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sebiTRANSCRIPT
January 2009 VOL. 7 NUMBER 01
EDITORIALCOMMITTEE
http://www.sebi.gov.in.
�Mr. Radhakrishnan Nair
�Prof. G. Sethu
�Mr. J. Ranganayakulu
�Mr. Nagender Parakh
�Dr. Anil Kumar Sharma
The Securities and Exchange Board of India Bulletin is issued by the
Research Department, Securities and Exchange Board of India under
the direction of an Editorial Committee. SEBI is not responsible for
accuracy of data / information /interpretations and opinions expressed
in the case of signed articles/speeches as authors are responsible for
their personal views. SEBI has no objection to the material published
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comments and suggestions on any of the features/ sections may be sent
to
ContentsPage
POINT OF VIEW
Credit Rating Agencies
CAPITAL MARKET REVIEW
HIGHLIGHTS OF INTERNATIONAL STOCK MARKETS DURING 2008
PRESS RELEASES
General
1. SEBI Board Meeting
2. SEBI signs MoU with FFMS, Russia
3. SEBI amends DIP Guidelines to provide for combined offering of Non-Convertible Debentures(NCDs) with warrants, through Qualified Institutions Placement (QIP) mechanism
4. Re-allocation of debt investment limit
5. NISM to organize training programmes for professionals to audit books / records of stock brokers
6. Clarification on news reports relating to Pyramid SaimiraTheatre Ltd.
Orders
1. Orders in the matter of Bombay Dyeing & Manufacturing Co. Ltd.
2. Order against M/s. ICAP India Pvt. Ltd., Member, NSE
3. Order against Mr. Swaminathan Mahalingam in the matter of M/s. Mega Millennium Securities Pvt. Ltd. and M/s. Mega Millennium Investment Pvt. Ltd.
4. Orders in case of IPO irregularities – Amadhi Investments Ltd., Rajesh Kumar Patel and WelvetFinancial Advisors Pvt. Ltd.
5. Order against MCS Ltd.
6. Order against Mehta Equities Ltd.
7. Orders against Mr. Puroshattam Lal Kejdiwal and Mr. Dinesh Kumar Lodha, Members, CalcuttaStock Exchange in the matter of M/s. Adinath Bio-Labs Ltd.
8. Order against Shri Vidhyut B. Shah, Member, Ahmedabad Stock Exchange Ltd. in the matter of Manna GlassTech Industries Ltd.
9. Order against Mr. Sanju Kabra, Member, Calcutta Stock Exchange in the matter of M/s. AdinathBio-Labs Ltd.
10. Order against M/s. Prakash Nahata & Co. Member, Calcutta Stock Exchange in the matter ofM/s. Ashika Credit Capital Ltd.
11. Order in the matter of M/s. Mayekar Investment Private Ltd., Sub-broker, in the scrip of AvinashInformationTechnologies Ltd.
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12. Order against Equisearch Broking Private Ltd., Member, BSE, in the matter of Shree Yaax Pharmaand Cosmetics Ltd.
13. Order against M/s. Mackertich Consultancy Services Private Ltd., M/s. Vatican Commercials Ltd.and M/s. Pinnacle Trades & Investments Pvt. Ltd. in the matter of South East Asia MarineEngineering and Constructions Ltd.
14. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D.Shah in the matter of Sawaca Communications Ltd.
15. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D.Shah in the matter of Sawaca Business Machines Ltd. (Formerly Sawaca Finance Ltd.)
16. Order against M/s. C. Mackertich Ltd., Member, NSE, BSE, CSE & OTCEI, in the matter ofSouth East Asia Marine Engineering and Constructions Ltd.
17. Order against M/s.R.K. Global Shares & Securities Ltd., Member, NSE, in the matter ofSoundcraft Industries Ltd.
18. Order against Shri Rajkumar C. Basantani, Panna Agrofine Pvt. Ltd.,Jaitra Estate Developers Pvt.Ltd. and Born Free Finance Pvt. Ltd. in the matter of Soundcraft Industries Ltd.
19. Order against AMS Finance & Securities Ltd. in the matter of Soundcraft Industries Ltd.
20. Order against Bharat H Jain, M/s. Jain Investment (Prop. Ramila Jain) and Asmita R Shah in thematter of Soundcraft Industries Ltd.
21. Order against M/s. Admiral Securities, Sub-broker, Affiliated with VSE Securities Ltd. andMember, Vadodara Stock Exchange in the matter of M/s. Design Auto Systems Ltd.
22. Order against M/s. Bipin B Diwani, Sub-broker, Affiliated to M/s. Vyomit Shares, Stock andInvestments Pvt. Ltd., in the matter of Sawaca Communications Ltd.
23. Order against M/s. Mekaster Securities Pvt. Ltd., Member, NSE, in the matter of SoundcraftIndustries Ltd.
24. Order against M/s. Kolar Sharex Pvt. Ltd., Member, BSE, in the matter of Soundcraft IndustriesLtd.
25. Order against Shri Rajkumar Chainrai Basantani, Member, NSE, in the matter of SoundcraftIndustries Ltd.
26. Order against M/s. Sparkling Securities, Sub-broker, Affiliated to M/s. Churiwala Securities Pvt.Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.
27. Order against M/s. Gini Enterprises, Sub-broker, Affiliated to Park Light Investment Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.
28. Order against M/s. M.R.Share Broking Pvt. Ltd., Member, BSE, in the matter of SoundcraftIndustries Ltd.
29. Order against M/s. VRM Share Broking Pvt. Ltd., Member, NSE, in the matter of SoundcraftIndustries Ltd.
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30. Order against M/s. Apex Enterprises (India) Ltd. in the matter of Sri Adhikari Brothers TelevisionNetwork Ltd.
31. Order against Somani Cement Company Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K. Singh inthe matter of Somani Cement Company Ltd.
32. Order against Mr. Debapriya Ghosh in the matter of M/s. Adinath Bio-Labs Ltd.
33. Order against Mr. Pramod Kumar Kothari, Member, Calcutta Stock Exchange in the matter ofM/s. Adinath Bio-Labs Ltd.
34. Order in the matter of Nissan Copper Ltd.
Consent Orders
1. Consent order on the application submitted by R.S.S. Investments Pvt. Ltd. in the matter of OrderBook Manipulation
2. Consent Order on the applications submitted by Taurus Mutual Fund in the matter of DCMShriram Consolidated Ltd.
3. Consent Order against Shri Sharad Chhotabhai Patel in the matter of M/s. Shree Rama Multi-Tech Ltd.
4. Consent Order against CD Equisearch (Pvt.) Ltd. in the matter of M/s. Design Auto SystemsLtd.
5. Consent Order against of Shri Samir R Shah in the matter of M/s. Hindustan Bio Sciences Ltd.
6. Consent Order against Infinity.Com Stock Broking Private Ltd. in the matter ofM/s. GreenfieldTrading & Finance Ltd.
7. Consent Order in matter of IPO irregularities – Shri Saumil A. Bhavnagari
8. Consent Order against M/s. SPT Securities Ltd., Member of NSE and Depositary Participantof NSDL
9. Consent Order against M/s. Sovereign Securities Private Ltd., Member, BSE
10. Consent Order against Shri R. D. Lahoti, sub-broker affiliated to HSE Securities Ltd., Member,NSE
11. Consent Order against P. Suryakant Share & Stock Brokers Pvt. Ltd. in the matter of M/s. Design Auto Systems Ltd.
12. Consent Order against M/s. Uttam Investments in the matter of M/s. Prabhu Steel IndustriesLtd.
13. Consent Order in the matter of M/s. Winsome International Ltd.
14. Consent Order in the matter of M/s. Hardcastle & Waud Manufacturing Co. Ltd.
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15. Consent Order on the application submitted by Bharti Infotel Private Ltd. and BhartiEnterprises in the matter of Bharti Healthcare Ltd. (Now known as Capsugel HealthcareLtd.)
16. Consent Order against Shri Santosh Gayakwad in the matter of Genus Commutrade Ltd.
17. Consent Order against SAM Global Securities Ltd. and Globe Capital Market Ltd. in thematter ofTrading on May 17, 2004
18. Consent Orders in the matter of dealing in futures and options contracts on the NSE
CIRCULARS
1. Cross Margining across Exchange traded Equity (Cash) and Exchange traded EquityDerivatives (Derivatives) segments
2. Maintenance of Security Deposit of 1% of the amount of securities offered topublic/shareholders by issuer companies with the designated stock exchanges
3. Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000
4. Listing and trading of warrants issued as part of a Qualified Institutions Placement (QIP) beinga combined issuance of Non-convertible Debentures with Warrants
5. Review of Provisions relating to Close Ended Schemes
6. Anti Money Laundering (AML) Standards/Combating Financing of Terrorism(CFT)/Obligations of Securities Market Intermediaries under Prevention of MoneyLaundering Act, 2002 and Rules framed there-under- Master Circular on AML/CFT
7. Guidelines in respect of exit option to Regional Stock Exchanges
HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS
CAPITAL MARKET REVIEW
ANNEXURES & STATISTICAL TABLES
PUBLICATIONS
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January SEBI BULLETIN 2009
001
POINT OF VIEW
1Credit Rating Agencies
Investors' need to assess the available securities for experts with the requisite knowledge, skills and
investment on one hand and the expertise to accessibility to data which is not available publicly.
analyze on the other lead to the existence of the Thus, the investors' need to assess the available
Credit RatingAgencies (CRAs). It is a mechanism securities for investment and the expertise to
whereby assessment of a corporate issuer on the analyze led to the genesis of the credit rating
likelihood of a default in the debt payment is made agencies (CRAs).
by an independent third party based on different The role of CRAs became important from investorsources of information. Realizing the increasing as well as issuer point of view by influencingimportance of the CRAs and the ratings accorded investment decisions and also acting asby them, it became critical to comprehend whether gatekeepers to the financial markets. It is athese agencies are doing the necessary due mechanism whereby assessment is made by andiligence as per the required standards. This article independent third party on the likelihood of aattempts to glance on the role of the CRAs in default in the debt re-payment by a corporate issuerpresent financial market scenario, consider their based on different sources of information.role in the earlier crises and the recent sub-prime
Thus, CRAs are agencies performing thecrisis, looking into the attempts made by SEC to
specialized function of assessing an issuer'simprove regulations governing CRAs, defining the
capability of making timely payment towardsrole of CRAs in the Indian securities market
financial obligation i.e. the credit rating. Becausefollowed by an analysis of the role performed,
of the capability of the rating agencies to evaluate aconclusion and suggestions.
broad range of securities, world-wide regulators
also started incorporating/ using credit ratings as a
I. Introduction criterion for assessing the quality of issues for
investors. This helps in cost cutting for investorsFor a market to be efficient, accurate and timelyand issuers. For example, regulatory agencies ininformation should be available to all the investors.the United States have made increased use ofAs all the investors are not equipped with the skillsratings in supervisory settings. Professorof analyzing the creditworthiness of an issuer and
2Schwartz referred to U.S. Securities andmost do not have access to all the requiredExchange Commission (SEC) Rule 3a-7 under theinformation for making such an analysis, it makeInvestment Company Act of 1940, citing ansense for them to rely on the analysis done by
1A Point of View is prepared by the officers of Research Department of SEBI, views are personal and not necessarily of SEBI.
ABSTRACT
217 C.F.R. § 270.3a-7 (2000), discussed in Steven L. Schwarcz, supra note 1 as referred in The Role of Credit Rating Agencies in the
Establishment of Capital Standards for Financial Institutions in a Global Economy by Professor Howell E. Jackson, Harvard Law School
January SEBI BULLETIN 2009
002
example of this sort of regulatory incorporation. In II. Recent Scenario
the United States, when a corporation invests in a Due to globalization the entire world is gettingpool of securities, the corporation is presumptively increasingly financially integrated. This enhancessubject to regulation under the Investment the responsibility on the part of regulators asCompany Act of 1940, a law to protect investors increased integration means that financial crisisfrom various sorts of investment fraud. In the can spread more easily from one country to1980's, this jurisdictional structure created another. The role of CRAs becomes moreproblems for the emerging market for securitized important in this scenario. Originated in USA, nowassets. Eventually, the SEC created an exemption ratings provided by CRAs are used all over thefrom the 1940 Act for pools of securitized assets world for nearly all types of financial instruments.provided the instrument received an adequate These ratings are used as a benchmark for assessingrating from an accredited rating agency. The logic credit risk. Published ratings are not only observedof this exemption was that, if the pool received a by the investors but, as stated earlier, are used bygood enough credit rating, then the provisions regulators also for regulation of financial markets.dealing with investor protection under the 1940Act
Banks or certain types of other investors arewould be superfluous. In this context, an adequate
allowed to hold only lower risk securities ratedcredit rating became the path to exemption from 'investment grade'. By referring to the marketintricate regulation. benchmark for credit risk, regulation remains inBut is this regulatory dependence on rating touch with the changing credit risks in the market.agencies fair to the investors? Starting from the This increasing importance of credit ratings for theEast Asian crisis to recent sub-prime crisis, rating investors as well as for the regulators, raises some agencies have been blamed for their failures to important questions - whether the rating agenciespredict the vulnerability of the issuers as well as are able to adapt themselves with the rapidlycountries and revising their ratings in a time-bound changing financial markets and increasingly largemanner leading to various crises and loss of number of complex financial instruments?investors' money. Whether rating-based risk management results in
Thus, realizing the increasing importance of the greater adaptability with complex financial
CRAs and the vulnerability of the ratings given by markets or whether it is limited to the trial and error
them, it became important to know whether these learning of markets?
agencies are performing as per the required There are instances where CRAs have either notstandards. This article attempts to analyse the role rated companies accurately or have not changed theof CRAs in the present financial market scenario, ratings assigned earlier in a time bound manner.consider their role in the recent sub-prime crisis The ratings were revised only when the crisis hadand the earlier crises, list the attempts made by SEC already been triggered resulting in a furtherto improve regulations governing CRAs, define the increase in the intensity of the crisis. The Asianrole of CRAs in the Indian securities market, crisis is also one of the examples of failure on theanalyse the role performed and conclude with part of rating agencies. The crisis focused on thesuggestions on the way ahead. pivotal role of the international credit rating
January SEBI BULLETIN 2009
003
Table II: Ratings of Lehman Brothersagencies in the movement of capital in and out of
emerging markets. The major rating agencies were
accused even at that time for not issuing warning
signals ahead of the crisis rather these agencies
started downgrading the country rating after the
crisis started thus, making the condition worse. The
sudden downgrade of ratings encouraged an abrupt
outflow of foreign capital and fed the downward
spiral. These CRAs failed to realize that the crisis
was related more with conditions in financial
markets such as lack of liquidity in East Asia than
the region's underlying economic conditions such
as national trade and current account balances. The
East Asian crisis revealed the power of rating Table III: Ratings of Merrill Lynch & Co Inc
agencies to attract or divert the foreign investment
from a developing country.
In the recent sub-prime crisis, CRAs became the
target for criticism for the reason that higher credit
ratings were issued for many collateralized debt
obligations (CDOs) than was deserved. The three
big CRAs of USA viz. Moody's, S&P, and Fitch
were also criticized for reacting very slowly to the
crisis. Companies that were rated investment grade
by Moody's and Standard & Poor's becameDates on which these firms filed for bankruptcy or
bankrupt The following tables show the ratingswere sold are provided in the following table:
given by Moody's Fitch and S&P to AIG, Lehman
Brothers and Merill Lynch.Table IV : Date of Filing for bankruptcy/ sold out
Table I: Ratings ofAIG Inc
As can be seen from the above tables, there was not
much revision in the ratings given by the three
CRAs in the above mentioned firms till the time
they were sold out or even filed for bankruptcy.
Earlier also there were cases like Enron where the
credit rating agencies were questioned for the
.
Issuer Rating
- Moody's
LT Issuer Default
Rating -FITCH
LT Foreign Issuer
Credit -S&P
Rating Effective
From
Rating Effective
From
Rating Effective
From
A2 15-Sep-08 A 15-Sep-08 A- 15-Sep-08
Aa3 22-May-08 AA- 22-Aug-08 AA- 12-Sep-08
Aa2 09-May-08 AA- 22-May-08 AA- 21-May-08
Aa2 31-May-05 AA- 08-May-08 AA- 08-May-08
Aa2 02-May-05 AA 11-Feb-08 AA 21-Dec-06
Aa1 31-Mar-05 AA 02-May-05
Aaa 20-Apr-95 AA+ 15-Mar-05
AAA 28-Feb-97
Source: Bloomberg
Issuer Rating -
Moody's
LT Issuer Default
Rating -FITCH
LT Foreign Issuer
Credit -S&P
Rating Effective
From
Rating Effective
From
Rating Effective
From
B3 15-Sep-08 D 15-Sep-08 D 16-Sep-08
A2 10-Sep-08 A+ 09-Sep-08 SD 15-Sep-08
A2 17-Jul-08 A+ 09-Jun-08 A 12-Sep-08
A1 13-Jun-08 AA- 28-Jun-07 A 09-Sep-08
A1 22-Oct-03 A+ 20-Jun-01 A 02-Jun-08
A2 24-Jun-03 A 19-Nov-97 A+ 11-Oct-05
A2 03-Nov-00 A- 01-Jul-91
A3 14-Sep-00
A3 05-Aug-99
Baa1 07-Jul-99
Baa1 29-Jun-95
Source: Bloomberg
Company Sold out/Filed for
Bankruptcy
AIG Inc 16 Sept. 2008 by Federal Reserve
Lehman brothers holdings Ltd. 16 Sept. 2008
Merill Lynch & Co Inc 15 Sept 2008 by Bank of America
Issuer Rating -
Moody's
LT Issuer Default
Rating -FITCH
LT Foreign Issuer
Credit -S&P
Rating Effective
From
Rating Effective
From
Rating Effective
From
A2 15-Sep-08 A+ 15-Sep-08 A 15-Sep-08
A2 17-Jul-08 A+ 09-Jul-08 A 02-Jun-08
A1 17-Apr-08 A+ 24-Oct-07 A+ 24-Oct-07
A1 24-Oct-07 AA- 17-May-02 AA- 27-Oct-06
Aa3 08-Oct-96 AA 26-Nov-97 A+ 17-Oct-02
A1 29-Jun-95 AA- 15-Aug-02
AA- 18-Dec-96
A+ 22-Mar-96
Source: Bloomberg
January SEBI BULLETIN 2009
004
credibility of their ratings. impartiality of their ratings. In August 2007, SEC
commenced an extensive examination of threeThough CRAs may adopt different methodologies,major credit rating agencies viz. Fitch Ratings Ltd.,similar procedures are generally followed forMoody's Investor Services Inc., and Standard &rating. When an issuer approaches a CRA forPoor's Ratings Services (recognized CRAs areratings, the first task for the analyst is to analyze theknown as the Nationally Recognized Statisticalsecurity on the basis of various parameters. TheseRating Organizations in USA). The main aim of theparameters include industry characteristics as wellexamination was to review the role of CRAs in theas the competitive position of the company. Inrecent crisis in sub-prime mortgage-relatedaddition, financial aspects of the company viz.securities markets and the focus was the ratingfinancial policy, profitability, capital structure etc.agencies' activities in rating sub-prime RMBS andare also analysed. The analyst developsCDOs linked to sub-prime residential mortgage-predictions, based on quantitative models and otherbacked securities.qualitative factors. He checks the proposed
3structure of the security against requirements for a Specifically, key areas of review included :
particular rating. Here arises the main dilemma. • the Nationally Recognized Statistical RatingIdeally, a rating should be given to a security as per
Organizations' (NRSROs) ratings policies,its structure. But generally it does not happen.
procedures and practices, including gaining anUsually, if the analyst concludes that the capital
u n d e r s t a n d i n g o f r a t i n g s m o d e l s ,structure of the security does not support the
methodologies, assumptions, criteria anddesired ratings, this is conveyed to the issuer. Now
protocols;the issuer could accept the given rating and issue
• the adequacy of the disclosure of the ratingsthe securities with the proposed capital structure orprocess and methodologies used by theadjust the structure to get the desired highest rating.NRSROs;Generally companies alter the structure of the
securities to get the desired rating. This is what has • whether the NRSROs complied with theirexactly happened in case of ratings given to ratings policies and procedures for initialcollateralized debt obligations (CDOs) and ratings and ongoing surveillance;residential mortgage backed securities (RMBS).
• the efficacy of the NRSROs' conflict of interestRatings should be given as per the structure of the
procedures; andsecurity but what has happened is exactly opposite.
• whether ratings were unduly influenced bySecurities were structured so as to get the desired
conflicts of interest related to the NRSROs'ratings.
role in bringing issues to market and theAfter the recent sub-prime crisis, the Europeancompensation they receive from issuers andUnion had announced probes into the role of theunderwriters.CRAs. SEC of USA became particularly interested
Different CRAs follow different policies andin the rating agencies' policies and practices in
procedures and different issues were identifiedrating mortgage-backed securities and the
3 Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies, by the Staff of the Office of Compliance Inspections and Examinations Division of Trading and Markets and Office of Economic Analysis United States Securities and Exchange Commission, July 2008
January SEBI BULLETIN 2009
005
among the firms, the SEC Staff's examinations meant to supplement previous rules implemented4among other things revealed that significant by the Commission in June 2007. The proposed
aspects of ratings were not always disclosed and measures required enhanced disclosures by
the rating agencies did not always document NRSROs such as transition statistics including
significant steps and significant participants in the upgrades or downgrades as well as default statistics
ratings process; for each asset class for which it is registered or is
seeking registration.Also NRSROs are required toIn addition, the surveillance processes used by theprovide enhanced disclosure in three areas: (1)rating agencies appeared to have been less robustwhether and, if so, how much verificationthan the processes used for initial ratings and issuesperformed on assets underlying or referenced bywere identified in the management of conflicts ofthe structured finance transaction is relied on ininterest and improvements can be made.determining credit ratings; (2) whether and, if so,
SEC's examined the three rating agencies andhow assessments of the quality of originators of
reviewed the processes used by these firms withstructured finance transactions play a part in the
respect to rating RMBS and CDOs that held sub-determination of the credit ratings; and (3) more
prime RMBS securities to gain insight into thedetailed information on the surveillance process,
conflicts of interest in the ratings process forincluding whether different models or criteria are
RMBS and CDOs, and to understand the ratingsused for ratings surveillance than for determining
methodologies employed by them.initial ratings.
The details regarding the change in the ratingsIII.Approved Measures by SEC: as well as disclosures about the rating may help
On December 03, 2008, the Securities and the investors to decide about the credibility of
Exchange Commission approved a series of ratings and thus take well-informed investment
measures regarding credit rating agencies (CRAs). decisions.
These measures aimed at increasing the It is proposed by Commission staff that NRSROtransparency and accountability of credit rating should make publicly available a random sample ofagencies and ensuring that the firms provide more 10 per cent of their issuer-paid credit ratings andmeaningful ratings and additional disclosure to the their histories documented for each class of issuer-investors. paid credit rating for which the NRSRO is
This is the second set of reforms for the credit registered and has issued 500 or more ratings. This
rating agencies as the initial rules were information is to be made public on the NRSRO's
implemented in June 2007 by SEC under the Credit corporate Internet Web site in XBRL format within
Rating Agency Reform Act. Public comments are six months after the rating is made. In addition,
invited on the new proposed amendments to be three new record keeping requirements are
received by the Commission within 45 days after proposed.
their publication in the Federal Register. An analysis of the data of the issuer paid ratings
The rules considered on December 03, 2008 were over a period of time may help in analyzing
4Ibid
January SEBI BULLETIN 2009
006
whether there is a conflict of interest in monitor the rating, is made available to other
determining the rating i.e. whether the ratings NRSROs. Specifically, the re-proposed
are fair or are influenced as the rating agencies amendments would require NRSROs that are hired
are getting paid from the issuer. by arrangers to perform credit ratings for structured
finance products to disclose to other NRSROs (andAnother proposed measure would require anonly other NRSROs) the deals for which they wereNRSRO to provide the Commission with an annualin the process of determining such credit ratings.report of the number of credit rating actions thatThe arrangers would need to provide the NRSROsoccurred during the fiscal year for each class ofthey hire with a representation that they willsecurity for which the NRSRO is registered.Also itprovide information given to the hired NRSRO tois proposed to add three new prohibited conflictsother NRSROs. The Commission is proposing toprohibiting an NRSRO from issuing a credit ratingamend Rule 100 of Regulation FD (Fairwith respect to an obligor or security where theDisclosure) to permit the disclosure of materialNRSRO or an affiliate of the NRSRO madenon-public information to NRSROs regardless ofrecommendations to the obligor or the issuer,whether they make their ratings publicly available.underwriter, or sponsor of the security about the
corporate or legal structure, assets, liabilities, or Making the same data available to all the rating
activities of the obligor or issuer of the security, agencies may help in arriving at a fair rating. In
prohibiting a person within an NRSRO who has case the hired rating agencies may not be able to
responsibility for participating in determining provide a fair rating or revise rating at a proper
credit ratings or for developing or approving time, due to whatever reason, other CRAs will
procedures or methodologies used for determining be able to provide a fair rating with the data
credit ratings from participating in any fee available. And because of this reason, there will
discussions, negotiations, or arrangements and be a pressure on the rating agency to provide an
prohibiting an NRSRO from allowing a credit accurate rating for the sake of its reputation and
analyst who participated in determining or credibility.
monitoring the credit rating to receive gifts,
including entertainment, from the obligor beingIV. Indian scenario
rated or from the issuer, underwriter, or sponsor ofIn India, Securities and Exchange Board of Indiathe securities being rated, other than items(SEBI) has registered only five CRAs, namelyprovided in the context of normal businessCredit Rating Information Services of Indiaactivities.Limited (Crisil), ICRA Ltd., Credit Analysis and
The above proposed measures may help inResearch Ltd. (CARE), Fitch and Brickwork
resolving various issues involving conflict ofRatings India Pvt Ltd. There are two more CRAs in
interest.India, ONICRA and SME Rating Agency of India
An NRSRO is prohibited from issuing a rating for a Ltd. (SMERA) but these do not seem to havestructured finance product paid for by the product's official recognition. As discussed earlier,issuer, sponsor, or underwriter unless the regulators had started relying on the ratingsinformation about the product provided to the assigned by the CRAs for maintaining marketNRSRO to determine the rating and, thereafter, efficiency and investor protection. SEBI is no
January SEBI BULLETIN 2009
007
exception. CRAs rate a number of products coming or 12 shall be payable by, inter alia, issue,
under the purview of other regulators viz. Reserve exchange and, or transfer of secured instruments of
Bank of India (RBI), Pension Fund Regulatory and acquirer company with a minimum 'A' grade rating
Development Authority (PFRDA) and Insurance from a CRAregistered with the SEBI.
Regulatory and Development Authority (IRDA).
For the purpose of rating securities, SEBI hasc. Collective Investment Schemes (CIS)
defined CRAs under SEBI (Credit RatingNo CIS can be launched before obtaining ratingAgencies) Regulations, 1999 and prescribed a codefrom a registered credit rating agency. Ratingof conduct for CRAs. Similarly, IRDA, PFRDAreceived along with the tenure is to be disclosed inand RBI also have certain regulatory requirementsthe offer document. It is the responsibility of thelinked to rating of the investible products.trustee of the CIS to get the scheme rated by a credit
Following are the various rules/regulations/rating agency.
guidelines where the credit rating has been made
mandatory by the SEBI:
d. Comprehensive Risk Management
Framework for Derivatives and Cash Marketa. Mutual Funds
As a risk containment measure in derivatives, inMutual funds can only invest in the debt securities
1999, it was made mandatory to have at least 50 perand mortgage backed securities having at least
cent of the total liquid assets in the form of cashinvestment grade by a CRA. Mutual funds are
equivalents viz., cash, bank guarantee, fixedallowed to invest in foreign debt securities in the
deposits, T-bills and dated Government securities.countries with fully convertible currencies, debt
For this purpose, the clearing corporation/house setinstruments with highest rating (foreign currency)
an exposure limit for each bank to have liquidby accredited/registered CRAs. They may also
assets as bank guarantee taking into account allinvest in Government securities where the
relevant factors. It includes that not more than fivecountries areAAArated.
per cent of the Trade Guarantee fund (TGF) or oneFor the purpose of valuation, all non-traded debt per cent of the total liquid assets deposited with thesecurities are classified into “Investment grade” clearing house whichever is lower shall be exposedand “Non-Investment grade” securities based on to any single bank which is not rated P1 (or P1+) ortheir credit rating. equivalent by a RBI recognized credit rating
For Capital protection oriented schemes launched agency. Also, not more than 50 per cent of the trade
in 2006, it was mandatory to rate the proposed guarantee fund or 10 per cent of the total liquid
portfolio structure by a SEBI registered credit assets deposited with the clearing house whichever
rating agency. Further, it should also be ensured is lower should be exposed to all such banks put
that the debt component of the portfolio structure together.
has the highest investment grade rating. The same was made applicable to the cash markets
in 2005.
b. Takeover and Buyback
The offer to acquire shares under regulations 10, 11
January SEBI BULLETIN 2009
008
e. Secondary Market for Corporate Debt Thus, it can be seen that in India too, there is a
Securities growing reliance on CRAs for regulatory purposes.
This will be helpful till the time CRAs areAny listed company making issue of debt securitiesproviding fair, accurate and timely ratings. Buton a private placement basis and listed on a stockthere is a need to take a word of precaution learningexchange is required to ensure that the debtfrom the experience of the recent crisis.An analysissecurities carry a credit rating of not less thanof the role of CRAs brings out some loopholes oninvestment grade from a CRA registered withthe CRAs side as well as on the regulator side.SEBI.
The Issuer is required to promptly notify the
exchange, the details of any rating or revision in V. Analysis
rating assigned to any debenture or equity CRAs undertake an elaborate study of the issuinginstrument of the issuer or to any fixed deposit companies/ governments and accord ratingsprogramme or to any scheme or proposal of the ranging from the best to the lowest depending onissuer involving mobilisation of funds whether in their assessment of the issuing company's ability toIndia or abroad provided the rating so assigned has honour the debt obligation in time. They have farbeen quoted, referred to, reported, relied upon or reaching consequences for the issuers as well as theotherwise used by or on behalf of the Issuer. investors. CRAs contribute to the achievement of
the regulatory objectives of investor protection,
fair and transparent markets and reduction off. Initial Public Offerings (IPOs) and Debtsystemic risk. CRAs are playing such an importantInstruments
5role that Tom Freidman once compared theCredit Rating from at least one CRA registered
strength of Moody's Investor Services with thewith SEBI was made mandatory for making a
USA.public or rights issue of debt instruments as well as
With the recent crisis, there is a world wide demandfor IPOs of equity shares or any other securityfor tightening regulations for CRAs and USA hadconvertible/exchangeable into equity shares at aalready started responding towards the same.later date in 2007.Though the recent crisis has not impacted India as
Before roll over of any non-convertible debenturesmuch as it did the USA there is a need to learn from
(NCDs) or non-convertible portion of the partlytheir experiences. As stated earlier, CRAs in India
convertible debentures (PCDs), it is mandatory torate various products coming under the purview of
obtain at least one rating from a credit ratingdifferent regulators. This may give rise to systemic
agency registered with the SEBI within a period ofrisk in case of inaccurate rating of any product.
six months prior to the due date of redemption andWith so much of benefits derived from CRAs, there
communicate the same to the debenture holdersare certain problems associated with them as
before the roll over. Credit rating will bedescribed below:
compulsory, if conversion/redemption falls after1. As CRAs are paid by the issuers to rate their18 months.
5 "There are two superpowers in the world … the United States and Moody's Bond Rating Service ... and believe me, it is not clear sometimes who is more powerful.”: Attributed to Tom Friedman, New York Times columnist by Senator Joeseph Lieberman, Rating the Raters: Enron and the Credit Rating Agencies: Before the Senate Committee on Governmental Affairs, 107th Cong. 471, March 20, 2002.
January SEBI BULLETIN 2009
009
products, it is possible that these agencies give quality detoriates but the ratings were not
a favorable rating to their clients. On the revised for a long time. Does this suggest that
contrary it may also happen that the issuer market and regulators should rely on credit
changes the structure of the security in order to spreads rather than credit ratings?
get the desired rating. Thus the whole intention
of getting rated is destroyed as rating is done toVI. Issues for Consideration
determine the grade/level of the structure of theThe two most prominent models of CRAsecurity.regulations, outside India are that of USA and
2. As CRAs also offer services such asIOSCO. India follows the simple registration
consultancy, credit risk management etc. theymodel for CRAs with the supervisory and
may temper with the accurate rating to enticeregulatory powers vested with SEBI. Registration
the issuers to use these services. This is oftenis compulsory and CRAs are required to maintain
referred to as the conflict of interest problem.the records.ACRAhas to disclose possible sources
The issuers may exert pressure on the ratingof conflict of duties and interests, which could
agency to improve the ratings in return for theimpair its ability to make fair, objective and
purchase of its consultancy services. Also thereunbiased ratings to the clients. Further it should
is problem of notching whereby rating agenciesensure that no conflict of interest exists between
lower the ratings of the issue not rated by them.any member of its rating committee participating in
3. As CRAs have access to non-public the rating analysis, and that of its client. It has beeninformation, they are to be monitored for made mandatory for issuers to obtain credit rating insider trading. In addition, there is a problem as per the SEBI (DIP) Guidelines, 2000. No otherof lack of transparency regarding rating country has made credit rating compulsory formethodology, procedures etc. followed by the IPOs. Following issues need considerationrating agencies.
1. Regulatory dependence on CRAs should be4. While CRAs themselves generally put a minimized. Regulator should not make it
disclaimer," A rating is not a recommendation mandatory to obtain rating from one or twoto buy, sell or hold the rated instrument, it does rating agencies as in one way it is like bringingnot comment on the market price or suitability business to the CRAs. Issuers are going forfor a particular investor", how come regulators ratings not for grading their securities but oncan rely on their ratings so much that the ratings account of regulatory compulsion. Creditbecomes the regulatory requirement? rating should be obtained by issuers voluntarily
5. As in the case of Enron, and the recent sub- for improving the image of the issuer. Investors
prime crisis, it is observed that CRAs reacted should demand for the rating of the products
very slowly, failed to monitor ratings and revise whereas if regulator makes it mandatory to
them especially upon receipt of negative obtain ratings it is like creating an artificial
information. In the case of Enron, some demand for the ratings.
scholars pointed out the yield spread of 2. The Regulator while making it mandatory forcorporate bond started expanding as the credit the issuers to be rated by one/two registered
January SEBI BULLETIN 2009
010
rating agencies thereby increasing the reliance under rating methodology to make the system
of investors on these ratings, also allows CRAs more transparent.
to put disclaimers which relieves them of their 7. Another measure to reduce the negative impactresponsibility. Investors do not have any right of ratings is to be more transparent and enhanceto take action against CRAs in case of wrong disclosures. Investors should know the reasonsassessment of an issue or delay in revising their behind a decision taken by the CRAs. This willratings. CRAs should be made liable towards help the investors to compare their opinionstheir wrong assessments/delays or any such with the CRAs opinion rather than simplyactions which goes against the interest of following the CRAs opinion.investors.
8. Rating Agencies should be encouraged to3. To manage the problem of conflict of interest, update ratings more frequently. As the
which may indirectly impact the ratings given frequency of the updating the ratings increases,by CRAs, these agencies may be instructed to any change in the rating whether positive orfire-wall their rating and consultancy negative will be communicated to the marketbusinesses. Further, senior management of the well in time. In such a case, even a negativeCRAs should not be allowed to be on the change in the ratings will not be sudden and anymanagement of the issuing companies to be chances of a negative impact will berated by them. minimized.
4. As stated earlier, CRAs are rating various 9. The incentive structure of the CRAs needs to beproducts coming under the jurisdiction of re-examined. Incentive of an analyst should notdifferent regulators. There is a need to make the be linked with the ratings given. Also, theexisting regulations comprehensive enough problem of issuer paying the CRAs for gettingcovering all the products rated by CRAs and themselves rated needs to be addressed. Ifalso all the aspects related to the governing of regulator made it mandatory to get the ratings, the CRAs. CRAs can be paid from investor protection
5. As the structured products are still in a nascent fund or a separate fund can be created for the
stage in India, CRAs may be asked to purpose. Such a fund though created by using
upgrade/evolve their rating techniques to rate the funds of the issuer company yet as the
complex structural products. As such, rating CRAs will not be paid directly by the company
methodologies should be continually upgraded being rated there will be no bias. To further
with the invention of new and complex improve the practice, CRAs can be assigned to
products in the financial markets. companies by the regulator rather than
companies choosing the rating agencies6. While SEBI has been emphasizing that CRAsthemselves.must disclose the rating and the rating
methodology but it has not been specified as to 10. Competition between the rating agencies will
what information is to be covered under rating help in getting fair and appropriate ratings.
methodology. Therefore, there is a need to Therefore, there is a need to increase the
state clearly what information is to be covered number of rating agencies.
January SEBI BULLETIN 2009
VII. Conclusion Policy Report 6, Financial Policy Forum,
Derivatives Study Center,April 14, 2003.As credit rating agencies are a means to provide
investors the information which they may not be 3. Consultation Report, "The Role of Credit
able to generate due to lack of technical know-how Rating Agencies in Structured Finance
and expertise, the responsibility of CRAs has Markets", Technical Committee of the
increased manifold. In the era of financial International Organization of Securities
globalization the role of CRAs becomes all the Commissions, March 2008.
more important. 4. Standards and Poor's, "Rating Methodology :
Similar to USA, in India too, we can observe Evaluating the Issuer".
increasing regulatory dependence on these 5. Report on the Role and Function of Creditagencies. Indian markets have been saved this time Rating Agencies in the Operation of thefrom any major impact of the sub-prime crisis due Securities Markets, U.S. Securities andto whatever reasons. This has given us an Exchange Commission, January 2003.opportunity to prepare our system against any such
6. Standard and Poor's, "Ratings Direct",crisis in future. Accurate and timely ratings should
September 24, 2008.be encouraged and transparency should be
7. Professor Howell E. Jackson, "The Role ofenhanced with more disclosures. Though India hasCredit Rating Agencies in the Establishment ofcredit rating agencies regulations, there is a need toCapital Standards for Financial Institutions in aimprove the existing regulations keeping in mindGlobal Economy", Harvard Law School.the problem of overlap of jurisdictions of various
regulatory agencies. The move should be towards 8. 17 C.F.R. § 270.3a-7 (2000), discussed in
voluntary credit rating by entity rather than Steven L. Schwarcz, supra note 1 as referred in
obligation made under various rules/regulations. "The Role of Credit Rating Agencies in the
The regulatory measures though important in Establishment of Capital Standards for
regulating the function of CRAs and binding them Financial Institutions in a Global Economy by
to be more transparent, yet the self image would be Professor Howell E. Jackson* ,Harvard Law
the driving force for the CRAs in the long run. School.
9. Summary Report of Issues Identified in the
Commission Staff's Examinations of SelectReferencesCredit Rating Agencies, by the Staff of the
1. Elkhoury, Marwan, "Office of Compliance Inspections and
Examinations Division of Trading and MarketsUNCTAD/OSG/DP/2008/1, No.
and Office of Economic Analysis United States186, January 2008.
Securities and Exchange Commission, July2. Setty, Gautam and Dodd, Randall, " Credit 2008.
Rating Agencies: Their Impact on Capital10. Various Rules and Regulations of SEBI.
Flows to Developing Countries", Special
Credit Rating Agencies
and Their Potential Impact on Developing
Countries",
011
CAPITAL MARKET REVIEW
012
January SEBI BULLETIN 2009
I. Trends in the Primary Market
During December 2008, Rs. 1,484.19 crore was mobilised Rs. 38,153.20 crore and 22 rights issues
mobilised through 4 issues in the primary market. which mobilised Rs. 13,446.68 crore during 2007-
No public issue was raised during the month. There 08 (April – December).
were 3 rights issues which mobilised Rs. 1,369.90 In December 2008, there was only one QIP which crore. During December 2007, there were 8 public mobilised Rs. 114.29 crore as compared to 10 QIPsissues which mobilised Rs. 1,843.42 crore and 5 which mobilised Rs. 8,419.94 crore in Decemberrights issue which mobilised Rs. 2,952.38 crore. Of 2007.the public issues 6 were Initial Public Offerings
During December 2008, 28 preferential allotments(IPOs) which mobilised Rs. 1,557.92 crore and 2
(Rs. 218.20 crore) were listed at BSE and 15were Follow on Public Offerings (FPOs) which
preferential allotments (Rs. 273.21 crore) weremobilised Rs. 285.50 crore.
listed at NSE. During 2008-09 (April – December),During 2008-09 (April – December), there were 20 310 preferential allotments with issue value of Rs.public issues which mobilised Rs. 2,058.51 crore 2,06,761.52 crore were listed at BSE and 236and 21 rights issues which mobilised Rs. 11,997.31 preferential allotments with issue value ofcrore as compared to 74 public issues which Rs. 39,268.17 crore were listed at NSE (Table 1).
1 Differences in total are due to rounding off and sometimes they may not exactly add up to the last digit.
1Table 1: Funds Mobilised in Primary Market
December-08 December-07 2008-09 (April -
December)
2007-08 (April -
December)
% Change
Amount Amount Amount Amount
Particulars
No. of
Issues (Rs.crore)No. of
Issues (Rs.crore)No. of
Issues (Rs.crore)No.
of
Issues
(Rs.crore)Column6 over
column 8
Column 7 over
colunm 9
1 2 3 4 5 6 7 8 9 10 11
a) Public Issues 0 0.00 8 1,843.42 20 2,058.51 74 38,153.20 -72.97 -94.60i) IPOs 0 0.00 6 1,557.92 20 2,058.51 68 26,260.43 -70.59 -92.16
ii) FPOs 0 0.00 2 285.50 0 0.00 6 11,892.77 - -
b) Rights Issues 3 1,369.90 5 2,952.38 21 11,997.31 22 13,446.68 -4.55 -10.78
c) QIP 1 114.29 10 8,419.94 2 188.82 29 21,110.26 -93.10 -99.11
Total (a+b+c) 4 1,484.19 23 13,215.74 43 14,244.64 125 72,710.15 -65.60 -80.41
d) Preferential Allotment*
BSE 28 218.20 N.A N.A 310 2,06,761.52 N.A N.A - -NSE 15 273.21 N.A N.A 236 39,268.17 N.A N.A - -
Note: Data related to (c) and (d) are obtained from BSE and NSE.
*Preferential issues are classified according to the month in which they are listed . Preferential issues may
include common issues reported to both the exchanges.
013
I.1 Private Placement of Corporate Debt
As per SEBI Guidelines, corporates are required to through private placements during December 2008
report to the stock exchanges, funds raised through were reported to NSE and BSE, the details of which
private placement of debt issues. Funds raised are given below:
During December 2008, a total Rs. 34,525.10 crore (2008-09), the total amount of private placement of
was raised through 121 debt issues by the corporate corporate debt reported was Rs. 1,21,129.82 crore
sector by way of private placement. Of the total, through 775 issues as compared to Rs. 94,391.29
Rs. 4,192.14 crore was reported to BSE and Rs. crore through 719 issues during the April –
30,332.96 crore to NSE. During April – December December (2007-08) (Table 2).
I.2 Mutual Funds
During December 2008, Rs. 1,205.02 crore was sector mutual funds. In total mutual funds
mobilised by public sector mutual funds, whereas, mobilised Rs. 98.47 crore during the month.
Rs. 1,106.55 crore was redeemed from private During April – December (2008-09) there has been
January SEBI BULLETIN 2009
Table 2: Private Placement of Corporate Debt reported to BSE and NSE
Note: Figures in parentheses relate to the respective period in previous year.Source: BSE, NSE
BSE NSE TotalMonth/Year
No. of
Issues
Amount
(Rs. crore)No. of
Issues
Amount
(Rs. crore)No. of
Issues
Amount
(Rs. crore)
1 2 3 4 5 6 7
April-08 15 540.10 74 7,888.02 89 8428.12
(25) (2,141.00) (75) (10,251.00) (100) (12,392.00)
May-08 31 2,255.45 31 6,271.49 62 8,526.94
(26) (3,957.00) (37) (5,217.00) (63) (9,174.00)
June-08 65 2,789.31 49 6,581.80 114 9,371.11
(52) (1,209.00) (87) (11,053.00) (139) (12,262.00)
July-08 21 1,087.11 33 1,890.75 54 2,977.86
(26) (1,209.00) (48) (6,310.00) (74) (7,519.00)
August-08 16 149.70 41 9,046.61 57 9,196.31(18) (1,058.00) (59) (6,121.00) (77) (7,179.00)
September-08 14 3,013.60 80 14,433.60 94 17,447.20
(20) (7,959.37) (51) (11,971.92) (71) (19,931.29)
October-08 32 1,661.90 18 8,523.67 50 10,185.57
(27) (1,226.00) (31) (5,456.00) (58) (6,682.00)
November-08 54 5,035.03 80 15,436.58 134 20,471.61(28) (4,638.00) (59) (8,760.00) (87) (13,398.00)
December-08 33 4,192.14 88 30,332.96 121 34,525.10
(28) (2,085.00) (22) (3,769.00) (50) (5,854.00)
April - December, 2008 281 20,724.34 494 1,00,405.48 775 1,21,129.82
(250) (25,482.37) (469) (68,908.92) (719) (94,391.29)
014
II. TRENDS IN THE SECONDARYMARKET
II.1 Cash Segment
January SEBI BULLETIN 2009
a redemption of Rs. 30,431.99 crore by mutual management was lower by 24.83% to
funds, whereas, Rs. 1,23,993.10 crore was Rs. 4,13,364.51 crore as on December 31, 2008 as
mobilised duringApril – December (2007-08). compared to Rs. 5,49,936.13 crore as on December
31, 2007 (Table 3).The market value of cumulative asset under
Table 3: Net Resource Mobilisation by Mutual Funds
December DecemberCategory
2008
April -
December 20082007
April - December
2007
1 2 3 4 5
(i) Public Sector 1,205.02 9,510.11 2,364.33 18,125.05
(ii) Private Sector -1,106.55 -39,942.10 -13,495.59 1,05,868.05
Total (i + ii) 98.47 -30,431.99 -11,131.27 1,23,993.10
Cumulative Assets Under Management 4,13,364.51 5,49,936.13
Chart 1: Movement of BSE Sensex and S&P CNX Nifty
7000.00
9000.00
11000.00
13000.00
15000.00
17000.00
19000.00
Ap
r-0
8
Ma
y-0
8
Ju
n-0
8
Ju
l-0
8
Au
g-0
8
Se
p-0
8
Oc
t-0
8
No
v-0
8
De
c-0
8
BS
ES
en
se
x
2000
2500
3000
3500
4000
4500
5000
5500
S&
PC
NX
Nif
ty
BSE Sensex S&P CNX Nifty
015
The market capitalisation of BSE, was higher by 2008 to Rs. 80,865.79 crore in December 2008.
11.56% from Rs. 28,18,964.33 crore as on The monthly turnover of NSE, too was higher by
November 28, 2008 to Rs. 31,44,766.89 crore as on 23.01% from Rs. 1,73,122.83 crore in November
December 31, 2008. The market capitalisation of 2008 to Rs. 2,12,955.99 crore in December 2008.
NSE was also higher by 9.93% from The P/E ratio of BSE Sensex was 12.36 as onRs. 26,53,281.28 crore as on November 28 , 2008 December 31, 2008 against 11.62 as on Novemberto Rs. 29,16,768.42 crore as on December 31, 28, 2008. The P/E ratio of S&P CNX Nifty was2008. 12.97 as on December 31, 2008 against 12.08 as on
The monthly turnover of BSE was higher by November 28, 2008 (Table 4).
26.96% from Rs. 68,693.62 crore in November
Table 4: Major Indicators of Stock Market
January SEBI BULLETIN 2009
BSE Sensex closed at 9647.31 on December 31, S&P CNX Nifty closed at 2959.15 on December
2008, as against 9092.72 on November 28, 2008, 31, 2008, as against 2755.10 on November 28,
registering a rise of 554.59 points (6.10%). In terms 2008, registering a rise of 204.05 points (7.41%). In
of closing value, Sensex recorded a high of terms of closing value, Nifty recorded a high of
10099.91 on December 19, 2008 and a low of 3077.50 on December 19, 2008 and a low of
8739.24 on December 02, 2008. 2656.45 on December 03, 2008 (Chart 1).
2005-06 2006-07 2007-08 Nov-08 Dec-08 Percentage
change over the
previous month
(col. 6 over col.5)
1 2 3 4 5 6 7
A. Indices*
BSE Sensex 11280 13072 15644.44 9092.72 9647.31 6.10S&P CNX Nifty 3403 3822 4734.50 2755.10 2959.15 7.41S&P CNX 500 2910 3145 3825.85 2093.10 2295.75 9.68
B. Market Capitalisation*
(Rs.crore)
BSE 30,22,189 35,45,041 51,38,014.13 28,18,964.33 31,44,766.89 11.56NSE 28,13,201 33,67,350 48,58,121.72 26,53,281.28 29,16,768.42 9.93
C. Gross Turnover (Rs.crore)
BSE 8,16,074 9,56,186 15,78,855.29 63,693.62 80,865.79 26.96NSE 15,69,558 19,45,285 35,51,038.00 1,73,122.83 2,12,955.99 23.01
D. P/E ratio*
BSE Sensex 20.92 20.33 20.11 11.62 12.36 -BSE 100 index 20.08 17.64 19.95 12.87 14.30 -S&P CNX Nifty 20.26 18.4 20.63 12.08 12.97 -
Source: BSE and NSE
016
January SEBI BULLETIN 2009
II.2 Sectoral Indices
Table 5: Percentage change in Sectoral and other Indices in BSE and NSE
(Per cent)
Change in BSE Indices Change in NSE Indices
Index Over
Nov 30, 2008
Over
Mar 31, 2008
Index Over
Nov 30, 2008
Over Mar
31, 2008
1 2 3 4 5 6
BSE Sensex 6.10 -38.33 S&P CNX Nifty 7.41 -37.50BSE 100 8.43 -39.41 CNX Nifty Junior 18.37 -42.88BSE 200 8.87 -40.15 S&P CNX 500 9.68 -39.99
BSE 500 9.14 -41.58 CNX Mid-cap 12.87 -40.14BSE Small Cap 11.45 -53.03 CNX 100 8.79 -38.27BSE FMCG 2.62 -13.22 S&P CNX Defty 10.92 -48.53BSE Consumer Durables 6.70 -50.72 CNX IT -10.73 -40.97BSE Capital Goods 8.20 -50.67 Bank Nifty 16.56 -24.85BSE Bankex 17.42 -29.32 Nifty Mid-cap 50 12.99 -44.43BSE Teck -2.73 -35.62BSE Oil & Gas 7.69 -39.60BSE Metal 18.96 -62.81BSE Auto 4.90 -45.97BSE PSU 15.13 -28.91BSE Healthcare 2.71 -22.92
Source: BSE, NSE
II.3 Institutional Investment
During December 2008, among the BSE indices, During December 2008, among the indices
BSE Metal was up by 18.96% over its previous followed by NSE, CNX Nifty Junior was up by
month's closing followed by BSE Bankex 18.37% over its previous month's closing followed
(↑17.42%), BSE PSU ( 15.13%) and BSE Small by Bank Nifty (↑ 16.56%), Nifty Midcap-50
Cap ( 11.45%). BSE Teck on the other hand was ( 12.99%) and CNX Mid-cap ( 12.87%). Over
lower by 2.73% over its previous month's closing. March 31, 2008, S&P CNX Defty declined by
Over March 31, 2008, BSE Metal declined by 48.53%, followed by Nifty Mid-Cap 50
62.81%, followed by BSE Small Cap ( 53.03%), ( 44.43%) and CNX Nifty Junior ( 42.88%)
BSE Consumer Durables ( 50.72%) and BSE (Table 5).
Capital Goods ( 50.67%).
During December 2008, total investment by (April December), 2008, net investment by mutual
mutual funds was Rs.13,991.10 crore of which funds has been Rs. 37,126.90 crore, of which
Rs. 340.80 crore was invested in equity and Rs. 7,866.70 crore was invested in equity and
Rs. 13,650.30 crore was invested in debt. During Rs. 29,260.20 crore was invested in debt (Table 6).
017
There was a net inflow of foreign funds in FIIs liquidated Rs. 41,554.60 crore in equity
December 2008. FIIs invested a total amount of whereas invested Rs. 8,201.00 crore in debt. In
Rs. 2,376.60 crore of which Rs. 1,750.10 crore was total Rs. 33,353.60 crore was liquidated in the
invested in equity and Rs. 626.50 crore was market in the current financial year so far (Table 7).
invested in debt. During 2008 (April - December),
January SEBI BULLETIN 2009
Table 6: Investment by Mutual Funds(Rs. crore)
Mutual FundsYear/Month
Equity Debt Total Asset under Management
1 2 3 4 5
2004-05 448 16,987 17,435 1,49,600
2005-06 14,303 36,801 51,104 2,31,862
2006-07 9,062 52,543 61,605 3,26,292
2007-08 16,306 73,790 90,096 5,62,820
2008-09 (Apr-Dec) 7,866.70 29,260.20 37,126.90 413,364.51
Apr-08 -112.00 16,438.00 16,327.00 595,010.45
May-08 64.00 5,919.00 5,982.00 588,643.21
Jun-08 3,179.20 3,264.00 6,443.20 521,898.53
Jul-08 1,412.20 5,788.90 7,201.10 540,623.13
Aug-08 -368.70 7,463.70 7,095.00 544,534.56
Sep-08 2,292.20 6,416.60 8,708.80 483,270.02
Oct-08 1,431.60 -26,081.80 -24,650.20 394,710.67
Nov-08 -372.60 -3,598.50 -3,971.10 405,111.90
Dec-08 340.80 13,650.30 13,991.10 413,364.51
Table 7: Investment by FIIs
FIIsYear/Month
Equity
(Rs. crore)Debt
(Rs. crore)Total
(Rs. crore)Net Investment
(US$ million)
1 2 3 4 5
2004-05 44,123.00 1,759.00 45,882.00 10,172.00
2005-06 48,801.00 -7,334.00 41,467.00 9,332.00
2006-07 25,237.00 5,607.00 30,844.00 6,709.00
2007-08 53,403.30 12,775.90 66,179.20 16,040.20
2008-09 (Apr-Dec) -41,554.60 8,201.00 -33,353.60 -8,268.70
Apr-08 1,074.80 -1,701.70 -626.90 -155.20May-08 -5,011.50 -162.90 -5,174.40 -1,282.80Jun-08 -10,095.80 -998.70 -11,094.50 -2,750.50Jul-08 -1,836.80 3,618.90 1,782.10 441.70Aug-08 -1,211.70 1,257.80 46.10 11.70Sep-08 -8,278.10 3,204.20 -5,073.90 -1,258.00Oct-08 -15,347.30 -1,858.10 -17,205.40 -4,265.30Nov-08 -2,598.30 4,215.00 1,616.70 400.80Dec-08 1,750.10 626.50 2,376.60 588.90
018
Table 8: Percentage change in International Indices
II.4 International Markets
During December 2008, among developed market closing.
indices, Japan NIKKEI increased by 4.08% over its As regards, the emerging market indices, Thailandprevious month's closing, followed by Hong Kong SET increased by 11.97%, followed by IndonesiaHSI (↑ 3.59%), UK FTSE 100 ( 3.41%) and JCI ( 9.17%), Mexico MEXBOL ( 8.99%) and
Egypt HERMES ( 7.68%) (Table8).Germany DAX ( 3.01%). France CAC, on the
other hand, fell by 1.37% over its previous month's
January SEBI BULLETIN 2009
Index As on November
30, 2008
As on December
31, 2008
Change over the
previous month
(Per cent)
1 2 3 4
Developed Markets
Australia AS 30 3672.70 3659.30 -0.36France CAC 3262.68 3217.97 -1.37Germany DAX 4669.44 4810.20 3.01Hong Kong HSI 13888.24 14387.48 3.59Japan NIKKEI 8512.27 8859.56 4.08Singapore STI 1732.57 1761.56 1.67UK FTSE 100 4288.01 4434.17 3.41USA DOW JONES 8829.04 8776.39 -0.60USA NASDAQ Composite 1535.57 1577.03 2.70
Emerging Markets
Argentina IBG 59247.55 62180.16 4.95Brazil IBOV 36595.87 37550.31 2.61Chile IPSA 2406.26 2376.42 -1.24China SHCOMP 1871.16 1820.81 -2.69Colombia IGBC 7314.81 7560.68 3.36
Egypt HERMES 396.70 427.18 7.68
Hungary BUX 12694.74 12241.69 -3.57
Indonesia JCI 1241.54 1355.41 9.17
Malaysia KLCI 866.14 876.75 1.22
Mexico MEXBOL 20534.72 22380.32 8.99
Pakistan KSE 30 9981.93 5485.33 -45.05
Russia CRTX 1058.38 987.74 -6.67
S. Korea KOSPI 1076.07 1124.47 4.50
South Africa JALSH 21209.49 21509.20 1.41
Taiwan TWSE 4460.49 4591.22 2.93
Thailand SET 401.84 449.96 11.97
Turkey XU 100 25714.98 26864.07 4.47
Source: Bloomberg Financial Services
019
Among developed market indices, P/E ratio of SHCOMP (14.12% ↓ 4.27%) and Chile IPSA
USA NASDAQ Composite was 31.73 (↑5.14%), (12.20,↓3.79%) (Table 9).
followed by Japan NIKKEI (12.88,↑4.46%) andFigures in italic denote the percentage changes of
Australia AS 30 (10.77%, ↓ 0.28%). Among P/E values of the respective indices in December
emerging market indices, the P/E ratio of Colombia 2008 over their P/E values in November 2008.
IGBC was 19.64 (↑ 3.15%) followed by China
January SEBI BULLETIN 2009
Table 9: P/E Ratios in International Market
Index 2005-06 2006-07 2007-08 Nov-08 Dec-08
1 2 3 4 5 6
Developed Markets
Australia AS 30 18.20 17.80 13.63 10.80 10.77
France CAC 15.80 15.00 11.38 8.34 8.29Germany DAX 15.70 14.60 11.22 11.12 10.66Hong Kong HSI 12.80 15.60 13.32 8.51 8.82Japan NKY 45.70 37.40 14.23 12.33 12.88Singapore STI 11.90 14.00 10.77 5.75 6.00UK FTSE 100 14.90 16.80 11.50 7.89 7.87USA NASDAQ Comp. 41.80 34.60 33.74 30.18 31.73USA DOW JONES 22.90 17.10 15.65 10.65 10.59
Emerging Markets
Argentina IBG 11.40 19.50 2.58 5.10 5.37Brazil IBOV 10.10 12.40 14.10 8.62 8.78Chile IPSA 15.70 21.30 19.35 12.68 12.20
China SHCOMP 19.00 40.50 28.07 14.75 14.12
Colombia IGBC 25.80 12.20 21.67 19.04 19.64
Egypt HERMES 22.80 18.10 15.17 7.39 7.48
Hungary BUX 12.50 9.40 10.36 4.59 4.43
Indonesia JCI 21.70 21.40 16.90 7.36 8.26
Malaysia KLCI 15.30 17.50 13.65 9.76 10.09
Mexico MEXBOL 14.40 16.70 13.93 10.14 11.06
Pakistan KSE 30 - 11.60 13.94 6.85 3.76
Russia CRTX 15.00 12.00 10.57 3.57 3.28
S. Korea KOSPI 7.90 13.00 14.23 8.34 10.95
South Africa JALSH 11.20 10.10 12.71 7.57 7.33
Taiwan TWSE 14.60 20.10 18.36 9.05 9.31
Thailand SET 9.80 11.50 16.61 6.47 7.26
Turkey XU100 19.70 12.30 8.36 5.01 5.37
Source: Bloomberg Financial Services
020
Table 11: Average Daily Volatility and Annualised Volatility in the Indices
(Per cent)
II.5 Volatility
Table 10: Average Daily Volatility in Indian Indices*(Per cent)
Among BSE indices, the highest volatility was Among indices followed by NSE, S&P CNX Defty
recorded in case of BSE Consumer Durables recorded the highest volatility (2.92%), followed
(3.43%), followed by BSE Metal (3.40%) and BSE by Bank Nifty (2.79%) and CNX IT (2.68%)
Bankex (2.90%) during December 2008. during December 2008 (Table 10).
January SEBI BULLETIN 2009
Index Dec-08 Apr-Dec 2008 Index Dec-08 Apr-Dec 2008
1 2 3 4 5 6
BSE Sensex S&P CNX NiftyHigh 2.18 2.56 High 2.46 2.77
Low 2.30 3.07 Low 2.08 2.34
Close 2.53 2.88 Close 2.16 2.86
BSE 100 2.43 2.81 CNX Nifty Junior 2.30 2.92BSE 200 2.31 2.73 S&P CNX 500 2.26 2.61BSE 500 2.24 2.65 CNX Mid-cap 1.96 2.24BSE Small-cap 1.71 2.13 CNX 100 2.41 2.76BSE FMCG 1.41 1.89 S&P CNX Defty 2.92 3.12BSE Consumer Durables 3.43 2.94 CNX IT 2.68 2.98BSE Capital Goods 2.89 3.24 Bank Nifty 2.79 3.58BSE Bankex 2.90 3.67 Nifty Mid-cap 50 2.36 2.71BSE Teck 2.46 2.75BSE Oil & Gas 2.88 3.17BSE Metal 3.40 3.66BSE Auto 2.31 2.32BSE PSU 2.22 2.47BSE Healthcare 1.23 1.73
*Average Daily Volatility is calculated as the standard deviation of logarithmic returns of index values for the particular period.
Source: BSE, NSE
Month
US
AD
ow
Jo
nes
US
AN
AS
DA
Q
Co
mp
.
UK
FT
SE
100
Ho
ng
Kon
gH
SI
Ma
lay
sia
KL
CI
S.K
ore
aK
OS
PI
Th
ail
an
dS
ET
Sin
ga
po
reS
TI
Ger
ma
ny
DA
X
Fra
nce
CA
C
Ind
on
esia
JC
I
BS
ES
ense
x
S&
PC
NX
Nif
ty
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Apr-08 1.05 1.41 1.04 1.47 0.73 0.96 0.67 1.27 1.12 1.14 1.98 1.28 1.28May-08 0.90 1.13 1.02 1.33 0.59 1.11 1.11 1.04 0.85 0.99 1.11 1.31 1.21Jun-08 1.24 1.52 1.18 1.48 0.98 1.06 1.48 0.92 1.05 1.12 0.85 1.93 1.91Jul-08 1.47 1.56 1.60 1.97 1.13 1.75 1.60 1.36 1.35 1.68 1.45 3.30 2.97
Aug-08 1.42 1.34 1.23 1.72 1.00 1.11 1.47 0.92 1.24 1.43 1.60 1.73 1.61Sep-08 2.98 3.39 2.94 3.21 1.12 2.62 1.85 2.29 2.08 3.00 2.36 2.50 2.32Oct-08 4.81 4.79 4.85 7.01 1.94 5.33 4.77 4.63 4.91 5.17 5.55 5.19 5.03Nov-08 4.06 4.25 3.47 3.51 1.34 3.64 2.65 2.61 3.84 3.74 2.87 3.85 3.83Dec-08 2.71 3.31 2.21 3.22 1.08 2.67 1.79 2.23 2.78 2.91 2.64 2.53 2.46
Annualised Volatility(April - December 2008) 41.44 44.70 39.69 51.33 18.40 42.14 36.60 35.14 39.61 42.73 40.57 45.69 43.89
021
In December 2008, the monthly turnover of index crore. In December 2008, monthly turnover of put
futures increased by 5.08% to Rs. 2,69,997.30 options on index increased by 5.84% to
crore from Rs. 2,56,949.73 crore in November Rs. 1,41,918.64 crore from Rs. 1,34,092.20 crore
2008. During the same period, the monthly and the monthly turnover of call options on index
turnover of stock futures also increased by 23.10% increased by 8.64% to Rs. 1,71,696.77 crore from
to Rs. 2,30,465.57 crore from Rs. 1,87,211.26 Rs. 1,58,042.13 crore in November 2008. In
During December 2008, among the major (2.91%). The annualised volatility for 2008-09
international indices, the volatility of USA (April to December) of Hong Kong HSI was
NASDAQ Composite was 3.31%, followed by 51.33% followed by BSE Sensex (45.69%), and
Hong Kong HSI (3.22%) and France CAC USANASDAQ Composite (44.70%) (Table 11).
January SEBI BULLETIN 2009
Table 12: Trends in Derivatives Market at NSE
II.6 Derivatives Market
Item 2005-06 2006-07 2007-08 Nov-08 Dec-08 Percentage
change over
previous month
(Col.6 over
Col.5)
1 2 3 4 5 6 7
A. Turnover (Rs.crore)
(i) Index Futures 15,13,791 20,06,381 38,20,667.28 2,56,949.73 2,69,997.30 5.08 (ii) Options on Index Put 1,69,837 3,93,693 6,93,294.63 1,34,092.20 1,41,918.64 5.84
Call 1,68,632 3,98,219 668,816.25 1,58,042.13 1,71,696.77 8.64 (iii) Stock Futures 27,91,721 32,00,941 75,48,563.16 1,87,211.26 2,30,465.57 23.10 (iv) Options on Stock Put 36,518 31,909 50,693.27 2,632.14 4,526.02 71.95 Call 1,43,752 1,61,902 3,08,443.28 6,428.65 10,561.95 64.29
Total 48,24,250 61,93,045 1,30,90,477.87 7,45,356.11 8,29,166.25 11.24
B. No. of Contracts
(i) Index Futures 5,85,37,886 5,81,02,968 15,65,98,579 1,94,71,367 2,00,07,895 2.76
(ii) Options on Index
Put 65,21,649 1,25,25,089 2,86,98,156 96,24,563 1,00,14,156 4.05
Call 64,13,467 1,26,32,349 2,66,67,882 1,02,96,361 1,11,44,623 8.24
(iii) Stock Futures 7,95,86,852 8,42,28,281 20,35,87,952 1,79,49,270 2,22,62,785 24.03
(iv) Options on Stock
Put 10,74,780 8,89,018 14,57,918 2,41,953 4,36,840 80.55
Call 41,65,996 43,94,292 80,02,713 5,61,864 9,27,467 65.07
Total 15,63,00,630 17,27,71,997 42,50,13,200 5,81,45,378 6,47,93,766 11.43
C. Average Open Interest
No. of Contracts 10,28,003 17,91,549 16,31,427 34,99,664 35,58,332 1.68
Notional Turnover(Rs.crore)
38,469.00 38,670.00 52,095.00 44,315.04 46,041.67 3.90
Source: NSE
022
December 2008, the monthly turnover of put increased by 64.29% to Rs. 10,561.95 crore from
options on stocks increased by 71.95% to Rs. 6,42 8.65 crore.
Rs. 4,526.02 crore from Rs. 2,632.14 crore in The average open interest in December 2008November 2008. During the same period, the increased by 3.90% to Rs. 46,041.67 crore frommonthly turnover of call options on stocks Rs. 44,315.04 crore in November 2008 (Table 12).
January SEBI BULLETIN 2009
2
3
4
5
6
7
8
9
10
1
023
January SEBI BULLETIN 2009
HIGHLIGHTS OF INTERNATIONAL
STOCK MARKETS DURING 2008*
1 NYSE Group 9,209 15,525 - 40.7
2 Tokyo SE 3,116 4,524 - 31.1
3 Nasdaq 2,396 4,061 - 41.0
4 Euronext 2,102 4,283 - 50.9
5 London SE 1,868 3,949 - 52.7
6 Shanghai SE 1,425 3,279 - 56.5
7 Hong Kong Exchanges 1,329 2,724 - 51.2
8 Deutsche Börse 1,111 2,085 - 46.7
9 TSX Group 1,033 1,974 - 47.6
10 BME Spanish Exchanges 948 1,801 - 47.3
Exchange 2008(USD bn)
2007(USD bn)
Percentagechange
1. Equity market capitalisation: Top ten exchanges
2. Total value of share trading: Top ten exchanges
36,446 28,116 29.6
NYSE Group 33,639 29,210 15.2
London SE 6,474 10,324 -37.3
Tokyo SE 5,586 6,476 -13.7
Euronext 4,454 5,648 -21.1
Deutsche Börse 3,881 4,324 -10.2
Shanghai SE 2,587 4,070 -36.4
BME Spanish Exchanges 2,439 2,971 -17.9
TSX Group 1,736 1,649 5.3
Hong Kong Exchanges 1,629 2,139 -23.8
Exchange
Nasdaq
Percentage change2008 2007
(USD bn) (USD bn)
* Data Source: World Federation of Stock Exchanges. SE denotes Stock Exchange
024
January SEBI BULLETIN 2009
3. Percentage change in Blue chip index movement as on December 2008 over December 2007
-50.3%
-50.4%
-51.3%
-51.8%
-52.3%
-52.4%
-52.8%
-53.3%
-53.8%
-54.9%
-55.9%
-59.5%
-59.7%
-61.2%
-63.2%
-66.1%
-66.1%
-66.3%
-66.6%
-77.0%
-94.4%
-100.0%-90.0%-80.0%-70.0%-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%
Istanbul (National 30)
Colombo (Milanka Price Index)
Euronext Lisbon ( PSI 20)
India NSE (S&P CNX Nifty)
Euronext Amsterdam (AEX 25)
India BSE SENSEX
Oslo Børs (OBX Index)
Budapest (BUX)
Euronext Brussels (BEL 20)
Indonesia ( LQ45 Index)
Egypt (Titans 20 Index)
Luxembourg (LuxX)
Lima (ISBVL)
Wiener Börse (Austrian Traded Index)
Shenzhen (SZSE 100 Index)
Ljubljana (SBI Top)
Athens Exchange (ASE 20)
Shanghai (SSE 180 Index)
Irish (ISEQ 20)
Cyprus (CySE 20)
OMX Nordic Iceland (OMXI15)
% change
Bombay SE 4,921 4,887
TSX Group 3,841 3,951
BME Spanish Exchanges 3,576 3,537
London SE 3,096 3,307
NYSE Group 3,011 2,273
Nasdaq 2,952 3,069
Tokyo SE 2,390 2,414
Australian SE 2,009 1,998
Korea Exchange 1,793 1,757
National Stock Exchange India 1,406 1,330
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007
4. Total number of listed companies: Top ten exchanges
025
January SEBI BULLETIN 2009
5. Total number of trades in equity shares (in thousands): Top ten exchanges
NYSE Group 4,050,573 2,234,160 81.3
Nasdaq 3,779,384 2,058,455 83.6
National Stock Exchange India 1,368,050 1,052,318 30.0
Shanghai SE 1,278,881 1,617,332 -20.9
Shenzhen SE 658,047 840,258 -21.7
Korea Exchange 641,754 605,799 5.9
Bombay SE 565,605 480,270 17.8
London SE 201,779 160,990 25.3
Taiwan SE Corp. 200,976 213,203 -5.7
Euronext 191,760 154,736 23.9
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007 % Change
6. Number of contracts in the stock options: Top ten exchanges
0
200,000,000
400,000,000
600,000,000
800,000,000
1,000,000,000
1,200,000,000
Inte
rna
tion
al
Se
curitie
sE
xcha
ng
e
Ch
icag
oB
oa
rdO
ptio
ns
Exch
an
ge
Ph
ilad
elp
hia
SE
BM
&F
BO
VE
SP
A
EU
RE
X
Am
erica
nS
E
Eu
ron
ext.liffe
Ho
ng
Ko
ng
Exch
an
ge
s
OM
XN
ord
icE
xcha
ng
e
Bu
en
os
Aire
sS
E
2008 2007
026
January SEBI BULLETIN 2009
7. Stock Options turnover: Top ten exchanges
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007(USD bn) (USD bn)
Percentage change
EUREX 1,550 1,604 -3.4
BM&FBOVESPA 894 1,064 -16.0
Euronext.liffe 771 970 -20.5
ASX Derivatives Trading 263 406 -35.3
Philadelphia SE 226 163 38.6
Hong Kong Exchanges 182 225 -19.3
Borsa Italiana 115 149 -22.9
Bourse de Montreal 102 101 1.4
American SE 56 80 -30.4
National Stock Exchange India 52 86 -39.8
8. Stock Futures turnover: Top ten exchanges
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007(USD bn) (USD bn)
Percentage change
National Stock Exchange India 1033 1710 -39.6
EUREX 652 232 181.4
Euronext.liffe 512 340 50.5
BME Spanish Exchanges 91 57 59.0
JSE 43 50 -14.4
Borsa Italiana 33 63 -48.4
OMX Nordic Exchange 10 10 2.2
ASX Derivatives Trading 9 11 -18.8
Budapest SE 8 13 -41.7
Athens Derivatives Exchange 6 7 -13.2
2
3
4
5
6
7
8
9
10
1
027
January SEBI BULLETIN 2009
9. Number of contracts in the stock futures: Top ten exchanges
10. Index Futures turnover: Top ten exchanges
Exchange 2008 2007(USD bn) (USD bn)
Percentage change
UREX
TAIFEX
ASX SFE Derivatives Trading
Borsa Italiana
BME Spanish Exchanges
Tokyo SE Group
Hong Kong Exchanges
Osaka SE
Korea Exchange
Euronext.liffe
33,264
8,886
5,602
5,205
4,046
2,104
1,320
1,149
1,031
1,031
33,503
9,664
5,594
5,044
3,788
2,334
1,789
1,427
1,075
741
-0.7
-8.1
0.2
3.2
6.8
-9.9
-26.3
-19.5
-4.1
39.2
E
028
January SEBI BULLETIN 2009
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
EU
RE
X
Natio
nal
Sto
ck
Ex
chan
ge
Ind
ia
Osak
aS
E
Eu
ron
ext.liffe
Ko
reaE
xch
ange
Sin
gap
ore
Ex
chan
ge
Ho
ng
Ko
ng
Ex
chan
ges
OM
XN
ord
ic
Ex
chan
ge
TA
IFE
X
To
ky
oS
EG
rou
p2008 2007
11. Number of contracts in the index futures: Top ten exchanges
12. Index Options turnover: Top ten exchanges
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007(USD bn) (USD bn)
Percentage change
Korea Exchange 44,308 63,397 -30.1
EUREX 24,441 19,840 23.2
Euronext.liffe 5,363 5,854 -8.4
TAIFEX 2,205 27 8,182.1
Tel Aviv SE 2,199 2,531 -13.1
National Stock Exchange India 673 314 114.2
Hong Kong Exchanges 613 1,268 -51.7
Borsa Italiana 397 508 -21.8
OMX Nordic Exchange 266 350 -23.9
BME Spanish Exchanges 142 118 20.9
029
January SEBI BULLETIN 2009
0
500,000,000
1,000,000,000
1,500,000,000
2,000,000,000
2,500,000,000
3,000,000,000
Ko
reaE
xch
ang
e
EU
RE
X
Ch
icago
Bo
ard
Op
tion
sE
xch
ang
e
Natio
nal
Sto
ck
Ex
chan
ge
Ind
ia
TA
IFE
X
Tel
Av
ivS
E
Eu
ron
ext.liffe
Osak
aS
E
OM
XN
ord
ic
Ex
chan
ge
Intern
ation
al
Secu
ritiesE
xch
ang
e
2008 2007
13. Number of contracts in the index options: Top ten exchanges
14. Total value of bonds traded: Top ten exchanges
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007(USD bn) (USD bn)
Percentage change
BME Spanish Exchanges 6,823 5,854 16.5
London SE 6,118 3,605 69.7
OMX Nordic Exchange 2,546 2,797 -9.0
Colombia SE 468 526 -11.0
Istanbul SE 406 480 -15.3
Deutsche Börse 382 317 20.6
Korea Exchange 348 381 -8.8
Tel Aviv SE 262 196 33.9
Borsa Italiana 256 206 24.5
Swiss Exchange 185 144 28.2
030
January SEBI BULLETIN 2009
15. Capital raised by bonds issuances: Top ten exchanges
16. Trading in securitized derivatives: Top ten exchanges
Luxembourg SE 1399 1350 3.7
London SE 1262 618 104.3
Bursa Malaysia 867 NA NA
Deutsche Börse 552 449 23.0
Korea Exchange 373 295 26.5
The Stock Exchange of Thailand 273 122 124.3
National Stock Exchange India 141 118 18.9
OMX Nordic Exchange 87 60 44.9
Istanbul SE 82 84 -2.4
Wiener Börse 79 78 0.9
2
3
4
5
6
7
8
9
10
Exchange
1
2
3
4
5
6
7
8
9
10
Exchange
1
2008 2007(USD bn) (USD bn)
Percentage change
Hong Kong Exchanges 574 Korea Exchange 43,023.1
Deutsche Börse 337 Taiwan SE Corp. 27,522.4
Korea Exchange 86 Hong Kong Exchanges 26,380.2
Swiss Exchange 56 Deutsche Börse 22,515.6
Euronext 48 Euronext 4,950.9
Borsa Italiana 34 Borsa Italiana 2,701.0
Singapore Exchang 15 Swiss Exchange 2,228.5
Taiwan SE Corp. 9 OMX Nordic Exchange 834.1
Australian SE 7 Australian SE 615.3
OMX Nordic Exchange 4 Bursa Malaysia 320.4
Turnover(USD Bn)
Exchange No. of Trades
(thousands)
031
PRESS RELEASES
GENERAL
1. SEBI Board Meeting
underlying shares in demat form.
The policy measures approved by the Board in
this meeting, along with measures undertaken• SEBI to extend validity of the observationin the recent past for reduction in timelines, are
letterexpected to streamline the rights issue process
SEBI Board has approved extension of validityand make it more efficient.
of observation letter issued for public / rights• It was decided that no early exit will be allowedissue from present three months to one year,
in any scheme of Mutual Fund in the nature of asubject to filing of updated document withclose ended scheme. The schemes which haveSEBI where there are material changes.been approved earlier but not yet launched will
• SEBI to introduce electronic rightsalso have to be amended accordingly. It will be
entitlements and ASBA in the Rights Issueobligatory for the Asset Management
process.Company to list the close ended schemes. The
SEBI Board has approved certain policy Board also decided that for such close ended
measures pertaining to rights issue process, schemes the underlying assets will not have a
which, inter-alia, include enabling electronic maturity beyond the date on which the scheme
rights entitlement, which can be traded expires.
electronically in Stock Exchanges, introducing• The Board decided to adopt a code to avoid
alternate mode for making applications inconflict of interest for the members of the
rights issue viz Applications Supported byBoard. It was further decided that this code
Blocked Amount (ASBA) mode andwill be put up in the public domain by
mandating that the issuer can get access topublishing it on the SEBI website before
rights issue proceeds only after the allotment isDecember 12, 2008.
finalized.
• In order to bring transparency in the working ofCurrently a shareholder intending to renounce
the Board it was decided that the agenda papershis/her Rights entitlements fills up part B of the
submitted to the Board on all policy issues willrights issue application form. The renouncee
be made available in the public domain bycan trade this form or apply in the Rights Issue
putting them up on the SEBI website after theby filling up Part C of the form. Renunciation
Board has taken a decision on the issue. Theforms are traded in physical segment in
minutes of the meeting relating to such itemsBombay Stock Exchange. The right
will also be made available on the SEBIentitlement will now be made available in
website after the Board has approved thedemat form for all shareholders holding the
January SEBI BULLETIN 2009
032
minutes. Accordingly the agenda papers for 2007-08, has proposed, inter-alia, to enhance the
Board meeting are made available on the SEBI tradability of Domestic Convertible Bonds
website. (DCBs). This requires a mechanism that will
enable investors to separate the embedded equityRef. : PR No.283/2008 dated December 04, 2008option from the convertible bond and trade it
separately. This mechanism requires basic enablers
like existence of long tenor callable Credit
Derivatives market, ability to borrow stock for longSecurities and Exchange Board of India (SEBI),
tenors to enable short selling, etc.signed a bilateral Memorandum of Understanding
(MoU) with Federal Financial Markets Service of SEBI, in consultation with market participants,Russian Federation (FFMS), Russia on mutual explored alternate structures which would yield thecooperation and information sharing. same benefits as that of DCBs to the issuer and
enhance the suite of products from the investors'The Memorandum of Understanding was signed
point of view. SEBI has now put in place aby Mr. C. B. Bhave, Chairman, SEBI and Mr.
framework whereby a listed company can make aVladimir Milovidov, Head, FFMS, Russia in the
combined offering of Non-Convertible Debenturespresence of the Prime Minister, Dr. Manmohan
(NCDs) with warrants to QIBs, under the QualifiedSingh and the President of Russian Federation, H.
Institutions Placement mechanism. SEBI (DIP)E. Mr. Dmitry Medvedev in New Delhi.
Guidelines, 2000 have been amended to this effect.The MoU was signed to establish a general
Qualified Institutional Buyers can subscribe to theframework for cooperation and consultation and
combined offering of NCDs with warrants or to themutual assistance between the regulatory
individual instruments, i.e., either NCDs orauthorities, in order to fulfilling of their regulatory
warrants, where separate books are run for NCDs/responsibilities.
warrants.Including this MoU, SEBI has signed bilateral
Ref. : PR No.293/2008 dated December 08, 2008MoUs with 16 jurisdictions and a Letter of Intent
for mutual cooperation with Securities and Futures
Commission, Hong Kong.
Ref. : PR No.285/2008 dated December 05, 2008The enhanced debt limits in corporate debts
category were allocated to entities on October 22,
2008. The unutilized limits were re-allocated to the
entities on November 19, 2008. The unutilized
limits in Government debt category were re-
allocated to the entities on November 10, 2008.
After assessment of the utilization, the unutilized
debt limits are being re-allocated to entities lowerThe Hon'ble Finance Minister, in his
down in the list.announcement in the Union Budget for the year
2. SEBI signs MoU with FFMS, Russia
4. Re-allocation of debt investment limit
3. SEBI amends DIP Guidelines to provide for
combined offering of Non-Convertible
Debentures (NCDs) with warrants, through
Qualified Institutions Placement (QIP)
mechanism
January SEBI BULLETIN 2009
033
In terms of SEBI circular dated November 06, including trading and clearing members of the
2008, in case the allocated limits are not utilized by derivatives segments of the Exchanges to carry out
the entities in 11 working days, i.e. by December comprehensive internal audit of their books /
30, 2008, the same shall be withdrawn and records on half yearly basis by independent,
allocated to the entities lower down in the list. qualified Chartered Accountants, Company
Secretaries and Cost and Management
Accountants. The first such audit is to be carried
out for the period October 01, 2008 to March 31,
2009.
SEBI has also specified the scope of such internal
audit. These include compliance of the stock
broker with the provisions of the SEBI Act, 1992,
SEBI (Stock brokers and sub-brokers)
Regulations, 1992; circulars issued by SEBI and
Stock Exchanges and also compliance w.r.t bye
laws of the stock exchange. In order to create
capacity to undertake internal audit in a
professional manner, National Institute of
Securities Markets (NISM), in association with
BSE and NSE, is offering training programmes for
Chartered Accountants, Company Secretaries and
Cost and Management Accountants. The training
programmes, would be held during January –
March 2009, at Mumbai, Delhi, Kolkata and
Chennai.
The first programme would be held at BSE
Training Institute, Mumbai on January 09 and 10.
Six such programmes are proposed to be held at
Mumbai and two each at other locations.
Professional bodies viz ICAI, ICSI and ICWAIRef. : PR No.301/2008 dated December 12, 2008
have been informed about the training
programmes. Professionals desirous of attending
the training may contact NISM for further details.
The details of the programme are available on the
website of NISM www.nismindia.com
Ref. : PR No.305/2008 dated December 18, 2008SEBI has recently directed the stock brokers,
5. NISM to organize training programmes for
professionals to audit books / records of stock
brokers
January SEBI BULLETIN 2009
Allotment In Government Securities All figure in USD
Million
Sr.
No.
Name of entity Limits
Requested
Limits
Allocated
1 Japan Trustee Services Bank, Ltd. astrustee for The Sumitomo Trust &Banking Co., Ltd. as trustee forSchroder Asian Sovereign andCorporate Bond Mother Fund
5 5
2 The Master Trust Bank Of Japan LtdAs Trustee For Schroder Asian BondMother Fund
20 20
3 Credit Suisse Singapore Branch 200 83.93
Allotment In Corporate Debt All figure in USD
Million
Sr.
No.
Name of entity Limits
Reques-ted
Limits
All-ocated
1 Standard Chartered Bank (Mauritius) Ltd.– Debt
102.62 102.62
2 Sophia Growth - A Share Clas s OfSomerset India Fund
5 5.00
3 Somerset Emerging Opportunities Fund 5 5.00
4 Copthall Mauritius Investment Ltd. 300 300.00
5 JPMorgan Securities Asia 300 300.00
6 DB International (Asia) Ltd - Debt Fund 300 300.00
7 Credit Suisse Singapore Branch 300 300.00
8 Mirae Asset India Discovery EquityInvestment Trust 1
35 35.00
9 India Diversified ( Mauritius) Ltd 25 25.00
10 Abn Amro Asia Pacific Pte Ltd 300 300.00
11 India Optima Fund 300 41.29
034
6. Clarification on news reports relating to
Pyramid Saimira Theatre Ltd.
2. Order against M/s. ICAP India Pvt. Ltd.,
Member, NSE
3. Order agains t Mr. Swaminathan
Mahalingam in the matter of M/s. MegaOrders Millennium Securities Pvt. Ltd. and M/s. Mega
1. Orders in the matter of Bombay Dyeing & Millennium Investment Pvt. Ltd.
Manufacturing Co. Ltd.
M/s. Bluechip Capital Market Pvt. Ltd. sub-broker.
Shri Naresh Chand Chandak and Shri Niraj Kumar
Balasaria are warned to be more cautious in theIt has been widely reported in the media that SEBIconduct of their business.has vide order dated December 19, 2008, directed
Mr. P S Saminathan, the CMD of Pyramid Saimira Ref. : PR No.277/2008 dated December 02, 2008
Theatre Ltd. (PSTL), to make an open offer for
acquisition of shares of the Target Company
(PSTL) at a price of not less than Rs.250/-. A copy
of the letter purported to have been issued by SEBIDr. K. M. Abraham, Whole Time Member, SEBI,was also flashed on some TV Channels onhas passed an order dated November 21, 2008,December 23, 2008.against M/s. ICAP India Pvt. Ltd. (SEBI
It is hereby clarified that no order or letter has beenRegistration No. INB231140337), Member,
issued by SEBI to Mr. P S Saminathan onNational Stock Exchange of India Ltd. By this
19.12.2008. It appears that the said letter is beingorder M/s. ICAP India Private Ltd. is warned to be
circulated with ulterior motives.more cautious in the conduct of its business and to
SEBI is separately investigating into the matter adhere to and comply with all statutoryincluding the origin of the letter. SEBI is also provisions/instructions received in the discharge ofseparately inquiring into the dealing in the scrip its function as a stock broker.following the press report including alleged
Ref. : PR No.279/2008 dated December 02, 2008violation of SEBI (SAST) Regulations, 1997.
Ref. : PR No.327/2008 dated December 23, 2008
Dr. K. M. Abraham, Whole Time Member, SEBI,
Dr. T. C. Nair, Whole Time Member, SEBI, has has passed an order dated November 21, 2008,
passed orders dated November 28, 2008, in the revoking the interim directions passed against Mr.
matter of Bombay Dyeing & Manufacturing Co. Swaminathan Mahalingam issued by SEBI vide
Ltd. to the effect that the Show cause notices issued order dated September 03, 2007. It is further
to Mega Stocks Ltd., Mega Resources Ltd., The directed in the said order that the interim order
Hoogly Mills Company Ltd., BPS Securities Pvt. dated September 03, 2007, will continue to operate
Ltd. and Shri D.K.Singhania are disposed of against M/s. Mega Millennium Investment Pvt.
without any direction. The proceedings against Ltd. and M/s. Mega Millennium Securities Pvt.
Late Shri Arun Kumar Bajoria are abated. Further, Ltd.
for the reasons stated in the order, no further Ref. : PR No.280/2008 dated December 02, 2008direction in the matter is passed against
January SEBI BULLETIN 2009
035
4. Orders in case of IPO irregularities – Amadhi
Investments Ltd., Rajesh Kumar Patel and
Welvet FinancialAdvisors Pvt. Ltd.
6. Order against Mehta Equities Ltd.
7. Orders against Mr. Puroshattam Lal
Kejdiwal and Mr. Dinesh Kumar Lodha,
Members, Calcutta Stock Exchange in the
matter of M/s.Adinath Bio-Labs Ltd.
5. Order against MCS Ltd.
8. Order against Shri Vidhyut B. Shah, Member,
Ahmedabad Stock Exchange Ltd. in the matter
of Manna Glass Tech Industries Ltd.
mentioned in the above said order.
Ref. : PR No.282/2008 December 2, 2008
In the matter of “irregularities in IPOs”, SEBI
passed ad interim ex-parte order on April 27, 2006In view of various irregularities observed duringagainst various entities including Amadhiinspection of Mehta Equities Ltd., a depositoryInvestment Ltd, Rajesh Kumar Patel and Welvetparticipant of CDSL at their Udaipur branch, Dr.Financial Advisors Pvt. Ltd., prohibiting themT.C. Nair, Whole Time Member , SEBI vide order from buying, selling and dealings in securitiesdated December 02, 2008 has debarred the Udaipureither directly or indirectly till further orders. It wasbranch of Mehta Equities Ltd. from carrying outalleged that they acted as financiers to keythe depository participant activities for a period ofoperators for cornering of shares in various IPOsone month.and thereafter sold the shares in the market
immediately after the day of listing and made ill- Ref. : PR No.284/2008 dated December 04, 2008
gotten gains.
Shri M. S. Sahoo, Whole Time Member, SEBI
passed orders on December 01, 2008 against
aforesaid entities, confirming the directions passed
ad interim ex-parte Order datedApril 27, 2006.
Ref. : PR No.281/2008 dated December 02, 2008 Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed orders dated November 28, 2008,
disposing of the enquiry proceedings against the
brokers Mr. Puroshattam Lal Kejdiwal and Mr.In view of complaints received by SEBI from
Dinesh Kumar Lodha. As the said brokers haveissuer companies regarding refusal by MCS Ltd.(a
already been prohibited from buying, selling orRegistrar to an issue and share transfer agent) to
dealing in securities from November 30, 2005 totransfer records/data and issue NOC to the
August 11, 2008, in accordance with interim orderDepositories on termination of the agreement
passed by SEBI, no further penalty has beenbetween MCS and the said issuer companies, Shri
imposed.M.S. Sahoo, Whole Time Member , SEBI vide
Ref : PR No.286/2008 dated December 05, 2008order dated December 2, 2008 has directed MCS
Ltd. to transfer all the data/records to the issuers /
complainants or to their newly appointed share
transfer agents and issue NOC to the depositories
within a period of 15 days from the date of the
order. MCS Ltd. was also directed to cease andDr. T. C. Nair, Whole Time Member, SEBI, has
desist from violating the provisions of lawpassed an order dated December 02, 2008, in the
January SEBI BULLETIN 2009
matter of Manna Glass Tech Industries Ltd.,
suspending the certificate of registration of Shri
Vidhyut B. Shah, Member, Ahmedabad Stock Dr. T. C. Nair, Whole Time Member, SEBI, hasExchange Ltd., having SEBI Registration No. INB passed an order dated December 12, 2008, in the020125315 for a period of four months. scrip of Avinash Information Technologies Ltd.
Ref. : PR No.287/2008 dated December 05, 2008 against M/s. Mayekar Investment Private Ltd.,
S u b - b r o k e r, h a v i n g S E B I R e g n . N o .
INS010608532 affiliated to BSE Member, M/s.
Ramanlal D. Shah.
The Whole Time Member found that though the
violations committed by Mayekar InvestmentDr. K. M. Abraham, Whole Time Member, SEBI,
Private Ltd. are serious in nature but as thehas passed order dated December 04, 2008,
certificate of registration of Mayekar Investmentdisposing of the enquiry proceeding against the
Private Ltd. has already been cancelled, no furtherbroker, Mr. Sanju Kabra. As the said broker has
action is required. Therefore, the Whole Timealready been prohibited from buying, selling or
Member disposed off the enquiry proceedingsdealing in securities from September 29, 2005 to
against Mayekar Investment Private Ltd.July 02, 2008 in another case, in accordance with
Ref. : PR No.304/2008 dated December 17, 2008interim order passed by SEBI, no further penalty
has been imposed.
Ref. : PR No.292/2008 dated December 08, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Shree Yaax Pharma and Cosmetics Ltd.Dr. K. M. Abraham, Whole Time Member, SEBI,
directing Equisearch Broking Private Ltd.,has passed an order dated December 05, 2008
Member, Bombay Stock Exchange Ltd. havingagainst M/s. Prakash Nahata & Co., Member,
SEBI Registration No. INB 010992338 to beCalcutta Stock Exchange imposing a penalty of
careful in future and exercise due care andsuspension of certificate of registration for a period
diligence in the conduct of its affairs as a capitalof one month in respect of dealings in the shares of
market intermediary. The entity has also beenM/s.Ashika Credit Capitals Ltd.
asked to note that any instance of violation or non-Ref. : PR No.298/2008 dated December 11, 2008 compliance of SEBIAct and Rules and Regulations
in future shall be dealt with stringently.
Ref. : PR No.306/2008 dated December 18, 2008
Investment Private Ltd., Sub-broker, in the
scrip ofAvinash Information Technologies Ltd.
9. Order Mr. Sanju Kabra, Member,
Calcutta Stock Exchange in the matter of M/s.
Adinath Bio-Labs Ltd.
12. Order against Equisearch Broking Private
Ltd., Member, BSE, in the matter of Shree Yaax
Pharma and Cosmetics Ltd.10. Order against M/s. Prakash Nahata & Co.
Member, Calcutta Stock Exchange in the matter
of M/s.Ashika Credit Capital Ltd.
11. Order in the matter of M/s. Mayekar
against
036
January SEBI BULLETIN 2009
13. Order M/s. Mackertich
Consultancy Services Private Ltd., M/s. Vatican
Commercials Ltd. and M/s. Pinnacle Trades &
Investments Pvt. Ltd. in the matter of South
Eas t As ia Mar ine Engineer ing and
Constructions Ltd.
15. Order against M/s. Mayekar Investment
Private Ltd., Sub-broker affiliated to M/s.
Ramanlal D. Shah in the matter of Sawaca
Business Machines Ltd. (Formerly Sawaca
Finance Ltd.)
14. Order against M/s. Mayekar Investment
Private Ltd., Sub-broker affiliated to M/s.
Ramanlal D. Shah in the matter of Sawaca
Communications Ltd.
16. Order against M/s. C. Mackertich Ltd.,
Member, NSE, BSE, CSE & OTCEI, in the
matter of South East Asia Marine Engineering
and Constructions Ltd.
against dated November 17, 2008, no further action is
required. Therefore, the Whole Time Member
disposed of the enquiry proceedings against
Mayekar Investment Private Ltd.
Ref. : PR No.308/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of South East Asia Marine Engineering and
Constructions Ltd. restraining M/s. Mackertich
Consultancy Services Private Ltd. (PAN
No.AABCM5680Q) from accessing the securitiesDr. T. C. Nair, Whole Time Member, SEBI, hasmarket for a period of 15 days and warning M/s.passed an order dated December 12, 2008, in thePinnacle Trades & Investments Private Ltd. (PANmatter of Sawaca Business Machines Ltd.N o . A A B C P 7 7 8 9 D ) a n d M / s . Va t i c a n(Formerly Sawaca Finance Ltd.) against M/s.Commercials Ltd. (PAN No.AABCV7869G) to beMayekar Investment Private Ltd., Sub-brokermore cautious while dealing in securities market.affiliated to M/s. Ramanlal D. Shah (SEBI Regn.
Ref. : PR No.307/2008 dated December 18, 2008No. INS010608532)
The Whole Tome Member found that though
having regard to the nature and gravity of the
charges established, the ends of justice will be met
by canceling the certificate of registration of M/s.
Mayekar Investment Private Ltd. but as the
Dr. T. C. Nair, Whole Time Member, SEBI, has certificate of registration of Mayekar Investment
passed an order dated December 12, 2008, in the Private Ltd. has already been cancelled vide order
matter of Sawaca Communications Ltd. against dated November 17, 2008, no further action is
M/s. Mayekar Investment Private Ltd., Sub-broker required. Therefore, the Whole Time Member
affiliated to M/s. Ramanlal D. Shah (SEBI Regn. disposed of the enquiry proceedings against
No. INS010608532) Mayekar Investment Private Ltd.
The Whole Tome Member found that though the Ref. : PR No.309/2008 dated December 19, 2008
violations committed by M/s. Mayekar Investment
Private Ltd. are serous in nature and warrant
cancellation of certificate of registration of
Mayekar Investment Private Ltd. but as the
certificate of registration of Mayekar Investment
Private Ltd. has already been cancelled vide order
037
January SEBI BULLETIN 2009
038
Dr. T. C. Nair, Whole Time Member, SEBI, has Panna Agrofine Pvt. Ltd. (PAN: AAACP6160H),
passed an order dated December 12, 2008, in the Jaitra Estate Developers Pvt. Ltd. (PAN:
matter of South East Asia Marine Engineering and AAACJ2532P) and Born Free Finance Pvt. Ltd.
Constructions Ltd., suspending the certificate of (PAN: AABCB5127B) from accessing the
registration of M/s. C.Mackertich Ltd., Member, securities market and prohibiting from buying,
National Stock Exchange of India Ltd., Member, selling or dealing in securities, either directly or
The Bombay Stock Exchange Ltd., Member, indirectly, for a period of six months.
Calcutta Stock Exchange Ltd. and Member, Over Ref. : PR No.312/2008 dated December 19, 2008the Counter Exchange of India Ltd. for period of
one month.
Ref. : PR No.310/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. debarring
AMS Finance & Securities Ltd. (PAN:
Dr. T. C. Nair, Whole Time Member, SEBI, has AAACA6746Q) from accessing the securities
passed an order dated December 12, 2008, in the market and prohibiting from buying, selling or
matter of Soundcraft Industries Ltd. suspending the dealing in securities, either directly or indirectly,
certificate of registration of M/s. R.K. Global for a period of six months.
Shares & Securities Ltd., Member, National Stock Ref. : PR No.313/2008 dated December 19, 2008Exchange of India Ltd. having SEBI Registration
No. INB 0230825035 for a period of one month.
Ref. : PR No.311/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. debarring
Bharat H Jain, M/s. Jain Investment (Prop. Ramila
Dr. T. C. Nair, Whole Time Member, SEBI, has Jain) and Asmita R Shah from accessing the
passed an order dated December 12, 2008, in the securities market and prohibiting from buying,
matter of Soundcraft Industries Ltd. debarring Shri selling or dealing in securities, either directly or
Rajkumar C. Basantani from accessing the indirectly, for a period of six months.
securities market and prohibiting from buying, Ref. : PR No.314/2008 dated December 19, 2008selling or dealing in securities, either directly or
indirectly, for a period of five years; and debarring
19. Order against AMS Finance & Securities
Ltd. in the matter of Soundcraft Industries Ltd.
17. Order M/s.R.K. Global Shares &
Securities Ltd., Member, NSE, in the matter of
Soundcraft Industries Ltd.
20. Order against Bharat H Jain, M/s. Jain
Investment (Prop. Ramila Jain) and Asmita R
Shah in the matter of Soundcraft Industries
18. Order against Shri Rajkumar C. Basantani, Ltd.
Panna Agrofine Pvt. Ltd., Jaitra Estate
Developers Pvt. Ltd. and Born Free Finance
Pvt. Ltd. in the matter of Soundcraft Industries
Ltd.
against
January SEBI BULLETIN 2009
039
21. Order M/s. Admiral Securities, Sub-
broker, Affiliated with VSE Securities Ltd. and
Member, Vadodara Stock Exchange in the
matter of M/s. DesignAuto Systems Ltd.
24. Order against M/s. Kolar Sharex Pvt. Ltd.,
Member, BSE, in the matter of Soundcraft
Industries Ltd.
22. Order against M/s. Bipin B Diwani, Sub-
broker, Affiliated to M/s. Vyomit Shares, Stock25. Order against Shri Rajkumar Chainraiand Investments Pvt. Ltd., in the matter ofBasantani, Member, NSE, in the matter ofSawaca Communications Ltd.Soundcraft Industries Ltd.
23. Order against M/s. Mekaster Securities Pvt.26. Order against M/s. Sparkling Securities,Ltd., Member, NSE, in the matter ofSub-broker, Affiliated to M/s. ChuriwalaSoundcraft Industries Ltd.Securities Pvt. Ltd., Member, BSE, in the
matter of Soundcraft Industries Ltd.
against Exchange of India Ltd. having SEBI Registration
No. INB0 230826230 for a period of one month.
Ref. : PR No.317/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of M/s. Design Auto Systems Ltd.
suspending the certificates of registration of M/s.Dr. T. C. Nair, Whole Time Member, SEBI, hasAdmiral Securities, sub-broker (SEBI Registrationpassed an order dated December 12, 2008, in theNo. INS011751315) affiliated with VSE Securitiesmatter of Soundcraft Industries Ltd. suspending theLtd. and member of Vadodara Stock Exchangecertificate of registration of M/s. Kolar Sharex Pvt.(SEBI Registration No. INB191029819) for aLtd., Member, Bombay Stock Exchange Ltd.period of seven days.having SEBI Registration No. INB011105138 for a
Ref. : PR No.315/2008 dated December 19, 2008period of six months.
Ref. : PR No.318/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, hasDr. T. C. Nair, Whole Time Member, SEBI, haspassed an order dated December 12, 2008, in thepassed an order dated December 12, 2008, in thematter of Sawaca Communications Ltd.,matter of Soundcraft Industries Ltd. suspending thecancelling the certificate of registration of Bipin V.certificate of registration of Shri RajkumarDiwani, sub-broker, affiliated to Vyomit Shares,Chainrai Basantani, Member, National StockStock and Investments Pvt. Ltd. (SEBIExchange of India Ltd., having SEBI Registration Registration no. INS010474513).No. INB0 230649415 for a period of two years.
Ref. : PR No.316/2008 dated December 19, 2008Ref. : PR No.319/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in theDr. T. C. Nair, Whole Time Member, SEBI, hasmatter of Soundcraft Industries Ltd., suspendingpassed an order dated December 12, 2008, in thethe certificate of registration of M/s. Mekastermatter of Soundcraft Industries Ltd., suspendingSecurities Pvt. Ltd., Member, National Stock
January SEBI BULLETIN 2009
040
the certificate of registration of Sparkling
Securities, Sub-broker, Affiliated to Churiwala Dr. T. C. Nair, Whole Time Member, SEBI, hasSecurities Pvt. Ltd., Member, Bombay Stock passed an order dated December 12, 2008, in theExchange Ltd. having SEBI Registration No. matter of Soundcraft Industries Ltd. suspending theINS0101952211/ 0109841 for a period of three certificate of registration of M/s. VRM Sharemonths. Broking Pvt. Ltd., Member, National Stock
Ref. : PR No.320/2008 dated December 19, 2008 Exchange of India Ltd. having SEBI Registration
No. INB0 231109837 for a period of one month.
Ref. : PR No.323/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the Dr. T. C. Nair, Whole Time Member, SEBI, hasmatter of Soundcraft Industries Ltd. suspending the passed an order dated December 12, 2008, in thecertificate of registration of Gini Enterprises, Sub- matter of Sri Adhikari Brothers Televisionbroker, Affiliated to Park Light Investment Pvt. Network Ltd. restraining M/s Apex EnterprisesLtd., Member, Bombay Stock Exchange Ltd. (India) Ltd. from dealing in securities directly andhaving SEBI Registration No. INS 010738214/01- indirectly for a period of one month10378 for a period of three months.
Ref. : PR No.324/2008 dated December 19, 2008Ref. : PR No.321/2008 dated December 19, 2008
Dr. T. C. Nair, Whole Time Member, SEBI, has Shri M. S. Sahoo, Whole Time Member, SEBI, haspassed an order dated December 12, 2008, in the passed an order dated December 17, 2008 in thematter of Soundcraft Industries Ltd. suspending the matter of Somani Cement Company Ltd.certificate of registration of M/s. M.R.Share restraining Somani Cement Company Ltd. and Mr.Broking Pvt. Ltd., Member, Bombay Stock Bimlesh Kumar Mishra (PAN No.AGCPM0469R)Exchange Ltd. having SEBI Registration No. INB from buying, selling or dealing in securities in011076834 for a period of one month. whatsoever manner or accessing the securities
Ref. : PR No.322/2008 dated December 19, 2008 market, directly or indirectly in any manner for a
period of ten years and also restraining Mr.
A.K.Singh from buying, selling and dealing in
securities in whatsoever manner or accessing the
Soundcraft Industries Ltd.
27. Order M/s. Gini Enterprises, Sub-
broker, Affiliated to Park Light Investment Pvt.
Ltd., Member, BSE, in the matter of Soundcraft30. Order against M/s. Apex Enterprises (India)
Industries Ltd.Ltd. in the matter of Sri Adhikari Brothers
Television Network Ltd.
31. Order against Somani Cement Company28. Order against M/s. M.R.Share Broking Pvt. Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K.Ltd., Member, BSE, in the matter of Soundcraft Singh in the matter of Somani CementIndustries Ltd. Company Ltd.
29. Order against M/s. VRM Share Broking Pvt.
Ltd., Member, NSE, in the matter of
against
January SEBI BULLETIN 2009
041
January SEBI BULLETIN 2009
securities market, directly or indirectly, in any account of any other person, for a period of three
manner for a period of three years. years from the date of the Order. The order also
directed impounding of profits/gains ofRef. : PR No.328/2008 dated December 26, 2008Rs.41,61,159.08 made by Yogesh Mafatlal
Bhansali and others.
It may be mentioned that SEBI vide Order dated
January 17, 2007, had directed BSE to withhold theDr. K. M. Abraham, Whole Time Member, SEBI, profits made by Yogesh Bhansali and others fromhas passed an order dated December 26, 2008 their alleged irregular trades executed in the sharesagainst Mr. Debapriya Ghosh prohibiting him from of Nissan Copper Limited on December 29, 2006buying, selling or dealing in securities, in any and January 2, 2007 in a separate escrow account.manner, for a period of one month.
Ref. : PR No.333/2008 dated December 31, 2008.The order comes into force with immediate effect.
Ref. PR No.330/2008 dated December 29, 2008
Dr. K. M. Abraham, Whole Time Member, SEBI,In matter of Order Book Manipulation it was
has passed order dated December 26, 2008,observed that the prices of few scrips saw a sudden
disposing of the enquiry proceedings against thespurt because of the abnormally large orders of
broker Mr. Pramod Kumar Kothari. As the saidshares placed at prices much below prevailing
broker has already been prohibited from buying,market prices portraying misleading appearance of
selling or dealing in securities from November 30,market in these shares.
2005 to August 11, 2008, in accordance withAPanel consisting of Whole Time Members, SEBI,interim order passed by SEBI, no further penaltyDr. T.C.Nair, and Shri M.S.Sahoo, has passedhas been imposed.consent orders dated November 28, 2008, on the
Ref.: PR No.331/2008 dated December 29, 2008application of consent submitted by R.S.S.
Investments Pvt. Ltd. in the matter of Order Book
Manipulation, in accordance with SEBI Circular
dated April 20, 2007. The applicant has remitted aShri M. S. Sahoo, Whole Time Member, SEBI hassum of Rs.2,00,000/- (Rupees Two Lakh only)passed an order dated December 31, 2008towards the terms of consent in the matter.restraining Yogesh Mafatlal Bhansali and others
Ref. : PR No.276/2008 dated December 02, 2008from buying, selling or otherwise dealing in
securities in whatsoever manner, directly or
indirectly, either on their own account or on
32. Order Mr. Debapriya Ghosh in the
matter of M/s.Adinath Bio-Labs Ltd.
Consent Orders33. Order against Mr. Pramod Kumar Kothari,
1. Consent order on the application submittedMember, Calcutta Stock Exchange in the matter
by R.S.S. Investments Pvt. Ltd. in the matter ofof M/s.Adinath Bio-Labs Ltd.
Order Book Manipulation
34. Order in the matter of Nissan Copper Ltd.
against
042
January SEBI BULLETIN 2009
2. Consent Order on the applications submitted
by Taurus Mutual Fund in the matter of DCM
Shriram Consolidated Ltd.
5. Consent Order against Shri Samir R Shah in
the matter of M/s. Hindustan Bio Sciences Ltd.
3. Consent Order against Shri Sharad
Chhotabhai Patel in the matter of M/s. Shree
Rama Multi-Tech Ltd.
6. Consent Order against Infinity.Com Stock
Broking Private Ltd. in the matter of M/s.
Greenfield Trading & Finance Ltd.
4. Consent Order against CD Equisearch (Pvt.)
Ltd. in the matter of M/s. Design Auto Systems
Ltd.
Dr. T. C. Nair and Shri M. S. Sahoo has passed
consent order dated November 28, 2008 on an
application submitted by CD Equisearch (Pvt.)
Ltd. in the matter of M/s. DesignAuto Systems Ltd.APanel consisting of Whole Time Members, SEBI,in accordance with SEBI Circular dated April 20,Dr. T. C. Nair and Shri M. S. Sahoo, has passed a 2007. The applicant has remitted a sum ofconsent order dated November 28, 2008, on anRs.5,00,000/- (Rupees Five Lakh only) towards theapplication submitted by Taurus Mutual Fund interms of consent in the matter.the matter of DCM Shriram Consolidated Ltd., in
accordance with SEBI Circular dated April 20, Ref. : PR No.289/2008 dated December 05, 2008
2007. The applicant has remitted a sum of
Rs.20,00,000/- (Rupees Twenty Lakh only)
towards the terms of consent in the matter.
Ref. : PR No.278/2008 dated December 02, 2008APanel consisting of Whole Time Members, SEBI,
Dr. T.C.Nair and Shri M.S.Sahoo has passed
consent order dated November 28, 2008 on an
application submitted by Shri Samir R Shah in the
matter of M/s. Hindustan Bio Sciences Ltd. in
accordance with SEBI Circular dated April 20,APanel consisting of Whole Time Members, SEBI,2007. The applicant has remitted a sum ofDr. T. C. Nair and Shri M. S. Sahoo, has passedRs.2,00,000/- (Rupees Two Lakh only) towards theconsent order dated November 28, 2008 on anterms of consent in the matter.application submitted by Shri Sharad Chhotabhai
Patel, in the matter of M/s. Shree Rama Multi-Tech Ref. : PR No.290/2008 dated December 5, 2008
Ltd. in accordance with SEBI Circular dated April
20, 2007. The applicant has remitted a sum of
Rs.1,25,000/- (Rupees One Lakh and Twenty Five
Thousand only) towards the terms of consent in the
matter. It is also ordered that the applicant shall notAPanel consisting of Whole Time Members, SEBI,buy, sell or deal in securities, directly or indirectly,Dr. T.C.Nair and Shri M.S.Sahoo has passedfor a period of 18 months from the date of theconsent order dated November 28, 2008 on anconsent order.application submitted by Infinity.Com Stock
Ref : PR No.288/2008 dated December 05, 2008Broking Private Ltd. in the matter of M/s.
Greenfield Trading & Finance Ltd. in accordance
with SEBI Circular dated April 20, 2007. The
applicant has remitted a sum of Rs.1,00,000/-
(Rupees One Lakh only) towards the terms of
consent in the matter. Also, as undertaken by theAPanel consisting of Whole Time Members, SEBI,
043
January SEBI BULLETIN 2009
applicant, they shall not buy, sell or deal in
securities, directly or indirectly for a period of one
year from the date of this consent order.
Ref. : PR No.291/2008 dated December 5, 2008 APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo has passed a
consent order dated November 28, 2008 on the
application submitted by M/s. SPT Securities Ltd.,
in the matter of enquiry proceedings pendingAPanel consisting of Whole Time Members, SEBI, before SEBI against it for the violations observedDr.T.C.Nair and Shri M.S. Sahoo, has passed a during inspection of its books of accounts and otherconsent order on December 02, 2008 in the matter records for the period April 01, 2000 to Septemberof “irregularities in the IPOs“ on an application 30, 2002, in accordance with SEBI Circular datedsubmitted by Shri Saumil A. Bhavnagari, a April 20, 2007. The applicant has remitted a sum offinancier. Rs.5,00,000/- (Rupees Five Lakh only) towards
terms of consent, in the matter.SEBI had passed an ad interim ex-parte order on
April 27, 2006 in the matter of “irregularities in Ref. : PR No.295/2008 dated December 10, 2008IPOs”. It was found that Shri SaumilA. Bhavnagari
was alleged to be a financier for cornering of shares
in IPO's of Suzlon Energy Ltd., FCS Software Ltd.,
Sasken Communication during the period 2004-
2005. Since SEBI's ex-parte order, Shri Saumil A. APanel consisting of Whole Time Members, SEBI,
Bhavnagari has undergone prohibition from Dr. T. C. Nair and Shri M. S. Sahoo has passed a
buying, selling and dealing in securities. consent order dated November 28, 2008 on the
application submitted by M/s. Sovereign SecuritiesShri Saumil A. Bhavnagari remitted a total sum ofPrivate Ltd., in the matter of enquiry proceedingsRs.3,15,000/- (Rupees Three Lakh Fifteenpending before SEBI against it for the violationsThousand only), towards the terms of consent inobserved during inspection of its books of accountsthe matter. The consent amount includesand other records for the period April 01, 2000 to Rs.1,52,000/- (Rupees One Lakh Fifty TwoAugust 06, 2002, in accordance with SEBI CircularThousand only) towards disgorgement of thedated April 20, 2007. The applicant has remitted aamount of alleged ill-gotten gains, Rs.13,000/-sum of Rs.4,00,000/- (Rupees Four Lakh only)(Rupees Thirteen Thousand only) towards terms oftowards the terms of consent and a sum ofconsent, Rs.90,000/- (Ninety Thousand only)Rs.25,000/- (Rupees Twenty Five Thousand only) towards Compounding Charges, Rs.60,000/-towards administrative charges, in the matter.(Sixty Thousand only) towards Legal Expenses.
Ref. : PR No.296/2008 dated December 10, 2008Ref. : PR No.294/2008 dated December 08, 2008
8. Consent Order against M/s. SPT Securities
Ltd., Member of NSE and Depositary
Participant of NSDL
7. Consent Order in matter of IPO irregularities
– Shri SaumilA. Bhavnagari
9. Consent Order against M/s. Sovereign
Securities Private Ltd., Member, BSE
044
January SEBI BULLETIN 2009
10. Consent Order Shri R. D. Lahoti,
sub-broker affiliated to HSE Securities Ltd.,
Member, NSE
13. Consent order in the matter of M/s.
Winsome International Ltd.
11. Consent Order against P. Suryakant Share
& Stock Brokers Pvt. Ltd. in the matter of M/s.
DesignAuto Systems Ltd.
14. Consent Order in the matter of M/s.
Hardcastle & Waud Manufacturing Co. Ltd.
12. Consent Order against M/s. Uttam
Investments in the matter of M/s. Prabhu Steel
Industries Ltd.
against APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo, has passed
consent order dated November 28, 2008, on an
application submitted by M/s. Uttam Investments, APanel consisting of Whole Time Members, SEBI,in the matter of M/s. Prabhu Steel Industries Ltd., inDr. T. C. Nair and Shri M. S. Sahoo has passed aaccordance with SEBI Circular dated April 20,consent order dated November 28, 2008 on the2007. The applicant has remitted a sum ofapplication submitted by Shri R. D. Lahoti, in theRs.50,000/- (Rupees Fifty Thousand only) towardsmatter of enquiry proceedings pending beforethe terms of consent in the matter.SEBI against him for the violations observed
during inspection of his books of accounts and Ref. : PR No.300/2008 dated December 12, 2008
other records for the period April 01, 2001 to May
23, 2003, in accordance with SEBI Circular dated
April 20, 2007. The applicant has remitted a sum of
Rs.25,000/- (Rupees Twenty Five Thousand only) APanel consisting of Whole Time Members, SEBI,towards the terms of consent, in the matter.Dr. T. C. Nair and Shri M. S. Sahoo, has passed a
Ref. : PR No.297/2008 dated December 10, 2008consent order dated December 10, 2008 on the
application submitted by M/s. Winsome
International Ltd. for delay in compliance of
Regulation 6(2) and 6(4) for the year 1997,
Regulation 7(3) for the year 2004 and Regulation
8(3) of the SEBI (SubstantialAcquisition of SharesAPanel consisting of Whole Time Members, SEBI,and Takeovers) Regulations for the years 1998 to
Dr. T. C. Nair and Shri M. S. Sahoo has passed2006. The applicant has remitted a sum of
consent order dated November 28, 2008 on anRs.3,00,000/- (Rupees Three Lakh only) towards
application submitted by P. Suryakant Share &terms of consent, in the matter.
Stock Brokers Pvt. Ltd. in the matter of M/s.Ref. : PR No.302/2008 dated December 15, 2008Design Auto Systems Ltd. in accordance with
SEBI Circular dated April 20, 2007. The applicant
has remitted a sum of Rs.5,00,000/- (Rupees Five
Lakh only) towards the terms of consent in the
matter.APanel consisting of Whole Time Members, SEBI,
Ref. : PR No.299/2008 dated December 11, 2008 Dr. T. C. Nair and Shri M.S. Sahoo, has passed a
consent order dated December 10, 2008, on the
consent application submitted by M/s. Hardcastle
& Waud Manufacturing Co. Ltd. for failure to
comply with Regulation 6(2) and 6(4) for the year
1997 and Regulation 8(3) for the year 1999 of SEBI
045
January SEBI BULLETIN 2009
(Substantial acquisition of Shares and Takeovers) securities in any manner whatsoever, directly or
Regulations 1997. The applicant has remitted a indirectly, for a period of three years.
sum of Rs.2,00,000/- (Rupees Two Lakh only) Ref. : PR No.326/2008 dated December 23, 2008towards the terms of consent in the matter.
Ref.: PR No.303/2008 dated December 17, 2008
APanel consisting of Whole Time Members, SEBI,
Shri M. S. Sahoo and Dr. K. M. Abraham, has
passed consent order dated December 22, 2008, on
APanel consisting of Whole Time Members, SEBI, the applications submitted by SAM Global
Shri M. S. Sahoo and Dr. K.M.Abraham, has Securities Ltd. and Globe Capital Market Ltd., in
passed a consent order dated December 22, 2008, the matter of Trading on May 17, 2004, in
on an application submitted by Bharti Infotel accordance with SEBI Circular dated April 20,
Private Ltd. and Bharti Enterprises in the matter of 2007. The applicants have remitted sum of
Bharti Healthcare Ltd. (Now known as Capsugel Rs.15,00,000/- (Rupees Fifteen Lakh only) each
Healthcare Ltd.), in accordance with SEBI Circular towards the terms of consent in the matter.
dated April 20, 2007. The applicant has remitted a Ref. : PR No.329/2008 dated December 26, 2008sum of Rs.54,43,254/- (Rupees Fifty Four Lakh
Forty Three Thousand Two Hundred and Fifty Four
only) towards the terms of consent in the matter.
Ref. : PR No.325/2008 dated December 23, 2008APanel consisting of Whole Time Members, SEBI,
Shri M.S. Sahoo and Dr. K.M. Abraham, has
passed consent orders dated December 22, 2008,
on the applications submitted by the following
entities in the matter of dealing in futures and
APanel consisting of Whole Time Members, SEBI, options contracts on the National Stock Exchange
Shri M.S. Sahoo and Dr. K. M. Abraham, has of India Ltd. (NSE), in accordance with SEBI
passed consent order dated December 22, 2008, on Circular dated April 20, 2007. The applicants have
an application submitted by Shri Santosh remitted their respective sums as given below
Gayakwad in the matter of Genus Commutrade towards consent terms in the matter.
Ltd., in accordance with SEBI circular dated April
20,2007. The applicant has remitted a sum of
Rs.25,000/- (Rupees Twenty Five Thousand only)
towards the terms of consent in the matter and also
undertaken that he shall not buy, sell or deal in Ref.: PR No.332/2008 dated December 29, 2008
17. Consent Order against SAM Global
Securities Ltd. and Globe Capital Market Ltd.
15. Consent Order on the application submitted in the matter of Trading on May 17, 2004
by Bharti Infotel Private Ltd. and Bharti
Enterprises in the matter of Bharti Healthcare
Ltd. (Now known as Capsugel Healthcare Ltd.)
18. Consent orders in the matter of dealing in
futures and options contracts on the NSE
16. Consent Order against Shri Santosh
Gayakwad in the matter of Genus
Commutrade Ltd.
Sl.
No
Name of the entity Amount
1 M/s. Ashika Stock Broking Ltd. Rs. 5 Lakh
2 M/s. Raj Corporation Rs. 7.5 Lakh
046
CIRCULARS
1.Cross Margining across Exchange traded
Equity (Cash) and Exchange traded Equity
Derivatives (Derivatives) segments
stock/stock futures, which is a complete
replica of the index in the ratio specified by the
Exchange/Clearing Corporation, shall be
eligible for cross margining benefit.Issued to: Derivative Segments of NSE and BSE
and their Clearing Houses / Corporations. c. The positions in the derivatives segment for
the stock futures and index futures shall be in This is in continuation of SEBI Circular No.the same expiry month to be eligible for crossMRD/DoP/SE/Cir-13/2008 dated May 05, 2008,margining benefit.on the cross margining facility across cash and
derivatives segments for institutional trades. In Computation of cross margin
order to improve the efficiency of the use of the a. To begin with, a spread margin of 25% of themargin capital by market participants, it has now total applicable margin on the eligible off-been decided to revise the existing facility of cross setting positions, as mentioned in para 1 (a)margining and to extend it across cash and above, shall be levied in the respective cashderivatives segments to all categories of market and derivative segments.participants. The features of the revised cross
b. Cross margining benefit shall be computed at margining facility are detailed below:
client level on an online real time basis andPositions eligible for cross margining benefit provided to the trading member / clearing
a. The positions of clients in both the cash and member / custodian, as the case may be, who,
derivatives segments to the extent they offset in turn, shall pass on the benefit to the client.
each other shall be considered for the purpose For institutional investors, however, the cross
of cross margining as per the following margining benefit shall be provided after
priority: confirmation of trades.
i. Index futures position and constituent Separate accounts
stock futures position in derivatives To avail the facility of cross margining, a clientsegment may maintain two accounts with the trading
ii. Index futures position in derivatives member / clearing member, namely arbitrage
segment and constituent stock position in account and a non-arbitrage account, to allow
cash segment converting partially replicated portfolio into a fully
replicated portfolio by taking opposite positions iniii. Stock futures position in derivativestwo accounts. However, for the purpose ofsegment and the position in thecompliance and reporting requirements, thecorresponding underlying in cash segmentpositions across both accounts shall be taken
b. A basket of positions in index constituent
January SEBI BULLETIN 2009
January SEBI BULLETIN 2009
047
together and client shall continue to have unique b. make necessary amendments to the relevant
client code. bye-laws, rules and regulations for the
implementation of the above decision.Settlement
c. specify the legal agreements between theTo begin with, a client may settle through a tradingclearing entities for the purpose of marginmember / clearing member / custodian, as the caseutilisation in case of liquidation/default etc.may be, who is clearing in both the segments or
through two trading members / clearing members / d. bring the provisions of this circular to the
custodians, one of whom is a trading member / notice of the trading members / clearing
custodian in the cash segment and the other is a members/custodians and also to disseminate
clearing member in the derivatives segment. the same on the website.
However, in course of time, a client will settle Ref. : SEBI/DNPD/Cir- 44 /2008 dated December through only one clearing member who is a 02, 2008member in both the segments.
Default
In the event of default by a trading member /
clearing member / custodian, as the case may be,
whose clients have availed cross margining Issued to : All Stock Exchanges,benefit, the Stock Exchange / Clearing Corporation
The Clause 42 of the Listing Agreement requiresshall have the option to:
that every company proposing to issue newa. Hold the positions in the cross margin account securities, shall, as a condition precedent, deposit
till expiry in its own name. before the opening of subscription list and keep
b. Liquidate the positions / collateral in either deposited with the designated exchange, an amount
segment and use the proceeds to meet the calculated at the rate of 1% of the amount of
default obligation in the other segment. securities (hereinafter referred to as 'security
deposit') offered for subscription to the public
and/or to the holders of existing securities of theAgreement
company, as the case may be, for ensuringThe Exchange / Clearing Corporation shall enter compliance by the company, within the prescribedinto agreement with client / clearing member / or stipulated period, of all prevailing requirementstrading member / custodian, as the case may be, of law. The said clause also prescribes that 50% ofclearly laying down the inter-se distribution of such security deposit shall be paid to the Exchangeliability / responsibility in the event of default. in cash and the balance amount can be provided for
by way of a bank guarantee. Further, Clause 16.2.4The Stock Exchanges are advised to:of the SEBI (Disclosure and Investor Protection)
a. put in place the adequate systems and issue theGuidelines, 2000 prescribes that the security
necessary guidelines for implementing thedeposit so deposited with the designated stock
above decision.
2. Maintenance of Security Deposit of 1% of the
amount of securities offered to public/
shareholders by issuer companies with the
designated stock exchanges
January SEBI BULLETIN 2009
048
exchanges can be released by the concerned stock of issue of this circular under intimation to SEBI.
exchange only after obtaining a 'NOC' from SEBI. Further, some stock exchanges have sought advice
It has come to the notice of the SEBI that in many as to whether they can adjust the 1% security
cases, the bank guarantees so kept with the stock deposit against the dues payable to them by the
exchanges under Clause 42 of the listing issuer companies. It is hereby clarified that the
agreement, have expired and the exchanges have stock exchanges shall maintain the said 1%
neither taken any step to prevent such eventuality security deposit at all times and no adjustment
nor to revive the bank guarantees so expired. By against any dues of the company can be permitted.
allowing such bank guarantees to expire, the stock Ref. : MRD/DSA/SE/Cir -34 /2008 December 05,exchanges have compromised with an important 2008mechanism available for redressal of investor
grievances.
In view of the above, the stock exchanges are
hereby directed :Issued to : All Registered Merchant Bankers / Stock
a) to recoup immediately any shortfall in theExchanges
deposit that has been caused due to the expiryIn exercise of the powers conferred underof such bank guarantees by taking either cash
or fresh/re-validated bank guarantees from the sub-section (1) of Section 11 of the Securities and
concerned issuer companies. Exchange Board of India Act, 1992, it has been
decided to amend Chapter XIII-A of the SEBIb) to put in place a system to keep track of the(Disclosure and Investor Protection) Guidelines,bank guarantees furnished to it by the issuer2000 (hereinafter referred to as the “SEBI (DIP)companies. The said system should generateGuidelines”).alerts atleast one month prior to the expiry of
such bank guarantees, so that the stock
exchanges have sufficient time to require thea. Issuance of “Non-convertible Debentures with
issuer companies to provide fresh/renewedWarrants” (i.e., NCDs with warrants) under
bank guarantees in place of the bankChapter XIII-A
guarantees about to expire.The amendments made in Chapter XIII-A of the
c) To invoke such bank guarantees before itSEBI (DIP) Guidelines on “Guidelines for
expires, if any issuer company fails to satisfyQualified Institutions Placement (QIP)” enable a
the shortfall in the deposit amount either bylisted company to make a combined offering of
cash or by fresh/renewed bank guarantees,Non-Convertible Debentures (NCDs) with
within the time frame given in this regard,warrants. Qualified Institutional Buyers (QIBs)
inspite of the said advise from the stockcan subscribe to the combined offering of NCDs
exchange.with warrants or to the individual instruments, i.e.,
These directions shall be implemented by all the either NCDs or warrants, where separate books arestock exchanges within three months from the date run for NCDs/warrants.
3. Amendments to SEBI (Disclosure and
Investor Protection) Guidelines, 2000
January SEBI BULLETIN 2009
049
The company is however required to obtain Ref.: SEBI/CFD/DIL/SE/2008/08/12 dated
relaxation from the applicability of the provisions December 8, 2008
of Rule 19(2)(b), read with Rule 19(4) of the
Securities Contracts (Regulation) Rules, 1957 for
listing/ trading of the warrants.
Ref. : SEBI/CFD/DIL/DIP/33/2008/08/12 datedIssued to : All Mutual Funds Registered with SEBI
December 8, 2008and Association of Mutual Funds in India (AMFI)
In order to further strengthen the framework for
close ended schemes, it has been decided that for all
close ended schemes (except Equity Linked
Savings Schemes) to be launched on or after
December 12, 2008:
Issued to : All Stock Exchanges The units shall be mandatorily listed. The
SEBI has, vide circular no. SEBI/CFD/ provisions in the SEBI (Mutual Funds)
DIL/DIP/33/2008/08/12 dated December 8, 2008, Regulations, 1996 regarding repurchase and re-
amended the SEBI (Disclosure and Investor issue and exemption from listing of units of close
Protection (DIP)) Guidelines, 2000 to permit a ended scheme would be suitably amended in due
listed company to make a combined offering of course.
Non-convertible Debentures (NCDs) with Listing fees shall be a permissible expense to bewarrants through the QIP mechanism, in terms of charged under Regulation 52(4).the provisions of Chapter XIII-Aof the Guidelines.
Trustees shall ensure that before launch of theNCDs and warrants issued pursuant to a combined scheme the in-principle approval for listing hasoffering as mentioned above, can be listed and been obtained from the stock exchange(s) andtraded separately. No relaxation from the appropriate disclosures are made in the Schemeapplicability of the provisions of Rule 19(2)(b) of Information Document.the Securities Contracts (Regulation) Rules, 1957
NAV shall be computed and published on daily(SCRR) shall be required for listing of the NCDs,
basis. It has also been decided that a close endedas this relaxation is available pursuant to
debt scheme shall invest only in such securitiesRegulation 22(b)(i) of the SEBI (Issue and Listing
which mature on or before the date of the maturityof Debt Securities) Regulations, 2008. However,
of the scheme. Schemes for which observationsfor listing and trading of the warrants, relaxation
(final) under Regulation 29 of SEBI (Mutualfrom the applicability of the provisions of the Rule
Funds) Regulations, 1996 have been issued but are19(2)(b) of SCRR is required.
yet to be launched would be required to carry outThe minimum contract value for trading of NCDs/ the changes in Scheme Information Document andwarrants has been set at Rs.1 lacs. The file the same with SEBI before the launch.amendments made vide this circular shall come
Ref. : SEBI/IMD/CIR No. 12/147132/08 datedinto force with immediate effect.
December 11, 2008
5. Review of Provisions relating to Close Ended
Schemes
4. Listing and trading of warrants issued as part
of a Qualified Institutions Placement (QIP)
being a combined issuance of Non-convertible
Debentures with Warrants
January SEBI BULLETIN 2009
050
6. Anti Money Laundering (AML) Standards/
Combating Financing of Terrorism (CFT)/
Obligations of Securities Market Inter-
mediaries under Prevention of Money
Laundering Act, 2002 and Rules framed there-
under- Master Circular onAML/CFT
record of all the transactions; the nature and value
of which has been prescribed in the Rules notified
under the PMLA. Such transactions include:
• All cash transactions of the value of more than
Rs 10 lakhs or its equivalent in foreign
currency.Issued to : all Intermediaries registered with SEBI
• All series of cash transactions integrallyunder section 12 of the SEBI Act. (Through the
connected to each other which have beenstock exchanges for stock brokers, sub-brokers and
valued below Rs 10 lakhs or its equivalent indepositories for depository participants)
foreign currency where such series ofThe Prevention of Money Laundering Act, 2002 transactions take place within one calendar
st(PMLA) was brought into force with effect from 1 month.July 2005. Necessary Notifications / Rules under
• All suspicious transactions whether or not madethe said Act were published in the Gazette of Indiain cash.on July 01, 2005. Subsequently, SEBI issued
The Guidelines laid down the minimumnecessary guidelines vide circular no.
requirements and it was emphasised that theISD/CIR/RR/AML/1/06 dated January 18, 2006 to
intermediaries may, according to theirall securities market intermediaries as registered
requirements, specify additional disclosures to beunder Section 12 of the SEBI Act, 1992. These
made by clients to address concerns of Moneyguidelines were issued in the context of the
Laundering and suspicious transactionsrecommendations made by the Financial Action
undertaken by clients. All intermediaries were alsoTask Force (FATF) on anti-money laundering
advised to ensure that a proper policy framework asstandards. Compliance with these standards by all
per the Guidelines on anti-money launderingintermediaries and the country has become
measures is put into place and to designate animperative for international financial relations.
officer as 'Principal Officer' who would beAs per the provisions of the Prevention of Moneyresponsible for ensuring compliance of theLaundering Act, every banking company, financialprovisions of the PMLA. Names, designation andinstitution (which includes chit fund company, aaddresses (including e-mail addresses) ofco-operative bank, a housing finance institution'Principal Officer' shall also be intimated to theand a non-banking financial company) andOffice of the Director-FIU, 6th Floor, Hotelintermediary (which includes a stock-broker, sub-Samrat, Chanakyapuri, New Delhi 110021, Indiabroker, share transfer agent, banker to an issue,on an immediate basis.trustee to a trust deed, registrar to an issue,
The detailed procedure incorporating the mannermerchant banker, underwriter, portfolio manager,
of maintaining information and matters incidentalinvestment adviser and any other intermediary
thereto for SEBI registered intermediaries, underassociated with securities market and registered
the prevention of Money LaunderingAct, 2002 andunder section 12 of the Securities and Exchange
the Rules made there-under and formats forBoard of India Act, 1992) shall have to maintain a
January SEBI BULLETIN 2009
051
reporting by the intermediaries were also issued attention of their member brokers/ depository
subsequently vide circular reference no. participants and verify compliance during
ISD/CIR/RR/AML/2/06 dated March 20, 2006. inspections.
This Master circular consolidates all the Ref. : ISD/AML/CIR-1/2008 dated December 19,
requirements/obligations issued with regard to 2008
AML/CFT till December 15, 2008. This Circular is
being issued to all the intermediaries as specified at
para 2 above. The circular shall also apply to their
branches and subsidiaries located abroad,Issued to All the Stock Exchanges,especially, in countries which do not or
insufficiently apply the FATF Recommendations, SEBI Board has approved the broad guidelines asto the extent local laws and regulations permit. under, to provide an exit option to such RegionalWhen local applicable laws and regulations Stock Exchanges (RSEs) whose recognition isprohibit implementation of these requirements, the withdrawn and/or renewal of recognition is refusedsame should be brought to the notice of SEBI. In by SEBI and RSEs who may want to surrender theircase there is a variance in KYC/AML standards recognition. In all such cases, an appropriate orderprescribed by SEBI and the regulators of the host will be passed by SEBI.country, branches/overseas subsidiaries of
As per the said guidelines, such RSEs (or theirintermediaries are required to adopt the more
successor entities) may be permitted to retainstringent requirements of the two.
movable and immovable assets and to deal withThis Master circular is being issued in exercise of such assets as they deem fit subject to compliance powers conferred under Section 11 (1) of the with the following conditions:Securities and Exchange Board of India Act, 1992,
1. The Investor Protection Fund, Investorand Rule 7 of Prevention of Money-laundering
Services Fund, 1% security deposit available(Maintenance of Records of the Nature and Value
with such exchanges shall be transferred toof Transactions, the Procedure and Manner of
the SEBI Investor Education and ProtectionMaintaining and Time for Furnishing Information
Fund. The 1% security deposit shalland Verification and Maintenance of Records of the
subsequently be returned to the issuerIdentity of the Clients of the Banking Companies, company in due course on satisfying theFinancial Institutions and Intermediaries) Rules,prescribed conditions.2005 to protect the interests of investors in
2. Statutory dues outstanding to SEBI includingsecurities and to promote the development of, and
to regulate the securities market. 10% of the listing fee and the annual
regulatory fee, shall be transferred to SEBI.All the registered intermediaries are directed to
ensure compliance with the requirements 3. Consequent upon de-recognition, the trading
contained in this Master Circular on an immediate members of such exchanges shall cease to bebasis. Stock exchanges and depositories are also trading members and therefore liable to be de-directed to bring the contents of this circular to the registered as stock brokers, and their
7. Guidelines in respect of exit option to
Regional Stock Exchanges
January SEBI BULLETIN 2009
certificate of registration granted by SEBI 7. In case of sale/distribution/transfer of
shall accordingly stand automatically assets/winding up of such exchanges/
cancelled. companies, the relevant provisions of the
various laws such as Income Tax Act, 1961,4. The brokers/trading members of such de-the Companies Act, 1956, Stamp Act, etc.recognised stock exchanges shall be liable towould apply. SEBI would inform thepay SEBI registration fees as per Schedule IIIconcerned State Governments aboutof the SEBI (Stock Brokers and Sub Brokers)derecognition of a Stock Exchange.Regulations, 1992 till the date of such de-
recognition. Dues of the brokers to SEBI shall 8. The companies which are listed in such de-
be recovered by the exchange out of the recognised RSEs and also listed in any other
brokers' deposits / capital / share of sale stock exchange(s) may continue to remain
proceeds / winding up proceeds / dividend listed in the other stock exchange(s). In case
payable, etc. available with the exchange and of companies exclusively listed on those de-
transferred to SEBI. recognised stock exchanges, it shall be
mandatory for such companies to either seek5. In case the stock exchange, after de-listing at other stock exchanges or provide forrecognition, continues as a corporate entityexit option to the shareholders as per SEBIunder the Companies Act, 1956, it shall notDelisting Guidelines / Regulations afteruse the expression 'stock exchange' or anytaking shareholders' approval for the same,variant in its name or in its subsidiaries namewithin a time frame, to be specified by SEBI,so as to avoid any representation of anyfailing which the companies shall standpresent or past affiliation with the stockdelisted through operation of law.exchange.
9. The stock exchange shall set aside sufficient6. The subsidiaries of de-recognised stockfunds in order to provide for settlement of anyexchanges may continue to function as anyclaims, pertaining to pending arbitrationother normal broking entity with a suitablecases, arbitration awards, not implemented, ifchange of name so as to avoid anyany, liabilities/claims of contingent nature, ifrepresentation of any present or pastany, and unresolved investors complaints/affiliation with the stock exchange. Further,grievances lying with the exchange.the additional conditions specified by SEBI
vide circulars dated November 26, 1999 Ref.: MRD/DoP/SE/Cir- 36 /2008 dated December
dated December 16, 1999 would not apply to 29, 2008
the said broking entity. (For details, please refer to http://www.sebi.gov.in)
052
January SEBI BULLETIN 2009
053
1. New Measures to Provide more Transparency
for Municipal Bond Investors
2. SEC Improves Protections for Seniors and
Other Investors in Equity-IndexedAnnuities
3. SEC Approves Interactive Data for Financial
Reporting by Public Companies, Mutual Funds
resources already are available on EMMA at
www.emma.msrb.org.
The Securities Exchange Commission (SEC), USA In order to provide adequate transition time, the
has approved measures on the municipal securities SEC's rule amendments and the MSRB's rule
market by tapping the power of the Internet. For the change will be effective from July 1, 2009.
first time, investors will have a free, one-stop way
to find municipal bond information online to help
them make investment decisions.
The SEC has worked with the Municipal SecuritiesThe SEC, USA approved a new rule to help protect
Rulemaking Board (MSRB) to correct a glaringseniors and other investors from fraudulent and
deficiency in the $2.6 trillion municipal market, inabusive practices that can occur in the sale of
which two-thirds of the securities are owned byequity-indexed annuities.
individual investors. Unlike investors in corporateThe rule that the SEC approved establishes, on asecurities who have direct access to free company prospective basis, the standards for determininginformation through the SEC's EDGAR system,when equity-indexed annuities are considered notaverage investors in municipal securities currentlyto be annuity contracts under the securities lawshave no free and convenient way to get importantand thus subject to the investor protections againstinformation about the municipal bonds in whichfraud and misrepresentation, limiting the potentialthey invest. The rule amendments approved by thefor sales practice abuses in the promotion of equity-SEC designate the MSRB as the central repositoryindexed annuities to older investors. The SEC'sfor ongoing disclosures by municipal issuers.new rule defines the terms "annuity contract" andUnder a separate MSRB rule change, its Electronic"optional annuity contract" under the SecuritiesMunicipal Market Access (EMMA) system wouldAct of 1933. The rule clarifies the status under themake these disclosures available to investors in thefederal securities laws of equity-indexed annuities,same manner that the SEC's EDGAR system doesunder which payments to the purchaser arefor corporate disclosures.dependent on the performance of a securities index.
EMMA will operate as a consolidated, online
portal where investors can instantly access, for
free, all of the key information produced by
municipal bond issuers about their bonds. Offering
documents, real-time trade prices, and education The SEC has voted to require public companies and
HIGHLIGHTS OF DEVELOPMENTS ININTERNATIONAL SECURITIES MARKETS
January SEBI BULLETIN 2009
mutual funds to use interactive data for financial
information, which has the potential to increase the
speed, accuracy and usability of financial The Hong Kong Securities and Futuresdisclosure and eventually reduce costs for Commission (SFC) has issued a circular informinginvestors. For public companies, interactive data the industry of a phased approach to implementingfinancial reporting will occur on a phased-in revised advertising guidelines for marketingschedule beginning next year. All U.S. public materials of collective investment schemes (CIS)companies will have filed interactive data financial authorised by the SFC.information by December 2011 for use by
The revised advertising guidelines enhanceinvestors.
disclosure in CIS marketing materials, codifyMutual fund investors will begin reaping the regulatory practices and facilitate post-vetting ofbenefits of interactive data starting in 2011. Mutual marketing materials. All new marketing materialsfunds will be required to begin including data tags will be required to comply with these newin their public filings that supply investors with guidelines with effect from 1 January 2009.such information as objectives and strategies, risks,
In order to accommodate practical difficultiesperformance, and costs. This will allow investors to
faced by the industry in updating existingcompare more than 8,000 mutual funds at the click
marketing materials, the SFC has agreed to adoptof a mouse. A mutual fund also would be required
administrative measures to allow the updating ofto post the interactive data on its Web site, if it
these materials over a period up to 31 March 2009.maintains one.
4. SFC provides guidance on revised advertising
guidelines
054
ANNEXURES AND STATISTICAL TABLES
Annexures
1 A. Company-wise Capital Raised though Public and Rights Issues during 2008December
Statistical Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
SEBI Registered Market Intermediaries
January SEBI BULLETIN 2009
055
1 B. Company-wise Capital Raised though Qualified Institutions' Placement (QIP) during December 2008
1 C. (ii) Shares listed at NSE under Preferential Basis during 2008December
2. Rating Assigned to IPOs during December 2008
Company-wise Capital Raised though Public and Rights Issues
Capital Raised from the Primary Market through Qualified Institutions' Placement (QIP)
Industry-wise Classification of Capital Raised through Public and Rights Issues
Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues
Size-wise Classification of Capital Raised through Public and Rights Issues
Distribution of Turnover on Cash Segments of Exchanges
Cash Segment of BSE
Cash Segment of NSE
Trends in Cash Segment of BSE, December 2008
Trends in Cash Segment of NSE, December 2008
Turnover and Market Capitalisation at BSE and NSE, December 2008
Component Stocks: BSE Sensex, December 2008
Component Stocks: S&P CNX Nifty index, December 2008
Volatility of Major Indices
City-wise Distribution of Turnover on Cash Segments of BSE and NSE
Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)
Trading Frequency in Cash Segment of BSE and NSE
Percentage Share of Top 'N' Securities/Members in Turnover of Cash Segment
Settlement Statistics for Cash Segment of BSE
Settlement Statistics for Cash Segment of NSE
Derivatives Segment at BSE
Derivatives Segment at NSE
Derivatives Trading at NSE, December 2008
Settlement Statistics in Derivatives Segment at BSE and NSE
1 C. (i) Shares listed at BSE under Preferential Basis during 2008December
3 A. Open Offer under SEBI takeover Code during 2008December
3 B. Buyback documents filed with SEBI during 2008December
056
N.B.:1. NA = Not Applicable/Available.2. 1 crore = 10 million = 100 lakh.3. The total provided in the Annexures and Statistical Tables may not always match with the sum total of
the break-ups due to decimal differences.4. The data for the current month is provisional.
26.
27.
28.
29.
30.
31.
32.
33.A
33.B
34.
35.
36.
37.
38.
Trends in Trading in the Corporate Debt Market
January SEBI BULLETIN 2009
Trading Statistics of Currency Futures Segment
Daily Trends of Currency Futures , 2008Segment December
Settlement Statistics of Currency Futures Segment
Trends in Foreign Institutional Investment
Daily Trends in 2008Foreign Institutional Investment, December
Trends in Resource Mobilisation by Mutual Funds
Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended
Scheme-wise Resource Mobilisation by Mutual Funds
Trends in Transactions on Stock Exchanges by Mutual Funds
Assets under the Custody of Custodians
Substantial Acquisition of Shares and Takeovers
Progress of Dematerialisation at NSDL and CDSL
39.
40. Macro-economic Indicators
41. Daily Return and Volatility: Select World Stock Indices
057
Annexure 1 A: Company-wise Capital Raised through Public & Rights Issues during December 2008
Annexure 1B : Company-wise Capital Raised through Qualified Institutions'Placement (QIP) during December 2008
January SEBI BULLETIN 2009
SL.
No.
Name of the Issuer/
Company
Date of
Opening
Type of
Issue
Type of
Instrument
No. of
Shares
Issued
Par Value
(Rs. )
Premium
Value
( Rs.)
Size of Issue
(Rs. crore)
1 2 3 4 5 6 7 8 9
1 Sumeet Industries Limited 08-Dec-08 Rights Equity 20122930 10 5 30.18
2 Dish TV India Limited 12-Dec-08 Rights Equity 518149592 1 21 1139.93
3 Thomas Cook (India) Limited 31-Dec-08 Rights Equity 56278554 1 34.5 199.79
Sr.No.
Name of the
Company
Date of
Shareholder
Meeting
Relevant
Date
Allotment
Date
Name of the Merchant Banker
Instrument
Type
No. of
Allotees
Issue Price
( Rs.)
Total
Shares
Allotted
Issue Size
(Rs. crore)
1 2 3 4 5 6 7 8 9 10 11
1 IBN18 Broadcast
Limited
1-Oct-2008 19-Nov-2008 N.A. JM Financial Consultants
Private Limited, Antique
Capital Markets Private
Limited, HSBC Securities and
Capital Markets (India) Private
Limited
Equity
shares
13 102 11204508 114.28598
Source : BSE, NSE
058
Annexure 1C(i) : Shares Listed at BSE under Preferential Basis during December 2008
January SEBI BULLETIN 2009
Sr.
No.
Company Name Date of
Shareholders
Meeting
Relevant Date Instrument
(Warrants /
PCDs / Equity
shares)
Category of
Allottee
No. of
Allo-ttees
No. of
Securities
Issued
Issue Price
(Rs.)
Issue Size
(Rs.crore)
1 2 3 4 5 6 7 8 9 10
1 Agro Dutch Industries Ltd. 20-Nov-06 21-Oct-06 Warrants Promoter 4 1,675,000 27.02 4.526
2 Ansal Housing & Construction Ltd 12-Jan-08 13-Dec-07 Equity Shares Non-promoter 3 150,000 225.00 3.375
3 Ansal Housing & Construction Ltd 20-Dec-07 20-Nov-07 Warrants Promoter 4 711,300 208.00 14.795
4 Arihant Foundation & Housing Ltd. 23-Oct-07 23-Sep-07 Warrants Promoter 2 50,000 456.74 2.284
5 BAG Films & Media Ltd. 13-02-07 14-Jan-07 Warrants Promoter 1 4,600,000 10.72 4.931
6 Blue Chip Tex Industries Ltd 28-04-95 8-Apr-95 Equity shares Promoter/Non-promoter
26 730,100 14.63 1.068
7 Blue Coast Hotels and Resorts Ltd 18-Aug-08 19-Jul-08 Equity Shares Non-promoter 2 2,312,162 185.00 42.775
8 Cable Corporation of India Ltd 23-Sep-08 24-Aug-08 Equity Shares Promoter 2 2,000,000 30.00 6.000
9 Gandhinagar Hotels Ltd. 10-Oct-07 10-Sep-07 Warrants Promoter/Non-promoter
10 525,000 27.31 1.434
10 The Great Eastern Shipping Company Ltd 26-Jul-07 26-Jun-07 Warrants Non-promoter 1 10,000 312.73 0.313
11 Gujarat Terce Laboratories Ltd 15-May-08 15-Apr-08 Equity Shares Promoter/Non-promoter
7 1,025,000 10.00 1.025
12 IOL Chemicals & Pharmaceuticals Ltd 23-Jul-07 23-Jun-07 Warrants Promoter 1 1,330,500 41.85 5.568
13 IOL Chemicals & Pharmaceuticals Ltd 22-Oct-07 22-Sep-07 Warrants Non-promoter 1 1,100,000 68.24 7.506
14 Jhunjhunwala Vanaspati Ltd. 29-Sep-07 30-Aug-07 Equity shares Non-promoter 1 403,100 76.28 3.075
15 Kirloskar Ferrous Industries Ltd 2-Jan-07 3-Dec-06 Warrants Non-promoter 2 290 35.00 0.001
16 Mac Charles ( India) Ltd 26-Dec-00 26-Nov-00 Equity Shares Promoter 1 100,000 23.28 0.233
17 Mayur Uniquoters Ltd 3-Aug-07 4-Jul-07 Warrants Promoter/Non-promoter
2 206,600 38.00 0.785
18 National Plastic Technologies Ltd. 30-Sep-08 31-Aug-08 Equity shares Promoter 1 410,000 11.81 0.484
19 Sah Petroleums Ltd 17-Nov-08 18-Oct-08 Equity Shares Promoter 1 12,000,000 26.65 31.980
20 Salzer Electronics Ltd. 28-Mar-07 26-Feb-07 Warrants Promoter/Non-promoter
2 249,192 96.12 2.395
21 Shakti Pumps (India) Ltd 11-Nov-06 12-Oct-06 Warrants Promoter/Non-promoter
2 851,000 112.29 9.556
22 Shilpa Medicare Ltd. 22-Jan-07 23-Dec-06 Warrants Promoter 4 750,000 76.04 5.703
23 Shiva Fertilizers Ltd. 4-Mar-08 3-Feb-08 Equity shares Promoter/Non-promoter
7 993,000 24.16 2.399
24Shree Krishna Paper Mills & Industries
Ltd26-Sep-08 27-Aug-08 Equity shares Non-promoter 1 1,400,000 15.86 2.220
25 Sujana Universal Industries Ltd. 23-Jul-08 23-Jun-08 Debentures Non-promoter 1 4,979,253 24.10 12.000
26 Sunteck Realty Ltd. 29-Nov-06 30-Oct-06 Warrants Promoter 1 400,000 78.50 3.140
27 Vijay Shanthi Builders Ltd. 18-Dec-06 18-Nov-06 Warrants Promoter 2 630,000 56.00 3.528
28 Western India Shipyard Ltd 31-Oct-08 1-Oct-08 Equity shares Non-promoter 1 3,720,500 12.39 4.610
* Minimum applicable price as per Auditors Certificate is prior to face value split and the Issue Price is post face value split
** Minimum applicable price as per Auditors Certificate is prior to bonus and the Issue Price is post bonus
Source: BSE
059
Annexure 1C(ii) : Shares Listed at NSE under Preferential Basis during 2008December
January SEBI BULLETIN 2009
Sr.
No.
Company Name Date of
Shareholders
Meeting
Relevant
Date
Instrument
(Warrants /
PCDs / Equity
shares)
Category of
Allottee
No. of
Allottees
No. of
Securities
Issued
Issue
Price
(Rs.)
Issue Size
(Rs.crore)
1 2 3 4 5 6 7 8 9 10
1 Ansal Housing and Construction Ltd. 20-Dec-07 20-Nov-07 Warrants Promoter 4 711300 208.00 14.795
2 Arihant Foundations & Housing Ltd 23-Oct-07 24-Sep-07 Warrants Promoter 2 50000 460.00 2.300
3 Blue Coast Hotels and Resorts Ltd. 18-Aug-08 19-Jul-08 Equity shares Non-promoter 1 1150000 185.00 21.275
4 Blue Coast Hotels and Resorts Ltd. 18-Aug-08 19-Jul-08 Equity shares Non-promoter 1 1162162 185.00 21.500
5 The Great Eastern Shipping Co. Ltd. 26-Jul-07 26-Jun-07 Warrants Non-promoter 1 10000 312.75 0.313
6 Hikal Ltd. 30-Jul-08 30-Jun-08 Equity shares Non-promoter 1 1360000 474.00 64.464
7 IFB Agro Industries Ltd 29-Aug-08 30-Jul-08 Equity shares Promoter 1 300000 67.00 2.010
8 IFB Industries Ltd. 06-Aug-08 07-Jul-08 Equity shares Promoter 1 1850000 47.00 8.695
9 Ind-Swift Laboratories Ltd. 23-Feb-07 23-Jan-07 Warrants Promoter 1 322000 70.00 2.254
10 JIK Industries Ltd. BIFR NA Equity shares Promoter 1 5102010 10.00 5.102
11 Karuturi Global Ltd. * 02-Jun-07 01-May-07 Warrants Promoter 4 47000000 16.50 77.550
12 Rohit Ferro-Tech Ltd. 09-Oct-07 09-Sep-07 Warrants Non-promoter 3 2545000 43.00 10.944
13 Sah Petroleums Ltd. 17-Nov-08 18-Oct-08 Equity shares Promoter 1 12000000 26.65 31.980
14 Suryajyoti Spinning Mills Ltd. 20-Sep-08 21-Aug-08 Equity shares Non-promoter 1 1300200 50.00 6.501
15 Vijay Shanthi Builders Ltd. 18-Dec-06 17-Nov-06 Warrants Promoter 2 630000 56.00 3.528
* Minimum applicable price is as per auditors certificate post-bonus issue and prior to face value split from Rs.10 to Re.1/-
** Minimum applicable price as per Auditors Certificate is prior to bonus and the Issue Price is post bonus
Source : NSE
060
Annexure 2 : Rating Assigned to IPOs during December 2008
January SEBI BULLETIN 2009
Name of the
Company
Credit Rating
Agencies
Rating
Assigned
Size of Issue
(Rs. crore)
1 2 3 4
Edserv Softsystems Ltd. CARE 1/5 23.46
Source: Credit Rating Agencies
Note : 5/5 : Strong fundamentals; 4/5 : Above average fundamentals; 3/5 : Average
fundamentals; 2/5 : Below average fundamentals; 1/5 : Poor fundamentals
061
Annexure 3A : Open Offers under SEBI Takeover Code during 2008December
January SEBI BULLETIN 2009
No. of
Shares
% of
Equity
Capital
1 2 3 4 5 6 7 8
1 Indusvista Ventures Ltd. (Formerly
Aridhi Hi-Tech Industries Ltd)
Finaventure Advisory Services
(India) Pvt Ltd.14-Nov-08 03-Dec-08 713098 20 25.50
2 Shaktiman Constructions Ltd
(Formerly Shaktiman Mercantile Co.
Ltd.)
Shri Ashok Bhanwarlal Chhajer
And Smt. Sangeeta19-Nov-08 08-Dec-08 49800 20 12.00
3 Melstar Information Technologies Ltd Godavari Corporation Private Ltd. 19-Nov-08 08-Dec-08 2856628 20 15.00
4 Pushkar Banijya Ltd Mr Pawan Kumar Chandak &
Pacs19-Nov-08 08-Dec-08 995800 20 84.00
5 Monotona Securities Ltd (Formerly
Palladium Trading & Agencies Ltd) M/S. Pan Infosystems Private Ltd. 26-Nov-08 15-Dec-08 74800 20 40.00
6 Avon Organics Ltd. Arch Pharmalabs Ltd. 03-Dec-08 22-Dec-08 4500000 20 21.85
7 Natraj Financial And Services Ltd
(Formerly Natraj Commercial
Enterprises Ltd)
Balaji Bullions & Commodities
(I) P. Ltd & Others10-Dec-08 29-Dec-08 900000 20 41.00
Offer Size Offer
Price
(Rs.)
Sl.No.
Target Company Acquirer Offer
Opening
Date
Offer
Closing
Date
062
Annexure 3B: Buyback Documents Filed with SEBI during 2008December
January SEBI BULLETIN 2009
Sl.No
Company Mode of Buyback Maximum
Price
Payable
( Per Share)
Maximum
Considerati
on Payable
(Rs. lakh)
Date of
Filing
of Public
Notice / PA
Date of
Opening
of Offer
Date of
Closing
of Offer
1 2 3 4 5 6 7 8
1 Godrej Consumer Products Ltd. Open market through Stock Exchange 150 1490 1-Dec-08 4-Dec-08 40141
2 The Supreme Industries Ltd. Open market through Stock Exchange 125 2457.2 1-Dec-08 8-Dec-08 40142
3 Jindal Poly Films Ltd. Open market through Stock Exchange 350 15000 2-Dec-08 10-Dec-08 40053
4 E.I.D. Parry (India) Ltd. Open market through Stock Exchange 160 4684 3-Dec-08 15-Dec-08 40114
5 India Infoline Ltd. Open market through Stock Exchange 43.2 9891 8-Dec-08 18-Dec-08 40145
6 Bosch Ltd. Open market through Stock Exchange 4500 63920 8-Dec-08 15-Dec-08 40109
7 Supreme Petrochem Ltd. Open market through Stock Exchange 14 1050 18-Dec-08 24-Dec-08 40151
8 Binani Metals Ltd. Tender Offer 4500 105.75 23-Dec-08 3-Feb-09 39876
9 Nava Bharat Ventures Ltd. Open market through Stock Exchange 170 5000 23-Dec-08 6-Jan-09 40158
063
Table 1: SEBI Registered Market Intermediaries/Institutions
January SEBI BULLETIN 2009
2005 2006 2007 2008
1 2 3 4 5 6 7
Stock Exchanges (Cash Market) 22 22 21 19 19 19
Stock Exchanges (Derivatives Market) 2 2 2 2 2 2
Brokers (Cash Segment)* 9,128 9,335 9,443 9,487 9,594 9,609
Corporate Brokers (Cash Segment) 3,773 3,961 4,110 4,190 4,275 4,286
Brokers (Derivative) 994 1,120 1,258 1,442 1,546 1,557
Brokers (Currency Futures) NA NA NA NA 959 1,029
Sub-brokers (Cash Segment) 13,684 23,479 27,541 44,074 56,179 56,585
Foreign Institutional Investors 685 882 996 1,319 1,581 1,594
Sub-accounts 1,889 2,488 2,922 3,964 4,824 4,872
Custodians 11 11 15 15 16 16
Depositories 2 2 2 2 2 2
Depository Participants 477 526 593 654 683 696
Merchant Bankers 128 130 152 155 132 132
Bankers to an Issue 59 60 47 50 52 52
Underwriters 59 57 45 35 20 20
Debenture Trustees 35 32 30 28 29 29
Credit Rating Agencies 4 4 4 5 5 5
Venture Capital Funds 50 80 90 106 130 131
Foreign Venture Capital Investors 14 39 78 97 100 116
Registrars to an Issue & Share Transfer Agents 83 83 82 76 70 70
Portfolio Managers 84 132 158 205 229 230
Mutual Funds 39 38 40 40 43 43
Collective Investment Schemes 0 0 0 0 0 0
Approved Intermediaries (Stock Lending Schemes) 3 3 3 2 2 3
STP (Centralised Hub) 1 1 1 1
STP Service Providers 4 2 2 2
*The data on brokers includes that of Mangalore ,Hyderabad and Saurashtra Kutch stock exchanges, which have been de-recognised by
SEBI.
As on
December
31,
2008
Market Intermediaries
As on March 31 As on
November
30,
2008
064
January SEBI BULLETIN 2009
Ta
ble
2:
Ca
pit
al
Ra
ised
fro
mth
eP
rim
ary
Ma
rket
thro
ug
hP
ub
lic
an
dR
igh
tsIs
sues
(Rs.
crore
)
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
12
34
56
78
910
1112
13
14
15
16
17
18
19
20
21
2004-0
560
28,2
56
34
24,6
40
26
3,6
16
37
14,5
07
23
13,7
49
6420
49
23,9
68
00
53,8
67
00
2005-0
6139
27,3
82
103
23,2
94
36
4,0
88
60
16,4
46
79
10,9
36
10
372
128
27,0
00
00
00
110
2006-0
7124
33,5
08
85
29,7
96
39
3,7
10
47
5,0
02
77
28,5
04
212
119
32,8
89
00
2356
1249
2007-0
8124
87,0
29
92
54,5
1132
32,5
18
39
44,4
34
85
42,5
95
7387
113
79,3
52
25,6
87
21,6
03
00
2008-0
9(A
pr-
Dec
)41
14,0
56
20
2,0
59
21
11,9
98
21
11,9
97
20
2,0
59
478
36
13,5
30
00
1448
00
Apr-
08
2439
114
1425
1425
114
00
2439
00
00
00
May
-08
4307
4307
00
00
4307
00
4307
00
00
00
Jun-0
89
1,2
85
81,2
72
113
113
81,2
72
114
81,2
71
00
00
00
Jul-
08
5296
2128
3168
3168
2128
00
5296
00
00
00
Aug-0
85
368
2262
3106
3106
2262
115
4353
00
00
00
Sep
-08
89,7
15
249
69,6
66
69,6
66
249
17
69,2
59
00
1448
00
Oct
-08
3129
126
2102
2102
126
142
287
00
00
00
Nov-0
82
148
00
2148
2148
00
00
2148
00
00
00
Dec
-08
31,3
70
00
31,3
70
31,3
70
00
00
31,3
70
00
00
00
Bo
nd
sC
CP
SE
qu
itie
s
At
Par
At
Pre
miu
m
Inst
rum
ent-
wis
e
Pu
bli
cT
ota
lO
ther
sY
ear/
Mon
th
Cate
gory
-wis
e
IPO
sL
iste
dR
igh
ts
Issu
er-t
yp
e
065
January SEBI BULLETIN 2009
Table 3 : Capital raised from the Primary Market through QIPs
No Amount
(Rs. crore)
No Amount
(Rs. crore)
No Amount
(Rs. crore)
1 2 3 4 5 6 7
2006-07 21 4,530 25 4,963 25 4,963
2007-08 34 24,679 36 25,525 36 25,525
2008-09 (Apr-Dec) 2 189 1 75 2 189
Apr-08 0 0.00 0 0 0 0
May-08 0 0.00 0 0 0 0
Jun-08 0 0.00 0 0 0 0
Jul-08 0 0.00 0 0 0 0
Aug-08 1 75.00 1 75 1 75
Sep-08 0 0.00 0 0 0 0
Oct-08 0 0.00 0 0 0 0
Nov-08 0 0.00 0 0 0 0
Dec-08 1 114 0 0 1 114
Source : BSE , NSE
NSE BSE
Month
Total
066
Table 4: Industry-wise Classification of Capital Raised through Public and Rights Issues(Rs.crore)
January SEBI BULLETIN 2009
No. Amount No. Amount No. Amount No. Amount No. Amount
1 2 3 4 5 6 7 8 9 10 11
Banking/FIs 5 2,190 6 30,955 0 0 0 0 0 0
Cement & Construction 13 2,747 27 18,905 3 80 0 0 0 0
Chemical 5 147 8 661 3 58 0 0 0 0
Electronics 9 480 4 684 0 0 0 0 0 0
Engineering 2 465 5 378 0 0 0 0 0 0
Entertainment 8 1,219 2 403 2 1,156 0 0 1 1140
Finance 9 2,765 7 1,773 1 448 0 0 0 0
Food Processing 9 634 2 100 0 0 0 0 0 0
Health Care 2 208 3 542 3 144 0 0 0 0
Information Technology 12 2,077 10 691 1 42 0 0 0 0
Paper & Pulp 1 15 1 35 0 0 0 0 0 0
Plastic 3 106 5 211 0 0 0 0 0 0
Power 1 30 4 13,709 2 959 0 0 0 0
Printing 2 121 0 0 0 0 0 0 0 0
Telecommunication 3 2,994 2 1,000 2 100 0 0 0 0
Textile 15 1,064 7 442 4 260 0 0 1 30
Others * 25 16,246 31 16,541 20 10,809 2 148 1 200
Total 124 33,508 124 87,029 41 14,056 2 148 3 1,370
*: Tata Steel is included in others for the month of November 2007.
Nov - 20082007-08
Industry
2006-072008-09
(Apr-Dec)Dec - 2008
067
January SEBI BULLETIN 2009(R
s.cr
ore
)
Ta
ble
5:
Sec
tor-
wis
ea
nd
Reg
ion
-wis
eD
istr
ibu
tio
no
fC
ap
ita
lM
ob
ilis
edth
rou
gh
Pu
bli
ca
nd
Rig
hts
Issu
es
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
t
12
34
56
78
91
011
12
13
14
15
20
04
-05
60
28
,25
65
51
7,1
62
511
,09
48
8,7
25
72
04
34
17
,95
111
1,3
77
20
05
-06
13
92
7,3
82
13
12
0,1
99
87
,18
33
05
,38
91
31
,49
55
61
4,9
63
40
5,5
35
20
06
-07
12
43
3,5
08
12
23
1,7
28
21
,77
92
83
,67
35
16
55
52
2,9
64
36
6,7
06
20
07
-08
12
48
7,0
29
12
06
7,3
114
19
,71
82
21
6,5
26
111
,09
35
56
4,1
39
36
5,2
70
20
08
-09
(Ap
r-D
ec)
41
14
,05
64
11
4,0
56
00
51
,40
24
30
31
91
0,7
34
13
1,6
16
Ap
r-0
82
43
92
43
90
00
00
00
02
43
9
May
-08
43
07
43
07
00
00
00
220
12
10
6
Jun
-08
91
,28
59
1,2
85
00
12
21
13
43
32
39
18
Jul-
08
52
96
52
96
00
211
00
01
12
82
58
Au
g-0
85
36
85
36
80
00
02
23
02
13
51
3
Sep
-08
89
,71
58
9,7
15
00
00
00
79
,69
01
25
Oct
-08
31
29
31
29
00
00
16
00
02
68
No
v-0
82
14
82
14
80
01
13
00
01
18
00
Dec
-08
31
,37
03
1,3
70
00
11
,14
00
02
23
00
0
*Jo
int
sect
or
issu
es,
ifan
y,h
ave
bee
ncl
ubbed
wit
hpri
vat
ese
ctor
for
the
resp
ecti
ve
per
iod.
Yea
r/
Mo
nth
To
tal
Sec
tor-
wis
e
Pu
bli
cP
rivate
*
Reg
ion
-wis
e
So
uth
ern
Wes
tern
Ea
ster
nN
ort
her
n
068
(Rs. crore)
Table 6: Size-wise Classification of Capital Raised through Public and Rights Issues
January SEBI BULLETIN 2009
No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount
1 2 3 4 5 6 7 8 9 10 11 12 13
2004-05 60 28,256 2 3 5 44 17 461 11 723 25 27,025
2005-06 139 27,382 6 20 4 32 47 1,325 33 2,189 49 23,815
2006-07 124 33,508 3 10 6 45 40 1,129 31 2,386 44 29,938
2007-08 124 87,029 4 16 1 6 33 920 25 1,669 61 84,418
2008-09 (Apr-Dec) 41 14,056 1 3 1 7 18 455 9 1,222 12 12,368
Apr-08 2 439 0 0 0 0 1 14 0 0 1 425
May-08 4 307 0 0 0 0 1 26 2 142 1 140
Jun-08 9 1,285 0 0 0 0 5 136 1 69 3 1,081
Jul-08 5 296 0 0 0 0 3 82 1 86 1 128
Aug-08 5 368 1 3 0 0 1 15 1 87 2 262
Sep-08 8 9,715 0 0 1 7 3 66 1 448 3 9,194
Oct-08 3 129 0 0 0 0 2 68 1 60 0 0
Nov-08 2 148 0 0 0 0 1 18 1 130 0 0
Dec-08 3 1,370 0 0 0 0 1 30 1 200 1 1,140
Year/
Month
≥ 10 cr. - < 50 cr. ≥ 50 cr. - < 100 cr. ≥ 100 cr.Total < 5 cr. ≥ 5cr. - < 10cr.
069
(Rs.crore)
Table 7: Distribution of Turnover on Cash Segments of Exchanges
January SEBI BULLETIN 2009
Stock Exchanges 2004-05 2005-06 2006-07 2007-082008-09
(Apr-Dec)Nov-08 Dec-08
1 2 3 4 5 6 7 8
Ahmedabad 0 0 0 0 0 0 0
Bangalore 0 0 0 0 0 0 0
Bhubaneshwar 0 0 0 0 0 0 0
BSE 5,18,715 8,16,074 9,56,185 15,78,857 9,05,445 63,694 80,866
Calcutta 2,715 2,800 694 446.00 NA NA NA
Cochin 0 0 0 0 0 0 0
Coimbatore 0 0 0 0 0 0 0
Delhi 0 0 0 0 0 0 0
Gauhati 0 0 0 0 0 0 0
Hyderabad 14 89 92 0 0 0 0
ISE 0 0 0 0 0 0 0
Jaipur 0 0 0 0 0 0 0
Ludhiana 0 0 0 0 0 0 0
Madhya Pradesh 0 0 0 0 0 0 0
Madras 27 5 2 0 0 0 0
Magadh (Patna) 0 91 0 0 0 0 0
NSE 11,40,072 15,69,558 19,45,287 35,51,038 22,08,183 1,73,123 2,12,956
OTCEI 0.01 0.01 0 0 0 0 0
Pune 0.3 0 0 0 0 0 0
SKSE 0 0 0 0 0 0 0
Uttar Pradesh 5,343 1,486 799 475 NA NA 3
Vadodara 0 0 0 0 0 0
N.A: Not Available
Source: Various Exchanges
070
January SEBI BULLETIN 2009
Tab
le8:
Cash
Seg
men
tof
BS
E
45
67
89
1011
1213
14
6,89
725
32,
382
2,37
44,
77,1
715,
18,7
152,
050
21,8
494,
31,3
074,
51,0
8016
,98,
428
7,31
125
12,
548
2,64
06,
64,4
558,
16,0
743,
251
30,9
116,
45,0
617,
90,4
4630
,22,
190
7,56
124
92,
641
3,46
25,
60,7
779,
56,1
853,
840
27,6
185,
58,0
689,
52,0
2535
,45,
041
7,68
125
12,
709
5,30
39,
86,0
1015
,78,
857
6,29
029
,771
9,84
,081
15,7
4,72
951
,38,
014
7,72
718
42,
565
4,20
95,
61,9
539,
05,4
454,
921
21,5
105,
61,6
829,
05,2
4231
,44,
767
7,79
320
2,77
347
567
,672
1,15
,454
5,77
324
,316
67,6
281,
15,4
7057
,94,
292
7,86
720
2,77
148
872
,891
1,21
,670
6,08
424
,949
72,8
431,
21,7
0754
,28,
878
7,89
921
2,69
747
860
,944
1,13
,605
5,41
023
,750
60,8
991,
13,5
5643
,75,
021
7,91
323
2,70
155
775
,115
1,23
,916
5,38
822
,241
75,1
091,
23,9
0247
,32,
544
7,70
220
2,75
844
660
,455
99,9
244,
996
22,3
8360
,415
99,8
7247
,78,
864
7,68
521
2,69
945
154
,883
1,08
,090
5,14
723
,947
54,8
611,
08,0
8641
,65,
387
7,70
520
2,59
943
152
,032
78,2
273,
911
18,1
5852
,020
78,2
0829
,97,
259
7,73
718
2,41
439
850
,354
63,6
943,
539
15,9
8450
,325
63,6
1828
,18,
964
7,72
721
2,56
548
467
,607
80,8
663,
851
16,6
9867
,582
80,8
2331
,44,
767
#B
SESe
nsex
com
men
ced
from
Janu
ary
219
86.
##B
SE-1
00In
dex
com
men
ced
from
Apr
il3
1984
.
Mar
ket
Cap
i-ta
lisat
ion
(Rs.
cr.)
*
Ave
rage
Dai
ly
Turn
ove
(Rs.
cr.)r
Ave
rage
Tra
de
Size
(Rs.
)
Dem
at
Secu
riti
eT
rade
ds
(Lak
h)
Dem
at
Turn
over
(Rs.
cr.)
No.
of
Scri
ps
Lis
ted
*
No.
of
Tra
ding
Day
s
No.
of
Scri
ps
Tra
ded
No.
of
Tra
des
(Lak
h)
Tra
ded
Qua
ntit
y
(Lak
h)
Turn
over
(Rs.
cr.)
Hig
hL
owC
lose
Hig
hL
owC
lose
1516
1718
1920
6954
.86
4227
.50
6492
.82
3756
.07
2226
.36
3481
.86
1135
6.95
6140
.97
1127
9.96
5943
.32
3302
.80
5904
.17
1432
6.00
8799
.00
1307
2.00
7276
.00
4472
.00
6587
.00
2120
6.77
1242
5.52
1564
4.44
1165
5.91
6270
.97
8232
.82
1773
5.70
7697
.39
9647
.31
9432
.50
3949
.13
4988
.04
1748
0.74
1529
7.96
1728
7.31
9312
.29
8062
.58
9199
.46
1773
5.70
1619
6.02
1641
5.57
9432
.50
8584
.50
8683
.27
1663
2.72
1340
5.54
1346
1.60
8780
.18
7004
.44
7029
.74
1513
0.09
1251
4.02
1435
5.75
7880
.04
6536
.94
7488
.48
1557
9.78
1400
2.43
1456
4.53
8138
.57
7332
.72
7621
.40
1510
7.01
1215
3.55
1286
0.43
7892
.81
6331
.94
6691
.57
1320
3.86
7697
.39
9788
.06
6853
.72
3949
.13
4953
.98
1094
5.41
8316
.39
9092
.72
5556
.23
4263
.12
4600
.45
1018
8.54
8467
.43
9647
.31
5230
.68
4309
.85
4988
.04
BSE
Sens
ex#
BSE
100
Inde
x##
12
3
2004
-05
4,73
136
2005
-06
4,78
142
2006
-07
4,82
160
2007
-08
4,88
763
(200
8-09
)A
prto
Dec
4,92
166
Apr
-08
064
May
-08
4,90
164
Jun-
084,
909
64
Jul-
084,
917
64
Aug
-08
4,92
466
Sep-
084,
926
66
Oct
-08
4,92
766
Nov
-08
4,92
866
Dec
-08
4,92
166
*A
tthe
end
ofth
epe
riod
.
Sour
ce:
BSE
Mon
th/
Yea
r
No.
of
Com
p-an
ies
Lis
ted
*
No.
of
Com
p-an
ies
Per
mi-
tted
*
071
January SEBI BULLETIN 2009
Ta
ble
9:
Ca
shS
egm
ent
of
NS
E
12
34
56
78
910
1112
1314
2004
-05
970
183
925
585
64,
508
7,97
,685
11,4
0,07
24,
471
25,2
837,
97,6
8511
,40,
072
15,8
5,58
5
2005
-06
1,06
9-
929
251
928
6,08
98,
44,4
8615
,69,
558
6,25
325
,044
8,44
,486
15,6
9,55
828
,13,
201
2006
-07
1,22
8-
1,08
424
91,
114
7,84
78,
55,4
5619
,45,
287
7,81
224
,790
8,55
,456
19,4
5,28
733
,67,
350
2007
-08
1,38
1--
1,23
625
11,
244
11,7
2714
,98,
469
35,5
1,03
814
,148
30,2
8014
,98,
469
35,5
1,03
848
,58,
122
2008
-09
(Apr
-Dec
)1,
428
--1,
283
184
1,27
010
,378
10,3
9,62
222
,08,
183
12,0
0121
,277
10,3
9,62
222
,08,
183
29,1
6,76
8
Apr
-08
1,39
0--
1,24
420
1,24
01,
079
1,14
,280
2,71
,227
13,5
6125
,142
1,14
,280
2,71
,227
54,4
2,78
0
May
-08
1,39
8--
1,25
220
1,24
61,
071
1,15
,014
2,77
,923
13,8
9625
,960
1,15
,014
2,77
,923
50,9
8,87
3
Jun-
081,
407
--1,
262
211,
256
1,11
51,
08,5
482,
64,4
2812
,592
23,7
171,
08,5
482,
64,4
2841
,03,
651
Jul-
081,
417
--1,
272
231,
267
1,33
71,
34,2
852,
95,8
1612
,862
22,1
291,
34,2
852,
95,8
1644
,32,
427
Aug
-08
1,42
2--
1,27
820
1,27
41,
067
1,04
,352
2,34
,251
11,7
1321
,962
1,04
,352
2,34
,251
44,7
2,46
1
Sep-
081,
424
--1,
278
211,
275
1,13
21,
02,2
022,
62,2
6112
,489
23,1
601,
02,2
022,
62,2
6139
,00,
185
Oct
-08
1,43
1--
1,28
220
1,27
71,
178
1,09
,299
2,16
,198
10,8
1018
,355
1,09
,299
2,16
,198
28,2
0,38
8
Nov
-08
1,43
0--
1,28
618
1,28
21,
099
1,06
,848
1,73
,123
9,61
815
,758
1,06
,848
1,73
,123
26,5
3,28
1
Dec
-08
1,42
8--
1,28
321
1,28
21,
302
1,44
,793
2,12
,956
10,1
4116
,359
1,44
,793
2,12
,956
29,1
6,76
8
*A
tthe
end
ofth
epe
riod
.@
Exc
lude
ssu
spen
ded
com
pani
es.
#S&
PC
NX
Nif
tyin
dex
com
men
ced
from
Nov
embe
r3,1
995.
##C
NX
Nif
tyJu
nior
com
men
ced
from
Nov
embe
r4,1
996.
Sour
ce:
NSE
Mon
th/
Yea
rN
o.of
Com
p-an
ies
Lis
ted*
No.
of
Com
p-an
ies
Per
mi-
tted
*
No.
ofC
omp-
anie
s
Ava
ilabl
e
for
Tra
d-in
g*@
No.
of
Tra
ding
Day
s
No.
of
Com
p-an
ies
Tra
ded
No.
of
Tra
des
(Lak
h)
Tra
ded
Qua
ntit
y
(Lak
h)
Turn
over
(Rs.
cr.)
Ave
rage
Dai
ly
Turn
over
(Rs.
cr.)
Ave
rage
Tra
deSi
ze
(Rs.
)
Dem
at
Secu
riti
es
Tra
ded
(Lak
h)
Dem
at
Turn
over
(Rs.
cr.)
Mar
ket
Cap
ita-
lisat
ion
(Rs.
cr.)
*
1516
1718
1920
2183
.45
1292
.20
2035
.65
4705
.25
2493
.70
4275
.15
3433
.85
1896
.30
3402
.55
6437
.40
3998
.80
6412
.10
4245
.00
2596
.00
3822
.00
7567
.00
4464
.00
6878
.00
6357
.10
3617
.00
4734
.50
1320
9.35
6559
.55
7975
.75
5298
.85
2252
.75
2959
.15
9541
.00
3603
.20
4555
.70
5230
.75
4628
.75
5165
.90
9272
.25
7699
.35
9170
.95
5298
.85
4801
.90
4870
.10
9541
.00
8075
.50
8221
.35
4908
.80
4021
.70
4040
.55
8305
.15
6201
.05
6233
.20
4539
.45
3790
.20
4332
.95
7363
.20
5756
.85
6936
.80
4649
.85
4201
.85
4360
.00
7177
.15
6799
.55
7138
.30
4558
.00
3715
.05
3921
.20
7400
.25
5633
.10
6043
.15
4000
.50
2252
.75
2885
.60
6203
.65
3603
.20
4291
.30
3240
.55
2502
.90
2755
.10
4937
.65
3706
.70
3848
.85
3110
.45
2570
.70
2959
.15
4695
.30
3675
.50
4555
.70
S&P
CN
XN
ifty
Inde
x#
CN
XN
ifty
Juni
orIn
dex
##
Hig
hL
owC
lose
Hig
hL
owC
lose
072
January SEBI BULLETIN 2009
Tab
le10:
Tre
nd
sin
Cash
Seg
men
tof
BS
E,
2008
Dec
emb
er
Hig
hL
ow
Clo
seH
igh
Lo
wC
lose
12
34
56
78
91
011
12
13
14
15
16
17
18
1-D
ec-0
84
,92
86
67,7
35
2,4
97
18
2,1
74
2,9
22
15
,91
62
,17
32,9
19
27
,65
,13
193
26
.68
88
03
.34
88
39
.87
47
22
.81
44
71
.58
44
87
.56
2-D
ec-0
84
,92
66
67,7
28
2,4
82
18
2,1
09
2,6
03
14
,60
32
,10
92,5
99
27
,38
,93
387
85
.04
84
67
.43
87
39
.24
44
63
.76
43
09
.85
44
43
.50
3-D
ec-0
84
,92
66
67,7
29
2,5
02
19
2,2
57
2,9
55
15
,32
92
,25
62,9
49
27
,53
,68
888
54
.81
86
01
.41
87
47
.43
45
00
.23
43
90
.14
44
56
.31
4-D
ec-0
84
,92
66
67,7
30
2,5
35
23
3,0
02
3,7
48
16
,14
63
,00
23,7
41
28
,66
,84
192
45
.06
87
26
.71
92
29
.75
46
90
.66
44
50
.67
46
82
.67
5-D
ec-0
84
,92
76
67,7
31
2,5
25
24
2,9
08
3,7
56
15
,93
52
,90
73,7
55
28
,08
,99
993
40
.69
89
14
.38
89
65
.20
47
47
.04
45
46
.25
45
65
.56
8-D
ec-0
84
,92
76
67,7
35
2,5
09
20
2,4
70
3,2
43
16
,41
42
,47
03,2
43
28
,58
,311
94
32
.11
90
95
.70
91
62
.62
47
83
.37
46
26
.31
46
56
.68
10
-Dec
-08
4,9
27
66
7,7
36
2,5
47
24
3,1
14
4,1
81
17
,34
03
,114
4,1
80
29
,71
,22
896
78
.70
92
80
.16
96
54
.90
48
98
.00
47
09
.00
48
86
.95
11-D
ec-0
84,9
27
66
7,7
39
2,5
86
27
3,8
58
4,6
38
17
,22
83
,85
84,6
38
29
,83
,20
697
46
.01
94
41
.97
96
45
.46
49
35
.97
47
91
.82
48
94
.49
12
-Dec
-08
4,9
26
66
7,7
46
2,5
03
26
4,0
08
4,4
87
17
,24
94
,00
84,4
87
29
,98
,38
597
45
.51
92
81
.89
96
90
.07
49
41
.88
47
16
.59
49
15
.48
15
-Dec
-08
4,9
26
66
7,7
51
2,5
92
25
4,0
02
4,3
81
17
,32
44
,00
24,3
82
30
,77
,98
199
48
.33
97
49
.29
98
32
.39
50
64
.90
49
71
.49
50
13
.93
16
-Dec
-08
4,9
26
66
7,7
51
2,5
96
25
3,7
80
4,1
50
16
,49
13
,77
94,1
50
31
,62
,37
110
00
9.2
19
79
0.3
19
97
6.9
85
116
.49
49
94
.31
51
02
.59
17
-Dec
-08
4,9
26
66
7,7
54
2,6
14
28
4,2
01
4,8
94
17
,48
74
,20
14,8
93
30
,84
,98
610
07
3.1
09
68
2.9
19
71
5.2
95
15
8.0
84
94
5.6
04
96
0.9
8
18
-Dec
-08
4,9
26
66
7,7
60
2,5
67
28
3,9
43
5,0
96
18
,14
73
,94
15,0
87
31
,90
,95
010
110
.34
96
33
.04
10
07
6.4
35
16
5.0
24
91
9.1
85
14
9.6
6
19
-Dec
-08
4,9
21
66
7,7
18
2,6
15
28
4,2
01
5,0
67
18
,27
94
,20
15,0
67
32
,23
,77
910
18
8.5
49
98
7.4
21
00
99
.91
52
24
.05
51
20
.16
51
81
.94
22
-Dec
-08
4,9
21
66
7,7
21
2,6
36
23
3,4
63
3,8
61
16
,59
13
,46
23,8
61
32
,05
,28
510
17
3.3
49
89
4.0
19
92
8.3
55
23
0.6
85
08
6.7
75
10
8.1
2
23
-Dec
-08
4,9
21
66
7,7
21
2,5
76
21
2,9
08
3,3
78
16
,111
2,9
06
3,3
75
31
,36
,82
298
38
.38
96
43
.56
96
86
.75
50
72
.97
49
56
.61
49
76
.59
24
-Dec
-08
4,9
21
66
7,7
23
2,5
30
20
2,8
22
3,1
90
15
,79
02
,82
13,1
89
30
,99
,35
096
53
.42
95
02
.53
95
68
.72
49
61
.73
48
94
.59
49
25
.05
26
-Dec
-08
4,9
21
66
7,7
23
2,5
52
20
2,6
37
3,1
75
15
,89
22
,63
53,1
68
30
,42
,77
997
06
.38
92
94
.98
93
28
.92
50
02
.86
47
98
.74
48
17
.69
29
-Dec
-08
4,9
21
66
7,7
23
2,4
86
22
2,7
52
3,4
12
15
,76
42
,75
23,4
113
0,9
6,1
10
95
50
.40
91
62
.66
95
33
.52
49
33
.93
47
43
.44
49
25
.28
30
-Dec
-08
4,9
21
66
7,7
23
2,5
57
22
3,5
35
3,9
84
17
,81
23
,52
23,9
83
31
,48
,38
197
85
.04
94
94
.70
97
16
.16
50
47
.91
49
03
.45
50
16
.49
31
-Dec
-08
4,9
21
66
7,7
27
2,5
65
23
3,4
64
3,7
46
16
,59
03
,46
33,7
46
31
,44
,76
798
25
.90
95
87
.92
96
47
.31
50
73
.13
49
58
.40
49
88
.04
*A
tth
een
do
fth
ep
erio
d.
#S
EN
SE
Xco
mm
ence
dfr
om
Jan
uar
y2,
19
86
.
##
BS
E-1
00
Ind
exco
mm
ence
dfr
om
Ap
ril
3,1
98
4.
So
urc
e:B
SE
Da
teN
o.o
f
Co
mp
-an
ies
Lis
ted
*
No
.of
Per
-m
itte
d*
No
.o
f
Scr
ips
Lis
ted
No
.o
f
Scr
ips
Tra
ded
No
.of
Tra
des
(La
kh
)
Tra
ded
Qu
an
tity
(La
kh
)
Tu
rn-
over
(Rs.
Cr.
)
SE
NS
EX
#B
SE
-10
0In
dex
##
Av
erage
Tra
de
Siz
e
(Rs.
)
Dem
at
Sec
u-
riti
es
Tra
ded
(La
kh
)
Dem
at
Tu
rn-
over
(Rs.
Cr.
)
Mark
et
Ca
pit
ali
sati
on
(Rs.
Cr.
)*
Co
mp
-a
nie
s
073
January SEBI BULLETIN 2009
Tab
le11
:T
ren
ds
inC
ash
Seg
men
tof
NS
E,D
ecem
ber
2008
Hig
hL
ow
Clo
seH
igh
Low
Clo
se
12
34
56
78
91
011
12
13
14
15
1-D
ec-2
008
1,2
32
52.4
74,9
62
8,3
92
15,9
93
4,9
62
8,3
92
25,9
9,7
74
2832.8
52669.5
02682.9
03960.9
53795.3
03808.3
0
2-D
ec-2
008
1,2
37
50.8
64,6
81
7,6
08
14,9
58
4,6
81
7,6
08
25,7
4,5
00
2672.9
02570.7
02657.8
03832.2
03675.5
03814.5
0
3-D
ec-2
008
1,2
29
54.3
15,2
84
8,2
86
15,2
56
5,2
84
8,2
86
25,8
9,1
93
2693.6
52611
.95
2656.4
53917.8
03834.2
03907.3
5
4-D
ec-2
008
1,2
39
63.0
26,7
88
9,7
13
15,4
13
6,7
88
9,7
13
27,0
1,7
69
2793.8
02646.3
52788.0
0411
8.5
53909.2
04099.2
5
5-D
ec-2
008
1,2
34
63.0
76,7
30
9,7
31
15,4
30
6,7
30
9,7
31
26,4
0,8
49
2821.1
52701.3
52714.4
04189.4
04027.6
04036.0
0
8-D
ec-2
008
1,2
45
54.4
95,8
34
9,4
19
17,2
85
5,8
34
9,4
19
26,8
7,8
59
2861.5
52714.7
02784.0
04184.3
04048.7
04066.0
5
10-D
ec-2
008
1,2
43
66.2
97,2
70
11,5
20
17,3
78
7,2
70
11,5
20
28,0
0,5
48
2940.1
52785.7
02928.2
54216.9
54087.6
54203.2
5
11-D
ec-2
008
1,2
35
72.1
48,4
74
12,0
75
16,7
39
8,4
74
12,0
75
28,1
1,6
95
2945.3
02861.5
52920.1
54313.9
54185.7
04288.6
0
12-D
ec-2
008
1,2
42
68.1
88,0
59
11,1
86
16,4
07
8,0
59
11,1
86
28,2
5,6
82
2936.8
02812.5
52921.3
54350.5
04145.5
54323.8
5
15-D
ec-2
008
1,2
44
65.6
68,1
84
11,0
78
16,8
70
8,1
84
11,0
78
28,9
6,2
48
3012.1
02917.9
02981.2
04471.7
54380.9
04400.8
5
16-D
ec-2
008
1,2
54
65.9
07,7
60
11,1
16
16,8
69
7,7
60
11,1
16
29,6
7,5
35
3052.5
52963.3
03041.7
54519.0
04379.4
04505.4
0
17-D
ec-2
008
1,2
50
72.0
38,4
43
12,8
72
17,8
70
8,4
43
12,8
72
28,8
0,4
18
3076.2
02943.5
02954.3
54559.8
04342.6
04354.1
0
18-D
ec-2
008
1,2
44
74.2
88,5
75
13,3
63
17,9
90
8,5
75
13,3
63
29,7
4,9
85
3072.5
52922.6
53060.7
54540.9
04318.4
04524.5
0
19-D
ec-2
008
1,2
50
73.7
78,7
86
13,2
46
17,9
56
8,7
86
13,2
46
30,0
3,2
75
3106.8
03036.3
03077.5
04628.4
04508.7
54603.1
0
22-D
ec-2
008
1,2
48
62.7
27,2
16
10,1
49
16,1
81
7,2
16
10,1
49
29,7
2,3
29
311
0.4
53027.8
03039.3
04695.3
04546.4
54576.7
0
23-D
ec-2
008
1,2
54
57.5
06,3
43
9,0
26
15,6
97
6,3
43
9,0
26
28,9
9,1
50
3040.0
02957.0
52968.6
54554.2
04386.8
04403.8
0
24-D
ec-2
008
1,2
35
56.4
56,7
77
9,9
14
17,5
61
6,7
77
9,9
14
28,6
2,0
40
2968.0
02900.4
52916.8
54434.2
54333.7
04403.9
0
26-D
ec-2
008
1,2
33
52.1
95,2
94
7,2
48
13,8
87
5,2
94
7,2
48
28,0
9,2
07
2960.9
52844.8
02857.2
54485.9
54301.4
54325.2
5
29-D
ec-2
008
1,2
33
58.4
86,1
02
9,0
62
15,4
96
6,1
02
9,0
62
28,6
7,5
10
2931.8
02812.9
02922.2
04468.7
04269.8
04452.0
0
30-D
ec-2
008
1,2
38
59.3
76,4
80
9,0
05
15,1
67
6,4
80
9,0
05
29,2
4,2
55
2999.1
52899.7
52979.5
04579.6
04451.8
54558.0
0
31-D
ec-2
008
1,2
41
58.6
06,7
50
8,9
47
15,2
68
6,7
50
8,9
47
29,1
6,7
68
3002.6
52937.3
52959.1
54634.1
54535.5
54555.7
0
*A
tth
een
dof
the
per
iod.
#S
&P
CN
XN
ifty
Index
com
men
ced
from
Novem
ber
3,1
995.
##
CN
XN
ifty
Junio
rco
mm
ence
dfr
om
Novem
ber
4,
1996.
Sou
rce:
NS
E
Dem
at
Tu
rn-
over
(Rs.
cr.)
Mark
et
Cap
ita-
lisa
tion
(Rs.
cr.)
*
S&
PC
NX
Nif
tyIn
dex
#C
NX
Nif
tyJu
nio
rIn
dex
##
Mon
th/Y
ear
No.of
Sec
u-
riti
es
Tra
ded
No
.of
Tra
des
(La
kh
)
Tra
ded
Qu
an
-ti
ty
(La
kh
)
Tu
rn-
over
(Rs.
crore
)
Aver
age
Tra
de
Siz
e
(Rs.
)
Dem
at
Sec
u-
riti
es
Tra
ded
(La
kh
)
074
January SEBI BULLETIN 2009(R
s.cr
ore)
Ta
ble
12
:T
urn
ov
era
nd
Ma
rket
Ca
pit
ali
sati
on
at
BS
Ea
nd
NS
E,
20
08
Dec
emb
er
23
45
67
89
10
11
1,61
02,
536
2,92
255
.08
86.7
86,
122
1,07
18,
392
72.9
512
.76
1,49
42,
315
2,60
357
.38
88.9
35,
651
914
7,60
874
.28
12.0
1
1,70
12,
557
2,95
557
.56
86.5
25,
913
1,08
88,
286
71.3
613
.12
1,98
33,
164
3,74
852
.91
84.4
26,
539
1,55
29,
713
67.3
215
.98
1,91
93,
161
3,75
651
.09
84.1
66,
449
1,50
69,
731
66.2
715
.48
1,76
52,
753
3,24
354
.43
84.8
96,
952
1,15
79,
419
73.8
112
.29
2,32
13,
642
4,18
155
.51
87.1
28,
131
1,61
211
,520
70.5
813
.99
2,25
03,
946
4,63
848
.52
85.0
77,
845
2,13
412
,075
64.9
717
.67
2,10
43,
709
4,48
746
.88
82.6
67,
103
2,22
211
,186
63.5
019
.86
2,00
83,
528
4,38
145
.84
80.5
17,
133
1,87
311
,078
64.3
916
.91
1,76
33,
269
4,15
042
.48
78.7
86,
893
1,78
811
,116
62.0
116
.09
2,29
93,
966
4,89
446
.98
81.0
58,
568
2,02
212
,872
66.5
615
.71
2,50
44,
345
5,09
649
.14
85.2
79,
042
2,18
113
,363
67.6
616
.32
2,10
64,
049
5,06
741
.57
79.9
28,
345
2,43
613
,246
63.0
018
.39
1,47
23,
189
3,86
138
.13
82.6
16,
101
2,09
810
,149
60.1
220
.67
1,54
32,
963
3,37
845
.69
87.7
05,
705
1,80
99,
026
63.2
120
.04
1,62
02,
777
3,19
050
.80
87.0
76,
976
1,45
29,
914
70.3
614
.64
1,52
22,
725
3,17
547
.93
85.8
34,
559
1,35
17,
248
62.9
018
.65
1,82
43,
032
3,41
253
.46
88.8
66,
368
1,46
49,
062
70.2
716
.15
1,79
83,
117
3,98
445
.13
78.2
45,
819
1,57
39,
005
64.6
217
.47
1,85
73,
080
3,74
649
.58
82.2
15,
708
1,51
38,
947
63.8
016
.91
Tu
rnover
BS
EN
SE
BS
E
Sen
sex
BS
E
100
Tota
lA
#B
#S
&P
CN
X
Nif
ty
CN
X
Nif
ty
Ju
nio
r
To
tal
C#
D#
Mar
ket
Cap
ital
isat
ion
BS
EN
SE
BS
E
Sen
sex
BS
E100
Tota
lE
#F
#S
&P
CN
X
CN
X
Nif
ty
To
tal
G#
H#
12
13
14
15
16
17
18
19
20
21
1,33
8,03
620
,93,
311
27,6
5,13
148
.39
75.7
016
,61,
496
2,43
,065
25,9
9,77
463
.91
9.35
1,32
6,84
020
,72,
312
27,3
8,93
348
.44
75.6
616
,45,
963
2,43
,462
25,7
4,50
063
.93
9.46
1,32
5,54
620
,79,
230
27,5
3,68
848
.14
75.5
116
,45,
135
2,49
,386
25,8
9,19
363
.54
9.63
1,39
4,88
321
,76,
256
28,6
6,84
148
.66
75.9
117
,26,
593
2,61
,636
27,0
1,76
963
.91
9.68
1,35
5,91
321
,23,
045
28,0
8,99
948
.27
75.5
816
,80,
999
2,57
,599
26,4
0,84
963
.65
9.75
1,38
8,59
621
,69,
294
28,5
8,31
148
.58
75.8
917
,24,
105
2,59
,517
26,8
7,85
964
.14
9.66
1,46
1,71
622
,70,
779
29,7
1,22
849
.20
76.4
318
,13,
443
2,68
,273
28,0
0,54
864
.75
9.58
1,45
7,23
422
,73,
069
29,8
3,20
648
.85
76.2
018
,08,
445
2,73
,720
28,1
1,69
564
.32
9.74
1,45
8,53
922
,77,
144
29,9
8,38
548
.64
75.9
518
,09,
186
2,75
,971
28,2
5,68
264
.03
9.77
1,48
0,43
823
,34,
558
30,7
7,98
148
.10
75.8
518
,46,
234
2,80
,886
28,9
6,24
863
.75
9.70
1,50
9,16
323
,99,
920
31,6
2,37
147
.72
75.8
918
,83,
735
2,87
,559
29,6
7,53
563
.48
9.69
1,46
9,46
723
,41,
841
30,8
4,98
647
.63
75.9
118
,29,
582
2,77
,903
28,8
0,41
863
.52
9.65
1,52
3,53
624
,35,
252
31,9
0,95
047
.75
76.3
218
,95,
473
2,88
,778
29,7
4,98
563
.71
9.71
1,52
8,06
224
,58,
408
32,2
3,77
947
.40
76.2
619
,05,
867
2,93
,796
30,0
3,27
563
.46
9.78
1,50
8,40
024
,40,
028
32,0
5,28
547
.06
76.1
318
,82,
186
2,92
,112
29,7
2,32
963
.32
9.83
1,47
4,76
823
,87,
707
31,3
6,82
247
.01
76.1
218
,38,
449
2,81
,076
28,9
9,15
063
.41
9.70
1,45
1,16
323
,56,
037
30,9
9,35
046
.82
76.0
218
,06,
400
2,81
,082
28,6
2,04
063
.12
9.82
1,41
6,90
723
,06,
486
30,4
2,77
946
.57
75.8
017
,69,
485
2,76
,063
28,0
9,20
762
.99
9.83
1,44
4,77
223
,52,
114
30,9
6,11
046
.66
75.9
718
,09,
714
2,88
,746
28,6
7,51
063
.11
10.0
7
1,47
3,21
423
,90,
362
31,4
8,38
146
.79
75.9
218
,45,
218
2,95
,619
29,2
4,25
563
.10
10.1
1
1,46
3,16
523
,79,
501
31,4
4,76
746
.53
75.6
718
,32,
610
2,95
,471
29,1
6,76
862
.83
10.1
3
A#
=%
age
shar
eof
Sen
sex
secu
riti
esin
tota
lB
SE
turn
over
E#
=%
age
shar
eof
Sen
sex
secu
riri
ties
into
tal
BS
EM
arket
Cap
ital
isat
ion
B#
=%
age
shar
eof
BS
E-1
00
Index
secu
riti
esin
tota
lB
SE
turn
over
F#
=%
age
shar
eof
BS
E-1
00
Index
secu
riti
esin
tota
lB
SE
Mar
ket
Cap
ital
isat
ion
C#
=%
age
shar
eof
S&
PC
NX
Nif
tyse
curi
ties
into
tal
NS
Etu
rnover
G#
=%
age
shar
eof
S&
PC
NX
Nif
tyse
curi
ties
into
tal
NS
EM
arket
Cap
ital
isat
ion
D#
=%
age
shar
eof
CN
XN
ifty
Junio
rse
curi
ties
into
tal
NS
Etu
rnover
H#
=%
age
shar
eof
CN
XN
ifty
Junio
rse
curi
ties
into
tal
NS
EM
arket
Cap
ital
isat
ion
Sou
rce:
BS
E,N
SE
1
1-D
ec-0
8
2-D
ec-0
8
3-D
ec-0
8
4-D
ec-0
8
5-D
ec-0
8
8-D
ec-0
8
10-D
ec-0
8
11-D
ec-0
8
12-D
ec-0
8
15-D
ec-0
8
16-D
ec-0
8
17-D
ec-0
8
18-D
ec-0
8
19-D
ec-0
8
22-D
ec-0
8
23-D
ec-0
8
24-D
ec-0
8
26-D
ec-0
8
29-D
ec-0
8
30-D
ec-0
8
31-D
ec-0
8
Date
075
Table 13: Component Stocks: BSE Sensex, 2008December
January SEBI BULLETIN 2009
Sr.
No.
Name of Security Issued
Capital
(Rs. cr.)
MarketCapita-lisation(Rs. cr.)
Weightage
(%)
Beta R2 Daily
Volatility
(%)
Monthly
Return
(%)
Impact
Cost (%)
1 2 3 4 5 6 7 8 9 10
1 ACC LTD 188 4,932 0.72 0.66 0.36 3.16 17.64 0.60
2 BHEL 490 23,342 3.41 1.02 0.60 3.77 0.08 0.11
3 BHARTI ARTL 1,898 47,509 6.95 0.84 0.54 3.28 6.56 0.13
4 DLF LIMITED* 341 7,202 1.05 1.48 0.63 5.35 42.19 0.15
5 GRASIM IND. 92 8,374 1.22 0.71 0.43 3.11 36.96 0.71
6 HDFC BANK 425 36,049 5.27 0.98 0.61 3.58 8.39 0.17
7 HINDALCO 170 6,162 0.90 1.16 0.56 4.47 (2.64) 0.35
8 HIND UNI LT 218 27,269 3.99 0.51 0.33 2.56 5.95 0.23
9 HDFC 284 35,966 5.26 1.19 0.67 4.19 1.62 0.14
10 ICICI BANK 1,113 49,893 7.30 1.51 0.76 4.94 27.59 0.11
11 INFOSYS TECH 286 54,397 7.95 0.72 0.45 3.06 (9.89) 0.16
12 ITC LTD. 377 45,255 6.62 0.57 0.39 2.63 (1.18) 0.28
13 JAIPRA 237 5,895 0.86 1.72 0.66 6.08 48.08 0.25
14 LARSEN & TOU 117 40,793 5.96 1.06 0.69 3.66 6.53 0.12
15 MAH & MAH 259 5,330 0.78 0.91 0.43 3.98 (2.41) 1.11
16 MARUTISUZUK 144 7,513 1.10 0.67 0.37 3.15 (2.94) 0.34
17 NTPC LTD 8,245 22,386 3.27 0.89 0.58 3.36 13.41 0.12
18 ONGC CORPN 2,139 28,560 4.18 0.84 0.54 3.26 (3.98) 0.16
19 RANBAXY LAB. 210 4,245 0.62 0.62 0.20 3.96 20.88 0.52
20 REL COM LTD 1,032 16,417 2.40 1.33 0.58 4.99 16.24 0.14
21 RELIANCE 1,574 96,808 14.16 1.15 0.75 3.79 8.72 0.07
22 REL INFRA 228 8,604 1.26 1.68 0.70 5.78 15.33 0.13
23 SATYAM COM 135 10,892 1.59 0.82 0.28 4.42 (29.98) 0.23
24 STATE BANK 635 36,810 5.38 0.99 0.61 3.63 18.53 0.07
25 STERLITE IN 142 7,389 1.08 1.21 0.53 4.77 10.04 0.27
26 TCS LTD. 98 11,697 1.71 0.86 0.47 3.61 (14.33) 0.29
27 TATA MOTORS 450 4,650 0.68 0.98 0.50 3.97 16.65 0.52
28 TATA POWER 221 11,597 1.70 1.02 0.51 4.12 11.84 0.37
29 TATA STEEL 731 11,100 1.62 1.24 0.58 4.65 43.66 0.13
30 WIPRO LTD. 293
-
6,836 1.00 0.92 0.53 3.62 (4.01) 0.53
Total 6,83,873 100.00
* Volatility is the standard deviation of the daily returns for the period January 01, 2008 to December 31, 2008.
Source: BSE
Figures in parentheses are negative.
* Beta & R2
are calculated for the period January, 2008 to December 2008. Beta measures the degree to which any portfolio of stocks
is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of
relationship between two variables the return on a security versus that of the market.
* Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It iscalculated for the period It is calculated for the period December 01, 2008 to December 31, 2008.
- - - - -
076
Table 14: Component Stocks : S&P CNX Nifty Index, 2008December
January SEBI BULLETIN 2009
Sl.
No.
Name of Security Issued
Capital
(Rs. cr.)
Market
Capitalisation
(Rs. cr.)
Weightage
(%)
Beta R2 Daily
Volatility
(%)
Monthly
Return
(%)
Impact Cost
(%)
1 2 3 4 5 6 7 8 9 101 ABB 42 9,616 0.52 0.90 0.59 2.62 3.57 0.122 ACC 188 9,011 0.49 0.69 0.38 4.11 18.38 0.113 AMBUJACEM 305 10,666 0.58 0.79 0.40 5.21 34.20 0.184 BHARTIARTL 1,898 1,35,817 7.41 0.88 0.55 2.77 6.62 0.115 BHEL 490 66,702 3.64 1.05 0.59 3.26 0.22 0.096 BPCL 362 13,598 0.74 0.66 0.24 3.58 5.88 0.117 CAIRN 1,897 32,632 1.78 1.02 0.40 4.06 21.46 0.138 CIPLA 155 14,504 0.79 0.56 0.37 2.18 (6.77) 0.109 DLF 341 48,043 2.62 1.52 0.64 7.01 42.21 0.13
10 RPOWER 2,397 28,750 1.57 1.05 0.24 3.33 8.55 0.1411 GAIL 1,268 26,162 1.43 0.88 0.52 3.52 5.12 0.1412 GRASIM 92 11,183 0.61 0.76 0.48 4.07 37.65 0.1213 HCLTECH 134 7,718 0.42 1.00 0.41 6.23 (16.15) 0.1214 HDFC 284 42,280 2.31 1.16 0.59 3.52 1.15 0.0915 HDFCBANK 425 42,444 2.32 0.99 0.58 2.59 8.19 0.0916 HEROHONDA 40 16,048 0.88 0.41 0.19 1.65 0.00 0.0817 HINDALCO 170 8,741 0.48 1.23 0.58 3.18 (2.93) 0.1418 HINDUNILVR 218 54,552 2.98 0.55 0.34 1.58 5.88 0.0819 ICICIBANK 1,113 49,865 2.72 1.48 0.71 4.35 27.43 0.1020 IDEA 3,100 16,322 0.89 0.99 0.45 4.18 12.38 0.1721 INFOSYSTCH 286 63,875 3.49 0.71 0.41 2.58 (10.32) 0.0822 ITC 377 64,757 3.53 0.61 0.41 1.87 (1.09) 0.0923 LT 117 45,287 2.47 1.07 0.66 3.31 6.39 0.0924 M&M 259 7,098 0.39 0.92 0.42 5.12 (2.24) 0.1425 MARUTI 144 15,029 0.82 0.67 0.36 2.87 (2.50) 0.1026 NATIONALUM 644 12,206 0.67 0.92 0.28 4.47 9.16 0.1927 NTPC 8,245 1,48,913 8.13 0.98 0.66 2.20 13.26 0.1128 ONGC 2,139 1,42,684 7.79 0.90 0.59 2.88 (3.85) 0.1229 PNB 315 16,607 0.91 0.92 0.52 2.35 18.25 0.1030 POWERGRID 4,209 34,997 1.91 1.00 0.59 2.32 12.29 0.1431 RANBAXY 210 10,608 0.58 0.63 0.20 2.48 21.21 0.1232 RCOM 1,032 46,895 2.56 1.36 0.59 5.17 16.21 0.1233 RELINFRA 231 13,379 0.73 1.76 0.72 5.78 14.99 0.1034 RELIANCE 1,574 1,94,010 10.59 1.17 0.76 3.82 8.66 0.1035 RPL 4,500 39,240 2.14 1.15 0.64 4.50 19.04 0.1336 SAIL 4,130 32,011 1.75 1.25 0.58 6.22 16.28 0.1537 SATYAMCOMP 135 11,510 0.63 0.81 0.28 8.79 (29.68) 0.1138 SBIN 635 81,823 4.46 1.01 0.59 3.12 18.40 0.0939 SIEMENS 67 9,675 0.53 0.90 0.42 3.20 27.96 0.1440 STER 142 18,428 1.01 1.24 0.53 4.98 9.75 0.1241 SUNPHARMA 104 22,040 1.20 0.30 0.08 2.08 (1.66) 0.1042 SUZLON 300 9,334 0.51 1.42 0.46 5.44 49.58 0.1443 TATACOMM 285 14,300 0.78 1.01 0.42 4.65 27.23 0.1244 TATAMOTORS 450 7,192 0.39 1.00 0.50 5.38 16.76 0.1245 TATAPOWER 221 16,585 0.91 1.09 0.53 2.77 12.06 0.1046 TATASTEEL 731 15,872 0.87 1.28 0.59 5.01 43.46 0.1147 TCS 98 46,768 2.55 0.87 0.45 3.39 (14.57) 0.1348 UNITECH 325 6,599 0.36 1.69 0.46 7.33 75.59 0.1849 WIPRO 293 34,163 1.86 0.92 0.49 3.75 (3.81) 0.1550 ZEEL 43 6,070 0.33 0.69 0.32 3.18 28.30 0.15
Total - 18,32,610 100.00- ---- - -
Notes:
Source: NSE
* Beta & R2
are calculated for the period 01-January-2008 to 31-December-2008. Beta measures the degree to which any portfolio of stocks is affected ascompared to the effect on the market as a whole. The coefficient of determination (R
2) measures the strength of relationship between two variables the
return on a security versus that of the market.
2. Volatility is the Std. deviation of the daily returns for the period 01-December-2008 to 31-December-2008. Last day of trading was 31-December-2008.
3. Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 Lakhs. Impact Cost for S&P CNX Nifty is the weightage average impact cost.
077
(Per cent)
Table 15: Volatility* of Major Indices
January SEBI BULLETIN 2009
Month/Year BSE Sensex BSE 100
Index
Dollex-200 S&P CNX
Nifty
CNX Nifty
Junior
S&P CNX
Defty
1 2 3 4 5 6 7
2004-05 1.48 1.50 1.73 1.61 1.83 1.70
2005-06 1.03 0.98 0.99 1.04 1.13 1.44
2006-07 1.75 1.76 1.86 1.77 2.05 1.89
2007-08 1.93 2.04 2.20 2.02 2.41 2.20
2008-09 (Apr-Dec) 2.88 2.81 3.08 2.86 2.92 3.12
Apr-08 1.40 1.30 1.32 1.29 1.41 1.34
May-08 1.31 1.30 1.32 1.20 1.71 1.27
Jun-08 1.93 1.96 2.04 1.89 2.41 1.91
Jul-08 3.30 3.24 3.48 2.97 3.68 3.28
Aug-08 1.73 1.68 1.84 1.61 2.02 1.79
Sep-08 2.50 2.36 2.64 2.32 2.48 2.89
Oct-08 5.19 5.07 5.34 5.03 4.83 5.35
Nov-08 3.85 3.60 4.25 3.83 3.19 4.63
Dec-08 2.53 2.43 2.84 2.16 2.30 2.92
Source: BSE, NSE.
* Volatility is calculated as the standard deviation of the natural log of returns in indices for the respective period.
078
(Percentage share in Turnover)
Table 16: City-wise Distribution of Turnover on Cash Segments of BSE and NSE
January SEBI BULLETIN 2009
2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08 2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08
1 2 3 4 5 6 7 8 9 10 11 12 13 14
1 Ahmedabad 3.14 2.91 3.00 3.42 5.32 5.88 2.91 3.00 2.90 3.38 7.39 7.51
2 Bangalore 0.74 0.94 0.71 0.56 0.51 0.46 1.67 1.65 1.33 0.80 0.62 0.70
3 Baroda 0.02 0.03 0.05 0.31 0.18 0.20 0.71 0.77 0.89 0.80 0.66 0.61
4 Bhubaneshwar 0.02 0.02 0.01 0.01 0.00 0.00 0.02 0.02 0.02 0.01 0.00 0.00
5 Chennai 0.40 0.53 0.52 0.49 0.40 0.37 2.88 2.77 2.18 1.90 2.10 2.20
6 Cochin 0.12 0.18 0.17 0.22 0.27 0.27 0.64 0.61 0.54 0.51 0.83 0.93
7 Coimbatore 0.06 0.04 0.03 0.03 0.02 0.02 0.46 0.44 0.25 0.20 0.39 0.43
8 Delhi 3.05 3.79 3.24 3.21 2.77 3.23 14.92 13.37 13.54 14.67 15.11 15.59
9 Guwahati 0.06 0.06 0.03 0.03 0.07 0.05 0.02 0.02 0.03 0.02 0.52 0.01
10 Hyderabad 0.20 0.36 0.36 0.37 0.25 0.27 2.25 1.91 1.21 1.26 1.89 2.05
11 Indore 0.46 0.53 0.54 0.56 0.58 0.55 0.98 0.83 0.78 0.65 0.40 0.46
12 Jaipur 0.74 0.77 0.73 0.75 0.85 0.93 1.17 1.15 0.88 0.74 0.49 0.51
13 Kanpur 0.44 0.34 0.37 0.36 0.34 0.32 0.40 0.21 0.17 0.10 0.07 0.06
14 Kolkata 0.96 1.38 1.08 0.97 0.65 0.69 12.46 11.39 10.59 10.96 9.05 9.18
15 Ludhiana 0.34 0.25 0.18 0.19 0.06 0.06 0.43 0.32 0.22 0.20 0.18 0.18
16 Mangalore 0.07 0.06 0.05 0.03 0.03 0.03 0.08 0.06 0.06 0.04 0.04 0.04
17 Mumbai 75.33 75.05 76.34 75.79 71.54 70.10 47.39 52.43 57.06 57.66 53.26 51.69
18 Patna 0.07 0.10 0.09 0.07 0.04 0.06 0.10 0.08 0.06 0.04 0.03 0.03
19 Pune 0.63 0.73 0.81 0.74 0.76 0.68 0.75 0.56 0.41 0.29 0.19 0.21
20 Rajkot 1.71 1.25 1.25 1.82 4.37 4.54 0.32 0.31 0.36 0.75 1.45 1.37
21 Others 11.44 10.68 10.44 10.07 10.97 11.28 9.44 8.10 6.54 5.01 5.33 6.25
Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Source: BSE, NSE
Sl.
No.
Stock Exchange/
City
BSE NSE
079
Table 17: Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)
January SEBI BULLETIN 2009
Advances Declines Advance/
Decline Ratio
Advances Declines Advance/
Decline Ratio
1 2 3 4 5 6 7
Apr-06 2041 669 3.1 464 440 1.1May-06 1496 1234 1.2 387 533 0.7Jun-06 161 2557 0.1 416 495 0.8Jul-06 850 1858 0.5 403 500 0.8Aug-06 1972 734 2.7 418 492 0.8Sep-06 1822 917 2.0 418 492 0.8Oct-06 1925 792 2.4 452 479 0.9Nov-06 1293 1448 0.9 423 490 0.9Dec-06 1457 1304 1.1 466 563 0.8Jan-07 2304 484 4.8 423 490 0.9Feb-07 1060 1741 0.6 397 622 0.6Mar-07 254 2571 0.1 462 567 0.8Apr-07 1825 1002 1.8 556 493 1.1May-07 1682 1142 1.5 510 553 0.9Jun-07 1460 1385 1.1 507 569 0.9Jul-07 1944 925 2.1 508 592 0.9Aug-07 1157 1745 0.7 544 573 0.9Sep-07 2395 524 4.6 585 549 1.1Oct-07 1185 1734 0.7 439 500 0.9Nov-07 1793 1134 1.6 576 576 1.0Dec-07 2705 249 10.9 720 460 1.6Jan-08 1714 1250 1.4 439 500 0.9Feb-08 161 2809 0.1 550 639 0.9Mar-08 193 2759 0.1 467 737 0.6Apr-08 2101 833 2.5 675 525 1.3May-08 1753 1182 1.5 495 708 0.7Jun-08 986 1584 0.6 440 769 0.6Jul-08 421 2553 0.2 607 605 1.0Aug-08 2227 743 3.0 572 644 0.9Sep-08 610 2375 0.3 435 790 0.6Oct-08 188 2715 0.1 436 795 1.1Nov-08 211 2669 0.1 483 726 0.7Dec-08 1062 1853 0.6 656 541 1.21-Dec-08 1037 1294 0.8 522 662 0.82-Dec-08 878 1452 0.6 383 813 0.53-Dec-08 1292 1054 1.2 676 496 1.44-Dec-08 1608 775 2.1 921 272 3.45-Dec-08 1118 1250 0.9 515 672 0.88-Dec-08 1359 997 1.4 712 480 1.510-Dec-08 1483 880 1.7 817 364 2.211-Dec-08 1490 918 1.6 801 382 2.112-Dec-08 1513 838 1.8 819 382 2.115-Dec-08 1889 547 3.5 1040 179 5.816-Dec-08 1836 621 3.0 969 249 3.917-Dec-08 918 1561 0.6 337 888 0.418-Dec-08 1426 980 1.5 785 416 1.919-Dec-08 1447 1006 1.4 718 482 1.522-Dec-08 1234 1250 1.0 538 668 0.823-Dec-08 680 1755 0.4 211 1011 0.224-Dec-08 865 1505 0.6 358 828 0.426-Dec-08 817 1597 0.5 340 855 0.429-Dec-08 1225 1106 1.1 672 516 1.330-Dec-08 1596 806 2.0 892 300 3.031-Dec-08 1451 930 1.6 746 446 1.7
Source: BSE, NSE
Month/Date BSE NSE
080
Table 18: Trading Frequency in Cash Segment of BSE and NSE
January SEBI BULLETIN 2009
1 2 3 4 5 6 7
Apr-06 7,336 2,425 33.06 944 935 99May-06 7,408 2,460 33.21 952 943 99Jun-06 7,490 2,459 32.83 962 950 99Jul-06 7,466 2,500 33.49 956 950 99Aug-06 7,407 2,590 34.97 958 949 99Sep-06 7,505 2,567 34.20 969 968 100Oct-06 7,484 2,575 34.41 981 973 99Nov-06 7,412 2,620 35.35 991 982 99Dec-06 7,500 2,692 35.89 1,016 1,009 99Jan-07 7,553 2,689 35.60 1,040 1,035 100Feb-07 7,596 2,602 34.25 1,063 1,057 99Mar-07 7,561 2,641 34.93 1,084 1,081 78Apr-07 7,591 2,567 33.82 1,104 1,088 99May-07 7,635 2,674 35.02 1,126 1,113 99Jun-07 7,707 2,728 35.40 1,143 1,130 99Jul-07 7,753 2,749 35.46 1,150 1,140 99Aug-07 7,806 2,775 35.55 1,170 1,166 100Sep-07 7,803 2,741 35.13 1,173 1,116 95Oct-07 7,683 2,778 36.29 1,180 1,176 100Nov-07 7,732 2,833 36.64 1,180 1,173 99Dec-07 7,706 2,904 37.68 1,207 1,202 100Jan-08 7,799 2,839 36.40 1,216 1,210 100Feb-08 7,811 2,792 35.74 1,227 1,226 100Mar-08 7,757 2,746 35.39 1,236 1,229 99Apr-08 7,740 2,740 35.40 1,244 1,240 100May-08 7,867 2,771 35.22 1,252 1,246 100Jun-08 7,885 2,716 34.45 1,262 1,256 100Jul-08 7,913 2,701 34.13 1,272 1,267 100Aug-08 7,702 2,758 35.81 1,278 1,274 100Sep-08 7,685 2,699 35.12 1,278 1,275 100Oct-08 7,705 2,599 33.73 1,282 1,277 100Nov-08 7,737 2,414 31.20 1,286 1,282 100Dec-08 7,727 2,565 33.20 1,283 1,282 1001-Dec-08 7,735 2,497 32.282-Dec-08 7,728 2,482 32.123-Dec-08 7,729 2,502 32.374-Dec-08 7,730 2,535 32.795-Dec-08 7,731 2,525 32.668-Dec-08 7,735 2,509 32.4410-Dec-08 7,736 2,547 32.9211-Dec-08 7,739 2,586 33.4212-Dec-08 7,746 2,503 32.3115-Dec-08 7,751 2,592 33.4416-Dec-08 7,751 2,596 33.4917-Dec-08 7,754 2,614 33.7118-Dec-08 7,760 2,567 33.0819-Dec-08 7,718 2,615 33.8822-Dec-08 7,721 2,636 34.1423-Dec-08 7,721 2,576 33.3624-Dec-08 7,723 2,530 32.7626-Dec-08 7,723 2,552 33.0429-Dec-08 7,723 2,486 32.1930-Dec-08 7,723 2,557 33.1131-Dec-08 7,727 2,565 33.20
Source: BSE, NSE
Companies
Traded
% of Traded to
Listed
N.A.
*At the end of the period includes listed/permitted to trade companies but excludes suspended companies.
Month/Year BSE NSE
Scrips Listed* Scrips Traded % of Traded to
Listed
Companies
Available for
Trading*
081
Table 19: Percentage Share of Top 'N' Securities/Members in Turnover in Cash Segment
(Per cent)
January SEBI BULLETIN 2009
Top 5 10 25 50 100 5 10 25 50 100
1 2 3 4 5 6 7 8 9 10 11
2004-05 25.48 39.11 52.61 64.23 75.29 25.88 41.65 57.98 72.40 84.26
2005-06 16.78 23.75 35.55 45.55 57.71 22.15 31.35 46.39 59.22 73.12
2006-07 15.31 23.86 40.20 55.01 70.05 18.49 28.44 48.57 66.57 82.24
2007-08 16.17 25.68 41.76 55.84 70.44 18.37 28.93 48.16 65.02 81.01
2008-09 (So far)
Apr-08 18.98 28.61 47.46 63.40 77.75 17.99 30.29 51.88 70.09 85.00
May-08 16.39 26.55 45.94 63.39 76.94 15.74 27.00 50.27 69.61 84.41
Jun-08 20.91 30.49 50.82 68.24 82.02 20.85 32.29 55.78 74.96 88.09
Jul-08 23.11 34.43 53.86 71.98 84.97 21.35 34.50 58.51 77.35 89.42
Aug-08 22.53 34.00 54.17 70.33 81.97 20.33 32.12 55.16 73.83 86.79
Sep-08 21.96 34.02 53.89 71.33 83.33 23.79 36.44 58.76 77.76 89.77
Oct-08 26.42 37.26 59.11 75.38 86.03 27.02 41.30 64.57 81.92 92.39
Nov-08 26.24 39.28 63.16 79.03 88.62 26.56 40.70 66.11 83.42 93.66
Dec-08 25.25 41.69 66.78 79.79 88.79 24.89 39.39 68.04 83.02 92.86
2004-05 14.46 22.84 38.65 53.44 72.14 13.52 20.20 34.97 49.01 65.09
2005-06 14.83 24.02 39.21 54.94 72.13 14.62 25.57 38.17 52.75 68.45
2006-07 15.10 24.01 40.41 56.37 73.57 15.63 25.49 43.63 57.59 72.04
2007-08 14.38 22.77 39.46 55.74 73.56 15.03 25.82 44.78 60.35 74.39
2008-09 (So far)
Apr-08 14.48 21.82 38.59 55.23 73.74 14.45 24.70 45.39 61.73 75.59
May-08 14.28 21.76 38.50 54.54 73.21 14.07 24.99 45.35 61.69 76.00
Jun-08 14.34 22.26 38.94 55.65 73.88 13.69 24.88 45.95 62.59 76.34
Jul-08 15.29 23.15 40.08 57.34 75.05 13.49 24.44 45.04 62.09 76.39
Aug-08 14.24 21.69 38.73 55.46 73.23 13.77 24.18 43.33 60.30 75.05
Sep-08 15.75 23.53 40.61 58.44 75.87 12.61 23.63 45.05 62.48 77.01
Oct-08 14.20 22.45 40.41 58.08 75.36 13.09 24.07 45.39 63.51 77.84
Nov-08 14.93 23.02 39.87 57.25 74.89 13.43 23.41 43.09 61.88 76.33
Dec-08 15.72 24.09 40.83 57.35 74.98 14.33 23.70 42.52 59.92 75.63
Source: BSE, NSE
Securities
Members
Month/Year BSE NSE
082
January SEBI BULLETIN 2009
Ta
ble
20
:S
ettl
emen
tS
tati
stic
sfo
rC
ash
Seg
men
to
fB
SE
Mo
nth
/
Yea
r
No
.o
f
Tra
des
(La
kh
)
Tra
ded
Qu
an
tity
(La
kh
)
Del
i-v
ered
Qu
an
tity
(La
kh
)
%of
Del
iver
ed
Qu
an
tity
toT
rad
ed
Qu
an
tity
Tu
rn-
over
(Rs.
cr.)
Del
i-
ver
ed
Va
lue
(Rs.
cr.)
%of
Del
iver
eV
alu
ed
toT
otal
Tu
rnov
er
Del
i-ver
ed
Qu
an
-ti
tyin
Dem
at
Mo
de
(La
kh
)
%o
f
Dem
at
Del
iver
ed
Qu
an
tity
toT
ota
l
Del
iver
ed
Qu
an
tity
Del
iver
eV
alu
ed
in
Dem
at
Mod
e
(Rs.
cr.)
%of
Dem
at
Del
iver
eV
alu
ed
toT
otal
Del
iver
eV
alu
ed
Sh
ort
Del
iver
y
(Au
c-ti
on
ed
qu
an
tity
(La
kh
))
12
34
56
78
91
011
12
13
20
04
-05
2,3
74
4,7
7,1
71
1,8
7,5
19
39
.30
5,1
8,7
16
1,4
0,0
56
27
.00
1,8
7,3
47
99
.91
1,3
9,5
27
99
.62
1,5
52
20
05
-06
2,6
43
6,6
4,4
67
3,0
0,6
53
45
.25
8,1
6,0
74
2,7
1,2
27
33
.24
3,0
0,4
97
99
.95
2,7
0,9
86
99
.91
2,5
18
20
06
-07
3,4
62
5,6
0,7
80
2,2
9,6
85
40
.96
9,5
6,1
85
2,9
7,6
60
31
.13
2,2
9,5
73
99
.95
2,9
6,9
20
99
.75
1,3
12
20
07
-08
5,3
03
9,8
6,0
09
3,6
1,6
28
36
.68
15
,78
,85
74
,76
,19
63
0.1
63
,61
,54
299
.98
4,7
5,8
09
99
.92
2,2
42
20
08
-09
(Ap
r-D
ec)
4,2
09
5,6
1,9
53
1,5
0,2
74
26
.74
9,0
5,4
45
1,9
4,1
32
21
.44
1,4
9,7
48
99
.65
1,9
3,9
76
99
.92
59
2
Apr
-08
475
67,6
7218
,178
26.8
61,
15,4
5425
,603
22.1
818
,165
99.9
325
,590
99.9
586
May
-08
488
72,8
9218
,125
24.8
71,
21,6
7026
,058
21.4
218
,097
99.8
526
,002
99.7
910
4
Jun-
0847
860
,943
15,7
9725
.92
1,13
,605
24,5
7821
.63
15,7
9499
.98
24,5
5499
.90
59
Jul-
0855
775
,114
17,2
3222
.94
1,23
,916
23,3
6418
.85
17,2
3099
.99
23,3
4399
.91
59
Aug
-08
446
60,4
5416
,287
26.9
499
,924
21,8
2421
.84
16,2
8699
.99
21,8
1199
.94
56
Sep
-08
451
54,8
8217
,629
32.1
21,
08,0
9027
,604
25.5
417
,403
98.7
227
,596
99.9
774
Oct
-08
431
52,0
3217
,428
33.4
978
,227
19,3
2824
.71
17,1
7898
.56
19,3
2499
.98
66
Nov
-08
398
50,3
5413
,450
26.7
163
,694
12,1
0419
.00
13,4
4999
.99
12,0
9399
.91
35
Dec
-08
484
67,6
0816
,147
23.8
880
,866
13,6
6916
.90
16,1
4610
0.00
13,6
6299
.95
52
So
urc
e:B
SE
%o
f
Sh
ort
Del
iver
y
to
Del
iver
y
Un
rec-
tifi
edB
ad
Del
iver
y
(Au
c-ti
oned
qu
anti
ty(L
akh
))
%o
f
Un
re-
ctif
ied
Bad
Del
iver
y
to
Del
iver
y
Fu
nd
s
Pay-i
n
(Rs.
cr.)
Sec
u-
riti
esP
ay-i
n
(Rs.
cr.)
Tra
de
Gu
ara
-n
tee
Fu
nd
(Rs.
cr.)
*
14
15
16
17
18
19
0.8
30.8
70.0
048,3
91
1,3
9,9
99
1,1
65
0.8
41.3
60.0
073,1
56
2,7
1,2
27
3,2
97
0.5
70.4
60.0
085,8
68
2,9
7,6
60
2,7
35
0.6
20.2
50.0
01,4
4,3
76
4,7
6,1
96
4,3
99
0.4
00.0
70.0
070,4
49
1,9
4,1
32
3,8
25
0.48
0.00
0.00
8,11
025
,603
4,50
0
0.57
0.01
0.00
7,90
226
,058
4,47
3
0.37
0.03
0.00
8,74
224
,578
4,36
2
0.34
0.00
0.00
7,94
023
,364
4,44
9
0.35
0.00
0.00
7,69
521
,824
4,56
7
0.43
0.00
0.00
11,5
8427
,604
4,17
8
0.39
0.00
0.00
8,44
719
,328
3,83
2
0.26
0.00
0.00
4,78
112
,104
3,72
6
0.32
0.02
0.00
5,24
913
,669
3,82
5
083
January SEBI BULLETIN 2009
Tab
le21:
Set
tlem
ent
Sta
tist
ics
for
Cash
Seg
men
tof
NS
E
Mon
th/
Yea
r
No.
of
Tra
des
(Lak
h)
Tra
ded
Qu
anti
ty
(Lak
h)
Del
iver
ed
Qu
anti
ty
(Lak
h)
%of
Del
iver
ed
Qu
anti
ty
toT
rad
ed
Qu
anti
ty
Tu
rnov
er
(Rs.
cr.)
Del
iver
ed
Val
ue
(Rs.
cr.)
%of
Del
iver
ed
Val
ue
to
Tot
al
Tu
rnov
er
Del
iver
ed
Qu
anti
ty
inD
emat
Mod
e
(Lak
h)
%of
Dem
at
Del
iver
ed
Qu
anti
ty
toT
otal
Del
iver
ed
Qu
anti
ty
Del
iver
ed
Val
ue
in
Dem
at
Mod
e(R
s.cr
.)
%of
Dem
at
Del
iver
ed
Val
ue
to
Tot
al
Del
iver
ed
Val
ue
12
34
56
78
910
1112
2004
-05
4,49
47,
87,9
962,
01,4
0525
.56
11,4
0,96
92,
76,1
2024
.20
2,01
,405
100.
002,
76,1
2010
0.00
2005
-06
6,00
08,
18,4
382,
26,3
4627
.66
15,1
6,83
94,
07,9
7626
.90
2,26
,346
100.
004,
07,9
7610
0.00
2006
-07
7,85
78,
50,5
152,
38,5
7128
.05
19,4
0,09
45,
43,5
3328
.02
2,38
,571
100.
005,
43,5
3310
0.00
2007
-08
11,6
4514
,81,
229
3,66
,974
24.7
735
,19,
919
9,70
,618
27.5
83,
66,9
7410
0.00
9,70
,618
100.
00
2008
-09
(Ap
r-D
ec)
10,3
6910
,35,
429
2,27
,444
21.9
722
,12,
036
5,05
,209
22.8
42,
27,4
4410
0.00
5,05
,209
100.
00
Apr
-08
1,06
91,
11,3
6424
,864
22.3
32,
62,4
2363
,383
24.1
524
,864
100.
0063
,383
100.
00
May
-08
1,07
91,
15,4
9925
,326
21.9
32,
78,9
6268
,799
24.6
625
,326
100.
0068
,799
100.
00
Jun-
081,
122
1,10
,685
23,8
1521
.52
2,72
,697
64,2
1723
.55
23,8
1510
0.00
64,2
1710
0.00
Jul-
081,
329
1,31
,998
25,2
5619
.13
2,90
,699
61,3
1121
.09
25,2
5610
0.00
61,3
1110
0.00
Aug
-08
1,08
21,
06,9
0922
,779
21.3
12,
38,2
7954
,369
22.8
222
,779
100.
0054
,369
100.
00
Sep
-08
1,05
495
,556
24,0
3025
.15
2,47
,189
60,9
3424
.65
24,0
3010
0.00
60,9
3410
0.00
Oct
-08
1,22
611
1,15
728
,588
25.7
22,
30,1
9254
,585
23.7
128
,588
100.
0054
,585
100.
00
Nov
-08
1,11
910
9,96
824
,685
22.4
51,
78,2
0836
,811
20.6
624
,685
100.
0036
,811
100.
00
Dec
-08
1,29
014
2,29
428
,101
19.7
52,
13,3
8740
,800
19.1
228
,101
100.
0040
,800
100.
00
*B
alan
ceat
the
end
ofpe
riod
.S
ourc
e:N
SE
Sh
ort
Del
iver
y
(Au
c-ti
oned
qu
anti
ty)
(Lak
h)
%of
Sh
ort
Del
iver
y
to
Del
iver
y
Un
rec-
tifi
edB
ad
Del
iver
y
(Au
c-ti
oned
qu
anti
ty)
(Lak
h)
%of
Un
rect
ifie
dB
ad
Del
iver
y
to
Del
iver
y
Fu
nd
s
Pay
-in
(Rs.
cr.)
Sec
uri
ties
Pay
-in
(Rs.
cr.)
Set
tle-
men
t
Gu
aran
teF
un
de
(Rs.
cr.)
*
1314
1516
1718
19
868
0.43
0.00
0.00
97,2
4127
6,12
0N
.A.
894
0.39
0.00
0.00
1,31
,426
4,07
,976
N.A
.
769
0.32
0.00
0.00
1,73
,188
5,43
,950
N.A
997
0.27
0.00
0.00
3,09
,543
9,70
,618
N.A
460
0.20
0.00
0.00
1,84
,121
5,05
,209
550.
220.
000.
0019
,339
63,3
83N
.A
540.
210.
000.
0021
,745
68,7
99N
.A
550.
230.
000.
0022
,216
64,2
17N
.A
550.
220.
000.
0021
,015
61,3
11N
.A
430.
190.
000.
0017
,862
54,3
69N
.A
440.
180.
000.
0026
,208
60,9
34N
.A
670.
230.
000.
0025
,889
54,5
85N
.A
400.
160.
000.
0014
,772
36,8
11N
.A
470.
170.
000.
0015
,075
40,8
00N
.A
084
January SEBI BULLETIN 2009
Tab
le22:
Der
ivati
ves
Seg
men
tat
BS
E
No
.of
Con
tract
s
Tu
rnover
(Rs.
cr.)
No
.of
Co
n-
tract
s
Tu
rnove
(Rs.
cr.)r
No.
of
Co
n-
tract
s
Noti
on
al
Tu
rn-
over
(Rs.
cr.)
No
.of
Co
n-
tract
s
Noti
on
al
Tu
rn-
over
(Rs.
cr.)
12
34
56
78
910
2004-0
5253
4,4
9,6
30
13,6
00
6,7
25
213
48,0
65
1,4
71
27,2
10
827
2005-0
6251
89
512
1100
30
0
2006-0
7250
16,3
8,7
79
55,4
91
1,4
2,4
33
3,5
15
20
00
2007-0
8251
71,5
7,0
78
2,3
4,6
60
2,9
5,1
17
7,6
09
951
31
210
8
2008-0
9(A
pr-
Dec
)184
5,1
3,3
23
12,2
28
300
9251
6122
3
Apr-
08
20
1,6
6,1
61
4,0
51
73
2251
6122
3
May
-08
20
1,9
8,0
98
5,0
49
48
10
00
0
Jun-0
821
59,9
01
1,3
59
61
20
00
0
Jul-
08
23
37,7
54
765
48
10
00
0
Aug-0
820
16,7
25
372
28
10
00
0
Sep
-08
21
17,4
76
370
26
10
00
0
Oct
-08
20
11,6
90
182
16
00
00
0
Nov-0
818
3,3
87
49
00
00
00
Dec
-08
21
2,1
31
30
00
00
00
Mon
th/
Yea
r
No
.of
Tra
din
g
Da
ys
Ind
exF
utu
res
Sto
ckF
utu
res
Ind
exO
pti
on
s
Call
Pu
t
No
.of
Co
n-
tract
s
Noti
on
al
Tu
rn-
over
(Rs.
cr.)
No
.of
Co
n-
tract
s
Noti
on
al
Tu
rnove
(Rs.
cr.)r
No
.of
Con
tract
s
Tu
rn-
over
(Rs.
cr.)
No
.of
Co
n-
tract
s
Tu
rn-
over
(Rs.
cr.)
1112
13
14
15
16
17
18
72
217
05,3
1,7
19
16,1
12
00
20
00
103
60
0
50
10
15,4
5,1
69
59,0
06
408
13
90
60
74,5
3,3
71
2,4
2,3
09
3,1
75
74
00
00
5,1
3,9
96
12,2
45
97
1
00
00
1,6
6,6
07
4,0
63
2,4
28
63
00
00
1,9
8,1
46
5,0
51
765
19
00
00
59,9
62
1,3
60
1,0
48
21
00
00
37,8
02
766
127
3
00
00
16,7
53
373
328
7
00
00
17,5
02
371
561
11
00
00
11,7
06
183
142
2
00
00
3,3
87
49
109
1
00
00
2,1
31
30
97
1
Sto
ckO
pti
on
sT
ota
l
Op
enIn
tere
stat
the
end
of
Novem
ber
2008
Call
Pu
t
Note
:1.N
oti
onal
Turn
over
=(S
trik
eP
rice
+P
rem
ium
)*
Quan
tity
.2.In
dex
Futu
res,
Index
Opti
ons,
Sto
ckO
pti
ons
and
Sto
ckF
utu
res
wer
ein
troduce
din
June
2000,Ju
ne
2001,
July
2001
and
Novem
ber
2001,re
spec
tivel
y.
Sou
rce:
BS
E
085
January SEBI BULLETIN 2009
Ta
ble
23
:D
eriv
ati
ves
Seg
men
ta
tN
SE
No.
of
Con
trac
ts
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
trac
ts
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
-tr
acts
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
trac
ts
Not
ion
al
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
trac
ts
Not
ion
al
Tu
rnov
er
(Rs.
cr.)
12
34
56
78
910
1112
2004
-05
253
2,16
,35,
449
7,72
,174
4,70
,43,
066
14,8
4,06
70
018
,70,
647
6937
314
,22,
911
5258
1
2005
-06
251
5,85
,37,
886
15,1
3,79
18,
09,0
5,49
327
,91,
721
00
64,1
3,46
71,
68,6
3265
,21,
649
1,69
,837
2006
-07
249
8,14
,87,
424
25,3
9,57
510
,49,
55,4
0138
,30,
972
00
1,26
,32,
349
3,98
,219
1,25
,25,
089
3,93
,693
2007
-08
251
15,6
5,98
,579
38,2
0,66
720
,35,
87,9
5275
,48,
563
00
2,66
,67,
882
6,68
,816
2,86
,98,
156
6,93
,295
2008
-09
(Ap
r-D
ec)
184
15,6
4,84
,642
28,5
3,61
517
,14,
22,7
8227
,89,
329
00
7,42
,54,
295
14,6
8,29
66,
36,9
5,19
212
,04,
236
Apr
-08
201,
20,6
3,17
22,
80,1
001,
56,0
1,53
13,
36,9
010
026
,72,
588
67,9
5426
,92,
643
65,6
11
May
-08
201,
11,6
1,42
72,
67,6
411,
66,9
3,26
03,
80,1
610
022
,43,
173
58,1
1528
,35,
787
70,9
51
Jun-
0821
1,79
,41,
870
3,77
,939
1,91
,54,
946
3,75
,987
00
60,5
6,05
61,
39,9
1975
,08,
380
1,68
,790
Jul-
0823
2,04
,23,
139
3,95
,380
2,22
,32,
227
3,82
,601
00
91,4
4,70
71,
98,1
7477
,44,
997
1,59
,035
Aug
-08
201,
44,3
3,98
43,
00,4
491,
75,9
4,21
63,
24,0
110
075
,68,
163
1,74
,797
62,6
7,47
91,
37,3
05
Sep-
0821
1,93
,32,
343
3,80
,198
2,00
,76,
138
3,32
,728
00
1,21
,61,
148
2,68
,033
92,3
7,28
21,
93,5
89
Oct
-08
202,
16,4
9,44
53,
24,9
621,
98,5
8,40
92,
39,2
640
01,
29,6
7,47
62,
31,5
6577
,69,
905
1,32
,945
Nov
-08
181,
94,7
1,36
72,
56,9
501,
79,4
9,27
01,
87,2
110
01,
02,9
6,36
11,
58,0
4296
,24,
563
1,34
,092
Dec
-08
212,
00,0
7,89
52,
69,9
972,
22,6
2,78
52,
30,4
660
01,
11,4
4,62
31,
71,6
971,
00,1
4,15
61,
41,9
19
Not
e:
Not
iona
lVal
ueof
Out
stan
ding
Con
trac
tsfo
rF
UT
ST
K-
Ope
nIn
tere
st*
Clo
sepr
ice
ofst
ock
futu
re
Not
iona
lVal
ueof
Out
stan
ding
Con
trac
tsfo
rO
PT
IDX
-O
pen
Inte
rest
*C
lose
pric
eS
&P
CN
XN
ifty
Not
iona
lVal
ueof
Out
stan
ding
Con
trac
tsfo
rO
PT
ST
K-
Ope
nIn
tere
st*
Clo
sepr
ice
ofU
nder
lyin
gse
curi
ty
Not
iona
lTur
nove
r=
(Str
ike
Pri
ce+
Pre
miu
m)
*Q
uant
ity.
Sou
rce:
NS
E
Mon
th/Y
ear
No.
of
Tra
din
g
Day
sIn
dex
Fu
ture
sS
tock
Fu
ture
sIn
tere
st
Rat
eF
utu
res
Ind
exO
pti
ons
Cal
lP
ut
No.
of
Con
trac
ts
Not
ion
al
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
trac
ts
Not
ion
al
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
trac
ts
Tu
rnov
er
(Rs.
cr.)
No.
of
Con
trac
ts
Tu
rnov
er
(Rs.
cr.)
1314
1516
1718
1920
39,4
6,97
91,
32,0
6610
,98,
133
3679
27,
70,1
7,18
525
,47,
053
5,92
,646
21,0
52
41,6
5,99
61,
43,7
5210
,74,
780
3651
815
,76,
19,2
7148
,24,
250
10,2
8,00
338
,469
43,9
4,29
21,
61,9
028,
89,0
1831
909
21,6
8,83
,573
73,5
6,27
117
,91,
549
38,6
70
80,0
2,71
33,
08,4
4314
,57,
918
5069
342
,50,
13,2
001,
30,9
0,47
822
,82,
671
48,9
00
70,3
3,64
21,
29,2
5221
,56,
896
35,3
3447
,50,
47,4
4984
,80,
063
29,7
5,64
238
,481
5,73
,744
13,1
391,
26,1
462,
725
3,37
,29,
824
7,66
,431
26,6
7,55
463
,806
7,40
,079
17,2
391,
66,3
293,
801
3,38
,40,
055
7,97
,908
27,8
7,56
262
,438
7,40
,229
17,0
091,
99,6
484,
421
5,16
,01,
129
10,8
4,06
432
,13,
051
59,3
98
9,44
,602
19,3
543,
07,6
885,
630
6,07
,97,
360
11,6
0,17
426
,35,
124
51,8
05
8,20
,895
16,8
802,
08,8
064,
003
4,68
,93,
543
9,57
,445
31,7
9,34
562
,805
10,3
5,53
118
,688
2,69
,124
4,63
66,
21,1
1,56
611
,97,
872
33,3
2,84
457
,612
6,89
,231
9,95
12,
00,3
622,
960
6,31
,34,
828
9,41
,646
27,9
9,15
135
,982
5,61
,864
6,42
92,
41,9
532,
632
5,81
,45,
378
7,45
,356
27,4
1,25
933
,151
9,27
,467
10,5
624,
36,8
404,
526
6,47
,93,
766
8,29
,166
29,7
5,64
238
,481
Sto
ckO
pti
ons
Tot
alO
pen
Inte
rest
atth
e
end
ofC
all
Pu
t
086
January SEBI BULLETIN 2009
Tab
le2
4:
Der
iva
tiv
esT
rad
ing
at
NS
E,
20
08
Dec
emb
er
(Rs.
cror
e)
12
34
56
78
91
011
1-D
ec-0
89,
33,0
0111
,969
7,37
,864
7,36
40
04,
60,5
707,
064
3,87
,893
5,32
2
2-D
ec-0
89,
84,5
5211
,893
8,04
,707
7,77
30
05,
20,7
097,
654
4,32
,738
5,69
7
3-D
ec-0
89,
70,5
9311
,787
8,34
,014
8,10
30
05,
21,4
287,
615
4,26
,421
5,59
4
4-D
ec-0
88,
97,7
8011
,304
9,77
,469
9,09
40
05,
22,3
627,
719
4,03
,994
5,36
4
5-D
ec-0
89,
75,8
2712
,349
9,88
,643
9,41
10
05,
40,0
938,
084
4,67
,294
6,28
3
8-D
ec-0
89,
88,8
9112
,949
8,64
,948
9,00
80
06,
75,9
6810
,211
4,61
,049
6,21
2
10-D
ec-0
810
,33,
254
13,8
939,
86,4
669,
817
00
6,82
,413
10,4
856,
29,8
798,
626
11-D
ec-0
89,
42,0
2412
,693
11,0
7,14
310
,990
00
5,26
,278
8,14
94,
23,2
775,
909
12-D
ec-0
810
,64,
562
14,1
3610
,82,
695
10,8
910
05,
12,8
057,
833
5,27
,737
7,33
0
15-D
ec-0
88,
28,6
4111
,461
10,0
9,11
610
,568
00
4,93
,193
7,71
75,
02,0
777,
094
16-D
ec-0
88,
61,4
0712
,045
9,97
,927
10,5
490
05,
01,2
197,
853
5,53
,819
7,93
7
17-D
ec-0
811
,29,
470
15,8
6412
,75,
936
13,7
190
06,
09,1
229,
532
6,46
,075
9,44
6
18-D
ec-0
812
,37,
329
17,4
9014
,69,
346
15,9
770
06,
55,9
3710
,227
6,78
,021
9,88
1
19-D
ec-0
811
,07,
385
16,0
7514
,76,
299
15,9
730
05,
90,8
759,
371
5,72
,121
8,52
4
22-D
ec-0
810
,38,
615
15,0
8814
,36,
665
15,9
050
04,
98,5
967,
918
5,14
,655
7,74
4
23-D
ec-0
811
,49,
524
16,3
0614
,96,
490
15,7
690
06,
34,6
909,
825
5,76
,043
8,55
0
24-D
ec-0
89,
35,5
9513
,124
14,8
5,48
115
,901
00
5,39
,561
8,19
24,
90,5
767,
298
26-D
ec-0
85,
48,4
797,
331
6,58
,805
7,02
30
03,
06,1
644,
862
2,89
,551
4,20
0
29-D
ec-0
88,
16,8
2910
,881
8,77
,900
8,75
90
05,
06,0
677,
909
3,51
,810
4,98
3
30-D
ec-0
88,
43,5
2311
,519
8,62
,268
9,05
10
04,
50,8
637,
163
3,85
,875
5,54
3
31-D
ec-0
87,
20,6
149,
839
8,32
,603
8,82
00
03,
95,7
106,
313
2,93
,251
4,38
2
Da
te
Ind
exF
utu
res
Sto
ckF
utu
res
Inte
rest
Ra
te
Fu
ture
s
Ind
exO
pti
on
s
Call
sP
uts
No
.o
f
Co
ntr
act
s
Tu
rn-
over
(Rs.
cro
res.
)
No
.of
Co
ntr
act
s
Tu
rno
ve
(Rs.
cro
res.
)rN
o.
of
Co
n-
tract
s
Tu
rnov
e(R
s.r
crore
s)
No
.o
f
Co
ntr
act
s
Tu
rn-
over
(Rs.
crore
s)
No
.o
f
Co
n-
tract
s
Tu
rn-
over
(Rs.
crore
s.)
12
13
14
15
16
17
18
19
27,2
6730
711
,871
129
25,5
8,46
632
,155
28,9
9,72
434
,250
28,7
6931
214
,580
142
27,8
6,05
533
,471
29,7
3,20
834
,763
31,2
3036
715
,092
140
27,9
8,77
833
,606
30,8
9,00
836
,207
45,4
9545
220
,771
191
28,6
7,87
134
,124
32,8
9,99
740
,605
39,3
8739
219
,392
191
30,3
0,63
636
,709
32,8
8,24
639
,637
39,3
8145
620
,135
215
30,5
0,37
239
,051
35,3
5,63
943
,968
46,2
8050
528
,212
271
34,0
6,50
443
,598
38,1
8,54
549
,768
55,6
8660
025
,907
266
30,8
0,31
538
,606
38,6
7,49
550
,477
54,3
1760
827
,043
280
32,6
9,15
941
,078
39,5
5,86
351
,628
49,8
4457
922
,708
227
29,0
5,57
937
,646
40,2
2,42
453
,671
46,1
4355
721
,737
232
29,8
2,25
239
,173
41,4
6,95
656
,484
46,1
2155
423
,526
244
37,3
0,25
049
,360
41,9
0,43
455
,546
57,9
4469
931
,045
333
41,2
9,62
254
,607
43,7
8,36
660
,154
46,9
3853
517
,711
192
38,1
1,32
950
,670
44,4
4,94
361
,503
41,1
8946
620
,145
200
35,4
9,86
547
,321
44,9
1,72
561
,627
39,4
2043
324
,254
249
39,2
0,42
151
,132
44,7
3,71
659
,830
45,4
8953
826
,475
303
35,2
3,17
745
,356
24,8
5,75
231
,461
45,3
5457
014
,993
168
18,6
3,34
624
,154
26,4
6,24
032
,890
54,8
0661
517
,721
179
26,2
5,13
333
,326
28,2
6,16
135
,945
42,9
6851
117
,776
203
26,0
3,27
333
,989
29,2
4,89
637
,979
43,4
3950
715
,746
172
23,0
1,36
330
,033
29,7
5,64
238
,481
Sto
ckO
pti
on
sT
ota
lT
urn
ov
erO
pen
Inte
rest
at
the
end
of
the
da
yC
all
sP
uts
No
.o
f
Co
n-
tract
s
Tu
rnove
(Rs.
r
crore
s)
No
.of
con
tract
s
Va
lue
(Rs.
crore
s)
Tu
rno
ve
(Rs.
r
cror
es)
No
.o
fT
urn
ov
e(R
s.r
crore
s)
No
.o
f
Con
tract
s
Not
iona
lV
alue
ofO
utst
andi
ngC
ontr
acts
for
OP
TS
TK
-O
pen
Inte
rest
*C
lose
pric
eof
Und
erly
ing
secu
rity
.N
otio
nal
Val
ueof
Out
stan
ding
Con
trac
tsfo
rO
PT
IDX
-O
pen
Inte
rest
*C
lose
pric
eS
&P
CN
XN
ifty
.N
otio
nal
Tur
nove
r=
(Str
ike
Pri
ce+
Pre
miu
m)
*Q
uant
ity.
Inde
xF
utur
es,I
ndex
Opt
ions
,Sto
ckO
ptio
nsan
dS
tock
Fut
ures
wer
ein
trod
uced
inJu
ne20
00,J
une
2001
,Jul
y20
01an
dN
ovem
ber
2001
,res
pect
ivel
y.O
pen
inte
rest
valu
eis
com
pute
das
Und
erly
ing
clos
epr
ice*
Qua
ntit
y.S
ou
rce:
NS
E
Co
n-
tract
s
087
January SEBI BULLETIN 2009(R
s.cr
ore
)
Ta
ble
25
:S
ettl
emen
tS
tati
stic
sin
Der
iva
tiv
esS
egm
ent
at
BS
Ea
nd
NS
E
MT
M
Set
tlem
ent
Fin
al
Set
tlem
ent
Pre
miu
m
Set
tlem
ent
Exer
cise
Set
tlem
ent
MT
M
Set
tlem
ent
Fin
al
Set
tlem
ent
Pre
miu
m
Set
tlem
ent
Ex
erci
se
Set
tlem
ent
12
34
56
78
91
011
12
13
2004-0
519
1147
3169
51
13,0
24
228
941
456
14,6
49
N.A
.
2005-0
60
00
00
44
25,5
86
598
1,5
21
818
28,5
22
N.A
.
2006-0
70
00
00
061,3
14
798
3,1
94
1,1
89
66,4
94
N.A
.
2007-0
8420
10
00
431
1,9
42
1,4
4,6
55
1,3
12
6,7
60
3,7
92
1,5
6,5
19
N.A
.
2008-0
9(A
pr-
Dec
)
Apr-
08
19
00
019
181
5,3
92
67
786
164
6,4
08
N.A
.
May
-08
31
10
03
21
77
5,6
02
204
604
191
6,6
00
N.A
.
Jun-0
814
10
014
154
9,1
83
137
1,1
26
342
10,7
88
N.A
.
Jul-
08
20
00
020
149
11,0
70
60
1,0
16
209
12,3
54
N.A
.
Aug-0
85
00
05
141
4,8
45
129
742
146
5,8
62
N.A
.
Sep
-08
90
00
926
7,1
20
226
921
179
8,4
46
N.A
.
Oct
-08
90
00
91
27
9,4
09
54
1,3
84
1,4
19
12,2
67
N.A
.
Nov-0
82
00
02
109
5,7
82
46
786
160
6,7
74
N.A
.
Dec
-08
10
00
136
4,3
01
152
771
582
5,8
05
N.A
.
Sou
rce:
BS
E,N
SE
Mo
nth
/Y
ear
BS
EN
SE
Ind
ex/S
tock
Fu
ture
sIn
dex
/Sto
ckO
pti
on
s
To
tal
Set
tlem
ent
Gu
ran
tee
Fu
nd
*
Ind
ex/S
tock
Fu
ture
s
*in
cludes
mem
ber
sco
llat
eral
and
Set
tlem
ent
Guar
ante
eF
und
Ind
ex/S
tock
Op
tio
ns
To
tal
Set
tlem
ent
Gu
ran
tee
Fu
nd
*(S
GF
)
*B
alan
ces
atth
een
dof
the
per
iod
Table 26: Trends in Trading in the Corporate Debt Market
088
January SEBI BULLETIN 2009
No. of No. of
Trades
Traded
Value
(Rs.
crore)
No. of
Traded
No. of
Trades
Traded
Value
(Rs.
crore)
No. of
Trades
Traded
Value
(Rs.
crore)
No. of
Secu-rities
Traded
No. of
Trades
Traded
Value
(Rs.
crore)
1 2 3 4 5 6 7 8 9 10 11 12
2007-08 1,646 27,697 41,187 2,016 3,789 31,453 4,089 23,479 3,662 32,217 75,737
2008-09
(Apr-Dec)
1,451 2,72,406 25,663 1,393 2,652 26,571 5,649 26,762 2,844 2,80,707 78,996
Apr-08 140 1,912 2,690 128 214 2,768 714 4,615 268 2,840 10,073
May-08 182 1,804 4,207 156 256 2,134 780 3,715 338 2,840 10,056
Jun-08 228 2,067 3,587 233 397 3,294 884 3,299 461 3,348 10,180
Jul-08 121 1,462 1,401 120 180 2,226 638 2,910 241 2,280 6,536
Aug-08 126 3,012 1,211 53 73 865 590 2,174 179 3,675 4,250
Sep-08 182 42,243 2,652 120 187 2,552 738 4,373 302 43,168 9,577
Oct-08 129 75,925 2,517 139 244 2,554 741 2,731 268 76,910 7,803
Nov-08 132 70,671 1,611 107 147 1,859 508 2,066 239 71,326 5,536
Dec-08 211 73,310 5,787 337 954 8,319 56 880 548 74,320 14,985
Note: Data is aggregation of transactions in trading and reporting platform.
Source: BSE, NSE
FIMMDA TotalMonth/Year
BSE NSE
Secu-rities
Traded
Secu-rities
089
January SEBI BULLETIN 2009
Ta
ble
27
:T
rad
ing
Sta
tist
ics
of
Cu
rren
cyF
utu
res
Seg
men
t
No.of
Tra
ded
Valu
e
(Rs.
Cr.
)
No.of
Tra
ded
Valu
e
(Rs.
Cr.
)
No
.of
Co
n-
tract
s
Tra
ded
Valu
e
(Rs.
Cr.
)
Aug-0
80
00.0
00
0.0
065,7
98
291.0
5*
16,3
32
72.1
20
00.0
00
0.0
0
Sep
-08
00
0.0
00
0.0
012,5
8,0
99
5,7
63.0
2261.9
690,8
71
428.3
60
00.0
00
0.0
0
Oct
-08
1,6
1,7
32
766
38.3
1316
1.5
622,7
5,2
61
11,1
41.9
3557.1
01,7
0,2
02
851.2
711
,19,9
68
5,5
21
324.7
860,0
55
299.9
4
Nov-0
811
,500
57
3.1
5236
1.1
832,3
3,6
79
15,9
69.0
0887.1
71,4
6,2
62
736.7
530,5
4,6
40
15,1
14
839.6
855,7
11280.6
0
Dec
-08
5,5
87
28
1.3
21
0.0
046,8
1,5
93
22,8
39.9
81,0
87.6
21,7
7,5
20
866.5
747,0
1,4
92
22,9
37
1,0
92.2
21,1
9,2
33
582.0
6
2008-0
9(A
ug
-Dec
)1,7
8,8
19
851
10.0
01,1
5,1
4,4
30
56,0
04.9
8691.4
21,7
7,5
20
866.5
788,7
6,1
00
43,5
72
778.0
71,1
9,2
33
582.0
6
*T
radin
gin
Curr
ency
Futu
res
com
men
ced
on
29th
August
2008
at
NSE
Sou
rce:
BS
E,N
SE
,M
CX
Avg
Dail
y
Trd
Valu
e
(Rs.
Cr)
Op
enIn
tere
stat
the
end
of
Op
enIn
tere
stat
the
end
of
Mo
nth
/Y
ear
Av
g
Dail
y
Trd
Valu
e
(Rs.
Cr)
No
.of
Con
tract
s
Tra
ded
Va
lue
(Rs.
Cr)
BS
EN
SE
MC
X
No
.of
Con
tract
s
Tra
ded
Valu
e
(Rs.
Cr)
No
.of
Co
n-
tract
s
Tra
ded
Valu
e
(Rs.
Cr)
Avg
Dail
y
Trd
Valu
e
(Rs.
Cr)
Op
enIn
tere
stat
the
end
of
Co
n-
tract
sC
on
-tr
act
s
-
Table 28: Daily Trends of Currency Futures , 2008Segment December
090
January SEBI BULLETIN 2009
No. of
Contracts
Traded
Value
(Rs. Cr.)
No. of
Con-tracts
Traded
Value
(Rs. Cr.)
No. of
Contracts
Traded
Value
(Rs. Cr.)
1-Dec-08 787 3.96 621 3.14 2,02,748 1,022.95 1,48,879 753.85 1,92,221 970.10 71,325 361.10
2-Dec-08 328 1.66 731 3.68 1,96,118 993.85 1,60,822 811.95 2,23,556 1,132.47 65,418 330.32
3-Dec-08 533 2.67 619 3.11 1,98,472 996.11 1,72,308 866.67 2,10,881 1,058.71 84,771 426.21
4-Dec-08 1,124 5.62 416 2.08 2,24,803 1,123.40 1,65,559 828.10 2,45,739 1,227.43 77,989 390.05
5-Dec-08 1,042 5.19 416 2.07 2,07,853 1,035.97 1,67,582 835.15 1,72,783 861.33 69,279 345.36
8-Dec-08 510 2.52 566 2.80 2,20,649 1,091.39 1,71,495 851.89 1,95,063 965.07 67,815 336.86
10-Dec-08 395 1.94 589 2.90 2,66,666 1,312.23 1,72,851 849.80 2,82,280 1,388.66 67,752 333.06
11-Dec-08 159 0.77 619 3.00 2,35,789 1,147.07 1,68,081 815.37 2,38,890 1,161.78 83,547 405.25
12-Dec-08 253 1.24 620 3.03 2,33,242 1,136.46 1,64,986 805.01 2,66,892 1,300.14 86,017 419.58
15-Dec-08 13 0.06 622 2.99 2,51,763 1,211.72 1,53,307 739.64 2,07,426 998.75 77,369 373.18
16-Dec-08 0 - 622 2.98 1,60,488 770.27 1,49,147 716.93 1,82,876 877.76 84,031 403.83
17-Dec-08 253 1.20 625 2.96 2,58,366 1,228.52 1,49,667 714.82 2,38,945 1,135.92 70,332 335.85
18-Dec-08 79 0.37 629 2.96 2,20,655 1,043.02 1,43,249 674.77 2,31,864 1,095.10 78,167 368.11
19-Dec-08 0 - 629 2.97 1,87,940 887.90 1,56,399 742.52 1,81,196 855.98 84,326 400.15
22-Dec-08 8 0.04 621 2.95 1,72,241 821.99 1,52,703 735.13 2,12,495 1,015.34 98,563 474.18
23-Dec-08 7 0.03 614 2.98 2,29,563 1,117.88 1,66,457 814.67 2,19,912 1,071.44 1,14,673 560.99
24-Dec-08 1 0.00 613 3.01 2,95,192 1,437.60 1,89,353 914.53 2,99,152 1,455.20 1,13,090 546.29
26-Dec-08 2 0.01 612 2.93 2,59,739 1,252.77 1,83,981 893.26 2,53,547 1,222.13 1,06,914 519.25
29-Dec-08 92 0.45 612 2.98 2,73,862 1,334.00 1,67,068 813.17 2,83,906 1,383.36 1,36,805 666.17
30-Dec-08 1 0.00 1 0.00 1,86,592 907.26 1,68,751 820.18 1,97,764 961.50 1,07,723 523.56
31-Dec-08 0 - 1 0.00 1,98,852 967.65 1,77,520 866.57 1,64,104 798.42 1,19,233 582.06
Source: BSE, NSE, MCX
Open Interest
at the end of
No. of
Contracts
Traded
Traded
Value
(Rs. Cr)
Open Interest
at the end of
Month/
Year (Day
wise)No. of
Con-tracts
Traded
Traded
Value
(Rs. Cr)
Open Interest
at the end of
BSE NSE MCX
No. of
Contracts
Traded
Traded
Value
(Rs. Cr)
Table 29: Settlement Statistics of Currency Futures Segment
(Rs. crore)
091
January SEBI BULLETIN 2009
Aug-08 - 0 0.22 *
Sep-08 - - 22.86 0.77
Oct-08 5.45 0.12 52.33 0.04 14.21 0.03
Nov-08 0.49 0.00 58.56 0.95 26.13 0.89
Dec-08 0.47 0.05 58.00 1.14 35.85 0.73
2008-09 (Aug-Dec) 6.41 0.18 191.97 2.90 76.19 1.64
* Trading in Currency Futures commenced on 29th August 2008 at NSE
Source: BSE, NSE, MCX
Currency Futures
BSE NSE
Month/Year
MCX
Currency Futures Currency Futures
MTM
Settlement
Final
Settlement
MTM
Settlement
Final
Settlement
MTM
Settlement
Final
Settlement
-
-
-
-
Table 30: Trends in Foreign Institutional Investment
(Rs. crore)
092
January SEBI BULLETIN 2009
Period Gross
Purchases
(Rs. cr.)
Gross
Sales
(Rs. cr.)
Net Investment
(Rs. cr.)
Net Investment**
(US $ mn.)
Cumulative Net
Investment** (US $ mn.)
1 2 3 4 5 6
2004-05 2,16,953 1,71,072 45,881 10,172 35,926
2005-06 3,46,978 3,05,512 41,467 9,332 45,260
2006-07 5,20,508 4,89,667 30,840 6,708 51,967
2007-08 9,48,020 8,81,842 66,179 16,040 68,007
2008-09 (Apr-Dec)
5,09,835 5,43,189 -33,353 -8,268 59,737
Apr-08 62,329 62,956 -627 -155 67,850
May-08 58,966 64,141 -5,174 -1,283 66,567
Jun-08 63,154 74,248 -11,095 -2,751 63,817
Jul-08 69,646 67,864 1,782 442 64,259
Aug-08 50,140 50,094 46 12 64,270
Sep-08 73,515 78,590 -5,074 -1,258 63,012
Oct-08 52,287 69,492 -17,205 -4,265 58,747
Nov-08 39,489 37,871 1,617 401 59,148
Dec-08 40,311 37,934 2,377 589 59,737
** Net Investment in US $ mn at the prevailing exchange rate.Discrepancies in total figures, if any, are due to rounding off.
Table 31: Daily Trends in Foreign Institutional Investment, 2008December(Rs. crore)
093
January SEBI BULLETIN 2009
1 2 3 4 5 6 7 8 9 10 11 12 13
01-Dec-08 2158 1738 419 104 286 0 286 71 2443 1738 705 175
02-Dec-08 1663 1509 154 38 322 574 -251 -62 1986 2083 -97 -24
03-Dec-08 856 1176 -320 -79 402 166 236 58 1258 1342 -84 -21
04-Dec-08 876 1362 -487 -121 175 194 -19 -5 1050 1556 -506 -125
05-Dec-08 1780 1331 448 111 898 256 642 159 2677 1587 1090 270
08-Dec-08 1182 1131 51 13 152 316 -164 -41 1334 1447 -113 -28
10-Dec-08 1725 1264 460 114 194 35 159 39 1918 1299 619 153
11-Dec-08 2603 1615 988 245 102 555 -453 -112 2706 2170 535 133
12-Dec-08 2079 1745 333 83 592 961 -369 -92 2671 2707 -36 -9
15-Dec-08 1527 1633 -106 -26 877 240 637 158 2404 1873 530 131
16-Dec-08 1799 1559 239 59 113 162 -48 -12 1912 1721 191 47
17-Dec-08 1685 1657 28 7 157 419 -262 -65 1842 2076 -234 -58
18-Dec-08 2288 2397 -109 -27 305 697 -392 -97 2593 3094 -501 -124
19-Dec-08 2140 2194 -54 -13 777 164 613 152 2916 2358 558 138
22-Dec-08 2243 1780 463 115 174 62 113 28 2418 1842 576 143
23-Dec-08 943 1167 -224 -56 602 935 -333 -83 1545 2102 -557 -138
24-Dec-08 646 917 -271 -67 154 135 19 5 800 1053 -253 -63
26-Dec-08 1095 1214 -119 -29 952 175 777 193 2047 1389 658 163
29-Dec-08 357 616 -259 -64 59 804 -745 -185 416 1420 -1004 -249
30-Dec-08 830 841 -10 -3 97 185 -88 -22 927 1025 -98 -24
31-Dec-08 882 758 124 31 1567 1295 272 67 2450 2053 397 98
Total 31357 29608 1750 434 8956 8329 627 155 40311 37934 2377 589
* 1 USD = 40.34 INR
Debt Total
Gross
Purchase
(Rs.crore)
Date
Gross
Sales
Net
Invest-ment
Net
(US $
mn.)*
Equity
Gross
Purchase
Gross
Sales
Net Net
(US $
mn.)*
Net Gross
Purchase
Gross
Sales
(Rs.crore) (Rs.
crore)
Invest-ment (Rs.
crore)(Rs.
crore)
Invest-ment(Rs.
crore)
Net
(US $
mn.)*
Invest-ment (Rs.
crore)(Rs.
crore) (Rs.crore)
Invest-ment
Invest-ment
094
January SEBI BULLETIN 2009(R
s.cr
ore
)
Ta
ble
32
:T
ren
ds
inR
eso
urc
eM
ob
ilis
ati
on
by
Mu
tua
lF
un
ds
Pvt.
Sec
tor
Pu
bli
c
Sec
tor
UT
IT
ota
lP
vt.
Sec
tor
Pu
bli
c
Sec
tor
UT
IT
ota
lP
vt.
Sec
tor
Pu
bli
c
Sec
tor
UT
IT
ota
l
12
34
56
78
910
1112
13
14
20
04
-05
7,3
6,4
63
56
,58
94
6,6
56
8,3
9,7
08
7,2
8,8
64
59
,26
64
9,3
78
8,3
7,5
08
7,6
00
-2,6
77
-2,7
22
2,2
00
1,4
9,6
00
20
05
-06
9,1
4,7
03
1,1
0,3
19
73
,12
71
0,9
8,1
49
8,7
1,7
27
1,0
3,9
40
69
,70
41
0,4
5,3
70
42
,97
76
,37
93
,42
45
2,7
79
2,3
1,8
62
20
06
-07
15
,99
,87
31
,96
,34
01
,42
,28
01
9,3
8,4
93
15
,20
,83
61
,88
,71
91
,34
,95
41
8,4
4,5
08
79
,03
87
,62
17
,32
69
3,9
85
3,2
6,2
92
20
07
-08
37
,80
,75
33
,46
,12
63
,37
,49
84
4,6
4,3
76
36
,47
,44
93
,35
,44
83
,27
,67
84
3,1
0,5
75
1,3
3,3
04
10
,67
79
,82
01
,53
,80
25
,05
,15
2
20
08
-09
(Ap
r-D
ec)
30
,83
,57
84
,61
,17
02
,76
,91
33
8,2
1,6
61
31
,23
,52
04
,49
,40
02
,79
,18
33
8,5
2,1
04
-39
,94
311
,77
0-2
,25
9-3
0,4
32
4,1
3,3
65
Ap
r-0
84
,29
,87
84
8,7
60
38
,46
85
,17
,10
63
,71
,95
73
9,1
45
34
,52
54
,45
,62
65
7,9
21
9,6
15
3,9
44
71
,48
05
,95
,01
0
May
-08
3,4
4,2
23
48
,62
04
0,6
10
4,3
3,4
52
3,5
1,2
51
41
,14
63
4,8
64
4,2
7,2
62
-7,0
28
7,4
73
5,7
45
6,1
91
5,8
8,6
43
Jun
-08
3,7
4,8
34
45
,26
13
0,8
29
4,5
0,9
24
4,0
1,4
62
51
,91
33
6,7
81
4,9
0,1
57
-26
,62
9-6
,65
2-5
,95
2-3
9,2
33
5,2
1,8
99
Jul-
08
3,8
4,8
88
59
,17
42
7,2
22
4,7
1,2
84
3,7
5,7
43
55
,54
83
0,2
93
4,6
1,5
84
9,1
45
3,6
26
-3,0
72
9,7
00
5,4
0,6
23
Au
g-0
83
,29
,62
84
9,1
96
27
,27
04
,06
,09
53
,27
,73
05
0,2
01
28
,17
34
,06
,10
41
,89
8-1
,00
5-9
03
-10
5,4
4,5
35
Sep
t-0
83
,66
,02
65
3,8
70
23
,76
54
,43
,66
24
,04
,00
15
7,8
52
27
,45
94
,89
,31
2-3
7,9
75
-3,9
82
-3,6
93
-45
,65
04
,83
,27
0
Oct
-08
2,7
7,2
88
38
,78
32
3,5
49
3,3
9,6
20
3,1
8,3
70
44
,08
02
3,9
76
3,8
6,4
27
-41
,08
3-5
,29
8-4
16
-46
,79
63
,94
,711
No
v-0
82
,56
,77
24
8,3
70
26
,78
23
,31
,92
52
,51
,85
84
3,7
63
22
,51
63
,18
,13
64
,91
44
,60
84
,26
71
3,7
89
4,0
5,1
12
Dec
-08
3,2
0,0
41
69
,13
53
8,4
17
4,2
7,5
93
3,2
1,1
48
65
,75
14
0,5
96
4,2
7,4
95
-1,1
07
3,3
84
-2,1
79
98
4,1
3,3
65
*In
cludes
repurc
has
esas
wel
las
redem
pti
on.
2.
Net
asse
tsp
erta
inin
gto
Funds
of
Funds
Sch
emes
isnot
incl
uded
inth
eab
ove
dat
a.
Note
s:
1.
Ers
twhil
eU
TI
has
bee
nd
ivid
edin
toU
TI
Mutu
alF
und
(reg
iste
red
wit
hS
EB
I)an
dth
eS
pec
ifie
dU
nder
takin
gof
UT
I(n
ot
regis
tere
dw
ith
SE
BI)
.Above
dat
a
conta
ins
info
rmat
ion
only
of
UT
IM
utu
alF
und.
Ass
ets
at
the
En
dof
Per
iod
Per
iod
Gro
ssM
ob
ilis
ati
on
Red
emp
tion
*N
etIn
flow
/Ou
tflo
w
095
January SEBI BULLETIN 2009
Ta
ble
33
A:
Ty
pe-
wis
eR
eso
urc
eM
ob
ilis
ati
on
by
Mu
tua
lF
un
ds
:O
pen
-en
ded
an
dC
lose
-en
ded
(Rs.
crore
)
Sale
Pu
rch
ase
Net
Sale
Pu
rch
ase
Net
Sale
Pu
rch
ase
Net
Sale
Pu
rch
ase
Net
12
34
56
78
91
011
12
13
14
Open
-ended
18,0
0,1
58
17,7
6,2
58
23,9
00
43,3
7,0
42
42,0
3,5
88
1,3
3,4
54
36,6
3,7
00
36,4
7,2
63
16,4
37
4,2
6,6
01
4,0
6,5
84
20,0
17
3,1
1,5
85
Clo
se-e
nded
1,3
8,3
35
68,2
50
70,0
85
1,2
7,3
35
1,0
6,9
87
20,3
48
1,0
5,3
49
1,3
3,6
87
-28,3
39
527
12,1
43
-11,6
16
95,5
23
Inte
rval
--
--
--
52,6
23
71,1
53
-18,5
30
465
8,7
68
-8,3
02
6,2
56
Tota
l19,3
8,4
93
18,4
4,5
08
93,9
85
44,6
4,3
77
43,1
0,5
75
1,5
3,8
02
38,2
1,6
71
38,5
2,1
03
-30,4
32
4,2
7,5
94
4,2
7,4
95
98
4,1
3,3
65
*N
etas
sets
of
Rs.
792.3
2cr
ore
per
tain
ing
toF
und
of
Funds
Sch
emes
isnot
incl
uded
inth
eab
ove
dat
a.
Net
Ass
ets
as
on
Dec
31,
2008*
Sch
eme
2007-0
8D
ecem
ber
2008*
2008-0
9
(Ap
r-D
ec)
2006-0
7
096
January SEBI BULLETIN 2009
Ta
ble
33
B:
Sch
eme-
wis
eR
eso
urc
eM
ob
ilis
ati
on
by
Mu
tua
lF
un
ds
(Rs.
Cro
re)
Sa
leP
urc
ha
seN
etS
ale
Pu
rch
ase
Net
Sa
leP
urc
ha
seN
etS
ale
Pu
rch
ase
Net
12
34
56
78
910
1112
13
A.In
com
e/D
ebt
Ori
ente
dS
chem
es(i
+ii
+ii
i+iv
)18,3
9,6
68
17,7
5,6
01
64,0
68
43,1
7,2
63
42,1
3,3
96
1,0
3,8
67
37,8
5,3
44
38,1
9,9
45
-34,6
01
4,2
5,5
70
4,2
4,4
22
1,1
49
i.L
iquid
/Money
Mar
ket
16,2
6,7
90
16,2
1,8
05
4,9
85
34,3
2,7
37
34,1
7,7
61
14,9
76
28,9
8,0
02
29,0
6,6
09
-8,6
07
3,3
5,3
97
3,3
9,7
39
-4,3
42
ii.G
ilt
1,8
53
2,8
16
-964
3,1
80
2,7
46
434
10,6
05
7,8
06
2,7
99
3,1
70
2,1
82
988
iii.
Deb
t(o
ther
than
assu
red
retu
rn)
2,1
1,0
26
1,5
0,9
80
60,0
46
8,8
1,3
46
7,9
2,8
89
88,4
57
8,7
6,7
37
9,0
5,5
30
-28,7
93
87,0
03
82,5
00
4,5
03
iv.D
ebt
(ass
ure
dre
turn
)0
00
00
00
00
00
0
B.G
row
th/E
qu
ity
Ori
ente
dS
chem
es(i
+ii
)94,3
51
66,1
45
28,2
06
1,2
6,2
86
79,3
53
46,9
33
27,0
30
23,9
43
3,0
87
2,1
46
2,7
12
-352
i.E
LS
S4,6
69
216
4,4
53
6,4
48
297
6,1
51
2,0
76
242
1,8
34
213
27
187
ii.O
ther
s89,6
83
65,9
29
23,7
53
1,1
9,8
39
79,0
56
40,7
82
24,9
55
23,7
02
1,2
53
1,5
35
2,0
74
-539
C.B
ala
nce
dS
chem
es4,4
73
2,7
62
1,7
1111
,488
5,7
20
5,7
68
2,3
13
2,1
70
142
120
149
-28
D.E
xch
an
ge
Tra
ded
Fu
nd
(i+
ii)
--
-9
,33
91
2,1
06
-2,7
67
5,3
83
5,4
14
-30
44
77
31
-64
2
i.G
old
ET
F-
--
433
156
276
232
101
130
030
-30
ii.O
ther
ET
Fs
--
-8,9
06
11,9
50
-3,0
43
5,1
52
5,3
13
-161
104
716
-612
E.F
un
ds
of
Fu
nd
sIn
ves
tin
gO
ver
sea
s-
--
--
-1,6
01
631
970
50
78
-29
Tota
l(A
+B
+C
+D
+E
)19,3
8,4
93
18,4
4,5
08
93,9
85
44,6
4,3
76
43,1
0,5
75
1,5
3,8
02
38,2
1,6
71
38,5
2,1
03
-30,4
32
4,2
7,5
94
4,2
7,4
95
98
*N
etas
sets
per
tain
ing
toF
und
of
Funds
Sch
emes
isnot
incl
uded
inth
eab
ove
dat
a.
Sch
eme
2006-0
72008-0
9
(Ap
r-D
ec)
Dec
emb
er2008*
2007-0
8
(Rs. crore)
Table 34: Trends in Transactions on Stock Exchanges by Mutual Funds
097
January SEBI BULLETIN 2009
Gross
Purchase
Gross
Sales
Net Gross
Purchase
Gross
Sales
Net
Purchase/
Sales
Gross
Purchase
Gross
Sales
Net
Purchase/
Sales
1 2 3 4 5 6 7 8 9 10
2004-05 45,045 44,597 448 62,186 45,199 16,987 1,07,232 89,796 17,435
2005-06 1,00,436 86,133 14,303 1,09,770 72,969 36,801 2,10,206 1,59,102 51,104
2006-07 1,35,948 1,26,886 9,062 1,53,733 1,01,189 52,543 2,89,681 2,28,075 61,606
2007-08 2,17,578 2,01,274 16,306 2,98,605 2,24,816 73,790 5,16,183 4,26,090 90,095
2008-09 (Apr-Dec) 1,16,034 1,08,166 7,868 2,27,648 1,98,387 29,260 3,43,681 3,06,553 37,128
Apr-08 13,407 13,518 -111 36,801 20,363 16,438 50,208 33,881 16,327
May-08 13,470 13,406 64 30,920 25,002 5,918 44,390 38,408 5,982
Jun-08 14,811 11,632 3,179 24,287 21,023 3,264 39,098 32,655 6,443
Jul-08 17,189 15,777 1,413 23,529 17,740 5,789 40,718 33,517 7,202
Aug-08 10,660 11,029 -369 23,387 15,923 7,464 34,047 26,952 7,095
Sep-08 14,656 12,364 2,292 29,332 22,915 6,417 43,988 35,279 8,709
Oct-08 13,177 11,746 1,432 15,621 41,703 -26,082 28,799 53,448 -24,650
Nov-08 8,454 8,826 -373 13,883 17,482 -3,599 22,337 26,308 -3,971
Dec-08 10,210 9,870 341 29,887 16,237 13,650 40,098 26,106 13,991
Total
Period
Equity Debt
Purchase/
Sales
(Rs. crore)
Table 35: Substantial Acquisition of Shares and Takeovers
098
January SEBI BULLETIN 2009
No. Amount No. Amount No. Amount
1 2 3 4 5 6 7 8 9 10 11
2004-05 35 3,503 12 165 14 964 61 4,632 212 6,958
2005-06 78 3,252 9 119 15 709 102 4,078 245 17,132
2006-07 66 6,771 15 4,498 6 83 87 11,352 223 18,608
2007-08 78 11,657 28 13,254 8 3,796 114 28,706 232 6,458
2008-09 (Apr-Dec) 71 2,507 11 594 3 167 83 3,268 180 8,197
Apr-08 9 144 2 16 0 0 11 160 44 3,495
May-08 4 15 1 8 1 96 6 119 18 309
Jun-08 14 492 3 317 0 0 17 809 21 382
Jul-08 7 674 2 175 0 0 9 849 23 299
Aug-08 5 26 0 0 1 29 6 55 20 190
Sep-08 8 256 0 0 0 0 6 256 13 76
Oct-08 9 687 1 49 1 42 11 778 14 1202
Nov-08 7 13 1 3 0 0 8 16 14 2215
Dec-08 8 200 1 26 0 0 9 226 13 29
Automatic
Exemption
AmountNo.Change in Control
of Management
Consolidation of
Holdings
Total
Year
Open Offers
Objectives
No. Amount
Substantial
Acquisition
099
January SEBI BULLETIN 2009
Table 36: Progress of Dematerialisation at NSDL and CDSL
Companies
Live
DPs Live DPs
Locations
(Nos)
Demat
Quantity
(million
shares)
Demat
Value
(Rs.crore)
Companies
Live
DPs Live DPs
Locations
(Nos)
Demat
Quantity
(million
shares)
Demat
Value
(Rs.crore)
1 2 3 4 5 6 7 8 9 10 11
2004-05 5,536 216 2,819 1,28,663 14,47,663 5,068 271 1,530 19,080 1,20,959
2005-06 6,022 223 3,017 1,74,722 24,78,941 5,479 315 2,577 27,220 2,35,829
2006-07 6,483 240 5,599 2,02,701 31,42,645 5,589 365 4,178 31,250 2,83,136
2007-08 7,354 251 7,204 2,36,897 43,76,953 5,943 420 6,372 49,820 5,90,039
Apr-08 7,383 253 7,264 2,40,307 48,04,591 5,970 423 6,430 52,800 6,99,115
May-08 7,441 256 7,350 2,42,477 46,02,244 5,995 430 6,464 53,640 6,45,154
Jun-08 7,530 258 7,556 2,50,343 39,12,542 6,025 433 6,498 63,100 5,46,428
Jul-08 7,597 262 7,718 2,51,215 40,99,134 6,046 440 6,474 64,410 6,26,959
Aug-08 7,633 266 7,778 2,53,927 47,66,900 6,082 447 6,526 65,750 6,43,187
Sep-08 7,708 266 7,945 2,68,723 41,74,400 6,111 448 6,573 66,960 5,81,866
Oct-08 7,722 266 8,136 2,71,893 30,33,000 6,125 449 6,628 67,700 4,36,537
Nov-08 7,755 266 8,201 2,76,034 28,45,700 6,143 453 6,862 68,430 4,12,142
Dec-08 7,760 268 8,552 2,74,895 31,67,300 6,154 455 6,886 69,090 4,90,779
Note: The count of DPs includes main DPs as well as Branch DPs.
DPs Locations' represents the total live (main DPs and branch DPsas well as non-live (back office connected collection centres).
Source : NSDL and CDSL
At the end
of the period
NSDL CDSL
2008-09 (Apr-Dec)
100
January SEBI BULLETIN 2009(R
s.cr
ore
)
Am
oun
t
6,68
,585
11,6
9,11
3
14,0
0,61
0
20,4
2,21
2
22,6
9,22
1
22,0
0,17
8
18,9
4,26
4
20,3
1,80
9
20,5
0,71
3
19,6
8,41
5
15,7
4,07
8
14,7
6,42
8
10,0
8,69
2
Ta
ble
37
:A
sset
su
nd
erth
eC
ust
od
yo
fC
ust
od
ian
s
No.
Am
oun
tN
o.A
mou
nt
No.
Am
oun
tN
o.A
mou
nt
No.
Am
oun
tN
o.A
mou
nt
No.
Am
oun
t
12
36
78
910
1112
1314
1516
17
2004
-05
1,85
22,
36,2
5763
91,
26,2
862,
649
1,48
113
01,
466
535
678
22,2
8916
24,5
31
2005
-06
2,49
14,
53,6
3683
12,
04,5
182,
975
1,63
312
91,
616
635
683
37,6
3056
31,8
72
2006
-07
3,07
05,
47,0
101,
220
2,90
,378
741
1,05
679
1,19
85
033
925
,656
6424
,522
2007
-08
3,97
77,
36,7
531,
784
4,69
,776
877
606
561,
238
45
309
36,9
7567
29,9
83
Apr
-08
4,07
38,
14,8
651,
814
5,25
,684
906
1,08
857
1,27
23
544
039
,516
6727
,609
May
-08
4,14
47,
68,5
941,
856
5,24
,176
921
1,01
857
1,22
43
544
239
,496
6728
,041
Jun-
084,
240
6,12
,268
1,90
54,
80,9
9793
383
957
1,02
53
545
437
,073
6725
,863
Jul-
084,
332
6,47
,439
1,97
74,
96,3
7694
386
455
1,06
91
545
735
,401
6926
,063
Aug
-08
4,15
46,
60,1
441,
936
5,11
,857
951
891
591,
150
15
439
37,6
3566
26,2
01
Sep
t08
4,52
85,
73,6
412,
157
4,76
,271
964
870
591,
018
15
463
35,7
0668
25,1
29
Oct
-08
4,53
94,
15,1
092,
236
3,73
,747
980
683
5968
61
547
533
,064
6827
,248
Nov
-08
3,84
2
3,83
2
3,86
,365
4,17
,476
1,86
5
1,81
0
3,55
,647
3,70
,434
814
833
578
528
58 59
564
665
15
414
414
24,9
99
19,2
44
67 70
27,4
34
19,0
32D
ec-0
81
5
Sou
rce:
Vari
ous
Cus
todi
ans
2008
-09
(Ap
r-D
ec)
NR
IsM
utu
alF
un
ds
FII
s/S
As
Cli
ent
Per
iod
Cor
por
ates
Bro
ker
sO
CB
sB
ank
s
No.
Am
oun
tN
o.A
mou
nt
No.
1819
2021
2223
3747
,780
27,8
702,
08,4
6133
,876
4784
,048
28,2
743,
54,1
2535
,492
121,
00,3
613,
369
4,10
,429
8,89
7
111,
39,9
184,
068
6,26
,958
10,3
01
121,
65,6
324,
845
6,93
,550
12,2
17
121,
58,6
134,
905
6,79
,010
12,4
07
121,
28,1
444,
983
6,08
,050
12,6
54
121,
30,5
495,
096
6,94
,042
12,9
42
121,
34,3
375,
008
6,78
,493
12,6
26
131,
12,7
076,
221
7,43
,070
14,4
74
1383
,052
8,37
46,
40,4
8416
,745
1371
,479
76,5
99
5,41
4
5,66
6
6,09
,357
1,04
,709
12,4
88
1312
,723
Tot
alO
ther
sF
orei
gn
Dep
osit
orie
s
101
January SEBI BULLETIN 2009
Tab
le3
8:
Ra
tin
gs
Ass
ign
edfo
rL
on
g-t
erm
Co
rpo
rate
Deb
tS
ecu
riti
es(M
atu
rity
≥1
yea
r)
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
No
.A
mo
un
tN
o.
Am
ou
nt
12
34
56
78
910
1112
13
2004-0
52
78
1,5
9,7
88
110
48,6
02
58
8,1
91
35
4,1
39
96
88
490
2,1
8,7
07
2005-0
62
61
2,7
9,9
68
147
62,3
16
45
28,9
57
21
1,2
00
4144
478
3,8
2,5
85
2006-0
73
12
2,6
6,8
63
144
53,7
66
53
5,9
05
33
9,0
14
275
544
3,3
5,6
23
2007-0
8335
4,5
4,1
64
257
1,2
0,1
99
167
35,6
61
63
9,4
78
27
1,6
03
845
6,2
0,7
85
2008-0
9(A
pr-
Dec
)229
4,0
9,5
39
271
1,0
0,5
72
219
39,8
38
332
36,7
81
159
12,1
59
1,2
10
5,9
8,8
89
Apr-
08
25
1,2
8,9
19
38
24,6
06
20
5,4
85
18
5,5
00
10
690
111
1,6
5199
May
-08
26
1,0
1,6
21
28
6,1
81
35
4,7
82
34
1,6
76
9829
132
1,1
5,0
89
Jun-0
819
12,2
57
27
17,1
57
20
2,4
98
21
859
12
931
99
33,7
02
Jul-
08
30
16,2
21
22
2,5
15
19
1,5
89
32
3,0
27
10
238
113
23,5
90
Aug-0
820
12,7
58
31
12,1
42
26
4,1
78
39
10,5
28
22
3056
138
42,6
62
Sep
-08
29
21,5
60
34
7,0
20
24
3,6
78
38
3,0
18
19
700
144
35,9
75
Oct
-08
29
16,5
94
28
8,7
83
16
8,2
60
39
2,2
20
12
388
124
36,2
46
Nov-0
819
40,7
71
26
7,3
48
29
4,9
22
34
3,0
05
19
2,0
13
127
58,0
60
Dec
-08
32
58,8
38
37
14,8
21
30
4446
77
6948
46
3314
222
88,3
67
Sou
rce:
Cre
dit
Rati
ng
Agen
cies
No
n-I
nv
estm
ent
Gra
de
Mod
erate
Safe
ty
(BB
B)
Tota
l
Gra
de
Per
iod
Inves
tmen
tG
rad
e
Hig
hes
t
Sa
fety
(AA
A)
Hig
hS
afe
ty(A
A)
Ad
equ
ate
Safe
ty(A
)
102
January SEBI BULLETIN 2009
Tab
le39:
Rev
iew
of
Acc
epte
dR
ati
ngs
of
Corp
ora
teD
ebt
Sec
uri
ties
(Matu
rity
≥1
yea
r)
(Rs.
cro
re)
No.
Am
ou
nt
No.
Am
ou
nt
No.
Am
ou
nt
No.
Am
ou
nt
No.
Am
ou
nt
No.
Am
ou
nt
No.
Am
ou
nt
12
34
56
78
910
1112
13
14
15
20
04
-05
81
22
,19
96
09
58
28
87
7,9
3,5
40
21
4,7
20
15
31
2,2
78
811
61
,21
08
,40
,42
7
20
05
-06
68
51
,82
74
36
85
28
70
13
,39
,01
62
12
,31
91
77
33
,79
23
28
71
,18
21
4,3
4,0
93
20
06
-07
32
6,5
33
41
5,0
50
85
411
,41
,73
43
911
,36
41
27
19
,33
511
5,9
91
1,1
04
11,9
0,0
05
20
07
-08
62
8,7
62
73
31
,49
01
03
11
8,0
5,4
68
51
40
,60
21
72
25
,18
80
01
38
91
9,1
1,5
09
20
08
-09
(Ap
r-D
ec)
23
3,6
05
13
69
3,4
83
1,0
90
17
,78
,07
33
18
4,4
61
23
23
4,2
69
00
1,5
12
19
,93
,89
0
Ap
r-0
81
15
06
10
,63
94
71
,48
,10
91
011
1,6
55
00
66
1,6
0,5
53
May
-08
21
51
31
32
30
2,3
8,1
98
11
00
34
7,9
69
00
70
2,4
6,5
50
May
-08
21
51
31
32
30
2,3
8,1
98
11
00
34
7,9
69
00
70
2,4
6,5
50
Jun
-08
21
50
86
41
49
1,4
4,8
89
11
,50
01
38
22
00
73
1,4
8,0
02
Jul-
08
32
84
21
,53
01
00
69
,86
10
02
82
,87
90
01
33
74
,55
4
Au
g-0
80
01
33
,65
41
99
1,5
4,4
51
00
16
3,0
31
00
22
81
,61
,13
6
Sep
-08
58
72
12
1,8
49
26
31
,11
,96
31
41
6,7
73
91
,43
30
03
03
1,3
2,8
90
Oct
-08
41
,07
55
86
511
12
,37
,57
06
28
,17
61
64
,06
90
01
42
2,7
1,7
54
No
v-0
80
03
02
4,8
75
84
1,0
6,3
19
42
6,2
67
26
2,1
69
00
14
41
,59
,62
9
Dec
-08
47
72
54
49
,16
51
77
3,2
8,5
16
311
,54
54
52
,27
30
02
83
3,9
2,2
72
So
urc
e:C
redit
Rati
ng
Agen
cies
Up
gra
ded
Dow
ngra
ded
Rea
ffir
med
Gra
de
Per
iod
Rati
ng
Watc
hN
ot
Mea
nin
gfu
l
Cate
gory
Tota
lW
ith
dra
wn
/
Su
spen
ded
Table 40: Macro Economic Indicators
[i] As on August 29, 2008, September 26, 2008, 24 October 2008, November 28, 2008, December 19, 2008
[ii] As on September 5, 2008, September 26, 2008, 24 October 2008, November 30, 2008, December 26, 2008
[iii] As on September 5, 2008, October 3, 2008, October 31, 2008, Novermber 28, 2008, December 26, 2008
[iv] As on September 5, 2008, October 3, 2008, October 31, 2008, December 5, 2008, January 2, 2009
* upto October 31, 2008, December 5, 2008, December 19, 2008
** As on October 25, 2008, November 24, 2008, January 2, 2009
Source : websites of RBI, CSO, Director General of Foreign Trade, Ministry of Commerce & Industry.
103
January SEBI BULLETIN 2009
47,13,148
34.8
35.9
August September October November December
2008 2008 2008 2008 2008
Cash Reserve Ratio (%) 8.75 9.00 6.50 5.50 5.50
Bank Rate (%) 6.00 6.00 6.00 6.00 6.00
Money Supply (M3) (Rs.crore)* 42,15,293 42,71,086 43,38,172 43,80,915 44,30,231
Aggregate Deposit (Rs.crore)* 33,91,461 34,42,138 34,86,221 36,49,506 35,69,352
Bank Credit (Rs.crore)* 24,58,334 25,42,467 26,15,041 26,32,700 26,44,528
Call Money Rate( lending / borrowing )-Max 10.04 15.25 10.29 8.10 6.60
91-Day-Treasury Bill[iii] 9.03 8.85 7.43 6.70 5.48
PLR (Maximum) (%) 14.00 14.00 14.00 13.25 13.25
Deposit Rate (Maximum) (%) 10.00 10.00 10.50 9.00 10.00
Turnover (BSE+NSE) (Rs.crore) 3,34,175 3,70,352 2,94,425 2,36,816 80,866
Market Cap-BSE (Rs.crore) 47,78,864 41,65,387 29,97,259 28,18,964 31,44,766
Market Cap-NSE (Rs.crore) 44,72,461 39,00,185 28,20,388 26,53,281 29,16,768
Net FII Investment in Equity (Rs.crore) -1,212 -8278 -15347 -2,598 2,377
Forex Reserves (Rs.crore) 12,80,950 13,31,166 12,01,920 12,21,778 12,47,495
Re/ Dollar 44.37 46.88 49.24 49.69 48.45
Re/Euro 63.41 64.99 62.83 63.46 68.22
6- months Inter Bank Forward Premia of US Dollar 2.84 0.62 2.21 2.52 2.37
Govt. Market Borrowing (Rs. crore)* 88,000 1,06,000 1,06,000* 1,45,000 1,55,000
Wholesale Price Index (Base 1993-94) 213.9 241.4 241.4** 233.7 229.5
General 264 274.7 261.5 267.2 QE
Mining 160.2 162.8 174.4 175.0 QE
Manufacturing 283.1 296.4 276.9 285.7 QE
Electricity 221.6 219.3 231.2 217.5 QE
Exports (Rs.crore) 68,721 62,641 62,387 56,374
Imports (Rs.crore) 1,28,582 1,11,085 1,13,659 1,05,697
Trade Balance (Rs.crore) -59,861 -48,444 -51,272 -49,323
V. Interest Rate[ii]
VI. Capital Market Indicators
IV. Monetary and Banking Indicators[i]
I. GDP at Market Prices ( 2007-08 Advance Estimate) (Rs.crore)
II. Gross Domestic Saving as a % of GDP at market prices (2006-07 Quick Estimates)
III. Gross Domestic Capital Formation as a % of GDP at market prices
(2006-07 Quick Estimates)
VII. Exchange Rate and Reserves[iv]
VIII. Public Borrowing and Inflation
IX. Index of Industrial Production (y-o-y)% (Base year 1993-94 = 100)
X. External Sector Indicators
104
January SEBI BULLETIN 2009
Dail
yR
etu
rnan
dV
ola
tili
ty:
Sel
ect
Wo
rld
Sto
ckIn
dic
es
(Per
cent)
Ta
ble
41:
Dail
yR
etu
rnan
dV
ola
tili
ty:
Sel
ect
Wo
rld
Sto
ckIn
dic
es
(Per
cent)
Ret
urn
Vola
tili
tyR
etu
rnR
etu
rnR
etu
rnR
etu
rnR
etu
rnR
etu
rn
12
34
56
78
910
111
21
314
15
2005
0.0
20.6
50.0
60.5
50.0
80.6
90.0
60.5
90.0
20.7
30.0
50.6
10.0
00.4
9
2006
0.0
60.6
20.0
40.7
90.0
60.9
30.0
70.8
00.1
20.9
10.1
00.8
60.0
80.5
3
2007
0.0
20.9
20.1
51.1
0-0
.14
1.0
70.0
51.0
40.1
31.6
60.0
61.3
60.1
11.0
4
2008
(Jan
'08-
Dec
'08)
-0.1
62.3
8-0
.14
2.3
5-0
.30
2.8
7-0
.22
2.0
7-0
.26
3.2
3-0
.26
2.1
7-0
.20
1.3
8
Hon
gK
on
g
HS
I
Sin
ga
po
re
ST
I
Mala
ysi
a
KL
CI
Cale
nd
erY
ear
US
A
DO
WJO
NE
S
UK
FT
SE
100
Fra
nce
CA
C
Au
stra
lia
AS
30
Vola
tili
tyV
ola
tili
tyV
ola
tili
tyV
ola
tili
tyV
ola
tili
tyV
ola
tili
ty
Ret
urn
Vola
tili
tyR
etu
rnR
etu
rnR
etu
rnR
etu
rnR
etu
rn
11
61
718
19
20
21
22
23
24
25
26
27
20
05
0.1
11.5
70.1
21.0
50.1
40.8
30.1
40.8
20.1
41.0
80.1
21
.11
20
06
0.1
21.5
30.1
61.4
50.1
31.3
90.0
31.2
50.1
51.6
30.1
31
.65
20
07
0.1
41.7
30.0
41.3
60.0
61.2
0-0
.05
1.1
70
.16
1.5
40.1
81
.60
20
08
(Jan
‘08
-D
ec‘0
8)
-0.2
13.3
0-0
.10
2.2
9-0
.11
2.2
8-0
.21
2.9
2-0
.30
2.8
5-0
.29
2.8
0
Sou
rce:
Basi
cdata
are
take
nfr
om
Blo
om
ber
gL
.P.
Ind
ia
S&
PC
NX
NIF
TY
Ind
ia
BS
ES
EN
SE
X
Ja
pa
n
NK
Y
So
uth
Afr
ica
JA
LS
H
Mex
ico
ME
XB
OL
Bra
zil
IBO
VC
ale
nd
erY
ear
Vo
lati
lity
Vola
tili
tyV
ola
tili
tyV
ola
tili
tyV
ola
tili
ty
PUBLICATIONS
1. Annual Reports: 2006-07, 2005-06, 2004-05, 2003-04.2007-08,
2. Handbook of Statistics on Indian Securities Market, 2008.
Interested persons may contact the Research Department of SEBI to obtain a copy of Annual Report / Handbook of Statistics at the following address:
Research Department Securities and Exchange Board of IndiaPlot No. C4-A, ‘G’ Block, Bandra Kurla Complex,
Bandra (E).Mumbai - 400051
Tel No. +91-22-26449000,Fax No. +91-22-26449013, 40459013
105
January SEBI BULLETIN 2009