news nov 2010

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November 2010

R E G U L A T O R Y C H A N G E S

N C F M N E W S

S P O T L I G H T

In a bid to reduce volatility in the opening prices and introduce international standards, NSE introduced call auctionmechanism - an alternative price discovery mechanism to be conducted in the pre-open session. The call auction isexpected to make improvements in the Indian securities market by:

Giving investors a choice of achieving a zero impact cost trade.

Reducing bid-offer spreads in the continuous market when any news breaks out in between close of the market onprevious day and the next day's open.

NSE introduced call auction in pre-open session with effect from October 18, 2010

Initiated by SEBI

Portfolio managers have been asked to charge profit sharing fees after adjusting the 'high water-mark' for interimcontributions and withdrawals by clients.

Draft offer documents of Issues of size upto ` 100 crore can be filed with regional office of the SEBI.

The government holding in non promoter category can be excluded from the requirement of minimum 50%shareholding of non-promoters in demat form.

SEBI allowed NSE and BSE to introduce European-style or American-style stock options.

The promoters are not entitled to receive any warrants or shares if they have sold shares in past six months or if theyhave allowed warrants to lapse in the previous one year.

SEBI doubled the investment limit for retail investors in IPO/FPO to ` 2 lakh from ` 1 lakh.

IDR issuers can now offer simultaneous rights offering in their home country and India.

Companies proposing public issues have been asked to include a proforma financial statement in case of theacquisition / restructuring, which is substantial in size.

I N T E R N A T I O N A L N E W S

Singapore's SGX launched an US $ 8.2bn bid to merge with Australia's ASX to create a powerful Asia-Pacific trading hub.

CME group begins clearing OTC Interest Rate Swaps.

NSE has tied up with St. Stephen's College New Delhi, for NCCMP course.

N S E N E W S

Launched trading in currency options with effect from October 29, 2010.

Launched trading in European style stock options contracts expiring on January 27, 2011 and onwards.

An investment called India

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M A R K E T R E V I E W

Prepared by SBU-EDUCATIONNational Stock Exchange of India Ltd.Exchange Plaza, Bandra Kurla Complex, Bandra (E) Mumbai - 400051. Tel No: 022-26598163For detailed NSE Newsletter or for e-subscription, log on to www.nseindia.com>Press Room>NSE Newsletter.For Market Data, refer to www.nseindia.com>Research>Datazone.Articles for NSE Newsletter can be sent at [email protected]

Parameters Rank

Single Stock Futures

Stock Index Optionsrd

Stock Index Futures 3th

Market Capitalisation 9

rd3

nd2

Source : WFE (Rankings done for the period Jan- June 2010). Rankings

for single stock futures, stock index options and stock index futures is

based on number of contracts traded.

NSE's GLOBAL RANKINGS

November 2010

NSE MARKET STATISTICS

SegmentsTurnover ( ` cr ore) ch ange over tu rnover Capitalisation

Sep 2010 2010 Sep 2010 ( crore) ( crore)

CMWDM

F&OCDS(CurrencyFutures)

TOTAL

Percentage Average daily Market

Oct ` `

329,869 360,472 9.28 17,165 7,055,09445,186 45,913 1.61 2,186 3,451,003

2,736,392 2,824,493 3.22 1,34,500284,704 304,213 6.85 14,486

3,396,151 3,535,091 4.09 10,506,097

75

100

125

Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10

150

140

130

120

110

100

90

Nifty 50 DOW Jones NIKKEI 225 HANG SENG NASDAQ CNX IT CNX FMCG INDEX S&P CNX Finance

S&P CNX Petrohemicals S&P CNX Pharmaceuticals CNX Bank Nifty

CNX Infrastructure S&P CNX Nifty

Nifty Movements vis-a-vis other International Indices(Rebased to 100 for March 31, 2010)

Performance of select sectors vis-a-vis Nifty(Rebased to 100 for March 31, 2010)

Avg.

DailyTradingValue

TradingValue

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

1000

2000

3000

4000

5000

50

100

150

200

250

300Capital Market Segment F&O Segment

0

6000

12000

18000

24000

30000

200

400

600

800

1000

1200

1400

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

TradingValue

Avg.

Daily

TradingValue

Currency Futures

0

1000

2000

3000

4000

0

30

60

90

120

150

180

210

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

TradingValue

Avg.

DailyTradingValue

WDM Segment

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

TradingValue

Avg.

Daily

TradingValue

15

20

25

30

35

40

Trading Value ( )` hun dred crore Avg. Daily Trading Value ( h undred crore)`

800

700

600

500

400

300

200

100

0

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N S E N E W S L E T T E R N o v e m b e r 2 0 1 0

S P O T L I G H T

NSE introduced call auction in pre-open session with effect from October 18, 2010.

In a bid to reduce volatility in the opening prices and introduce international standards, NSE introduced call auction

mechanism - an alternative price discovery mechanism to be conducted in the pre-open session. The call auction isexpected to make improvements in the Indian securities market by:

Giving investors a choice of achieving a zero impact cost trade

Reducing transaction costs and execution risk

Reducing bid-offer spreads in the continuous market when any news breaks out in between close of the market onprevious day and the next day's open

The pre-open session shall be duration of 15 minutes i.e. from 9:00 am to 9:15 am. The call auction in pre-open ses-sion will be introduced initially for securities forming part of indices CNX Nifty and SENSEX. The pre-open session iscomprised of Order collection period and order matching period.

The order collection period of 8* minutes shall be provided for order entry, modification and cancellation. (* - Systemdriven random closure between 7th and 8th minute) During this period orders can be entered, modified and can-celled. The information like Indicative equilibrium / opening price of scrip, total buy and sell quantity of the scrip,Indicative NIFTY Index value & % change of indicative equilibrium price to previous close price shall be computedbased on the orders in order book and shall be disseminated during pre-open session.

Order matching period will start immediately after completion of order collection period. Order will be matched at asingle (equilibrium) price which will be open price. The order matching will happen in following sequence

Eligible limit orders will be matched with eligible limit orders

Residual eligible limit orders will be matched with market orders

Market orders will be matched with market orders

During order matching period order modification, order cancellation, trade modification and trade cancellation willnot be allowed. The trade details will be disseminated to respective members before the start of normal market.

After completion of order matching there shall be silent period to facilitate the transition from pre-open session tothe normal market. All outstanding orders will be moved to the normal market retaining the original time stamp.Limit orders will be at limit price and market orders will be at the discovered equilibrium price. In a situation whereno equilibrium price is discovered in the pre-open session, all market orders shall be moved to normal market at pre-vious days close price or adjusted close price / base price following price time priority. Accordingly, Normal Market /Odd lot Market and Retail Debt Market will open for trading after closure of pre-open session i.e. 9:15 am. Block Trad-ing session will be available for the next 35 minutes from the open of Normal Market.

The opening price shall be determined based on the principle of demand supply mechanism. The equilibrium price

will be price at which the maximum volume is executable. In case more than one price meets the said criteria, theequilibrium price will be the price at which there is minimum unmatched order quantity. In case more than one pricehas same minimum order unmatched quantity, the equilibrium price will be the price closest to the previous daysclosing price. In case the previous days closing price is the mid-value of pair of prices which are closest to it, thenthe previous days closing price itself will be taken as the equilibrium price. In case of corporate action, previousdays closing price will be the adjustable closing price or the base price. Both limit and market orders shall reckon forcomputation of equilibrium price. The equilibrium price determined in pre-open session is considered as open pricefor the day. In case of only market orders exists both in the buy and sell side, then order shall be matched at previousdays close price or adjusted close price / base price. Previous days close or adjusted close price / base price shall bethe opening price. In case of no price is discovered in pre-open session, the price of first trade in the normal marketshall be the open price.

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N S E N E W S L E T T E R

S P O T L I G H T ( c o n t d . . )

N o v e m b e r 2 0 1 0

Equilibrium price determination:

In a call auction price mechanism, equilibrium price is determined as shown below. Assume that NSE received bids

for particular stock xyz at different prices in between 9:00 am and 9:15 am. Based on the principle of demand supply

mechanism, exchange will arrive at the equilibrium price the price at which the maximum number of shares can be

bought / sold. In below example, the opening price will be ` 105 where maximum 27,500 shares can be traded.

Share price (`)Order Book Demand / Supply Schedule Maximum tradable

quantityBuy Sell Demand Supply

103 13500 11500 50500 11500 11500

104 9500 9800 37000 21300 21300

105 12000 15000 27500 36300 27500

106 6500 12000 15500 48300 15500

107 5000 12500 9000 60800 9000

108 4000 8500 4000 69300 4000

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Initiated by SEBI

Portfolio managers have been asked to charge profit sharing fees after adjusting the high water-mark' for in-terim contributions and withdrawals by clients.

Market regulator the Securities and Exchang Board of India (SEBI) streamlined the norms for charging of fees byportfolio managers. Profit sharing / performance related fees are usually charged by portfolio managers upon ex-

ceeding a hurdle rate or upon outperforming the benchmark index as specified in the agreement. However therewas no uniformity in practice on how the profit / performance of the portfolio should be computed. In order tocharge performance / profit sharing fee, SEBI has advised that, henceforth, profit / performance will be computedon the basis of high water mark principle over the life of the investment.

High Water Mark shall be the highest value of the portfolio on the date when performance fees are charged and theportfolio manager shall charge performance based fee only on increase in portfolio value in excess of the previouslyachieved high water mark. As advised by the SEBI, for the purpose of charging performance fee, the frequency shallnot be less than quarterly. In case of interim contributions/ withdrawals by clients, performance fees may becharged after appropriately adjusting the high water mark on proportionate basis. High Water Mark shall be applica-ble for discretionary and non-discretionary services and not for advisory services.

The following computation is for illustrative purpose only. Portfolio Managers may suitably modify this to reflecttheir fees and charges.

The assumptions for the illustration are as follows:

Size of sample portfolio: Rs. 10 lacs and over

Period: 1 year

Hurdle Rate: 12% of amount invested

Brokerage/ DP charges/ transaction charges: Weighted Average of such charges (as a percentage of assets undermanagement) levied in the past year/ in case of new portfolio managers indicative charges as a percentage ofassets under management (e.g. 1%)

Upfront fee (e.g. 1%)

Management fee (e.g. 2%)

Performance fee (e.g. 25% of profits over hurdle rate)

The frequency of calculating all fees is annual.

Case A: Portfolio performance: Gain of 15%

R E G U L A T O R Y C H A N G E S

A u g u s t 2 0 1 0N o v e m b e r 2 0 1 0

Nature of Fees Amount (```) Amount (```)Capital Contribution 1,000,000

Less: Upfront fees (if any) 10,000

Less: Any other fees xxx

Assets under management 990,000

Add: Profits on investment during the year @ 15% on assets undermanagement 148,500

Gross value of the portfolio at the end of the year 1,138,500Less: Brokerage /DP charges/ Any other charges (0.01 of 990000) 9,900

Less: Management Fees (0.02 of 990000) 19,800Less: Performance fees (if any) 7,425

Less: Any other fees xxx

Total Charges during the year 37,125

Net value of the portfolio at the end of the year 1,101,375% change over capital contributed 10.14%

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The government holding in non promoter category can be excluded from the requirement of minimum 50%shareholding of non-promoters in demat form.

The government holding in non promoter category can be excluded while computing the requirement of minimum50% shareholding of non-promoters in demat form in a company. In order to moderate a sharp and volatile pricemovements in shares of companies, to encourage better price discovery and to increase transparency in securitiesmarket, SEBI in consultation with Stock Exchanges has decided to adopt the following measures:-

The securities of all companies shall be traded in the normal segment of the exchange if and only if, the com-pany has achieved at least 50% of non-promoters holding in dematerialized form by October 31, 2010.

In all cases, wherein based on the latest available quarterly shareholding pattern, the companies do not satisfyabove criteria, the trading in such scrips shall take place in Trade for Trade segment (TFT segment) with effectfrom the time schedule specified above.

In addition to above measures, in the following cases the trading shall take place in TFT segment for first 10trading days with applicable price band while keeping the price band open on the first day of trading (exceptfor the original scrip, on which derivatives products are available or included in indices on which derivativesproducts are available).

Merger, demerger, amalgamation, capital reduction/consolidation, scheme of arrangement, in terms of theCompanies Act and/or as sanctioned by the Courts, in cases of rehabilitation packages approved by theBoard of Industrial and Financial Reconstruction under Sick Industrial Companies Act and in cases of Corpo-rate Debt Restructuring (CDR) packages by the CDR Cell of the RBI.

Securities that are being admitted to trading from another exchange by way of direct listing/MOU/securitiesadmitted for trading under permitted category.

Where suspension of trading is being revoked after more than one year.

SEBI allowed NSE and BSE to introduce European-style or American-style stock options.

The SEBI has allowed NSE and BSE to introduce European-style or American-style stock options. While American-

style options are options that can be exercised at the strike price anytime before or on the date of expiry, European-style options can only be exercised at the time of expiry. Globally, stock exchanges mostly follow American-styleoptions and SEBI's move is aimed at providing variety to the bourses.

SEBI has asked the stock exchanges to choose between the two styles and after opting for a particular style of exer-cise, a Stock Exchange will offer option contracts of the same style on all eligible stocks. All other contract specifi-cations, including risk management framework applicable for American style stock options, will be applicable toEuropean style stock options and any modification will require prior approval of SEBI. However, once they have cho-sen one of the styles, the bourses cannot switch over to the other without SEBI approval.

The Stock Exchanges interested to introduce European style stock options have been asked put in place proper sys-tems and procedures for smooth introduction of European style stock options, notify all categories of market par-ticipants, including general public, and also to disseminate the same on their websites, at least one month in ad-

vance of implementing the switchover in the exercise style.

The promoters are not entitled to receive any warrants or shares if they have sold shares in past six months orif they have allowed warrants to lapse in the previous one year.

Aimed at abstaining companies from abusing preferential share or warrant allotment norms to favour promoters,market regulator SEBI has decided that in case of preferential issues, where any promoter or any promoter groupentity has previously subscribed to the warrants of the company but failed to exercise the warrants, the promotersand promoter group will not be eligible for issue of equity shares or convertible securities or warrants for a periodof one year from the date of expiry of the currency /cancellation of the warrants.

R E G U L A T O R Y C H A N G E S ( c o n t d . . )

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The Board further decided that if any member of the promoters/ promoter group has sold shares in the previous sixmonths, then the promoters/ promoter group would not be eligible for allotment on preferential basis.

In order to enable listed issuers to have more flexibility in raising capital through various instruments, the SEBI hasdecided that the requirement of promoters contribution will not be mandatory for FPOs where equity shares of theissuer are frequently traded in a recognized stock exchange for three years and the issuer has a good track record ofdividend payment for three years.

SEBI doubled the investment limit for retail investors in IPO/FPO to ```2 lakh from```1 lakh

The SEBI has enhanced the maximum application size for retail individual investors to `2 lakh across all issues fromthe current limit of`1 lakh. The SEBI in its draft guidelines in August had proposed to raise the ceiling for retailinvestors to` 2 lakh in public issues. SEBI had raised the investment limit for retail investors from `50,000 to`1lakh, last time in 2005. According to a study carried out by SEBI, Nearly 75% of the retail applications in recent pub-lic offerings were for value in the range of`80,000 -1,00,000.

IDR issuers can now offer simultaneous rights offering in their home country and India.

In order to facilitate simultaneous rights offering by the foreign issuers (who have listed their Indian Depository Re-ceipts (IDRs) in Indian Stock Exchanges) in their home jurisdiction and in India, SEBI Board has decided that IDR issu-ers can now file an offer document containing information in addition to their home country offer document in thefast track mode. Disclosure requirements for IDR rights would be in line with the reduced disclosure requirements,applicable for domestic rights issues. Further, it is decided that IDR issuers, who are in compliance with the con-tinuous listing requirements stipulated by SEBI & exchanges, can avail the facility of filing the offer document onfast track basis.

In order to ensure uniform treatment for all classes of investors in rights issues, the SEBI decided that only one pay-ment option may be given by the issuer to all the investors i.e. either (i) part payment on application with balancemoney to be paid in calls or (ii) full payment on application.

Companies proposing a public issue have been asked to include a proforma financial statement in case of the

acquisition / restructuring, which is substantial in size.

It has been observed that the company proposing a public issue, at times, acquires an entity just after the end ofthe latest disclosed financial year and as a result of such acquisition / restructuring, certain companies become di-rect or indirect subsidiaries of the issuer company. In order to understand the financial impact of such acquisition /restructuring on the financial statements of the issuer company, the Board has made it mandatory to include a pro-forma financial statement in Offer Documents in cases where the acquisition is material for the issuer company. Forthis purpose the acquisition would be deemed to be material if:

the total book value of the assets of the acquired entity amounts to more than 20% of the pre-acquisition bookvalue of the assets of the issuer company;

Or

the total income of the acquired entity amounts to more than 20% of the total income of the issuer company.

In order to ensure that the information appearing in media is consistent with the disclosures made in the offerdocument, the SEBI has asked the merchant bankers to submit a compliance certificate as to whether the contentsof the news reports that appear after filing of Draft Offer Document are supported by disclosures in the offer docu-ment or not. This would apply in respect of news reports appearing in newspapers stipulated in ICDR for issue adver-tisements, major business magazines and also in the print and electronic media controlled by any media groupwhere the media group has a private treaty/shareholders' agreement with the issuer company/promoters of the is-suer company.

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NSE launched trading in currency options with effect from October 29, 2010.

NSE kicked off trading in currency options on the US Dollar-Indian Rupee with effect from October 29, 2010, provid-ing an alternative for investors to hedge against forex fluctuations. Active participation was observed from acrossall major centers of the country, as over 3 lakh contracts (US$ 300 mn) were traded on NSE during the day with anopen interest of about 95,000 contracts (US$ 95 mn). To begin with, NSE is offering currency options in the dollar-rupee pair with three monthly contracts (November, December and January 2011) and one quarterly contract

(March 2011). There are separate put and call options for every month. These options contracts will expire at 12noon, two working days before the last business day of the expiry month. The option to trade in currency optionsfurther adds to the breadth and depth of the Indian financial markets, by expanding the suite of risk managementsolutions available to market participants.

NSE launched trading in European style stock options contracts expiring on January 27, 2011 and onwards.

European-style options will generate more volumes for NSE. They will also bring liquidity to several stock options, asthey will not be vulnerable to huge gaps up or down on opening prices. European-style stock options are only exer-cisable on the expiry date, cutting the overnight risk of volatility in the underlying asset for sellers. American-stylestock options are exercisable any time before the expiry date, which is why traders are afraid to take positions inAmerican-style stock options. All existing month contracts expiring on November 25, 2010 and December 30, 2010

will continue to have American exercise style and all stock option contracts that expire on January 27, 2011 andonwards shall have European exercise style only.

NSE has tied up with St. Stephens College of New Delhi, for NCCMP course.

The NSE and St. Stephens College are pleased to jointly offer the NSE Certified Capital Market Professional(NCCMP) course, scheduled to commence on the November 15, 2010, at the campus of St. Stephens College. It is a100 hours program (3 4 months) comprising theory and practical training in capital markets. Subjects covered inthe course comprise equity markets, debt markets, derivatives, macro economics, technical analysis, fundamentalanalysis etc. While students of St. Stephens College shall be admitted on priority, the course shall be open to ex-

ternal applicants as well. Those who complete the course successfully will be awarded a joint St. Stephens NSEcertificate in capital markets.

N S E N E W S

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N C F M N E W S

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Singapores SGX launched an US $ 8.2bn bid to merge with Australia's ASX to create a powerful Asia-Pacifictrading hub

ASX Limited (ASX) and Singapore Exchange (SGX) today announced that they have entered into a merger implemen-tation agreement to combine to enable customers globally to capitalise on listing, trading, clearing and settlementopportunities created through the expanded platforms, leveraging on the importance of Asia Pacific as the driver ofglobal growth.

This combination will bring together the complementary businesses of two successful exchanges in the Asian timezone, with internationally recognised regulatory standards. The combination leverages the strengths of ASX throughits listings, stock options and fixed income franchises, with SGX, the Asian gateway for international listings, equityfutures and OTC clearing, to create the regions pre-eminent exchange group.

The combined group will augment Australias financial market and funds management industry through direct par-ticipation in Asian growth, and increase ASXs and SGXs competitiveness in a changing global markets landscape. Asproven platforms for raising capital and managing price risk for the resource sector, ASX and SGX will build on exist-ing distribution and clearing capabilities, and intend to play an important role in establishing price discovery forglobal commodities in Asia Pacific.

The combined exchange group, ASX-SGX Limited, will have pro forma revenues of approximately US$1.1 bn and proforma earnings before interest and income tax of approximately US$700 mn, based on the audited financial state-ments of ASX and SGX, each for the financial year ended June 30, 2010.

Together ASX and SGX will offer access to:

second largest listing venue in Asia Pacific with over 2,700 listed companies from over 20 countries, includingover 200 listings from Greater China;

worlds second largest cluster of companies in the resource sector (more than 900 listings), the largest REITssector (over 80 listings) and the largest number of ETFs (over 100) in Asia Pacific;

worlds widest range of Asia Pacific equity, fixed income and commodity derivatives with over 400 contractsfrom over 10 countries, including Australia, Greater China, India and Japan, and covering a range of commodi-ties including metals, energy and agricultural products;

Asia Pacifics largest and the worlds second largest base of institutional investors with combined assets undermanagement of over US$2.3 trn from existing superannuation, institutional and sovereign wealth funds;

global distribution network with over 90 securities market participant firms and over 170 derivatives marketparticipant firms on a combined basis; and

leading exchange technology, including the proposed introduction of the worlds fastest trading platform withthe lowest trading latency, and flexible data and connectivity solutions.

CME group begins clearing OTC Interest Rate Swaps

CME Group, the world's leading and most diverse derivatives marketplace, announced today that it has begun clear-ing over-the-counter (OTC) interest rate swaps through CME Clearing.

In conjunction with a group of premier swap dealers, clearing firms, and buy-side market participants, CME Grouphas developed a new clearing solution for OTC interest rate swaps. The buy-side participants are BlackRock, Cita-del, Fannie Mae, Freddie Mac, and PIMCO. The sell-side participants are BofA Merrill Lynch, Barclays Capital, Citi,Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura and UBS.

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"CME Group's new interest rate swap clearing solution will provide our global customers with the best of both worldsby preserving key components of OTC market trade execution while adding the security of futures-style centralcounterparty clearing," said Laurent Paulhac, CME Group's Managing Director of OTC Products and Services. "Byworking closely with both the buy- and sell-side, we were able to gain significant input into the needs of the overallmarketplace, both in terms of functionality and mitigating systemic risk in creating this cleared-only solution for

interest rates swaps."

CME Group's cleared interest rate swaps will be an open access solution that provides market participants with theflexibility of the OTC market without having to change their execution processes. The new service will build on thestrength of CME Group's market leading interest rate products business. In addition, it will maintain affirmationplatforms and product economics of bilateral OTC contracts; provide the risk management and legal safeguards ofCME Clearing to protect customer funds; and give operational flexibility of an open access solution that integratesinto existing OTC infrastructure and extends across asset classes; with an anticipated goal of offering capital effi-ciencies via cross margining of OTC products with benchmark futures.

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MANAGERIAL PERSONNEL NSE

2 0 1 0N o v e m b e r 2 0 1 0

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.Dr. Vijay L Kelkar Chairman 26598202 7053

Mr. Ravi Narain Managing Director and CEO 26598122 7050

Ms. Chitra Ramkrishna Jt. Managing Director 26598123 7051

Mr. J Ravichandran Director Finance & Accounts, Legal & Secre-

tarial

26598203 5005

Mr. Ravi Apte Chief Technology Officer 26598316 5004

Mr. R Nanda Kumar Sr. Vice President National Commodity Clearing Lim-ited, NOW, New Projects & Inter-national Business

26598223 3000

Mr. R Sundararaman Sr. Vice President National Securities Clearing Corpo-ration Ltd.

26598212 4006

Mr. Ravi Varanasi Sr. Vice President Investigation, Surveillance, DataAnalytics, RO Ahmedabad, Inspec-tion & Compliance

26598225 5003

Mr. Yatrik R Vin Sr. Vice President Finance & Accounts 26598213 3008

Mr. Chandrashekar Muk-

herjeeVice President Human Resource 26598437 3010

Mr. Hari K Vice President Listing & Membership 26598452 5058

Ms. Kamala Vice President Arbitration, Defaulters Section &Investor Service Cell, Inspection,Compliance

26598220 3006

Mr. Nirmal Mohanty Head SBU - Education 26598372 3007

Mr. Suprabhat Lala Vice President Trade - (Capital Market, F&O, Cur-rency Derivatives & WDM), CRM &Marketing

26598154 6026

Mr. Suresh Narayan Vice President India Index Services & ProductsLtd. & DotEx International Limited

26598221 2004

Mr. T Venkat Rao Vice President & Head Northern Region

Regional Office - Delhi (011) 23344335 127

Mr. Vidhu Shekhar Vice President New Products & Six Sigma Initia-tives

26598209 4007

Mr. Arup Mukherjee Asst. Vice President SBU - Education 26598217 3002

Mr. C. N. Upadhyay Asst. Vice President Inspection & Compliance 26598210 5002

Mr. Dhruvkumar Patil Asst. Vice President Investor Service Cell, DefaultersSection

26598190 3300

Mr. Mahesh Haldipur Asst. Vice President Premises 26598211 4003

Mr. Mayur Sindhwad Asst. Vice President NOW, Dotex International Ltd. 26598312 3102

Mr. Nilesh Tinaikar Asst. Vice President Development 26598445 5090Ms. Nisha Subhash Asst. Vice President Investigation 26598162 5088

Mr. R Jayakumar Asst. Vice President Secretarial 26598222 5023

Ms. Rana Usman Asst. Vice President NSCCL - Securities, CorporateBonds, F&O and SLB

26598267 4048

Mr. Ravi Tyagi Officer on Special Duty SME Project 26598435 4002

Mr Ravindra MohanBathula

Asst. Vice President Legal 26598197 5047

Mr. S R V S NagendraKumar

Asst. Vice President Development, NSCCL 26598455 1207

Mr. Sandip Mehta Asst. Vice President CTCL 26598150 6059Mr. Vitthal More Asst. Vice President New Projects 26598378 5537

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MANAGERIAL PERSONNEL NSE ( c o n t d . . )

A u g u s t 2 0 1 0N o v e m b e r 2 0 1 0

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.

Mr. Ajith Kumar V Chief Manager Administration & Development 26598146 4094

Mr. Amit Bhobe Chief Manager New Projects & NCCL - 3319

Mr. Amol Mahajan Chief Manager Finance & Accounts 26598139/40 3081

Mr. Arvind Goyal Chief Manager NSCCL - Currency Derivatives 26598310 4130

Mr. Avinash Kharkar Chief Manager Investigation 26598366 5150

Mr. Bireshwar Chat-terjee

Chief Manager Data Analytics 26598366 5146

Mr. Gaurav Kapoor Chief Manager CRM 26598208 1227

Ms. Himabindu Vak-kalanka

Chief Manager Development 26598453 5155

Mr. Huzefa Mahuvawala Chief Manager NSCCL -Risk Management 26598168 4040

Mr. Janardhan Gujaran Chief Manager F&O - Trade 26598152 6029

Ms. Jayna Gandhi Chief Manager Finance & Accounts 26598141 3066

Mr. Johnson JosephChiriyath

Chief Manager Listing 26598452 5057

Mr. Kiran Sawant Chief Manager NSCCL - Collaterals 26598265 4088

Mr. Kiran Dusane Chief Manager Premises 26598454 4112

Mr. Prashanto Banerjee Chief Manager Marketing 26598350 1228

Ms. Rehana D'Souza Chief Manager Membership 26598295 4116

Mr. Sammit Joshi

Chief Manager India Index Services & ProductsLtd.

26598386 2027

Mr. Sandeep Manoha-

ran

Chief Manager NOW, Dotex International Ltd. 26598313 3089

Ms. Seema Nayak Chief Manager Surveillance 26598166 6062

Mr. Shekhar Rao Chief Manager Finance & Accounts 26598143 3051

Ms. Sonali Karnik Chief Manager Currency Derivatives - Trade 26598131 6028

Mr. Sunil Gawde Chief Manager Capital Market - Trade 26598448 6033

Ms. Sunitha Anand Chief Manager & Head Southern Region

Regional Office - Chennai & Hy-derabad

(044) 28332512 2100

Ms. Sushama Bhagchan-dani

Chief Manager Finance & Accounts 26598144 3041

Mr. Vinayak Shenoy Chief Manager Finance & Accounts 26598139 3076

Mr. Sandeep Dandapat

Manager Regional Office - Kolkata (033) 40400401 401

Ms. Bhawika Wanchoo

Manager & In-charge - Ah-medabad

Regional Office - Ahmedabad

(079) 26584578 -

Mr. Tojo Banerjee Chief Manager Regional Office - Delhi (011)23344505 128

Mr. Achal Jaiswal Chief Manager & Head -Eastern Region

Regional Office - Kolkata (033)40400444 444

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MANAGERIAL PERSONNEL NSE INFOTECH SERVICES LTD.

A u g u s t 2 0 1 0N o v e m b e r 2 0 1 0

Name Designation Projects Tel. No. Ext

Mr. N Muralidaran CEO 26598205 2001

Mr. G. M. Shenoy Senior Vice President Projects 26598207 2000

Mr. M. R. Krishnan Vice President Infrastructure 26598132 2003

Ms. Hema Iyer Vice President Risk Management 26598254 2002Mr. Mahesh Soparkar Associate Vice President Projects, DBA/SysAdmin 26598136 2005

Ms. Mamatha Rangaprasd Associate Vice President Trade 26598351 1168

Mr. P. R. Visvas Assistant Vice President Quality, DWH 26598352 1189

Mr. Mahesh Basrur Assistant Vice President FOCASS, NCSS 26598100 2072

Mr. Deviprasad Singh Assistant Vice President Telecom 26598262 2122

Mr. Amit Hatalkar Assistant Vice President Web, SBU-Education 26598291 1119

Ms. Smrati Kaushik Senior Manager Trade 26598271 6082

Mr. Viral Mody Senior Manager Retooling 26598100 2078

Mr. Hitesh Shah Senior Manager DBA /SysAdmin/SysOperations 26598270 2102

Mr. Sujoy Das Senior Manager Index 26598275 2032Mr. Sudhir Sawant Senior Manager Project Management Office 26598100 2112

Mr. Pranav Gupta Senior Manager Risk Management 26598349 1165

Mr. Rajanish Nagwekar Senior Manager Net Market 26598270 2130

Mr. Nipun Dave Senior Manager Neatplus, TAP 26598258 2024

Mr. Bineet Jha Senior Manager HWARE SUPPORT 26598100 2129

Mr. Mathew Joseph K Senior Manager NCSS 26598100 2055

Mr. Benny Sebastian Senior Manager Membership, Inspection, Listing 26598100 1142

Mr. Umesh Agroya Senior Manager Telecom 26598277 2105

Mr. Manoj Joshi Manager NOW 26598231 1565

Ms. Anuja Joshi Manager BCP 26598100 1124Mr. Suresh Chandani Manager Trade 26598100 6083

Mr. Shibu Tomy Manager NCSS 26598100 1154

Ms. Pranali Taskar Manager Telecom 26598277 2096

Mr. Joy John Manager BCP - Chennai 044-28473702 141

Mr. Narayan Neelakanthan Manager Telecom 26598229 2113

Ms. Bernadine Swamy Manager HRD 26598100 2135

Mr. Anoop Kumar Rawat Consultant DBA 26598100 2094

Mr. Nitin Gupte Manager Telecom 26598100 2087

Mr. Sandeep Kumar Gupta Manager APPSG 26598100 2085

Mr. Tushar H. Kulkarni Manager Membership, Inspection 26598100 1141

Mr. Prasad Addagatla Manager SysAdmin/SysOperations 26598320 6089

Mr. Suraj P Bangera Manager Web 26598100 1110

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MANAGERIAL PERSONNEL NSE INFOTECH SERVICES LTD. ( c o n t d . . )

A u g u s t 2 0 1 0N o v e m b e r 2 0 1 0

Name Designation Projects Tel. No. ExtMr. Manoj Kumar Singh Manager TECH - Delhi (011) 23346978 109

Mr. Sagar Joshi Manager Project Management Office 26598100 2111

Mr. Shreekantha Velankar Manager DWH 26598100 5594

Mr. Balakrishnan M Manager FOCASS 26598100 2019Mr. Aditya Agarwal Manager Architecture 26598258 2141

Ms. Meena Hajare Manager Quality 26598407 1123

Mr. Nishant Jha Manager OPMS 26598100 1166

Ms. Veena Khilnani Manager DBA 26598270 2104

Mr. Vinit Naik Manager PRISM 26598100 1131

Ms. Vishakha Shenoy Manager Survellience 26598100 1160

Ms. Kavita Shanbhag Manager Listing, NFA/FAMS, WDM 26598100 2058

Ms. Swarashree Joglekar Manager C2N 26598100 1188

Mr. Shailendra Aggarwal Manager HWARE SUPPORT 26598100 1570

Mr. Sarang Dhoble Manager Trade 26598100 6083