SEBI · 2018. 8. 16. · sector mutual funds saw infl ow of `13,495 crore) as compared to a net outfl ow of `40,900 crore (of which `32,012 crore net outfl ow was from private

SEBIBULLETIN

FEBRUARY 2013 VOL. 11 NUMBER 2

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

EDITORIAL COMMITTEE

• Mr. Ananta Barua

• Mr. J. Ranganayakulu

• Mr. Nagender Parakh

• Dr. Anil Kumar Sharma

The Securities and Exchange Board of India Bulletin is issued by the Department of Economic and Policy Analysis, Securities and Exchange Board of India under the direction of an Editorial Committee. SEBI is not responsible for accuracy of data/information/ interpretations and opinions expressed in the case of signed articles/speeches as authors are responsible for their personal views. SEBI has no objection to the material published herein being reproduced, provided an acknowledgement of the same is made. This monthly Bulletin is normally published in the third week of the succeeding month. The soft copy of SEBI Bulletin is available free of cost to the subscribers/readers, who register at [email protected] along with their complete address. A readable version of SEBI Bulletin is available at http://www.sebi.gov.in. Any comments and suggestions on any of the features/ sections may be sent to [email protected].

SECURITIES AND EXCHANGE BOARD OF INDIA

Contents

Page

CAPITAL MARKET REVIEW 133

GLOBAL MARKET REVIEW – FEBRUARY 2013 144

PRESS RELEASES 166

A. GENERAL 166

1. Order in the matter of Exit of Hyderabad Securities and Enterprises Limited 166 (Erstwhile Hyderabad Stock Exchange)

2. SEBI Board Meeting 167

3. SEBI Issues A Discussion Paper On Modifi cation To The Existing Framework For 172 Buy Back Through Open Market Purchase

4. SEBI issues a Consultative Paper on review of Corporate Governance norms in India 173

5. Public Notice Regarding Fraudulent Calls Made In The Name Of Regulators 174

B. ORDERS 175

1. Order in respect of M/s Yashika Holdings Private Limited 175

2. Order in the matter of M/s. Khaitan Electricals Limited directing Mr. Sunil Krishan 175 Khaitan, Mr. Krishan Khaitan, M/s. Khaitan Lefi n Limited and M/s. The Orientale Mercantile Company Limited to make public announcement.

3. Order in respect of Mr. Umang Nemani and M/s. Cheminare Trade Comm Pvt. Ltd. 175

4. Order in the matter of Genus Commutrade Ltd. 175

5. Order against M/s. Ramrakh Bohra, member, BSE, in the matter of 176 M/s. AKL Soft and Infosys Ltd.

6. Order in the matter of M/s. Genus Commutrade Limited 176

7. Order in respect of M/s. White Horse Trading Company Pvt. Ltd. 176

8. Order in respect of Mr. Ashok Kumar Kayan, member, Calcutta Stock Exchange Ltd. 176

9. Order against M/s. Ram Kaashyap Investment Limited and its Promoter 177Mr. A. Venkatramani

10. Cancellation of Registration of Fidelity Mutual Fund 177

11. Order in respect of M/s. North Eastern Publishing & Advertising Company Limited 177 in the matter of M/s. Pipavav Defence and Offshore Eng. Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited

12. Order in respect of Mr. Ajit Kumar Jain, M/s. Kuvam Plast Private Limited and 178 Mr. Manish Agarwal in the matter of M/s. Pipavav Defence and Offshore Eng. Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited

C. CONSENT ORDER 178

1. Consent order on the application submitted by M/s. Indiabulls Securities Limited 178

CIRCULARS 179

1. Debt Allocation Mechanism for FII 179

2. Application Supported by Blocked Amount (ASBA) facility in public/ rights issue 180

3. Clarifi cation on Clause 36 of the Equity Listing Agreement 181

4. Rationalisation Process For Obtaining PAN By Investors 182

5. Amendments to SEBI (Employee Stock Option Scheme and Employee Stock 182 Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement.

6. Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters 183 through the Stock Exchange Mechanism

7. Establishment of Connectivity with both depositories NSDL and 186 CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

8. Application Supported by Blocked Amount (ASBA) facility 186

ORDER PASSED BY CHAIRMAN/MEMBERS AND ADJUDICATING OFFICERS 190

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET 193

ANNEXURE 197

PUBLICATIONS 255

133

FEBRUARY SEBI BULLETIN 2013

1. Trends in Primary Market

A. Equity and Debt Issue

During January 2013, ̀ 485.5 crore were mobilised in the primary market by way of two issues as compared to `11,206.0 crore mobilised through nine issues in December 2012, showing a decrease of 95.7 percent over the previous month. In January 2013, there was

CAPITAL MARKET REVIEW

one equity issues which was an IPO. The cumulative amount mobilised for the fi nancial year 2012-13, so far, stood at `21,354.3 crore through 42 issues as against `43,818.4 crore raised through 57 issues during the corresponding period in 2011-12.

Table 1: Primary Market Trends

ItemsJan-13 Dec-12 2012-13$ 2011-12$

No. of Issues

Amount (` crore)

No. of Issues

Amount (`crore)

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

1 2 3 4 5 6 7 8 9a) Public Issues (i) +(ii) 1 11.3 8 10,948.0 30 13,872.8 47 41,731 i) Public issue (Equity) 1 11.3 5 5,347.0 21 6,054.8 30 9,559 of which IPOs 1 11.3 5 5,347.0 21 6,054.8 29 4,980.8 FPOs 0 0.0 0 0.0 0 0.0 1 4,578.2 ii) Public Issue (Debt) 0 0.0 3 5,601.0 9 7,818.0 17 32,171.8b) Rights Issues 1 474.3 1 258.0 12 7,481.5 10 2,087.6Total Equity Issues (i+b) 2 485.5 6 5,605.0 33 13,536.3 40 11,646.6Total (a + b) 2 485.5 9 11,206.0 42 21,354.3 57 43,818.4

$ indicates as on last trading day of January of the corresponding fi nancial year.

* Debt Figures for Jan 2013 are provisional

IPOs imply Initial Public Offers, FPOs imply Follow on Public Offers.

Figure 1: Primary Market (Equity Issues) Trends through Public and Rights Issues (`crore)

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B. QIPs Listed at BSE and NSE

The cumulative amount mobilised through QIP route during 2012-13, so far, stood at `9,209.3 crore through 39 issues. (Details in Annex – Table 9).

C. Preferential Allotments Listed at BSE and NSE

There were 23 preferential allotments (`879 crore) listed at BSE and NSE during January 2013 as compared to 38 preferential allotments (`1,659 crore) in December 2012.

The cumulative mobilised amount for the fi nancial

year 2012-13, so far, stood at `42, 142 crore through 359 preferential allotments (of which 121 allotments amounting `22,317 crore were listed at both BSE and NSE) (Details in Annex – Table 10).

D. Private Placement of Corporate Debt Reported to BSE and NSE

In the corporate debt market, `39,025 crore were raised through 259 issues by way of private placement listed at BSE and NSE during January 2013 compared to `26,239 crore raised through 176 issues raised in December 2012. The cumulative privately placed amount for the fi nancial year 2012-13, so far, stood at

`3,02,668 crore through 2,048 issues(of which 1,073 issues of `1,71,072 crore reported to only NSE, 900 issues of `63,367 crore reported to only BSE and 75 issues of `68,229 crore reported to both BSE and NSE)(Details in Annex – Table 11).

E. Resource Mobilisation by Mutual Funds

During January 2013, mutual funds saw a net infl ow of `60,732 crore (of which `47,237 crore infl ow was into private sector mutual funds while public sector mutual funds saw infl ow of `13,495 crore) as compared to a net outfl ow of ̀ 40,900 crore (of which `32,012 crore net outfl ow was from private sector mutual funds while public sector mutual funds saw outfl ow of `8,888 crore) during December 2012.

During the fi nancial year 2012-13, so far, mutual funds net mobilised `1,81,000 crore as compared to `60,471 crore mobilisation during the corresponding period in 2011-12. The market value of assets under management stood at ̀ 8, 26,155 crore as on January 31, 2012 as compared to ` 7, 59,995 crore as on December 31, 2012, indicating an increase of 8.7 percent (Details in Annex-Table 43).

II. Trends in the Secondary Market

During January 2013, there was one QIP issue worth `364.0 crore in the market as compared to three QIP issues worth `2,118.2 crore in December 2012.

BSE Sensex closed at 19,895.0 on January 31, 2013, as against 19,426.7 on December 31, 2012, registering an increase of 468.3 points (2.4 percent).

During January 2013, Sensex recorded an intraday high of 20203.7 on January 29, 2013 and an intraday low of 19,508.9 on January 1, 2013.

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Figure 2: Movement of Sensex and Nifty

Table 2: The Basic Indicators in Cash Market

Particulars 2011-12 2012-13$ Dec-12 Jan-13Percentage change over the previous month

1 2 3 4 5 6

A. Indices

BSE Sensex 17,404.2 19,895.0 19,426.7 19,895.0 2.4S&P CNX Nifty 5,295.6 6,034.8 5,905.1 6,034.8 2.2B. Market Capitalisation ( ` crore)

BSE 62,14,941 70,24,577 69,21,815 70,24,577 1.5NSE 60,96,518 68,58,653 67,63,781 68,58,653 1.4C. Gross Turnover ( ` crore)

BSE 6,67,498 4,66,892 50,377 56,662 12.5NSE 28,10,893 22,69,039 2,40,325 2,95,415 22.9D. P/E Ratio

BSE Sensex 17.8 17.7 17.5 17.7 0.9S&P CNX Nifty 18.7 18.5 18.7 18.5 -1.0

$ As on last trading day of January 2013

Source: BSE and NSE.

S&P CNX Nifty closed at 6,034.8 on January 31, 2013 compared to 5,905.1 on December 31, 2012, indicating an increase of 129.7 points (2.2 percent).

During January 31, 2013 Nifty recorded an intraday high of 6,111.8 on January 29, 2013 and an intraday low of 5,935.2 on January 1, 2013.

The P/E ratio of BSE Sensex was 17.7 as on January 31, 2013 as against 17.5 as on December 31, 2012. The P/E ratio of S&P CNX Nifty was 18.5 as on

January 31, 2013 as against 18.7 as on December 31, 2012.

136


Figure 3: Monthly Average of BSE Turnover and Sensex

The market capitalisation of BSE increased by 1.5 percent to `70,24,577 crore as on January 31, 2013 from `69,21,815 crore as on December 31, 2012. Market capitalisation of NSE, stood at `68, 58,653

crore on January 31, 2013 compared to `67, 63,781 crore on December 31, 2012, indicating an increase of 1.4 percent.

Figure 4: Monthly Average of NSE Turnover and Nifty

The monthly turnover of BSE (cash segment) increased by 12.5 percent from ` 50,377 crore in December 2012 to ` 56,662 crore in January 2013.

Monthly turnover of NSE (cash segment) also increased by 22.9 percent from `2,40,325 crore in December 2012 to `2,95,415 crore in January 2013.

137


Table 3: Performance of Indices at BSE and NSE during January 2013 (Percent)

BSE NSE

Index Change over

Previous monthVolatility Index

Change over Previous month

Volatility

1 2 3 4 5 6BSE Sensex 3.5 0.5 S&P CNX Nifty 2.2 0.5BSE 100 1.9 0.6 CNX Nifty Junior -0.6 0.9BSE 200 1.5 0.6 S&P CNX 500 1.1 0.6BSE 500 1.1 0.6 CNX Mid-cap -1.7 1.1BSE Small Cap -4.1 0.9 CNX 100 1.8 0.6BSE FMCG 0.1 0.9 S&P CNX Defty 5.0 0.8BSE Consumer Durables -1.8 1.1 CNX IT 12.5 2.0BSE Capital Goods -3.4 0.9 Bank Nifty 1.9 0.8BSE Bankex 1.6 0.8 Nifty Mid-cap 50 -1.9 1.4BSE Teck 10.8 1.5BSE Oil & Gas 9.9 1.2BSE Metal -4.2 1.1BSE Auto -3.8 1.1BSE PSU 4.5 1.1BSE Healthcare -1.4 0.6


in December 2012. Among them, CNX IT rose highest by 12.5 percent followed by S&P CNX Defty (5.0 percent), S&P CNX Nifty Index (2.2 percent), Bank Nifty Index (1.9 percent), CNX 100 Index (1.8 percent) and S&P CNX 500 Index (1.1 percent). Among the indices that registered negative growth Nifty Mid-cap 50 Index recorded highest negative growth at 1.9 percent followed by CNX Mid-cap Index (1.7 percent) and CNX Nifty Junior Index (0.6 percent)

During January 2013, among BSE indices, the daily volatility of BSE Teck Index was highest at 1.5 percent followed by BSE Oil & Gas Index (1.2 percent), BSE PSU Index (1.1 percent), BSE Consumer Durables Index (1.1 percent), BSE Auto Index (1.1 percent), BSE Metal Index (1.1 percent), BSE Capital Goods Index (0.9 percent), BSE FMCG Index (0.9 percent), BSE Small Cap Index (0.9 percent), BSE Bankex

At the end of January 2013, 9 out of 15 indices closed positive compared to 11 out of 15 BSE indices closing positive at the end of the previous month. Among BSE indices, BSE Teck Index rose highest by 10.8 percent over its previous month’s closing value followed by BSE Oil & Gas Index (9.9 percent), BSE PSU Index (4.5 percent), BSE Sensex Index (3.5 percent), BSE 100 (1.9 percent), BSE Bankex Index (1.6 percent), BSE 200 (1.5 percent), BSE 500(1.1 percent) and BSE FMCG Index (0.1 percent). Among the indices that registered negative growth BSE Metal Index recorded highest negative growth at 4.2 percent followed by BSE Small Cap Index (4.1 percent), BSE Auto Index (3.8 percent), BSE Capital Goods (3.4 percent), BSE Consumer Durables (1.8 percent) and BSE Healthcare Index (1.4 percent).

At NSE, 6 out of 9 indices closed positive in January 2013 compared to 8 out of 9 indices closing positive

138


Index (0.8 percent), BSE 500 Index (0.6 percent), BSE 200 Index (0.6 percent), BSE Healthcare Index (0.6 percent), BSE 100 Index (0.6 percent) and BSE Sensex Index (0.5 percent).At NSE, among all the indices, daily volatility of CNX IT Index was highest at 2.0 followed by Nifty

Mid-cap 50 Index (1.4 percent), CNX Mid-cap Index (1.1 percent), CNX Nifty Junior Index (0.9 percent), S&P CNX Defty (0.8 percent), Bank Nifty Index (0.8 percent), S&P CNX 500 Index (0.6 percent), CNX 100 Index (0.6 percent) and S&P CNX Nifty Index (0.5 percent).

III. Trends in Depository Accounts

The total number of investor accounts was 125.9 lakh at NSDL and 82.5 lakh at CDSL at the end of January 2013. The number of investor accounts in January 2013 increased by 0.4 percent over the previous month at NSDL and by 0.5 percent at CDSL. A comparison

with January 2012 shows, there was an increase in the number of investor accounts to the extent of 5.7 percent at NSDL and 4.9 percent at CDSL (Details

in Annex – Table 50).

IV. Trends in Derivatives Segment

A. Equity Derivatives

The monthly turnover in equity derivative market at NSE increased by 11.8 percent from ̀ 26,40,393 crore in December 2012 to `29,50,975 crore in January 2013. The monthly turnover of index futures also increased by 7.7 percent from `1,76,492 crore in December 2012 to `1,90,094 crore in January 2013. Further, the monthly turnover of stock futures also increased by 26.3 percent from `3,92,327 crore in December 2012 to `4,95,366 crore in January 2013.

The monthly turnover of put options on index increased by 10.5 percent from `8,87,505 crore in December 2012 to `9,80,384 crore in January 2013. The monthly turnover of call options on index however decreased by 2.0 percent from `10,06,468 crore in December 2012 to `9,86,535 crore in January 2013. The monthly turnover of put options on stock increased by 87.7 percent from ̀ 56,112 crore in December 2012 to ̀ 1,05,300

crore in January 2013. The monthly turnover of call options on stock increased by 59.1 percent from `1,21,488 crore in December 2012 to `1,93,297 crore in January 2013.

The open interest in value terms in equity derivative segment decreased by 13.0 percent from `1,11,815 crore as on December 31, 2012 to `97,245 crore as on January 31, 2013. The open interest in value terms in equity derivative segment for Index Futures, Stock Futures, Put Options on Index, Call Options on Index, Put Options on Stock and Call Options on Stock at the end of January 2013 stood at `9,431 crore, `32,718 crore, `24,210 crore, `26,328 crore, `1,605 crore and `2,953 crore respectively, with corresponding 19.6 percent decrease, 6.9 percent decrease, 18.5 percent decrease, 11.1 percent decrease, 17.9 percent decrease and 19.2 percent decrease as compared to December 31, 2012.

139


Monthly turnover in equity derivative segment of BSE increased by 2.6 percent from `8,99,853 crore in December 2012 to `9,23,441 crore in January 2013. The monthly turnover of index futures also increased by 53.0 percent from `2,400 crore in December 2012 to `3,674 crore in January 2013. Further, the monthly turnover of stock futures also increased manifold from `25 crore in December 2012 to `670 crore in January 2013.

The monthly turnover of put options on index decreased by 14.9 percent from `6,09,725 crore in December 2012 to `5,18,795 crore in January 2013. The monthly turnover of call options on index increased by 39.0 percent from `2,87,385 crore in December 2012 to `3,99,389 crore in January 2013. The monthly turnover of put options on stock increased by 166.0 percent from `222 crore in December 2012 to `592 crore in January 2013. The monthly turnover of call options on stock increased

manifold from `95 crore in December 2012 to `323 crore in January 2013.

The open interest in value terms in equity derivative segment decreased by 89.2 percent from `2,028 crore as on December 31, 2012 to `219 crore as on January 31, 2013. The open interest in value terms in equity derivative segment for Index Futures, Put Options on Index, Call Options on Index, Put Options on Stock and Call Options on Stock at the end of January 2013 stood at `37 crore, `102 crore, `81 crore with corresponding 96.1 percent decrease, 73.7 percent decrease, 88.0 percent decrease as compared to December 31, 2012. Stock Futures, Put & Call Options on Stock registered no Open interest.

During January 2013, equity derivatives turnover at BSE constitute 23.8 percent of total equity derivatives turnover in India whereas that of NSE represents 76.2 percent.

Figure 5: Trends of Equity Derivatives Segment at NSE (`crore)

140


Table 4: Trends in Equity Derivatives Market

Particular

NSE BSE

Jan-13 Dec-12Percentage

Change Over Month

Jan-13 Dec-12Percentage

Change Over Month

1 2 3 4 5 6 7A. Turnover (` crore) (i) Index Futures 1,90,094 1,76,492 7.7 3,674 2,400 53.0 (ii) Options on Index Put 9,80,384 8,87,505 10.5 5,18,795 6,09,725 -14.9 Call 9,86,535 10,06,468 -2.0 3,99,389 2,87,385 39.0 (iii) Stock Futures 4,95,366 3,92,327 26.3 670 25 2,539.8 (iv) Options on Stock Put 1,05,300 56,112 87.7 592 222 166.0 Call 1,93,297 1,21,488 59.1 323 95 241.0Total 29,50,975 26,40,393 11.8 9,23,441 8,99,853 2.6B. No. of Contracts (i) Index Futures 63,37,412 60,81,895 4.2 1,20,434 80,551 49.5 (ii) Options on Index Put 3,28,38,191 3,04,29,780 7.9 1,75,96,644 2,11,79,366 -16.9 Call 3,19,28,225 3,32,53,763 -4.0 1,27,57,701 94,73,292 34.7 (iii) Stock Futures 1,46,48,279 1,28,74,846 13.8 21,272 836 2,444.5 (iv) Options on Stock Put 33,11,826 18,97,239 74.6 20,757 9,695 114.1 Call 55,90,423 38,42,161 45.5 9,526 3,396 180.5Total 9,46,54,356 8,83,79,684 7.1 3,05,26,334 3,07,47,136 -0.7C. Open Interest in terms of Value ( ` crore) (i) Index Futures 9,431 11,725 -19.6 37 937 -96.1 (ii) Options on Index Put 24,210 29,708 -18.5 102 387 -73.7 Call 26,328 29,628 -11.1 81 672 -88.0 (iii) Stock Futures 32,718 35,144 -6.9 0 0 NA (iv) Options on Stock Put 1,605 1,954 -17.9 0 26 -100.0 Call 2,953 3,656 -19.2 0 6 NATotal 97,245 1,11,815 -13.0 219 2,028 -89.2D. Open Interest in terms of No of Contracts (i) Index Futures 3,09,576 4,06,859 -23.9 1,230 31,380 -96.1 (ii) Options on Index Put 8,00,368 10,04,802 -20.3 3,402 13,146 -74.1 Call 8,71,283 10,01,520 -13.0 2,707 22,731 -88.1 (iii) Stock Futures 10,17,631 10,93,228 -6.9 2 0 NA (iv) Options on Stock Put 50,108 61,791 -18.9 0 888 -100.0 Call 93,696 1,15,866 -19.1 0 225 NATotal 31,42,662 36,84,066 -14.7 7,341 68,370 -89.3

Source: NSE and BSE.

141


During January 2013, the monthly turnover of currency derivatives at NSE increased by 30.6 percent to ̀ 5,86,025 crore as compared to ̀ 4,48,753 crore in December 2012. Further, at MCX-SX, the monthly turnover of currency derivatives also increased by 37.6 percent to ̀ 3,33,353 crore in January 2013 from

`2,42,176 crore in December 2012. At the end of January 2013, the turnover of currency derivatives at USE increased by 45.3 percent at `26,722 crore as compared to `18,385 crore in December 2012. (Details in Annex – Table 33, 34 and 35).

B. Currency Derivatives at NSE, MCX-SX and USE

Figure 6: Trends of Currency Derivatives at NSE, MCX-SX and USE (`crore)

V. Trading in Corporate Debt Market

During January 2013, there were 838 trades with a value of `6,533 crore reported on BSE as compared to 599 trades with a value of `2,900 crore in December 2012. At NSE, 2,702 trades were reported in January 2013 with a trading value of ̀ 31,349 crore as compared to 1,686 trades with a value of `19,319

crore in December 2012. Further, 4,517 trades with a value of `56,873 crore were reported to FIMMDA in January 2013 as against 2,715 trades with a value of `33,313 crore in December 2012 (Details in

Annex – Table 32).

Figure 7: Trends of Reported Turnover of Corporate Bonds (`crore)

142


VI. Trends in Institutional Investment

A. Trends in Investment by Mutual Funds

Mutual Funds made net investment of `35,439 crore in the secondary market in January 2013 as compared to investment of `40,926 crore in December 2012. During January 2013, Mutual funds net sold `5,212 crore in equity as compared to `2,699 crore sold in December 2012. Further Mutual Funds net invested `40,652 crore in debt market in January 2013 as compared to `43,625 crore invested in December 2012.

As on January 31, 2013 there were a total of 1,212 schemes under mutual funds of which Income/Debt oriented schemes were 782 (64.5 percent), Growth/

equity oriented scheme were 343 (28.3 percent), Exchange Traded Funds were 34 schemes (2.8 percent), Balanced schemes were 32 (2.6 percent) and Funds of Fund investing Overseas schemes were 21 (1.7 percent). The number of schemes at the end of 2011-12 was 1,309 of which Income/Debt oriented schemes were 872 (71.9 percent), Growth/equity oriented scheme 352 (29.0 percent), Exchange Traded Funds were 35 schemes (2.9 percent), Balanced schemes were 30 (2.5 percent) and Funds of Fund investing Overseas schemes were 20 (1.7 percent). (Details in Annex – Table

46 & Table 47).

Figure 8: Trends in Mutual Funds Investment (`crore)

There was a net infl ow of `25,006 crore in January 2013 by Foreign Institutional Investors (FIIs) compared to infl ow of `26,792 crore in December 2012. FIIs invested `22,059 crore in equity in

January 2013 as compared to `25,088 crore invested in December 2012. In addition, FIIs invested `2,947 crore in debt market in January 2013 as compared to `1,704 crore invested in December 2012.

B. Trends in Investment by Foreign Institutional Investors

143


Figure 9: Trends in FIIs Investment (`crore)

Total assets under management (AUM) of Portfolio Management Services (PMS) industry have increased by 1.5 percent from ` 5,85,186 crore in December 2012 to ` 5,94,165 crore in January 2013. As on January 31, 2013, AUM of discretionary PMS constitute 82.2 percent of the total AUM of PMS followed by advisory PMS (13.3 percent) and non

discretionary PMS (4.4 percent).In terms of number of clients, discretionary services category ranks fi rst with total of 50,052 clients, out of 63,433 clients in PMS industry, followed by advisory services with 8,728 clients and non-discretionary category with 4,653 clients (Details

in Annex – Table 48).

VIII. Trends in Substantial Acquisition of Shares and Takeovers

In January 2013, 11 public offers with total value of `8,308 crore were made to public against 8 public offers worth `81 crore last month. Out of those 11 public takeover offers during January 2013, no offer

was in take over the control of management while 8 offers worth `7,209 crore were for Consolidation of Holdings. (Details in Annex – Table 49).

��

VII. Trends in Portfolio Management Schemes

The asset under custody of FIIs at the end of January 2013 stands at ` 13, 70,866 crore, out of which the value of participatory notes including PNs

on derivatives is ` 13, 35,189 crore, constituting 11.8 percent of the total asset under custody of FIIs. (Details in Annex – Table 40 & Table 42)

144


Monthly Review of Global Financial Markets – February 20131

1. Introduction:

1.1. The world economy in the fourth quarter of 2012 witnessed severe headwinds as major advanced economies recorded contraction. Gross domestic product of the United States, the United Kingdom, Japan and the Eurozone contracted during the quarter. Growth rate in the emerging markets, particularly India and China slowed. The IMF in its recent review has been optimistic about global recovery during 2013. Despite poor economic performance during the fourth quarter in developed economies, the industry survey indicators signalled strengthening of activities across sectors albeit severe downside risk in terms of slowdown of trade and fi nance fl ow persists.

2. The World Economy:

2.1. The IMF in its January 2013 World Economic Outlook Update has projected that global growth would increase during 2013, albeit at a slower pace than forecasted earlier. The IMF has observed that acute crisis risks in the Euro Area and the United States have ebbed due to policy action. Nevertheless, Eurozone’s return to recovery after a protracted contraction would be delayed. Japan on the other hand has slid into recession; however, stimulus is

1 The review is prepared in the Regulatory Research Division, Department of Economic and Policy Analysis of SEBI. Views expressed in the review are not of SEBI.

SnapshotsThe Untied States:• The seasonally adjusted quarterly GDP growth for Q3 of 2012 was

revised up to 3.1% at annual rate (i.e. 0.77% Q-o-Q) from 2.7% estimated earlier.

• Annual CPI infl ation declined to 1.7% in December 2012 from 1.8% in November 2012.

• Unemployment rate edged up to 7.8% in December 2012 from 7.7% in November 2012.

• Congress avoided the “fi scal cliff ” by passing American Taxpayer Relief Act of 2012 at the eleventh hour.

The United Kingdom

• ONS in its “third” estimate lowered real GDP growth rate of the UK to 0.9% Q-o-Q in Q3 of 2012.

• Annual CPI infl ation stood at 2.7% in December 2012. • The unemployment rate marginally moderated to 7.8% during

August-October 2012 from 8.0% during previous three months.

Japan:

• Second estimates by the Cabinet Offi ce (Japan) confi rmed that Japanese real GDP shrank at an annual rate of 3.5% (i.e. 0.9% Q-o-Q) in Q3 of 2012.

• Unemployment rate and annual CPI infl ation and were 4.1% and -0.2%, respectively in November 2012.

• BOJ increased the total size of the Asset Purchase Programme from about ¥ 91 trillion to about ¥ 101 trillion.

The Eurozone:

• According to the second estimate by the Eurostat, real GDP in EA17 decreased by 0.1% and increased by 0.1% Q-o-Q in the EU27 during Q3 of 2012.

• Annual infl ation remained at 2.2% in EA17 but fell to 2.3% in EU27 during December 2012.

• In November 2012, seasonally adjusted unemployment rate was 11.8% in EA17 and 10.7% in EU27.

BRIC Nations:

• During Q3, 2012, real GDP of Brazil increased by 0.6% (Q-o-Q. Unemployment rate fell to 4.9% in November 2012, while annual CPI infl ation rose to 5.84% in December 2012.

• Russian GDP growth slowed to 2.9% (Y-o-Y) in Q3, 2012, after increasing by 4.0% in Q2, 2012. In December 2012, annual CPI infl ation increased to 6.8%. Unemployment rate rose to 5.4% in November 2012.

• India’s GDP growth rate during Q2 of 2012-13 slowed to 5.3% (Y-o-Y) from 5.5% in the Q1, 2012-13. IIP increased by 0.1% Y-o-Y during November 2012. WPI infl ation eased down to 7.18% Y-o-Y during December 2012.

• During Q4 of 2012, real GDP of China increased 7.8% Y-o-Y. In December 2012, annual CPI infl ation went up by 2.7% (Y-o-Y) from 2.0% in November 2012.

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expected to boost growth in the near term.

2.2. Few emerging market economies are in a better position as policies have supported a modest growth pickup there. But, weak external demand and domestic bottlenecks are hindering recovery for others. The IMF has been optimistic that if crisis risks do not materialize and fi nancial conditions continue to improve, global growth could be stronger than projected. At the same time, downside risks are stemming from further deepening of the crisis in the Euro Area and risks of excessive near-

term fi scal consolidation in the United States.

2.3. The IMF has revised down its projection from World Output to 3.5 per cent for 2013 and 4.1 per cent for 2014. The forecast for advanced nations have been brought down in 2013 to 1.4 per cent and to 2.2 per cent in 2014. Although growth projection for emerging market and developing economies has been much higher compared to their developed counterparts, the forecast has been revised down for 2013 to 5.5 per cent, but has been kept unchanged for 2014 at 5.9 per cent (Table 1).

Table 1: Overview of the World Economic Outlook Projections

(Per cent)

Region / Country

Year over Year

Projections Difference from October 2012 WEO Projections

Q4 over Q4Estimates Projections

2011 2012 2013 2014 2013 2014 2012 2013 2014World Output 1 3.9 3.2 3.5 4.1 -0.1 -0.1 2.9 3.8 4Advanced Economies 1.6 1.3 1.4 2.2 -0.2 -0.1 0.9 2 2.1United States 1.8 2.3 2 3 -0.1 0.1 1.9 2.4 3.2Euro Area 1.4 -0.4 -0.2 1 -0.3 -0.1 -0.7 0.5 1 Germany 3.1 0.9 0.6 1.4 -0.3 0.1 0.6 1.3 1.1 France 1.7 0.2 0.3 0.9 -0.1 -0.2 0.3 0.3 1.2 Italy 0.4 -2.1 -1 0.5 -0.3 0 -2.4 0.1 0.4 Spain 0.4 -1.4 -1.5 0.8 -0.1 -0.2 -1.9 -0.3 0.8Japan -0.6 2 1.2 0.7 0 -0.4 0.2 2.6 -0.1United Kingdom 0.9 -0.2 1 1.9 -0.1 -0.3 0 1.4 2Canada 2.6 2 1.8 2.3 -0.2 -0.1 1.3 2.2 2.3Emerging Market and Developing Economies 2 6.3 5.1 5.5 5.9 -0.1 0 5.5 5.9 6.2

BRICS Nations Brazil 2.7 1 3.5 4 -0.4 -0.2 2.1 4 4.1 Russia 4.3 3.6 3.7 3.8 -0.2 -0.1 2.4 4.4 3.4 India 7.9 4.5 5.9 6.4 -0.1 0 5.4 6 6.4 China 9.3 7.8 8.2 8.5 0 0 8.1 7.9 8.8 South Africa 3.5 2.3 2.8 4.1 -0.2 0.3 1.5 4.2 4.1

Note:1 The quarterly estimates and projections account for 90 per cent of the world purchasing-power-parity weights2 The quarterly estimates and projections account for approximately 80 per cent of the emerging market and developing economies.Source: Reproduced from World Economic Outlook Update, January 2013, IMF

146


Table 2: Major Macroeconomic Indicators

Country / Region

Quarterly Growth Rate of Real GDP Annual CPI

Infl ation RateUnemployment

RateBenchmark

Interest RateQ-o-Q Y-o-Y

Dev

elop

ed

Eco

nom

ies

OECD -0.16 (Q4) 0.70 (Q4) 1.86 (Dec) 8.00 (Dec) -

USA -0.04 (Q4) 1.54 (Q4) 1.74 (Dec) 7.90 (Jan) 0.25

UK -0.30 (Q4) 0.02 (Q4) 2.70 (Jan) 7.80 (Oct-Dec) 0.50

Japan -0.10 (Q4) 0.15 (Q4) -0.10 (Dec) 4.20 (Dec) 0.10

Euro Area (EA17) -0.60 (Q4) -0.87 (Q4) 2.00 (Jan) e 11.70 (Dec) 0.75

European Union (EU27) -0.50 (Q4) -0.60 (Q4) 2.30 (Dec) 10.70 (Dec) -

BR

IC

Brazil 0.59 (Q3) 0.96 (Q3) 6.15 (Jan) 4.60 (Dec) 7.25

Russia 0.83 (Q3) 3.42 (Q3) 7.10 (Jan) 6.04 (Jan) 8.25

India* N.A. 5.28 (Q3) 6.62 (Jan) N.A. 7.75

China 2.00 (Q4) 7.90 (Q4) 2.00 (Jan) N.A. 6.00

Oth

er

EM

Es Korea 0.37 (Q4) 1.57 (Q4) 1.51 (Jan) 3.00 (Dec) 2.75

Indonesia 1.46 (Q4) 6.09 (Q4) 4.30 (Dec) N.A. 5.75

Turkey 0.17 (Q3) 2.10 (Q4) 7.31 (Jan) 8.20 (Oct) 5.50Note: Figures in the table are for the period mentioned in the bracket. Jan pertains to January 2013. Rest of the months pertain to year 2012.* Wholesale Price Index (WPI) infl ation data is considered for measuring infl ation in India.e Expected as per Flash Estimate of EurostatN.A. – Not AvailableSource: Offi cial Database & Central Banks of respective countries, OECD

Organisation for Economic Co-operation and Development:

2.4. Provisional estimates show that quarterly gross domestic product (GDP) in the OECD area fell by 0.2 per cent in the fourth quarter of 2012, after a 0.3 per cent increase in the previous quarter. This is the fi rst contraction of GDP in the OECD area since the very sharp decline in the fi rst quarter of 2009 (minus 2.3 per cent). The contraction was particularly marked in the European Union, where GDP decreased by 0.5 per cent. In Germany, the largest Eurozone economy, GDP fell by 0.6 per cent, the fi rst GDP contraction since early 2009. In the

United Kingdom and France, GDP decreased by 0.3 per cent, against expansion recorded in the previous quarter (0.9 per cent and 0.1 per cent, respectively). In Italy, GDP contracted for the sixth consecutive quarter, showing the largest contraction (minus 0.9 per cent) since the fi rst quarter of 2009. In Japan, GDP decreased by 0.1 per cent, signifi cantly less than in the previous quarter when Japan recorded the highest slowdown among the Major Seven countries. In the United States, GDP growth strongly decelerated from 0.8 per cent in the

147


third quarter to roughly 0.0 per cent in the fourth quarter.

2.5. On a year-on-year (Y-o-Y) basis, GDP growth during the fourth quarter of 2012 for the OECD area slowed to 0.7 per cent, down from 1.2 per cent in the third quarter. Among the Major Seven economies, the United States recorded the highest growth rate (1.5 per cent) and Italy the largest contraction (minus 2.7 per cent). For 2012 as a whole, GDP expanded by 1.3 per cent in the OECD area, compared with 1.9 per cent in 2011. (Table 2).

2.6. As regards price developments, Annual infl ation in the OECD area was stable at 1.9

per cent in December 2012, unchanged from the annual rate in November 2012. Annual infl ation rates for all major components of the CPI were also broadly stable with energy price infl ation at 2.9 per cent and food price infl ation at 2.1 per cent. Excluding food and energy, the OECD annual infl ation rate was 1.5 per cent in December 2012. The OECD harmonised unemployment rates, compiled for all 34 OECD member countries, was stable at 8.0 per cent in December 2012 unchanged from the previous month. In the euro area, the unemployment rate did not increase for the fi rst time since May 2011 and the rate was stable at 11.7 per cent in December 2012.

Chart 1: Quarter-on-Quarter seasonally adjusted real GDP growth rate of developed nations and

regions (per cent)

Source: OECD

148


2.7. According to the “advance” estimate by Bureau of Economic Analysis (BEA), real GDP of US contracted at an annual rate of 0.1 per cent during the fourth quarter of 2012 against an increase of 3.1 per cent at annual rate in the previous quarter. A sharp fall in government spending (6.6 per cent), mainly in national defence spending (22.2 per cent), and a marginal decline in gross private domestic investment following a strong increase in the third quarter, were the main factors behind the contraction in output. Due to weak trade environment across the globe, both imports and exports declined, with net exports contributing negatively to overall growth. On a positive note, personal

consumption expenditure picked up (2.2 per cent), and fi xed investment accelerated sharply (9.7 per cent). On a Y-o-Y basis, GDP in the fourth quarter of 2012 increased by 1.5 per cent following a 2.6 per cent increase in the previous quarter.

2.8. Economic activities in the US manufacturing sector increased in January 2013, for the second consecutive month, as indicated by industry survey indicators. The latest Manufacturing ISM Report on Business, prepared by Institute of Supply Management (ISM) show that the manufacturing sector PMI increased by 2.9 percentage point to 53.1 per cent in January 2013 from 50.2 per cent in December 2012.

Chart 2: Year-on-Year Consumer Price Infl ation* (per cent)

Note: * Wholesale Price Index (WPI) infl ation is used for measuring infl ation in IndiaSource: OECD, Offi ce of Economic Advisor to Government of India

The United States:

149


2.11. Observations: The United States avoided the “fi scal cliff ” by increasing few taxes as agreed in the American Taxpayer Relief Act in January 2013. However, the possibility of default on sovereign debt looms large. Besides, fi scal consolidation has started impacting consumers’ disposable income and may dampen private consumption somewhat in the fi rst quarter of 2013. Hence, as IMF argues, the priority should be to avoid excessive fi scal consolidation in the short term, promptly raise the debt ceiling, and agree on a credible medium-term fi scal consolidation plan, focused on entitlement and tax reform.

The United Kingdom:

2.12. Economy of the United Kingdom contracted during the fourth quarter of 2012 following a surprise recovery during the previous quarter, which was mainly fuelled by additional activities during the Olympics and Paralympics Games. According to the preliminary estimate by Offi ce for National Statistics, the GDP of the UK contracted by 0.3 per cent Q-o-Q during the fourth quarter of 2012 against the 0.9 per cent growth recorded in the previous quarter. The fall in GDP was underlined by contraction of output of the production industries (1.8 per cent Q-o-Q), which could not be offset by increase in construction sector output (0.3 per cent). The services sector output was fl at.

2.13. The Consumer Prices Index (CPI) annual infl ation grew by 2.7 per cent in January 2013, unchanged for the fourth month in a row. CPI

The non-manufacturing sector however grew at a slower rate in the month under review. The Non-Manufacturing Business Activity Index went down by 0.5 percentage points to 55.2 per cent in January 2013 from 55.7 per cent in the previous month.

2.9. Data released by the Bureau of Labor Statistics show that the annual consumer price infl ation marginally declined to 1.7 per cent in December 2012 from 1.8 per cent in November 2012. The moderation was supported by a 1.2 per cent fall in energy prices compared to the preceding month (of which gasoline prices declined by 2.3 per cent). The index for all items less food and energy rose 1.9 per cent during December 2012, unchanged from last month. The food index rose 1.8 per cent and the energy index rose 0.5 per cent during December. In January 2013, the unemployment rate edged up to 7.9 per cent from 7.8 per cent in the previous month.

2.10. Based on its monetary policy meeting on January 30, 2013, the Federal Open Market Committee (FOMC) decided to keep the policy rate unchanged in a range from 0.0 to 0.25 per cent and decided not to tighten monetary policy until the US jobless rate drops below 6.5 per cent. It was also Fed is to continue purchasing of additional agency mortgage-backed securities at a pace of US$40 billion per month and longer-term Treasury securities at a pace of US$45 billion per month.

150


infl ation excluding energy, food, alcoholic beverages and tobacco marginally softened to 2.3 per cent from 2.4 per cent in the previous month. In its latest meeting on February 07, 2013, the Bank of England’s Monetary Policy Committee maintained the policy rate at 0.5 per cent and decided to continue with the programme of asset purchases totalling £375 billion fi nanced by the issuance of central bank reserves. The recent period of stagnation contrasts with the sustained resilience of the labour market. The unemployment rate was 7.8 per cent for October to December 2012, down 0.1 percentage points from July to September 2012 and down 0.6 from a year earlier.

2.14. Observations: The United Kingdom has slid into contraction as the effect of demand shock fro Olympics and Paralympics games ebbed. However, on a positive note, the industry survey indicators point to expansion of activities across the private sectors. The manufacturing output improved for the second consecutive month while service sector activities expanded after going into contraction. These improvements could help lift the economy from the sliding back into a “triple-dip” recession. Nevertheless, downside risk is stemming from economic weakness in Europe that are affecting the industry, refl ected in the continued scarcity of export orders during January 2013. Besides, many fi rms remain cost cautious in response to increased input prices. This may continue in the face of the diffi cult macro-economic conditions.

Japan:

2.15. According to data published by the Cabinet Offi ce of Japan, Japanese real GDP fell by 0.1 per cent Q-o-Q (seasonally adjusted) during the fourth quarter of 2012, mainly due to fall in private demand and gross fi xed capital formation. Exports fell for a second straight quarter by an annualised rate of 14.0 per cent, while imports fell by an annualized 9.0 per cent. On balance, external demand shaved 0.2 point off the GDP. Exports and industrial production had decreased, mainly due to defi cient demand from the overseas economies.

2.16. As regards price situations, according to the estimates by Statistics Bureau and the Director-General for Policy Planning of Japan, the annual CPI infl ation stood at – 0.1 per cent in December 2012 against – 0.2 per cent in November 2012. Fuel prices went up by 2.9 per cent Y-o-Y, which contributed the most to the increase in infl ation. At the Monetary Policy Meeting on February 19, 2012, the Bank of Japan (BOJ) decided to keep the policy rate at around 0.0 to 0.1 per cent. The number of unemployed persons in December 2012 was 2.59 million and the seasonally adjusted unemployment rate was 4.2 per cent.

2.17. Observations: The industry survey data for January 2013 signals that the outlook for the service sector may improve in the coming months. Condition of the manufacturing sector, on the other hand, remains challenging although the degree to which production

151


fell was the slowest since June 2012. During January 2013, the Composite Output Index covering both manufacturing and services rose to a nine-month high of 50.4. The IMF observed that in Japan, emphasis should be given on raising growth and infl ation with expansionary monetary policy, adopting a credible medium-term fi scal consolidation plan anchored by the consumption tax increases in 2014–15, and raising potential growth through structural reforms. If strong medium-term fi scal measures are not taken, the stimulus-induced recovery could be short lived, and the debt outlook may become signifi cantly worse.

The Eurozone:

2.18. The Eurozone has slid further into recession during the fourth quarter of 2012 as the common currency region witnessed the sharpest contraction since 2009. Besides, it is also the fi rst time the region failed to grow in any quarter during a calendar year. The IMF has also revised down projected growth rate for Euro Area to a 0.2 per cent contraction in 2013 from its earlier projection of 0.1 per cent growth during the year. According to the fl ash estimates by Eurostat, the statistical offi ce of the European Union, real GDP in the Euro Area (EA17) and in the EU27contracted by 0.6 per cent and by 0.5 per cent respectively during the fourth quarter of 2012, compared with the previous quarter. In the third quarter of 2012, growth rates in the said regions were – 0.1 per cent and +0.1 per cent respectively. All the core economies contracted during the fourth quarter of 2012. On a Q-o-Q basis Germany contracted

by 0.6 per cent, France by 0.3 per cent, Italy by 0.9 per cent and Spain by 0.7 per cent.

2.19. As regards price situation, fl ash the Euro area annual infl ation moderated to 2.0 per cent in January 2013 from 2.2 per cent in December 2012. Based on its regular economic and monetary analyses, the Governing Council decided at its meeting on 10 January to keep the key ECB interest rates unchanged. During December 2012, unemployment rate both in the Euro Area and in EU27 remained unchanged at 11.7 per cent and 10.7 per cent respectively from what recorded in November 2012. Unemployment rate in Spain slightly moderated to 26.8 per cent during December 2012, while Greece recorded 26.8 per cent unemployment in October 2012. Among other core economies, during December 2012, unemployment was relatively low in Germany (5.3 per cent), but high in France (10.6 per cent) and Italy (11.2 per cent).

2.20. Observations: With further deterioration of growth in the Eurozone during the fourth quarter of 2012 the prospect of near term recovery has gone down. The euro area continues to pose a large downside risk to the global outlook. Risks of prolonged stagnation in the euro area as a whole may rise if the momentum for reform is not maintained. Hence, full deployment of European fi rewalls, utilization of the fl exibility offered by the Fiscal Compact, and further steps toward full banking union and greater fi scal integration must be continued and the peripheral economies must also take necessary measures to arrest further contagion of the crisis.

152


BRIC Nations:

Brazil:

2.21. According to the estimates by Instituto Brasileiro de Geografi a e Estatística the seasonally adjusted

real GDP of Brazil went up by 0.6 per cent

(Q-o-Q) (0.9 per cent Y-o-Y) during the third

quarter of 2012. The expansion of GDP

was underlined by a 2.5 per cent growth

in the agriculture sector Q-o-Q, followed

by the industrial sector, with a 1.1 per cent

increase. The services sector did not record

any change. Brazilian private sector recorded

strong growth during January 2013, as both the

manufacturing and the services sector recorded

solid expansion. The seasonally adjusted

HSBC Brazil Composite Output Index (that

covers both manufacturing and services sector)

posted 54.9 in January 2013, up from 53.2 in

December 2012.

2.22. The estimated unemployment rate in December

2012 fell to its lowest since May 2002 at 4.6 per

cent, 0.3 percentage points below the November

2012 result (4.9 per cent). The annual CPI

infl ation increased to 6.15 per cent in January

2013 from 5.84 per cent in December 2012

and from 5.78 per cent in November 2012. In

its recent monetary policy release on January

16, 2013, Banco Central do Brasil (central bank

of Brazil) maintained its benchmark Selic rate

at 7.25 per cent.

Russia:

2.23. According to preliminary estimates by the Russian State Statistics Service (Rosstat) the real GDP of Russia expanded at 3.4 per cent during 2012 over the previous year, against 4.3 per cent growth in 2011. The slowdown was caused mainly due to contraction of agricultural sector output and public administration and defence. Primary sector activities other than agriculture slowed down. Construction and manufacturing output also decelerated.

2.24. In December 2012 and January 2013 the pace of infl ation kept on increasing. The annual CPI infl ation during January 2013 increased to 7.1 per cent from 6.6 per cent in December 2012, which exceeded the target range. Core infl ation was 5.7 per cent in January 2013, unchanged from the previous month. The Bank of Russia in its monetary policy statement published on 12 February 2013 decided to maintain the refi nancing rate and the interest rates on the Bank of Russia operations unchanged at 8.25 per cent and 4.5 per cent, respectively. The unemployment rate increased to 6.0 per cent during January 2013 from 5.3 per cent in December 2012 and 5.4 in November 2012.

India:

2.25. Rate of expansion of the Indian economy continues with growth remaining below potential for the fi fth successive quarter. Policy initiatives of the government are not

153


yet refl ected in the GDP data. The Central Statistics Offi ce (CSO) released fi rst revised estimate of 2011-12 GDP growth rate. The real GDP (i.e. GDP at factor cost at 2004-05 prices) grew by 6.2 per cent during 2011-12 over 2010-11, as against an increase of 9.3 per cent in the previous year. CSO has also released the advance estimate of 2012-13 GDP data based on anticipated level of agricultural and industrial production, analysis of budget estimates of government expenditure and performance of key sectors available so far. According to CSO advanced estimates, the real GDP during 2012-13 has expanded by 5.0 per cent over previous year.

2.26. The Quick Estimates by CSO shows that the India’s General Index of Industrial production (IIP) fell by 0.6 per cent (Y-o-Y) in December 2012. The cumulative growth for the period April-December 2012-13 over the corresponding period of the previous year stands at 0.7%. As regards price situation, the WPI infl ation further eased down to 6.62 per cent (Y-o-Y) in January 2013 from 7.18 per cent in the previous month. Considering the slowdown of growth and easing of price pressure, the central bank decided to ease monetary policy. In its Third Quarter Review of Monetary Policy 2012-13 carried out in January 2013, the Reserve Bank of India (RBI) reduced the cash reserve ratio (CRR) of

scheduled banks by 25 basis points from 4.25 per cent to 4.0 per cent of their net demand and time liabilities (NDTL) and the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.

China:

2.27. The Chinese economy showed signs of stabilizing. The Chinese economy recorded slight acceleration in growth rate in the fi nal quarter of 2012 after slowdown in the third quarter. According to the preliminary accounting, real GDP of China went up by 7.9 per cent (Y-o-Y) (2.0 per cent Q-o-Q) during the fourth quarter of 2012. Year-on-year growth of GDP in the fi rst quarter was 8.1 per cent, 7.6 per cent for the second quarter and 7.4 per cent for the third quarter. GDP in the fourth quarter of 2012 went up by 2.0 per cent Q-o-Q.

2.28. The HSBC China Composite PMI data that covers both manufacturing and services signalled a further expansion of business activity during January 2013 as the index went up to 53.5 in January from 51.8 in the previous month. While China’s manufacturing activity has been expanding on the back of improving domestic conditions, the service sector has also been faring well. In January 2013 the CPI

154


infl ation was 2.0 per cent (Y-o-Y) compared to 2.70 per cent in December 2012. The food prices went up by 2.9 percent, while the non-food prices increased by 1.6 percent.

3. Review of Global Financial Markets:

2.29. Financial markets across the world performed well during January 2013. Equity markets posted strong gains on the back of radical shift in investors’ sentiments. While the future prospects for the Eurozone remains weak, investors grew confi dent of the stronger European markets for some while. Fears with regard to the stability of single currency in Eurozone have eased since September 2012, when European Central Bank (ECB) decided to undertake Outright Monetary Transactions (OMTs) in secondary markets for sovereign bonds in Euro Area; since then the bond market of fragile Eurozone economies have witness signifi cant improvements. Over the period bond yields of debt-laden countries such as Spain, Italy and Greece have decreased considerably while appetite for perceived safe heavens viz. US treasury bonds, German bund have reduced.

Stock Market:

2.30. During January 2013, stocks markets across the world witnessed gains. Equity market benefi ted from the large infl ux of funds due to improved investor sentiments. Japanese stocks continued to be strong performer among developed nations. Both S&P 500 Index and the Dow Jones Industrial Average ended with positive results as mid cap stocks outperformed the small and large caps at the end of January 2013. Most of the S&P sectors viz. Energy, fi nancials, consumer staples, industrials and business services etc. posted good returns. With European authorities focusing on sustainable framework to support the European fi nancial system, European equity market enjoyed decent fl ow of funds and posted strong regional gains on improved market sentiments.

2.31. MSCI World Index, which is a leading indicator for tracking the overall performance of stock markets in developed markets, posted stronger gains and grew by 5.0 per cent during January 2013; While, MSCI Emerging Market Index grew by 1.31 per cent at the end of January 2013, in comparison to growth of 4.78 per cent in previous month (Chart 3).

155


2.32. Long term Treasury bond prices of several developed countries fell and yields increased during January 2013 due to radical shift in investors’ sentiments. With Corporate balance sheets in outstanding condition with low debt and high cash levels, investors grew more selective in investing in bond market. At the end of January 2013, the bond yield of 10 year U.S. government bond increased by 12.95

percentage points and reached 1.98 per cent due to low appetite for investment in perceived safe heavens. Witnessing similar trend, the bond yield of 10 year German bund and U.K. 10 year government bond increased by 27.66 per cent and 14.72 per cent respectively. On the other hand, bond yield of 10 year Spanish government bonds decreased by 1.56 per cent during the month under review.

Chart 3: Movement in MSCI World and Emerging Market Index

Source: Bloomberg

Bond Market:

156


Chart 4: Movement in 10 year bond yield of major countries

Source: Bloomberg

Currency Market:

2.33. During January 2013, Euro continued to strengthen against USD on back of loose monetary policy and promising economic data releases. With Eurozone authorities focussing to strengthen the European fi nancial system, Euro appreciated by 2.89 per cent against USD. In January 2013, the new Japanese government

unveiled a headline ¥20.2 trillion economic stimulus package in order to stimulate its anaemic recovery. This led to further weakening of yen against USD by 5.44 per cent. During the month, GBP depreciated against USD by 2.32 per cent while Indian rupee witnessed a gain of 2.64 per cent against USD.

157


Chart 5: Movement of major currencies against US Dollar ($)

Source: BloombergNote: Exchange rate represents the closing price of the interbank foreign currency trade.

2.34. Major stock indices all over the world exhibited growth trend during January 2013. Among major stock indices of developed markets covered in the review, Nikkei 225 of Japan continued to post strong gains and grew by 7.15 per cent over its previous month figure, followed by FTSE 100 (6.43 per cent), Dow Jones Industrial Average (5.77 per cent) and All Ordinaries of Australia (5.07 per cent)

2.35. As regards the emerging market indices, Indice Bolsa General of Argentina recorded robust growth of 20.27 per cent during January 2013, followed by Budapest Stock Exchange (6.57 per cent) and Stock Exchange of Thai (5.91 per cent). On the other hand, FTSE Bursa Malaysia KLCI Index fell by 3.64 per cent during the month, followed by Bovespa of Brazil (1.95 per cent) and Kospi index of South Korea (1.76 per cent)

Trend in Market Indices:

158


Chart 6: Trend in Major Developed Market Indices

Source: Bloomberg

Chart 7: Trend in Market Indices in BRIC Nations

Source: Bloomberg

159


Market Capitalisation:

2.36. Market capitalisation of major stock exchanges in the world during January 2013 is given in table A6 and is illustrated in Chart 8. The market capitalisation of major stocks listed in both developed markets and developing markets exhibited growth trend at the end of January 2013 with a few exceptions. Among developed markets, the market capitalisation of NYSE Euronext (US) continued its growth trend and posted a strong growth of 14.86 per cent, followed by London SE

Group (13.24 per cent) and NASDAQ OMX Nordic Exchange (8.88 per cent). As regards the major emerging markets, the market capitalisation of Stock Exchange of Thailand observed a growth of 8.98 per cent during January 2013, followed by Shenzhen Stock Exchange (6.83 per cent) and Shanghai Stock Exchange (5.74 per cent). On contrary, the market capitalisation of Bursa Malaysia fell by 4.58 per cent followed by Korea Exchange (3.02 per cent).

Chart 8: Trend in Market Capitalisation of Major Exchanges (US$ Million)

Source: World Federation of Exchanges

Derivative Market:

2.37. Among the major stock exchanges covered in the review (Table A4 & A5) during January 2013 the monthly turnover of index futures in CME Group was US$ 2,843,390 million, followed by China Financial Futures Exchange

(US$ 1,878,570 million) and EUREX (US$ 1,250,410 million). Among the major Stock exchanges in terms of trading in stock futures, National Stock Exchange India, India recorded the monthly turnover of US$ 93,131.3 million

160


followed by NYSE.Liffe Europe US$ 41,385.9 million. The monthly turnover in options on index for EUREX stood at US$ 1,175,660 million, followed by CME group (US$ 575,417 million) and NYSE.Liffe Europe (US$ 372,138 million). As regards options

on stocks, Bolsa de Valores, Mercadorias & Futuros de São Paulo (BM&FBOVESPA) recorded a monthly turnover of US$ 99,281.9 million, followed by EUREX (US$ 71,782.5 million) and National stock exchange (US$ 56,137.8 million).

5. Annex Tables:

Table A1: Trend in market International Indices

Country IndexAs on

March*, 2011As on

March*, 2012As on

December*, 2012

As on January*,

20131 2 3 4 5 6

Developed MarketsAustralia All Ordinaries 4928.60 4419.97 4664.59 4901.01France CAC 40 3989.18 3423.81 3641.07 3732.60Germany Dax 7041.31 6946.83 7612.39 7776.05Hong Kong HSI Hang Seng 23527.52 20555.58 22656.92 23729.53Japan NIKKEI Nikkei 225 9755.10 10083.56 10395.18 11138.66Singapore STI Straits Times 3105.85 3010.46 3167.08 3282.66UK FTSE 100 5908.76 5768.45 5897.81 6276.88USA DOW JONES Dow Jones Industrial Average 12319.73 13212.04 13104.14 13860.58USA NASDAQ Composite Nasdaq Composite 2781.07 3091.57 3019.51 3142.13Emerging MarketsIndia (BSE) Sensex 19445.22 17404.20 19426.71 19894.98India (NSE) S&P CNX Nifty 5833.75 5295.55 5905.10 6034.75Argentina Indice Bolsa General 189288.67 155480.50 164018.92 197267.72Brazil Bovespa 68586.70 64510.97 60952.08 59761.49Chile Stock Market Select 4624.47 4671.28 4301.38 4552.40China Shanghai SE Composite IX 2928.11 2262.79 2269.13 2385.42Colombia IGBC General 14469.66 15038.26 14715.84 14981.55Egypt Hermes 532.34 494.87 551.03 561.56Hungary Budapest Stock Exchange 23059.77 18635.67 18173.20 19368.02Indonesia Jakatra Composite 3678.67 4121.55 4316.69 4453.70Malaysia FTSE Bursa Malaysia KLCI 1545.13 1596.33 1688.95 1627.55Mexico Bolsa 37440.51 39521.24 43705.83 45278.06Pakistan Karachi 30 11561.50 12114.13 13764.00 14084.85Russia Russian Traded 2872.33 2323.77 2192.15 2310.13South Korea Kospi Index 2106.70 2014.04 1997.05 1961.94South Africa FTSE/JSE Africa All Share 32204.06 33554.21 39250.24 40482.92Taiwan Taiwan Taiex 8683.30 7933.00 7699.50 7850.02Thailand Stock Exchange of Thai 1047.48 1196.77 1391.93 1474.20Turkey ISE National 100 64434.51 62423.04 78208.44 78783.47

*Indices are as on last trading day of the monthSource: Bloomberg

161


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

Country Index Volatility (per cent) P/E Ratio

Dec-12 Jan-13 Dec-12 Jan-13

1 2 3 4 5 6

Developed Markets

Australia All Ordinaries 0.38 0.45 19.48 20.52France CAC 40 0.49 0.72 12.46 12.71Germany Dax 0.43 0.69 14.72 15.85Hong Kong HSI Hang Seng 0.68 0.74 11.62 12.14Japan NIKKEI Nikkei 225 0.90 1.62 41.10 44.27Singapore STI Straits Times 0.40 0.45 12.03 12.45UK FTSE 100 0.28 0.60 15.25 15.85USA DOW JONES Dow Jones Industrial Average 0.65 0.59 12.85 13.60USA NASDAQ Composite Nasdaq Composite 0.86 0.74 21.97 23.08Emerging Markets

India (BSE) Sensex 0.49 0.55 17.53 17.68India (NSE) S&P CNX Nifty 0.52 0.55 18.68 18.50Argentina Indice Bolsa General 1.14 0.92 6.45 2.81Brazil Bovespa 0.78 1.10 21.00 19.75Chile Stock Market Select 0.44 0.45 24.06 n.a.China Shanghai SE Composite IX 1.33 1.12 12.52 13.14Colombia IGBC General 0.39 0.53 14.63 14.90Egypt Hermes 1.84 1.18 25.62 26.04Hungary Budapest Stock Exchange 0.66 0.87 19.13 20.39Indonesia Jakatra Composite 0.45 0.73 17.32 17.81Malaysia FTSE Bursa Malaysia KLCI 0.36 0.66 15.47 14.41Mexico Bolsa 0.46 0.46 18.69 19.26Pakistan Karachi 30 0.37 1.07 7.47 7.63Russia Russian Traded 0.84 0.93 5.50 5.48South Korea Kospi Index 0.52 0.70 19.42 26.10South Africa FTSE/JSE Africa All Share 0.36 0.58 13.79 13.91Taiwan Taiwan Taiex 0.65 0.70 25.05 25.43Thailand Stock Exchange of Thai 0.48 0.63 17.33 17.91Turkey ISE National 100 0.73 1.60 12.04 12.03

# PE ratio for Sensex and S&P CNX Nifl y have been taken from BSE, NSE respectivelyn.a. : Not AvailableSource: Bloomberg,, BSE, NSE

162


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

(US$ million)

Stock ExchangeDecember-12 January-13

Equities Bonds Total Equities Bonds Total

1 2 3 4 5 6 7

BM&FBOVESPA (Brazil) 2,602.45 NA NA 188.74 877.99 1,066.73

Deutsche Borse (Germany) 0.00 11,782.16 11,782.16 0.00 59,143.15 59,143.15

Egyptian Exchange 10.13 550.56 560.69 0.00 595.66 595.66

Hong Kong Exchanges 9,363.37 3,479.09 12,842.45 1,968.41 5,071.55 7,039.96

Korea Exchange 29.17 45,280.91 45,310.08 20.16 36,095.29 36,115.45

London SE Group 0.00 50,155.57 50,155.57 405.86 54,164.52 54,570.38

NASDAQ OMX Nordic Exchange 0.00 4,038.63 4,038.63 0.00 1,297.27 1,297.27

Shenzhen SE 3,436.17 1,757.54 5,193.70 2,914.91 1,357.18 4,272.09

Singapore Exchange 91.63 4,398.69 4,490.32 7.82 16,180.32 16,188.14

Taiwan SE Corp. 299.37 375.36 674.73 118.96 4,064.15 4,183.10

Tel Aviv SE (Israel) 126.77 2,512.13 2,638.90 149.62 2,960.28 3,109.90

Tokyo SE 1,754.89 9,395.24 11,150.14 0.00 NA NA

Wiener Borse (Austria) 0.00 6,517.89 6,517.89 0.00 4,974.24 4,974.24

N.A.: Not AvailableSource: World Federation of Exchanges

163


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

(US$ million)

Exchange

January 2013Stock options Stock futures

Number ofcontracts traded

Notionalturnover

Number ofcontracts traded

Notionalturnover

AmericasBM&FBOVESPA 74058595 99281.9 NA NABourse de Montreal 2250405 9011.9 NA NABuenos Aires SE 4506805 NA NA NACBOE Future Exchange NA NA NA NAChicago Board Options Exchange 35064270 NA NA NAColombia SE NA NA 2192 17.4International Securities Exchange 58276051 NA NA NAMexDer 602 0.2 0 0.0NASDAQ OMX (US) 57293353 NA NA NANYSE Euronext (US) 62201030 11840.1 NA NAAsia – Pacifi cASX Derivatives Trading 10615304 26032.4 168539 445.8Bombay SE 30283 171.9 21272 125.9Hong Kong Exchanges 6304509 18429.5 69481 272.1Korea Exchange 0 0.0 9184977 5783.2National Stock Exchange India 8902249 56137.8 14648279 93131.3Osaka SE 1030 NA NA NAShanghai Futures Exchange 0 0.0 0 0.0TAIFEX 7534 23.7 358319 1478.6Thailand Futures Exchange NA NA 775148 NATokyo SE Group 35530 NA NA NAEurope – Africa – Middle EastAthens Derivatives Exchange 1016 0.6 964692 312.2BME Spanish Exchanges 2088309 2326.7 1846919 1923.1Budapest SE 0 0.0 58159 229.4EUREX 20944711 71782.5 8369337 34415.2ICE Futures Europe 0 0.0 0 0.0IMKB 410 2.1 527 5.8Johannesburg SE 789874 21.9 817407 878.1MICEX / RTS 493854 219.2 14637020 5975.3NYSE.Liffe Europe 10423258 35208.4 17422557 41385.9OMX Nordic Exchange 2969555 5525.1 88345 165.4Oslo Børs 316269 170.9 153751 83.1Tel Aviv SE 31691 207.47 NA NAWarsaw SE 0 0 63514 179.494Wiener Börse 12822 31.7768 0 0


164


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

(US$ million)

Exchange

January 2013Stock index options Stock index futures

Number of contracts traded

Notionalturnover

Number of contracts traded

Notionalturnover

AmericasBM&FBOVESPA 69579 20894.0 1354824 42043.4Bourse de Montreal 68084 477.5 202788 28421.3CBOE Future Exchange NA NA 2927613 NAChicago Board Options Exchange 32111961 NA NA NACME Group 5483931 575417.0 38778055 2843390.0Colombia SE NA NA 15 0.4ICE Futures US 3386 300.0 1887758 167428.0International Securities Exchange 663940 NA NA NAMexDer 1620 56.3 29094 1037.1NASDAQ OMX (US) 492417 NA NA NANYSE Euronext (US) 358399 NA NA NAAsia – Pacifi cASX Derivatives Trading 1001067 50041.3 3459 39.6ASX SFE Derivatives Trading 11686 1439.7 554522 68552.6Bombay SE 30354345 172623.0 120434 690.7Bursa Malaysia Derivatives 598 0.3 182444 4743.1China Financial Futures Exchange NA NA 15042257 1878570.0Hong Kong Exchanges 1447308 164605.0 4151479 410112.0Korea Exchange 53767746 23687.4 4700679 568954.0National Stock Exchange India 64766416 369791.0 6337412 35738.7Osaka SE 6373415 NA 20380872 472313.0Shanghai Futures Exchange 0 0.0 0 0.0Singapore Exchange 648740 NA 8593022 NATAIFEX 12103426 158879.0 3794309 141784.0Thailand Futures Exchange 4730 NA 376003 NATokyo SE Group 19865 NA 1594637 126695.0Europe – Africa – Middle EastAthens Derivatives Exchange 21982 48.8 102752 234.0BME Spanish Exchanges 403967 4585.4 428998 37345.3Budapest SE 0 0.0 45767 42.0EUREX 27304902 1175660.0 20548971 1250410.0ICE Futures Europe 0 0.0 0 0.0Johannesburg SE 485769 373.1 851494 27384.8MICEX / RTS 1768325 5577.1 13516558 43522.9NYSE.Liffe Europe 4419064 372138.0 6253501 458781.0OMX Nordic Exchange 2505681 15516.2 2616577 46213.1Oslo Børs 92613 50.1 300827 162.6Tel Aviv SE 4472222 144739.0 7910 255.4Warsaw SE 49942 394.3 604559 5090.7Wiener Börse 2 543.0 1 3 626.0 218


165


Table A6: Market Capitalisation of Major Stock Exchanges

(US$ million)Stock Exchange Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

1 2 3 4 5 6Developed MarketAustralian SE 1,308,192 1,347,812 1,349,206 1,386,874 1,442,173Deutsche Börse 1,346,091 1,391,917 1,428,806 1,486,315 1,574,752Hong Kong Exchange 2,534,223 2,633,278 2,714,202 2,831,946 2,978,193London SE Group 3,482,429 3,526,277 3,571,896 3,396,505 3,846,076NASDAQ OMX Nordic Exchange 948,466 933,472 961,319 995,719 1,084,100NYSE Euronext (Europe) 2,622,416 2,677,498 2,752,856 2,832,189 3,015,261NYSE Euronext (US) 13,728,190 13,624,775 13,613,345 14,085,944 16,178,588Singapore Exchange 735,240 741,440 746,148 765,078 796,415Tokyo SE Group 3,342,282 3,275,393 3,334,919 3,478,832 3,613,268Emerging MarketBombay SE 1,243,540 1,202,909 1,238,848 1,263,335 1,320,657National Stock Exchange India 1,219,387 1,178,116 1,213,899 1,234,492 1,289,463BM&FBOVESPA 1,186,381 1,161,519 1,140,624 1,227,447 1,257,888Bursa Malaysia 450,784 467,303 454,632 466,588 445,229Colombia SE 241,956 249,563 245,396 262,101 266,713Indonesia SE 420,873 428,573 424,492 428,223 438,685Johannesburg SE 849,138 835,465 842,303 903,372 895,545Korea Exchange 1,137,851 1,113,731 1,132,058 1,179,419 1,143,805Mexican Exchange 490,268 496,091 504,222 525,057 551,135Saudi Stock Market – Tadawul 366,159 366,781 356,160 373,375 383,916Shanghai SE 2,307,164 2,313,934 2,219,897 2,547,204 2,693,395Shenzhen SE 1,096,986 1,097,596 982,090 1,150,172 1,228,717Taiwan SE Corp. 723,983 676,714 719,905 735,293 740,450The Stock Exchange of Thailand 352,434 356,978 364,274 389,756 424,746


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

(Statistical Standards) (Japan)11. Bank of Japan12. Eurostat (EA17 and EU27)13. European Central Bank (EA17)14. Instituto Brasileiro de Geografi a e Estatística (Brazilian Institute of

Geography and Statistics)

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

Sources:

166


A. GENERAL

I. Order in the matter of Exit of Hyderabad

Securities and Enterprises Limited

(Erstwhile Hyderabad Stock Exchange)

1. There are currently 25 Stock Exchanges across the country most of which are non-operational and only fi ve have trading on their platform which includes NSE, BSE, MCX, USE and CSE.

2. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges interalia including treatment of assets of de-recognised exchanges and a facility of dissemination Board for companies listed exclusively on such exchanges, while taking care of the interest of Investors.

3. In the fi rst such case of the erstwhile Hyderabad Stock Exchange (now Hyderabad Securities and Enterprises Limited) (hereinafter referred to as ‘HSEL’), Whole Time Member, SEBI, has passed an Order on January 25, 2013 providing the exit to HSEL.

4. In compliance with the Circular regarding the Exit of de-recognised/non-operational Stock Exchanges:

i. HSEL has in a timely manner transferred an amount of Rs. 3,09,97,440 available

PRESS RELEASES

in its ‘Investor Protection Fund’ and ‘Investor Services Fund’ and ‘1% security deposit’ amount of Rs. 82,76,166 available with it to the SEBI IPEF.

ii. HSEL has paid the necessary dues outstanding to SEBI including 10% of the listing fee and the annual regulatory fee

iii. HSEL has paid the outstanding registration fees of brokers/trading members as specifi ed in the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 till the date of such de-recognition.

iv. HSEL has contributed an amount to Rs. 1,00,00,000, towards SEBI IPEF.

v. HSEL has shifted the companies listed exclusively on it to the dissemination Board of BSE Ltd

vi. HSEL has set aside funds in order to provide for an ongoing Arbitration case.

5. Pursuant to the said Order, Hyderabad Securities & Enterprises Limited or its subsidiaries (if any) may continue to function as any other corporate entity or any other normal broking entity, as the case may be, managed by its own board subject to compliance of applicable laws/regulations etc. HSEL is permitted to distribute its assets subject to certain conditions as laid down in the Exit Order as well as the other

167


guidelines that may be issued by Government or any other statutory body from time to time. HSEL has submitted an undertaking to take care of the known future liabilities and that the necessary statutory dues like Income Tax would be paid by HSEL before the disposal of any Fixed Asset.

6. Further, HSEL shall not use the expression “Stock Exchange” or any variant in its name or in its subsidiary’s name so as to avoid any representation of present or past affi liation with the Stock Exchange, in all media including the Web.

7. Further that the Income Tax Authorities and the State Government of Andhra Pradesh are being intimated about the exit of HSEL, for appropriate action at their end.

Source: PR No. 19/2013 dated January 28, 2013

II. SEBI Board Meeting

The SEBI Board met in Chennai today and took the following decisions:

1. Review of Offer for Sale (OFS) through

stock exchange mechanism.

The Board noted that the OFS mechanism has been found to be useful by market participants and popular for offl oading shares of promoters in listed companies in order to achieve minimum public shareholding. As the deadline of June 2013 to achieve minimum public shareholding is fast approaching and large numbers of

promoters are expected to offl oad their shares through OFS route, the Board has approved the following changes in the OFS mechanism to make it more economical, effi cient and transparent:

a) Margin Requirement for Institutional

orders placed in OFS:

(i) Institutions may place orders/bids with 100% upfront margin and modifi cation/cancellation of such orders/bids shall be permitted. Custodian confi rmation shall be within the trading hours. However, the settlement of funds and securities shall take place on T+1 day.

(ii) Institutions may place orders without upfront margin in line with secondary market practice. However such bids/orders cannot be modifi ed /cancelled, except upward revision in the price or quantity. Confi rmation by custodian and settlement shall be as per the rules for secondary market transactions.

b) Visibility of order book:

(i) Cumulative bid quantity of 100% margined orders as well as non-margined but non-cancellable orders shall be made available to the market throughout the trading session. The

168


order book shall display two sets of orders, cumulative orders/bids with 100% margin and cumulative orders/bids without margin.

(ii) Indicative price shall be disclosed to market throughout the trading session. The indicative price shall be calculated based on all bids/orders.

2. Amendment to SEBI (Substantial

Acquisition of Shares and Takeovers)

Regulations, 2011 (Takeover Regulations,

2011)

The Board took note of the concerns raised during the implementation of Takeover Regulations, 2011 and approved the following:

(a) Relevant date for making Public

Announcement and determination

of offer price in cases of combined

modes of acquisition

Where the open offer obligations are triggered pursuant to an agreement or otherwise in combination of any modes of acquisition, the ‘relevant date’ for making the Public Announcement and determination of offer price shall be the earliest date on which obligations are triggered. This will, however, not be applicable if the subsequent trigger is on account of willful and deliberate act on the part of the acquirer.

(b) Relevant date for making Public

Announcement and determination

of offer price in cases of preferential

allotment

The information about the impending preferential allotment comes into the public domain on the date of the Board resolution which authorizes the preferential allotment and the market price gets adjusted or may even rise which exposes the transaction to market risks. Therefore, it has been decided that the date of board resolution authorizing the preferential allotment shall be the relevant date for the purpose of triggering open offer obligations and determination of offer price, instead of the date on which special resolution is passed under Section 81(1A) of the Companies Act, 1956.

(c) Aligning disclosure requirements

under Takeover Regulations with

SEBI (Prohibition of Insider Trading)

Regulations, 1992

In order to bring parity in disclosure requirements among various SEBI regulations, the disclosure requirement with regard to buy or sell two percent by persons holding more than fi ve percent as specifi ed in Takeover Regulations, 2011 shall be modifi ed in line with SEBI (Prohibition of Insider Trading) Regulations, 1992.

169


(d) Clarifi cation on reckoning the period

of ninety days in case of increase of

voting rights due to buyback by target

company

Presently, if the voting rights of a shareholder, who is not a party to the buyback arrangement, go beyond the prescribed threshold limit on account of buyback by the target company, the open offer requirement will not be triggered if voting rights are brought below the threshold limit within ninety days from the date on which the voting rights so increase. It has now been clarifi ed that the period of ninety days will be reckoned from the date of closure of the buyback offer.

(e) Norms for completion of market

purchase of shares made during the

offer period

Presently, the Takeover Regulations do not allow completion of acquisition of shares or voting rights which triggers the open offer obligations until the expiry of the offer period. But such acquisition can be completed after the expiry of 21 working days from the date of the detailed public statement, provided the acquirer deposits 100 percent of the consideration payable in cash in the escrow account. The regulations also allowed purchase of shares from stock exchange which

required to be completed within two days as per settlement process, thus creating an anomalous situation.

It has, therefore, now been decided that market purchases made during the open offer period can be completed during the open offer period subject to such shares being kept in an escrow account. Further, these shares can be transferred from the escrow account to the name of the acquirer after the expiry of 21 working days from the date of the detailed public statement, provided the acquirer deposits 100 percent of the consideration payable in cash in the escrow account.

3. Amendment to the Securities and Exchange

Board of India (Mutual Funds) Regulations,

1996, with respect to Infrastructure Debt

Fund (IDF) :

(a) Investments of funds received on

account of pre-payment of principal

or regular repayments of principal to

be permitted:

IDF-MFs would be allowed to invest funds received on account of pre-payment of principal or regular repayments of principal with respect to the underlying assets of the IDF in bonds of Public Financial Institutions (PFIs) and infrastructure fi nance companies. This can be done only if the AMC is unable to fi nd the core assets like debt assets

170


or securitized debt of infrastructure companies, bank loans related to infrastructure, etc. for deployment of the amounts of principal.

(b) Extension in the tenure of the

scheme:

The tenure of the scheme would be allowed to be extended upto two years beyond the original tenure with the consent of 2/3rds of its investors by value.

(c) Widening the defi nition of strategic

investors:

The present defi nition of strategic investors would be widened to include the following categories of investors:

(i) Systemically important NBFCs registered with Reserve Bank of India

(ii) FIIs registered with SEBI which are long term investors, subject to their applicable investment limits

This is in addition to the present categories of investors i.e.

• An Infrastructure Finance Company registered with Reserve Bank of India as Non Banking Financial Company

• A Scheduled Commercial Bank

• International Multilateral Financial Institution

(d) Extension of New Fund Offer (NFO)

period and Specifi ed Transaction

Period (STP) and allowing of the

private placement as an alternative:

(i) The NFO period would be increased to upto 45 days (from upto 15 days) and the STP would be increased to upto 45 days (from upto 30 days), only with respect to IDF schemes.

(ii) Private placement to less than 50 investors would be permitted as an alternative. In case of private placement, the mutual funds would only have to fi le a placement memorandum with SEBI instead of a Scheme Information Document and a Key Information Memorandum. However, all the other conditions applicable to IDFs offered through the NFO route like kind of investments, investment restrictions, etc. would be applicable to IDFs offered through private placement.

(e) Review of limits on sponsor owned

assets:

An IDF scheme would be allowed to invest upto 30% of its AUM in assets not below investment grade owned by sponsor/ associates (as increased from the earlier 20%) subject to the condition that the sponsor/associate retains at least

171


30% of the assets sold to the IDF till the assets are held in the IDF portfolio.

(f) Limits on investments in unrated /

below investment grade assets and

limits of investment in instruments

of a single issuer:

Investments of the IDF scheme in instruments, irrespective of rating, of a single issuer would be restricted to 30% of net assets, and overall investment of the scheme in unrated/below investment grade assets would be restricted to 30% of the net assets, extendable to 50% with the prior approval of the Boards of trustee & AMC.

4. Amendment in Securities and Exchange

Board of India (Stock-Brokers and Sub-

Brokers) Regulations, 1992 for the purpose

of introducing debt segment on stock

exchanges:

(a) With an objective to develop corporate bond markets and encourage trading on stock exchange trading platform, it is proposed to create separate debt segment on stock exchanges which shall provide for trading, reporting, membership, clearing and settlement rules , risk management framework and other necessary provisions. This will also facilitate Scheduled Commercial Banks to become members of recognised stock exchanges for the purpose of undertaking

proprietary transactions in the corporate bond market, as approved by RBI vide circular dated November 5, 2012.

(b) In order to enable direct membership of banks and other institutional participants (as specifi ed by their sectoral regulators) in the proposed debt segment, the Board approved amendments in SEBI (Stock-Brokers and Sub-Brokers) Regulations, 1992 to:-

(i) Include debt segment in addition to derivatives segment and currency derivatives segment in the defi nition of clearing members, self clearing members, trading members;

(ii) Introduce defi nition of “proprietary trading member” to permit specifi ed institutions such as scheduled commercial banks, primary dealers, pension funds, provident funds, insurance companies, mutual funds and any other investors as may be specifi ed by sectoral regulators from time to time to trade only on their own account in debt segment; and

(iii) Introduce new Chapter to provide for registration, procedures, fees, obligations and responsibilities for trading member/ proprietary trading members/self clearing member/ clearing member of debt segment.

172


5. Amendment to SEBI [KYC (Know Your

Client) Registration Agency] Regulations,

2011

With a view to simplify operations and in order to align the SEBI [KYC (Know Your Client) Registration Agency] Regulations, 2011 (KRA Regulations) with the proposal of Central KYC Registry, Board approved to amend the Regulations. As a result, the intermediaries would retain the original KYC documents of their clients and would furnish the scanned images of the KYC documents with proper authentication to the KRAs.

This proposal will help to reduce the cost of and delay in movement of documents, saving in warehousing charges and avoiding physical print out of documents of millions of existing investors.

6. Amendment to SEBI (ICDR) Regulations,

2009 for enabling two-way fungibility of

IDRs

In order to provide liquidity in the domestic markets, it has been decided to enable partial two-way fungibility of Indian Depository Receipts (IDRs). It has been, inter-alia, decided that :

SEBI (ICDR) Regulations 2009 would be amended for enabling two-way fungibility of IDRs.

SEBI will notify guidelines providing a detailed roadmap for the future IDR issuances as well as for the existing listed IDRs.

Ref: PR No. 17/2013 dated January 18, 2013

III. SEBI Issues A Discussion Paper On

Modifi cation To The Existing Framework

For Buy Back Through Open Market

Purchase

On January 02, 2013, SEBI published the Discussion Paper on proposed modifi cation to the existing framework for buy back through open market purchase . Some of the important proposals are as given below,

1. Minimum buy back quantity be raised to 50% from current 25%:

2. Maximum period to complete the buyback be reduced from 5 months to 3 months:

3. Post buy back obligations: companies coming out with the buyback programs may not be allowed to raise further capital for a period of 2 years.

4. Disincentive for not completing the buyback program successfully: companies who are not able to buy back 100% of the proposed amount, may not be allowed to come with another buyback for a period of atleast one year irrespective of the mode of approval for buy back

5. Rationalisation of ongoing disclosure requirements: the company shall be required to disclose the details regarding the buy – back offer to the exchanges on monthly basis

6. Limit for open market method: buy-back of 15% or more of (paid up capital + free reserves) must be only by way of a tender offer method.

173


7. Procedure for buy-back of physical shares (odd lot) in Open Market Purchase Method: It is proposed to create a separate window in trading system for buying physical shares and relax certain requirements.

8. Removal of restriction on issuance of shares pursuant to Employee Stock Option (ESOP) schemes during the buy-back offer:

9. Extinguishment of shares in buyback process:

i. The companies shall extinguish/destroy shares bought back during the month, on or before fi fteenth day of the succeeding month subject to the companies destroying the bought back shares in the last month within seven days of the completion of the offer.

ii. As detailed disclosure regarding extinguishment and destruction of shares have been proposed above, the existing requirement of furnishing a separate certifi cate by the company to SEBI in this regard may be done away with.


IV. SEBI issues a Consultative Paper on review

of Corporate Governance norms in India

In the discussion paper issued on corporate governance SEBI proposed to explicitly specify the principles of Corporate Governance in the listing agreement, which are broadly based on the OECD Principles of Corporate Governance and the guiding

principles of Corporate Governance specifi ed by Shri. Adi Godrej Committee. In addition to above, the important proposals are as follows,

• Appointment of independent directors by minority shareholders

• Cumulative voting for appointment of Independent Director

• Formal letter of appointment: It is proposed to mandate formal letter of appointment for non-executive directors which will contain the terms and conditions of appointment, duties, remunerations etc.

• Certifi cation course and training for independent directors.

• Treatment of nominee director as Non-Independent Director: It is proposed to exclude the nominee directors from the category of independent directors to align the provisions of Clause 49 with the Companies Bill.

• Mandating maximum tenure for independent director: It is proposed to specify maximum tenure of 10 years for independent directors in line with the proposal in the Companies Bill.

• Requiring Independent directors to disclose reasons of their resignation.

• Performance evaluation of independent director by entire Board excluding the Director

• Separate exclusive meetings of Independent Directors

174


• Mandating post of Lead Independent Director

• Restriction on the number of independent directorships to seven

• Separating the position of Chairman and that of the Managing Director / CEO

• Mandatory framing and disclosure of Succession Planning

• Framing, monitoring and review of Risk Management Plan by Board/Committee

• Reporting of the internal auditor to Audit Committee

• Mandatory rotation of auditors after fi ve years and maximum tenure of ten years for the audit fi rms

• Making Whistle Blower Mechanism a compulsory requirement:

• Making the Remuneration committee a mandatory one and expanding its scope:

• Enhanced disclosure of remuneration policies:

• Constitution of Stakeholders Relationship Committee:

• Mandating e-voting for all resolutions of a listed company:

• Measures to prevent Abusive RPTs.

• Strengthening Private Sector Enforcement

• Recognising and encouraging proxy advisory fi rms

• Improving fi nancial and other support to investor associations/groups for group action

• Delegating more enforcement powers to stock exchanges

• Improving Investor education and awareness and the grievance redressal machinery

• Provision for regulatory support to class action suits

• Enhancing Role of Institutional Investors in Corporate Governance

• Strengthening enforcement for non-compliance of Corporate Governance Norms


V. Public Notice Regarding Fraudulent Calls

Made In The Name Of Regulators

It is observed from some recent newspaper reports that fraudulent telephone calls are being made to individuals/investors in the name of the regulatory offi cials giving advice on fi nancial products. In this regard, the attention of the public is drawn to the fact that SEBI neither offers any investment advice or recommend any investment products/schemes nor seeks any personal information of investors for this purpose. If any prospective investor is contacted by any person purporting to be a SEBI offi cial and offering such investment advice or seeking such information, individuals may not entertain such calls and deny him/her such access and verify the details of such purported offi cial from SEBI website.


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B. ORDERS

1. Order in respect of M/s Yashika Holdings

Private Limited

SEBI revoked the directions issued vide the ad interim ex-parte order dated August 03, 2012 against M/s. Yashika Holdings Pvt. Ltd under Sections 11(1), 11(4) and 11B of the Securities And Exchange Board of India Act, 1992 read with Regulation 11 of the SEBI (PFUTP) Regulations, 2003 in the matter of M/s. Pipavav Defence and Offshore Eng. Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.


2. Order in the matter of M/s. Khaitan

Electricals Limited directing Mr. Sunil

Krishan Khaitan, Mr. Krishan Khaitan,

M/s. Khaitan Lefi n Limited and M/s. The

Orientale Mercantile Company Limited to

make public announcement.

SEBI issued directions against Mr. Sunil Krishan Khaitan, Mr. Krishan Khaitan, M/s. Khaitan Lefi n Limited and M/s. The Orientale Mercantile Company Limited (noticees) under regulations 44 and 45 of the SEBI (SAST) Regulations, 1997 read with regulation 32(1)(h) of the SEBI (SAST) Regulations, 2011. The directions required noticees,

o To make a combined public announcement to acquire shares of the Target Company, M/s. Khaitan Electricals Limited, in terms of regulations 10 and 11(1) of the SEBI (SAST)

Regulations, 1997, within a period of 45 days from the date of this Order.

o To pay interest at the rate of 10% per annum, from June 16, 2007 to the date of payment of consideration, to the shareholders who were holding shares in the target company on the date of violation and whose shares have been accepted in the open offer, after adjustment of dividend, if any, paid.


3. Order in respect of Mr. Umang Nemani

and M/s. Cheminare Trade Comm Pvt.

Ltd.

SEBI confi rmed the directions issued vide the ad interim ex-parte order dated August 03, 2012 against Mr. Umang Nemani and M/s. Cheminare Trade Comm Pvt. Ltd. under Sections 11(1), 11(4) and 11B of the Securities And Exchange Board of India Act, 1992 read with Regulation 11 of the SEBI (PFUTP) Regulations, 2003 in the matter of M/s. Pipavav Defence and Offshore Eng. Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.


4. Order in the matter of Genus Commutrade

Ltd.

SEBI, vide order dated December 31, 2012, issued warning to Mr. Uday Vora, Ms. Sonal U Vora, Mr. Dhiren Vora and Mr. Dharmesh Patel in the matter

176


of M/s. Genus Commutrade Ltd., and also directed them to be strictly compliant with the securities laws and other requirements which govern their conduct in the securities market in their future dealings.


5. Order against M/s. Ramrakh Bohra,

member, BSE, in the matter of M/s. AKL

Soft and Infosys Ltd.

SEBI, vide order dated December 31, 2012, issued warning to the stock broker, M/s. Ramrakh Bohra in the matter of M/s. AKL Soft and Infosys Ltd and also directed him to be careful and cautious in the conduct of his stock broking activity and to adhere to and comply with all the statutory provisions while carrying out his activities in the securities market, till such time he continues to act as a stock broker.


6. Order in the matter of M/s. Genus

Commutrade Limited

SEBI vide Order dated December 31, 2012 suspended the certifi cate of registration of M/s. Parklight Investments Private Limited, a trading member of BSE for a period of one week for violating clauses A(1) and (4) of Code of Conduct specifi ed for the stock brokers in Schedule II read with regulation 7 of Stock Brokers Regulations, 1992


7. Order in respect of M/s. White Horse

Trading Company Pvt. Ltd.

SEBI revoked the directions issued against M/s White Horse Trading Company Pvt Ltd vide ad-interim ex-parte order dated August 03, 2012. SEBI, vide an ad interim ex-parte order dated August 03, 2012 (interim order), amongst others had restrained M/s White Horse Trading Company Pvt. Ltd. from accessing the securities market and had further prohibited it from buying, selling or dealing in securities in any manner whatsoever, till further directions in the matter of downward movement in the prices of four scrips, viz; M/s. Pipavav Defence and Offshore Engineering Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.


8. Order in respect of Mr. Ashok Kumar

Kayan, member, Calcutta Stock Exchange

Ltd.

SEBI, vide an order dated December 31, 2012, issued warning to Mr. Ashok Kumar Kayan, member, Calcutta Stock Exchange Limited in the matter of M/s. Bakra Pratisthan Limited and further directed the broker to strictly comply with the securities laws and other requirements which govern its conduct in the securities market.


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9. Order against M/s. Ram Kaashyap

Investment Limited and its Promoter Mr.

A. Venkatramani

SEBI, vide an order dated December 31, 2012, restrained M/s. Ram Kaashyap Investments Limited and its promoter, Mr. A. Venkatramani from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of two years from the date of this order for violations of the regulations 3(c), 3(d), 4(2) (f) and 4(2) (k) of the PFUTP Regulations, 2003 in the matter of alleged violations with respect to the rights issue of M/s. Ram Kaashyap Investments Limited.


10. Cancellation of Registration of Fidelity

Mutual Fund

Pursuant to the acquisition of Fidelity Mutual Fund by L&T Mutual Fund and at the request of FIL Fund Management Pvt. Ltd, the AMC to Fidelity Mutual Fund, Securities and Exchange Board of India (SEBI), vide its letter dated January 14, 2013, has cancelled the certifi cate of registration of Fidelity Mutual Fund and has withdrawn the approval granted to FIL Fund Management Pvt. Ltd. to act as the Asset Management Company.

Consequently, with immediate effect, Fidelity Mutual Fund, FIL Trustee Company Private Limited and FIL Fund Management Private Ltd. cannot carry out any activity as a Mutual Fund, Trustee Company and Asset Management Company respectively.


11. Order in respect of M/s. North Eastern

Publishing & Advertising Company

Limited in the matter of M/s. Pipavav

Defence and Offshore Eng. Limited, M/s.

Parsvnath Developers Limited, M/s.

Tulip Telecom Limited and M/s. Glodyne

Technoserve Limited

SEBI vide order dated December 31, 2012 revoked the directions issued vide the ad interim ex-parte order dated August 03, 2012 against M/s. North Eastern Publishing & Advertising Company Limited under Sections 11(1), 11(4) and 11B of the Securities And Exchange Board of India Act, 1992 read with Regulation 11 of the SEBI (PFUTP) Regulations, 2003 in the matter of M/s. Pipavav Defence and Offshore Eng. Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.


178


12. Order in respect of Mr. Ajit Kumar Jain,

M/s. Kuvam Plast Private Limited and

Mr. Manish Agarwal in the matter of

M/s. Pipavav Defence and Offshore Eng.

Limited, M/s. Parsvnath Developers

Limited, M/s. Tulip Telecom Limited

and M/s. Glodyne Technoserve Limited

SEBI vide an order dated January 11, 2013 confi rmed the directions issued against Mr. Ajit Kumar Jain, M/s. Kuvam Plast Private Limited and Mr. Manish Agarwal vide ‘ad-interim ex-parte order ‘ dated August 03, 2012 in the matter of downward movement in the prices of four scrips, viz; M/s. Pipavav Defence and Offshore Engineering Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.


C. CONSENT ORDER

1. Consent order on the application submitted

by M/s. Indiabulls Securities Limited

SEBI passed a consent order on January 02, 2013 on the application submitted by M/s. Indiabulls Securities Limited, in accordance with SEBI Circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of `5, 10,000/ – (Rupees fi ve lakh and ten thousand only) towards consent terms in the matter without admitting or denying the guilt on its part.


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I. Debt Allocation Mechanism for FII

1. SEBI vide circular CIR/IMD/FIIC/1/2012 dated January 03, 2012 had provided the facility of re-investment of up to two years from the date of the circular or to the extent of twice the size of the debt portfolio, to those FIIs and sub-accounts that had already acquired limits and/or invested in debt in the manner prescribed in the said circular. The facility of reinvestment period was not allowed for all new allocations of debt limits to FIIs/subaccounts after the issuance of the said circular.

2. SEBI vide circular CIR/IMD/FIIC/22/2012 dated November 07, 2012 had stated that beginning January 01, 2014, the FIIs/Sub-Accounts could re-invest during each calendar year to the extent of 50% of their debt holdings at the end of the previous calendar year. It is clarifi ed that from January 01, 2014 onwards, the circular CIR/IMD/

CIRCULARS

FIIC/22/2012 dated November 07, 2012 will be applicable uniformly to all FIIs investing in debt securities irrespective of whether the FII had acquired limits/made investments before January 03, 2012 or not.

3. In light of the representations received and in order to provide operational fl exibility to those FIIs/ sub-accounts which did not hold any debt investment limits as on January 03, 2012 and purchased debt investment limits thereafter, it has been decided that they shall be allowed a cumulative re-investment facility to the extent of 50% of their maximum debt holding at any point of time during the calendar year 2013.

4. To illustrate, an example is given below:

An FII/ Sub-Account “XYZ” did not hold any debt investment limits as on January 03, 2012.

It had purchased fresh debt limits on January 07, 2012. The following table gives the particulars of XYZ’s transactions in debt securities:

180


5. From January 01, 2014, the re-investment facility as indicated in the SEBI circular CIR/IMD/FIIC/22/2012 dated November 07, 2012 would be available during each calendar year to those FIIs which hold debt investments as on December 31 of the previous calendar year.

6. In respect of those FIIs which do not hold any debt investments as on December 31 of the previous calendar year, the re-investment facility given at Para 3 of this circular would be available during each calendar year.

7. It is further clarifi ed that the re-investment facility for those FIIs/ sub-accounts having debt limit prior to January 03, 2012, will remain available till December 31, 2013 in terms of the SEBI circular dated January 03, 2012.

8. The re-investment period, i.e. 5 working days for Government Debt and 15 working days for Corporate Debt shall remain the same as per the SEBI Circular CIR/IMD/FIIC/18/2010 dated November 26, 2010.

This circular shall come into effect immediately.

Source: CIR/IMD/FIIC/1/2013 dated January 01, 2013

II. Application Supported by Blocked Amount

(ASBA) facility in public/ rights issue

1. This has reference to SEBI Circular No. CIR/CFD/DIL/12/2012 dated September 13, 2012, on the captioned subject. It has been reported that some Banks/Merchant Bankers are misinterpreting the aforesaid circular and the applications by banks have been made/

181


accepted using an account held with the applicant bank itself.

2. In terms of Para 4 of the aforementioned circular dated September 13, 2012, it is clarifi ed that for making applications by banks on own account using ASBA facility, SCSBs should have a separate account in own name with any other SEBI registered SCSB/s. Such account shall be used solely for the purpose of making application in public issues and clear demarcated funds should be available in such account for ASBA applications.

3. All other provisions of the aforesaid circulars remain unchanged.

4. This circular shall be applicable with immediate effect.

Source: CIR/CFD/DIL/1/2013 dated January 02, 2013

III. Clarifi cation on Clause 36 of the Equity

Listing Agreement

1. It has been brought to our notice that certain listed companies have been giving monthly disclosure of their sales/turnover/production fi gures to their respective trade bodies/industry associations and the same is not disclosed to the stock exchanges.

2. The listed companies are guided by Clause 36 of the Listing Agreement of the stock exchanges which, inter-alia, states that:

“The Issuer will intimate to the Stock Exchanges, where the company is listed

immediately of events such as strikes, lock outs, closure on account of power cuts, etc. and all events which will have a bearing on the performance / operations of the company as well as price sensitive information both at the time of occurrence of the event and subsequently after the cessation of the event in order to enable the security holders and the public to appraise the position of the Issuer and to avoid the establishment of a false market in its securities. In addition, the Issuer will furnish to Exchange on request such information concerning the Issuer as the Exchange may reasonably require”.

3. It is therefore, reiterated that all the events or material information which will have a bearing on the performance / operations of the company as well as price sensitive information shall be fi rst disseminated to the stock exchanges as required under Clause 36 of the Listing Agreement.

4. Stock exchanges are advised to take into account the requirements of this Circular and to bring the same to the notice of the listed companies.

5. This Circular is issued in in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.

6. This Circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Issues and Listing”.


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IV. Rationalisation Process For Obtaining

PAN By Investors

1. Please refer to SEBI circular no CIR/MIRSD/16/2011 dated August 22, 2011; MIRSD/SE/Cir-21/2011 dated October 5, 2011 and CIR/MIRSD/11/2012 dated September 05, 2012.

2. With a view to bring about operational fl exibility and in order to ease the PAN verifi cation process, the intermediaries may verify the PAN of their clients online at the Income Tax website without insisting on the original PAN card, provided that the client has presented a document for Proof of Identity other than the PAN card.

Source: CIR/MIRSD/01 /2013 dated January 04, 2013

V. Amendments to SEBI (Employee Stock

Option Scheme and Employee Stock

Purchase Scheme) Guidelines, 1999 and

Equity Listing Agreement.

1. SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 (“SEBI (ESOS & ESPS) Guidelines”) were issued to enable listed entities to reward their employees through stock option schemes and stock purchase schemes and to ensure that such schemes introduced by the companies are within the regulated framework.

2. It has come to the notice of SEBI that some listed entities have been framing their own

employees benefi t schemes wherein Trusts have been set up to deal in their own securities in the secondary market, which was not envisaged within the purview of SEBI (ESOS and ESPS) Guidelines 1999.

3. It is apprehended that some entities may frame such schemes with the purpose of dealing in its own securities with the object of infl ating, depressing, maintaining or causing fl uctuation in the price of the securities by engaging in fraudulent and unfair trade practices. Such dealing in the company’s shares by the Trusts may also raise regulatory concerns regarding compliance with SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 and SEBI (Prohibition of Insider Trading) Regulations, 1992.

4. In order to address the concerns over acquisition of shares by employee welfare Trusts from the secondary market, it has been decided to prohibit the listed entities from framing any employee benefi t schemes involving acquisition of own securities from the secondary market.

5. In order to implement the above decision, certain listing conditions are hereby specifi ed by way of inserting Clause 35C in the Equity Listing Agreement as given below (in Annexure I of this circular).

Amendments to Equity Listing Agreement

1. After Clause 35B, a new clause 35C shall be inserted to read as under:

183


“35C. (i) The issuer agrees that all the employee benefi t schemes involving the securities of the company shall be in compliance with SEBI (Employee Stock Option Schemes and Employee Stock Purchase Schemes) Guidelines, 1999 and any other guidelines, regulations etc. framed by SEBI in this regard.

(ii) The issuer further agrees that all the employee benefi t schemes already framed and implemented by the company involving dealing in the securities of the company, before the insertion of this clause shall be aligned with and made to conform to SEBI (Employee Stock Option Schemes and Employee Stock Purchase Schemes) Guidelines, 1999 by June 30, 2013.”

2. In Clause 35B of the Listing Agreement, all references to “Companies (Passing of the Resolution by Postal Ballot) Rules 2001” shall be replaced with “Companies (Passing of the Resolution by Postal Ballot) Rules 2011”.

6. In respect of those companies, which have already framed and implemented before the date of this circular any employee benefi t schemes involving dealing in the securities of the company, which are not in accordance with SEBI (ESOS and ESPS) Guidelines, it has been decided that:-

(i) such companies will be required to inform the details of their schemes to the Stock Exchanges within 30 days from date

of this circular, in the format provided in Annexure II to this circular and to disseminate the said information on their website.

(ii) such companies shall align any existing employee benefi t schemes with SEBI (ESOS and ESPS) Guidelines on or before June 30, 2013.

7. In view of the above, it has also been decided to amend the SEBI (ESOS and ESPS) Guidelines 1999 as provided below (in Annexure III to this circular).

After clause 22A, the following new clause shall be inserted namely:

“22B. Prohibition on acquisition of securities from secondary market

No ESOS/ESPS shall involve acquisition of securities from the secondary market.”

The amendments made vide this circular shall come into force with immediate effect.

8. All stock exchanges are advised to ensure compliance with this circular, and carry out the necessary amendments in their Listing Agreement accordingly.


VI. Comprehensive guidelines on Offer For

Sale (OFS) of Shares by Promoters through

the Stock Exchange Mechanism

1. Comprehensive guidelines on sale of shares through OFS mechanism were issued vide

184


circular no CIR/MRD/DP/18/2012 dated July 18, 2012. Based on past experience of sale of shares through OFS, the mechanism of OFS has been found to be useful by market participants and popular for offl oading shares of promoters in listed companies in order to achieve minimum public shareholding. With the deadline of June 2013 to achieve minimum public shareholding approaching, to encourage promoters to offl oad their shares through OFS route and based on market feedback, it has been decided to modify the OFS framework to make it more economical, effi cient and transparent.

2. The aforesaid circular is amended as under:

2.1. Para 1 (b) (ii) shall be replaced by the following: All promoters/promoter group entities of top 100 companies by market capitalisation in any of the last four completed quarters, market capitalisation being calculated as average market capitalisation in a quarter.

2.2. Para 2(c) shall be replaced by the following:

Indicative Price is the volume weighted average price of all the valid bids.

2.3. Para 5(d) (ii) shall be replaced by the following:

Orders shall be placed during trading hours.

2.4. Para 5 (d) (iii) shall be omitted.

2.5. Para 5(e) (i) shall be replaced by the following: A separate window for the purpose of sale of shares through OFS shall be created. The following orders shall be valid in the OFS window:

A. Orders with 100% of margin paid upfront by institutional investors and non-institutional investors. Such orders can be modifi ed or canceled at any time during the trading hours.

B. Orders without paying upfront margin by institutional investors only. Such orders cannot be modifi ed or cancelled by the investors or stock brokers, except for making upward revision in the price or quantity.

2.6. Para 5 (e) (ii) shall be replaced by the following:

Cumulative bid quantity shall be made available online to the market throughout the trading session at specifi c intervals in respect of orders with 100% upfront margin and separately in respect of orders placed without any upfront margin. Indicative price shall be disclosed to market throughout the trading session. The indicative price shall be calculated based on all valid bids/orders.

185


2.7. Para 6 (a) shall be replaced by the following:

Clearing Corporation shall collect 100% margin in cash from non-institutional investors. In case of institutional investors who place orders/bids with 100% of margin upfront, custodian confi rmation shall be within trading hours. In case of institutional investors who place orders without upfront margin, custodian confi rmation shall be as per the existing rules for secondary market transactions. The funds collected shall neither be utilized against any other obligation of the trading member nor co-mingled with other segments.

2.8. Para 6 (b) shall be replaced by the following:

In case of order/bid modifi cation or cancellation, such funds shall be released/ collected on a real time basis by clearing corporation.

2.9. Para 8 (i) (b) shall be replaced by the following:

Settlement shall take place on trade for trade basis. For non-institutional orders/bids and for institutional orders with 100% margin, settlement shall take place on T+1 day. In case of orders/bids of institutional investors with no margin, settlement shall be as per the existing rules for secondary market.

2.10. Para 8 (ii) (a) shall be replaced by the following:

In case of default in pay-in by any investor, 10% of the order value shall be charged as penalty from the investor and collected from the broker. This amount shall be credited to the Investor Protection Fund of the stock exchange.

3. All other conditions for sale of shares through OFS framework shall be as per SEBI circular CIR/MRD/DP/18/2012 dated July 18, 2012.

4. Stock Exchanges are directed to:

4.1. take necessary steps and put in place necessary systems for implementation of the above.

4.2. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.

4.3. bring the provisions of this circular to the notice of the member brokers of the stock exchange to also to disseminate the same on their website.

5. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Source: CIR/MRD/DP/04/2013 dated January 25, 2013

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VII. Establishment of Connectivity with both

depositories NSDL and CDSL – Companies

eligible for shifting from Trade for Trade

Settlement (TFTS) to Normal Rolling

Settlement

1. It is observed from the information provided by the depositories that the companies listed viz. Elder Projects Limited, Risa International Limited, Mapro Industries Limited, Surya Industrial Corporation Limited, Croitre Industries Limited, The Anandam Rubber Company Limited have established connectivity with both the depositories.

2. The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following:

a) At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certifi cate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certifi cate in this regard from a practicing company Secretary/Chartered Accountant and submit the same to the stock exchange/s.

b) There are no other grounds/reasons for continuation of the trading in TFTS.

3. The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report.

Source: CIR/MRD/DP/ 01 /2013 dated January 24, 2013

VIII. Application Supported by Blocked Amount

(ASBA) facility

1. SEBI, vide Circular No. CIR/CFD/DIL/8/2010 dated October 12, 2010, enabled the syndicate / sub-syndicate members to procure ASBA forms (hereinafter referred as “Syndicate ASBA”) from the investors, upload the relevant details in the bidding platform and forward the forms to the SCSBs for signature verifi cation, blocking of funds, etc., and thereafter, for forwarding the forms to the registrar to the issue.

2. Pursuant to the above, SEBI, vide Circular No. CIR/CFD/DIL/1/2011 date April 29, 2011, enabled the ASBA facility through syndicate / sub syndicate members from 12 bidding centers and advised all the SCSBs which are providing ASBA facility in any of these 12 centers, to name atleast one branch where syndicate / sub-syndicate members can submit the ASBA forms.

3. Further, SEBI, vide Circular No. CIR/CFD/14/2012 dated October 04, 2012 introduced an additional mechanism for investors to submit application forms in public issues using the stock broker (“broker”) network of Stock Exchanges,

187


who may not be syndicate members in an issue. The said Circular envisages enabling the facility to submit the application forms in more than 1000 locations which are part of the nationwide broker network of the Stock Exchanges, by March 1, 2013.

4. In partial modifi cation of the Circular No. CIR/CFD/DIL/1/2011 date April 29, 2011 and in order to facilitate syndicate / sub-syndicate members/ non-syndicate members to accept ASBA forms from investors in the locations :

a. All the SCSBs having a branch in the location of broker centers of stock exchanges, notifi ed in terms of clause 6 of Circular dated October 4, 2012, are required to name at least one branch before March 1, 2012, where syndicate / sub-syndicate members/ non-syndicate members can submit the ASBA forms.

b. The Stock Exchanges shall ensure that the details of the locations of their broker centers, be disclosed on their websites and are regularly updated in terms of Circular dated October 4, 2012.

5. Merchant Bankers shall ensure that appropriate disclosures are made in the offer document in this regard.

6. All intermediaries are directed to comply with the instructions contained in this circular.

Source: CIR/CFD/DIL/ 4 /2013 dated January 23, 2013

IX. Guidelines on Identifi cation of Benefi cial

Ownership

1. SEBI Master Circular No. CIR/ISD/AML/3/2010 dated December 31, 2010 has mandated all registered intermediaries to obtain, as part of their Client Due Diligence policy, suffi cient information from their clients in order to identify and verify the identity of persons who benefi cially own or control the securities account. The benefi cial owner has been defi ned in the circular as the natural person or persons, who ultimately own, control or infl uence a client and/or persons on whose behalf a transaction is being conducted, and includes a person who exercises ultimate effective control over a legal person or arrangement.

2. SEBI has also prescribed uniform Know Your Client (KYC) requirements for the securities markets vide circular nos. CIR/MIRSD/16/2011 dated August 22, 2011 and MIRSD/SE/Cir-21/2011 dated October 5, 2011. The SEBI KYC Registration Agency (KRA) Regulations, 2011 have been notifi ed and guidelines have been issued under these regulations from time to time.

3. Further, the Prevention of Money Laundering Rules, 2005 also require that every banking company, fi nancial institution and intermediary, as the case may be, shall identify the benefi cial owner and take all reasonable steps to verify his identity. The Government of India in

188


consultation with the regulators has now specifi ed a uniform approach to be followed towards determination of benefi cial ownership. Accordingly, the intermediaries shall comply with the following guidelines.

A. For clients other than individuals or trusts:

4. Where the client is a person other than an individual or trust, viz., company, partnership or unincorporated association/body of individuals, the intermediary shall identify the benefi cial owners of the client and take reasonable measures to verify the identity of such persons, through the following information:

a. The identity of the natural person, who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately has a controlling ownership interest.

Explanation: Controlling ownership interest means ownership of/entitlement to:

i. more than 25% of shares or capital or profi ts of the juridical person, where the juridical person is a company;

ii. More than 15% of the capital or profi ts of the juridical person, where the juridical person is a partnership; or

iii. More than 15% of the property or capital or profi ts of the juridical person, where the juridical person is an unincorporated association or body of individuals.

b. In cases where there exists doubt under clause 4 (a) above as to whether the person with the controlling ownership interest is the benefi cial owner or where no natural person exerts control through ownership interests, the identity of the natural person exercising control over the juridical person through other means.

Explanation: Control through other means can be exercised through voting rights, agreement, arrangements or in any other manner.

c. Where no natural person is identifi ed under clauses 4 (a) or 4 (b) above, the identity of the relevant natural person who holds the position of senior managing offi cial.

B. For client which is a trust:

5. Where the client is a trust, the intermediary shall identify the benefi cial owners of the client and take reasonable measures to verify the identity of such persons, through the identity of the settler of the trust, the trustee, the protector, the benefi ciaries with 15% or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership.

189


C. Exemption in case of listed companies:

6. Where the client or the owner of the controlling interest is a company listed on a stock exchange, or is a majority-owned subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or benefi cial owner of such companies.

D. Applicability for foreign investors:

7. Intermediaries dealing with foreign investors’ viz., Foreign Institutional Investors, Sub Accounts and Qualifi ed Foreign Investors, may be guided by the clarifi cations issued vide SEBI circular CIR/MIRSD/11/2012 dated September 5, 2012, for the purpose of identifi cation of benefi cial ownership of the client.

E. Implementation:

8. The provisions of this circular shall come into force with immediate effect. Intermediaries are directed to review their Know Your Client (KYC) and Anti-Money Laundering (AML) policies accordingly.

9. The Stock Exchanges and Depositories are directed to:

a. bring the provisions of this circular to the notice of the Stock Brokers and

Depository Participants, as the case may be, and also disseminate the same on their websites;

b. make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision in co-ordination with one another, as considered necessary;

c. monitor the compliance of this circular through half-yearly internal audits and inspections; and

d. communicate to SEBI, the status of the implementation of the provisions of this circular.

10. In case of mutual funds, compliance of this circular shall be monitored by the Boards of the Asset Management Companies and the Trustees and in case of other intermediaries, by their Board of Directors.

11. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

Source: CIR/MIRSD/2/2013 dated January 24, 2013

Note: Above information are indicative only. For details, please log on to

http: //www.sebi.gov.in/sebiweb/home/list/1/7/0/0/Circulars

190


• SEBI imposed a consolidated penalty of `82,00,000/ – (Rupees Eighty Two Lakh only) on Mr. Ashok Bhagat in terms of the provisions of Sections 15HA, 15H(ii) and 15A(b) of the SEBI Act,1992 for the violation of Regulations 3 (a), 4 (1), 4 (2) (a) and (e) of the SEBI (PFUTP) Regulations, 2003 and Regulation 10, Regulation 7(1) read with Regulation 7(2) of SEBI (SAST) Regulations, 1997 and Regulation 13(1) and Regulation 13(3) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 in the matter of M/s. Empower Industries India Ltd.

• SEBI imposed a penalty of `2,00,000/– (Rupees Two Lakh only) on Mr. Om Prakash Gupta, Ms. Shakuntala Gupta, Ms. Neeru Gupta and Ms. Charu Gupta, jointly and severally in terms of the provisions of Section 15 A(b) of the SEBI Act, 1992 for the violation of Regulation 7(1) read with Regulation 7(2) of SEBI (SAST) Regulations, 1997 in the matter of M/s. Empower Industries India Ltd.

• SEBI imposed a penalty of `5,00,000/– (Rupees Five Lakh only) on M/s. Rotomac Global Private Limited under the provisions of section 15 H of the SEBI Act,1992 for the violation of regulation 10 & 14 of the SEBI (SAST) Regulation, 1997 in the matter of

ORDERS PASSED BY CHAIRMAN/MEMBERS AND ADJUDICATING OFFICERS

M/s. Flawless Diamonds India Limited.

• SEBI imposed a penalty of `2,00,000 (Rupees Two Lakhs only) on Mr. A.B. Satyavas Reddy under Section 15A(b) of the SEBI Act, 1992 for violation of the provisions of Regulation 8A(1) and 8A(3) of the SAST Regulations, 1997 for non-disclosure of pledge created and invoked subsequently and also Regulation 13(4) read with Regulation 13(5) of the PIT Regulations,1992 for non-disclosure of the change in the shareholding in the matter of M/s. Bartronics India Limited.

• SEBI imposed a penalty of `1,00,000/– (Rupees One lakh Only) under Section 15HA and `50,000/ – (Rupees Fifty Thousand only) under Section 15HB of the SEBI Act, 1992 and thus a total penalty of `1, 50, 000/– (Rupees One Lakh Fifty Thousand only) on M/s. Triveni Management Consultancy Services Ltd. for violation of the provisions of regulations 4 (1), 4 (2) (a), (b), (e) & (n) of the PFUTP Regulations, 2003 and code of conduct specifi ed under clauses A (1), (2), (3), (4) & (5) under Schedule II of regulation 7 of the Brokers Regulations, 1992 in the matter of Synchronized Trading by Connected Persons.

• SEBI imposed a monetary penalty of `6,00,000/ – (Rupees Six lakhs only) on Ms. Sonal Nitin Somani and Mr. Nitin Somani

191


payable jointly and severally for violation of regulation 11(1) read with 14(2) and regulation 7(1A) of SAST Regulations,1997 in the matter of M/s Hasti Finance Ltd.

• SEBI imposed a monetary penalty of ̀ 4,00,000 / – (Rupees Four Lakhs only) on M/s. Hasti Finance Ltd. for violation of regulations 6(2), 6(4) and 8(3) of SAST Regulations, 1997 in the matter of M/s Hasti Finance Ltd.

• SEBI revoked the directions issued against M/s White Horse Trading Company Pvt Ltd vide ad-interim ex-parte order dated August 03, 2012. SEBI, vide an ad interim ex-parte order dated August 03, 2012 (interim order), amongst others had restrained M/s White Horse Trading Company Pvt. Ltd. from accessing the securities market and had further prohibited it from buying, selling or dealing in securities in any manner whatsoever, till further directions in the matter of downward movement in the prices of four scrips, viz; M/s. Pipavav Defence and Offshore Engineering Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.

• SEBI suspended the certifi cate of registration granted to M/s. Dynamic Stock Broking (I) Pvt. Ltd. (SEBI Registration no. INB011163632) a member of BSE for a period of three months under section 19 of the SEBI Act, 1992 read with Regulation 28(2) of the SEBI (Intermediaries) Regulations,2008 for failing

to exercise due diligence, proper care and fulfi ll its obligations in a prompt, ethical and professional manner.

• SEBI restrained M/s. SGI Research & Analysis Ltd., Shri Lokeshwar Dev and Ms. Priyanka Saraswat Dev and Shri Pradeep Sharma, Shri Baldev Raj Sharma, Ms. Ramesh Sharma , Shri Sanjeev Sharma and Ms. Sonia Sharma from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities and being associated with the securities market in any manner whatsoever, directly or indirectly through any person/entity in the matter of M/S. SGI Research & Analysis Ltd under sections 11, 11(4) and 11 B of the SEBI Act, 1992 read with regulation 107 of SEBI (ICDR) Regulations, 2009 and regulation 11 of SEBI(PFUTP) Regulations, 2003.

• SEBI confi rmed the directions issued against Mr. Ajit Kumar Jain, M/s. Kuvam Plast Private Limited and Mr. Manish Agarwal vide ‘ad-interim ex-parte order ‘ dated August 03, 2012 in the matter of downward movement in the prices of four scrips, viz; M/s. Pipavav Defence and Offshore Engineering Limited, M/s. Parsvnath Developers Limited, M/s. Tulip Telecom Limited and M/s. Glodyne Technoserve Limited.

• SEBI imposed a penalty of `25,00,000/ – (Rupees Twenty Five Lakhs only) upon M/s. Rich Universe Network Ltd. and a penalty of `15,00,000/-(Rupees Fifteen Lakhs only) upon

192


Mr. Shashwat Agarwal and thus a total penalty of ` 40,00,000/ – (Rupees Forty Lakhs only), under the provisions of section 15 A (a) of the SEBI Act, 1992 for violating the provisions of section 11 C (2) & 11 C (3) of the SEBI Act, 1992 in the matter of M/s. Rich Universe Network Limited.

• SEBI imposed a penalty of `2,00,000/ – (Rupees Two lakhs only) on Mr. Bimal Kumar Agarwal under Section 15H (ii) of the SEBI Act, 1992 for violating the provisions of Regulation 11(1) read with Regulation 14(2) of the SAST Regulations, 1997 by failing to make a public announcement for the acquisition of shares of M/s. Associated Cereals Limited

• SEBI disposed off the adjudication proceedings initiated vide order dated March 22, 2012 against M/s. Temptation Foods Limited and M/s. Venture Business Advisers Private Limited for alleged violations of Regulation 3(a), 4(1), 4(2) (a) & (g) of SEBI (PFUTP) Regulations, 2003 in the matter of M/s. Kohinoor Foods Limited

• SEBI imposed a penalty of ̀ 2,00,000 (Rupees Two lakh only) on Mr. C. R. Rajesh Nair under Section 15 A(b) of SEBI Act, 1992 for violating the provisions of Regulation 13(4) and 13(5) of PIT Regulations, 1992 in the matter of M/s. Sigrun Holdings Limited (Formerly known as M/s. Gee Kay Finance and Leasing Company Ltd).

• SEBI imposed a penalty of `3,00,000/ – (Rupees Three Lakhs Only) on Mr. Piyush Shah under Section 15HA of the SEBI Act, 1992 for the violations of the statutory obligation under Regulations 3(a), (b), (c) and 4 (2) (a), (b) & (e) of the PFUTP Regulations, 2003 in the matter of M/s. Betala Global Securities Ltd.

• SEBI imposed a total penalty of `2,00,000/ – (Rupees Two Lakhs Only) on Mrs. Dimple Shah under Section 15HA of the SEBI Act, 1992 for the violations of the statutory obligation under Regulations 3(a), (b), (c) and 4 (2) (a), (b) & (e) of the PFUTP Regulations, 2003 in the matter of M/s. Betala Global Securities Ltd.

• SEBI imposed a consolidated penalty of `5,00,000 (Five Lakh Only) on Ms. Sunita Gupta in terms of the provisions of Section 15HB of the SEBI Act for the violation of regulation 11(1) and Section 15A(a) of the SEBI Act, 1992 for non-compliance of sections 11C (2) and 11C (3) of the SEBI Act, 1992 in the matter of M/s. Sumeet Industries Ltd.

• SEBI disposed off the show cause notice dated September 06, 2010 issued to M/s. Mayuresh Real Estate & Management Private Limited in the matter of M/s. Alka Securities Limited without any further directions.

Note: Above information are indicative only. For details, please log on to http://www.sebi.gov.in/sebiweb/home/list/2/9/0/1/Orders

193


1. ESMA and the EBA Publish Results of Joint

Work on Euribor and Propose Principles

for Benchmark Rate-setting Processes

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published the results of their joint work on Euribor and propose principles for benchmark rate-setting processes. The publications include: a review of Euribor’s administration and management and clear recommendations to the Euribor-European Banking Federation (EEBF) to improve the governance and transparency of the rate-setting process; formal EBA Recommendations to national authorities on the supervisory oversight of banks participating in the Euribor panel; a joint ESMA-EBA consultation on Principles for Benchmark Setting Processes in the EU which establish a framework for the conduct of benchmark rate-setting and the activities of participants in the process.Source: http://www.esma.europa.eu/news/ESMA-and-EBA-

take-action-strengthen-Euribor-and-benchmark-rate-setting-processes?t=326&o=home

2. Bank of England Publishes Policy

Statement on Powers to Supplement

Capital Requirements

The interim Financial Policy Committee (FPC) at the Bank of England published a draft Policy Statement explaining how it would use its proposed new macro

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS

prudential powers to set the countercyclical capital buffer (CCB) and sectoral capital requirements (SCRs). The Policy Statement describes these tools, the likely impact of using them on fi nancial stability and growth, and the circumstances in which the FPC might expect to use each tool. It also describes the core indicators the FPC will routinely review to help inform its judgment.Source: http://www.bankofengland.co.uk/financialstability/

Documents/fpc/policystatement130114.pdf

3. FSA Publishes Final Guidance on Risks to

Customers from Financial Incentives

The Financial Services Authority (FSA) published fi nal guidance that will help fi nancial fi rms avoid creating and operating incentives schemes that drive mis-selling. The guidance remains largely unchanged but the FSA has clarifi ed the wording in some areas and provided further examples of good and bad practice. The guidance applies to all fi rms that deal with consumers and have sales staff or advisers who are part of an incentive scheme. Many responses raised the issue of how fi rms use performance management and target setting; some saw this as more likely to increase mis-selling than fi nancial incentives. The guidance makes it clear that fi rms need to manage these risks as well, and the FSA is considering what additional work it will undertake in this area.Source: http://www.fsa.gov.uk/static/pubs/guidance/fg13-01.

pdf

194


4. India Ministry of Finance Publishes Final

GAAR Report

The Government of India accepted the major recommendations of the Expert Committee on General Anti Avoidance Rules (GAAR) with some modifi cations. The implementation of the GAAR provisions was postponed by two years to 1 April 2016. Among the recommendations were the following: an arrangement, the main purpose of which is to obtain a tax benefi t, would be considered as an impermissible avoidance arrangement; the assessing offi cer will be required to issue a show cause notice, containing reasons, to the assessee before invoking the provisions of Chapter X-A; and The assessee shall have an opportunity to prove that the arrangement is not an impermissible avoidance arrangement.Source: http://fi nmin.nic.in/reports/report_gaar_itact1961.pdf

5. BCBS Issues Principles for Effective Risk

Data Aggregation and Risk Reporting

The Basel Committee on Banking Supervision (BCBS) issued Principles for Effective Risk Data Aggregation and Risk Reporting. The principles are intended to strengthen banks’ risk data aggregation capabilities and internal risk reporting practices. They complement other international initiatives underway and will allow banks to comply effectively with them. Implementation of the principles will strengthen risk management at banks – in particular, G-SIBs – thereby enhancing their ability to cope with stress and crisis situations. G-SIBs are required

to implement the principles in full by the beginning of 2016 at the latest, and the Committee will be monitoring their progress towards meeting this deadline.Source: http://www.bis.org/publ/bcbs239.pdf

6. IMF Publishes Working Paper on Capital

Requirements for OTC Derivatives Central

Counterparties

The International Monetary Fund (IMF) published a working paper on capital requirements for over-the-counter (OTC) derivatives central counterparties. The central counterparties dominating the market for the clearing of over-the-counter interest rate and credit derivatives are globally systemic. Employing methodologies similar to the calculation of banks’ capital requirements against trading book exposures, the paper assesses the sensitivity of central counterparties’ required risk buffers, or capital requirements, to a range of model inputs. The authors fi nd them to be highly sensitive to whether key model parameters are calibrated on a point-in-time versus stress-period basis, whether the risk tolerance metric adequately captures tail events, and the ability—or lack thereof—to defi ne exposures on the basis of netting sets spanning multiple risk factors. The paper’s results suggest that there are considerable benefi ts from having prudential authorities adopt a more prescriptive approach to for central counterparties’ risk buffers, in line with recent enhancements to the capital regime for banks.Source: http://www.imf.org/external/pubs/ft/wp/2013/wp1303.pdf

195


7. FSA Publishes Paper on HFT and the

Execution Costs of Institutional Investors

The Financial Services Authority (FSA) published a paper on high-frequency trading (HFT) and the execution costs of institutional investors. The document studies whether HFT increases the execution costs of institutional investors. The authors used technology upgrades that lower the latency of the London Stock Exchange to obtain variation in the level of HFT over time. Following upgrades, the level of HFT increases. Around these shocks to HFT, as far as can be measured, institutional traders’ execution costs remain unchanged. Thus, the paper found no evidence that these increases in HFT activity impacted institutional execution costs.Source: http://www.fsa.gov.uk/static/pubs/occpapers/op43.pdf

8. DTCC Launches Real-Time Swap Data

Reporting

The Depository Trust & Clearing Corporation (DTCC) announced that all registered swap dealers active in credit and interest rate trading are now sending information to DTCC’s swap data repository (SDR), DTCC Data Repository (DDR). On 31 December, DDR began accepting data from swap dealers for over-the-counter (OTC) trades as outlined by the Dodd Frank Act (DFA) and the Commodity Futures Trading Commission’s (CFTC) real-time and regulatory reporting rules. In addition to receiving real-time prices, DDR now receives swap dealer regulatory reporting as required under CFTC’s rules.Source: http://www.dtcc.com/news/press/releases/2013/real_

time_reporting_live.php

9. IOSCO Publishes Suitability Requirements

for Distribution of Complex Financial

Products

The International Organization of Securities Commissions (IOSCO) published a fi nal report on Suitability Requirements with respect to the Distribution of Complex Financial Products, which sets out principles relating to the distribution by intermediaries of complex fi nancial products to retail and nonretail customers. The report, which forms part of IOSCO’s ongoing drive to promote customer protection, introduces nine principles that cover the following areas related to the distribution of complex fi nancial products by intermediaries: classifi cation of customers; general duties irrespective of customer classifi cation; disclosure requirements; protection of customers for non-advisory services; suitability protections for advisory services (including portfolio management); compliance function and internal suitability policies and procedures; incentives; and enforcement.Source: http://links.sifma.mkt3370.com/ctt?kn=11&ms=MTQ4NT

czNDAS1&r=NDQ1MzE0MTMyMDES1&b=0&j=MjEwNzA3MzUwS0&mt=1&rt=0

10. EBA Recommends Major EU Cross-Border

Banking Groups to Develop Recovery

Plans

The European Banking Authority (EBA) adopted a formal Recommendation to ensure that major EU cross-border banks develop group recovery plans by the end of 2013. The plans shall be submitted to the respective competent authorities and discussed

196


within colleges of supervisors. The aim of the Recommendation is to spur the development of recovery plans and to foster convergence on the highest standards across the Union. The EBA Recommendation is addressed to the national competent authorities which are home supervisors

for the 39 European banks listed in the annex. Those national competent authorities shall notify the EBA by 23 March 2013 as to whether they comply or intend to comply with this Recommendation.Source: http://links.sifma.mkt3370.com/ctt?kn=16&ms=MTQ4NT

czNDAS1&r=NDQ1MzE0MTMyMDES1&b=0&j=MjEwNzA3MzUwS0&mt=1&rt=0

197


ANNEX

Annex

1 SEBI Registered Market Intermediaries/Institutions

2 Company-Wise Capital Raised through Public and Rights Issues during January 2013

3 Rating Assigned to IPOs during January 2013

4 Open Offers under SEBI Takeover Code closed during January 2013

5 Capital Raised from the Primary market through though Public and Rights Issues

5A Issues Listed on SME Platform

6 Industry-wise Classifi cation of Capital Raised through Public and Rights Issues

7 Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues

8 Size-wise Classifi cation of Capital Raised through Public and Rights Issues

9 Capital Raised by Listed Companies from the Primary Market through QIPs

10 Preferential Allotments Listed at BSE and NSE

11 Private Placement of Corporate Debt Reported to BSE and NSE

12 Distribution of Turnover on Cash Segments of Exchanges

13 Cash Segment of BSE

14 Cash Segment of NSE

15 Trends in Cash Segment of BSE during January 2013

16 Trends in Cash Segment of NSE during January 2013

17 Turnover and Market Capitalisation at BSE and NSE during January 2013

18 City-wise Distribution of Turnover on Cash Segments of BSE and NSE

19 Component Stocks: BSE Sensex during January 2013

20 Component Stocks: S&P CNX Nifty index during January 2013

21 Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)

22 Trading Frequency in Cash Segment of BSE and NSE

23 Volatility of Major Indices

24 Percentage Share of Top ‘N’ Securities/Members in Turnover of Cash Segment

25 Settlement Statistics for Cash Segment of BSE

26 Settlement Statistics for Cash Segment of NSE

27 Equity Derivatives Segment at BSE (Turnover in Notional Value)

198


28 Equity Derivatives Segment at NSE (Turnover in Notional Value) 29 Equity Derivatives Trading at BSE during January 2013 (Turnover in Notional Value)30 Equity Derivatives Trading at NSE during January 2013 (Turnover in Notional Value) 31 Settlement Statistics in Equity Derivatives Segment at BSE and NSE 32 Trading in the Corporate Debt Market33 Trading Statistics of Currency Derivatives Segment at NSE34 Trading Statistics of Currency Derivatives Segment at MCX_SX35 Trading Statistics of Currency Derivatives Segment at USE36 Daily Trends of Currency Derivatives Trading at NSE during January 201337 Daily Trends of Currency Derivatives Trading at MCX_SX during January 201338 Daily Trends of Currency Derivatives Trading at USE during January 201339 Settlement Statistics of Currency Derivatives Segment40 Trends in Foreign Institutional Investment41 Daily Trends in Foreign Institutional Investment during January 201342 Notional Value of Participatory Notes (PNs) Vs Assets Under Management of FIIs (in Rs. Crores)43 Trends in Resource Mobilization by Mutual Funds44 Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended45 Scheme-wise Resource Mobilisation and Assets under Management by Mutual Funds 46 Number of Schemes and Folios by Investment Objective 47 Trends in Transactions on Stock Exchanges by Mutual Funds48 Asset Under Management by Portfolio Manager49 Substantial Acquisition of Shares and Takeovers50 Progress Report of NSDL & CDSl as on January 31, 2013 (Listed Companies)51 Progress of Dematerialisation at NSDL and CDSL52 Assets under the Custody of Custodians53 Ratings Assigned for Long-term Corporate Debt Securities (Maturity ≥ 1 year)54 Review of Accepted Ratings of Corporate Debt Securities (Maturity ≥ 1 year)55 Macro Economic Indicators

N.B.:

1. NA = Not Applicable/Available. 2. 1 crore = 10 million = 100 lakh. 3. The total provided in the Annexure and Statistical Tables January not always match with the sum total of the break-ups due to

decimal differences. 4. The data for the current month is provisional.

199


Table 1: SEBI Registered Market Intermediaries/Institutions

Market Intermediaries 2010-11 2011-12 2012-13$

1 2 3 4

Stock Exchanges (Cash Market) 19 19 20Stock Exchanges (Derivatives Market) 2 2 2Stock Exchanges (Currency Derivatives) 4 4 4Brokers (Cash Segment)* 10,203 10,268 9,995#Corporate Brokers (Cash Segment) 4,774 4,877 4,987#Brokers (Equity Derivative) 2,111 2,337 2,797Brokers (Currency Derivatives) 2,008 2,173 2,287Sub-brokers (Cash Segment) 83,808 77,141 70,536Foreign Institutional Investors 1,722 1,765 1,760Sub-accounts 5,686 6,322 6,331Custodians 17 19 19Depositories 2 2 2Depository Participants 805 854 868Merchant Bankers 192 200 199Bankers to an Issue 55 57 57Underwriters 3 3 3Debenture Trustees 29 31 31Credit Rating Agencies 6 6 6KYC Registration Agency (KRA) NA NA 5Venture Capital Funds 184 212 211Venture Capital Funds 153 174 182Alternative Investment Funds NA NA 27Registrars to an Issue & Share Transfer Agents 73 74 72Portfolio Managers 267 250 250Mutual Funds 51 49 51Collective Investment Schemes 1 1 1Approved Intermediaries (Stock Lending Schemes) 2 2 2STP (Centralised Hub) 1 1 1STP Service Providers 2 2 2

# Stock Brokers registered on Hyderabad Stock Exchange are not included, as the said stock exchange has been granted exit vide order dated January 25, 2013.

NA: Not Applicable

$ indicates as on last trading day of Jan. 2013.

* including brokers on Mangalore SE (57), HSE (298), Magadh SE (189), SKSE (388)

Source : SEBI

200


Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during January 2013

S.No.

Name of the Issuer/Company

Date of Opening

Type of Issue

Type of Instrument

No. of SharesIssued

Face Value (`)

Premium Value (`)

Issue price (`)

Size of Issue

(`crore)

1 2 3 4 5 6 7 8 9 10

1 Esteem Bio Organic Food Processing Ltd

18-Jan-13 IPO-SME

Equity 4500000 10 15 25 11

2 Bhushan Steel Ltd 22-Jan-13 Rights Equity 14157220 2 333 335 474

Note: All the Issues are compiled from the Prospectus’ of Issuer Companies fi led with SEBI.

Source: SEBI.

201


Table 3 : Rating Assigned to IPOs during January 2013

S.No. Name of the Company Credit Rating Agencies

Rating Assigned

1 2 3 4

1 Repco Home Finance Limited ICRA IPO GRADE 3

2 Sai Silks (Kalamandir) Limited ICRA IPO GRADE 2

3 Aurangabad Electricals Ltd. CARE IPO GRADE 3

Note : a) IPO grading is the grade assigned by a Credit Rating Agency (CRA) registered with SEBI.

b) The IPO grading is assigned on a fi ve point scale from 1 to 5 with an “IPO Grade 5” indicating strong fundamentals..and an “IPO Grade 1” indicating poor fundamentals.

Source: Credit Rating Agencies.

202


Table 4 : Open Offers under SEBI Takeover Code closed during January 2013

S.No.

Target Company Acquirer Offer Opening

Date

Offer Closing

Date

Offer Size Offer Price (`) per share

No. of Shares

Percent of

Equity Capital

1 2 3 4 5 6 7 81 KAMAT HOTELS

(INDIA) LIMITEDCLEARWATER CAPITAL PARTNERS (CYPRUS) LIMITED

20-Dec-12 3-Jan-13 4964283 26 135

2 SVARAJ TRADING AND AGENCIES LIMITED

MS. REKHA SONI 27-Dec-12 9-Jan-13 26000 26 75

3 MANVIJAY DEVELOPMENT COMPANY LTD

PADMAN PROPERTY CONSORTIUM OF INDIA PRIVATE LTD

31-Dec-12 11-Jan-13 62400 26 15

4 R SYSTEMS INTERNATIONAL LIMITED

BHAVOOK TRIPATHI 4-Jan-13 17-Jan-13 3345242 26 122

5 FIRSTSOURCE SOLUTIONS LIMITED

SPEN LIQ PRIVATE LIMTTED.

4-Jan-13 17-Jan-13 198485163 26 12.2

6 SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED

SCHNEIDER ELECTRIC SINGAPORE PTE LTD

4-Jan-13 17-Jan-13 62167050 26 83.1

7 ALSTOM T&D INDIA LIMITED

ALSTOM HOLDINGS 4-Jan-13 17-Jan-13 62167050 26 187.64

8 BRESCON ADVISORS & HOLDING LIMITED

NUSARWAR MERCHANTS PRIVATE LIMITED

7-Jan-13 18-Jan-13 910416 26 123

9 SUBWAY FINANCE INVESTMENT COPNAY LIMITED

KALPESH KANUBHAI SHAH

10-Jan-13 24-Jan-13 286650 26 32

10 GAYLORD COMMERCIAL COMPANY LTD

VISTA VYAPAAR PRIVATE LIMITED

11-Jan-13 24-Jan-13 166400 26 20

11 DALMIA BHARAT SUGAR AND INDUSTIES LIMITED

DALMIA BHARAT ENTERPRISES LIMITED

14-Jan-13 28-Jan-13 21044220 26 19.5

12 GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMTED

GLAXOSMITHKLINE PTE LTD.

17-Jan-13 30-Jan-13 13389410 31.84 10

Source : SEBI.

203

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00

Sep

-12

168,

335

91,

653

76,

682

128,

299

436

320

86,

698

00

51,

617

Oct

-12

19

19

00

00

19

00

19

00

00

Nov

-12

118

01

180

00

00

118

00

01

180

00

00

Dec

-12

911

,206

810

,948

125

84

5,85

95

5,34

76

5,60

50

00

03

5,60

1

Jan

-13

248

61

111

474

147

41

110

02

486

00

00

Not

e: A

mou

nt

rais

ed t

hro

ugh

IP

Os

du

rin

g Ja

n. 2

013

open

ed o

n S

ME

pla

tfor

m (

wor

th `

11.

25).

$

ind

icat

es a

s on

last

tra

din

g d

ay o

f Ja

n. 2

013.

T

he

tota

l pro

vid

es c

ateg

ory-

wis

e to

tal o

f an

y of

th

e th

ree

sub

-cat

egor

ies

viz.

pu

blic

plu

s ri

ghts

or

issu

er-t

ype(

liste

d p

lus

ipos

) or

inst

rum

ent-

wis

e(eq

uit

ies

plu

s C

CP

S/F

CD

s p

lus

deb

t)

* C

CP

S: C

omp

uls

ory

Con

vert

ible

Pre

fere

nce

Sh

ares

, FC

Ds:

Fu

lly C

onve

rtib

le D

eben

ture

s

Am

oun

t fo

r p

ub

lic d

ebt

issu

e fo

r la

st t

wo

mon

ths

is p

rovi

sion

al

All

the

Issu

es a

re c

omp

iled

fro

m t

he

Pro

spec

tus’

of

Issu

er C

omp

anie

s fi

led

wit

h S

EB

I.

So

urc

e : S

EB

I.

204


Table 5A: Issues Listed on SME Platform

Year/MonthTotal

No. of issue Amount (` crore)

1 2 3

2012-13$ 14 130

Apr-12 0 0

May-12 1 12

Jun-12 1 8

Jul-12 2 9

Aug-12 2 12

Sep-12 4 36

Oct-12 1 9

Nov-12 0 0

Dec-12 2 33

Jan-13 1 11

Source : SEBI $ indicates as on last trading day of Jan. 2013.

205


Table 6: Industry-wise Classifi cation of Capital Raised through Public and Rights Issues

Industry 2009-10 2010-11 2011-12 2012-13$ Jan-13

No. of issue

Amount (`crore)

No. of issue

Amount (`crore)

No. of issue

Amount (`crore)

No. of issue

Amount (`crore)

No. of issue

Amount (`crore)

1 2 3 4 5 6 7 8 9 10 11

Banking/FIs 6 3,138 18 17,248 20 35,611 9 7,476 0 0

Cement & Construction

8 2,780 3 2,841 2 187 1 9 0 0

Chemical 1 36 5 247 0 0 1 9 0 0

Electronics 1 1,156 0 0 1 121 0 0 0 0

Engineering 1 50 5 1,394 1 217 2 74 0 0

Entertainment 9 2,461 4 715 1 89 0 0 0 0

Finance 2 1,826 3 2,210 10 7,708 4 1,553 0 0

Food Processing 2 443 1 1,245 0 0 2 19 1 11

Health Care 3 1,059 3 292 1 65 2 210 0 0

Information Technology

6 540 1 170 2 138 1 4 0 0

Paper & Pulp 1 35 0 0 2 306 5 442 0 0

Plastic 1 39 0 0 1 11 0 0 0 0

Power 6 25,293 4 9,469 0 0 0 0 0 0

Printing 0 0 1 52 2 71 0 0 0 0

Telecommunication 0 0 0 0 0 0 1 4,173 0 0

Textile 3 237 3 207 0 0 0 0 0 0

Others 26 18,461 40 31,519 28 3,943 14 7,386 1 474

Total 76 57,555 91 67,609 71 48,468 42 21,354 2 486

Note: All the public debt issues are included in Banking/Finance $ indicates as on last trading day of Jan. 2013. Source : SEBI.

206


able

7: S

ecto

r-w

ise

and

Reg

ion

-wis

e D

istr

ibu

tion

of

Cap

ital

Mob

ilise

d t

hro

ugh

Pu

blic

an

d R

igh

ts I

ssu

es

Year

/M

onth

Tot

alSe

ctor

-wis

eR

egio

n-w

ise

Priv

ate

Pub

lic N

orth

ern

Eas

tern

Wes

tern

Sout

hern

Fore

ign

No.

of

issu

eAm

ount

(`

cror

e)N

o. o

f is

sue

Amou

nt

(`cr

ore)

No.

of

issu

eAm

ount

(`

cror

e)N

o. o

f is

sue

Amou

nt

(`cr

ore)

No.

of

issu

eAm

ount

(`

cror

e)N

o. o

f is

sue

Amou

nt

(`cr

ore)

No.

of

issu

eAm

ount

(`

cror

e)N

o. o

f is

sue

Amou

nt

(`cr

ore)

12

34

56

78

910

1112

1314

1516

17

2008

-09

4716

,220

4716

,220

00

62,

902

531

521

11,2

0215

1,80

00

0

2009

-10

7657

,555

7026

,438

631

,117

1724

,714

104,

175

3615

,796

1312

,870

00

2010

-11

9167

,609

7729

,385

1438

,223

2016

,356

817

,190

3521

,479

2710

,097

12,

487

2011

-12

7148

,468

6219

,874

928

,594

2035

,546

522

525

5,81

721

6,88

00

0

2012

-13$

4221

,354

3313

,536

97,

818

1316

,631

285

192,

928

81,

709

00

Ap

r-12

120

01

200

00

00

00

120

00

00

0

May

-12

424

64

246

00

00

00

424

60

00

0

Jun

-12

263

263

00

00

00

263

00

00

Jul-

124

619

319

160

00

00

02

92

609

00

Au

g-12

212

212

00

15

00

17

00

00

Sep

-12

168,

335

116,

718

51,

617

45,

758

177

61,

658

584

20

0

Oct

-12

19

19

00

00

19

00

00

00

Nov

-12

118

01

180

00

00

00

118

00

00

0

Dec

-12

911

,206

65,

605

35,

601

610

,383

00

256

51

258

00

Jan

-13

248

62

486

00

248

60

00

00

00

0

Th

e to

tal i

s ei

ther

a t

otal

of

Sect

or-w

ise

clas

sifi

cati

on o

r R

egio

n-w

ise

clas

sifi

cati

on.

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

Sou

rce

: SE

BI.

207


able

8: S

ize-

wis

e C

lass

ifi c

atio

n o

f C

apit

al R

aise

d t

hro

ugh

Pu

blic

an

d R

igh

ts I

ssu

es

Yea

r/M

onth

T

otal

< 5

cro

re≥

5cr

ore

- <

10c

rore

≥ 1

0 cr

ore

- <

50

cror

e ≥

50

cror

e -

< 1

00

cror

e

≥ 1

00 c

rore

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

12

34

56

78

910

1112

13

2008

-09

4716

,220

13

17

2150

96

445

1815

,255

2009

-10

7657

,555

12

324

1859

69

636

4556

,298

2010

-11

9167

,609

12

211

1345

520

1,40

655

65,7

35

2011

-12

7148

,468

29

214

1851

014

1,01

835

46,9

16

2012

-13$

4221

,354

14

1176

715

22

132

2120

,990

Ap

r-12

120

00

00

00

00

01

200

May

-12

424

60

00

03

700

01

176

Jun

-12

263

00

18

00

155

00

Jul-

124

619

14

214

00

00

160

0

Au

g-12

212

00

212

00

00

00

Sep

-12

168,

335

00

425

246

177

98,

187

Oct

-12

19

00

19

00

00

00

Nov

-12

118

00

00

00

00

01

180

Dec

-12

911

,206

00

18

125

00

711

,173

Jan

-13

248

60

00

01

110

01

474

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

So

urc

e : S

EB

I.

208


Table 9 : Capital Raised by Listed Companies from the Primary Market through QIPs

Year/Month

Only NSE Only BSE Common Total

No. of issues

Amount (`crore)

No. of issues

Amount (`crore)

No. of issues

Amount (`crore)

No. of issues

Amount (`crore)

1 2 3 4 5 6 7 8 9

2010-11 10 2,802 3 90 46 22,959 59 25,850

2011-12 1 8 1 40 14 1 2,114 16 1 2,163

2012-13$ 0 0 0 0 39 9,209.3 39 9,209.3

Apr-12 0 0 0 0 2 24.7 2 24.7

May-12 0 0 0 0 2 0.6 2 0.6

Jun-12 0 0 0 0 3 517.6 3 517.6

Jul-12 0 0 0 0 8 2 1,897.9 8 2 1,897.9

Aug-12 0 0 0 0 12 2,210.7 12 2,210.7

Sep-12 0 0 0 0 6 3 1,034.0 6 3 1,034.0

Oct-12 0 0 0 0 0 0.0 0 0.0

Nov-12 0 0 0 0 2 1,041.6 2 1,041.6

Dec-12 0 0 0 0 3 2,118.2 3 2,118.2

Jan-13 0 0 0 0 1 364.0 1 364.0

Note : 1. The above data includes both "no. of issues" and "Amount" raised on conversion of convertible securities issued on QIP basis. 2. In Jan. 2013, only one issue under Institutional Placement Programme was raised. 1 Includes one issue of Institutional Placement Programme (Issue Size of ` 470.74 crore). 2 Includes one issue of Institutional Placement Programme (Issue Size of ` 370.52 crore).3 Includes one issue of Institutional Placement Programme (Issue Size of ` 570.32 crore).


Source : BSE and NSE.

209


Table 10 : Preferential Allotments Listed at BSE and NSE

Year/ Month

BSE@ NSE@ Common# Total

No.of issues

Amount (`crore)

No.of issues

Amount (`crore)

No.of issues

Amount (`crore)

No.of issues

Amount (`crore)

1 2 3 4 5 6 7 8 9

2010-11 83 1,393 156 12,072 134 17,046 373 30,511

2011-12 133 2,820 88 4,166 90 18,723 311 25,709

2012-13$ 176 7,290 59 12,351 123 22,411 358 42,051

Apr-12 1 2 2 97 18 10,166 21 10,265

May-12 13 2,809 21 8,508 10 3,670 44 14,987

Jun-12 31 2,144 5 2,303 13 2,382 49 6,830

Jul-12 23 373 9 362 13 1,248 45 1,982

Aug-12 25 819 4 394 11 1,106 40 2,320

Sep-12 17 278 6 263 12 393 35 933

Oct-12 19 101 3 175 7 604 29 880

Nov-12 16 274 4 151 14 892 34 1,317

Dec-12 22 397 1 2 15 1,259 38 1,659

Jan-13 9 93 4 96 10 690 23 879


@ The issues are only listed at respective exchange. # The issues listed both BSE and NSE.

210


Table 11: Private Placement of Corporate Debt Reported to BSE and NSE

Year/Month

NSE @ BSE @ Common # Total

No. of Issues

Amount (`crore)

No. of Issues

Amount (`crore)

No. of Issues

Amount (`crore)

No. of Issues

Amount (`crore)

1 2 3 4 5 6 7 8 9

2007-08 580 90,718 120 11,711 44 16,056 744 1,18,485

2008-09 699 1,24,810 285 17,045 57 31,426 1,041 1,73,281

2009-10 647 1,43,286 597 49,739 34 19,610 1,278 2,12,635

2010-11 774 1,53,370 591 52,591 39 12,825 1,404 2,18,785

2011-12 1,152 1,89,803 783 56,974 18 14,505 1,953 2,61,282

2012-13$ 1,073 1,71,072 900 63,367 75 68,229 2,048 3,02,668

Apr-12 79 17,050 61 3,875 5 2,590 145 23,515

May-12 94 13,528 58 6,865 6 3,600 158 23,993

Jun-12 241 18,258 26 1,882 6 6,110 273 26,250

Jul-12 137 28,873 55 10,188 10 18,685 202 57,745

Aug-12 94 18,558 81 6,967 11 9,367 186 34,892

Sep-12 50 7,965 66 3,414 6 3,040 122 14,420

Oct-12 100 18,357 90 4,556 12 7,580 202 30,493

Nov-12 113 13,666 207 8,441 5 3,989 325 26,096

Dec-12 54 11,477 113 8,700 9 6,062 176 26,239

Jan-13 111 23,339 143 8,478 5 7,207 259 39,025

$ indicates as on last trading day of Jan. 2013. @ The issues are only listed at respective exchange. # The issues listed both BSE and NSE.

211


Table 12: Distribution of Turnover on Cash Segments of Exchanges (`crore)

Stock Exchanges 2009-10 2010-11 2011-12 2012-13$ Jan-13

1 2 3 4 5 6

Ahmedabad Nil Nil Nil Nil Nil

Bangalore Nil Nil Nil Nil Nil

Bhubaneshwar Nil Nil Nil Nil Nil

BSE 13,78,809 11,05,027 6,67,498 4,66,892 56,662

Calcutta 1,612 2,597 5,991 Nil Nil

Cochin Nil Nil Nil Nil Nil

Coimbatore Nil Nil Nil Nil Nil

Delhi Nil Nil Nil Nil Nil

Gauhati Nil Nil Nil Nil Nil

ISE Nil Nil Nil Nil Nil

Jaipur Nil Nil Nil Nil Nil

Ludhiana Nil Nil Nil Nil Nil

Madhya Pradesh Nil Nil Nil Nil Nil

Madras Nil Nil Nil Nil Nil

MCX-SX NA NA NA Nil Nil

NSE 41,38,023 35,77,410 28,10,893 22,69,039 2,95,415

OTCEI Nil Nil Nil Nil Nil

Pune Nil Nil Nil Nil Nil

Uttar Pradesh 25 Nil Nil Nil Nil

Vadodara Nil Nil Nil Nil Nil

NA: Not Applicable


Source: Various Exchanges.

212


able

13:

Cas

h S

egm

ent

of B

SE

Year

/

M

onth

No.

of

Com

pani

es

Liste

d

No.

of

Com

pani

es

Perm

itted

No.

of

com

pani

es

trade

d

No.

of

Trad

ing

Day

s

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Siz

e (`

)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket

Capi

talis

atio

n (`

cro

re)

BSE

Sens

ex

Hig

hLo

wCl

ose

1 2

3 4

5 6

7 8

9 10

11

12

13

14

15

16

2008

-09

4,92

966

3,19

424

35,

408

7,39

,600

11,0

0,07

44,

527

20,3

427,

39,2

8710

,99,

871

30,8

6,07

517

735.

776

97.4

9708

.5

2009

-10

4,97

586

3,29

724

46,

056

11,3

6,51

313

,78,

809

5,65

122

,768

11,3

5,75

013

,78,

529

61,6

5,61

917

793.

095

46.3

1752

7.8

2010

-11

5,06

791

2,93

325

55,

285

9,90

,777

11,0

5,02

74,

333

20,9

109,

89,9

9911

,03,

978

68,3

9,08

421

108.

615

960.

219

445.

2

2011

-12

5,13

395

2,97

724

93,

944

6,54

,137

6,67

,498

2,68

116

,925

6,53

,445

6,66

,761

62,1

4,94

119

811.

115

135.

917

404.

2

2012

-13$

5,19

510

12,

918

211

2,77

74,

76,3

014,

66,8

922,

213

16,8

144,

76,2

064,

66,8

4270

,24,

577

2020

3.7

1574

9.0

1989

5.0

Apr

-12

5,133

962,8

5320

253

41,60

642

,305

2,115

16,69

941

,510

42,25

661

,75,37

717

664.1

1701

0.217

318.8

May

-12

5,140

962,6

9422

269

41,95

341

,655

1,893

15,46

641

,953

41,65

558

,17,42

217

432.3

1580

9.716

218.5

Jun-

125,1

4197

2,952

2125

539

,881

44,31

52,1

1017

,385

39,88

144

,315

61,52

,309

1744

8.515

749.0

1743

0.0

Jul-1

25,1

4999

2,835

2228

047

,725

44,47

52,0

2215

,874

47,72

544

,475

60,76

,541

1763

1.216

598.5

1723

6.2

Aug

-12

5,157

982,9

0321

270

41,62

442

,789

2,038

15,86

241

,624

42,78

960

,80,79

817

972.5

1702

7.017

429.6

Sep-

125,1

6398

3,010

2027

845

,210

45,50

12,2

7516

,390

45,21

045

,501

65,59

,050

1886

9.917

250.8

1876

2.7

Oct

-12

5,171

982,9

0321

298

53,43

751

,030

2,430

17,12

353

,437

51,03

064

,71,05

119

137.3

1839

3.418

505.4

Nov

-12

5,180

993,0

5821

271

47,51

147

,783

2,275

17,63

547

,511

47,78

367

,38,71

319

372.7

1825

5.719

339.9

Dec

-12

5,191

100

2,986

2028

554

,236

50,37

72,5

1917

,675

54,23

650

,377

69,21

,815

1961

2.219

149.0

1942

6.7

Jan-

135,1

9510

12,9

1823

318

63,12

056

,662

2,464

17,83

663

,120

56,66

270

,24,57

720

203.7

1950

8.919

895.0

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Dec

. 201

2.

Sou

rce:

BSE

.

213


able

14:

Cas

h S

egm

ent

of N

SE

Year

/

Mon

thN

o. o

f Co

mpa

nies

Li

sted

No.

of

Com

pani

es

Perm

itted

No.

of

Com

pani

es

Trad

ed

No.

of

Trad

ing

Day

s

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cror

e)Av

erag

e D

aily

Tu

rnov

er

(` c

rore

)

Aver

age

Trad

e Si

ze

(`)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket

Capi

talis

atio

n (`

cro

re)

S&P

CNX

Nift

y In

dex

Hig

hLo

wCl

ose

1 2

3 4

5 6

7 8

9 10

11

12

13

14

15

16

2008

-09

1,43

237

1,29

124

313

,650

14,2

6,35

527

,52,

023

11,3

2520

,161

14,2

6,35

527

,52,

023

28,9

6,19

452

98.9

2252

.830

21.0

2009

-10

1,47

037

1,35

924

416

,816

22,1

5,53

041

,38,

023

16,9

5924

,608

22,1

5,53

041

,38,

023

60,0

9,17

353

29.6

2965

.752

49.1

2010

-11

1,57

461

1,45

025

515

,507

18,2

4,51

535

,77,

410

14,0

2923

,070

18,2

4,51

535

,77,

410

67,0

2,61

663

38.5

4786

.558

33.8

2011

-12

1,64

673

1,53

324

914

,377

16,1

6,97

828

,10,

893

11,2

8919

,551

16,1

6,97

828

,10,

893

60,9

6,51

859

44.5

4531

.252

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Oct

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1,660

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Nov

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1,661

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1,077

1,34,7

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3,009

122,0

641,8

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1962

3.76

1950

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97.95

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2-Jan

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3,069

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1016

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-13

3,068

162,7

922,6

8916

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4-Jan

-13

3,039

163,3

082,5

9116

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1979

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1967

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62.72

6095

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7-Jan

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3,036

154,6

172,6

4917

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4,617

2,649

70,85

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1985

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1965

4.46

1969

1.42

6116

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63.99

6075

.15

8-Jan

-13

3,039

143,1

602,7

0519

,660

3,160

2,705

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1976

1.78

1963

2.59

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6089

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49.82

6084

.28

9-Jan

-13

3,069

153,5

412,5

3516

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3,541

2,535

70,67

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1982

4.06

1962

7.16

1966

6.59

6111

.0760

47.03

6060

.09

10-Ja

n-13

3,085

143,3

783,0

3421

,613

3,378

3,034

70,55

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1978

3.75

1959

6.38

1966

3.55

6097

.3060

33.60

6054

.24

11-Ja

n-13

3,046

142,8

392,5

2918

,662

2,839

2,529

69,96

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1983

9.80

1961

9.83

1966

3.64

6095

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15.40

6027

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14-Ja

n-13

2,972

122,2

802,2

8018

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2,280

2,280

70,80

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1994

8.63

1968

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1990

6.41

6117

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33.35

6105

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15-Ja

n-13

2,999

132,8

742,4

5019

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2,874

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2003

6.82

1988

1.78

1998

6.82

6146

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6132

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n-13

3,040

132,7

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2,742

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6072

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2,988

132,3

442,5

0418

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18-Ja

n-13

3,034

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642,5

9118

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2,364

2,591

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2012

6.55

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17.56

6131

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21-Ja

n-13

2,997

122,6

302,3

6719

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2,630

2,367

71,27

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2016

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6.46

2010

1.82

6163

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33.98

6150

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22-Ja

n-13

2,976

132,3

092,4

3518

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2,309

2,435

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2015

6.86

1995

2.91

1998

1.57

6172

.3061

00.49

6108

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23-Ja

n-13

3,006

142,4

212,4

6917

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2,421

2,469

70,48

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0.91

2002

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6134

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69.40

6106

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24-Ja

n-13

2,952

162,7

122,5

6615

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2,712

2,566

69,62

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2.28

1988

4.20

1992

3.78

6117

.7060

45.71

6054

.01

25-Ja

n-13

2,968

152,8

272,3

6415

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2,827

2,364

70,39

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2012

9.01

1992

8.11

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3.53

6126

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52.25

6121

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28-Ja

n-13

2,939

122,0

592,0

1017

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2,059

2,010

70,41

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2017

2.45

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2.79

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3.35

6140

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6124

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n-13

2,945

142,6

722,6

0918

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2,672

2,609

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2020

3.66

1997

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6164

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87.56

6093

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30-Ja

n-13

2,982

122,1

532,0

7516

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2,153

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88.80

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n-13

2,918

132,4

332,3

7818

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2,433

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1,580

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1,559

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1,565

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1,570

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1,559

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21-Ja

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1,568

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6082

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5

22-Ja

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1,559

566,7

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40.50

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526.7

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339.6

5

23-Ja

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1,558

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296.9

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25-Ja

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1,554

649,0

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20,31

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68,73

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6074

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276.5

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266.5

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28-Ja

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1,536

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1,546

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190.3

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801,7

2612

,703

57.3

13.6

16,91

,460

24,09

,636

70,80

,996

23.9

34.0

1,91

2,028

350,8

676,9

11,39

927

.665.0

815

-Jan-

1358

51,2

3824

50.4

23.9

50.5

6,978

2,201

13,02

353

.616

.916

,98,29

324

,20,42

071

,04,22

023

.934

.1 1,

922,3

66 35

1,890

6,938

,144

27.71

5.07

16-Ja

n-13

510

1,214

2462

.420

.749

.36,1

732,4

5612

,788

48.3

19.2

16,83

,916

23,96

,894

70,36

,308

23.9

34.1

1,90

4,980

347,1

136,8

69,92

427

.735.0

517

-Jan-

1363

61,4

7225

04.5

25.4

58.8

7,569

2,545

13,64

355

.518

.716

,96,35

624

,12,93

270

,87,55

423

.934

.0 1,

916,8

44 34

7,476

6,918

,026

27.71

5.02

18-Ja

n-13

707

1,538

2590

.627

.359

.48,3

212,5

8014

,759

56.4

17.5

17,02

,730

24,19

,949

71,12

,904

23.9

34.0

1,92

4,840

346,0

576,9

46,30

327

.714.9

821

-Jan-

1356

51,2

1223

66.6

23.9

51.2

6,066

2,045

11,58

852

.317

.617

,08,06

424

,27,60

471

,27,54

224

.034

.1 1,

930,5

21 34

6,872

6,959

,030

27.74

4.98

22-Ja

n-13

471

1,179

2435

.119

.448

.45,7

442,1

1312

,367

46.4

17.1

16,97

,846

24,11

,106

70,77

,011

24.0

34.1

1,91

9,791

343,3

376,9

10,00

027

.784.9

723

-Jan-

1353

91,2

4124

69.0

21.8

50.3

5,932

2,072

12,77

546

.416

.217

,01,67

324

,09,96

270

,48,77

524

.134

.2 1,

921,6

24 34

1,837

6,880

,433

27.93

4.97

24-Ja

n-13

636

1,456

2565

.624

.856

.87,8

842,0

4815

,004

52.5

13.6

16,92

,936

23,89

,407

69,62

,227

24.3

34.3

1,91

0,542

335,9

716,7

98,03

728

.104.9

425

-Jan-

1345

71,2

4623

63.6

19.4

52.7

6,385

1,984

12,91

549

.415

.417

,08,20

924

,15,88

070

,39,68

124

.334

.3 1,

928,0

89 34

1,302

6,873

,538

28.05

4.97

28-Ja

n-13

410

1,067

2009

.820

.453

.15,5

922,0

8211

,026

50.7

18.9

17,08

,194

24,17

,394

70,41

,361

24.3

34.3

1,92

8,139

341,7

816,8

72,59

628

.064.9

729

-Jan-

1360

81,5

9426

08.5

23.3

61.1

8,261

2,672

14,97

555

.217

.816

,98,63

924

,05,11

170

,03,33

724

.334

.3 1,

920,2

40 33

9,182

6,836

,932

28.09

4.96

30-Ja

n-13

517

1,170

2074

.624

.956

.46,2

212,2

5412

,065

51.6

18.7

16,99

,837

24,07

,460

70,09

,220

24.3

34.3

1,92

2,083

338,7

556,8

41,57

228

.094.9

531

-Jan-

1349

61,3

9123

78.0

20.9

58.5

8,753

2,612

16,02

854

.616

.316

,90,48

924

,04,20

170

,24,57

724

.134

.2 1,

915,4

31 34

1,415

6,858

,653

27.93

4.98

Not

e: B

SE S

ense

x, B

SE 1

00, S

&P

CN

X N

ifty

& C

NX

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ty J

un

ior

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= p

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nta

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Sen

sex

secu

riti

es in

tot

al B

SE t

urn

over

.E

# =

per

cen

tage

sh

are

of S

ense

x se

curi

riti

es in

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al B

SE M

arke

t C

apit

alis

atio

n .

B#

= p

erce

nta

ge s

har

e of

BSE

-100

In

dex

sec

uri

ties

in t

otal

BSE

tu

rnov

er.

F#

= p

erce

nta

ge s

har

e of

BSE

-100

In

dex

sec

uri

ties

in t

otal

BSE

Mar

ket

Cap

ital

isat

ion

.C

# =

per

cen

tage

sh

are

of S

&P

CN

X N

ifty

sec

uri

ties

in t

otal

NSE

tu

rnov

er.

G#

= p

erce

nta

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har

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S&

P C

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ty s

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al N

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D#

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har

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CN

X N

ifty

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curi

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otal

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tu

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H#

= p

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CN

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ifty

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nio

r se

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ties

in t

otal

NSE

Mar

ket

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ion

.So

urc

e: B

SE a

nd

NSE

.

217


Table 18: City-wise Distribution of Turnover on Cash Segments of BSE and NSE

(Percentage share in Turnover)

S.No.

City BSE NSE

2009-10 2010-11 2011-12 Jan-13 2009-10 2010-11 2011-12 Jan-13

1 2 3 4 5 6 7 8 9 10

1 Ahmedabad 9.9 9.4 9.5 7.24 5.6 6.2 6.1 3.9

2 Bangalore 0.4 0.4 0.3 0.31 0.6 0.6 0.5 0.4

3 Baroda 2.1 2.1 0.0 0.74 0.6 0.5 0.4 0.4

4 Bhubaneshwar 0.0 0.0 0.0 0.02 0.0 0.0 0.0 0.0

5 Chennai 0.3 0.4 0.4 0.35 1.6 1.6 1.4 1.3

6 Cochin 0.0 0.0 0.0 0.14 1.7 1.7 1.7 1.4

7 Coimbatore 0.0 0.0 0.1 0.04 0.3 0.3 0.2 0.2

8 Delhi 12.8 12.8 10.9 4.24 12.9 10.8 8.4 7.8

9 Guwahati 0.0 0.0 0.0 0.10 0.0 0.0 0.0 0.0

10 Hyderabad 0.5 0.5 0.3 0.34 1.8 1.6 1.4 3.8

11 Indore 0.5 0.6 0.4 0.42 0.6 0.6 0.4 0.4

12 Jaipur 1.1 1.0 0.9 0.99 0.5 0.5 0.4 0.5

13 Kanpur 0.6 0.7 0.7 0.78 0.1 0.1 0.1 0.2

14 Kolkata 1.6 2.0 5.0 6.05 7.0 7.5 8.6 7.0

15 Ludhiana 0.3 0.2 0.2 0.15 0.1 0.1 0.1 0.1

16 Mangalore 0.0 0.0 0.0 0.05 0.0 0.0 0.0 0.0

17 Mumbai 36.0 36.3 37.4 54.08 57.5 58.6 60.4 63.3

18 Patna 0.1 0.1 0.1 0.09 0.0 0.2 0.0 0.0

19 Pune 0.7 0.7 0.6 0.53 0.2 0.0 0.2 0.2

20 Rajkot 5.1 4.8 4.9 3.63 1.4 1.6 1.4 1.1

21 Others 27.9 28.0 28.4 19.71 7.4 7.5 8.2 7.9

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0


218


Table 19: Component Stocks: BSE Sensex during January 2013

S.No. Name of Security Issued Capital

(` crore)

Free FloatMarket

Capitalisation (` crore)

Weightage (Percent)

Beta R2 Daily Volatility (Percent)

Monthly Return

(Percent)

Impact Cost

(Percent)

1 2 3 4 5 6 7 8 9 10

1 ITC LTD. 787.83 169524.80 10.03 0.49 0.10 1.37 7.18 0.062 RELIANCE 3235.53 157765.27 9.33 1.01 0.38 1.43 5.65 0.043 ICICI BANK 1153.33 137344.35 8.12 1.68 0.70 1.75 4.71 0.044 INFOSYS LTD 287.12 136119.09 8.05 0.87 0.16 1.88 20.28 0.035 HDFC BANK 473.30 121809.74 7.21 1.00 0.51 1.22 -5.22 0.066 HDFC 307.57 120975.91 7.16 0.89 0.36 1.28 -5.01 0.077 LARSEN & TOU 122.98 85388.95 5.05 1.57 0.55 1.84 -3.92 0.038 TCS LTD. 195.72 78841.75 4.66 0.61 0.11 1.57 6.69 0.069 ONGC CORPN 4277.75 72646.81 4.30 0.80 0.20 1.54 27.04 0.0710 STATE BANK 671.05 65402.76 3.87 1.56 0.49 1.95 2.22 0.0311 TATA MOTORS 541.54 56483.03 3.34 1.52 0.33 2.30 -4.61 0.0512 HIND UNI LT 216.13 51110.00 3.02 0.36 0.06 1.29 -9.86 0.0813 BHARTI ARTL 1898.77 45110.86 2.67 0.88 0.16 1.95 7.13 0.0814 MAH & MAH 306.99 40994.73 2.43 0.85 0.27 1.43 -4.27 0.0815 SUN PHARMA. 103.56 29751.37 1.76 0.46 0.09 1.30 -2.35 0.1616 BAJAJ AUTO 289.37 29338.92 1.74 0.70 0.18 1.45 -4.84 0.0817 TATA STEEL 971.21 27520.34 1.63 1.50 0.49 1.87 -5.49 0.0518 NTPC LTD 8245.46 25824.79 1.53 0.71 0.22 1.32 0.10 0.1719 WIPRO LTD. 492.49 25314.10 1.50 0.55 0.09 1.58 4.27 0.1220 DR.REDDY'S 84.88 24423.43 1.44 0.18 0.02 1.11 4.91 0.1221 MARUTISUZUK 144.46 22862.18 1.35 0.74 0.13 1.79 6.29 0.0722 COAL INDIA 6316.36 22331.51 1.32 0.56 0.15 1.26 -0.42 0.1023 CIPLA LTD. 160.58 21251.72 1.26 0.48 0.09 1.41 -1.67 0.0924 BHEL 489.52 19506.15 1.15 1.63 0.39 2.28 -0.31 0.0925 HEROMOTOCO 39.94 18205.51 1.08 0.78 0.19 1.56 -3.95 0.1226 JINDAL STE 93.48 17683.08 1.05 1.66 0.38 2.36 -6.07 0.1227 GAIL (I) LTD 1268.48 17375.60 1.03 0.83 0.20 1.60 -3.83 0.2228 STERLITE IN 336.07 17225.32 1.02 1.74 0.44 2.30 -2.36 0.1429 TATA POWER 237.31 16810.84 0.99 1.21 0.32 1.88 -8.29 0.2230 HINDALCO 191.86 15545.82 0.92 1.56 0.41 2.13 -11.37 0.10

Total 1,690,488.7 100.0 0.09

* Beta & R2 are calculated for the period 1/1/2012 to 31/12/2012. 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 standard deviation of the daily returns for the period 1/1/2012 to 31/12/2012.

* Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It is calculated for the period Nov 01, 2012 to Nov 30, 2012.

Source: BSE.

219


Table 20: Component Stocks : S&P CNX Nifty Index during January 2013

S.No.

Name of Security Issued Capital

(` crore)

Free Float Market

Capitalisation (` crore)

Weightage (Percent)

Beta R2 Daily Volatility (Percent)

Monthly Return

(Percent)

Impact Cost

(Percent)

1 2 3 4 5 6 7 8 9 101 I T C Ltd. 787.8 167,929.2 8.8 0.5 0.1 1.3 7.3 0.042 Reliance Industries Ltd. 3,228.8 145,838.0 7.6 1.0 0.4 1.3 5.6 0.053 ICICI Bank Ltd. 1,153.0 137,345.1 7.2 1.7 0.7 1.2 4.7 0.054 Infosys Ltd. 287.1 134,495.9 7.0 0.8 0.1 3.5 20.3 0.045 Housing Development FinanceCorporation Ltd. 308.2 121,206.1 6.3 0.9 0.4 1.2 -5.1 0.066 HDFC Bank Ltd. 473.6 117,252.7 6.1 1.0 0.5 1.0 -5.2 0.067 Larsen & Toubro Ltd. 123.0 83,319.2 4.4 1.6 0.6 1.2 -4.1 0.058 Tata Consultancy Services Ltd. 195.7 68,505.2 3.6 0.6 0.1 1.2 7.0 0.059 State Bank of India 671.0 62,849.9 3.3 1.6 0.5 1.2 2.2 0.0410 Oil & Natural Gas Corporation Ltd. 4,277.7 60,107.2 3.1 0.8 0.2 2.2 26.8 0.0511 Tata Motors Ltd. 541.6 52,664.0 2.8 1.5 0.3 2.2 -4.7 0.0512 Hindustan Unilever Ltd. 216.2 48,650.1 2.5 0.4 0.1 1.7 -9.7 0.0513 Mahindra & Mahindra Ltd. 307.0 40,755.5 2.1 0.8 0.3 1.2 -4.6 0.0514 Axis Bank Ltd. 427.2 40,576.6 2.1 1.7 0.6 1.4 11.0 0.0415 Bharti Airtel Ltd. 1,898.8 40,629.9 2.1 0.8 0.2 1.9 7.1 0.0616 Bajaj Auto Ltd. 289.4 27,204.3 1.4 0.7 0.2 1.4 -4.9 0.0517 Sun Pharmaceutical Industries Ltd. 103.6 27,000.7 1.4 0.4 0.1 1.2 -2.5 0.0618 Tata Steel Ltd. 971.2 26,994.7 1.4 1.5 0.5 1.3 -5.5 0.0519 Kotak Mahindra Bank Ltd. 372.1 25,459.7 1.3 1.1 0.4 1.1 4.7 0.0520 Dr. Reddy's Laboratories Ltd. 84.9 24,220.1 1.3 0.2 0.0 1.0 4.7 0.0521 Coal India Ltd. 6,316.4 22,318.9 1.2 0.6 0.1 0.9 -0.4 0.0422 Wipro Ltd. 492.5 21,375.0 1.1 0.5 0.1 2.3 4.3 0.0523 IDFC Ltd. 1,514.4 20,971.2 1.1 1.9 0.5 1.7 -0.9 0.0524 Maruti Suzuki India Ltd. 144.5 20,923.2 1.1 0.7 0.1 1.8 6.1 0.0425 Cipla Ltd. 160.6 20,655.1 1.1 0.5 0.1 1.3 -1.7 0.0526 Asian Paints Ltd. 95.9 20,382.6 1.1 0.5 0.1 1.0 1.6 0.0527 NTPC Ltd. 8,245.5 20,079.0 1.1 0.7 0.2 1.4 0.4 0.0528 Cairn India Ltd. 1,909.9 19,081.4 1.0 0.7 0.1 1.3 1.3 0.0429 Grasim Industries Ltd. 91.8 19,093.3 1.0 0.8 0.3 1.0 -5.2 0.0630 UltraTech Cement Ltd. 274.2 18,875.1 1.0 0.5 0.1 1.4 -4.2 0.0631 Bharat Heavy Electricals Ltd. 489.5 17,997.3 0.9 1.7 0.4 1.6 -0.2 0.0532 HCL Technologies Ltd. 138.9 18,074.4 0.9 0.7 0.2 1.8 11.2 0.0533 Hero MotoCorp Ltd. 39.9 17,388.0 0.9 0.8 0.2 1.0 -4.1 0.0534 Tata Power Co. Ltd. 237.3 16,373.5 0.9 1.3 0.3 1.4 -8.4 0.0735 Jindal Steel & Power Ltd. 93.5 16,096.7 0.8 1.7 0.4 1.8 -6.2 0.0636 Ambuja Cements Ltd. 308.3 15,504.4 0.8 0.9 0.2 1.6 1.5 0.0537 Power Grid Corporation of India Ltd. 4,629.7 15,601.0 0.8 0.6 0.2 1.0 -4.0 0.0538 GAIL (India) Ltd. 1,268.5 15,373.3 0.8 0.8 0.2 1.9 -4.1 0.0639 Hindalco Industries Ltd. 191.5 14,946.1 0.8 1.5 0.4 1.8 -11.0 0.0640 Bank of Baroda 411.1 14,601.3 0.8 1.5 0.4 1.9 0.2 0.0641 Lupin Ltd. 89.5 14,360.1 0.8 0.2 0.0 0.9 -1.6 0.0542 ACC Ltd. 187.7 12,346.7 0.6 0.8 0.2 1.0 -7.6 0.0543 Punjab National Bank 339.2 12,136.5 0.6 1.5 0.4 2.5 4.7 0.0644 Bharat Petroleum Corporation Ltd. 723.1 10,607.1 0.6 0.5 0.1 2.7 15.2 0.0745 DLF Ltd. 339.7 10,098.3 0.5 1.8 0.4 2.3 20.4 0.0546 Jaiprakash Associates Ltd. 431.0 9,983.8 0.5 2.2 0.5 2.4 -10.3 0.0647 Sesa Goa Ltd. 86.9 7,275.2 0.4 1.7 0.4 1.5 -4.6 0.0748 Ranbaxy Laboratories Ltd. 211.5 6,884.4 0.4 0.7 0.1 1.2 -11.0 0.0649 Reliance Infrastructure Ltd. 263.0 6,978.0 0.4 2.0 0.5 2.3 -1.0 0.0650 Siemens Ltd. 70.4 6,046.0 0.3 1.0 0.3 1.1 -1.7 0.05

Total 1,915,430.8 100.0 0.05

* Beta & R2 are calculated for the period 1/1/2012 to 31/12/2012. 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 standard deviation of the daily returns for the period 1/1/2012 to 31/12/2012. * Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by

100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 50 lakh. It is calculated for the period Nov 01, 2012 to Nov 30, 2012.

* Impact Cost for S&P CNX Nifty is the weightage average impact cost Source: NSE.

220


Table 21: Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)

Month

BSE NSE

Advances Declines Advance / Decline Ratio

Advances Declines Advance / Decline Ratio

1 2 3 4 5 6 7

Oct-11 975 2,332 0.4 405 1,125 0.4

Nov-11 937 2,385 0.4 390 1,152 0.3

Dec-11 522 2,802 0.2 140 1,405 0.1

Jan-12 2,301 1,021 2.3 1,195 359 3.3

Feb-12 2,617 756 3.5 1,403 151 9.3

Mar-12 1,103 2,310 0.5 452 1,106 0.4

Apr-12 1,517 1,885 0.8 681 883 0.8

May-12 888 2,469 0.4 284 1,274 0.2

Jun-12 1,395 1,953 0.7 697 861 0.8

Jul-12 2,172 1,199 1.8 1,166 395 3.0

Aug-12 1,178 2,226 0.5 510 1,054 0.5

Sep-12 1,723 1,692 1.0 894 673 1.3

Oct-12 2,295 1,139 2.0 1,223 345 3.5

Nov-12 1,414 2,014 0.7 640 930 0.7

Dec-12 1,904 1,522 1.3 989 587 1.7

Jan-13 1,514 1,495 1.0 743 837 0.9

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


221


Table 22: Trading Frequency in Cash Segment of BSE and NSE

Month

BSE NSE

No. of Companies

Listed

No. of companies

Traded

Percent of Traded to

Listed

No. of Companies

Listed

No. of companies

Traded

Percent of Traded to

Listed

1 2 3 4 5 6 7

Apr-11 5,069 2,977 58.7 1,578 1,453 92.1

May-11 5,078 2,924 57.6 1,585 1,463 92.3

Jun-11 5,085 2,968 58.4 1,599 1,474 92.2

Jul-11 5,096 2,976 58.4 1,606 1,478 92.0

Aug-11 5,086 2,921 57.4 1,615 1,489 92.2

Sep-11 5,092 2,851 56.0 1,622 1,495 92.2

Oct-11 5,102 2,934 57.5 1,631 1,510 92.6

Nov-11 5,105 2,832 55.5 1,633 1,512 92.6

Dec-11 5,112 2,896 56.7 1,640 1,520 92.7

Jan-12 5,115 2,931 57.3 1,641 1,520 92.6

Feb-12 5,122 3,010 58.8 1,644 1,523 92.6

Mar-12 5,133 2,977 58.0 1,646 1,533 93.1

Apr-12 5,133 2,853 55.6 1,649 1,529 92.7

May-12 5,140 2,694 52.4 1,651 1,530 92.7

Jun-12 5,141 2,952 57.4 1,648 1,532 93.0

Jul-12 5,149 2,835 55.1 1,652 1,532 92.7

Aug-12 5,157 2,903 56.3 1,652 1,535 92.9

Sep-12 5,163 3,010 58.3 1,657 1,538 92.8

Oct-12 5,171 2,903 56.1 1,660 1,541 92.8

Nov-12 5,180 3,058 59.0 1,661 1,541 92.8

Dec-12 5,191 2,986 57.5 1,665 1,546 92.9

Jan-13 5,195 2,918 56.2 1,664 1,545 92.8


222


Table 23: Volatility* of Major Indices

(Percent)

Year/ Month

BSE Sensex BSE 100 Index BSE 500 S&P CNX Nifty

CNX Nifty Junior

S&P CNX 500

1 2 3 4 5 6 7

2007-08 1.9 2.0 2.0 2.0 2.4 2.0

2008-09 2.8 2.7 2.6 2.7 2.8 2.5

2009-10 1.9 1.8 1.8 1.9 2.0 1.8

2010-11 1.1 1.1 1.1 1.1 1.1 1.0

2011-12 1.3 1.3 1.2 1.3 1.3 1.2

2012-13$ 0.9 0.9 0.8 0.8 0.8 0.8

Apr-12 0.8 0.8 0.8 0.8 0.8 0.8

May-12 1.0 0.9 0.9 1.0 1.0 0.9

Jun-12 1.1 1.1 1.0 1.1 1.0 1.0

Jul-12 0.9 0.9 0.8 0.9 0.9 0.9

Aug-12 0.6 0.6 0.5 0.6 0.5 0.5

Sep-12 0.9 0.9 0.8 1.0 0.7 0.8

Oct-12 0.7 0.7 0.7 0.7 0.8 0.7

Nov-12 0.7 0.7 0.7 0.7 0.8 0.7

Dec-12 1.1 1.2 1.2 0.5 0.6 0.5

Jan-13 0.5 0.6 0.6 0.5 0.8 0.6


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


223


Table 24: Percentage Share of Top 'N' Securities/Members in Turnover in Cash Segment(Percent)

Year/ Month

BSE NSE

Top 5 10 25 50 100 5 10 25 50 100

1 2 3 4 5 6 7 8 9 10 11

Securities

2008-09 18.5 29.6 49.0 66.0 79.6 20.5 32.6 56.4 74.7 87.7

2009-10 15.3 22.2 35.3 47.8 62.4 13.7 23.0 41.0 58.5 74.4

2010-11 10.2 15.1 25.9 37.3 51.5 15.3 23.0 38.7 53.6 68.9

2011-12 16.6 25.3 40.1 54.2 69.1 17.2 27.1 44.3 59.8 75.7

2012-13$ 13.4 21.1 34.1 45.8 60.0 16.4 26.5 44.3 60.2 76.2

Apr-12 17.1 25.1 40.2 53.4 68.2 19.0 28.2 46.7 62.6 78.7May-12 17.7 26.0 41.9 54.2 69.3 19.3 29.7 48.1 65.3 81.2Jun-12 24.3 32.4 46.4 58.0 71.7 19.5 28.9 47.2 64.8 81.0Jul-12 12.9 20.6 34.3 47.3 62.4 17.0 26.6 45.0 61.1 77.3Aug-12 15.8 23.3 37.7 50.7 66.2 19.3 30.1 46.7 62.2 78.4Sep-12 14.6 22.1 36.3 48.8 63.4 17.8 28.5 47.9 64.1 79.3Oct-12 16.7 25.0 38.5 50.2 63.4 17.9 28.4 45.9 61.6 77.6Nov-12 18.1 24.8 39.4 51.8 65.5 19.7 28.3 45.5 61.5 77.6Dec-12 13.3 20.3 34.5 47.8 62.2 13.5 22.5 42.0 58.4 75.3Jan-13 11.5 18.8 33.3 47.1 61.8 14.5 24.8 43.8 60.4 78.4

Members

2008-09 14.3 21.7 38.2 55.8 73.3 13.6 23.6 43.6 61.2 75.4

2009-10 13.3 21.1 37.3 53.3 71.5 14.9 24.0 41.8 57.8 72.6

2010-11 13.3 21.6 36.6 51.9 70.2 14.3 23.8 42.9 58.6 73.0

2011-12 15.1 24.5 40.0 55.0 72.4 14.8 25.3 46.3 62.2 77.0

2012-13$ 15.0 22.1 37.8 54.4 71.3 14.4 24.7 46.2 62.7 76.9

Apr-12 15.5 23.4 39.4 54.9 72.0 15.6 25.8 46.9 63.6 78.2May-12 16.2 24.3 40.6 56.2 72.4 15.4 26.2 48.7 65.2 79.5Jun-12 14.9 23.6 40.0 56.6 73.1 15.7 26.3 46.9 63.7 78.4Jul-12 15.2 23.9 39.3 55.2 71.7 15.2 25.6 47.0 63.8 78.4Aug-12 15.4 22.9 38.6 54.6 71.8 14.3 24.5 45.2 62.5 77.2Sep-12 15.4 23.6 39.6 55.2 71.7 15.0 25.7 47.7 64.2 78.6Oct-12 16.5 25.4 40.6 55.8 72.3 14.3 24.4 45.1 61.8 76.7Nov-12 16.0 24.5 40.5 55.6 71.9 14.0 24.0 45.7 61.9 76.5Dec-12 16.0 23.6 38.9 54.3 70.8 14.4 24.8 45.0 61.2 76.2Jan-13 16.5 24.7 40.8 55.7 71.3 14.6 25.9 47.0 63.0 77.9



224


able

25:

Set

tlem

ent

Stat

isti

cs f

or C

ash

Seg

men

t of

BSE

Year

/

Mon

thN

o. o

f Tr

ades

(L

akh)

Trad

ed

Qua

ntity

(L

akh)

Del

iver

ed

Qua

ntity

(L

akh)

Perc

ent o

f D

eliv

ered

Q

uant

ity

to T

rade

d Q

uant

ity

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cro

re)

Del

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e

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)

Perc

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of

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ntity

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at

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e (L

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of D

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ity

to T

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of D

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D

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ered

Va

lue

Shor

t D

eliv

ery

(Auc

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d qu

antit

y)

(Lak

h)

Perc

ent

of S

hort

D

eliv

ery

to D

eliv

ery

Qua

ntity

Fund

s Pa

y-in

(`

cro

re)

Secu

ritie

s Pa

y-in

(` c

rore

)

Settl

emen

t G

uara

ntee

Fu

nd

(`

cro

re)

12

34

56

78

910

1112

1314

1516

17

2008

-09

5,40

87,

39,6

011,

96,6

3026

.611

,00,

074

2,30

,332

20.9

1,96

,096

99.7

2,30

,173

99.9

740

0.4

84,8

412,

30,3

323,

624

2009

-10

6,05

611

,36,

513

3,63

,578

32.0

13,7

8,80

93,

11,3

6422

.63,

63,5

0010

0.0

3,11

,352

100.

01,

769

0.5

99,1

023,

11,3

644,

398

2010

-11

5,28

59,

90,7

763,

76,8

9038

.011

,05,

027

3,02

,126

27.3

3,74

,277

99.3

3,02

,082

100.

01,

323

0.4

88,0

723,

02,1

264,

138

2011

-12

3,94

46,

54,1

372,

55,9

9939

.16,

67,4

981,

81,5

6027

.22,

55,9

9010

0.0

1,81

,557

100.

092

80.

465

,978

1,81

,560

3,33

5

2012

-13$

2,77

74,

76,2

991,

99,5

9241

.94,

66,8

921,

39,9

1830

.01,

98,5

2599

.51,

39,8

9110

0.0

504

0.3

53,2

441,

39,9

183,

076

Apr-1

225

341

,605

16,33

039

.242

,305

12,17

428

.816

,329

100

12,17

410

073

0.44,4

9312

,174

3,240

May

-12

269

41,95

316

,528

39.4

41,65

510

,211

24.5

16,52

810

010

,211

100

400.2

3,571

10,21

13,1

39

Jun-

1225

539

,880

16,01

140

.144

,315

13,45

430

.416

,010

100

13,45

410

032

0.26,8

7513

,454

3,134

Jul-1

228

047

,728

19,56

341

.044

,475

13,10

029

.519

,563

100

13,10

010

054

0.35,0

8513

,100

3,040

Aug-

1227

041

,623

17,77

442

.742

,789

13,05

530

.517

,774

100

13,05

510

048

0.35,1

5513

,055

3,075

Sep-

1227

845

,209

19,00

342

.045

,501

14,57

732

.018

,779

9914

,572

100

620.3

5,095

14,57

73,0

15

Oct-

1229

853

,435

22,97

643

.051

,030

16,32

632

.022

,134

9616

,304

100

400.2

6,096

16,32

63,0

10

Nov

-12

271

47,51

019

,635

41.3

47,78

313

,484

28.2

19,63

510

013

,484

100

450.2

4,887

13,48

43,0

21

Dec

-12

285

54,23

522

,823

42.1

50,37

715

,796

31.4

22,82

310

015

,796

100

480.2

5,962

15,79

63,0

88

Jan-1

331

863

,121

28,95

045

.956

,662

17,74

231

.328

,950

100

17,74

110

062

0.26,0

2617

,742

3,076

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

Sou

rce:

BSE

.

225


able

26:

Set

tlem

ent

Stat

isti

cs f

or C

ash

Seg

men

t of

NSE

Mon

th/

Year

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Del

iver

ed

Qua

ntity

(L

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ntity

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)

Perc

ent

of D

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D

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Shor

t D

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to

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Fund

s Pa

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(`

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Secu

ritie

s Pa

y-in

(` c

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)

Settl

emen

t G

uara

ntee

Fu

nd

(`

cro

re)

12

34

56

78

910

1112

1314

1516

17

2008

-09

13,6

3914

,18,

928

3,03

,299

21.4

27,4

9,45

06,

10,4

9822

.23,

03,2

9910

0.0

6,10

,498

100.

062

50.

22,

20,7

046,

10,4

984,

844

2009

-10

16,7

8822

,05,

878

4,73

,952

21.5

41,2

9,21

49,

16,4

6022

.24,

73,9

5210

0.0

9,16

,460

100.

086

20.

22,

78,3

879,

16,4

605,

547

2010

-11

15,4

8018

,10,

910

4,97

,367

27.5

35,6

5,19

59,

78,0

1527

.44,

97,3

6710

0.0

9,78

,015

100.

090

30.

22,

93,3

579,

79,2

695,

100

2011

-12

14,3

7216

,05,

205

4,43

,232

27.6

28,0

3,88

97,

84,4

0728

.04,

43,2

3210

0.0

7,84

,407

100.

070

20.

22,

51,7

547,

85,2

684,

821

2012

-13$

11,2

8613

,75,

610

3,80

,672

27.7

22,6

0,26

66,

58,2

7429

.13,

80,6

7210

0.0

6,58

,274

100.

053

90.

12,

02,8

836,

58,8

374,

701

Apr-1

21,0

131,1

9,753

32,74

727

.32,0

4,919

57,87

128

.232

,747

100.0

57,87

110

0.060

0.218

,089

57,92

64,9

41

May

-12

1,133

1,26,4

3532

,508

25.7

2,10,6

3155

,132

26.2

32,50

810

0.055

,132

100.0

390.1

15,94

855

,180

4,705

Jun-

121,0

661,2

4,110

32,52

526

.22,0

2,661

55,54

127

.432

,525

100.0

55,54

110

0.037

0.118

,975

55,58

34,7

72

Jul-1

21,1

011,4

1,146

38,90

527

.62,1

4,398

63,83

429

.838

,905

100.0

63,83

410

0.056

0.119

,277

63,88

84,6

43

Aug-

121,0

471,1

7,461

32,92

028

.01,9

8,766

57,28

928

.832

,920

100.0

57,28

910

0.067

0.216

,182

57,34

14,6

73

Sep-

121,1

341,3

7,120

39,71

129

.02,3

1,871

73,97

831

.939

,711

100.0

73,97

810

0.060

0.227

,484

74,03

45,0

09

Oct-

121,2

021,5

3,616

43,37

328

.22,5

1,868

74,02

329

.443

,373

100.0

74,02

310

0.050

0.122

,485

74,07

74,7

61

Nov

-12

1,020

1,21,2

9233

,164

27.3

2,00,9

3956

,211

28.0

33,16

410

0.056

,211

100.0

510.2

15,20

756

,270

5,032

Dec

-12

1,231

1,62,6

2446

,033

28.3

2,60,5

1677

,005

29.6

46,03

310

0.077

,005

100.0

670.2

23,09

077

,091

4,775

Jan-1

31,3

391,7

2,052

48,78

628

.42,8

3,698

87,39

130

.848

,786

100.0

87,39

110

0.052

0.126

,148

87,44

74,7

01

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.So

urc

e: N

SE.

226


able

27:

Eq

uit

y D

eriv

ativ

es S

egm

ent

at B

SE (

Tu

rnov

er in

Not

ion

al V

alu

e)

Mon

th/

Year

No.

of

Tra

ding

D

ays

Inde

x F

utur

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Fut

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Inde

x O

ptio

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Opt

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the

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of

Cal

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Put

No.

of

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trac

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cro

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No.

of

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trac

ts T

urno

ver

(` c

rore

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o. o

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T

urno

ver

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ontr

acts

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No.

of

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trac

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urno

ver

(` c

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)N

o. o

f C

ontr

acts

T

urno

ver

(` c

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ontr

acts

Va

lue

(`

cro

re)

1 2

3 4

5 6

7 8

9 10

11

12

13

14

15

16

17

18

2008

-09

243

4,95

,830

11,7

5729

99

251

612

23

00

00

4,96

,502

11,7

7522

0

2009

-10

244

3,74

496

60

5,27

613

80

00

00

09,

026

234

00

2010

-11

254

5,61

315

40

00

010

00

00

05,

623

154

40

2011

-12

249

70,7

3,33

41,

78,4

493,

26,3

4210

,216

72,0

6,51

42,

00,0

901,

75,6

9,13

04,

18,2

5339

,848

1,27

77,

657

192

3,22

,22,

825

8,08

,476

28,1

7673

6

2012

-13$

210

44,8

9,90

51,

16,1

1728

,573

872

11,0

0,34

,763

30,4

3,90

613

,05,

05,0

6135

,02,

425

16,2

6550

349

,065

1,21

224

,51,

23,6

3266

,65,

035

7,34

121

9

Apr-1

220

12,12

,385

31,58

91,2

9936

57,59

,235

1,52,0

3671

,42,74

71,8

6,056

00

00

1,41,1

5,666

3,69,7

1744

,311

1,151

May

-12

228,7

0,652

20,85

912

33

1,56,6

7,152

3,94,6

5485

,81,47

62,0

8,777

00

147

32,5

1,19,5

506,2

4,296

59,43

41,4

46

Jun-

1221

8,32,2

3120

,776

00

1,44,1

6,081

3,69,4

391,3

7,38,2

143,4

2,264

00

241

52,8

9,86,7

677,3

2,483

84,98

81,7

41

Jul-1

222

6,70,1

5517

,575

404

101,7

1,29,4

114,4

9,790

2,01,1

2,340

5,10,7

5531

38

195

53,7

9,12,8

189,7

8,143

88,70

82,2

94

Aug-

1221

3,32,1

468,8

181,0

5929

1,47,7

6,020

4,11,7

221,7

7,15,2

864,5

3,745

699

191,1

3623

3,28,2

6,346

8,74,3

5590

,861

2,397

Sep-

1220

1,63,7

404,5

161,7

9946

67,05

,226

1,89,4

5042

,32,13

11,1

1,162

737

186,0

5212

71,1

1,09,6

853,0

5,319

78,94

62,2

37

Oct-

1221

1,27,7

883,6

361,3

2240

67,30

,201

1,97,7

4175

,38,17

12,0

9,279

877

235,8

1712

81,4

4,04,1

764,1

0,845

99,75

52,7

89

Nov

-12

2079

,823

2,274

459

1366

,20,44

41,9

2,301

1,26,6

8,686

3,51,8

6871

718

5,025

107

1,93,7

5,154

5,46,5

8248

,792

1,438

Dec

-12

2080

,551

2,400

836

2594

,73,29

22,8

7,385

2,11,7

9,366

6,09,7

253,3

9695

9,695

222

3,07,4

7,136

8,99,8

5368

,370

2,028

Jan-1

323

1,20,4

343,6

7421

,272

670

1,27,5

7,701

3,99,3

891,7

5,96,6

445,1

8,795

9,526

323

20,75

759

23,0

5,26,3

349,2

3,441

7,341

219

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

Not

ion

al T

urn

over

= (

Stri

ke P

rice

+ P

rem

ium

) *

Qu

anti

ty.

Sou

rce:

BSE

.

227


able

28:

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y D

eriv

ativ

es S

egm

ent

at N

SE (

Tu

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er in

Not

ion

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e)

Mon

th/

Year

No.

of

Trad

ing

Day

s

Inde

x Fu

ture

sSt

ock

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ock

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No.

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s Tu

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of

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s Tu

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(` cr

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No.

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No.

of

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s Tu

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(` cr

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No.

of

Cont

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s Va

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(`

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1 2

3 4

5 6

7 8

9 10

11

12

13

14

15

16

17

18

2008

-09

243

21,04

,28,10

335

,70,11

122

,15,77

,980

34,79

,642

11,04

,31,97

420

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410

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97,62

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4335

,33,00

257

,384

65,73

,90,49

71,1

0,10,4

8232

,27,75

957

,705

2009

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417

,83,06

,889

39,34

,389

14,55

,91,24

051

,95,24

716

,76,83

,928

40,49

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17,36

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9,158

34,02

,123

1,16,

907

67,92

,93,92

21,7

6,63,6

6534

,89,79

097

,978

2010

-1125

416

,50,23

,653

43,56

,755

18,60

,41,45

954

,95,75

731

,45,33

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90,90

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82,34

,833

2,53,2

3510

3,42,1

2,062

2,92,4

8,221

36,90

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1,01,8

16

2011

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914

,61,88

,740

35,77

,998

15,83

,44,61

740

,74,67

142

,80,34

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1,15,5

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9,088

3,05,2

6112

0,50,4

5,464

3,13,4

9,732

33,44

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9

2012

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210

8,29,9

1,764

21,42

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12,52

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633

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Apr-1

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May-1

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Aug-1

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Sep-1

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8426

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Jan-13

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21-Ja

n-13

1,91

,754

5,7

635,

03,5

2916

,781

10,9

3,86

833

,885

12,2

7,56

136

,749

2,55

,364

8,31

51,

33,2

873,

949

34,0

5,36

31,

05,4

4251

,15,

237

1,60

,170

22-Ja

n-13

2,48

,037

7,4

685,

81,3

4919

,740

13,1

1,59

140

,665

13,5

2,99

340

,792

2,39

,466

8,30

61,

30,5

094,

014

38,6

3,94

51,

20,9

8551

,22,

273

1,59

,077

23-Ja

n-13

2,71

,326

8,1

116,

51,6

7722

,331

14,5

5,64

444

,964

16,4

4,26

349

,478

2,66

,377

9,60

71,

58,4

335,

161

44,4

7,72

01,

39,6

5351

,39,

159

1,59

,628

24-Ja

n-13

3,27

,853

9,7

607,

89,3

1725

,963

18,5

9,83

957

,166

19,3

6,52

358

,151

3,10

,558

10,9

361,

93,5

566,

354

54,1

7,64

61,

68,3

3151

,55,

914

1,58

,214

25-Ja

n-13

3,18

,472

9,5

536,

96,1

9022

,915

15,7

6,46

348

,555

16,6

6,37

649

,937

2,72

,864

9,38

21,

55,4

565,

034

46,8

5,82

11,

45,3

7751

,63,

850

1,60

,492

28-Ja

n-13

2,73

,402

8,3

237,

68,9

6925

,628

11,8

5,47

536

,738

12,4

1,25

737

,347

2,29

,868

7,85

71,

34,9

744,

330

38,3

3,94

51,

20,2

2452

,79,

605

1,64

,074

29-Ja

n-13

5,93

,723

18,

158

11,7

4,47

139

,143

29,4

4,06

291

,466

30,8

5,01

493

,291

3,45

,681

11,7

132,

07,2

016,

644

83,5

0,15

22,

60,4

1654

,08,

280

1,66

,981

30-Ja

n-13

3,30

,591

10,

067

10,1

0,58

532

,736

18,7

2,30

257

,748

17,9

5,92

654

,156

2,60

,854

8,65

71,

48,6

714,

690

54,1

8,92

91,

68,0

5454

,61,

204

1,68

,846

31-Ja

n-13

5,04

,179

15,

270

13,1

5,07

643

,300

24,9

6,36

576

,764

24,6

6,81

474

,386

3,43

,876

11,5

621,

94,6

586,

316

73,2

0,96

82,

27,5

9831

,42,

662

97,2

45

Not

ion

al V

alu

e of

Ou

tsta

nd

ing

Con

trac

ts f

or O

PT

STK

- O

pen

In

tere

st *

Clo

se p

rice

of

Un

der

lyin

g se

curi

ty.

Not

ion

al V

alu

e of

Ou

tsta

nd

ing

Con

trac

ts f

or O

PT

IDX

- O

pen

In

tere

st *

Clo

se p

rice

S&

P C

NX

Nif

ty.

Not

ion

al T

urn

over

= (

Stri

ke P

rice

+ P

rem

ium

) *

Qu

anti

ty.

Ind

ex F

utu

res,

In

dex

Op

tion

s, S

tock

Op

tion

s an

d S

tock

Fu

ture

s w

ere

intr

odu

ced

in S

epte

mb

er 2

000,

Sep

tem

ber

200

1, S

epte

mb

er 2

001

and

Nov

emb

er 2

001,

re

spec

tive

ly.

Op

en in

tere

st v

alu

e is

com

pu

ted

as

Un

der

lyin

g cl

ose

pri

ce*Q

uan

tity

.

Sou

rce

: NSE

.

230


able

31:

Set

tlem

ent

Stat

isti

cs in

Eq

uit

y D

eriv

ativ

es S

egm

ent

at B

SE a

nd

NSE

( `

cror

e)

Mon

th/

Y

ear

BSE

NSE

Ind

ex/

Stoc

k F

utu

res

Ind

ex/

Stoc

k O

pti

ons

Tot

alSe

ttle

men

t G

ura

nte

e F

un

d

Ind

ex/

Stoc

k F

utu

res

Ind

ex/

Stoc

k O

pti

ons

Tot

alSe

ttle

men

t G

ura

nte

e F

un

dM

TM

Se

ttle

men

tF

inal

Se

ttle

men

tP

rem

ium

Se

ttle

men

tE

xerc

ise

Sett

lem

ent

MT

M

Sett

lem

ent

Fin

al

Sett

lem

ent

Pre

miu

m

Sett

lem

ent

Exe

rcis

e Se

ttle

men

t

1 2

3 4

5 6

7 8

9 10

11

12

13

2008

-09

110.

42.

70.

10.

011

3.2

81.5

75,1

941,

498

10,9

604,

188

91,8

4023

,656

2009

-10

0.5

0.0

0.1

0.0

0.6

72.2

60,6

561,

395

11,0

113,

881

76,9

4331

,572

2010

-11

1.2

0.0

0.0

0.0

1.2

70.7

67,2

881,

591

12,7

032,

119

83,7

0129

,759

2011

-12

65.0

11.1

38.4

77.4

191.

829

6.7

56,6

631,

274

12,7

981,

562

72,2

9625

,377

2012

-13$

1,69

318

28,9

7827

30,7

1644

534

,067

705

9,97

21,

196

45,9

4028

,818

Apr

-12

710.

33,

326

1.7

3,39

930

92,

884

3389

956

3,87

324

,651

May

-12

151

1.7

4,60

55.

84,

764

415

4,28

052

1,04

193

5,46

623

,936

Jun-

1227

20.

95,

517

3.4

5,79

442

33,

399

291,

092

124

4,64

524

,194

Jul-1

229

46.

67,

631

4.8

7,93

643

83,

458

163

1,40

274

5,09

825

,822

Aug

-12

176

2.6

1,15

02.

71,

331

384

2,37

560

1,02

464

3,52

225

,810

Sep-

1221

71.

161

71.

383

733

83,

273

661,

062

146

4,54

727

,684

Oct

-12

208

0.6

1,19

90.

91,

409

389

3,24

645

861

474,

199

27,6

88

Nov

-12

116

1.7

1,48

23.

71,

604

444

3,36

213

382

613

44,

454

27,8

50

Dec

-12

911.

51,

906

0.9

1,99

939

23,

129

7890

634

24,

455

27,2

51

Jan-

1396

0.68

1,54

52.

331,

644

445

4,66

148

858

115

5,68

228

,818

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

Sou

rce:

BSE

an

d N

SE.

231


Table 32: Trading in the Corporate Debt Market

Month/Year BSE NSE FIMMDA

No. of Trades Traded Value (` crore)



1 2 3 4 5 6 7

2008-09 8,327 37,320 4,902 49,505 9,501 61,535

2009-10 7,408 53,323 12,522 1,51,920 18,300 1,95,955

2010-11 4,465 39,581 8,006 1,55,951 31,589 4,09,742

2011-12 6,424 49,842 11,973 1,93,435 33,136 3,50,506

2012-13$ 7,308 39,925 17,801 2,00,957 30,417 3,61,576

Apr-12 472 2,664 1,232 12,155 1,977 21,219

May-12 632 1,904 1,342 14,220 2,140 22,389

Jun-12 880 5,036 1,624 18,918 3,092 38,002

Jul-12 824 4,829 1,968 19,499 3,391 37,740

Aug-12 697 4,147 1,891 18,374 3,034 35,814

Sep-12 720 4,802 2,051 23,373 3,244 41,029

Oct-12 966 4,792 1,850 25,659 3,853 47,424

Nov-12 680 2,317 1,455 18,090 2,454 27,774

Dec-12 599 2,900 1,686 19,319 2,715 33,313

Jan-13 838 6,533 2,702 31,349 4,517 56,873


Source: BSE, NSE and FIMMDA.

232


able

33

: Tra

din

g St

atis

tics

of

Cu

rren

cy D

eriv

ativ

es S

egm

ent

at N

SE

Mon

th/

Y

ear

Cu

rren

cy F

utu

res

Cu

rren

cy O

pti

ons

Tot

al

No.

of

Tra

din

g

Day

s

No.

of

Con

trac

ts

Tu

rnov

er

(` c

rore

)

Cal

lP

ut

No.

of

Con

trac

ts

Tu

rnov

er

(` c

rore

)

Op

en I

nte

rest

at

the

end

of

No.

of

Con

trac

ts

Tu

rnov

er

(` c

rore

)N

o. o

f C

ontr

acts

T

urn

over

(`

cro

re)

No.

of

Con

trac

ts

Val

ue

(` c

rore

)

12

34

56

78

910

1112

2008

-09

139

3,27

,38,

566

1,62

,563

N/A

N/A

N/A

N/A

3,27

,38,

566

1,62

,563

2,57

,554

1,31

3

2009

-10

240

37,8

6,06

,983

17,8

2,60

8N

/AN

/AN

/AN

/A37

,86,

06,9

8317

,82,

608

4,27

,873

1,96

4

2010

-11

249

71,2

1,81

,928

32,7

9,00

22,

32,9

7,30

61,

06,5

061,

41,2

2,84

164

,280

74,9

6,02

,075

34,4

9,78

830

,20,

562

13,6

90

2011

-12

240

70,1

3,71

,974

33,7

8,48

915

,37,

04,1

807,

34,7

4111

,82,

67,9

785,

61,7

6097

,33,

44,1

3246

,74,

990

29,5

9,05

515

,328

2012

-13$

205

56,3

4,92

,255

31,0

1,07

811

,80,

30,7

756,

52,1

8310

,24,

02,2

495,

58,6

0578

,39,

25,2

7943

,11,

867

46,6

5,84

925

,155

Apr

-12

183,

72,5

6,97

81,

95,3

8666

,61,

632

35,1

0257

,65,

959

29,9

644,

96,8

4,56

92,

60,4

5133

,22,

444

17,7

37

May

-12

226,

13,1

9,34

43,

37,7

761,

05,2

9,54

558

,360

1,06

,41,

630

57,8

108,

24,9

0,51

94,

53,9

4635

,04,

174

19,9

13

Jun-

1221

5,26

,71,

206

2,97

,769

88,6

2,58

750

,534

80,9

0,56

045

,316

6,96

,24,

353

3,93

,619

35,1

9,17

019

,918

Jul-1

222

6,01

,18,

966

3,35

,830

1,23

,46,

594

69,6

311,

11,4

6,42

961

,813

8,36

,11,

989

4,67

,274

32,6

7,65

818

,388

Aug

-12

214,

32,4

8,10

02,

42,2

6788

,15,

001

49,5

8166

,52,

073

37,0

595,

87,1

5,17

43,

28,9

0733

,19,

129

18,6

94

Sep-

1219

5,15

,89,

559

2,82

,508

1,19

,46,

477

65,8

1190

,15,

497

49,2

737,

25,5

1,53

33,

97,5

9234

,59,

475

18,4

51

Oct

-12

206,

77,7

4,60

63,

62,5

011,

42,3

6,38

476

,676

1,28

,49,

756

68,2

499,

48,6

0,74

65,

07,4

2634

,37,

306

18,8

25

Nov

-12

205,

83,5

0,32

73,

23,5

181,

34,1

1,86

674

,418

1,27

,53,

397

69,9

408,

45,1

5,59

04,

67,8

7545

,69,

734

25,1

76

Dec

-12

205,

81,3

5,35

03,

21,8

931,

22,1

7,93

567

,681

1,08

,11,

630

59,1

798,

11,6

4,91

54,

48,7

5341

,02,

895

22,8

72

Dec

-12

227,

30,2

7,81

94,

01,6

321,

90,0

2,75

41,

04,3

911,

46,7

5,31

880

,002

10,6

7,05

,891

5,86

,025

46,6

5,84

925

,155

Cu

rren

cy O

pti

ons

wer

e in

trod

ucd

ed a

t N

SE w

.e.f

Oct

ober

29,

201

0.

Tra

din

g V

alu

e :-

For

Fu

ture

s, V

alu

e of

con

trac

t =

Tra

ded

Qty

*Tra

ded

Pri

ce.

For

Op

tion

s, V

alu

e of

con

trac

t =

Tra

ded

Qty

*(St

rike

Pri

ce+

Tra

ded

Pre

miu

m)

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

N/

A :

Not

Ap

plic

able

Sou

rce:

NSE

.

233


able

34:

Tra

din

g St

atis

tics

of

Cu

rren

cy D

eriv

ativ

es S

egm

ent

at M

CX

-SX

Mon

th/

Y

ear

No.

of

Tra

din

g D

ays

Cu

rren

cy F

utu

res

Cu

rren

cy O

pti

ons

Tot

alO

pen

In

tere

st a

t th

e en

d o

f C

all

Pu

t

No.

of

Con

trac

ts

Tu

rnov

er

(` c

rore

)N

o. o

f C

ontr

acts

T

urn

over

(`

cro

re)

No.

of

Con

trac

ts

Tu

rnov

er

(` c

rore

)N

o. o

f C

ontr

acts

T

urn

over

(`

cro

re)

No.

of

Con

trac

ts

Val

ue

(` c

rore

)

1 2

3 4

5 6

7 8

9 10

11

12

2009

-10

240

40,8

1,66

,278

19,4

4,65

4

NA

40,8

1,66

,278

19,4

4,65

44,

23,3

141,

951

2010

-11

249

90,3

1,85

,639

41,9

4,01

790

,31,

85,6

3941

,94,

017

7,94

,788

3,70

6

2011

-12

240

77,0

3,25

,229

37,3

2,44

677

,03,

25,2

2937

,32,

446

8,44

,086

4,49

4

2012

-13$

205

46,7

2,51

,103

25,8

6,00

61,

36,1

0,07

174

,635

66,9

6,29

336

,531

48,7

5,57

,467

26,9

7,17

213

,98,

070

7,64

7

Apr

-12

183,

74,4

1,64

719

7,70

80

00

037

,441

,647

197,

708

1,63

9,56

28,

872

May

-12

226,

10,7

7,89

033

7,67

70

00

061

,077

,890

337,

677

1,34

7,89

97,

777

Jun-

1221

4,77

,19,

536

2,71

,484

00

00

4,77

,19,

536

2,71

,484

13,6

3,87

87,

788

Jul-1

222

5,30

,17,

417

2,97

,670

00

00

5,30

,17,

417

2,97

,670

11,8

4,45

46,

754

Aug

-12

213,

63,4

0,23

02,

04,5

4983

7,82

54,

694

120,

214

673

3,72

,98,

269

2,09

,916

12,9

3,94

27,

373

Sep-

1219

4,28

,78,

115

2,36

,179

2,07

8,02

111

,461

906,

081

4,98

74,

58,6

2,21

72,

52,6

2711

,31,

764

6,12

1

Oct

-12

205,

05,4

5,98

22,

71,9

033,

027,

462

16,2

2668

4,73

33,

643

5,42

,58,

177

2,91

,772

12,8

3,14

57,

091

Nov

-12

204,

38,3

9,88

42,

44,6

6624

,11,

179

13,3

578,

68,0

324,

767

4,71

,19,

095

2,62

,790

14,2

9,25

17,

989

Dec

-12

204,

02,1

9,72

32,

24,4

9119

,81,

529

10,9

6112

,27,

501

6,72

44,

34,2

8,75

32,

42,1

7613

,86,

110

7,86

1

Jan-

1322

5,41

,70,

679

2,99

,678

32,7

4,05

517

,936

28,8

9,73

215

,739

6,03

,34,

466

3,33

,353

13,9

8,07

07,

647

Not

e: C

urr

ency

Fu

ture

s tr

adin

g st

atre

d a

t M

CX

-SX

on

Oct

ober

07,

200

8.

Cu

rren

cy O

pti

ons

wer

e in

trod

uce

d a

t M

CX

-SX

wef

Au

gust

10,

201

2.

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

Sou

rce:

MC

X-S

X.

234


able

35:

Tra

din

g St

atis

tics

of

Cu

rren

cy D

eriv

ativ

es S

egm

ent

at U

SE

Mon

th/

Y

ear

No.

of

Tra

din

g D

ays

Cu

rren

cy F

utu

res

Cu

rren

cy O

pti

ons

Tot

alO

pen

In

tere

st a

t th

e en

d o

f C

all

Pu

t

No.

of

Con

trac

ts

Tu

rnov

er

(` c

rore

)N

o. o

f C

ontr

acts

T

urn

over

(`

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56

78

910

1112

1314

2010

-11

2,41

190

246

642,

811

2,03

057

NA

2,08

7N

A

2011

-12

5,82

915

61,

421

884

8,29

02,

877

772,

953

403

162

142

3

2012

-13$

5,57

471

1,39

439

87,

437

2,95

238

30

3,04

639

11

041

Apr

-12

350

281

4247

620

61

00

207

50

00

5

May

-12

948

2317

275

1,21

857

510

00

584

80

00

9

Jun-

1262

09

115

4278

731

85

00

323

40

00

4

Jul-1

266

87

168

2686

840

43

00

407

50

00

5

Aug

-12

321

210

325

451

171

13

017

52

00

02

Sep-

1248

76

138

3666

728

76

116

310

30

00

3

Oct

-12

583

616

032

781

260

510

327

82

00

02

Nov

-12

593

215

449

797

280

19

329

24

00

04

Dec

-12

435

412

424

586

197

210

121

02

00

02

Jan-

1356

811

178

4880

525

45

15.

38 2

.94

259

50

10

7

NA

: Not

Ap

plic

able

.

$ in

dic

ates

as

on la

st t

rad

ing

day

of

Jan

. 201

3.

Sou

rce:

NSE

, MC

X-S

X a

nd

USE

.

239


Table 40: Trends in Foreign Institutional Investment

PeriodGross Purchase

(` crore)Gross Sales (`

crore)Net Investment

(` crore)Net Investment

(US $ mn.)

Cumulative Net Investment (US $ mn.)

1 2 3 4 5 6

2008-09 6,14,579 6,60,389 -45,811 -9,837 59,081

2009-10 8,46,438 7,03,780 1,42,658 30,251 89,333

2010-11 9,92,599 8,46,161 1,46,438 32,226 1,21,559

2011-12 9,21,285 8,27,562 93,725 18,923 1,40,482

2012-13$ 7,15,330 5,90,325 1,25,007 22,987 1,63,469

Apr-12 50,425 55,322 -4,897 -927 1,39,555

May-12 59,800 56,578 3,222 597 1,40,153

Jun-12 63,475 62,295 1,181 209 1,40,362

Jul-12 67,520 53,856 13,664 2,463 1,42,824

Aug-12 59,951 48,882 11,069 1,996 1,44,820

Sep-12 82,969 63,086 19,884 3,682 1,48,502

Oct-12 75,737 56,521 19,216 3,646 1,52,148

Nov-12 66,815 56,946 9,869 1,805 1,53,954

Dec-12 92,862 66,070 26,792 4,905 1,58,859

Jan-13 95,777 70,771 25,006 4,610 1,63,469

The data presented above is compiled on the basis of reports submitted to SEBI by custodians.


Source : SEBI

240


ab

le 4

1: D

ail

y T

ren

ds

in F

ore

ign

In

stit

uti

on

al

Inve

stm

en

t d

uri

ng

Jan

uary

2013

Date

Eq

uit

yD

ebt

To

tal

Gro

ss

Pu

rch

ase

(` c

rore

)

Gro

ss S

ale

s

(` c

rore

)

Net

Inve

stm

ent

(`

cro

re)

Net

Inve

stm

ent

(US

$ m

n.)*

Gro

ss

Pu

rch

ase

(` c

rore

)

Gro

ss S

ale

s

(` c

rore

)

Net

Inve

stm

ent

(`

cro

re)

Net

Inve

stm

ent

(US

$ m

n)*

Gro

ss

Pu

rch

ase

(` c

rore

)

Gro

ss S

ale

s

(` c

rore

)

Net

Inve

stm

ent

(`

cro

re)

Net

Inve

stm

ent

(US

$ m

n.)*

12

34

56

78

910

1112

13

1-Ja

n-13

1,59

9.3

727.

887

1.5

159.

177

4.3

409.

636

4.7

66.6

2,37

3.6

1,13

7.4

1,23

6.2

225.

72-

Jan-

131,

020.

820

3.0

817.

914

9.2

301.

234

.226

7.0

48.7

1,32

2.0

237.

21,

084.

919

7.9

3-Ja

n-13

2,64

1.2

1,24

9.5

1,39

1.7

255.

91,

087.

787

5.1

212.

639

.13,

728.

92,

124.

61,

604.

329

5.0

4-Ja

n-13

3,08

9.3

1,64

9.8

1,43

9.5

264.

51,

875.

861

1.9

1,26

4.0

232.

34,

965.

12,

261.

72,

703.

549

6.8

7-Ja

n-13

3,18

8.6

1,93

7.2

1,25

1.5

228.

215

3.8

606.

5-4

52.7

-82.

53,

342.

42,

543.

779

8.8

145.

68-

Jan-

133,

135.

02,

142.

599

2.5

180.

510

9.3

928.

9-8

19.6

-149

.13,

244.

33,

071.

417

2.9

31.5

9-Ja

n-13

3,17

5.1

2,27

6.9

898.

116

2.3

610.

955

0.3

60.6

11.0

3,78

6.0

2,82

7.2

958.

717

3.3

10-Ja

n-13

3,79

2.2

2,92

3.3

868.

915

8.1

547.

164

3.3

-96.

2-1

7.5

4,33

9.3

3,56

6.6

772.

714

0.6

11-Ja

n-13

3,81

6.9

3,53

5.2

281.

751

.666

7.2

1,72

8.3

-1,0

61.1

-194

.24,

484.

15,

263.

5-7

79.4

-142

.714

-Jan-

133,

434.

52,

659.

077

5.6

142.

245

7.9

1,62

8.4

-1,1

70.5

-214

.63,

892.

44,

287.

4-3

94.9

-72.

415

-Jan-

133,

355.

52,

342.

51,

013.

018

5.4

129.

217

0.1

-41.

0-7

.53,

484.

72,

512.

697

2.0

177.

916

-Jan-

133,

550.

82,

478.

61,

072.

319

6.6

951.

912

4.8

827.

115

1.7

4,50

2.7

2,60

3.4

1,89

9.4

348.

217

-Jan-

133,

525.

82,

420.

31,

105.

420

1.6

937.

233

4.9

602.

210

9.8

4,46

3.0

2,75

5.2

1,70

7.6

311.

518

-Jan-

133,

601.

02,

979.

762

1.4

113.

739

.455

9.7

-520

.3-9

5.2

3,64

0.4

3,53

9.4

101.

118

.521

-Jan-

134,

333.

83,

140.

61,

193.

222

1.2

1,70

8.9

475.

21,

233.

722

8.7

6,04

2.7

3,61

5.8

2,42

6.9

449.

922

-Jan-

133,

440.

92,

578.

286

2.7

160.

113

7.8

747.

5-6

09.7

-113

.23,

578.

73,

325.

725

3.0

47.0

23-Ja

n-13

3,51

2.6

2,48

5.5

1,02

7.1

191.

91,

878.

758

5.1

1,29

3.6

241.

85,

391.

33,

070.

62,

320.

743

3.7

24-Ja

n-13

3,53

0.4

2,71

5.6

814.

715

1.5

970.

159

1.6

378.

570

.44,

500.

53,

307.

21,

193.

222

1.9

28-Ja

n-13

8,32

0.5

6,62

5.6

1,69

4.9

314.

72,

213.

51,

394.

681

9.0

152.

110

,534

.08,

020.

22,

513.

946

6.8

29-Ja

n-13

3,29

5.6

2,48

5.4

810.

215

0.3

972.

916

2.0

810.

915

0.5

4,26

8.5

2,64

7.4

1,62

1.1

300.

830

-Jan-

134,

435.

43,

429.

21,

006.

218

7.4

852.

695

7.6

-105

.1-1

9.6

5,28

8.0

4,38

6.8

901.

116

7.8

31-Ja

n-13

4,06

3.6

2,81

4.4

1,24

9.2

233.

254

0.8

851.

4-3

10.6

-58.

04,

604.

43,

665.

893

8.6

175.

2T

ota

l77,8

59

55,8

00

22,0

59

4,0

59

17,9

1814

,971

2,9

47

551

95,7

77

70,7

71

25,0

06

4,6

10

Th

e d

ata

pre

sen

ted

fo

r 28 J

an

uary

2013

is

co

mp

iled

on

th

e b

asi

s o

f r

ep

ort

s su

bm

itte

d t

o S

EB

I b

y a

ll c

ust

od

ian

s o

n 2

8 J

an

uary

2013

.

Th

e r

ep

ort

co

nst

itu

tes

trad

es

co

nd

ucte

d b

y F

IIs

on

Jan

uary

24,

2013

an

d J

an

uary

25,2

013

.

Th

e d

ata

pre

sen

ted

ab

ove

is

co

mp

iled

on

th

e b

asi

s o

f r

ep

ort

s su

bm

itte

d t

o S

EB

I b

y c

ust

od

ian

s o

n J

an

. 31,

2013

an

d c

on

stit

ute

s tr

ad

es

co

nd

ucte

d b

y

FII

s o

n a

nd

up

to t

he p

revio

us

trad

ing

day(s

).

“N

ote

: T

he d

ata

pert

ain

s to

all

th

e a

cti

vit

ies

un

dert

ak

en

by F

IIs

in I

nd

ian

Secu

riti

es

Mark

et,

in

clu

din

g t

rad

es

do

ne i

n s

eco

nd

ary

mark

et,

pri

mary

mark

et

an

d a

cti

vit

ies

invo

lved

in

rig

ht/

bo

nu

s is

sues,

pri

vate

pla

cem

en

t, m

erg

er

& a

cq

uis

itio

n,

etc

.”

So

urc

e:

SE

BI

241


Table 42: Notional Value of Participatory Notes (PNs) Vs Assets Under Management of FIIs

(in ` Crores)

Month

Total value of PNs

on Equity & Debt

including PNs on

derivatives

Total value of PNs

on Equity & Debt

excluding PNs on

derivatives

Assets Under

Custody of FIIs

Total value of PNs

on Equity & Debt

including PNs on

derivatives as %

of (4)

Total value of PNs

on Equity & Debt

excluding PNs on

derivatives as %

of (4)

1 2 3 4 5 6

2011-12 1,65,832 1,15,332 11,07,399 15.0 10.4

2012-13$ 1,62,139 1,05,910 13,70,866 12 8

Apr-12 1,30,012 86,785 10,93,955 11.9 7.9

May-12 1,28,895 65,472 10,40,547 12.4 6.3

Jun-12 1,29,851 69,523 10,90,359 11.9 6.4

Jul-12 1,29,586 68,677 10,96,492 11.8 6.3

Aug-12 1,41,710 68,450 11,13,894 12.7 6.1

Sep-12 1,46,600 82,379 12,19,163 12.0 6.8

Oct-12 1,75,829 95,536 12,21,900 14.4 7.8

Nov-12 1,77,164 94,658 12,89,612 13.7 7.3

Dec-12 1,51,084 1,01,666 13,35,189 11.3 7.6

Jan-13 1,62,139 1,05,910 13,70,866 11.8 7.7


Source:SEBI.

242


ab

le 4

3:

Tre

nd

s in

Reso

urc

e M

ob

ilis

ati

on

by M

utu

al

Fu

nd

s

(` c

rore

)

Peri

od

Gro

ss M

ob

ilis

ati

on

Red

em

pti

on

Net

Infl

ow

/O

utfl

ow

Ass

ets

at

the

En

d o

f

Peri

od

Pvt.

Secto

r

UT

IP

ub

lic

Secto

r

To

tal

Pvt.

Secto

r

UT

IP

ub

lic

Secto

r

To

tal

Pvt.

Secto

r

UT

IP

ub

lic

Secto

r

To

tal

12

34

56

78

910

1112

1314

2008-0

9

42,9

2,7

51

4,2

3,1

31

7,1

0,4

72

54,2

6,3

54

43,2

6,7

68

4,2

6,7

90

7,0

1,092

54,5

4,6

50

-34,0

18-3

,658

9,3

80

-28,2

96

4,1

7,3

00

2009-1

0

76,9

8,4

83

8,8

1,851

14,3

8,6

88

1,00,1

9,0

23

76,4

3,5

55

8,6

6,1

98

14,2

6,1

89

99,3

5,9

42

54,9

28

15,6

53

12,4

99

83,0

80

6,1

3,9

79

2010

-11

69,2

2,9

24

7,8

3,8

58

11,5

2,7

33

88,5

9,5

1569,4

2,1

40

8,0

0,4

94

11,6

6,2

88

89,0

8,9

21

-19,2

15-1

6,6

36

-13,5

55

-49,4

06

5,9

2,2

50

2011

-12

56,8

3,7

44

5,2

2,4

53

6,1

3,4

82

68,1

9,6

79

56,9

9,1

89

5,2

5,6

37

6,1

6,8

77

68,4

1,702

-15,4

46

-3,1

84

-3,3

94

-22,0

24

5,8

7,2

17

2012

-13$

49,3

5,9

155,2

7,6

81

5,5

7,3

25

60,2

0,9

20

47,8

7,7

71

5,1

0,8

86

5,4

1,263

58,3

9,9

20

1,48,1

43

16,7

95

16,0

62

1,81,

000

8,2

6,1

55

Apr

-12

4,70

,797

47,5

2353

,743

5,72

,063

3,96

,154

37,0

6446

,098

4,79

,317

74,6

4310

,459

7,64

592

,746

6,80

,153

May

-12

4,86

,662

43,8

1752

,039

5,82

,518

4,64

,812

43,1

2147

,843

5,55

,777

21,8

5069

64,

195

26,7

416,

99,2

84

Jun-

124,

75,9

5159

,678

59,3

665,

94,9

954,

94,9

5458

,342

65,6

686,

18,9

64-1

9,00

21,

336

-6,3

02-2

3,96

86,

88,8

25

Jul-1

25,

35,1

0861

,099

53,5

196,

49,7

265,

07,6

0853

,860

49,8

016,

11,2

7027

,500

7,23

93,

718

38,4

577,

30,3

62

Aug

-12

5,40

,656

51,6

5851

,460

6,43

,774

5,23

,930

51,0

8948

,949

6,23

,968

16,7

2556

92,

511

19,8

067,

52,5

48

Sep-

125,

04,5

4853

,618

56,5

616,

14,7

275,

42,1

3663

,711

60,7

876,

66,6

34-3

7,58

8-1

0,09

3-4

,226

-51,

907

7,20

,113

Oct

-12

4,78

,732

56,4

4357

,696

5,92

,871

4,43

,831

49,9

8252

,339

5,46

,151

34,9

016,

462

5,35

746

,720

7,68

,158

Nov

-12

4,15

,028

40,6

2244

,294

4,99

,944

4,01

,140

40,8

5445

,375

4,87

,370

13,8

88-2

33-1

,082

12,5

747,

93,1

52

Dec

-12

4,54

,763

48,4

5356

,987

5,60

,203

4,86

,774

54,2

7160

,058

6,01

,103

-32,

012

-5,8

18-3

,070

-40,

900

7,59

,995

Jan-

135,

73,6

7064

,769

71,6

607,

10,0

995,

26,4

3358

,591

64,3

436,

49,3

6747

,237

6,17

87,

316

60,7

328,

26,1

55

$ i

nd

icate

s as

on

last

tra

din

g d

ay o

f J

an

. 2013

.

So

urc

e:

SE

BI.

243


ab

le 4

4:

Typ

e-w

ise R

eso

urc

e M

ob

ilis

ati

on

by M

utu

al

Fu

nd

s :

Op

en

-en

ded

an

d C

lose

-en

ded

(` c

rore

)

Sch

em

e

2010

-11

2011

-12

2012

-13$

Jan

-13

Net

Ass

ets

Un

der

Man

ag

em

en

t $

Sale

Pu

rch

ase

Net

Sale

Pu

rch

ase

Net

Sale

Pu

rch

ase

Net

Sale

Pu

rch

ase

Net

12

34

56

78

910

1112

1314

Ope

n-en

ded

86,6

5,72

787

,88,

945

-123

,218

66,7

0,52

666

,85,

523

-14,

997

59,8

0,83

557

,58,

001

2,22

,834

7,04

,870

6,42

,222

62,6

487,

12,9

46

Clos

e-en

ded

1,28

,874

57,2

1671

,658

1,35

,513

1,32

,072

3,44

135

,695

73,7

88-3

8,09

33,

695

7,03

9-3

,344

1,08

,797

Inte

rval

64,9

1562

,760

2,15

413

,639

24,1

07-1

0,46

84,

390

8,13

1-3

,740

1,53

410

61,

428

4,41

2

To

tal

88,5

9,5

1589,0

8,9

21

-49,4

06

68,1

9,6

79

68,4

1,702

-22,0

24

60,2

0,9

20

58,3

9,9

20

1,81,

000

7,1

0,0

99

6,4

9,3

67

60,7

32

8,2

6,1

55

$ i

nd

icate

s as

on

last

tra

din

g d

ay o

f J

an

. 2013

.

So

urc

e:

SE

BI.

244


ab

le 4

5:

Sch

em

e-w

ise R

eso

urc

e M

ob

ilis

ati

on

an

d A

ssets

un

der

Man

ag

em

en

t b

y M

utu

al

Fu

nd

s

(`cro

re)

Typ

e

2011

-12

2012

-13$

Jan

-13

Sale

Pu

rch

ase

Net

Ass

ets

at

the

en

d o

f

Peri

od

Sale

Pu

rch

ase

Net

Ass

ets

at

the

en

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od

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Pu

rch

ase

Net

15

67

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me/

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t O

rien

ted

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em

es

(

i+ii

+ii

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)67,5

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9,7

66

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3,7

4,8

57

59,7

6,3

94

57,8

1,19

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02

6,0

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7,0

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23

63,2

90

i.

Liqu

id/M

oney

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ket

59,4

6,49

859

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603

-7,1

0480

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53,0

3,53

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ebt (

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r tha

n as

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t (as

sure

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turn

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00

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v.

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astr

uctu

re D

evelo

pmen

t0

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qu

ity O

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ted

S

ch

em

es

(i+

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50,6

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98

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76

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99

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ther

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nced

Sch

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rad

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d E

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ther

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nd

s o

f F

un

ds

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vest

ing

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rseas

1,356

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102

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30

622

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51

64

110

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To

tal

(A+

B+

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D+

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9,6

79

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1760,2

0,9

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20

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000

8,2

6,1

55

7,1

0,0

99

6,4

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67

60,7

32

$ i

nd

icate

s as

on

last

tra

din

g d

ay o

f J

an

. 2013

.

So

urc

e:

SE

BI.

245


ab

le 4

6:

Nu

mb

er

of S

ch

em

es

an

d F

oli

os

by I

nve

stm

en

t O

bje

cti

ve (

Nu

mb

er)

Typ

e

2011

-12

2012

-13$

No

. o

f S

ch

em

es

No

. o

f F

oli

os

No

. o

f S

ch

em

es

No

. o

f F

oli

os

Op

en

Clo

sed

Inte

rval

To

tal

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en

Clo

sed

Inte

rval

To

tal

Op

en

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sed

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rval

To

tal

Op

en

Clo

sed

Inte

rval

To

tal

12

34

56

78

918

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21

22

23

24

25

A.

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me/

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t O

rien

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em

es

(i+

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iii+

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326

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34

872

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8,17

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00

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5

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id/M

oney

Mar

ket

550

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00

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ilt42

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00

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. D

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r tha

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turn

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951

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Gro

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em

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nced

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ther

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Fu

nd

s o

f F

un

ds

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stin

g

Ove

rseas

20

00

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00

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00

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00

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95

To

tal

(A+

B+

C+

D+

E)

745

530

34

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15,0

8,20

625,9

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431

35

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914

13,5

2,27

019

,100

4,32

,06,

284

No

te :

Data

fo

r N

o.

of S

ch

em

es

als

o i

nclu

des

seri

al

pla

ns

$ i

nd

icate

s as

on

last

tra

din

g d

ay o

f J

an

. 2013

.

So

urc

e:

SE

BI.

246


Table 47: Trends in Transactions on Stock Exchanges by Mutual Funds

(` crore)

Period Equity Debt Total

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

Gross

Purchase

Gross

Sales

Net

Purchase/

Sales

1 2 3 4 5 6 7 8 9 10

2008-09 1,44,069 1,37,085 6,985 3,27,744 2,45,942 81,803 4,71,814 3,83,026 88,787

2009-10 1,95,662 2,06,173 -10,512 6,24,314 4,43,728 1,80,588 8,19,976 6,49,901 1,70,076

2010-11 1,54,217 1,74,018 -19,802 7,62,644 5,13,493 2,49,153 9,16,861 6,87,511 2,29,352

2011-12 1,32,137 1,33,494 -1,358 11,16,760 7,81,940 3,34,820 12,48,897 9,15,434 3,33,463

2012-13$ 95,596 1,15,883 -20,287 11,69,746 8,04,493 3,65,253 12,65,341 9,20,376 3,44,966

Apr-12 9,054 9,593 -539 1,04,747 67,618 37,129 1,13,801 77,211 36,590

May-12 8,872 9,270 -398 94,500 70,941 23,559 1,03,371 80,210 23,161

Jun-12 9,268 8,972 296 1,50,701 72,235 78,465 1,59,969 81,208 78,761

Jul-12 9,008 10,997 -1,988 1,03,709 1,00,725 2,985 1,12,717 1,11,721 997

Aug-12 9,671 11,302 -1,631 1,05,248 76,385 28,863 1,14,919 87,687 27,232

Sep-12 10,427 13,626 -3,199 1,25,205 75,096 50,110 1,35,633 88,722 46,911

Oct-12 9,059 11,579 -2,520 94,503 77,505 16,998 1,03,561 89,083 14,478

Nov-12 8,249 10,646 -2,397 1,09,560 66,692 42,868 1,17,809 77,338 40,471

Dec-12 9,978 12,677 -2,699 1,35,115 91,490 43,625 1,45,093 1,04,167 40,926

Jan-13 12,010 17,223 -5,212 1,46,459 105,807 40,652 1,58,469 1,23,030 35,439


Source: SEBI

247


ab

le 4

8 :

Ass

et

Un

der

Man

ag

em

en

t b

y P

ort

foli

o M

an

ag

er

Year/

Mo

nth

2010

-11

2011

-12

Dec-1

2Ja

n-1

3

Rep

ort

ing

Po

rtfo

lio

Man

ag

ers

Part

icu

lars

Dis

cre

-

tio

nary

No

n-

Dis

cre

-

tio

nary

Ad

vis

ory

Dis

cre

-

tio

nary

No

n-

Dis

cre

-

tio

nary

Ad

vis

ory

Dis

cre

-

tio

nary

No

n-

Dis

cre

-

tio

nary

Ad

vis

ory

Dis

cre

-

tio

nary

No

n-

Dis

cre

-

tio

nary

Ad

vis

ory

12

34

56

78

910

1112

13

No

. o

f C

lien

ts69

,691

3,74

88,

770

65,6

005,

712

9,29

656

,619

7,99

611

,134

50,0

524,

653

8,72

8

AU

M (`

in c

rore

)

List

ed E

quity

17,2

412,

234

86,

016

*

1

5,17

1

3,

602

73,

914*

17,9

884,

670

81,

221*

17,2

454,

421

79,

053*

Unl

isted

Equ

ity1,

286

47

1,

725

5

1 1,

597

511,

252

56

Plain

Deb

t25

5,50

25,

207

392

,566

11,

112

439,

386

15,5

9445

0,30

815

,925

Stru

ctur

ed D

ebt

1,17

188

8

1,

692

75

6 1,

247

817

933

826

Equ

ity D

eriv

ativ

e49

-

15

2

(0

)89

090

48

Mut

ual F

und

5,38

81,

831

3,77

0

2,

857

4,12

14,

559

4,13

54,

841

Oth

ers

4,34

3 24

9

8,

699

38

1 13

,511

336

14,7

1531

7

To

tal

284,9

80

10,4

56

423,7

74

18,7

59

477,9

39

26,0

26

488,6

78

26,4

34

*V

alu

e o

f A

ssets

fo

r w

hic

h A

dvis

ory

Serv

ices

are

bein

g g

iven

.

Th

e a

bo

ve d

ata

is

base

d o

n t

he m

on

thly

rep

ort

s re

ceiv

ed

fro

m p

ort

foli

o m

an

ag

ers

.

So

urc

e:

SE

BI.

248


Table 49: Substantial Acquisition of Shares and Takeovers

Year/

Month

Open Offers

Objectives Total

Change in Control

of Management

Consolidation of

Holdings

Substantial

Acquisition No. of

issue

Amount

(` crore)No. of issue

Amount

(` crore)

No. of issue

Amount

(` crore)

No. of issue

Amount

(` crore)

1 2 3 4 5 6 7 8 9

2008-09 80 3,713 13 598 6 400 99 4,711

2009-10 56 3,649 14 1,761 6 448 76 5,858

2010-11 71 10,251 17 8,902 14 145 103 18,748

2011-12 57 18,726 8 286 6 294 71 19,305

2012-13$ 14 836 28 8,015 27 2,904 69 11,755

Apr-12 2 17 1 0 0 0 3 17

May-12 1 0 0 0 3 135 4 135

Jun-12 5 738 2 78 2 186 9 1,002

Jul-12 1 0 1 0 4 467 6 467

Aug-12 4 14 0 0 7 825 11 838

Sep-12 0 0 3 102 3 8 6 109

Oct-12 0 0 2 605 3 178 5 782

Nov-12 0 0 4 8 2 7 6 15

Dec-12 1 67 7 14 0 0 8 81

Jan-13 0 0 8 7,209 3 1,099 11 8,308


Source: SEBI.

249


ab

le 5

0:

Pro

gre

ss R

ep

ort

of N

SD

L &

CD

SL

as

on

Jan

uary

31,

2013

(L

iste

d c

om

pan

ies)

Para

mete

rU

nit

NS

DL

CD

SL

Jan

-13

Dec-1

2Ja

n-1

2Pe

rcen

t C

hang

e ov

er C

or-

resp

ond-

ing

Prev

i-ou

s yea

r

Perc

ent

Cha

nge

duri

ng

mon

th

Jan

-13

Dec-1

2Ja

n-1

2Pe

rcen

t C

hang

e ov

er C

or-

resp

ond-

ing

Prev

i-ou

s yea

r

Perc

ent

Cha

nge

duri

ng

mon

th

12

34

56

78

910

1112

Num

ber o

f co

mpa

nies

sign

ed u

p to

mak

e th

eir sh

ares

avail

able

for

dem

ater

ializ

atio

nN

umbe

r5,

468

5,46

25,

333

2.5

0.1

5,57

95,

564

5,39

73.

40.

3

Num

ber o

f D

epos

itory

Pa

rticip

ants

(reg

ister

ed)

Num

ber

282

282

283

-0.4

0.0

580

576

563

3.0

0.7

Num

ber o

f St

ock

Exc

hang

es

(con

nect

ed) *

Num

ber

88

714

.30.

08

718

0.0

0.0

Num

ber o

f In

vest

ors A

ccou

nts

Lakh

125.

912

5.4

119.

15.

70.

482

.582

.078

.64.

90.

5Q

uant

ity o

f Sh

ares

dem

ater

ializ

edcr

ore

33,9

7533

,785

31,8

526.

70.

67,

821

7,83

37,

342

6.5

-0.1

Valu

e of

Sha

res d

emat

erial

ized

`cro

re57

,88,

634

57,3

8,81

649

,53,

221

16.9

0.9

10,3

7,89

29,

88,7

779,

45,1

779.

85.

0Q

uant

ity o

f Se

curit

ies

dem

ater

ializ

ed #

cror

e34

,751

34,5

8932

,256

7.7

0.5

7,92

07,

932

7,45

76.

2-0

.2Va

lue

of S

ecur

ities

de

mat

erial

ized

#`c

rore

68,7

5,97

167

,98,

465

58,3

7,68

017

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110

,73,

967

10,2

3,99

39,

74,1

2810

.24.

9Q

uant

ity o

f sh

ares

settl

ed d

urin

g th

e m

onth

cror

e74

875

757

430

.2-1

.252

447

230

969

.411

.0Av

erag

e Q

uant

ity o

f sh

ares

se

ttled

dail

y (q

uant

ity o

f sh

ares

se

ttled

dur

ing

the

mon

th (d

ivid

ed

by 3

0))

cror

e25

2519

30.2

-1.2

1716

1069

.411

.0

Valu

e of

shar

es se

ttled

dur

ing

the

mon

th in

dem

ater

ializ

ed fo

rm`c

rore

1,33

,396

1,28

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92,6

8543

.94.

136

,859

36,7

3721

,270

73.3

0.3

Aver

age

Valu

e of

shar

es se

ttled

da

ily (v

alue

of sh

ares

settl

ed

durin

g th

e m

onth

(div

ided

by

30))

`cro

re4,

447

4,27

33,

089

43.9

4.1

1,22

91,

225

709

73.3

0.3

Train

ing

Prog

ram

mes

con

duct

ed

for r

epre

sent

ativ

es o

f Co

rpor

ates

, D

Ps a

nd B

roke

rsN

umbe

r1,

237

1,23

21,

108

11.6

0.4

1,05

570

114

960

8.1

50.5

The

ratio

of

dem

ater

ializ

ed e

quity

sh

ares

to th

e to

tal o

utst

andi

ng

shar

es (m

arke

t valu

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t81

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6

# S

ou

rce f

or

list

ed

secu

riti

es

info

rmst

ion

: Is

suer/

NS

E/

BS

E* 1

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tock

Exch

an

ges

co

nn

ecte

d t

o C

DS

L i

nclu

de 8

Cle

ari

ng

Co

rpo

rati

on

/ C

leari

ng

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use

wh

ich

are

co

nn

ecte

d t

o C

DS

L t

o h

an

dle

Cle

ari

ng

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use

fu

ncti

on

s,

wh

ile t

he r

em

ain

ing

exch

an

ges

are

co

nn

ecte

d t

o C

DS

L i

n t

heir

cap

acit

y a

s C

leari

ng

Mem

ber

DP

s. I

t m

ay b

e n

ote

d t

hat

ou

t o

f 8

Cle

ari

ng

Co

rpo

rati

on

s, B

OIS

L

an

d I

CC

L h

ave

been

co

nn

ecte

d a

s C

leari

ng

Co

rpo

rati

on

s o

f B

SE

.N

ote

s:

(1)

Sh

are

s in

clu

des

on

ly e

qu

ity s

hare

s

(2)

Secu

riti

es

inclu

de c

om

mo

n e

qu

ity s

hare

s, P

ref s

hare

s, d

eben

ture

, M

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nit

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tc.

(3

) S

ett

lem

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t d

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ils

for

mo

nth

als

o i

nclu

des

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er

for

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data

fo

r M

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h 2

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f d

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en

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r calc

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tin

g D

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y A

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inst

ead

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t d

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) Q

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f s

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gle

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an

d C

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250


ab

le 5

1: P

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ress

of D

em

ate

riali

sati

on

at

NS

DL

an

d C

DS

L (

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ted

an

d U

nli

sted

Co

mp

an

ies)

Year/

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nth

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DL

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SL

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mp

an

ies

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e

DP

s L

ive

DP

s

Lo

cati

on

s

Dem

at

Qu

an

tity

(mil

lio

n

secu

riti

es)

Dem

at

Valu

e

(` c

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Co

mp

an

ies

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e

DP

s L

ive

DP

s

Lo

cati

on

s

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at

Qu

an

tity

(mil

lio

n

secu

riti

es)

Dem

at

Valu

e

(` c

rore

)

12

34

56

78

910

11

2008-0

9

7,8

01

275

8,7

77

2,8

2,8

70

31,

06,6

24

6,2

13461

6,9

34

70,8

20

4,3

9,7

03

2009-1

08,1

24

286

11,1

70

3,5

1,13

856,1

7,8

42

6,8

01

490

8,5

90

77,9

50

8,3

8,9

28

2010

-11

8,8

42

293

12,7

67

4,7

1,304

66,0

7,9

00

8,0

30

544

10,0

52

1,05,3

1010

,81,

417

2011

-12

9,7

41

282

14,0

33

5,7

9,8

01

71,

32,3

00

9,9

28

566

10,6

44

1,33,5

70

10,2

0,5

69

2012

-13$

10,5

85

282

14,5

96

6,7

4,1

83

80,1

5,7

90

7,9

54

580

13,0

161,

48,1

05

11,3

4,9

06

Apr

-12

9,81

428

314

,040

5,83

,359

71,2

3,90

07,

629

568

10,7

401,

37,6

7010

,20,

509

May

-12

9,87

928

214

,044

5,87

,688

68,4

7,60

07,

669

569

10,7

151,

39,0

809,

74,5

63

Jun-

129,

984

282

14,0

985,

95,4

4871

,46,

800

7,71

156

910

,459

1,39

,530

10,2

3,53

5

Jul-1

210

,052

284

14,1

566,

07,7

0171

,58,

900

7,73

456

710

,446

1,37

,408

9,62

,628

Aug

-12

10,1

4428

414

,391

6,12

,412

72,0

5,95

67,

762

570

13,4

101,

38,7

059,

30,2

79

Sep-

1210

,219

283

14,3

366,

21,5

5875

,93,

946

7,80

156

813

,333

1,39

,629

10,1

0,42

2

Oct

-12

10,3

1028

314

,361

6,30

,706

75,4

0,17

07,

823

567

13,4

551,

41,7

079,

87,7

00

Nov

-12

10,3

9728

314

,406

6,35

,846

78,1

9,59

67,

876

575

12,9

961,

45,5

5810

,28,

786

Dec

-12

10,4

6528

214

,435

6,64

,571

79,5

6,04

37,

909

576

13,0

231,

47,1

8610

,84,

671

Jan-

1310

,585

282

14,5

966,

74,1

8380

,15,

790

7,95

458

013

,016

1,48

,105

11,3

4,90

6

No

te :

1.

Fo

r C

DS

L,

the c

urr

en

t an

d h

isto

rical

data

of C

om

pan

ies

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e h

as

been

revis

ed

to

exclu

de M

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ch

em

es

co

un

t.

2.

Th

e C

om

pan

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gu

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clu

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ly t

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)

12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

29

2008

-09

3,88

33,

91,9

5413

71,8

3962

192

,694

7316

,579

4356

982

045

51,

701

3,78

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418

19,4

3072

27,8

5915

44,

42,1

1775

3,27

420

32,0

085,

319

99,8

5713

,212

15,7

7,58

9

2009

-10

6,99

89,

00,8

6970

1,56

,616

919

1,45

,555

115

17,6

0439

1,01

11,

376

1,07

11,

209

5,84

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1,49

129

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7342

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189

7,80

,610

9824

,266

1947

,607

10,1

661,

31,1

9922

,762

28,6

2,96

1

2010

-11

7,47

411

,06,

550

771,

85,9

311,

048

1,46

,231

144

24,0

0238

1,00

597

991

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491

5,91

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547

48,7

2378

85,8

6321

89,

08,1

1210

034

,970

3662

,600

11,0

231,

54,2

4223

,253

33,5

1,07

6

2011

-12

7,96

311

,07,

399

771,

43,3

701,

145

2,31

,841

150

35,0

4134

790

591

2,62

41,

856

5,87

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518

48,2

0078

93,6

6141

89,

16,5

9892

49,7

7736

64,4

0910

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2,26

,776

23,8

3435

,07,

735

2012

-13$

7,99

213

,70,

866

781,

68,5

691,

206

2,50

,877

161

54,5

7433

1,09

356

08,

255

1,77

77,

19,3

1253

050

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821,

11,3

2643

410

,00,

165

8660

,400

3374

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8,64

72,

69,0

7221

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41,3

9,59

4

Apr-1

27,9

9410

,93,95

577

1,42,1

941,1

532,3

0,254

150

59,30

733

799

583

2,843

1,891

6,63,6

1452

144

,606

781,0

1,275

418

9,24,0

5190

51,26

536

67,02

49,6

152,3

0,454

22,63

936

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1

May

-127,9

4610

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778

1,31,2

381,1

652,1

7,777

152

57,31

533

788

593

2,792

1,919

6,60,8

8052

136

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781,0

7,300

418

8,91,3

4982

52,11

536

62,73

19,3

962,2

7,581

22,41

734

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5

Jun-12

7,921

10,90

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781,4

0,840

1,176

2,22,3

2015

557

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3385

959

03,4

481,9

606,5

7,511

522

39,87

378

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8242

09,2

8,344

8153

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3667

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9,152

2,33,8

8622

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35,96

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Jul-12

7,907

10,96

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781,4

0,434

1,183

2,20,6

1815

958

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3387

659

32,7

441,9

537,0

1,043

528

40,12

378

1,04,7

8942

09,2

2,485

8054

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3667

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9,176

3,02,3

7822

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36,44

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Aug-1

27,8

9411

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478

1,39,0

501,1

862,2

6,809

157

58,71

133

888

591

2,789

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6,94,8

8252

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9,427

421

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0389

55,51

636

66,33

78,4

062,3

8,401

21,40

636

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0

Sep-

127,9

4312

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378

1,52,5

901,1

912,3

5,692

158

59,60

533

1,003

597

2,954

1,875

6,78,5

3351

149

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781,1

5,280

428

9,64,5

1289

56,31

435

68,73

07,6

972,4

2,863

21,47

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4

Oct-1

28,0

4512

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078

1,51,4

111,1

912,3

6,123

158

58,90

733

980

594

3,052

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7,09,8

1851

047

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801,1

9,752

428

9,54,1

3888

57,17

435

70,63

38,5

852,4

8,907

21,75

238

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4

Nov-1

28,1

4512

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278

1,58,9

671,1

982,4

5,170

156

54,44

933

1,033

551

3,090

1,887

6,95,6

3251

548

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801,0

8,930

431

9,80,4

2677

64,32

733

72,41

88,5

052,5

3,668

21,68

939

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5

Dec-1

28,0

9213

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978

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151,2

112,5

3,175

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54,35

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1,058

562

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3,411

435

9,94,6

6984

59,15

333

71,54

48,6

032,5

6,861

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7

Jan-13

7,992

13,70

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781,6

8,569

1,206

2,50,8

7716

154

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331,0

9356

08,2

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9,312

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2643

410

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f J

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252


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12

34

56

78

910

1112

13

2008-0

9

307

5,2

3,5

89

349

1,38,4

71

298

53,2

40

526

52,3

72

396

24,2

20

1,876

7,9

1,892

2009-1

0

275

5,0

3,3

47

321

1,41,

089

249

42,1

21

691

29,5

50

1,507

45,9

42

3,0

43

7,6

2,0

50

2010

-11

244

5,1

1,583

267

1,82,5

84

249

90,4

45

579

69,2

83

1,843

42,7

04

3,1

99

9,0

7,6

85

2011

-12

256

5,3

6,2

45

380

2,3

8,3

81

267

88,5

34

710

53,4

01

2,7

93

56,2

39

4,4

06

8,6

3,5

48

2012

-13$

158

7,3

1,643

356

204,3

38

264

78,7

10554

39,5

132,3

65

50,1

93

3,6

97

11,0

4,3

96

Apr

-12

182,

04,5

0636

24,3

1924

5,53

057

2,67

331

55,

000

450

2,42

,028

May

-12

1593

,832

3020

,258

253,

135

715,

812

313

5,70

545

41,

28,7

41

Jun-

1214

39,6

1339

24,5

3633

17,2

2160

4,91

529

33,

906

439

90,1

91

Jul-1

212

11,4

1632

23,1

2232

12,8

4460

5,02

532

85,

700

464

58,1

05

Aug

-12

1671

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4723

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304,

076

542,

393

319

5,35

246

61,

07,0

61

Sep-

1217

86,1

3540

23,4

0230

14,8

6762

5,27

029

812

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447

1,42

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Oct

-12

1229

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3718

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385,

797

832,

059

326

5,89

649

662

,457

Nov

-12

2240

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2814

,108

166,

170

293,

326

3370

812

864

,704

Dec

-12

181,

18,7

4746

27,2

5617

4,29

339

4,85

269

1,91

218

91,

57,0

59

Jan-

1314

35,3

3721

5,05

519

4,77

839

3,18

971

3,57

116

451

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nd

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f J

an

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.

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dit

Rati

ng

Ag

en

cie

s.

253


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4:

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w o

f A

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ng

s o

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12

34

56

78

910

1112

1314

15

2008-0

9

36

17,0

33

251

1,60,0

21

1,430

23,2

3,4

24

52

1,23,3

03

335

44,8

53

190

2,1

05

26,6

8,7

25

2009-1

019

761,

052

324

1,31,

668

2,7

66

30,8

0,7

27

70

27,7

26

358

84,5

69

00

3,7

1533,8

5,7

41

2010

-11

743

1,57,3

95

310

28,2

03

3,6

05

41,

99,7

1410

038,6

62

518

87,3

140

05,3

41

45,1

1,289

2011

-12

696

1,01,

523

650

1,35,5

153,9

35

37,3

6,5

92

45

32,8

07

717

81,

947

00

6,0

58

40,5

2,7

74

2012

-13$

439

27,4

66

847

205,8

04

3,5

29

3,1

22,7

05

41

15,5

64

581

81,

449

00

5,4

41

4,1

46,3

58

Apr

-12

391,

966

6011

,813

265

70,2

831

570

6613

,634

00

431

8,46

,298

May

-12

684,

120

107

17,2

5239

632

2,62

35

1,35

029

5,63

00

060

53,

50,9

74

Jun-

1249

3,50

079

7,28

829

834

6,09

60

024

2,49

90

045

03,

59,3

82

Jul-1

281

2,44

411

667

,749

572

57,7

392

710

652,

911

00

836

76,8

93

Aug

-12

734,

396

128

34,0

6342

337

4,89

81

2710

032

,861

00

725

4,46

,244

Sep-

1251

2,53

313

215

,370

620

740,

951

333

997

4,31

00

090

37,

63,5

03

Oct

-12

562,

856

127

19,6

2644

932

7,23

313

7,27

397

8,80

00

074

23,

65,7

88

Nov

-12

51,

050

4214

,201

113

404,

164

366

721

4,50

00

018

44,

24,5

82

Dec

-12

124,

466

4210

,824

244

389,

271

94,

161

533,

240

00

364

4,11

,962

Jan-

135

133

147,

620

149

89,4

474

467

293,

063

00

201

1,00

,731

$ i

nd

icate

s as

on

last

tra

din

g d

ay o

f J

an

. 2013

.

So

urc

e:

Cre

dit

Rati

ng

Ag

en

cie

s.

254


Table 55: Macro Economic Indicators

I. GDP at market prices for 2011-12 (at 2004-05 prices) (`crore)* 56,27,685

II. Gross Domestic Saving as a percent of GDP at current market prices in 2010-11 32.3

III. Gross Domestic Capital Formation as a percent of GDP at current market prices in 2010-11 35.1

IV. Monetary and Banking Indicators September October November December January

2012 2012 2012 2012 2013

Cash Reserve Ratio (percent) 4.5 4.5 4.3 4.3 4.3Bank Rate (percent) 9.0 9.0 9.0 9.0 8.8Money Supply (M3) (` crore) 77,99,380 79,47,620 79,79,160 80,31,920 81,00,400Aggregate Deposit (` crore) 65,01,150 63,97,330 64,42,840 64,77,250 64,77,250Bank Credit (` crore) 48,85,250 48,59,750 49,59,060 50,27,220 50,51,220V. Interest Rate

Call Money Rate (Weighted Average) 8.0 8.1 8.0 8.1 8.191-Day-Treasury Bill (maximum) 8.1 8.1 8.1 8.2 8.2Base rate (Maximum) (percent) 10.5 10.5 10.5 10.5 10.5Deposit Rate(one year maturity) (Maximum) 9.3 9.0 9.0 9.0 9.0VI. Capital Market Indicators (`crore)

Turnover (BSE+NSE) 2,85,690 2,90,825 2,68,716 2,90,702 3,52,077Market Cap-BSE 65,59,050 64,71,051 67,38,713 69,21,815 70,24,577Market Cap-NSE 64,31,655 63,37,676 66,03,005 67,63,781 68,58,653Net FII Investment in Equity 19,262 11,364 9,577 25,088 22,059VII. Exchange Rate and Reserves

Forex Reserves (USD million) 2,94,812 2,94,341 2,94,510 2,96,578 2,95,155Re/ Dollar 52.7 53.8 54.5 54.9 53.3Re/Euro 68.1 69.5 70.9 72.6 72.66- months Inter Bank Forward Premia of US Dollar (percent per annum) 6.5 6.0 6.2 6.4 7.1

VIII. Public Borrowing and Infl ation

Govt. Market Borrowing - Gross (` crore) 3,55,000 4,09,000 4,61,000 4,98,000 5,22,000Wholesale Price Index (Base 2004-05) 168.8 168.5 168.8 168.6 169.2IX. Index of Industrial Production (y-o-y) percent (Base year 2004-05 = 100)

General 163.6 171.3 167.3 179.3 NAMining 114.8 122.5 121.7 131.3 NAManufacturing 174.7 181.9 178.3 191.3 NAElectricity 149.7 160.5 149.1 157.6 NAX. External Sector Indicators (USD million)

Exports 23,698 23,247 22,300 24,878 25,587Imports 41,779 44,208 41,587 42,550 45,583Trade Balance -18,080 -20,961 -19,287 -17,672 -19,996

* Advance Estimate.

NA indicates Not Avaliable.

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

255


PUBLICATIONS

1. Annual Report : 2011-122. Handbook of Statistics on Indian Securities Market, 2011

Interested persons may contact the Department of Economic and Policy Analysis of SEBI to obtain a copy of Annual Report/Handbook of Statistics at the following address:

Department of Economic and Policy AnalysisSecurities and Exchange Board of IndiaPlot No. C4-A, ‘G’ Block,Bandra Kurla Complex,Bandra (E), Mumbai-400051

Tel no. +91-2226449000Fax no. +91-222669021