14,

491,

601

421

,838

2

,185

,165

5

9,93

1 1

,934

,412

5

0,32

0 4

27,4

83

12,

733

82,

832

2,1

68

33,

185,

704

899

,217

2

24,9

73

42,8

20

10,

713

Mar

-08

15,

692,

532

359

,970

1

6,12

6,21

2 3

30,3

90

2,6

39,8

45

66,

131

2,2

31,4

04

54,

186

404

,472

8

,674

9

3,20

7 1

,862

3

7,18

7,67

2 8

21,2

15

205

,458

45

,623

1

1,41

4

2007

-08

156,

598,

579

3,82

0,66

7 20

3,58

7,95

2 7,

548,

563

26,6

67,8

82

668,

816

28,6

98,1

56

693,

295

8,00

2,71

3 30

8,44

3 1,

457,

918

50,6

93

425,

013,

200

13,0

90,4

78

3,27

5,07

6 52

,153

1

3,04

8

Con

td...

172

Table 6-5 : Sectorwise Trading Value of Top 5 companies in the F&O Segment (2007-08)

BANKS FMCG

Company Name Turnover (Rs.cr)


State Bank of India Ltd. 253,267.56 ITC LTD. 46,050.47

ICICI Bank Ltd. 148,047.74 Hindustan Unilever Ltd. 23,515.2

Industrial Development Bank of India Ltd.

110,298.87 United Spirits Limited 20,523.94

Kotak Mahindra Bank Ltd. 37,638.77 Tata Tea Ltd. 12,036.18

Bank of India Ltd. 35,193.99 Dabur India Ltd. 5,843.93

INFRASTRUCTURE MEDIA & ENTERTAINMENT



Reliance Energy Limited 412,919.75 Adlabs Films Ltd. 20,917.05

GMR Infrastructure Ltd 204,062.79 New Delhi Television Ltd. 19,787.91

NTPC Ltd. 134,525.69 Zee Entertainment Enterprises Ltd. 13,588.33

DLF Ltd. 108,059.61 Wire and Wireless (India) Ltd. 5,473.84

Power Grid Corporation of India Ltd.

88,941.04 Sun TV Network Limited 4,072.26

PHARMACEUTICALS TELECOMMUNICATION



Divi’s Laboratories Ltd. 43,600.07 Reliance Communications Ltd. 279,751.81

Ranbaxy Laboratories Ltd. 30,481.86 Bharti Airtel Ltd. 98,213.67

CIPLA Ltd. 19,300.92 Idea Cellular Limited 55,630.72

Orchid Chemicals & Pharmaceuti-cals Ltd.

14,455.73 Tata Teleservices (Maharashtra) Ltd. 45,946.44

Dr. Reddy’s Laboratories Ltd. 12,229.96 Mahanagar Telephone Nigam Ltd. 43,609.17

Contd...

173

Table 6-5 : Sectorwise Trading Value of Top 5 companies in the F&O Segment (2007-08)

FINANCE INFORMATION TECHNOLOGY



Reliance Capital Ltd. 372,167.48 Infosys Technologies Ltd. 97,816.91

IFCI Ltd. 113,226.23 Satyam Computer Services Ltd. 49,106.07

Infrastructure Development Finance Company Ltd.

84,181.08 Tata Consultancy Services Ltd. 46,323.12

Power Finance Corporation Ltd. 45,799.95 WIPRO Ltd. 25,824.99

India Infoline Ltd. 38,446.71 Educomp Solutions Ltd. 24,998.91

PETROCHEMICALS MANUFACTURING



Reliance Industries Ltd. 516,549.8 Reliance Natural Resources Ltd. 386,341.73

Reliance Petroleum Ltd. 297,798.23 Tata Steel Ltd. 209,307.84

Essar Oil Ltd. 78,884.15 Steel Authority of India Ltd. 144,168.33

Oil & Natural Gas Corpn. Ltd. 71,942.7 Jindal Steel & Power Ltd. 92,883.11

Mangalore Refi nery & Petrochemicals Ltd.

47,866.37 Bharat Heavy Electricals Ltd. 76,546.00

SERVICES ENGINEERING



Deccan Aviation Ltd. 16,689.86 BEML Ltd. 5,838.5

Indian Hotels Co. Ltd. 13,588.77 Larsen & Toubro Ltd. 128,447.52

The Great Eastern Shipping Co. Ltd.

11,773.87 Praj Industries Ltd. 50,781.51

Jet Airways (India) Ltd. 10,464.91

Hotel Leela Venture Ltd. 9,574.72

Contd...

174

Tab

le 6

-6 :

Part

icip

ant w

ise

Tra

ding

Val

ue in

the

F&O

Seg

men

t (20

07-0

8)

Mon

th/Y

ear

Inst

itut

iona

l inv

esto

rsR

etai

l Inv

esto

rsP

ropr

ieta

ry I

nves

tors

Gro

ss T

rade

d V

alue

%

to

Gro

ssT

urno

ver

Gro

ss T

rade

d V

alue

%

to

Gro

ssT

urno

ver

Gro

ss T

rade

d V

alue

%

to

Gro

ssT

urno

ver

(Rs.

cr.

)U

S $

mn

(Rs.

cr.

)U

S $

mn

(Rs.

cr.

)U

S $

mn

Apr

-07

155

,557

3

8,91

8 1

2.62

7

48,6

14

187

,294

60

.74

328,

402

82,1

6226

.64

May

-07

147

,921

3

7,00

8 1

0.22

9

19,7

17

230

,102

63

.57

379,

247

94,8

8326

.21

Jun-

07 1

93,9

73

48,

530

12.

03

1,0

05,4

14

251

,542

62

.33

413,

697

103,

502

25.6

4

Jul-0

7 2

53,2

75

63,

366

12.

48

1,2

58,1

73

314

,779

61

.97

518,

705

129,

774

25.5

5

Aug

-07

303

,332

7

5,89

0 1

4.35

1

,263

,505

3

16,1

13

59.7

954

6,62

513

6,75

925

.86

Sep-

07 2

58,5

70

64,

691

12.

05

1,3

50,7

09

337

,931

62

.95

536,

498

134,

225

25.0

0

Oct

-07

390

,744

9

7,75

9 1

0.66

2

,349

,707

5

87,8

68

64.0

792

6,87

523

1,89

325

.27

Nov

-07

258

,570

6

4,69

1 8

.52

2,0

39,4

21

510

,238

67

.21

736,

618

184,

293

24.2

7

Dec

-07

310

,552

7

7,69

6 1

2.19

1

,659

,533

4

15,1

95

65.1

157

8,37

514

4,70

222

.70

Jan-

08 3

99,2

83

99,

896

13.

73

1,8

17,1

56

454

,630

62

.49

691,

323

172,

960

23.7

8

Feb-

08 3

11,1

95

77,

857

17.

30

1,0

63,8

76

266

,169

59

.16

423,

363

105,

920

23.5

4

Mar

-08

273

,062

6

8,31

7 1

6.63

1

,009

,899

2

52,6

64

61.4

835

9,46

889

,934

21.8

9

2007

-08

3,2

56,0

34

814

,619

1

2.44

1

6,48

5,72

4 4

,124

,524

62

.97

6,4

39,1

96

1,6

11,0

07

24.5

9

175

Table 6-7 : FII Gross turnover in Derivative Market Segment of NSE

Month/Year FII Gross Turnover Market Gross Turnover Contribution of FII turnover to total turnover

(Rs. cr.) (US $ mn) (Rs.cr.) (US $ mn) (%)

Apr-06 108,391 24,866 1,475,664 338,533 7.35

May-06 129069.27 29,610 1484780 340,624 8.69

Jun-06 102690.44 23,558 1113594 255,470 9.22

Jul-06 82938.41 19,027 954510 218,975 8.69

Aug-06 75315.9 17,278 939324 215,491 8.02

Sep-06 89432.38 20,517 1045892 239,939 8.55

Oct-06 96119.06 22,051 1011316 232,006 9.50

Nov-06 98746.67 22,654 1299658 298,155 7.60

Dec-06 115079.5 26,400 1338324 307,025 8.60

Jan-07 120,634.83 27,675 1254912 287,890 9.61

Feb-07 129,646.2 29,742 1,406,984 322,777 9.21

Mar-07 138,148.21 31,693 1,387,526 318,313 9.96

2006-07 1,286,211 295,070 14,712,484 3,375,197 8.74

Apr-07 133,931 33,508 1,232,573 308,375 10.87

May-07 125,543 31,409 1,446,886 361,993 8.68

Jun-07 152,501 38,154 1,613,084 403,574 9.45

Jul-07 185,285 46,356 2,030,153 507,919 9.13

Aug-07 237,212 59,348 2,113,463 528,762 11.22

Sep-07 194,381 48,632 2,145,778 536,847 9.06

Oct-07 285,042 71,314 3,667,326 917,520 7.77

Nov-07 238,884 59,766 3,034,609 759,222 7.87

Dec-07 228,110 57,070 2,548,460 637,593 8.95

Jan-08 300,490 75,179 2,907,762 727,486 10.33

Feb-08 229,392 57,391 1,798,434 449,946 12.76

Mar-08 192,741 48,221 1,642,429 410,915 11.74

2007-08 2,503,511 626,348 26,180,956 6,550,151 9.56

176

Table 6-8a : Number of Members in different turnover brackets (F & O Segments) during 2007-08

Upto Rs. 10 crores

Rs. 10 crores upto

Rs. 50 crores

Rs. 50 crores upto

Rs. 250 crores

Rs. 250 crores upto

Rs.500 crores

Rs. 500 crores upto

Rs. 1000 crores

Rs. 1000 crores and

more

Apr-07 50 100 192 116 101 220

May-07 38 93 181 116 107 253

Jun-07 37 81 188 103 131 254

Jul-07 36 64 172 106 125 296

Aug-07 35 58 185 108 130 286

Sep-07 27 68 167 113 123 308

Oct-07 18 45 140 97 114 400

Nov-07 20 60 144 106 104 385

Dec-07 25 71 158 100 111 356

Jan-08 25 63 154 104 116 359

Feb-08 51 93 197 117 95 270

Mar-08 55 103 189 105 111 258

2007-08 12 13 45 37 54 691

Table 6-8c : Segment wise Contribution of Top ‘N’ Members to turnover on Futures and Options segment

(in percent)

Month Futures Segment Options Segment

Top 5 Mem-bers

Top 10 Mem-bers

Top 15 Mem-bers

Top 25 Mem-bers

Top 5 Mem-bers

Top 10 Mem-bers

Top 15 Mem-bers

Top 25 Mem-bers

2005-06 12 20 26 36 23 36 45 55

2006-07 14 22 28 38 23 36 46 58

Apr-07 14 24 31 41 21 35 45 59

May-07 14 23 30 39 20 33 43 57

Jun-07 14 23 30 40 21 34 43 58

Jul-07 14 23 29 39 22 34 43 57

Aug-07 15 24 30 41 20 33 43 56

Sep-07 14 23 29 39 21 33 43 56

Oct-07 14 23 30 40 23 35 44 56

Nov-07 15 23 30 40 26 37 46 58

Dec-07 15 24 31 40 25 37 45 58

Jan-08 16 24 31 41 28 39 48 59

Feb-08 17 24 30 41 25 38 48 60

Mar-08 16 24 30 40 24 37 47 59

2007-08 14 23 29 39 23 34 43 56

Turnover

Month/Year

177

Tab

le 6

-8b

: No.

of m

embe

rs in

diff

eren

t Tur

nove

r Br

acke

ts in

Fut

ures

and

Opt

ions

Seg

men

t for

200

7-08

Mon

thF

utur

es S

egm

ent

Opt

ions

Seg

men

t

Num

ber

of M

embe

rsN

umbe

r of

Mem

bers

Upt

o R

s. 1

0 cr

ores

Rs.

10

cror

es

upto

R

s. 5

0 cr

ores

Rs.

50

cror

es

upto

R

s.25

0 cr

ores

Rs.

250

cr

ores

up

to

Rs.

500

cror

es

Rs.

500

cr

ores

up

to

Rs.

1000

cr

ores

Rs.

100

0 cr

ores

and

m

ore

Upt

o R

s. 1

0 cr

ores

Rs.

10

cror

es

upto

R

s. 5

0 cr

ores

Rs.

50

cror

es

upto

R

s.25

0 cr

ores

Rs.

250

cr

ores

up

to

Rs.

500

cror

es

Rs.

500

cr

ores

up

to

Rs.

1000

cr

ores

Rs.

100

0 cr

ores

and

m

ore

Apr

-07

5810

920

311

010

519

429

718

218

044

3343

May

-07

4310

318

811

610

523

329

418

918

742

3640

Jun-

0742

8919

811

011

723

829

818

518

754

2644

Jul-0

738

7617

611

311

927

729

118

218

755

3648

Aug

-07

3867

198

116

117

266

253

190

187

6640

66

Sep-

0731

8017

211

312

228

826

920

218

158

3957

Oct

-07

1955

149

104

110

377

219

186

204

7845

82

Nov

-07

2273

145

107

114

358

255

210

186

6444

60

Dec

-07

2772

170

104

114

334

302

196

172

6038

53

Jan-

0830

6417

095

116

346

289

198

188

5043

53

Feb-

0857

102

205

113

9625

034

618

916

040

4048

Mar

-08

6311

121

199

9724

033

518

516

747

3948

2007

-08

1314

5042

5767

698

9617

696

9129

5

178

Table 6-9 : Top 20 Futures contracts according to number of contracts traded 2007-08

S. No.

Name of the Contract Number of Contracts

Turnover Percentage of contracts to

Top 20 contracts

(Rs.cr.) (US $ mn)

1 NIFTY AUGUST 2007 18,159,676 390,091.73 97,596.13 11.04

2 NIFTY JANUARY 2008 15,600,290 450,887.27 112,806.42 9.48

3 NIFTY OCTOBER 2007 15,524,414 410,969.77 102,819.56 9.44

4 NIFTY NOVEMBER 2007 14,709,803 420,742.20 105,264.50 8.94

5 NIFTY MARCH 2008 13,639,589 328,917.19 82,291.02 8.29

6 NIFTY FEBRUARY 2008 12,780,443 331,628.11 82,969.26 7.77

7 NIFTY SEPTEMBER 2007 11,381,757 259,314.14 64,877.19 6.92

8 NIFTY MAY 2007 11,075,776 230,073.20 57,561.47 6.73

9 NIFTY JUNE 2007 10,779,814 226,492.01 56,665.50 6.55

10 NIFTY DECEMBER 2007 9,508,803 280,628.69 70,209.83 5.78

11 NIFTY JULY 2007 8,348,198 184,610.83 46,187.35 5.08

12 NIFTY APRIL 2007 7,979,010 155,816.49 38,983.36 4.85

13 NIFTY APRIL 2008 3,243,808 78,108.49 19,541.78 1.97

14 RELIANCE JANUARY 2008 2,583,400 55,968.98 14,002.75 1.57

15 RELIANCE OCTOBER 2007 1,774,938 67,334.74 16,846.32 1.08

16 RELIANCE MARCH 2008 1,710,744 29,562.02 7,396.05 1.04

17 RELIANCE NOVEMBER 2007 1,577,411 65,453.51 16,375.66 0.96

18 RELIANCE FEBRUARY 2008 1,497,880 28,230.25 7,062.86 0.91

19 RELIANCE AUGUST 2007 1,489,324 40,993.81 10,256.15 0.91

20 REL OCTOBER 2007 1,124,548 93,076.45 23,286.58 0.68

TOTAL 164,489,626 4,128,899.90 1,032,999.73 100.00

179

Table 6-10 : Top 20 Option contracts according to no. of contracts traded 2007-08

S. No.

Name of the Contract Number of Contracts

Turnover Percentage of contracts to Top 20 contracts

(Rs.cr) (US $ mn)

1 NIFTY AUGUST 2007 PE 4300 658,870 14,511.08 3,630.49 5.962 NIFTY AUGUST 2007 PE 4200 640,609 13,716.20 3,431.62 5.793 NIFTY MAY 2007 CE 4100 625,571 13,167.81 3,294.42 5.664 NIFTY JUNE 2007 PE 4200 620,883 13,281.88 3,322.96 5.625 NIFTY AUGUST 2007 CE 4400 616,997 13,795.13 3,451.37 5.586 NIFTY AUGUST 2007 PE 4100 600,467 12,520.36 3,132.44 5.437 NIFTY MAY 2007 CE 4200 587,317 12,539.35 3,137.19 5.318 NIFTY AUGUST 2007 CE 4300 569,243 12,492.06 3,125.36 5.159 NIFTY JUNE 2007 CE 4300 561,473 12,204.11 3,053.32 5.0810 NIFTY JUNE 2007 CE 4200 561,271 12,008.63 3,004.41 5.0811 NIFTY OCTOBER 2007 PE 5000 532,650 13,541.03 3,387.80 4.8212 NIFTY AUGUST 2007 PE 4400 529,870 12,010.52 3,004.88 4.7913 NIFTY SEPTEMBER 2007 PE 4400 526,111 11,782.58 2,947.86 4.7614 NIFTY SEPTEMBER 2007 PE 4500 507,215 11,630.83 2,909.89 4.5915 NIFTY MAY 2007 PE 4100 503,723 10,512.35 2,630.06 4.5616 NIFTY AUGUST 2007 CE 4200 495,909 10,646.95 2,663.74 4.4917 NIFTY SEPTEMBER 2007 CE 4500 495,375 11,421.57 2,857.54 4.4818 NIFTY JUNE 2007 PE 4100 474,952 9,877.80 2,471.30 4.3019 NIFTY AUGUST 2007 CE 4500 474,933 10,849.70 2,714.46 4.3020 NIFTY NOVEMBER 2007 CE 5900 472,726 14,289.11 3,574.96 4.28

TOTAL 11,056,165 246,799.05 61,746.07 100.00

Table 6-11 : Number of trades in the Futures & Options Segment 2007-08

Month/Year Index Futures Stock Futures Index Options Stock Options Total

Apr-07 2,038,185 8,170,413 769,882 517,312 11,495,792

May-07 2,098,729 10,413,251 707,752 630,424 13,850,156

Jun-07 2,251,004 11,127,763 716,888 578,186 14,673,841

Jul-07 1,871,019 14,313,227 616,592 818,098 17,618,936

Aug-07 3,069,790 12,159,749 1,053,308 760,914 17,043,761

Sep-07 2,125,228 13,888,158 716,206 806,026 17,535,618

Oct-07 3,554,883 18,816,027 1,349,886 983,678 24,704,474

Nov-07 2,572,671 14,446,566 919,748 709,814 18,648,799

Dec-07 1,905,167 13,298,252 720,893 568,343 16,492,655

Jan-08 3,004,614 16,404,002 812,499 635,442 20,856,557

Feb-08 3,149,318 10,189,345 904,751 399,656 14,643,070

Mar-08 3,256,450 9,961,015 1,082,078 359,972 14,659,515

2007-08 30,897,058 153,187,768 10,370,483 7,767,865 202,223,174

180

Table 6-12 : Settlement Statistics in F&O Segment

Month/Year

Index/Stock Futures Index/Stock Options Total

MTM Settlement

Final Settlement

Premium Settlement

Exercise Settlement

(Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (Rs.cr) (US $ mn)

Jun-00 0.22 0.01 – – 0.23 0.05

Jul-00 1.46 0.04 – – 1.50 0.32

Aug-00 0.76 0.03 – – 0.79 0.17

Sep-00 2.11 0.13 – – 2.25 0.48

Oct-00 3.42 0.27 – – 3.69 0.79

Nov-00 4.65 0.07 – – 4.73 1.01

Dec-00 9.82 0.69 – – 10.50 2.25

Jan-01 11.94 0.11 – – 12.05 2.58

Feb-01 16.14 0.51 – – 16.65 3.57

Mar-01 33.56 0.06 – – 33.62 7.21

2000-01 84.08 1.93 – – 86.01 18.44

Apr-01 8.04 0.09 – – 8.13 1.67

May-01 3.78 0.11 – – 3.89 0.80

Jun-01 4.85 0.01 1.47 0.28 6.61 1.35

Jul-01 6.70 0.14 5.88 1.43 14.13 2.90

Aug-01 4.59 0.14 9.83 5.06 19.62 4.02

Sep-01 33.69 0.50 15.62 13.91 63.72 13.06

Oct-01 11.27 0.10 17.96 11.42 40.75 8.35

Nov-01 28.38 0.71 24.55 20.21 73.85 15.13

Dec-01 78.94 3.76 17.47 8.21 108.38 22.21

Jan-02 112.53 2.17 30.57 17.75 163.02 33.41

Feb-02 108.87 12.21 24.40 8.86 154.34 31.63

Mar-02 103.62 1.99 17.01 6.81 129.42 26.52

2001-02 505.25 21.93 164.76 93.95 785.88 161.04

Apr-02 106.56 4.15 17.3 8.65 136.66 28.77

May-02 166.54 1.84 21.53 14.35 204.26 43.00

Jun-02 124.05 3.44 19.70 10.35 157.54 33.17

Jul-02 160.88 1.70 23.60 10.67 196.85 41.44

Aug-02 102.1 2.88 20.46 13.89 139.33 29.33

Sep-02 119.83 1.44 23.31 13.46 158.04 33.27

Oct-02 128.24 7.79 25.80 16.64 178.47 37.57

Nov-02 110.93 8.68 33.71 35.34 188.66 39.72

Dec-02 164.04 5.33 44.64 16.82 230.83 48.60

Jan-03 218.42 2.99 38.39 22.94 282.74 59.52

Contd...

181


Month/Year


MTM Settlement

Final Settlement

Premium Settlement

Exercise Settlement


Feb-03 148.42 1.68 28.93 13.14 192.17 40.46

Mar-03 187.89 3.84 33.84 19.64 245.21 51.62

2002-03 1,737.90 45.76 331.21 195.88 2,310.76 486.47

Apr-03 205.81 4.79 46.00 30.01 286.60 66.05

May-03 163.59 5.74 38.04 30.43 237.80 54.81

Jun-03 220.23 3.86 48.78 46.50 319.37 73.60

Jul-03 389.79 8.02 69.43 44.77 512.01 118.00

Aug-03 569.60 8.58 77.32 58.81 714.31 164.63

Sep-03 1,031.87 9.24 78.12 30.41 1,149.64 264.96

Oct-03 1,188.05 14.11 99.15 60.31 1,361.61 313.81

Nov-03 939.35 23.86 63.40 22.11 1,048.72 241.70

Dec-03 905.46 17.90 69.99 41.10 1,034.44 238.41

Jan-04 2,668.21 12.82 107.46 42.67 2,831.16 652.49

Feb-04 1,329.70 16.40 68.26 24.42 1,438.77 331.59

Mar-04 1,210.32 13.62 93.00 44.58 1,361.53 313.79

2003-04 10,821.98 138.95 858.94 476.12 12,295.98 2833.83

Apr-04 837.28 15.67 64.70 25.29 942.95 215.53

May-04 2,556.13 13.47 91.29 35.82 2,696.71 616.39

Jun-04 535.25 20.05 46.81 9.85 611.96 139.88

Jul-04 451.15 15.14 72.13 42.77 581.19 132.84

Aug-04 548.01 8.66 50.90 14.65 622.22 142.22

Sep-04 480.12 12.63 56.21 39.74 588.70 134.56

Oct-04 837.82 23.18 68.50 31.00 960.50 219.54

Nov-04 691.17 10.21 76.82 41.95 820.15 187.46

Dec-04 1,238.58 22.31 104.09 56.54 1,421.52 324.92

Jan-05 2,317.69 31.74 96.36 42.37 2,488.16 568.72

Feb-05 991.63 10.62 96.35 39.30 1,137.90 260.09

Mar-05 1,539 44 117 77 1,777 406.09

2004-05 13,024.18 227.50 941.06 455.87 14,648.62 3348.25

Apr-05 1,736.91 31.15 82.83 30.32 1,881.22 421.70

May-05 943.69 41.74 72.54 44.95 1,102.92 247.24

Jun-05 1,095.79 35.18 93.16 71.32 1,295.45 290.39

Jul-05 1,567.52 38.49 92.86 58.85 1,757.72 394.02

Aug-05 2,544.80 36.56 118.94 26.78 2,727.08 611.32

Contd...

Contd...

182


Month/Year


MTM Settlement

Final Settlement

Premium Settlement

Exercise Settlement


Sep-05 2,366.70 17.31 135.91 95.85 2,615.77 586.36

Oct-05 3,479.10 120.46 143.92 79.20 3,822.67 856.91

Nov-05 1,831.40 32.17 122.63 75.71 2,061.90 462.21

Dec-05 2,487.80 22.74 139.72 67.05 2,717.30 609.12

Jan-06 2,034.60 107.17 139.52 52.06 2,333.35 523.06

Feb-06 1,886.60 44.47 146.68 56.86 2,134.61 478.50

Mar-06 3,610.60 70.45 231.87 158.89 4,071.81 912.76

2005-06 25,585.51 597.89 1,520.58 817.84 28,521.80 6393.59

Apr-06 7,413.50 97.47 237.13 104.32 7,852.42 1801.43

May-06 13,594.00 135.07 326.05 124.18 14,179.30 3252.88

Jun-06 6,854.10 50.29 265.36 97.01 7,266.76 1667.07

Jul-06 2,810.00 56.05 197.32 73.60 3,136.97 719.65

Aug-06 1,558.00 38.89 192.71 114.79 1,904.39 436.89

Sep-06 2,826.50 27.10 192.37 72.74 3,118.71 715.46

Oct-06 2,218.20 27.95 222.54 64.15 2,532.84 581.06

Nov-06 2,412.00 57.38 212.33 133.02 2,814.73 645.73

Dec-06 5,968.80 34.62 294.30 88.25 6,385.97 1465.01

Jan-07 3,664.00 99.04 276.52 121.33 4,160.90 954.55

Feb-07 5,981.70 115.28 321.41 59.28 6,477.67 1486.04

Mar-07 6,012.90 58.40 456.34 136.17 6,663.81 1528.75

2006-07 61,313.70 797.54 3,194.38 1,188.84 66,494.47 15254.52

Apr-07 4,162.90 41.96 385.58 188.36 4,778.80 1,197.69

May-07 3,251.10 94.92 294.13 211.43 3,851.58 965.31

Jun-07 3,794.50 72.59 367.07 92.24 4,326.39 1,084.31

Jul-07 4,935.20 71.64 498.15 247.67 5,752.66 1,441.77

Aug-07 11,299.00 107.60 599.84 143.88 12,150.33 3,045.20

Sep-07 5,300.00 103.42 569.62 583.62 6,556.66 1,643.27

Oct-07 15,924.00 222.61 918.41 669.84 17,734.85 4,444.82

Nov-07 16,248.00 282.38 615.11 327.17 17,472.66 4,379.11

Dec-07 14,125.00 77.17 478.38 203.60 14,884.14 3,730.36

Jan-08 39,768.00 105.11 777.95 767.43 41,418.49 10,380.57

Feb-08 13,679.00 64.00 604.58 169.88 14,517.46 3,638.46

Mar-08 12,168.00 68.72 651.35 187.14 13,075.21 3,276.99

2007-08 144,654.70 1,312.12 6,760.17 3,792.26 156,519.23 39,227.88

Contd...

Investor Grievances, Arbitration 7

185

7Investor Grievances, Arbitration

Investors are the backbone of the securities market. Protection of their interests is paramount for NSE. In furtherance of their interests, NSE has put in place systems to ensure availability of adequate, up-to-date and correct information to investors to enable them to take informed decisions. It ensures that critical and price-sensitive information reaching the exchange is made available to all classes of investor at the same point of time. Such price-sensitive information as bonus announcements, mergers, new line of business, etc. received from the companies is disseminated to all the market participants through the network of NSE terminals all over India. Action is initiated by the Exchange where any kind of price-sensitive information is not provided to the Exchange at the prescribed time. It ascertains the veracity of rumours and disseminates facts in the interest of investors. In an attempt to ease the existing system of information dissemination by the listed companies, NSE launched the electronic interface for listed companies in August 2004. Under the new system, all corporate announcements including that of Board meetings which needs to be disclosed to the market is handled electronically in a straight through and hands free manner. It also conducts various seminars and programs for the investors all over the country with a view to educate them on their rights and obligations. They are also made aware of the precautions they need to take while dealing in the securities market. It makes an audit trail available on request for all transactions executed on NSE to enable investors to counter-check trade details for the trades executed on his behalf by the member. It has also prescribed and makes effort to ensure the implementation of various safeguards like time schedules for issuing contract notes, for receiving funds and securities purchased by investors, segregation of client funds and securities from those of members, etc. The Exchange has also launched a facility to verify trades on the NSE website. Using this facility, an investor who had received a contract note from the trading member of the Exchange can check whether the trade has been executed.

Investor Grievances

NSE has put in place a system for redressal of investor grievances for matters/issues related to/against trading members/companies. The Investor Grievance Cell of NSE is manned by a team of professionals possessing relevant experience in the areas of securities markets, company and legal affairs, and specially trained to identify problems faced by the investor and to fi nd and effect a solution quickly. It takes up complaints in respect of trades executed on the NSE through its NEAT terminal and routed through the NSE trading member or SEBI registered sub-broker of NSE trading member and trades pertaining to companies traded on NSE. The status of receipt and disposal of investor grievances by the Exchange is presented in Table 7-1.

186

Investor Protection Fund

Some cushion to the interests of investors is provided by the Investor Protection Fund (IPF) set up by the stock exchange. The exchanges maintains an IPF to take care of investor claims, which may arise out of non settlement of obligations by the trading member, who has been declared a defaulter, in respect of trades executed on the Exchange. The maximum amount of claim payable from the Fund to the investor is reviewed by Exchange periodically maximum amount payable out of IPF was Rs. 10 lakhs upto December 31, 2007 and same has been enhanced to Rs. 11 Lakhs in respect of claims against members declared defaulter after January 1, 2008.

Arbitration

Arbitration is a speedy and alternative dispute resolution mechanism provided by the Exchange for resolving disputes between the trading members and between a trading member and his client, in respect of trades done on the Exchange. The arbitration mechanism is provided by the Exchange in all its Regional offi ces to facilitate the speedy dispute resolution mechanism. The parties to dispute appoint an arbitrator from the panel of arbitrators maintained by the Exchange and approved by SEBI. The arbitrator(s) pronounces an award after going through various documents submitted by the parties and hearing them. The status of arbitration matters with the Exchange as at end March 2008 is presented in Table 7-2.

187

Table 7-1 : Receipt and Disposal of Investor Grievance

Year Against Members Against Companies

Pending at the begin-ning

Received Disposed Pending at the end

Pending at the begin-ning

Received Disposed Pending at the end

1994-95 – – – – – 2 – 2

1995-96 – 56 13 43 2 39 17 24

1996-97 43 320 72 291 24 415 102 337

1997-98 291 259 439 111 337 576 716 197

1998-99 111 383 347 147 197 592 380 409

1999-00 147 197 298 46 409 808 842 375

2000-01 46 263 201 108 375 1,095 1,111 359

2001-02 108 789 710 187 359 607 667 299

2002-03 187 345 418 114 299 587 626 260

2003-04 114 282 253 143 260 527 558 229

2004-05 143 435 409 169 229 1,304 1,128 405

2005-06 169 1,128 1,051 246 405 1,023 1,200 228

2006-07 246 1,367 1,460 153 228 774 769 233

2007-08 153 1,915 1,101 967 233 964 888 309

Table 7-2 : Status Report of Arbitration Matters

Year No. of Cases Received

Withdrawn Awards Pending

1998 164 2 162 0

1999 CM 153 5 147 1

1999 WDM 2 1 1 0

2000 CM 149 6 143 0

2000 WDM 1 0 1 0

2001 CM 342 19 323 0

2001 WDM 0 0 0 0

2001 F&O 1 0 1 0

Contd...

188

Table 7-2 : Status Report of Arbitration Matters

Year No. of Cases Received

Withdrawn Awards Pending

2002 CM 275 7 268 0

2002 WDM 0 0 0 0

2002 F&O 5 0 5 0

2003 CM 136 4 132 0

2003 WDM 0 0 0 0

2003 F&O 17 0 17 0

2004 CM 119 6 113 0

2004 WDM 0 0 0 0

2004 F&O 42 3 39 0

2005 CM 138 3 135 0

2005 WDM 0 0 0 0

2005 F&O 66 0 66 0

2006 CM 224 5 219 0

2006 WDM 0 0 0 0

2006 F&O 191 8 183 0

2006 CO 1 0 1 0

2007 CM 275 9 249 17

2007 F&O 221 3 192 26

2008 CM upto March 2008

61 0 6 55

2008 F&O upto March 2008

116 1 2 113

Total 2,699 82 2,405 212

Contd...

Knowledge Initiative 8

191

8Knowledge Initiative

Several initiatives have been taken over the last few years to promote the skills of market participants, to educate and protect the investors and to promote high quality research about the working of the securities market. In line with this NSE has launched several initiatives to strengthen the knowledge base of the Indian securities market and to protect investor interest. Major initiatives in this area are discussed below:

NSE’s Certifi cation in Financial Markets

Taking into account international experience and the needs of the Indian fi nancial markets NSE introduced in 1998 a unique testing and certifi cation programme called National Stock Exchange’s Certifi cation in Financial Markets (NCFM). This was introduced with a view for protecting interests of investors in fi nancial markets and more importantly, for minimizing risks of losses arising out of defi cient understanding of markets and instruments. NCFM is an on-line testing system which tests the practical knowledge and skills required to operate in the fi nancial markets in a secure and unbiased manner and awards certifi cates based on relative merits thus ensuring that the caliber of persons entering this fi eld is kept high in the best interests of a mature and vibrant market.

The entire process from generation of question paper, testing, assessing, scores reporting and certifying is fully automated. It allows tremendous fl exibility in terms of testing centres, test dates and test timing and provides easy accessibility and convenience to candidates.

NCFM offers a comprehensive range of modules covering many different areas in fi nance (Table 8-1) In order to strengthen the Corporate Governance Standards, the Corporate Governance Module was introduced in October 2005. Financial Market: A Beginners Module was introduced in Feb 2006. This module has been prepared for those who are keen to acquire some basic but key information about the stock markets as an initial step towards becoming a more informed investor. This module will act as a means of satisfying some of the initial queries on the stock markets and has been prepared with the objective of introducing the functioning and role of the fi nancial markets in India to all those interested in this topic. The Compliance Offi cers Module was introduced in February 2006 with an objective of providing comprehensive knowledge and a proper understanding of the Acts governing the Securities Markets, Rules and Regulations of the Exchange, Listing Procedures, etc. This would enable an organization to adhere to the required compliance standards and not fall short of meeting any existing guidelines.

A Security Auditor for any fi nancial organization is essential and will be well equipped to handle matters relating to Information Security which includes Confi dentiality, integrity and timely availability of information for implementing effi cient business processes Information security is not just technology related security but much more than that, covering physical and environmental security, access controls, business continuity

192

planning etc. In view of this, the Information Security Auditors Module was introduced in October 2006 and consist of two parts Information Security Auditors Module (Part I) and (Part II). On successfully clearing both the parts, a candidate is provided with a ‘Certifi ed Information Security Auditor for Financial Markets’ certifi cation. The number of centers from where the NCFM tests are conducted has increased in the recent past. Currently the NCFM tests are conducted from 66 centers across the country.

NCFM Online Payment System

NCFM online payment was launched from January 16, 2006 in order to facilitate candidates to pay their test fees on-line. Online payment can be made by modes of credit card, debit card, cash or net banking. Candidates can log on to www.nseindia.com and click on the link ‘NCFM On-line’.

NCFM Tests conducted at international locations

NSE’s Certifi cation in Financial Market (NCFM) is gradually gaining international prominence. During the current fi scal NSE conducted the NCFM tests in Financial Markets- A Beginners’ Module and Derivatives Module in Mauritis on July 07, 2007 and September 19, 2007. Exams were also conducted in the Derivatives Module in Dhaka on 26th November 2007 and 09th June 2008.

NCFM Tests conducted in other languages

All the NCFM modules were in English language. In response to the requests received for tests to be conducted in other languages as well, NSE introduced the Derivatives Market (Dealers) Module in Gujarati and Hindi which was launched on February 15, 2008 and June 19, 2008 respectively.

CBSE - NSE Certifi cation in Financial Markets

Central Board of Secondary Education (CBSE) and NSE have introduced a joint certifi cation in Financial Markets for standard XI and XII students. This is the fi rst such exercise to introduce fi nancial literacy in schools and would provide an early exposure to young adults to the world of fi nance. The course, titled “Financial Markets Management” has been introduced by CBSE for academic year 2007 - 2008. Two fi nancial market related subjects, “Introduction to Financial Markets – I” and “Introduction to Financial Markets – II” are taught in standard XI and XII students respectively. Students opting for the course are required to take the NCFM on-line tests in “Financial Markets: A Beginners Module” in standard XI and both Capital Markets (Dealers) Module and Derivatives Markets (Dealers) Module, in standard XII. For the fi rst academic year 57 schools and 1307 students have enrolled for this programme and these numbers are likely to increase substantially in the coming years.

193

NSE Research Initiative

In order to improve market effi ciency further and to set international benchmarks in securities industry, NSE administers a scheme called the NSE Research Initiative. The initiative fosters research which can support and facilitate stock exchanges to design market microstructure, participants to frame their strategies in the market place, help regulators to frame regulations, policy makers to formulate policy and broaden the horizon of knowledge about the securities market. The initiative has received a tremendous response from the academics as well as the market participants from within and outside the country. The studies completed/under progress under the initiative is presented in Table 8-2.

194

Table 8-1: NCFM Modules

Sr. No

Name of Module TestDuration

No. of Questions

Maximum Marks

Pass Marks

Certifi cate Validity

(%) (in years)

1 Financial Markets: A Beginners’ Module

60 50 100 50 5

2 Securities Market (Basic) Module 105 60 100 60 5

3 Capital Market (Dealers) Module 105 60 100 50 5

4 Derivatives Market (Dealers) Module*

120 60 100 60 3

5 FIMMDA-NSE Debt Market (Basic) Module

120 60 100 60 5

6 NSDL–Depository Operations Module

75 60 100 60# 5

7 Commodities Market Module 120 60 100 50 3

8 AMFI-Mutual Fund (Basic) Module

90 62 100 50 No limit

9 AMFI-Mutual Fund (Advisors) Module

120 72 100 50 5

10 Surveillance in Stock Exchanges Module

120 50 100 60 5

11 Corporate Governance Module 90 100 100 60 5

12 Compliance Offi cers (Brokers) Module

120 60 100 60 5

13 Compliance Offi cers (Corpo-rates) Module

120 60 100 60 5

14

Information Security Auditors Module (Part-1

120 90 100 60

2Information Security Auditors Module (Part-2)

120 90 100 60

15 FPSB India Exam 1 to 5 120 75 140 60 –

16

Investment Banking Analyst Module (Paper 1)

120 100 100 – –

Investment Banking Analyst Module (Paper 2)

120 100 100 – –

* Candidates have the option to take the test in English, Gujarati or Hindi language. The workbook for the module will however be available in ENGLISH ONLY.

# Candidates securing 80% or more marks in NSDL-Depository Operations Module ONLY will be certifi ed as ‘Trainers’.

195

Table 8-2 : Studies under the NSE Research Initiative

SL. No. Title of Study

Completed Papers

1 Econometric Estimation of Systematic Risk of S&P CNX Nifty Constituents

2 Stock Market Development and its Impact on the Financing Pattern of the Indian Corporate Sector

3 Effi ciency of the Market for Small Stocks

4 Determinants of Financial Performance of Indian Corporate Sector in the Post-Liberalization Era: An Exploratory Study

5 Should pension funds invest in equities? An analysis of risk-return tradeoff and asset allocation decisions

6 Changes in liquidity following exposure to foreign shareholders: The effect of foreign listings, inclusion in country funds and issues of American Depositary Receipts

7 Is the Spread Between E/P Ratio and Interest Rate Informative for Future Movement of Indian Stock Market?

8 Merger Announcements and Insider Trading Activity in India: An Empirical Investigation

9 Achieving an Individual Investor Friendly System using the power of the Internet

10 Improved Techniques for using Monte Carlo in VaR estimation

11 Short selling and its Regulation in India in International Perspective

12 Empirical investigation of multi-factor asset pricing models using Artifi cial Neural Network

13 Idiosyncratic Factors in Pricing Sovereign Bonds: An Analysis of the Government of India Bond Market

14 The Extreme Value Volatility Estimators and Their Empirical Performance in Indian Capital Markets

15 Equity Market Interlinkages: Transmission of Volatility - A Case Of US and India

16 Institutional Investors and Corporate Governance in India

17 Dividend policy of Indian Corporate Firms : An Analysis of Trends & Determinants

18 Market Microstructure Effects of Transparency of Indian Banks

19 Futures Trading, Information and Spot Price Volatility of NSE-50 Index Futures Contract

20 Measuring productive effi ciency of stock exchanges using price adjustment coeffi cients

21 Do Futures and Options trading increase stock market volatility?

22 Section switching stock market price effect in the Indian capital market and the policy implications thereof

23 Study of Common Stochastic Trend and Co-integration in the Emerging Markets - A case study India, Singapore and Taiwan

24 Market Discipline in the Indian Banking Sector: An Empirical Exploration

25 Conditional CAPM and Cross sectional returns - A study on Indian Securities Market

26 Evaluating index fund implementation in India

27 Measuring Volumes in the Indian Financial Markets Some Terminological and Conceptual Issues

Contd...

196

Table 8-2 : Studies under the NSE Research Initiative

SL. No. Title of Study

28 Corporate Social Responsibility Initiatives by NSE NIFTY Companies - Content, Implementation Strategies & Impact.

29 Measures for Improving Common Investor Confi dence in Indian Primary Market : A Survey

30 Informational Content of Trading Volume And Open Interest – An Empirical Study of Stock Options Market In India

31 An analysis of the Dynamic Relationships Between South Asian and Developed Equity Markets

32 Corporate Governance and Market reactions

33 Insider Ownership and Corporate Governance

34 Improving Index Fund Implementation in India

35 Seasoned Capital Offerings: Earnings Management and Long-Run Operating Performance of Indian Firms

36 Volatility Spillovers Across Stock, Call Money And Foreign Exchange Markets

37 Understanding the Microstructure in Indian Markets

38 Price and Volume Effects of S&P CNX Nifty Index Reorganization

39 Lead-Lag relationship between Equities and Stock Index Futures Market and its variation around Information Release: Empirical Evidence from India

40 On The New Transformation-Based Approach To Measuring Value-At-Risk: An Application To Forex Market In India

41 Optimal Hedge Ratio and Hedging Effectiveness of Stock Index Futures : Evidence from India

42 Evaluating Corporate Governance Risk: A Fuzzy logic approach

43 Do the S&P CNX Nifty Index and Nifty Futures Really Lead/Lag?Error Correction Model: A Cointegration Approach

44 Under-Pricing and long run performance of Initial Public Offerings in Indian Stock Market

45 Price & liquidity effects of stock split: An Empirical evidence from Indian stock market

46 Risk Return Dynamics of Derivative Based Investment Strategies.

Papers under Progress

1 Price Limits - Are they worth the price?

2 Correlation Dynamics and Equity Market Integration: Evidence from India

3 Price Discovery and arbitrage effi ciency of Indian Equity futures & Cash market

4 Dynamic Interaction Among Mutual Fund Flows, Stock Market Return and Volatility

5 Pricing of Options on Defty

6 Volatility Persistence and the Feedback trading Hypothesis : Evidence from Indian Markets

7 Do Heterogeneous beliefs affects trading volume and asset prices

Contd...

fact book 2008

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