sebi · viz. convertibles, reits, invits, etc. the role sebi can play in this arena is by...

SEBIBULLETIN

February 2019 VOL. 17 NuMber 02

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

OCTOBER 2019 VOL. 17 NUMBER 10

SECURITIES AND EXCHANGE BOARD OF INDIA

EDITORIAL COMMITTEE

l Mr. P K Nagpal

l Dr. Prabhakar R. Patil

l Mr. Shashikumar Valsakumar

l Mr. Prabhas Rath

l Mr. Sahil Malik

The Securities and Exchange Board of India Bulletin is issued by the Department of Economic and Policy Analysis,

Securities and Exchange Board of India under the direction of an Editorial Committee. SEBI is not responsible for

accuracy of data/information/interpretations and opinions expressed in the case of signed articles/speeches as authors

are responsible for their personal views. SEBI has no objection to the material published herein being reproduced,

provided an acknowledgement of the same is made. The soft copy of SEBI Bulletin is available free of cost to the

subscribers/readers, who register at [email protected] along with their complete address. A readable version of SEBI

Bulletin is available at http://www.sebi.gov.in. Any comments and suggestions on any of the features/sections may be

sent to [email protected]

CONTENTS

USD 5 TRILLION ECONOMY – ROLE OF CAPITAL MARKETS, SHRI AJAY TYAGI, CHAIRMAN, SEBI

CORPORATE BOND MARKET, SHRI AJAY TYAGI, CHAIRMAN, SEBI

CAPITAL MARKET REVIEW

REVIEW OF GLOBAL FINANCIAL MARKETS

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET

POLICY DEVELOPMENTS

REGULATORY ACTIONS TAKEN BY SEBI

TABLES

PUBLICATIONS

785

789

793

808

824

829

836

831

875

OCTOBER 2019 SEBI BULLETIN 2019

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1. Ladies and Gentlemen, it gives me great pleasure to address this august gathering and share my views on the role of capital markets in achieving the larger goal that our country is striving for – a USD 5 trillion economy by the year 2025. I would like to thank FICCI for inviting me to this Conference.

2. In my address today, I would like to brieflyrecapitulate the role capital markets have been playing in the recent years in economic development as also the expected role towards contributing to the USD 5 trillion target.

A. Importance of capital markets in economic growth

3. As per the Economic Survey 2018-19, for a USD 5 Trillion economy by 2024-25, a sustained economic growth rate of real GDP of 8 per cent is needed. This kind of sustained economic growth requires a virtuous cycle of savings and investment. A robust financial sector which can continuouslysupplycapitalresourcesandefficientlyallocatethesame to seekers of funds is crucial for creating the savings and investment cycle.

4. In this context, the theme of the Conference focusing on increasing robustness of the capital markets is aptly chosen and timed and I hope that the discussions during the Conference would throw up many new ideas.

B. State of the capital markets and way ahead

I. Fund raising:

5. For achieving the 5 T target, an increase in private investments is crucial. For invigorating such investments, the fund raising activity ought to pick up. This can be by way of equity viz. through IPOs, QIPs, etc. or by way of debt viz. loans, corporate bonds, etc. or by various hybrid instruments viz. convertibles, REITs, InvITs, etc. The role SEBI can play in this arena is by strengthening robustness of the frameworks, easing the process and by providing new avenues for fund raising. Let me further elaborate on this.

USD 5 TRILLION ECONOMY – ROLE OF CAPITAL MARKETSSHRI AJAY TYAGI, CHAIRMAN, SEBI1

Equity Primary Market

6. There has been a steady primary market activity in the equity space in the last 2-3 years. The equity capital raised by listed companies through various modes was around ` 2.4 lakh crore during 2017-18 and2018-19.During thefirstfivemonthsof thisfinancialyear,equityraisingisover` 1.4 lakh crore. While raising of equity capital through IPOs has been falling, the companies have raised equity capital through other routes such as rights issues or QIPs or preferential allotments.

7. SEBI has been taking measures for boosting investor confidence, ease of capital raising andfurtherrefiningtheprimarymarketframework.WerevampedandsimplifiedourbaseRegulationsforequity fund raising- i.e SEBI (Issue of Capital and Disclosure Requirements) Regulations in 2018. We have also recently reviewed and revised our Buyback Regulations.

8. Aimed at reducing the listing time for an IPO from T+6 days to T+3 days, SEBI has introduced the use of UPI with ASBA facility as a new payment mechanism. The implementation of this major initiative is happening in a phased manner so that operational issues are eased out over time.

9. SEBI has also taken measures for new avenues for fund raising. A separate segment called “Innovators Growth Platform”, with easier listing norms, has been set up at stock exchanges to help technology start-ups to raise capital. Considering the demand for Differential Voting Rights (DVRs) especially from companies in the tech space, a framework for DVRs has been recently notified albeit withsafeguards to ensure that the governance standards and the interest of the minority shareholders are protected.

10. Going forward, in the spirit of strengthening the robustness of our frameworks, we are working on several initiatives. Rights issues, in particular, have recently seen a pickup in activity. SEBI had put out a consultative paper to reduce the timelines for

1 FICCI Capital Market Conference, Mumbai on September 26, 2019


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rights issues. We will be soon taking a view on this subject.

11. The concept of ‘promoters’ has been prevalent in India for a long period of time. Globally, rather than promoters, the concept of ‘controlling shareholders’ is more prevalent. Keeping in mind changing realities of the global and Indian markets, we are examining the relevance of the concept of promoter in today’s times along with whether any changes to SEBI Regulations are warranted in this regard.

12. A framework can only be as robust as the enforcement of its provisions. SEBI has been enforcing many of its regulatory requirements through a Standard Operating Procedure implemented by the stock exchanges. We are in the process of strengthening this procedure further.

Corporate bond markets

13. As per one estimate, to achieve a USD 5 trillion GDP goal, credit supply needs to double to ` 188 trillion from approximately ` 98 trillion at present. From a corporate’s perspective, this would largely involve raising of debt through two options- either loans or corporate bonds.

14. As there has been a conscious effort to move from Bank Credit to other forms of credit, securities markets will have to further step up and provide the much needed debt capital for fuelling investment and generating the desired growth. In fact, to achieve the necessary credit mobilisation to reach the 5T target, the development of corporate bond market is a sine qua non.

15. Fund mobilisation through corporate bonds has increased from ` 3.18 lakh crore in 2013-14 to ` 6.5 lakh crore during 2018-19. In the current financialyear,̀ 2.56 lakh Crore has been mobilised till August.

16. The Government and regulators have been taking measures over the period for the development of bond market. Even in the recent budget and subsequently in an announcement by the Hon’ble Finance Minister, several initiatives to develop the bond market have been announced. An important

measure by SEBI has been a framework for listed large corporates to mandatorily meet 25 per cent of theirfinancingneedsthroughissuanceof debtsecurities. We are likely to see the outcome of this measurebyendof thisfinancialyear.

17. Going forward, the corporate bond market needs to expand to cover a larger set of issuers, a wider set of investors and instruments of a wider maturity range.

18. As of now, the corporate bond market is dominated by issuers with ratings of AA and above. The share in issuance of papers rated below AA is around 10 per cent. The creation of an institutional mechanism for providing credit enhancement / credit guarantee support, as announced by the Government, would provide comfort to investors for investing in lower rated bonds and would help such companies to raise funds from bond market. Regulatory relaxations to institutional investors to invest in bonds of such issuers would also be an important measure to improve demand for such securities. Another reason for an averseness towards lower rated bonds is the experience of poor recovery in case of default. An effective implementation of IBC would provide an additionallayerof confidenceandsecuritytobondinvestors.

19. On widening the investor base, an often desired goal is to increase retail participation in debt securities including Government securities. The announcement made by the Hon’ble Finance Minister in this year’s Budget, relating to inter-operability of RBI depositories and SEBI depositories, is expected to have a positive impact towards this end. We are also in the process of enabling an App based subscription mechanism and UPI based participation which may facilitate increased retail participation.

20. On wider maturity options, it is necessary to touch upon the issue of a continuous yield curve. Since a corporate bond is generally priced on the basis of price of G- Sec of comparable tenure, it is important to have a robust, continuous G-Sec Yield Curve which is currently lacking.


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New Products for mobilising funds

Municipal Bonds

21. To enable borrowing of funds by municipalities, SEBIhadnotifiedSEBI(IssueandListingof debtsecurities by Municipalities) Regulations, 2015. However, till date, only 7 municipalities have raised ` 1489.9 crore through issue of municipal debt securities.

22. We have recently rationalised the framework under these Regulations. The definition of issuer hasbeen expanded to include bodies such as urban development authorities, city planning agencies, etc. performing functions akin to those performed by municipalities. Various requirements such as monitoring agency, project implementation cell, Government backing, maintenance of 100 per cent asset cover, etc. have been relaxed to ease fund raising through the framework. With these measures, we expect an uptake in the issue of municipal bonds.

REITs and InvITs

23. Infrastructure and real estate are two sectors where the spill-over to the other sectors of the economy is one of the highest. Therefore, any boost to these two sectors automatically translates into a multiplier effect on the rest of the economy. The Budget 2019-20 has announced that the Government would invest ` 100 lakh crore on infrastructure inthenextfiveyearsi.e.` 20 lakh crore per year. Considering that the total infrastructure investment during the FY 2018 was about ` 9.5 lakh crore, the Government announcement amounts to doubling the infrastructure investment per year.

24. 24. During FY 2018, the contribution of Central Government, State Government and private sector funding of infrastructure projects was about 44 per cent, 33 per cent and 23 per cent respectively. Going forward, the share of private sector funding need to increase substantially.

25. While raising equity and debt by private sector for green field infrastructure projects in challenging,one way of enhancing the funding capacity is through giving an exit route from the completed project so that developers, investors and lenders can

redeploy the fund in new and under construction project.

26. REITs and InvITs are vehicles through which the funds deployed in completed projects could be provided exit which in turn could be recycled into new and under-construction projects. SEBI has taken several initiatives over the last few years to strengthen the regulatory framework for these two products. We are also analysing a framework for easing the process of preferential issue of units by REITs and InvITs.

II. Foreign investment

27. The increase in domestic investment to support a 5 T economy has to be necessarily supplemented by foreigncapitalinflows.

28. As on March 31, 2019 a total of 9,390 FPIs from 59 different countries were registered with SEBI. FPI Regulations have seen a sea change over the last coupleof years.Therecentlynotifiedregulationsinter-alia provide for relaxed requirements for registration and KYC documentation, which are expected to further facilitate FPI investments in India.

III. Secondary markets

29. A robust secondary market is essential for a thriving primary market. Turnover in the equity cash segment across all stock exchanges in India increased by about 5 per cent to ` 87.2 lakh crore in 2018-19 from ` 83.2 lakh crore in the previous year.

30. NSE ranked 2nd and BSE ranked 11th globally in terms of the number of trades in equity shares. In case of equity derivatives, NSE ranked 1st, 2nd and 8th in the world in terms of number of contracts in stock index options, single stock futures and single stock options respectively.

31. SEBI has taken several initiatives to rationalise and strengthen the secondary market operations, viz. inter-operability of clearing corporations, improving the risk management framework, physical settlement for single stock derivatives, review of eligibility and exit criteria of stock derivatives, measures to strengthen Algorithmic Trading and Co-location / Proximity Hosting


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framework, measures regarding cyber security, framework for innovation sandbox, etc.

Mutual Funds

32. That mutual funds enjoy trust of and have caught fancyof investorsisreflectiveinthefactthattheindustry AUM has increased from around ̀ 11 lakh crore four years ago to around ̀ 25 lakh crore now. Number of mutual fund folios have also doubled during the same period from around 4 crore to 8 crore.

33. However, there is much scope for further growth if we compare with global markets. While the global average for industry AUM to GDP ratio is around60percent, thecorrespondingfigure forIndia is only 11 per cent.

34. In the medium term, especially keeping 2025 as the target year, the outlook for Mutual Funds looks quite positive. We have been working with the industry to improve penetration to the B-30 areas, especially from the retail investors. AMFI has projected a four-fold growth in AUM over the next decade. There has to be an increased focus on penetration, targeting new set of investors, self-governance and investor education & awareness to achieve this.

Alternative Investment Funds

35. Anothervehiclewhichcancontributesignificantlyto channelizing funds of investors into the capital markets is Alternative Investment Funds, especially for sophisticated and institutional investors. AIF

investmentshaveseenasignificantjumpinthelastfew years. On a cumulative basis, the investments made by AIFs stood at ` 1.1 lakh crore in March 2019 vis-à-vis only around ` 7300 crore in March 2015.

36. SEBI is in the process of taking steps to further strengthen the framework for AIFs in areas such as standardisation of the private placement memorandum and benchmarking framework for performance disclosures.

D. Conclusion

37. To conclude, equities market in India is world class in terms of regulatory framework for primary as well as secondary markets, trading volumes, depth and liquidity. This market is fully geared for meeting the requirements of 5 trillion economy.

38. Measures have been taken for development of corporate bond market. While private placement issuances have seen a rise in the last few years, the secondary market in terms of trading and liquidity is yet to develop. Clearly, much more needs to be done.

39. Increasing the share of private sector investment in infrastructure projects, especially green fieldprojects, is challenging. REITs, InvITs, as vehicles fortakeoutfinancing,are likelytogainmoreandmore importance.

40. Mutual funds, Insurance funds, Pension funds and AIFs, supplemented by foreign investment, wouldprovide significantpoolsof funds for theprojected 5 trillion economy.

I convey my best wishes for the event. Thank you.


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1. Ladies and Gentlemen, it is my pleasure to be addressing and sharing with you today my perspective on the Indian corporate bond market. I would like to thank ASSOCHAM for inviting me to this Conference.

2. Let me start by quoting what James Carville, a prominent political advisor to Bill Clinton, once said about the relevance of bond market - “I used to think that if there was reincarnation, I wanted to come back as the President or the Pope. But now I would like to come back as the bond market. You can intimidate everybody.”

3. Policymakers in India are also getting cognizant of the growing importance and relevance of corporate bond market and taking measures in the last few years for its deepening; though, as compared to advanced economies, the bond market here is yet to grow to a consequential size.

4. In my address today, I will be sharing with you my thoughts on the significance of corporate bondmarket in the financial system; current state of affairs and the vision for the future development of bond market in India.

A. Significanceof CorporateBondMarket

5. Corporate bond market is a disclosure-driven one. Issuers have to make timely disclosures of all material information. Even a one-day default by an issuer gets disclosed. This market discipline that is imposed on the issuer is not available in case of bankfinancing.Corporatebondmarket, thus,provides timely information about the financialhealth and creditworthiness of an issuer. This in turn acts as a good ‘signaling indicator’ for all participants in the economy.

6. Signals emanating from real time repricing of new information on corporate bonds, helps, to a large extent, in identifying potential vulnerabilities in various segments of the economy. Mark to market requirement on bonds alert and caution investors on the emerging credit worthiness of a

borrower. This helps investors in taking timely risk management measures.

7. Apart from its role as an important means of financing corporate investments, the significanceof the corporate bond market lies in its transparency, responsiveness to credit events and thus,contributingtofinancialstability.

B. Corporate Bond market - Present State

8. Against this backdrop, let me now dwell upon the current state of the corporate bond market in India.

9. Funds raised from corporate bonds, which were around 3.7 trillion rupees during 2012-13, increased to 6.5 trillion rupees during 2018-19. Outstanding corporate bonds as a percentage of GDP moved up from 13 per cent in 2012-13 to 16.3 per cent in 2018-19.

10. This trend indicates that the corporate bond market in India has gained significant tractionover the years. It is important, however, to note that corporate bond issuances have remained flat, during the last three years, at an average of approximately 6.4 trillion rupees.

11. Anothermeansof financingcorporateinvestmenti.e. credit disbursed by banks, declined from more than 13 trillion rupees during 2012-13 to around 11 trillion rupees in 2018-19. This decline in bank credit, inter-alia, may have been as a result of measures such as asset quality review framework and related provisioning norms for banks which were ushered in towards the later part of 2015.

12. The plateauing of corporate bond issuances and declining bank credit disbursements by banks are inextricably linked to the decline in corporate private investments, resulting in sluggish growth seen in various sectors of the economy.

13. For the economy to move to the next level of growth trajectory, it is essential that all means

CORPORATE BOND MARKET SHRI AJAY TYAGI, CHAIRMAN, SEBI2

2 At ASSOCHAM India - National Conference, Mumbai on September 4, 2019


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of financing corporate investments, includingcorporatebondissuances,fireonallcylinders.

14. Taking into account the NPA problems of banks and inherent asset - liability mismatch problem restricting their capabilities to fund long term projects, it is but obvious that the corporate bond markethastoplayanincreasingsignificantroleinsupporting India’s growth story.

C. Challenges and likely Policy Prescriptions

15. To achieve this, inherent challenges in the corporate bond market need to be addressed. I will share with you some of these challenges and my policy prescription for them.

Fragmented Yield Curve

16. The fundamental challenge, in my judgment, is the absence of a continuous corporate bond yield curve spanning across different maturities and across different rating buckets. For instance, primary issuances and trading are majorly concentrated in 10 years and 3-5 years bucket. Longer end of the yield curve is predominantly dominated by debt papers of PSUs, FIs and select HFCs. Shorter end is dominated by NBFCs. As regards rating buckets, approximately 90 per cent of the papers are ‘AA and above’ rated.

17. While I will discuss the measures to address the twin problems of concentration of maturity and rating buckets, let me first emphasize the importanceof having a continuous government bond yield curve for the development of the corporate bond market.

18. As we all know, a corporate bond is generally priced on the basis of price of G-Sec of comparable tenure. In other words, price of G-Sec is the base on which the spread of a corporate bond gets determined.

Unificationof BondMarkets

19. Naturally, therefore, it is important for us to have a robust, continuous G-Sec Yield Curve. Unfortunately, however, we do not have the benefitof suchabenchmarkyieldcurve.Mostof the G-Sec issuances and concomitant liquidity are concentrated in only few maturity buckets.

20. There is a need for seamless transmission of information from G-sec to the corporate bond market. One of the ways to achieve this could be through unification of the G-Sec and thecorporate bond market, wherein trading, clearing and settlement takes place on one platform, backed up by an eco-system that provides for seamless transfer of G-Sec and corporate bond holdings.

21. In addition to unification of the bond market,another desired goal should be to encourage retail participation in G-sec. The announcement made by the Hon’ble Finance Minister in this year’s Budget, relating to inter-operability of RBI depositories and SEBI depositories, would facilitate this.

Enhancing Liquidity

22. Robust price discovery in corporate bonds remains a challenge, even internationally. Based on reported trading, USA seems to be a positive outlier, with daily trades as a percentage of corporate bond outstanding at 1.06 per cent. The comparable figures for India at 0.23 per cent as well as formany other Asian economies such as Japan at 0.05 per cent, China at 0.07 per cent and South Korea at 0.20 per cent remain poor. In fact, statistically, India seems to be doing better than these countries.

23. Corporate bonds are not as standardized as shares. A company may have bonds of several different maturities and characteristics. In other words, unlike equity instruments, corporate bonds are embedded with many nuances, both at the level of the issuer as also at the level of the instrument. This impedes liquidity.

24. Cross-country comparison also shows that the corporate bond market is predominantly an OTC market, driven by institutional investors. Therefore, unlike trading in shares where buy and sell orders are matched on electronic order books, corporate bonds are traded over the counter. Prices are negotiated off-line, bilaterally and reported / cleared on a DVP-1 basis.

25. Enhancing and coalescing the fragmented liquidity of corporate bonds is a felt need of the market participants. One way in which this could possibly be achieved is to create an electronic platform that


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enables sophisticated, multi-lateral negotiations to take place i.e. an enhanced ‘Request for Quote (RFQ)’ kind of arrangement. Negotiations that currently take place offline and bilaterally wouldhave to be done on an electronic platform, with straight through processing of clearing and settlement to complete the trade. This is expected to lead to more transparency, centralization and pooling of investor interest and hopefully, a more efficientandliquidmarket.

Credit Enhancement

26. As I have mentioned earlier, approximately 90 per cent of the papers are ‘AA and above’ rated. Lower rated papers, even if they are above investment grade,facedifficultybothintermsof issuanceandliquidity. This problem gets further compounded for infrastructure companies as most such companies are rated lower, especially in the initial phase of their life cycle.

27. Creating an institutional mechanism for providing appropriate credit enhancement and/or credit guarantee support would go a long way in enabling more companies, including infrastructure companies, to access the bond market as investors would take comfort from the credit support/ guarantee provided by such institutional mechanism.

28. The thinking of the Government is also on similar lines as is evident from the Budget Announcement of 2016-17 on providing credit enhancement to debt securities of infrastructure companies. More recently, Hon’ble Finance Minister has proposed to establish an organization to provide credit enhancement for infrastructure and housing projects. An early establishment and operationalization of such an organization would go a long way in raising of long tenor bonds by infrastructure companies.

Reducing Cost

29. I share the concerns of market participants with regard to the cost of bond issuances. Studies carried out by SEBI have revealed that the requirement of creation of a Debenture Redemption Reserve

(DRR) accounts for between 20 to 50 per cent of the cost of issuance. The recent Government announcement to remove DRR would, in all likelihood, substantially bring down the cost of issuance for issuers.

30. You may be aware that in India, as is also the case globally, most corporate bond issuances are privately placed. We have mandated that the entire process of corporate bond issuances has to be done through a transparent electronic book building platform (EBP), with the issuance process getting completed within T+2 days. As privately placed corporate bonds have to be listed, this improves disclosures about the issuer, reduces information asymmetry and enhances protection to the creditors.

31. Some of the other complementary measures, in this regard, that have been taken by us are:

a. Doing away with the requirement of 1per cent security deposit for public issue of debt securities.

b. Reduction in time taken for listing of public issue of bonds from 12 days to 6 days.

c. Compulsory ASBA based application for public issue of bonds.

32. We are also in the process of enabling UPI linked payment interface for bond subscription, including an App based subscription mechanism. I hope that the sum total of these measures further reduces the cost of corporate bonds issuances in India.

New Products

33. At present, the corporate bond market is dominated by plain vanilla bonds. Market development, however, demands an array of debt instruments to suit the varying needs of different class of market participants. In this context, the market has seen a number of new products such as Tri-partite Repo on exchange platform, bilateral Repo cleared through clearing corporations, interest rate derivatives, security receipts, units of REITs / InvITs, municipal bonds, etc. There is, however, a need for more coordinated and concerted effort to significantlyenhancetractionintheseproducts.


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34. The recent Budget Announcement regarding development of CDS market is one more in the series of policy measures to enhance the availability of products in the corporate bond market.

Pools of Risk Capital

35. Institutional investors are the pre-dominant investors in corporate bond market. Institutional investors such as pension funds, provident funds and insurance companies can generate far higher demand for longer dated corporate issuances. They are, however, guided by the investment norms prescribed by their respective sectoral regulators.

36. Relaxation of investment norms to these investors, allowing for a higher allocation by them to the corporate bond market would aid these savings to earn incremental returns and generate demand for corporate bonds. Additionally, as these institutions are long term investors and they generally hold their investments till maturity, they can act as ideal counterparties on the demand side to the infrastructure companies needing to rely on funding through longer dated instruments. The implementation of the Budget announcement of 2018-19 relating to permitting investment by regulated entities in ‘A’ grade bonds would help.

37. At the same time, it is important to note that these institutionalinvestorshavefiduciaryresponsibilityand consequently tendency for risk aversion. It is but natural for them to prefer investment in high rated papers.

38. To address the lack of traction in lower rated papers, there is a need to encourage alternate pools of risk capital to the corporate bond market. We are beginning to see some initial interest, in this regard, with the increase in activities of ARCs and AIFs in the recent times. This is an area where policy makers need to focus more and think of providing appropriate incentives to such pools of risk capital.

D. Conclusion

39. To conclude, corporate bond market is important as it acts as a good signaling indicator for all participants in the economy. Corporate bond market has to play an enhanced complementary role in supporting higher corporate investments to take India’s growth story to the next level. In this context, I have highlighted some of the important challenges that need to be addressed and my policy prescriptions for them.

40. I look forward to new ideas and suggestions from you all.

Thank you and all the very best for a successful event!


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I. Trends in Resource Mobilisation by Corporates

Exhibit 1: Funds Mobilisation by Corporates (` crore)

Particulars Aug-19 Sep-19

A. Funds Mobilisation through Public Issue (I+II) 6,943 295

I. Equity Public Issue 4,149 34

a. IPOs (i+ii) 4,047 34

i. Main Board 4,039 0

ii. SME Platform 8 34

b. FPOs 0 0

c. Equity Right Issue 102 0

II. Debt Public Issue 3,122 260

B. Funds Mobilisation through Private Placement 42,574 64,418

1. QIP/IPP 1,930 14,300

2. Preferential Allotment 335 1,489

3. Private Placement of Debt 40,309 48,629

Total Funds Mobilised (A+B) 49,517 64,713

Notes: Current month data are provisional Source: SEBI, NSE, BSE and MSEI

CAPITAL MARKET REVIEW

l During September 2019, there were five publicequity issuance (all the issuances were at SME platform) mobilizing ` 34 crore as compared to four public equity issuance mobilizing ` 4,047 crore in August 2019.

l During September 2019, there was no right issue as against one right issue for ` 102 crore in August 2019.

l During September 2019, the amount raised through private placement of equity (i.e. preferential

allotment and QIP route) stood at ` 15,789 crore comparing with ` 2,265 crore in August 2019.

l During September 2019, there were two issues amounting ` 260 crore from the Public Issue of Corporate Bonds comparing with five issuesamounting ` 3,122 crore in August 2019.

l During September 2019, Private Placement of Corporate Debt Reported to BSE and NSE increased by 20.6 per cent to ` 48,629 crore over ` 40,309 crore in August 2019.


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II. Trends in the Secondary Market

Exhibit 2: Snapshot of Indian Capital Market

Description Aug-19 Sep-19Change during the

MonthIndex in Equity Market

Sensex 37,333 38,667 3.6Nifty 50 11,023 11,474 4.1Nifty 500 8,978 9,341 4.0BSE 500 14,234 14,810 4.0Nifty Bank 27,428 29,103 6.1Nifty IT 16,010 15,540 -2.9BSE Healthcare 12,875 12,494 -3.0BSE FMCG 11,077 11,767 6.2

Market Capitalisation (` crore)BSE 1,40,98,452 1,47,17,456 4.4NSE 1,39,76,168 1,45,73,003 4.3

P/E RatioSensex 26.3 26.4 0.7Nifty 50 27.3 27.0 -0.8

No of Listed CompaniesBSE 5317 5,332 0.3NSE 1952 1955 0.2

Gross Turnover in Equity Segment (` crore)BSE 50,805 52,690 3.7NSE 6,73,633 7,10,498 5.5

Gross Turnover in Equity Derivatives Segment (` crore)BSE 20 350 1679.9NSE 3,04,77,779 2,89,19,316 -5.1

Gross Turnover in Currency Derivatives Segment (` crore)BSE 6,24,311 5,84,638 -6.4NSE 10,27,025 8,79,828 -14.3MSEI 2,369 3,329 40.5

Gross Turnover in Interest Rate Derivatives Segment (` crore)BSE 11,924 11,213 -6.0NSE 32,496 28,898 -11.1

Source: NSE, BSE and MSEI

l Indian benchmark indices Sensex and Nifty50 registered a biggest single session gain in the last 10 years after Finance minister slashed corporate tax rate to 25.2 per cent from 34.9 per cent. On September 20, 2019, the Sensex closed at 38,014 up by 1,921.2 points (5.3 per cent), while Nifty was up by 569.4 points (5.3 per cent) closed at 11274.

l At the end of September 2019, Nifty 50 closed at 11,474, increased by 451 points (4.1 per cent) over August’s closing.

l S&P Sensex closed at 38,667 on September 30, 2019, an increase of 1,335 points (3.6 per cent) over previous month.

l Nifty touched high at 11,600 on September 23, 2019 and Sensex touched high of 39,097 on September 24, 2019.

l Nifty touched its low at 10,705 on September 13, 2019 while Sensex touched its low at 36,093 on September 19, 2019.


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Figure 1: Movement of Sensex and Nifty during September 2019

Note: The closing value of Nifty 50 and Sexsex have been normalised to100 on September 03, 2019

l The market capitalisation of BSE stood at ` 1,47,17,456 crore as on September 30, 2019, increased by 4.4 per cent over previous month.

l The market capitalisation of NSE stood at ` 1,45,73,003 crore as on September 30, 2019, increased by 4.3 per cent over previous month.

Figure 2: Trends in Average Daily Values of Nifty 50 and NSE Equity Cash Segment Turnover

l During September 2019, the gross turnover in the equity segment of BSE increased by 3.7 per cent to ` 52,690 crore from ` 50,805 crore in August 2019.

l During September 2019, the gross turnover in the equity segment of NSE increased by 5.5 per

cent to ` 7,10,498 crore from ` 6,73,633 crore in August 2019.

l The P/E ratios of S&P BSE Sensex and Nifty 50 index were 26.4 and 27 respectively, at the end of September 2019 compared to the reading of 26.3 and 27.3 respectively a month ago.

.


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Figure 3: Trends in Average Daily Values of Sensex and BSE Equity Cash Segment Turnover

l During the month of September 2019, most of the sectoral indices witnessed upward trends after Finance minister slashed corporate tax rate to 25.2 per cent from 34.9 per cent. Among BSE indices, S&P BSE Consumer Durables increased by 10.5 per cent, followed by S&P BSE Capital Goods (10.4 per cent), S&P BSE Metal (6.6 per cent), S&P BSE

Bankex (6.3 per cent), S&P BSE FMCG (6.2 per cent), S&P BSE Small Cap (5.1 per cent) and S&P BSE PSU (4.1 per cent). On the other hand, S&P BSE Healthcare and S&P BSE Teck decreased by 3 per cent and 2.5 per cent respectively during the period. The average daily volatility for the month of September 2019 is given in Figure 4.

Figure 4: Performance of BSE Indices during September 2019

l Among select NSE sectoral indices, Nifty MNC increased by 9 per cent during September 2019, followed by Nifty FMCG (6.4 per cent), Nifty Bank (6.1 per cent), Nifty Next 50 (4.2 per cent), Nifty 100 (4.1 per cent), Nifty 500 (4.1 per cent), Nifty 200 (3.9 per cent) and Nifty Midcap 50 (3.1

per cent). On the other hand, Nifty PSU Bank decreased by 7.3 per cent followed by Nifty Pharma (6.5 per cent), Nifty Media (6 per cent) and Nifty IT (2.9 per cent). The average daily volatility for the month of September 2019 is given in Figure 4.


797

Figure 5: Performance of NSE Indices during September 2019

III. Trends in Depository Accounts

At the end of September 2019, there were 205 lakh demat accounts at NSDL and 188 lakh demat accounts at CDSL. Till the end of September 2019, 5,682 listed companies

were signed up with NSDL 5,622 listed companies were signed up with CDSL to make their shares available in dematerialised form.

IV. Trends in Derivatives Segment

A. Equity Derivatives

Exhibit 3: Trends in Equity Derivatives Market

Description

NSE BSE

Aug-19 Sep-19Percentage

Change Over Month


Change Over Month

A. Turnover (` crore)(i) Index Futures 6,06,554 6,40,331 5.6 0.8 271.5 32519(ii) Options on Index

Put 1,22,58,488 1,16,07,223 -5.3 0.0 0.0 NACall 1,53,70,795 1,43,86,400 -6.4 0.0 0.0 NA

(iii) Stock Futures 12,06,917 12,46,228 3.3 18.8 43.0 128.7(iv) Options on Stock

Put 3,80,210 3,71,253 -2.4 0.0 14.8 NACall 6,54,814 6,67,880 2.0 0.0 266.0 NA

Total 3,04,77,779 2,89,19,316 -5.1 19.6 595.3 2,931.1B. No. of Contracts

(i) Index Futures 87,43,443 91,92,584 5.1 9 2,883 31,933.3(ii) Options on Index

Put 19,19,54,279 18,03,49,807 -6.0 0 0 NACall 23,57,38,134 21,95,69,955 -6.9 0 0 NA

(iii) Stock Futures 2,22,57,696 2,22,34,125 -0.1 357 921 158.0


798

Description

NSE BSE


Change Over Month


Change Over Month

(iv) Options on Stock Put 68,83,458 66,29,230 -3.7 0 197 NACall 1,10,25,879 1,09,44,617 -0.7 0 266 NA

Total 47,66,02,889 44,89,20,318 -5.8 366 4,267 1,065.8C. Open Interest in terms of Value ( ` crore)

(i) Index Futures 24,119 21,816 -9.6 0 2 NA(ii) Options on Index

Put 68,441 71,009 3.8 0 0 NACall 57,404 74,294 29.4 0 0 NA

(iii) Stock Futures 1,06,618 1,12,872 5.9 2.8 1.9 -33.4(iv) Options on Stock

Put 7,195 8,024 11.5 0 0.1 NACall 9,981 12,563 25.9 0 0.0 NA

Total 2,73,758 3,00,577 9.8 2.8 4.4 54.2D. Open Interest in Terms of No of Contracts

(i) Index Futures 3,16,635 2,75,775 -12.9 0 24 NA(ii) Options on Index

Put 8,99,271 9,10,048 1.2 0 0 NACall 7,93,381 9,98,177 25.8 0 0 NA

(iii) Stock Futures 18,60,658 19,25,242 3.5 49 31 -36.7(iv) Options on Stock

Put 1,36,086 1,48,158 8.9 0 2 NACall 1,86,570 2,36,769 26.9 0 0 NA

Total 41,92,601 44,94,169 7.2 49 57 16.3

Source: NSE and BSE

l Among the three exchanges in the equity derivative market ecosystem, viz., NSE, BSE and MSEI, NSE has a market share of almost 100 per cent and BSE registeredaninsignificantvolumeshowever,MSEIhas no trading during September 2019.

l The notional monthly turnover in the equity derivatives segment of NSE increased by 5.1 per cent from ` 304.8 lakh crore in August 2019 to ` 289.2 lakh crore in September 2019.

l Index options accounted for 89.9 per cent of the total notional turnover in the F&O segment of NSE during the month compared to 90.7 per cent during last month.

l The notional turnover in index options (call and put together) decreased by 5.9 per cent to ` 259.9 lakh crore in September 2019 from ` 276.3 lakh crore in August 2019.

l During the month, the notional turnover of index futures increased by 19.3 per cent to ` 6,40,331 crore from ` 6,06,554 crore in August 2019.

l The notional turnover of stock futures increased by 0.4 per cent to ` 10,39,134 crore from ` 10,35,025 crore in August 2019.

l The notional turnover in stock options (call and put together) increased by 3.3 per cent to ` 12.5 lakh crore crore from ` 12.1 lakh crore crore during the period.

l As on September 30, 2019 the open interest at NSE stood at ` 3,00,577 crore from ` 2,73,758 crore, an increase of 9.8 per cent over previous month.

l In September 2019, the equity derivatives segment turnoverof BSEincreasedsignificantlyto`595.3 crore compared to ` 19.6 crore in August 2019.

.


799

Figure 6: Trends of Equity Derivatives Segment at NSE (` crore)

B. Currency Derivatives at NSE, BSE and MSEI

l During September 2019, the monthly turnover of currency derivatives in India (NSE, BSE and MSEI together) stood at ̀ 14.7 lakh crore from ̀ 16.5 lakh crore in August 2019, a decrease of 10.9 per cent.

l The trading volumes in Currency Derivatives at NSE decreased by 14.3 per cent to ` 8,79,828 crore in September 2019 from ` 10,27,025 crore in August 2019.

l The trading volumes in Currency Derivatives at BSE decreased by 6.4 per cent to ` 5,84,638 crore from ` 6,24,311 crore during the same period.

l The trading volumes in Currency Derivatives at MSEI stood at ` 3,329 crore in September 2019 from ` 2,369 crore in August 2019, increase of 40.5 per cent..

Figure 7: Trends of Currency Derivatives at NSE, MSEI and BSE (` crore)


800

V. Trading in Corporate Debt Market

l During September 2019, BSE noted 3,550 trades of corporate debt with a traded value of ` 43,012 crore as compared to 4,175 trades of corporate debt with a traded value of ` 58,482 crore in August 2019.

C. Interest Rate Futures at NSE and BSE

• During September 2019, the monthly turnoverof interest rate futures at NSE decreased by 11.1 per cent to ` 28,898 crore from ` 32,496 crore in August 2019.

• Themonthly turnover of interest rate futures atBSE decreased by 6 per cent to ̀ 11,213 crore from ` 11,924 crore during the same period.

Figure 8: Trends of Interest Rate Futures at NSE and BSE (` crore)

l At NSE, 5,297 trades were noted with a traded value of ` 97,677 crore in September 2019 as compared to 6,095 trades were noted with a traded value of ` 1,04,532 crore in August 2019.

Figure 9: Trends in Reported Turnover of Corporate Bonds (` crore)


801

VI. Trends in Institutional Investment

A. Trends in Investment by Mutual Funds

l Themutual fund industry saw a net outflow of ` 1,51,790 crore in September 2019 compared to anetinflowof ` 1,02,538 crore in August 2019.

l In terms of category of scheme, during September 2019, open ended schemes liquidated ` 1,47,735 crore of which ̀ 1,58,033 crore mobilised through Income/Debt Oriented Schemes. Further, growth/equity oriented schemes mobilized by ` 6,609 crore, Hybrid Schemes mobilized ` 2,028 crore, other schemes (ETFs) mobilised ` 1,521 crore and ` 140 crore mobilized through Solution Oriented Schemes.

l There was a net redemption of ` 4,032 crore and ` 24 crore from closed ended schemes and interval schemes during September 2019.

l The net assets under management of all mutual

funds stood at ` 25.5 lakh crore at the end of September 2019.

l As on September 30, 2019, there were a total of 1,903 mutual fund schemes in the market, of which 1,138 were income / debt oriented schemes (314 open ended and 824 closed ended), 439 were growth / equity oriented schemes (318 open ended and 121 closed ended), 141 were open ended other schemes (ETFs), 129 were open ended Hybrid schemes, 30 were open ended Solution Oriented Schemes and 26 interval schemes.

l In the secondary market transaction, during September 2019, mutual funds made an investment of ` 42,384 crore (` 11,029 crore in equity and ` 31,354 crore in debt) compared to an investment of ` 67,723 crore (`17,407 crore in equity and ` 50,316 crore in debt) in August 2019.

Figure 10: Trends of Mutual Funds Investment in Secondary Market (` crore)


802

B. Trends in Investment by the Foreign Portfolio Investors (FPIs)

• During September 2019, FPIs invested ` 7,548 crore in equity market as compared to ` 17,592 crore liquidation in August 2019.

• FPIs withdrawn ` 990 crore during September 2019 from debt securities as against an investment of ̀ 11,672 crore in debt securities in August 2019.

• FPIs invested ` 25 crore in hybrid securities compared to an investment of ` 49 crore during

the period.

• FPIswereanetbuyerof ̀ 6,582 crore in September 2019 compared to a net seller of ` 5,871 crore in August 2019.

• The assets of the FPIs in India, as reported bythe custodians, at the end of September 2019 was ` 32,91,703 crore, out of which the notional value of offshore derivative instruments (including ODIs on derivatives) was ` 75,916 crore (or 2.3 per cent of total assets of FPIs).

Figure 11: Trends in FPIs Investment (` crore)

VII. Trends in Portfolio Management Services

l As on September 30, 2019, AUM of the portfolio management industry increased by 2.1 per cent to ` 17.1 lakh crore from ` 16.7 lakh crore in August 2019. Of the total, AUM of fund managers of EPFO/PFs contributed ̀ 12.3 lakh crore (i.e., 73.6 per cent of total AUM).

l In terms of number of clients in PMS industry at the end of September 2019, discretionary services

category topped with 1,47,638 clients, followed by non-discretionary category with 7,705 clients and advisory category with 4,075 clients.

VIII. Trends in Substantial Acquisition of Shares and Takeovers

During September 2019, 12 open offers with offer value of ` 1,502 crore was made to the shareholders as against fiveopenofferswithoffervalueof ` 4,733 crore made in August 2019. All the offers were for change in control of management.


803

Figure 12: Details of Open Offers Made under the SEBI (SAST) Regulations

IX. Commodities Derivatives Markets

A. Market Trends

• DuringSeptember2019,MCXicomdexcompositeindex, witnessed a fall of 1.8 per cent (M-o-M) driven by decrease in prices of base metals (aluminium, copper and lead), energy (crude oil), bullion (gold and silver) and agri. (cotton, CPO andmenthaoil)segments.OnY-o-Ybasis,MCXicomdex composite index decreased by 6.2 per cent, mainly on account of decline in prices of eight out of 13 traded commodities viz. aluminium, copper, crude oil, natural gas, zinc, cotton, CPO and mentha oil over the past year.

• During the month, MCX icomdex crude oilcomposite index, decreased by 0.1 per cent on account of decrease in futures price of crude oil by1.8percent.Further, thedowntrendinMCXicomdex base metal index (-1.0 per cent) was due to decrease in futures prices of aluminium (-2.2 per cent), copper (-0.3) per cent and lead (-0.1 per cent), which were partially offset by increase in futures prices of nickel and zinc by 6.4 per cent and 0.4 per cent respectively.

• MCX icomdex bullion index decreased by 3.3per cent as futures prices of both gold and silver decreased by 4.5 per cent and 5.6 per cent respectively, during the month.

• AtMCX, in the agri. segment, futures prices of cotton, CPO and mentha oil decreased by 2.8 per cent, 0.7 per cent and 2.0 per cent respectively, which was partially offset by increase in futures price of cardamom (5.1 per cent).

• NKrishiindexdecreasedby3.7percent(M-o-M)as 5 out of 10 constituent commodities (guar seed, turmeric, cottonseed oilcake, coriander and castorseed) witnessed a downtrend in futures prices. On Y-o-Y basis, the NKrishi index registered a gain of 8.2 per cent at the end of September 2019 mainly on account of significant increasein prices of six of its actively traded constituent commodities viz. cottonseed oilcake (28.7 per cent), soybean (20.4 per cent), coriander (15.0 per cent), castorseed (5.6 per cent), chana (4.0 per cent) and wheat (1.8 per cent)..


804

Figure 13: Movement of Commodity Derivatives Market Indices

Note: MCXicomdexcompositeindexareupto27thSep2019onlyasMCXhasdiscontinueddisseminationof itsco-brandedTR icomdex indices since Sep 27, 2019.Source: MCXandNCDEX

• During September 2019, average daily volatility inMCX icomdex composite and NCDEX NKrishiindices was recorded at 1.0 per cent and 0.6 per cent

Figure 14: Variation (point-to-point) and daily volatility of commodity indices in September 2019 (per cent)

respectively. The daily volatility and price variation over the previous month for benchmark commodity indices are shown in the Figure 14 below.

Source: MCXandNCDEX


805

Table 1: Snapshot of Indian Commodity Derivative Markets

Items 2018-19 Aug-2019 Sep -2019 Percentage variation M-o-M

A. Indices

Nkrishi 3,414 3,559 3,429 -1.8

MCXiCOMDEX 600 610 599* - 3.7

B. Total Turnover (in Rs. crore)

All-India 73,77,944 8,05,020 8,59,269 6.7

MCX,of which 67,72,372 7,57,572 8,17,553 7.9

Futures 65,91,428 7,34,243 7,86,095 7.1

Options 1,80,944 23,330 31,458 34.8

NCDEX,of which 5,31,588 38,311 35,117 - 8.3

Futures 5,31,414 38,311 35,116 -8.3

Options 174 0.5 0.8 53.7

ICEX 37,376 2,635 1,761 -33.1

BSE 32,804 5,013 3,902 -22.1

NSE 3,444 1,489 535 -37.2 *upto 27th Sept.2019. Source: MCX, NCDEX, ICEX, BSE and NSE.

B. Turnover

• During September 2019, the aggregate turnoverof all commodity exchanges increased by 6.7 per cent to ` 8,59,269 crore due to increase in turnover at MCX. However, the turnoverat other four exchanges viz. NCDEX, ICEX,BSE and NSE decreased during the month. The agricultural segment contributed 5.1 per cent to the total turnover, while non-agricultural segment accounted for 94.9 per cent.

• The total turnover (futures & options) at MCXincreased by 7.9 per cent to ̀ 8,17,553 crore during September 2019. The turnover in futures segment increased by 7.1 per cent due to rise in volume and traded value of bullion, metal and energy segment. While turnover in bullion, metal and energy futures rose by 7.3 percent, 7.1 per cent and 7.5 per cent respectively, further agri. futures declined by 27.1 per cent in September. The notional turnover of optionscontractstradedatMCXincreasedby34.8per cent during the month as options turnover in all the three segments increased. Options turnover in energy segment increased by 50.8 per cent,

followed by bullion (24.2 per cent) and metal (13.8 per cent). The options contracts contributed 3.8 percenttothetotalturnoveratMCX.

• MCX added one more commodity in its agri.basket by launching futures trading in kapas on 30th September 2019 and recorded a total turnover of ` 7 crore during the month.

• During themonth, the total turnover (futures&optionscontracts)atNCDEXdecreasedby8.3percent to ` 35,117 crore, due to decrease in volumes and traded value of all the traded commodities (total 18) except castorseed, chana, kapas, soybean and turmeric. Turnover in option segments at NCDEXincreasedfrom` 0.5 crore to ` 0.8 crore (+ 53.7 per cent) in September 2019. Out of the fivepermittedcommodities,tradingtookplaceinguarseed and chana options contracts during the month.

• InSeptember2019, turnover at ICEXdecreasedsignificantlyby33.1percentto` 1,761 crore due to decrease in traded value of gems and stone, metal (steel long) and agri. segments by 40.8 per cent, 27.8 per cent and 23.5 per cent respectively.


806

Source: MCX,NCDEX,BSE&ICEX

Traded value of gems and stone segment declined significantlyfrom` 1,331 crore to ` 788 crore in September.

• Following the similar trend, the total turnover atBSE and NSE decreased by 22.1 per cent and 37.2 per cent respectively. Turnover in BSE decreased due to significant decline in volume and traded

value in agri. segment by 16.3 per cent and 24.8 per cent respectively. At NSE, turnover decreased in both bullion and energy segments by 37.7 per cent and 29.8 per cent respectively.

• Theturnoverof agriculturalandnon-agriculturalcommodities at exchanges is shown in Figures 15, 16 and the details are given in Tables 66 to 70.

Figure 15: Trends in turnover of agricultural commodity derivatives (`crore)

Figure 16: Trends in turnover of non-agricultural commodity derivatives - futures and options

Source: MCX,ICEX,BSE&NSE. Note:-Valuesrepresentedonthetopof thebarsarerespectivemonthlyoptionturnoveratMCX(inRs.crore).


807

Source: MCX,NCDEX,ICEX,BSEandNSE

The following chart provides a snapshot of the percentage gain/loss in futures prices in near month contracts of the commodities traded at the exchanges.

Figure 17: Movement of Near Month futures prices (M-o-M) for commodities traded on domestic exchanges during September 2019 (per cent)


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OVERVIEW OF THE GLOBAL FINANCIAL MARKETS• The global economic growth has softened in the

2nd quarter of 2019. According to World Bank, global growth is expected to slow to 2.6 percent in2019,reflectingweaker-than-expectedtradeandinvestment since the start of the year. Subdued investment in emerging market and developing economies is dampening potential growth prospects. Risks to the outlook remain firmlyon the downside, including the possibility of escalating trade tensions. Growth is projected to gradually rise to 2.8 percent by 2021.

• In the major political development, tensionsin the Middle East surged following attacks on two major oil facilities in Saudi Arabia. The pre-dawn attacks on September 14 knocked out more than half of the top global exporter’s output - five per cent of the global oil supply - or about5.7 million barrels per day. The oil prices surged as much as 15 per cent to US$ 69 per barrel. The crude prices corrected subsequently to settle near US$ 56 per barrel by the end of September 2019, as Saudi Arabia announced restoration of 75 per cent of crude output lost and no break out of war.

• TheUS-Chinatradewarconcernsappeartohaveeased for the time being after both parties showed intention to resume talks in October 2019. China exempted certain U.S. agricultural products from additional tariffs, and President Donald Trump delayed a scheduled 5 per cent increase in tariffs on US$ 250 billion Chinese goods from October 1 to October 15

• TheUSFederalReservecutthefedfundratesby25bps in September 2019, for the second time this year (with policy rates now between 1.75 – 2.0 per cent),onthebackof lackof inflationarypressures,slow business investment growth and a struggling exports sector. The Fed stated that it is willing to cut rates even further if economic conditions weaken further.

• Mario Draghi, The President of the EuropeanCentral Bank (ECB), introduced a fresh round of monetary stimulus in an effort to bolster growth and inflationexpectations.Herelaunchedaquantitativeeasing programme which will purchase $20bn of

bonds a month starting from November 2019, cut the main deposit rate from -0.4 per cent to -0.5 per cent and introduced a third round of targeted longer-termrefinancingforbanks(TLTRO).

• The House of Commons in the UK (UKParliament) passed a bill designed to prevent a no-deal exit from the European Union and requires Prime Minister Johnson to seek a delay on Brexit date by three months if the government failed to secure a deal with the EU by 31st October.

• Majorcentralbanksacrosstheglobechangedtheirmonetary policy stance towards accommodative, on the concerns of slower than expected global growth. Many countries including Brazil, Russia, and India lowered their policy interest rate. Bank of England (BOE) and Bank of Japan (BOJ) held rates steady at 0.75 per cent and -0.1 per cent respectively.

• The global equities, led by US stocks, ralliedstrongly in the first half of September 2019, asimprovements in the outlook for U.S.–China trade talks supported risk markets. MSCI World Indexgainedover3per cent in thefirstpartof September, but gave up some gains in the second half to close up only 1.9 per cent. MSCI Europe index gained 2.1 per cent. MSCI Emerging Market index was up 1.7 per cent.

• Since the start of September there has been abroad-based increase in nominal bond yields, although most gains were lost in the second half of September 2019. The U.S. 10-year Treasury yield rose 17 bps to 1.66 per cent, the 10-year German bund yield rose 13 bps to –0.57 per cent, the 10-year Japanese government bond rate rose 6 bps to 0.21 per cent, and the 10-year U.K gilt yield moved marginally higher (1 bp) to 0.49 per cent.

• TheU.S.dollarendedthemonthstronger(up0.5per cent). The euro weakened 0.8 per cent versus the dollar on rate cut and announcement of further QE. The Japense Yen weakened 1.7 per cent on monetary easing expectations. In contrast, the British pound strengthened 1.1 per cent against the dollar on somewhat positive Brexit-related news as the odds of a no-deal Brexit appeared to diminish


809

• TheUS economy slowed down a bit in the 2ndquarter of 2019, as the GDP grew at an annual rate of 2.0 per cent in Q2 of 2019 (compared to 3.1 per cent in the previous quarter and 3.5 per cent in the same quarter last year), as the uncertainty over the trade with the partners primarily weighed on the growth.

• Thequarter-on-quarter(Q-o-Q)GDPgrowthrateof the Euro Area softened to 0.2 per cent in Q2 of 2019 from 0.4 per cent in previous quarter, pulled down mainly by Germany, United Kingdom and Sweden.

• Japan’s quarterly economic growth was revisedlower to 0.3 per cent in the second quarter of 2019 from a preliminary estimate of 0.4 per cent and compared to the previous period’s 0.5 per cent growth.

• TheChineseeconomyhasbeenhitbytheongoingtrade war with the US. China’s GDP grew at a pace of 6.2 per cent Y-o-Y during the second quarter of 2019 which is the weakest growth rate in at least 27 years (since 1992). The Q-o-Q GDP growth rate for Q2 was 1.6 per cent, slightly up from the Q1 figureof 1.4percent.

• TheBrazilianeconomygrewby0.4percentinQ2compared to a contraction of 0.1 percent in Q1 and on year-on-year basis, it expanded 1.0 per cent in the second quarter, recording a growth of 0.5 per cent from Q1.

• Onthedomesticfront,India’sGDPgrewby5.0per cent in Q1 2019-20, continuing the slowdown in the growth rate since Q4 2017-18. The slowdown in growth rate has been on account of global as well asdomestic factors.Retail inflation in India,measured by y-o-y change in the CPI, edged up to 3.21 per cent in August from 3.15 per cent in September. The Reserve Bank of India cut the interest rate further by 25 bps to 5.15 per cent, on growth concerns and also lowered its growth projection for 2019-20 to 6.1 percent from the earlier projection of 6.9 per cent. Meanwhile, World Bank has lowered its 2019-20 growth projection for India to 6 per cent from earlier forecast of

7.5 percent. On the positive side, Indian equities staged strong recovery as the government lowered basic corporate tax rate for domestic companies to 22 per cent from 30 per cent while for new manufacturing companies it has been cut down to 15 per cent from 25 per cent. The government also withdrew enhanced surcharge levied on long and short-term capital gains for individuals and trusts earning more than Rs 2 crore. The stock market welcomed the announcements, as both Nifty and Sensex gained over 5 per cent in a day.

Equity Markets:

• The stock market returns have improved inSeptember 2019 and the select indices of developed markets as well as in BRICS nations posted positive returns during September 2019, except the South African Index which fell by 0.8 per cent.

• The Indian indices, Nifty and Sensex first timeturned month-on-month positive in September 2019 since June 2019. Both the indices were bearish for last few months. Nifty gained 4.1 per cent and Sensex gained 3.6 per cent during September. However, they are yet to catch up with the June 2019 level. The positivity could be attributed measures government has taken during the month to lift up the slowing down economy. The government had slashed the Corporate Tax Rate from 34.9 per cent to 25.2 per cent and Minimum Alternate Tax from 18.5 per cent to 15 per cent.

• Amongst the developed nations, Japan recordedthe highest return of 5.1 percent during September while South Korea followed with 4.8 per cent. The Indian index NSE Nifty led the stock indices of BRICS nations, with 4.1 per cent followed by BSE Sensex and Brazil IBovespa with 3.6 per cent each.

• There was a complete reversal in the behaviourof MSCI indices too during September 2019 as against August 2019. All the indices recorded positive returns in September 2019 over the previous month. The MSCI Emerging Markets Index underperformed the MSCI World.


810

Source: Bloomberg Note: All indices have been indexed with base as January 01, 2019

Table A2: Performance of Stock Indices

Country Name of the IndexClosing Value as on August

31, 2019

Closing Value before Annualised Volatility

(%)

P/E Ratio1-Month 3-Month 6-Month 1-Year

BRICS Nations

Brazil BRAZIL IBOVESPA 104745.3 101134.6 100967.2 95414.6 79342.4 18.3 16.2

Russia RUSSIAN TRADED 1949.7 1904.7 2044.5 1758.9 1762.0 16.9 5.3

India Nifty 50 11474.5 11023.3 11788.9 11623.9 10930.5 15.3 26.4

India S&PBSESENSEX 38667.3 37332.8 39394.6 38672.9 36227.1 15.2 27.0

China SHANGHAI SE COMPOSITE 2905.2 2886.2 2978.9 3090.8 2821.4 19.2 14.1

South Africa FTSE/JSE AFRICA ALL SHR 54825.0 55259.6 58203.8 56462.6 55708.5 12.4 14.3

Developed Markets

USA NASDAQ COMPOSITE 7999.3 7962.9 8006.2 7729.3 8046.4 16.3 31.4

USA DOW JONES INDUS. AVG 26916.8 26403.3 26600.0 25928.7 26458.3 12.5 18.0

France CAC 40 5677.8 5480.5 5539.0 5350.5 5493.5 13.3 19.5

Germany DAX 12428.1 11939.3 12398.8 11526.0 12246.7 13.6 20.2

UK FTSE 100 7408.2 7207.2 7425.6 7279.2 7510.2 10.7 18.0

Hong Kong HANG SENG 26092.3 25724.7 28542.6 29051.4 27788.5 15.5 10.2

South Korea KOSPI 2063.1 1967.8 2130.6 2140.7 2343.1 12.3 20.3

Japan NIKKEI 225 21755.8 20704.4 21275.9 21205.8 24120.0 13.4 20.2

Singapore STRAITS TIMES STI 3120.0 3106.5 3321.6 3212.9 3257.1 10.0 11.6

Taiwan TAIWANTAIEX 10829.7 10618.1 10730.8 10641.0 11006.3 10.4 15.5

Note:P/E Ratios as on the last trading day Source: Bloomberg, BSE and NSE

Chart 1: Stock Market Trend in Select Developed Markets


811

Source: Bloomberg Note: All indices have been indexed with base as January 01, 2019.

Fund Mobilisation by Issuance of Equity and Bond:

• As per the data available fromWFE, there is areduction in resource mobilization during August 2019, both in Equity and Debt. Data is not available for certain stock exchanges.

• Among the developed nations, Korea Exchangeraised $ 42.8 billion ($0.2 billion in equity and 42.6 billion in debt) followed by Deutsche Boerse AG

with $ 32 billion merely through bond issuance.

• Among the BRICS nations, National StockExchange raised $ 38.7 billion ($37.7 billion through bond issuance and $1.0 billion through equity issuance), followed by Moscow Stock Exchange with $ 14.5 billion through bond issuance, during August 2019.

Chart 2: Stock Market Trend in Select Emerging Markets


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Table A3: Fund Mobilisation by Issuance of Equity and Bond in Major Exchanges

(US$ Million)

ExchangeJun-19 Jul-19

Equity Bond Total Equity Bond Total

Dev

elop

ed

Nasdaq - US 2,761 NA 2,761 594 NA 594 Nasdaq Nordic and Baltics 13 2,367 2,380 1 2,648 2,649 NYSE 3,384 NA 3,384 5,121 NA 5,121 LSE Group 2,309 50,209 52,518 319 25,281 25,600 Euronext 3,970 NA 3,970 1,810 NA 1,810 Deutsche Boerse AG 199 29,502 29,701 NA 31,974 31,974 BME Spanish Exchanges 1,495 29,691 31,186 1,222 17,598 18,820 Japan Exchange Group NA NA NA NA NA NA Singapore Exchange 11 44,653 44,664 4 28,443 28,447 ASXAustralianSecuritiesExchange 3,083 48 3,132 2,166 51 2,217 Hong Kong Exchanges and Clearing 2,742 20,342 23,084 1,793 7,094 8,887 Korea Exchange 350 45,373 45,723 219 42,649 42,868

BR

ICS

B3 - BrasilBolsaBalcão 511 NA 511 NA NA NA Moscow Exchange 2,187 30,478 32,664 NA 14,462 14,462 BSE India Limited NA NA NA NA NA NANational Stock Exchange of India Limited 1,305 40,592 41,897 1,029 37,718 38,747 Shanghai Stock Exchange 10,274 NA 10,274 1,965 NA 1,965 Shenzhen Stock Exchange 13,776 3,273 17,050 3,069 2,836 5,906 Johannesburg Stock Exchange NA 272,761 272,761 NA NA NA

Note: Fund mobilisation data for equities are (i) excluding investment funds and (ii) including Alternative and SME Markets except the following exceptions:1. Australian Securities Exchange: including investment funds2. BME: Including investment companies listed (open-end investment companies). 3. Bolsa de Valores de Lima: Includes 26 foreign companies with shares negotiated under a special modality4. Euronext: includes Belgium, England, France, Netherlands and Portugal5. Korea Exchange: including Kosdaq market data6. LSE Group: includes London Stock Exchange and BorsaItaliana7. Nasdaq Nordic Exchanges include Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges8. NSE India: including “Emerge” market data9. SingaporeExchange:marketcapitalizationincludesdomesticlistingsandasubstantialnumberof foreignlistings,definedascompanieswhoseprincipalplace

of business is outside of Singapore. Inactive secondary foreign listings are excluded.ForFundsmobilisedthroughissuanceof bonds,duetodifferentreportingrules&calculationmethods,turnoverfiguresarenotentirelycomparable.Thesale&purchase of a share are counted as one transactionNA = Not AvailableSource: World Federation of Exchanges


813

Market Capitalisation of Major Exchanges:

• Market capitalisation of all economies of Developed as well as BRICS declined during August, 2019.

• Among developed nations, market cap of theSingapore Exchange fell the most in percentage terms 7.09 per cent ($50 billion), followed by NYSE of the US by 7.04 per cent ($1717 billion) and Hong Kong Exchanges and Clearing by 6.69

per cent ($274 billion).

• Among BRICS nations, market capitalisation of B3-Brasil BolsaBalcão declined by 7.94 per cent ($86 billion) followed by Moscow Exchange by 5.68 per cent ($40.5 billion) and Shanghai Stock Exchange by 5.09 per cent ($ 244 billion). BSE India Limited fell by 3.94 per cent or by $ 80 billion in value. .

Table A4: Domestic Market Capitalisation of Major Exchanges

(US$ Million)

Country Exchange Jul-19 Aug-19 % Change

Dev

elop

ed M

arke

ts

USA Nasdaq - US 11,893,399 11,675,199 (1.83)USA NYSE 24,382,730 22,666,010 (7.04)UK LSE Group 3,812,153 3,669,728 (3.74)Pan Europe* Euronext 4,329,940 4,200,985 (2.98)Germany Deutsche Boerse AG 1,888,897 1,841,977 (2.48)Spain BME Spanish Exchanges 737,907 723,047 (2.01)Japan Japan Exchange Group 5,629,343 5,560,111 (1.23)Singapore Singapore Exchange 711,911 661,457 (7.09)Hong Kong Hong Kong Exchanges and Clearing 4,098,837 3,824,495 (6.69)South Korea Korea Exchange 1,319,127 1,260,570 (4.44)Australia ASXAustralianSecuritiesExchange 1,459,396 1,397,740 (4.22)

BR

ICS

Brazil B3 - BrasilBolsaBalcão 1,082,680 996,672 (7.94)Russia Moscow Exchange 712,927 672,437 (5.68)India BSE India Limited 2,054,029 1,973,108 (3.94)India National Stock Exchange of India Limited 2,033,454 1,955,995 (3.81)China Shanghai Stock Exchange 4,798,975 4,554,659 (5.09)China Shenzhen Stock Exchange 3,052,613 2,986,345 (2.17)South Africa Johannesburg Stock Exchange 958,471 NA NA

Notes:

1. Euronext: includes Belgium, England, France, Netherlands and Portugal2. JohannesburgStockExchange:figuresincludethemarketcapitalizationof alllistedcompanies,butexcludelistedwarrants,convertiblesandinvestmentfunds3. Korea Exchange: including Kosdaq market data4. LSE Group: includes London Stock Exchange and BorsaItaliana5. NSE India: including “Emerge” market data6. SingaporeExchange:marketcapitalizationincludesdomesticlistingsandasubstantialnumberof foreignlistings,definedascompanieswhoseprincipalplace

of business is outside of Singapore. NA - Not availableSource: World Federation of Exchanges, BSE


814

Equity Derivatives:

As per the latest data available from the World Federation of Exchanges, during August 2019, the following performance was recorded in equity derivatives markets across the globe (Table A5 and A6):

Single Stock Futures:

• In Asia-Pacific region, the Korean Exchangeregistered trades in 50.9 million contracts, which declined by 12 per cent over the previous month. During the month, National Stock Exchange of India Ltd registered 22.3 million trades as against 0.08 million during July 2019.

• Amongst exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded 16.5 million contracts while Borsa Istanbul recorded trading of 13.8 million contracts.

Single Stock Options:

• Amongst exchanges in the Americas, B3 - Brasil Bolsa Balcão recorded 84.7 million contracts and Chicago Board Options Exchange recorded 71.9 million during August 2019, which is 36.9 per cent and 16.18 per cent increase respectively, over the past month.

• Amongst exchanges in the Europe - Africa - Middle East, Tehran Stock Exchange recorded trading of 0.3 million contracts and Tehran Stock Exchange 0.2 million contracts, which is a decline of 22.2 per cent and 99.7 percent, respectively over July 2019.

• AmongstexchangesintheAsiaPacific,theNationalStock Exchange of India recorded trading of 17.9 million contracts and Hong Kong Exchanges and Clearing 10.1 contracts, an increase of 23.3 per cent and 40.3 per cent respectively.

Index Futures:

• Amongst exchanges in the Americas, B3 - Brasil Bolsa Balcão recorded trades in 176.5 million during August 2019. CME Group recorded a 71.4 per cent increase in August 2019, with 88.5 million trades.

• Amongst exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 10.9 million contracts and Borsa Istanbul (5.4 million contracts). The exchanges recorded 41.7 per cent and 10.6 per cent increase over the last month.

• Amongst exchanges in the Asia Pacific, Japan

Exchange Group recorded trading of 32.6 million contracts and Singapore Exchange (16.7 million contracts), which is an increase of 64.5 per cent and 24.2 per cent increase respectively.

Index Options:

• Amongst exchanges in the Americas, Chicago Board Options Exchange recorded trading of 50.1 million contracts and CME Group (20.7 million contracts) during August 2019, with 28.9 per cent and 86.5 per cent increase over July 2019, respectively.

• Amongst exchanges in the Europe - Africa - Middle East, Tel-Aviv Stock Exchange recorded trading of 2.6 million contracts and Moscow Exchange (2.2 million contracts). Trading in both the exchanges increased by 21.7 per cent and 65.1 per cent during August 2019.

• Amongst exchanges in theAsiaPacific,NationalStock Exchange of India recorded trading of 427.7 million contracts and Korea Exchange (58.8 million contracts). Number of contracts traded in NSE during August 2019 increased by 15.6 per cent while it decreased for Korea Exchange by 4.2 per cent.

Currency Derivatives:

As per the latest data available from the World Federation of Exchanges, during August 2019, exchanges across the world showed the following trend in trading of currency derivatives (Table A7):

Currency Futures:

• Amongst exchanges in the Americas, B3 - Brasil Bolsa Balcão recorded trading of 48.5 million contracts and CME Group (16.9 million contracts). Both the exchanges recorded an increase of 41.9 per cent and 19.5 per cent respectively over July 2019.

• Amongst exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 51.5 million contracts and Borsa Istanbul (5.1 million contracts) with 53 per cent and 2.6 per cent growth over July 2019.

• Amongst exchanges in theAsiaPacific,NationalStock Exchange of India recorded trading of 67.2 million contracts and BSE India Ltd (36.5 million contracts) with 49.9 per cent and 21.1 per cent growth respectively over July 2019.


815

Currency Options:

• Amongst exchanges in the Americas, CME Group recorded trading of 1.2 million contracts and B3 - Brasil Bolsa Balcão (0.9 million contracts). This recorded 15.6 per cent and 30.6 per cent growth respectively.

• Amongst exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 2.5 million contracts and Tel-Aviv Stock Exchange (1.2 million contracts), with 72.4 per cent and 75.3 per cent growth over July 2019.

• Amongst exchanges in the Asia Pacific, TheNational Stock Exchange recorded trading of 76.3 million contracts which increased by 63.8 per cent and BSE India Ltd recorded 51.7 million contracts which declined by 15.2 per cent during August 2019, over July 2019.

Interest Rate Derivatives:

As per the latest data available from the World Federation of Exchanges, during August 2019, exchanges across the world showed the following trend in trading of interest rate derivatives (Table A8):

Interest Rate Futures:

• Among exchanges in the Americas, CME Group recorded trading of 234.8 million contracts, and B3 - Brasil Bolsa Balcão (51.3 million contracts), with 68.4 per cent and 22.6 per cent increase in number of contracts traded over July 2019.

• Among exchanges in theAsia Pacific,AustralianSecurities Exchange recorded trading of 11.6 million contracts and Korea Exchange (4.1 million contracts), with 15.3 per cent and 25.5 per cent increase over July 2019.

• The National Stock Exchange and BSE India Ltd recorded trading of 1.5 million and 0.5 million contracts during August 2019, which decreased by 29.6 per cent and 26.2 per cent, respectively, over July 2019.

Interest Rate Options:

• Among exchanges in the Americas, CME Group recorded trading of 67.6 million contracts and B3 - Brasil Bolsa Balcão (0.4 million contracts); for CME Group the number of trades increased by 23.5 per cent and declined for B3 - Brasil Bolsa Balcão by 81.8 per cent in August 2019 over July 2019.

• Among exchanges in theAsia Pacific,AustralianSecurities Exchange recorded trading of 140 thousand contracts and Japan Exchange Group

(64 thousands contracts), trading in number of contracts increased in both the exchanges, in Australian Securities Exchange by 141.4 per cent and in Japan Exchange Group by 69.8 per cent.

Commodity Derivatives:

As per the latest data available from the World Federation of Exchanges, during August 2019, exchanges across the world showed the following trend in trading of commodity derivatives (Table A9):

Commodity Futures:

• Among exchanges in the Americas, CME Group recorded trading of 91.6 million contracts and ICE Futures US (6.0 million contracts). Trading of contracts in both the exchanges increased by 13.61 per cent and 20.67 per cent respectively over July 2019.

• Among exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 74.0 million contracts and London Metal exchange (14.1 million contracts). Number of contracts traded in Moscow Exchange increased by 30.3 per cent and it declined for London Metal Exchange by 7.6 per cent.

• AmongexchangesintheAsia–Pacific,ShanghaiFutures Exchange recorded trading of 158.0 million contracts and Dalian Commodity Exchange (128.3 million contracts), registering 16.6 per cent increase for the former and 0.47 per cent decline for the latter.

Commodity Options:

• Among exchanges in the Americas, CME Group recorded trading of 14.1 million contracts and ICE Futures US (0.9 million contracts), registering 10.4 per cent increase for the former and 22.1 per cent decline for the latter.

• Among exchanges in the Europe - Africa - Middle East, Moscow Exchange recorded trading of 1.1 million contracts and London Metal Exchange (0.5 million contracts), registering 97.9 per cent increase for the former and 11.7 per cent decline for the latter.

• Among exchanges in the Asia – Pacific, DalianCommodity Exchange recorded trading of 2.5 million contracts, followed by Zhengzhou Commodity Exchange (0.7 million contracts), registering a decline of 2.6 per cent and 45.4 per cent, respectively for the exchanges.

.


816

Table A5: Stock Futures and Stock Options Traded in Major Exchanges

Notional Turnover (in USD Million)

Exchange

Aug-19Single Stock Futures Single Stock Options

Number of Contracts

Traded

Notional Value

Open Interest

Number of Contracts

Traded

Notional Value

Open Interest

Americas 296,497 16 206,819 242,217,804 400,065 207,469,639

B3 - Brasil Bolsa Balcão NA NA NA 84,742,223 102,245 24,785,390

Bolsa de Valores de Colombia 9,105 12 23,486 NA NA NA

Bolsa Mexicana de Valores NA NA NA NA NA NA

Cboe Global Markets NA NA NA 71,855,996 NA 178,643,508

Asia-Pacific 80,003,535 206,654 9,559,950 36,372,070 188,239 17,159,437

ASXAustralianSecuritiesExchange 32,594 75 674,185 6,085,749 12,113 7,095,278

Hong Kong Exchanges and Clearing 52,216 213 16,834 10,139,778 31,214 9,216,413

Japan Exchange Group NA NA NA 69,012 NA 168,997

Korea Exchange 50,863,455 22,099 4,195,154 2,153,628 NA 351,379

National Stock Exchange of India Limited 22,257,696 168,911 1,860,832 17,909,337 144,854 322,688

Taiwan Futures Exchange 1,782,889 15,356 130,375 14,566 58 4,682

Thailand Futures Exchange 4,851,478 NA 2,632,612 NA NA NA

Europe - Africa - Middle East 43,441,028 158,121 15,345,701 24,903,244 112,150 94,537,528

Athens Stock Exchange 634,254 156 388,477 1,422 0 2,529

Borsa Istanbul 13,778,015 2,313 1,190,152 331,370 40 554,201

Budapest Stock Exchange 9,231 64 7,294 NA NA NA

Dubai Gold and Commodities Exchange 104,164 NA 523 NA NA NA

Johannesburg Stock Exchange NA NA NA NA NA NA

Moscow Exchange 16,478,021 5,302 2,072,552 196,535 54 571,840

Tehran Stock Exchange NA NA NA 235,368 1 NA

Tel-Aviv Stock Exchange NA NA NA 108,800 764 63,554

Grand Total 123,741,060 364,791 25,112,470 303,493,118 700,453 319,166,604NA: Not Available Source: World Federation of Exchanges


817

Table A6: Index Futures and Index Options Traded in Major Exchanges


Exchange

Aug-19 Stock Index Futures Stock Index Options

Number of Contracts

Traded

Notional Value

Open Interest

Number of Contracts

Traded

Notional Value

Open Interest

Americas 277,821,617 11,229,413 7,446,206 76,758,481 3,444,501 34,898,288B3 - Brasil Bolsa Balcão 176,459,207 945,476 881,004 5,655,178 40,244 465,666Bolsa de Valores de Colombia 1,177 5 415 NA NA NABolsa Mexicana de Valores NA NA NA NA NA NACboe Futures Exchange 7,936,967 NA 353,349 NA NA NACboe Global Markets NA NA NA 50,105,980 NA 29,445,572CME Group 88,494,231 10,082,654 4,258,569 20,703,844 3,404,161 4,911,087ICE Futures US 4,197,318 201,278 1,635,128 NA NA NAAsia-Pacific 96,483,945 3,853,078 7,157,472 513,849,564 7,632,451 14,546,893ASXAustralianSecuritiesExchange 1,204,700 129,817 433,187 921,448 39,446 916,422

Bursa Malaysia Derivatives 214,167 3,977 27,622 964 0 566China Financial Futures Exchange 4,718,581 662,013 323,546 NA NA NAHong Kong Exchanges and Clearing 11,504,878 1,144,500 651,469 4,261,117 418,411 3,261,336

Japan Exchange Group 32,583,679 1,201,376 1,971,463 3,157,003 NA 2,055,283Korea Exchange 8,844,547 317,117 810,095 58,837,908 3,016,421 3,650,836National Stock Exchange of India Limited 8,743,443 84,889 316,703 427,692,413 3,866,777 1,692,839

Singapore Exchange 16,734,488 NA 2,125,364 1,256,851 NA 2,207,077Taiwan Futures Exchange 7,419,753 309,389 162,036 17,469,283 291,396 677,009Thailand Futures Exchange 4,515,709 NA 335,987 252,577 NA 85,525Europe - Africa - Middle East 71,070,236 2,868,413 14,538,536 46,450,923 1,619,485 60,101,315Athens Stock Exchange 75,878 342 16,442 5,601 26 2,708Borsa Istanbul 5,411,147 11,385 439,247 22,681 49 34,480Budapest Stock Exchange 34,452 45 17,093 NA NA NAJohannesburg Stock Exchange NA NA NA NA NA NAMoscow Exchange 10,891,724 26,446 417,910 2,171,388 5,477 631,096Tehran Stock Exchange 347 1 NA NA NA NATel-Aviv Stock Exchange NA NA NA 2,640,847 118,029 166,716Grand Total 445,375,798 17,950,905 29,142,214 637,058,968 12,696,438 109,546,496

NA: Not Available Source: World Federation of Exchanges


818

Table A7: Currency Futures and Options Traded in Major Exchanges


Exchange

Aug-19

Currency Futures Currency Options

Number of Contracts

Traded

Notional Value

Open Interest

Number of

Contracts Traded

Notional Value

Open Interest

Americas 87,230,917 2,520,049 10,668,031 2,052,243 138,165 1,652,528

B3 - Brasil Bolsa Balcão 48,481,146 866,100 6,685,140 879,803 536 963,668

Bolsa de Valores de Colombia 47,582 2,128 3,466 358 0 1,152


CME Group 16,898,041 1,593,098 1,887,352 1,169,493 137,603 683,452

ICE Futures US 461,409 37,300 115,443 265 26 3,078

Asia-Pacific 115,360,217 216,433 4,533,980 127,969,739 127,283 2,659,435

BSE India Limited 36,524,837 36,437 NA 51,709,724 50,937 NA

Hong Kong Exchanges and Clearing 236,023 23,323 28,191 2,032 202 4,057

Korea Exchange 8,678,620 86,781 733,022 NA NA NA

National Stock Exchange of India Limited 67,172,392 67,725 3,611,422 76,252,863 76,009 2,650,991

Singapore Exchange 2,623,893 NA 126,020 NA NA NA

Taiwan Futures Exchange 83,568 2,167 6,191 5,120 135 4,387

Thailand Futures Exchange 40,884 NA 29,134 NA NA NA

Europe - Africa - Middle East 60,127,768 57,109 6,362,824 3,923,074 14,784 2,802,550

Borsa Istanbul 5,140,967 5,085 2,089,656 234,958 232 183,612

Budapest Stock Exchange 462,757 490 760,984 7,500 8 13,000

Dubai Gold and Commodities Exchange 3,050,189 NA 393,334 3,302 NA 550


Moscow Exchange 51,473,855 51,533 3,118,850 2,463,200 2,443 2,108,170

Tel-Aviv Stock Exchange NA NA NA 1,214,114 12,101 497,218

Grand Total 262,718,902 2,793,590 21,564,835 133,945,056 280,232 7,114,513NA: Not Available Source: World Federation of Exchanges


819

Table A8: Interest Rate Futures and Options Traded in Major Exchanges


Exchange

Aug-19

Interest Rate Futures Interest Rate Options

Number of Contracts

Traded

Notional Value

Open Interest

Number of Contracts

Traded

Notional Value

Open Interest

Americas 292,965,862 40,866,661 88,999,679 67,945,975 12,701,104 95,180,904

B3 - Brasil Bolsa Balcão 51,303,508 1,124,732 58,494,000 40,680 3 24,276,763

Bolsa de Valores de Colombia 18,842 1,510 12,914 NA NA NA


CME Group 234,808,812 39,740,419 30,191,816 67,604,346 12,701,101 70,603,192

ICE Futures US NA NA NA NA NA NA

Asia-Pacific 19,884,339 3,697,700 5,607,335 204,718 9,455 34,934

BSE India Limited 578,510 1,669 NA NA NA NA

ASXAustralianSecuritiesExchange

11,606,423 3,084,103 4,644,883 140,310 9,455 32,000

China Financial Futures Exchange 1,213,914 194,159 115,208 NA NA NA

Hong Kong Exchanges and Clearing

136 21 200 NA NA NA

Japan Exchange Group 784,910 NA 134,104 64,408 NA 2,934

Korea Exchange 4,134,799 413,200 512,285 NA NA NA

National Stock Exchange of India Limited

1,543,335 4,548 179,226 NA NA NA

Singapore Exchange 22,312 NA 21,429 NA NA NA

Taiwan Futures Exchange NA NA NA NA NA NA

Thailand Futures Exchange NA NA NA NA NA NA

Europe - Africa - Middle East 81,975,099 35,547,861 17,279,562 15,123,753 7,261,639 21,405,517


Moscow Exchange 26,920 13 74,754 NA NA NA

Grand Total 394,825,300 80,112,221 111,886,576 83,274,446 19,972,198 116,621,355NA: Not Available Source: World Federation of Exchanges


820

Table A9: Commodity Futures and Options Traded in Major Exchanges


Exchange

Aug-19 Commodity Futures Commodity Options

Number of Contracts

Traded

Notional Value

Open Interest

Number of Contracts

Traded

Notional Value

Open Interest

Americas 97,883,515 5,156,349 17,984,152 15,052,885 779,323 12,273,207B3 - Brasil Bolsa Balcão 119,451 806 66,455 53,334 7 98,104Bolsa de Valores de Colombia 45 0 269 NA NA NACME Group 91,638,102 5,031,327 15,829,364 14,065,112 759,110 11,006,455ICE Futures US 5,973,719 124,215 2,042,719 925,630 20,205 1,146,292Asia-Pacific 419,320,069 2,754,245 18,991,121 4,205,078 4,697 2,207,251ASXAustralianSecuritiesExchange 41,733 2,771 92,266 6,463 1,217 36,819Bursa Malaysia Derivatives 998,582 13,123 170,434 7,700 NA 9,050Dalian Commodity Exchange 128,256,752 919,050 6,523,643 2,458,540 125 534,839Hong Kong Exchanges and Clearing 85,343 3,395 3,016 NA NA NAIndonesia Commodity and Derivatives Exchange 5,869 NA 129 NA NA NAMulti Commodity Exchange of India 28,694,742 102,759 239,457 288,287 3,265 14,103NZXLimited 35,348 123 43,886 8,224 29 15,563Shanghai Futures Exchange 158,034,336 1,678,785 6,773,711 NA NA NASingapore Exchange 2,049,995 NA 853,620 689,267 NA 1,409,785Taiwan Futures Exchange 22,655 394 1,425 5,952 54 947Thailand Futures Exchange 925,704 NA 54,070 NA NA NAZhengzhou Commodity Exchange 100,151,577 33,637 4,234,558 740,645 8 186,145Europe - Africa - Middle East 136,986,911 3,430,887 16,045,758 4,951,097 58,426 6,048,707Borsa Istanbul 8,474,251 1,617 567,230 NA NA NADubai Gold and Commodities Exchange 65,396 NA 1,401 NA NA NAJohannesburg Stock Exchange NA NA NA NA NA NALondon Metal Exchange 14,071,454 1,308,369 2,229,254 476,997 52,595 350,247LSE Group 40 2 112 NA NA NAMoscow Exchange 74,000,538 45,430 1,302,644 1,146,082 670 279,980Grand Total 654,190,495 11,341,481 53,021,031 24,209,060 842,446 20,529,165

NA: Not Available Source: World Federation of Exchanges


821

Debt Market:

• Yields for the first half of September remainedhigh compared to the second half. The continuing geopolitical developments and growth concerns are affecting the bond market for some time.

• TheFederalReservereducedthepolicyrateby25basis points in September 2019. The European Central Bank has cut its deposit rates to a record low of -0.5% from -0.4 per cent. The ECB has also approved a fresh stimulus package and would be restarting the bond repurchase of 20 billion euros

a month from November 2019.

• ForUS,the10yearbondyieldhashit3yearslowin September 2019. On September 3, 2019 the yield was 1.46. The yield has dropped for all the developed economies compared to September 2018.

• In the developed nations bond yields gainedmarginally for some economies, the yield went up for US by 17bps, for Japan by 6bps and in the BRICS group, Indian bond yields gained by 14bps and China by 8bps.

Chart 3: Movement of 10 year Government Bond Yields in Developed Nations

Source: Bloomberg

Chart 4: Movement of 10 year Government Bond Yields in BRIC Nations

Source: Bloomberg


822

• Asof July 2019, Japan andChina accounted for17.1 per cent and 16.8 per cent of total foreign holding of US Treasury Securities. India accounted

for 2.4 per cent of total foreign holding of US Treasury Securities (Table A10).

Table A10: Major Foreign Holders of US Treasury Securities (US$ billion) 2019

Country/Month Jul Jun May Apr Mar Feb JanJapan 1130.8 1122.9 1101 1064 1078.1 1068.8 1064.9China, Mainland 1110.3 1112.5 1110.2 1113 1120.5 1130.9 1126.7United Kingdom 334.7 341.1 323.1 300.8 317.1 302.5 290.1Brazil 309.9 311.7 305.7 306.7 311.7 307.7 305.1Ireland 258.2 262.1 270.7 269.7 277.6 274 270.1Luxembourg 229.6 231 229.6 223.7 230.2 228.9 226.7Switzerland 228.5 232.9 231.4 226.9 226.4 221.4 227Cayman Islands 218.4 226.6 216.1 217.2 219.5 210.1 209.2Hong Kong 210.4 215.6 204 205.9 207.6 202.4 200.9Belgium 206.1 203.6 190.5 179.8 186.6 181.3 191.5Saudi Arabia 180.8 179.6 179 176.6 170 167.6 163.3Taiwan 178.7 175.1 172 171.1 168.8 164.9 168.3

India 159.9 162.7 156.9 155.3 152 144.3 144.9Singapore 137.9 139.6 150.4 139.3 138.8 130.5 127.8France 136.2 131.6 125.1 124.7 109.6 115.9 112.5Korea 117 115.2 117.3 115.1 119.9 115.5 117.3Canada 108.7 111.6 100.5 102.1 99.7 97.6 99.3Norway 96.9 99.3 99.3 97.1 99.5 97.1 90.9Thailand 89.5 83.8 81.4 82.2 84.4 90.9 83.7Germany 85.9 79.2 77.8 72.8 78.1 76.2 73.6Bermuda 68.6 73.9 69.1 66.4 68.1 66.9 66.4Mexico 51.2 49 49.9 47.6 44.7 40.5 41.2United Arab Emirates 49.3 51.5 53.2 55.7 55.6 54.5 55.9Netherlands 49.2 47.9 44.4 45 44.5 42.9 43Sweden 47.7 49.4 48.5 46.5 47.9 48.2 43.4Italy 45.6 45.4 42.5 43.7 44 42.1 41.1Kuwait 44 44.4 41.4 40.2 40.2 42.2 40.7Spain 42.9 42.6 42 41 40.9 37.7 36.6Australia 42.3 39.2 39.7 39.1 39.3 39.5 41.4Israel 40.1 39.5 36.1 36.2 34.8 35.4 30Iraq 34.9 34.7 34.4 35.4 36.2 34.7 34Philippines 33.9 32.2 30.7 27.3 25.1 21.2 21.1Colombia 30.7 31.1 29.6 29.7 31.5 27.2 26.8Chile 30.6 29.2 29.8 29 28.6 30 29.4All Other 491.1 488.5 505.7 506.6 495.8 483 480.1

Grand Total 6630.5 6636.3 6538.9 6433.5 6473.3 6374.8 6324.7

Of which:For.Official 4133.5 4135.9 4103.9 4062.5 4072.7 4024.9 3980.4 Treasury Bills 282.2 279.2 292.7 302.3 313.4 315.3 305.1 T-Bonds & Notes 3851.2 3856.8 3811.3 3760.2 3759.4 3709.6 3675.2

Note: 1. The data in this table are collected primarily from U.S.-based custodians and broker-dealers. Since U.S. securities held in overseas custody accounts may not

be attributed to the actual owners, the data may not provide a precise accounting of individual country ownership of Treasury securities.2. Estimated foreign holdings of U.S. Treasury marketable and non-marketable bills, bonds, and notes reported under the Treasury International Capital (TIC)

reporting system are based on monthly data on holdings of Treasury bonds and notes as reported on TIC Form SLT, Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents and on TIC Form BL2, Report of Customers’ U.S. Dollar Liabilities to Foreign Residents.

Source: Department of the Treasury/Federal Reserve Board / September 17, 2019


823

Currency Market:

• Currency markets across the globe were volatileowing to some international developments. During September 2019, the currencies marginally strengthened against the US dollar compared to August 2019.

• Thedollar index remained in the rangeof 98.25and 99.38 August 2019 and recorded the highest close price on September 30, 2019 at 99.38, since January 2019. This indicates that the dollar index has strengthened against its constituent foreign

currencies during the period. US Dollar Index contains six developed market currencies.

• The strengthening of the global currencieshas reflected in the performance of MSCI EMCurrency Index. The currency index gained 0.8 per cent as on September 30, 2019 over the closing as on August 30, 2019.

• TheINRdidnotfluctuatemuchduringthemonthunder review.

Chart 5: Movement of the Major Currencies against US$

Note: All currencies have been normalised keeping December 31, 2018 as base. Source: Bloomberg

Chart 6: Movement of the US Dollar Index and MSCI EM Currency Index

Note: 1. All currencies have been normalised keeping December 31, 2018 as base. 2. The U.S. Dollar Index is an index of the value of the United States dollar relative to a basket of foreign currencies. The Index

goes up when the U.S. dollar gains value compared to other currencies. The index is maintained and published by Intercontinental Exchange. It is a weighted geometric mean of the dollar’s value relative to following select currencies: Euro, Japanese yen, Pound sterling, Canadian dollar, Swedish krona, Swiss franc.

3. TheMSCIEmergingMarkets(EM)CurrencyIndextrackstheperformanceof twenty-fiveemerging-marketcurrenciesrelativetothe US Dollar.

Source: Bloomberg


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HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET

1. SEC Adopts New Rules and Amendments under Title VII of Dodd-Frank

The Securities and Exchange Commission (SEC) undertookasignificantsteptowardestablishingtheregulatory regime for security-based swap dealers by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These actions establish recordkeeping and reporting requirements for security-based swap dealers and major security-based swap participants and amend the recordkeeping and reporting requirements for broker-dealers. Under these rules, these companies will be required to create and retain fundamental business records to document and track their operations, facilitating the Commission’s ability to monitor compliance and reducing risk to the market.

These rules address seven key areas:

• Theyestablishrecordmakingrequirementsfor security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) and amend the existing record making requirements for broker-dealers to account for their security-based swap activities.

• They establish record preservationrequirements for SBSDs and MSBSPs and amend the existing record preservation requirements for broker-dealers to address records relating to their security-based swap activities.

• They establish periodic reporting andannual audit requirements for SBSDs and MSBSPs and amend the existing reporting requirements for broker-dealers to account for their security-based swap activities.

• They establish early warning notificationrequirements for SBSDs and MSBSPs.

• They establish security count requirements

for SBSDs that are not registered as broker-dealers and do not have a prudential regulator (stand-alone SBSDs).

• They amend the Commission’s existingcross-border rule to provide a means to request substituted compliance with respect to the recordkeeping and reporting requirements for SBSDs and MSBSPs.

• They amend a rule that permits certainSBSDs that are registered as swap dealers and predominantly engage in a swaps business to comply with CFTC requirements in lieu of Commission requirements. The amendment adds the recordkeeping and reporting requirements being adopted today to this alternative compliance mechanism.

Source : https : //www.sec .gov/news/press-release/2019-182

2. SEC Proposes Rules to Update Statistical Disclosures for Banking Registrants

The Securities and Exchange Commission (SEC) proposed rules to update the statistical disclosures that bank and savings and loan registrants provide to investors, and eliminate disclosures that overlap with Commission rules, U.S. GAAP or IFRS. The proposed rules would replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure in a new subpart of Regulation S-K.

The proposal will have a 60-day public comment period following its publication in the Federal Register.

The proposed rules would apply to bank holding companies, banks, savings and loan holding companies, and savings and loan associations (“banking and savings and loan registrants”).

The Commission’s proposed rules would require disclosure about the following:

• Distribution of assets, liabilities andstockholders’ equity, the related interest


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income and expense, and interest rates and interest differential;

• Weighted average yield of investments indebt securities by maturity;

• Maturity analysis of the loan portfolioincluding the amounts that have predeterminedinterestratesandfloatingoradjustable interest rates;

• An allocation of the allowance for creditlosses and certain credit ratios; and

• Informationaboutbankdeposits includingamounts that are uninsured.

Source : https : / /www.sec .gov/news/press-release/2019-179

3. SEC Proposes Amendments to Enhance Retail Investor Protections

The Securities and Exchange Commission (SEC) voted to propose amendments to Exchange Act Rule 15c2-11, which sets out certain requirements with which a broker-dealer must comply before it can publish quotations for securities in the over-the-counter (“OTC”) market. The proposed amendments are designed to modernize the Rule, which was last substantively amended in 1991, and to enhance investor protection by requiring that current and publicly available issuer information is accessible to investors. The proposed amendments would provide greater transparency to the investing public by requiring that information about the issuer and the security be current and publicly available before a broker-dealer can begin quoting that security.

Securities that trade on the OTC market are primarily owned by retail investors. Because broker-dealers play an integral role in facilitating investor access to OTC securities and serve an important gatekeeper function under Rule 15c2-11, the Rule requires that a broker-dealer review basic information about an issuer before quoting securities to investors in the OTC market. Certain of the Rule’s exceptions, however, permit broker-dealers to continue to publish quotations when there is no current information about the issuer available to the public or the broker-dealer. The

Commission is concerned that, in today’s OTC market, market participants can take advantage of these exceptions to the detriment of retail investors.

Therefore, the Commission is proposing to limit eligibility for some of the exceptions where an issuer’s information becomes unavailable to the public or is no longer current. The proposed amendments would also add new exceptions for broker-dealers quoting certain OTC securities that may be less susceptible to fraud or manipulation.

The proposed amendments contribute to the Commission’s ongoing efforts to better address risks to investors, particularly retail investors. The Commission believes that investors who have access to current and publicly available issuer information are better equipped to make informed decisions about how to allocate their capital.

Source : https://www.sec.gov/news/press-re-lease/2019-189

4. SEC Adopts New Rule to Modernize Regulation of Exchange-Traded Funds

The Securities and Exchange Commission (SEC) voted to adopt a new rule and form amendments that are designed to modernize the regulation of exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of ETFs operating today. The adoption will facilitate greater competition and innovation in the ETF marketplace, leading to more choice for investors. It also will allow ETFs to come to market more quickly without the time or expense of applying for individual exemptive relief. In addition, the Commission voted to issue an exemptive order that further harmonizes related relief for broker-dealers.

ETFs are hybrid investment products not originally allowed under the U.S. securities laws. Their shares trade on an exchange like a stock or closed-end fund, but they also allow identified largeinstitutions to transact directly with the fund. Since 1992, the Commission has issued more than 300 exemptive orders allowing ETFs to operate under the Investment Company Act. ETFs have grown substantially in that period, and today there are


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accounts or portfolios, as well as the regulator’s role in supervision and enforcement. The Report includes several findings and observations fromthe Thematic Review, including for instance, that most jurisdictions have standards for how to treat customers fairly and for addressing conflicts of interest. In addition, the majority of jurisdictions require intermediaries to distinguish between complex and non-complex products despite the fact that what constitutes a complex financialproduct differs among jurisdictions. Notably, none of the participating jurisdictions reported havingasuitabilityregimespecificallyforcomplexproducts. The Report found that with respect to customer classification, most jurisdictionsallow intermediaries to classify certain types of customers as “non-retail” (or its equivalent), based onthenatureof theentityorspecifiedmonetarythresholds alone. However, these practices do not consider the complexity and riskiness of different products, as required by the Principles. The review also found that FinTech developments related to digital advisors and online platforms have created new suitability-related challenges. In light of the findings and observations, the Report indicatesthat jurisdictions must have effective supervisory and enforcement mechanisms to support suitability regimes for complex products and to ensure that intermediaries take corrective action where their behavior falls short of supervisory or regulatory expectations. The Report also urges jurisdictions to consider enhancing disclosure requirements to help customers make informed investment decisions and understand the advice they receive from intermediaries. IOSCO will continue conducting other Thematic Reviews on topics that are relevant for achieving the organization’s objectives, including investor protection

Source : https://www.iosco.org/news/pdf/IOSCONEWS544.pdf

6. Financial Services Commission (FSC) proposes measures to boost Venture Capital Investment

FSC unveiled measures to boost venture capital investment in innovative business at a meeting with executives from securities, asset management and

approximately 2,000 ETFs with over $3.3 trillion in total net assets. Investors use ETFs for a variety of purposes, including core components of long-term investment portfolios, investment of temporary cash holdings, and for hedging portfolios.

ETFs relying on the rule and related exemptive order will have to comply with certain conditions designed to protect investors, including conditions regarding transparency and disclosure. To help create a consistent ETF regulatory framework, one year after the effective date of the rule, the Commission is rescinding exemptive relief previously granted to certain ETFs, including those that will be permitted to operate in reliance on the rule. The rule and form amendments will be effective 60 days after publication in the Federal Register, but there will be a one-year transition period for compliance with the form amendments.

Source : https://www.sec.gov/news/press-re-lease/2019-190

5. IOSCO reviews member efforts to deter mis-sellingof complexfinancialproducts

IOSCO published a Thematic Review report (Report) indicating that most of the participating jurisdictions have implemented the necessary rules aimed at preventing the misselling of complex financial products, consistent with IOSCOstandards. The Thematic Review was conducted by the IOSCO Assessment Committee (AC), with the participation of 29 IOSCO members from both developed and emerging market jurisdictions. A Thematic Review offers a snapshot of implementation of IOSCO Principles, which enables the AC to identify gaps in implementation and examples of good practice. The AC reviewed implementation of the nine Principles set out in the 2013 IOSCO report Suitability Requirements with respect to the Distribution of Complex Financial Products. The nine Principles are aimed at promoting robust customer protection by preventing the misselling of complex financialproducts. The Principles focus on the application of suitability and related disclosure requirements to intermediary services, including selling, advising, recommending and managing discretionary


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venture capital companies. The measures include the introduction of a Business Development Company (BDC) and diversification of fundraising channels with exclusive private offerings for professional investors and small-scale public offerings.

Proposed Measures

INTRODUCTION OF BUSINESS DEVELOPMENT COMPANY (BDC):

Business Development Company (BDC) is a collective investment vehicle which raises funds frominvestorstobelistedontheKRXandtheninvest in unlisted companies.

The BCD is required to invest more than 60 per centof its total assets inunlisted,KONEX-listed, KOSDAQ-listed companies (whose market capitalization of less than KRW200 billion) or SME & venture investment funds.

Securities, asset management and venture capital companies that meet certain requirements1will be granted a license to operate a BDC.

The minimum capital of KRW20 billion is required to establish a BDC. The operator of a BDC is required to hold 5 per cent or more of its total equity investment.

The BDC is allowed to leverage up to 100 per cent of its net assets, increase capital and provide management advisory services.

DIVERSIFICATION OF FUNDRAISING CHANNELS:

Private offering channels will be expanded with a new track exclusive for professional investors, which allows to attract subscribers through public recommendation and general advertisement.

The maximum amount of fundraising via a small public offering, currently KRW1 billion, will be increased to KRW3 billion in Tier 1 and KRW10 billion in Tier 2.For Tier 2, additional investor protection measures will be required (e.g. investment cap for general investors, reporting and public disclosure requirements, etc. )

Source : http://meng.fsc .go.kr/common/pd-

fjs/web/viewer.html?file=/upload/press1/20190927154810_82e66f99.pdf

7. CFTC Charges Former Floor Broker with Misappropriating Client Funds, Registration Violations, and Making False Statements

The U.S. Commodity Futures Trading Commission issuedanorderfilingandsettlingchargesagainstCoby Tresner of Andover, Kansas, for failing to register with the CFTC as an associated person and as a commodity trading advisor as required, misappropriating client funds, and making false or misleading statements to the CFTC during its investigation into his misconduct.

The order requires Tresner to pay a $250,000 civil monetary penalty to the CFTC as well as restitution to clients whose funds he misappropriated. The order also permanently bans Tresner from trading on or subject to the rules of any CFTC-registered exchange or other CFTC-registered entity. In addition, the order permanently prohibits Tresner from entering into any transactions involving commodity interests, on behalf of himself or others, and from applying for registration with the CFTC, among other prohibitions.

The order covers Tresner’s conduct during various periods of time between December 2014 and July 2018. The order finds that Tresner solicited andreceived funds from clients to trade cattle futures on their behalf, but instead of using the funds for trading, Tresner misappropriated the funds and used them to pay personal debts and living expenses.

The order also finds that Tresner solicited andaccepted orders for futures contracts from customers of a registered introducing broker when he was not registered as required with the CFTC asanassociatedpersonof thatfirmorasafloorbroker. The order further states that Tresner acted, and held himself out to the public, as a commodity trading advisor when he was not registered as such with the Commission.

Finally,theorderfindsthatTresner,inresponsetoasubpoena and in an interview, knowingly provided misleading information to CFTC staff by failing to


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identify all persons or entities from whom he had obtained funds to trade cattle futures.

Source : https://www.cftc.gov/PressRoom/Press-Releases/8027-19

8. CFTC Orders Chicago Trading Firm and Its Co-Founder to Pay $2.5 Million in Penalties for SpoofingandManipulativeTradingScheme

The U.S. Commodity Futures Trading Commission announced today the filing and settling of enforcement actions against Hard Eight Futures, LLC and Igor Chernomzav for spoofing –bidding or offering with the intent to cancel the bid or offer before execution – and for engaging in a manipulative and deceptive trading scheme. Hard Eight is a proprietary trading firm locatedin Chicago, Illinois. Chernomzav is a founder, partner of, and trader for, Hard Eight, and resides in Monsey, New York.

“This case is about maintaining fair markets,” said CFTC Director of Enforcement James McDonald. “Market integrity in today’s electronically traded markets starts with making sure bids and offers represent real buying and selling interest, not fake order flow intended to manipulate other marketparticipants.”

The orders require Hard Eight and Chernomzav to

pay civil monetary penalties of $1.75 million and $750,000, respectively, for total penalties of $2.5 million. In addition, Chernomzav is barred from trading in any market regulated by the CFTC for a period of nine months.

The orders state that from March 2014 through March 2015, Chernomzav placed bids and offers for E-mini futures contracts on Globex, the CME’s electronic trading platform, with the intent to cancel those orders before execution. At the time Chernomzav placed and cancelled the orders, they constituted a substantial percentage of the best bid or offer.

TheCFTCordersfindthatChernomzavplacedtheorders to create a false impressionof significantbuying or selling interest. Chernomzav used this false impression of buying or selling interest, or the sudden and dramatic removal thereof, to induce other market participants to transact with orders that he wanted to be executed at prices or in quantities favorable to him.

Chernomzav engaged in this conduct on more than a thousand occasions between March 2014 and March 2015.

Source : https://www.cftc.gov/PressRoom/Press-Releases/8024-19


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POLICY DEVELOPMENTS1. Schemes of Arrangement by Listed Entities

and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957

SEBI asked listed companies to settle their outstanding dues of SEBI, stock exchanges and depositoriesbeforefiling‘schemesof arrangement’such as mergers and demergers with the exchanges.

Source : SEBI/HO/CFD/DIL1/CIR/P/ 2019/ 192 dated September 12, 2019

2. Additional commodities as Eligible Liquid Assets for Commodity Derivatives Segment

SEBI said that “Considering the introduction of compulsory delivery-based diamond and base metal derivatives contracts and feedback received from the stakeholders, it has been decided to include diamond, base metals and alloys in the list of permissible liquid assets”.

This is subject to minimum applicable haircut and concentration limits, which clearing corporations may accept. The minimum applicable haircut is 40 per cent for diamond and 30 per cent for base metals and alloys. Besides, it also mentioned that the minimum haircut stipulated for steel stands revised to 30 per cent from the current applicable level of 60 per cent since steel is an alloy.

Source : SEBI/HO/CDMRD/DRMP/CIR/P/ 2019/100 dated September 13, 2019

3. Risk management framework for liquid and overnight funds and norms governing investment in short term deposits

The SEBI circular said, “Liquid assets shall include cash, government securities, T-bills and repo on government securities. In case, the exposure in such liquid assets falls below 20per cent of net assets of the scheme, the asset management company (AMC) shall ensure compliance with the above requirement before making any further

investments”. This provision will come into effect from April 1, 2020.

Source : S E B I / H O / I M D / D F 2 / C I R / P / 2019/101 dated September 20, 2019

4. Valuation of money market and debt securities

SEBI has made changes to the valuation matrix of money market and debt securities. In this circular, to bring in consistency in valuation, SEBI said a money market or debt security shall be considered as traded when, on the date of valuation, there are trades (in marketable lots) in that security on any recognised stock exchange or there are trades reported (in marketable lots) on the trade reporting platform of recognised stock exchanges or the clearing corporation. In this regard, the marketable lots shall be defined by AMFI, themutual fundbody, in consultation with SEBI.

Source : SEBI/HO/IMD/DF2/CIR/P/2019/ 102 dated September 24, 2019

5. Position Limits in Interest Rate Derivatives (IRD)

SEBI revised the position limits for interest rate derivatives falling in the 8-11 years maturity bucket. The decision to review the position limit has been taken after consulting stock exchanges, SEBI said in this circular.

SEBI said position limits for the 8-11 year maturity bucket would be 10 per cent of open interest or Rs 1,200 crore, whichever is higher, for trading members, banks, primary dealers, insurance companies, pension funds and housing financecompanies.

Source : SEBI/HO/MRD/CIR/P/2019/103 dated September 26, 2019

Disclaimer: The summary has been prepared for the conve-nience of readers. In case of any ambiguity, please refer to the original circular.


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REGULATORY ACTION TAKEN BY SEBI• SEBI passed an order, dated 11 September 2019,

in the matter of Religare Enterprises Limited (REL) directing REL and Religare Finvest Limited to continue with the steps to recall the loans, amounting to Rs. 2065.09 Crores (approx.) extended, either directly or indirectly to other notices along with due interest. Platinum Infrastructure Pvt. Ltd. and others were directed not to dispose of or alienate any of their assets or divert any funds, except for meeting expenses of day-to-day business operations, without the prior permission of SEBI.

• SEBI passed an order, dated 13 September 2019, in the matter of Datsons Labs Ltd. (formerly known as Aanjaneya Lifecare Ltd.) restraining Kashi Vishwanathan and others from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities market, directly or indirectly in any manner, for various time periods. They were further restrained from associating themselves with any public listed company and/or any public company which intends to raise money from the public, and were further restrained from holding or occupying position as Director or any Key Managerial personnel in any other listed company or any registered intermediaries.

• SEBI passed an order, dated 17 September 2019, in the matter of CG Power and Industrial Solutions Limited restraining Gautam Thapar, V. R. Venkatesh, Madhav Acharya and B. Hariharan from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, till further orders. There were further restrained from being associated with any intermediary registered with SEBI or any listed entity or its material unlisted subsidiary. Avantha Holdings Limited, Acton Global Private Limited and Solaris Industrial Chemicals Limited were directed to retain funds/other assets to the extent of receivables shown as outstanding to CG Power and Industrial Solutions Limited.

• SEBI passed an order, dated 18 September 2019, in respect of Nirmal Kotecha in the matter of

Usher Agro Limited restraining Nirmal Kotecha from accessing the securities market and further prohibiting from buying, selling or otherwise dealing in securities, directly or indirectly, or shall not associate with the securities market in any manner, whatsoever, for a period of two years for the violation of Regulations 3 (a), (b), (c), (d) and 4 (1), 4 (2) (a) of PFUTP Regulations, Regulation 7(1) of the SAST Regulations and Regulation 13(1) of the PIT Regulations.

• SEBI passed an order, dated 30 September 2019, in the matter of delisting of equity shares of U.P. hotels ltd granting U.P. Hotels Ltd., providing relaxation from the applicability of regulation 8(1B)(i) (limited to the extent of compliance with minimum public shareholding norms) for the specificpurposeof seekingvoluntarydelistingof itsequitysharessubjecttospecifiedconditions.

• SEBI passed an order, dated 30 September 2019, in the matter of M/s. Chromatic India Limited restraining the Company from accessing the Securities Market including by issuing prospectus, offer document or advertisement soliciting money from the public and is further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly in any manner, for a period of fiveyears(05)fromthedateof thisorder.Further,Mr. Vinod Kumar Kaushik, Mr. Vipin Sharma, Mr. Ajay Sethi are restrained from accessing the Securities Market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly in any manner, for three and one year each respectively from the date of this order.

• SEBI passed an order, dated 30 September 2019, in the matter of Vas Infrastructure Limited directing Vasparr Shelter Limited and others to make a public announcement to acquire shares of the target company, within a period of 45 days from the date of the order and shall along with the offer price, pay interest at the rate of 10per cent per annum, for the period starting from the date when they incurred the liability to make the public announcement and till the date of payment of consideration, to the shareholders who were


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holding shares in the target company on the date of violation and whose shares are accepted in the open offer, after adjustment of dividend paid, if any.

• SEBI passed an order, dated 30 September 2019, in the matter of Deep Industries Ltd issuing directions for Mr. Rupeshbhai Kantilal Savla to disgorge the amount of wrongful gain amounting to `1,74,57,816, as computed in the interim order qua the Noticee and lying deposited in the escrow account and shall be restrained from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of six months for the alleged violations of Regulation 4(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and Sections 12A(d) and (e) of the SEBI Act, 1992.

• SEBI passed an order, dated 30 September 2019, in the matter of Sumeet Industries Limited in respect of Somani Overseas Limited and others directing them to disgorge the amounts of wrongful gains against each of them, along with interest @12per cent per annum from March 12, 2007 till the date of payment, to be calculated by excluding the period from order of Hon’ble SAT, i.e., June 30, 2016 till the date of present order. The Banks and Depositories with whom they hold accounts and demat accounts, are directed that no debit shall be made, without permission of SEBI, in respect of their respective bank/demat accounts except for the purposes of compliance of this order; and they are also directed not to dispose of or alienate any of their assets/ properties/ securities, till such time the direction of this order is complied with. Further, they are directed to provide, within 15 days of this order, a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/ securities, if held in physical form and details of companies in which they hold substantial or controlling interest.

• SEBIpassedanorder,dated09September2019,in the matter of Trading in Illiquid Stock Options imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Nihalchand G. Kasliwal for

the violation of Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations.

• SEBI passed an order, dated 09 September 2019, in the matter of Cerebra Integrated Technologies Limited imposing a total penalty of Rs 6,00,000 (Rupees Six Lakh Only) on SRU Securities Limited for the violation of regulation 3 (a), (b), (c), (d) and regulations 4(1), 4(2) (a) and (e) of PFUTP Regulations, and clause A (1), (2) and D (4) of the Code of Conduct for Sub-Brokers provided in Schedule II read with regulation 15 of broker Regulations.

• SEBI passed an order, dated 12 September 2019, in the matter of Bank of Rajasthan imposing a total penalty of Rs 12,00,000 (Rupees Twelve Lakh Only) on ICICI Bank Ltd and Sandeep Batra for the violation of Regulation 12 (2) of PIT Regulations, 1992 read with Regulation 12 of PIT Regulations, 2015, Clause 36 of the equity listing agreement read with Section 21 of the SCRA.

• SEBI passed an order, dated 12 September 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Sai Ram Services for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 12 September 2019, in the matter of dealings in illiquid stock options at Bombay Stock Exchange Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on GCM Capital Advisors Ltd for the violation of Regulations 3 (a), (b), (c), (d) and 4 (1), 4 (2) (a) of PFUTP Regulations.

• SEBI passed an order, dated 13 September 2019, in the matter of its dealings in illiquid stock options at the BSE Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Dowell Fiscal Services Private Limited for the violation of Regulations 3 (a), (b), (c), (d) and 4 (1), 4 (2) (a) of PFUTP Regulations.

• SEBI passed an order, dated 13 September 2019, in the matter of its dealings in illiquid stock options at the BSE Limited imposing a total penalty of Rs 7,00,000 (Rupees Seven Lakh Only) on Sarwottam Ispat Limited for the violation of Regulations 3(a),


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(b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 16 September 2019, in the matter of dealing in illiquid stock option at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Ajeit P S Rajbans HUF for the violation of Regulation 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 16 September 2019, in the matter of dealing in illiquid stock option at BSE imposing a total penalty of Rs 14,20,000 (Rupees Fourteen Lakh Twenty Thousand Only) on Akashganga Agencies Pvt Ltd for the violation of Regulation 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 17 September 2019, in the matter of Onward Technologies Limited imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Desai Finwealth Investments Securities Private Limited for the violation of Regulation 13(4A) read with Regulation 13(5) of PIT Regulations.

• SEBI passed an order, dated 18 September 2019, in the matter of trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on A S Advertisers for the violation of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 18 September 2019, in the matter of Infrastructure Leasing & Financial Services Limited imposing a total penalty of Rs 10,00,000 (Rupees Ten Lakh Only) on Infrastructure Leasing & Financial Services Limited for the violation of Clause A (14) (b), Clause A (16) of Part B of Schedule III read with regulation 51 of the LODR Regulations, section 21 of the SCRA and section 11A (2) of the SEBI Act.

• SEBI passed an order, dated 18 September 2019, in the matter of R. T. Exports Limited imposing a total penalty of Rs 35,00,000 (Rupees Thirty Five Lakh Only) on Bhavik Bhimjyani and others for the violation of regulation 23(4) and regulation 23(7) of LODR Regulations.

• SEBI passed an order, dated 19 September 2019, in the matter of dealings in illiquid stock options at Bombay Stock Exchange Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Geo Fresh Organic for the violation of Regulations 3 (a), (b), (c), (d) and 4 (1), 4 (2) (a) of PFUTP Regulations.

• SEBI passed an order, dated 20 September 2019, in the matter of Illiquid Stock Options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Atul Singal for the violation of Regulation 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 23 September 2019, in the matter of non redressal of investor grievances and non updation of ATR on SCORES imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Nihon Nirman Limited for failure to redressthegrievanceandforfilingtheATRwithSEBI.

• SEBI passed an order, dated 23 September 2019, in the matter of non redressal of investor grievances and non updation of ATR on SCORES imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Neelkanth Motels and Hotels Limited for non redressal of investor grievances and non updation of ATR on SCORES.

• SEBI passed an order, dated 23 September 2019, in the matter of Aurobindo Pharma Ltd. imposing a total penalty of Rs 22,70,00,000 (Rupees Twenty Two Crore Seventy Lakh Only) on PV Ramprasad Reddy and others for the violation of Regulations 3 and 4 of PIT Regulations, Clause 36 of the Equity Listing Agreement read with Section 21 of the SCRA and Regulation 12 (1) read with Clause 3.2.1 of Schedule I of the PIT Regulations, 1992, regulation 12 (2) of the PIT Regulations, 2015 and Regulation 12 (2) read with Clause 2.1 of Schedule II of the PIT Regulations, 1992 and Regulation 12 (2) of the PIT Regulations 2015.

• SEBI passed an order, dated 23 September 2019, in the matter of Ujaas Energy Ltd. imposing a total penalty of Rs 6,00,000 (Rupees Six Lakh Only) on Ujaas Energy Ltd. and others for failure to comply with the relevant provisions of ICDR Regulations.


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• SEBI passed an order, dated 23 September 2019, in respect of Kanchan Udyog Limited imposing a total penalty of Rs 1,00,000 (Rupees One Lakh Only) on Kanchan Udyog Limited for failure to comply with the SEBI circular dated April 17, 2013.

• SEBI passed an order, dated 24 September 2019, in the matter of Trading in Illiquid Stock Options imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Ocean International for the violation of Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations.

• SEBI passed an order, dated 24 September 2019, in respect of Synergy Infrastructure Ltd imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Synergy Infrastructure Ltd for its failure to comply with the disclosure requirement under Regulation 8(3) of the SAST Regulations.

• SEBI passed an order, dated 24 September 2019, in the matter of Trading in Illiquid Stock Options imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Meenakshi Bright Steel Pvt. Ltd for the violation of Regulation 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations.

• SEBI passed an order, dated 24 September 2019, in the matter of Trading in Illiquid Stock Options on BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Ranmak Works Pvt. Ltd. for the violation of regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of PFUTP Regulations.

• SEBI passed an order, dated 25 September 2019, against Kshitish Trading Co Ltd. imposing a total penalty of Rs 1,00,000 (Rupees One Lakh Only) on Kshitish Trading Co Ltd for the violation of failed to comply with the SEBI Circulars for obtaining SCORES authentication.

• SEBI passed an order, dated 25 September 2019, in the matter of dealings in illiquid stocks options at BSE imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Universal Enterprises Ltd for the violation of Regulations 3 (a), (b), (c), (d) and 4 (1), 4 (2) (a) of PFUTP Regulations.

• SEBI passed an order, dated 25 September 2019, in the matter of SMC Global Securities Ltd.

imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on SMC Global Securities Ltd. for the violation of Regulation 9(f) read with Clause A (2) of the Code of Conduct as specified inSchedule II of the SBSB Regulations.

• SEBI passed an order, dated 25 September 2019, against Kumi Agro Industries Ltd. imposing a total penalty of Rs 1,00,000 (Rupees One Lakh Only) for its failure to comply with the SEBI Circulars for obtaining SCORES authentication.

• SEBI passed an order, dated 26 September 2019, Order against Konark Properties Ltd. imposing a total penalty of Rs 1,00,000 (Rupees One Lakh Only) on Konark Properties Ltd. for its failure to obtain SCORES Authentication.

• SEBI passed an order, dated 26 September 2019, in the matter of Hero Motocorp Ltd. imposing a total penalty of Rs 9,00,000 (Rupees Nine Lakh Only) on Ilam C Kamboj and Alka Kamboj for the violation of provisions of Para 3.2.2, 3.3, 4.2 and 5 of Code of Conduct given in Part A of Schedule 1 read with Regulation 12 (1) of PIT Regulations, provisions of Regulation 7(2)(a) read with regulation 6(2) of PIT Regulations 2015 and provisions of Clause 10 of Code of Conduct given in Schedule B under Regulation 9 of PIT Regulations 2015.

• SEBI passed an order, dated 26 September 2019, in respect of Toheal Pharmachem Limited imposing a total penalty of Rs 3,00,000 (Rupees Three Lakh Only) on Toheal Pharmachem Limited for the violation of provisions of SEBI Circulars No. CIR/OIAE/2/2011 dated June 03, 2011, CIR/OIAE/1/2012 dated August 13, 2012 and CIR/OIAE/1/2013 dated April 17, 2013 relating to timely redressal of investor grievances.

• SEBI passed an order, dated 26 September 2019, in respect of Odyssey Corporation Limited imposing a total penalty of Rs 1,00,000 (Rupees One Lakh Only) on Odyssey Corporation Limited for the violation of Regulation 13(3) of PIT Regulations and Regulation 29(2) read with Regulation 29(3) of SAST Regulations.

• SEBI passed an order, dated 26 September 2019, in the matter of Onward Technologies


834

Limited imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Onward Network Technologies Private Limited for its failure to make required disclosures in terms of Regulation 13(4A) and Regulation 13(5) of PIT Regulations.

• SEBI passed an order, dated 26 September 2019, in the matter of dealings in illiquid stock options at Bombay Stock Exchange Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Gian Finance Limited for the violation of Regulations 3 (a), (b), (c), (d) and 4 (1), 4 (2) (a) of PFUTP Regulations.

• SEBI passed an order, dated 27 September 2019, in respect of Kedia Industries Limited imposing a total penalty of Rs 1,00,000 (Rupees One Lakh Only) on Kedia Industries Limited for the violation of Circular No. CIR/OIAE/1/2013 dated April 17, 2013.

• SEBI passed an order, dated 27 September 2019, in the matter of Ybrant Digital Limited imposing a total penalty of Rs 8,00,000 (Rupees Eight Lakh Only) on Mundi Enterprise Limited for the violation of regulations 13(4A) r/w 13(5) of PIT Regulations.

• SEBI passed an order, dated 27 September 2019, in the matter of Ybrant Digital Limited imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Probus Capital Limited for the violation of regulations 13(4A) r/w 13(5) of PIT Regulations.

• SEBI passed an order, dated 27 September 2019, in the matter of Ybrant Digital Limited imposing a total penalty of Rs 3,00,000 (Rupees Three Lakh Only) on Karusala Venkata Subbarao for the violation of regulations 13(4A) r/w 13(5) of PIT Regulations.

• SEBI passed an order, dated 27 September 2019, in respect of Prrsaar Commodities Private Limited imposing a total penalty of Rs 5,00,000 (Rupees Five Lakh Only) on Prrsaar Commodities Private Limited for the violation of Section 23D of SCRA read with the provisions of SEBI Circular no. SMD/SED/CIR/93/23321 dated November 18, 1993.

• SEBI passed an order, dated 27 September 2019, in the matter of Modern Cement Industries Limited imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Modern Cement Industries Limited for the violation of Circulars dated June 03, 2011, August 13, 2012 and April 17, 2013.

• SEBI passed an order, dated 27 September 2019, in the matter of Som Distilleries and Breweries Limited imposing a total penalty of Rs 12,00,000 (Rupees Twelve Lakh Only) on Jagdish Kumar Arora and Som Distilleries Private Limited for the violation of Regulation 13(4A) read with 13(5) of the PIT Regulations.

• SEBI passed an order, dated 27 September 2019, in the matter of Som Distilleries and Breweries Limited imposing a total penalty of Rs 2,00,000 (Rupees Two Lakh Only) on Aalok Deep Finance Pvt. Ltd. for the violation of Regulation 13(2A) of the PIT Regulations.

• SEBI passed an order, dated 30 September 2019, in the matter of Regaliaa Realty Limited imposing a total penalty of Rs 4, 00,000 (Rupees Four Lakh Only) on D Sudhakara Reddy and D Deeptha Reddy for violation of Regulations 13(3), (4) (4A) read with 13(5) of the PIT Regulations and violation of Regulation 31(2) read with 31(3) of the SAST Regulations.

• SEBI passed an order, dated 30 September 2019, in the matter of Trading Activities of Certain Entities in the Scrip of Pawansut Holdings Limited imposing a total penalty of Rs 15,00,000 (Rupees Fifteen Lakh Only) on Mr. Laxman Singh Satyapal under section 15A(b) of the SEBI Act, 1992 for the violation of the provisions of Regulation 13(4) and 13(4A) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 and Regulation 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011.

• SEBI passed an order, dated 30 September 2019, imposed a total penalty of Rs 1,00,000 (Rupees One Lakh only) on M/s Global Cements Limited (previously known as M/s HMP Cements Limited) for the violation of the Circular No. CIR/OIAE/1/2013 dated April 17, 2013 by failing to obtain SCORES Authentication within 30 days


835

from the date of issuance of the said Circular.

• SEBI passed an order, dated 30 September 2019, in the matter of Channel Guide (India) Ltd. (Now known as Iris Mediaworks Ltd.) imposing a total penalty of Rs 41,00,000 (Rupees Forty One Lakh Only) on Manish Rathi and others for violation of various provisions of SEBI PFUTP Regulations, 2003 and provisions of SEBI Act.

• SEBI passed an order, dated 30 September 2019, in the matter of Golden Legand Leasing & Finance Limited imposing a total penalty of Rs 7,00,000 (Rupees Seven Lakh Only) on Ever Bright Trading Private Limited and others for violation of Regulation 3 (a), (b), (c), (d) and 4(1), 4(2)(a) & (e) of the PFUTP Regulations.

• SEBI passed an order, dated 30 September 2019, in the matter of Onward Technologies Limited imposing a total penalty of Rs.2,00,000 (Rupees Two Lakh only) on Harish Shantilal Mehta for the violation of Regulations 13(4), 13(4A) read with Regulation 13(5) of PIT Regulations.

• SEBI passed an order, dated 30 September 2019, in the matter of Trading Activities of Certain Entities in the Scrip of Pawansut Holdings Limited imposing a total penalty of Rs Rs.16, 00,000

(Rupees Sixteen Lakh Only) on Meera Mishra for the violation of the provisions of Regulation 13(4A) read with Regulation 13(5) of SEBI (PIT) Regulations, and Regulation 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations.

• SEBI passed an order, dated 30 September 2019, in the matter of Kailash Auto Finance Limited imposing a total penalty of Rs 28,00,000 (Rupees Twenty Eight Lakh Only) on Bholebaba Suppliers Private Limited and others for the violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) & (e) of “PFUTP Regulations” read with section 12A(a), (b) & (c) of the SEBI Act.

• SEBI passed an order, dated 30 September 2019, in the matter of 8K Miles Software Services Ltd imposing a total penalty of Rs. 18,00,000 (Rupees Eighteen Lakh Only) on Vijay Babulal Shah and others for the violation of Regulation 3(a), (b), (c),(d) and 4(1),4(2)(a) & (e) of the PFUTP Regulations.

Note: The information provided above is indicative only. For details, please log on to

http://www.sebi.gov.in/sebiweb/home/list/2/9/0/1/Orders

Disclaimer: The summary has been prepared for the convenience of readers. In case of any ambiguity, please refer to the original order.


836

TablesTable 1 : SEBI Registered Market Intermediaries/InstitutionsTable 2 : Company-Wise Capital Raised through Public and Rights Issues (Equity) during Sept 2019Table 3 : Open Offers under SEBI Takeover Code closed during Sept 2019Table 4 : Substantial Acquisition of Shares and TakeoversTable 5 : Capital Raised from the Primary Market through Public and Rights IssuesTable 6 : Issues Listed on SME PlatformTable7:Industry-wiseClassificationof CapitalRaisedthroughPublicandRightsIssues(Equity)Table 8 : Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues (Equity)Table9:Size-wiseClassificationof CapitalRaisedthroughPublicandRightsIssues(Equity)Table 10 : Capital Raised by Listed Companies from the Primary Market through QIPsTable 11 : Preferential Allotments Listed at BSE and NSETable 12 : Private Placement of Corporate Debt Reported to BSE and NSETable 13 : Trading in the Corporate Debt MarketTable14:RatingsAssignedforLong-termCorporateDebtSecurities(Maturity≥1year)Table15:Reviewof AcceptedRatingsof CorporateDebtSecurities(Maturity≥1year)Table 16 : Distribution of Turnover on Cash Segments (`crore)Table 17 : Trends in Cash Segment of BSETable 18 : Trends in Cash Segment of NSETable 19 : Trends in Cash Segment of MSEITable 20 : City-wise Distribution of Turnover on Cash SegmentsTable 21 : Category-wise Share of Turnover in Cash Segment of BSETable 22 : Category-wise Share of Turnover in Cash Segment of NSETable 23 : Category-wise Share of Turnover in Cash Segment of MSEITable 24 : Component Stocks: S&P BSE Sensex during Sept 2019Table 25 : Component Stocks: Nifty 50 Index during Sept 2019Table26:ComponentStocks:SX40IndexdurinhSept2019Table 27 : Advances/Declines in Cash Segment of BSE, NSE and MSEITable 28 : Trading Frequency in Cash Segment of BSE, NSE and MSEITable 29 : Daily Volatility of Major Indices (Per cent)Table 30 : Per centage Share of Top ‘N’ Securities/Members in Turnover of Cash Segment (Per cent)Table 31 : Settlement Statistics for Cash Segment of ICCLTable 32 : Settlement Statistics for Cash Segment of NSCCLTable 33 : Settlement Statistics for Cash Segment of MCCILTable 34 : Trends in Equity Derivatives Segment at BSE (Turnover in Notional Value)Table 35 : Trends in Equity Derivatives Segment at NSE (Turnover in Notional Value)Table 36 : Settlement Statistics in Equity Derivatives Segment at ICCL and NSCCL (` crore)Table 37 : Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSETable 38 : Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE


837

Table 39 : Instrument-wise Turnover in Index Derivatives at BSETable 40 : Instrument-wise Turnover in Index Derivatives at NSETable 41 : Trends in Currency Derivatives Segment at BSETable 42 : Trends in Currency Derivatives Segment at NSETable 43 : Trends in Currency Derivatives Segment at MSEITable 44 : Settlement Statistics of Currency Derivatives Segment (` crore)Table 45 : Instrument-wise Turnover in Currency Derivative Segment of BSETable 46 : Instrument-wise Turnover in Currency Derivatives of NSETable 47 : Instrument-wise Turnover in Currency Derivative Segment of MSEITable 48 : Maturity-wise Turnover in Currency Derivative Segment of BSE (` crore)Table 49 : Maturity-wise Turnover in Currency Derivative Segment of NSE (` crore)Table 50 : Maturity-wise Turnover in Currency Derivative Segment of MSEI (` crore)Table 51 : Trading Statistics of Interest Rate Futures at BSE and NSETable 52 : Settlement Statistics in Interest Rate Futures at BSE and NSE (` crore)Table 53 : Trends in Foreign Portfolio InvestmentTable 54 : Notional Value of Offshore Derivative Instruments (ODIs) compared to Assets Under Custody (AUC) of FPIs/Deemed FPIs (` crore)Table 55 : Assets under the Custody of CustodiansTable 56 : Trends in Resource Mobilization by Mutual Funds (` crore)Table 57 : Status of Mutual Funds Industry in IndiaTable 58 : Trends in Transactions on Stock Exchanges by Mutual Funds (`crore)Table 59 : Assets Under Management by Portfolio ManagersTable 60 : Progress Report of NSDL & CDSL as on end of Sept 2019 (Listed Companies)Table 61 : Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)Table 62 : Depository Statistics as on Sept 2019Table 64 : Number of commodities permitted and traded at exchangesTable 65 : Trends in commodity indicesTable66:TrendsincommodityderivativesatMCXTable67:TrendsincommodityderivativesatNCDEXTable68:TrendsincommodityderivativesatICEXTable 69 : Trends in commodity derivatives at BSETable 70 : Trends in commodity derivatives at NSETable71:Participant-wisepercentageshareof turnoveratMCX,NCDEX,ICEX,BSEandNSETable72:Commodity-wisemonthlyturnoverandtradingvolumeatMCXTable73:Commodity-wisemonthlyturnoverandtradingvolumeatNCDEXTable74:Commodity-wisemonthlyturnoverandtradingvolumeatICEX,BSEandNSETable 75 : Macro Economic Indicators


838

Table 1: SEBI Registered Market Intermediaries/Institutions

Market Intermediaries 2018-19 2019-20$

Stock Exchanges (Cash Segment) 5 5

Stock Exchanges (Equity Derivatives Segment) 3 3

Stock Exchanges (Currency Derivatives Segment) 3 3

Stock Exchanges (Commodity Derivatives Segment) 5 5

Brokers (Cash Segment) 2,315 3,689

Brokers (Equity Derivatives Segment) 2,435 2,802

Brokers (Currency Derivatives Segment) 2,110 2,350

Brokers (Debt Segment) 173 243

Brokers (Commodity Derivatives Segment) 1,708 2,281

Clearing Corporations 7 7

Foreign Portfolio Investors (FPIs) 9,390 9,422

Custodians 20 19

Depositories 2 2

Depository Participants (NSDL) 277 287

Depository Participants (CDSL) 598 615

Merchant Bankers 209 215

Bankers to an Issue 66 65

Underwriters 2 2

Debenture Trustees 32 32

Credit Rating Agencies 7 7

KYC Registration Agencies (KRA) 5 5

Registrars to an Issue & Share Transfer Agents 77 78

Venture Capital Funds 190 193

Foreign Venture Capital Investors 248 251

Alternative Investment Funds 532 607

Portfolio Managers 315 352

Mutual Funds 47 45

Investment Advisors 1,131 1,237

Research Analysts 620 664

Infrastructure Investment Trusts (InVIT) 11 10

Collective Investment Schemes 1 1

Approved Intermediaries (Stock Lending Schemes) 2 2Note: $ indicates as on September 30,2019 Source: SEBI, NSDL.


839

Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during Sept 2019

Sl.No.

Name of the Issuer/Company

Date of Opening

Type of Issue

Type of Instrument

No. of Shares Issued

Face Value

(`)

Premi-um Val-ue (`)

Issue Price (`)

Size of Issue (` Crore)

1 Novateor Research Laboratories Limited

04-Sep-19 SME IPO Equity 1872000 10 14 24 4.5

2 Misquita Engineering Limited


3 Galactico Corporate Services Limited


4 Salasar Exteriors And Contour Limited


5 Shiv Aum Steels Limited


Note:AlltheissuesarecompiledfromtheProspectusof IssuerCompaniesfiledwithSEBI. Source: SEBI.


840

Table 3: Open Offers under SEBI Takeover Code closed during Sept 2019 Sl.

No.Target Company Acquirer Offer

Opening Date

Offer Closing Date

Offer Size Offer Price (`) per share

Offer Size

(` Crore)No. of Shares

Per cent of Equity

Capital1 MANVIJAY DE-

VELOPMENT COMPANY LIM-ITED

YATIN SANJAY GUPTE & WARDWIZARD SOLUTIONS INDIA PRIVATE LIMITED

22-Aug-19 5-Sep-19 1684800 26 10.00 1.68

2 AUTHUM IN-VESTMENT & INFRASTRUC-TURE LIMITED

ALPANA. S. DANGI 26-Aug-19 9-Sep-19 6282810 54.5 22.78 14.31

3 KAYCEE INDUS-TRIES LTD

SALZER ELECTRONICS LTD

28-Aug-19 12-Sep-19 16503 26 3475.00 5.73

4 SOBHAGYA MERCANTILE LIMITED

MR. SHRIKANT BHANGDIYA, MRS. AARTI SHRIKANT BHANGDIYA, MRS. MEGHA MITESHKUMAR BHANGDIYA, MRS. SONAL KIRTIKUMAR BHANGDIYA, MRS. MANISH OMPRAKASH MANIYAR

30-Aug-19 16-Sep-19 62400 26 10.00 0.06

5 YOGYA ENTER-PRISES LTD.

YATIN BHUPENDRA SHAH

30-Aug-19 16-Sep-19 910000 26 22.00 2

6 S R K INDUS-TRIES LIMITED

RATANCHAND DESHMAL JAIN

3-Sep-19 17-Sep-19 39226700 50 0.67 2.63

7 LINDE INDIA LIMITED

The BOC GROUP LIMITED

3-Sep-19 17-Sep-19 21321056 25 478.40 1019.99

8 GARV INDUS-TRIES LIMITED

SWARANJEET SINGHSAYAL,RUB-ALJEET SINGH SAYAL

4-Sep-19 17-Sep-19 2652000 26 10.65 2.82

9 S.I. CAPITAL & FINANCE SERVICES LTD

SHAREWEALTH SECURITIES LIMITED

6-Sep-19 20-Sep-19 780000 26 16.50 1.29

10 OVERSEAS SYN-THETICS LTD.

MR.VIJAY DHAWANGALE, MRS. SONA DHAWANGALE

6-Sep-19 20-Sep-19 1847224 26 4.43 0.82

11 INTERNATION-AL PAPER APPM LIMITED

WEST COAST PAPER MILLS LIMITED

12-Sep-19 25-Sep-19 9942510 25 452.60 449.99

12 PULSAR INTER-NATIONAL LTD

BLUEROCK INVESTMENT QUOTIENT LLP

13-Sep-19 26-Sep-19 780000 26 14.00 1.09

Source: SEBI.


841

Table 4: Substantial Acquisition of Shares and Takeovers

Year / Month

Open Offers

Objectives TotalChange in Control of Management

Consolidation of Holdings

Substantial Acquisition No. of

OffersAmount (` crore)No. of

OffersAmount (` crore)

No. of Offers

Amount (` crore)

No. of Offers

Amount (` crore)

2018-19 63 23,016 4 4,636 4 941 71 28,594

2019-20$ 33 10,502 2 3,614 1 474 36 14,590Apr-19 3 25 1 32 0 0 4 56

May-19 5 249 0 0 0 0 5 249

Jun-19 4 5,181 0 0 0 0 4 5,181

Jul-19 5 2,394 0 0 1 474 6 2,868Aug-19 4 1,151 1 3,582 0 0 5 4,733Sep-19 12 1,502 0 0 0 0 12 1,502

$ indicates as on September 30,2019 Source: SEBI.

Table 5: Capital Raised from the Primary Market through Public and Rights Issues

Year / Month

Total (Equity + Debt)

Equity Issue Bond Issue

Category-Wise Issue-Type Instrument-Wise No. of issue

Amount (`crore)

Public Rights Listed IPOs At Par At Premium

No. of issues

Amount (` crore)

No. of issues

Amount (` crore)

No. of issues

Amount (` crore)

No. of issues

Amount (` crore)

No. of issues

Amount (` crore)

No. of issues

Amount (` crore)

No. of issues

Amount (` crore)

2018-19 158 54,914 123 16,087 10 2,149 10 2,149 123 16,087 6 513 127 17,723 25 36,679

2019-20$ 62 67,045 35 8,467 9 51,020 15 51,066 29 8,421 0 0 44 59,487 18 7,558

Apr-19 15 30,424 8 3,221 2 25,012 2 25,012 8 3,221 0 0 10 28,233 5 2,191

May-19 11 25,527 5 106 2 24,372 2 24,372 5 106 0 0 7 24,478 4 1,048

Jun-19 11 1,506 8 559 1 10 2 22 7 547 0 0 9 569 2 936

Jul-19 8 2,023 5 500 3 1,524 3 1,524 5 500 0 0 8 2,023 0 0

Aug-19 10 7,271 4 4,047 1 102 1 102 4 4,047 0 0 5 4,149 5 3,122

Sep-19 7 295 5 34 0 0 5 34 0 0 0 0 5 34 2 260

Notes: 1. Equity public issues also includes issues listed on SME platform. 2. SinceApril2018,theequityissueiscategorisedbasedontheirrespectiveclosingdates.PriortoApril2018,itwasclassifiedbasedonopeningdate

of the issue. $ indicates as on September 30, 2019 Source: SEBI.


842

Table 6: Issues Listed on SME Platform

Year/Month No. of issue Amount (`crore)2018-19 110 1,8442019-20$ 25 322Apr-19 3 62 May-19 5 106Jun-19 6 72Jul-19 4 41Aug-19 2 8Sep-19 5 34

$ indicates as on September 30, 2019Source: SEBI

Table7:Industry-wiseClassificationof CapitalRaisedthroughPublicandRightsIssues(Equity)

Industry 2018-19 2019-20$ Sep-19

No. of issues

Amount (`crore)

No. of issues

Amount (`crore)

No. of issues

Amount (` crore)

Airlines 0 0 0 - 0 - Automobiles 1 9 0 - 0 - Banks/FIs 1 1,131 1 1,190 0 - Cement/ Constructions 4 542 1 13 0 - Chemical 4 622 3 141 0 - Consumer Services 2 59 2 48 0 - Electronic Equipments/ Products 8 266 5 4,218 0 - Engineering 9 467 5 1,992 2 18 Entertainment 1 1 1 2 0 - Finance 4 3,739 2 106 1 4 Food processing 4 90 0 - 0 - Healthcare 3 58 4 1,253 1 4 Hotels 3 1,647 0 - 0 - Info Tech 2 45 2 469 0 - Insurance 0 0 0 - 0 - Oil & Natural Gas 1 10 0 - 0 - Plastic 2 39 0 - 0 - Power 0 0 0 - 0 - Printing 0 0 1 7 0 - Roads & Highways 0 0 0 - 0 - Telecom 0 0 3 49,403 0 - Textile 10 1,321 1 25 0 - Miscellaneous 74 8,189 13 621 1 9 Total 133 18,235 44 59,487 5 34

$ indicates as on September 30, 2019Source: SEBI.


843

Tabl

e 8:

Sec

tor-

wis

e an

d R

egio

n-w

ise

Dis

trib

utio

n of

Cap

ital M

obili

sed

thro

ugh

Publ

ic a

nd R

ight

s Is

sues

(Equ

ity)

Year

/

Mon

th

Tota

lSe

ctor

-wise

Regi

on-w

isePr

ivate

Publ

icN

orth

ern

East

ern

Wes

tern

Sout

hern

Cent

ral

No.

of

Issu

eAm

ount

(`

Cror

es)

No.

of

Issu

eAm

ount

(`

Cro

res)

No.

of

Issu

eAm

ount

(`

Cro

res)

No.

of

Issu

eAm

ount

(`

Cro

res)

No.

of

Issu

eAm

ount

(`

Cro

res)

No.

of

Issu

eAm

ount

(`

Cro

res)

No.

of

Issu

eAm

ount

(`

Cro

res)

No.

of

Issu

eAm

ount

(`

Cro

res)

2018

-19

133

18,2

3512

916

,753

41,

482

273,

345

970

082

12,1

7210

61,8

955

123

2019

-20$

4459

,487

4359

,010

147

711

26,7

790

031

30,0

342

2,67

50

0A

pr-1

910

28,2

339

27,7

561

477

31,

835

00

726

,398

00

00

May

-19

724

,478

724

,478

00

224

,372

00

510

60

00

0Ju

n-19

956

99

569

00

351

30

06

560

00

0Ju

l-19

82,

023

82,

023

00

359

00

448

01

1,48

50

0A

ug-1

95

4,14

95

4,14

90

00

00

04

2,95

91

1,19

00

0Se

p-19

534

534

00

00

00

534

00

00

$ in

dica

tes

as o

n Se

ptem

ber 3

0, 2

019

Sour

ce: S

EB

I.

Table9:Size-wiseClassificationofCapitalRaisedthroughPublicandRightsIssues(Equity)

Year

/

Mon

thTo

tal

< 5

cro

re≥5crore-<10crore

≥10crore-<50

cror

e≥50crore-<100

cror

e≥100crore-<500

cror

e>

=50

0 cr

ore

No.

of

issu

eA

mou

nt

(` c

rore

)N

o. o

f is

sue

Am

ount

(`

cro

re)

No.

of

issu

eA

mou

nt

(` c

rore

)N

o. o

f is

sue

Am

ount

(`

cro

re)

No.

of

issu

eA

mou

nt

(` c

rore

)N

o. o

f is

sue

Am

ount

(`

cro

re)

No.

of

issu

eA

mou

nt

(` c

rore

)20

18-1

913

318

,235

2068

2921

361

1,35

56

438

82,

896

913

,266

2019

-20$

4459

,487

1028

753

1531

50

05

1,64

67

57,4

46A

pr-1

910

28,2

331

21

73

650

02

609

327

,549

May

-19

724

,478

22

19

395

00

00

124

,372

Jun-

199

569

14

323

467

00

147

50

0Ju

l-19

82,

023

28

00

471

00

145

91

1,48

5A

ug-1

95

4,14

91

11

60

00

01

102

24,

039

Sep-

195

343

101

91

160

00

00

0$

indi

cate

s as

on

Sept

embe

r 30,

201

9 So

urce

: SE

BI.

Tabl

e 10

: Cap

ital R

aise

d by

Lis

ted

Com

pani

es fr

om th

e Pr

imar

y M

arke

t thr

ough

QIP

s

Ye

ar /

Mon

thO

nly

BSE

Onl

y N

SEB

oth

NSE

and

BSE

Tota

lN

o. o

f is

sues

Am

ount

(`

Cro

res)

No.

of

issu

esA

mou

nt

(` C

rore

s)N

o. o

f is

sues

Am

ount

(`

Cro

res)

No.

of

issu

esA

mou

nt

(` C

rore

s)20

18-1

90

00

014

8,67

814

8,67

820

19-2

0$0

00

05

21,5

035

21,5

03A

pr-1

90

00

01

3,17

31

3,17

3M

ay-1

90

00

00

00

0Ju

n-19

00

00

00

00

Jul-1

90

00

01

2,10

01

2,10

0A

ug-1

90

00

01

1,93

01

1,93

0Se

p-19

00

00

214

,300

214

,300

Not

es:

1. T

he a

bove

dat

a in

clud

es b

oth

“no.

of

issu

es”

and

“Am

ount

” ra

ised

on

conv

ersi

on o

f co

nver

tible

sec

uriti

es is

sued

on

QIP

bas

is.

2. 2

017-

18, I

nclu

des

one

issu

e of

Ins

titut

iona

l Pla

cem

ent P

rogr

amm

e (I

ssue

Siz

e of

Rs.

873

.92

cror

e).

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

So

urce

: BSE

, NSE

.


844

Table 11: Preferential Allotments Listed at BSE, NSE and MSEI

Year/Month

Only BSE Only NSE Only MSEI Both NSE and BSE TotalNo. of issues

Amount (` Crores)

No. of issues

Amount (` Crores)

No. of issues

Amount (`Crores)

No. of issues

Amount (` Crores)

No. of issues

Amount (`Crores)

2018-19 209 10,826 21 8,033 4 24 170 191280.36 404 2,10,1632019-20$ 73 650 7 47 4 11 72 76,682 148 77,368Apr-19 7 22 0 0 0 0.0 16 35,806 23 35,828May-19 24 275 1 6 0 0.0 11 19,570 36 19,851Jun-19 7 60 1 7 2 9 17 15,402 27 15,478Jul-19 19 151 2 8 0 0.0 9 4,237 30 4,396Aug-19 8 15 3 26 0 0.0 5 294 16 335Sep-19 8 128 0 0 0 2 12 1,364 18 1,489

$ indicates as on September 30,2019 Source: BSE, NSE and MSEI.

Table 12: Private Placement of Corporate Debt Reported to BSE and NSE

Year/Month

Only BSE Only NSE Both NSE and BSE TOTALNo. of Issues

Amount (`Crores)

No. of Issues

Amount (` Crores)

No. of Issues

Amount (` Crores)

No. of Issues

Amount (` Crores)

2018-19 479 1,77,593 1703 2,47,190 176 1,85,274 2358 5,79,4252019-20$ 199 90,110 681 1,14,881 62 92,668 877 2,97,759Apr-19 39 26,394 174 31,435 11 12,235 224 70,064May-19 39 19,502 91 13,665 10 10,410 140 43,577Jun-19 45 14,000 113 24,900 13 10,100 171 49,100Jul-19 31 10,734 117 13,431 13 21,915 161 46,080Aug-19 23 9,939 94 12,224 6 18,146 123 40,309Sep-19 22 9,541 92 19,225 9 19,863 58 48,629

$ indicates as on September 30, 2019 Source: BSE and NSE.

Table 13: Trading in the Corporate Debt Market

Year / Month BSE NSE TotalNo. of Trades Traded Value

(` crore)No. of Trades Traded Value

(` crore)No. of Trades Traded Value

(` crore)2018-19 43,157 6,31,252 60,370 11,68,408 1,03,527 17,99,6602019-20$ 29,600 4,01,167 42,248 7,60,233 71,848 11,61,400Apr-19 3,944 53,756 5,380 90,748 9,324 1,44,504May-19 4,839 65,109 6,650 1,29,918 11,489 1,95,027Jun-19 3,662 56,679 5,845 1,14,725 9,507 1,71,404Jul-19 5,255 65,646 6,886 1,18,102 12,141 1,83,748Aug-19 4,175 58,482 6,095 1,04,532 10,270 1,63,014Sep-19 3,550 43,012 5,297 97,677 8,847 1,40,689

$ indicates as on September 30, 2019 Source: BSE, NSE and MSEI.


845

Table14:RatingsAssignedforLong-termCorporateDebtSecurities(M

aturity≥1year)

Gra

de

Perio

d

Inve

stm

ent G

rade

Non

-Inv

estm

ent

Gra

deTo

tal

Hig

hest

Saf

ety

(AA

A)

Hig

h Sa

fety

(AA

)A

dequ

ate

Safe

ty (A

)M

oder

ate

Safe

ty

(BB

B)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(` c

rore

)N

o. o

f is

sue

Am

ount

(`

cro

re)

No.

of

issu

eA

mou

nt

(` c

rore

)N

o. o

f is

sue

Am

ount

(`

cro

re)

No.

of

issu

eA

mou

nt

(` c

rore

)20

18-1

927

920

,80,

536

400

3,24

,989

349

1,04

,666

241

20,8

7957

12,7

381,

326

25,4

3,80

720

19-2

0$16

87,

19,4

0912

699

,985

118

17,6

8586

8,00

526

5,15

952

48,

50,2

42A

pr-1

98

1,05

,452

42,

850

61,

483

149

57

3,07

226

1,13

,352

May

-19

2965

,426

2417

,135

151,

202

1172

71

7580

84,5

65Ju

n-19

392,

78,9

6230

42,5

8424

4,62

116

2,76

27

351

116

3,29

,281

Jul-1

938

60,4

8727

8,36

130

2,39

627

744

51,

209

127

73,1

98A

ug-1

924

1,18

,202

2116

,930

171,

909

152,

469

424

981

1,39

,759

Sep-

1930

90,8

7920

12,1

2526

6,07

416

808

220

294

1,10

,089

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19So

urce

: Cre

dit R

atin

g A

genc

ies.

Table15:ReviewofAcceptedRatingsofCorporateDebtSecurities(M

aturity≥1year)

Gra

de Pe

riod

Upg

rade

dD

owng

rade

dReaffirmed

Rat

ing

Wat

chW

ithdr

awn/

Su

spen

ded

Tota

l

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

No.

of

issu

eA

mou

nt

(`cr

ore)

2018

-19

711

3,14

,241

892

9,13

,562

5,48

91,

22,5

2,04

549

411

,24,

408

1,10

14,

75,7

608,

687

1,50

,79,

016

2019

-20$

105

31,9

4210

5912

,16,

687

2,26

039

,71,

915

471

5,05

,739

606

1,81

,336

4,50

459

,08,

143

Apr

-19

421

,200

148

1,86

,754

6271

,602

136

2,26

,341

292,

545

379

5,08

,442

May

-19

161,

774

221

3,01

,102

227

5,69

,456

4864

,719

117

31,8

1162

99,

68,8

61Ju

n-19

2930

120

42,

59,0

5556

17,

77,0

4957

49,5

2611

624

,601

967

11,1

0,53

2Ju

l-19

764

813

989

,554

380

3,47

,206

7021

,966

9434

,933

693

4,94

,832

Aug

-19

384,

542

169

1,64

,228

433

5,67

,877

5147

,621

135

66,1

2082

68,

50,3

88Se

p-19

113,

478

178

2,15

,994

597

16,3

8,72

410

995

,566

115

21,3

271,

010

19,7

5,08

7$

indi

cate

s as

on

Sept

embe

r 30,

2019

Sour

ce: C

redi

t Rat

ing

Age

ncie

s.

Tabl

e 16

: Dis

trib

utio

n of

Tur

nove

r on

Cas

h Se

gmen

ts o

f St

ock

Exc

hang

es (`

cror

e)St

ock

Exc

hang

es20

18-1

920

19-2

0$Se

p-19

BSE

7,75

,590

3,12

,741

52,6

90M

SEI

3026

0N

SE79

,49,

004

41,2

1,28

27,

10,4

98$

indi

cate

s as

on

Sept

embe

r 30,

201

9So

urce

: BSE

, NSE

and

MSE

I.


846

Tabl

e 17

: Tre

nds

in C

ash

Segm

ent o

f B

SE

Year

/

Mon

th

No.

of

Com

pa-

nies

List

ed

No.

of

Com

pa-

nies

Per

-m

itted

*

No.

of

com

pani

es

trade

d

No.

of

Trad

ing

Day

s

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Si

ze

(`)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket C

api-

talis

atio

n

(` c

rore

)

S&P

BSE

Sens

ex

Hig

hLo

wCl

ose

2018

-19

5,262

364,0

8624

83,1

455,1

8,103

7,75,5

903,1

2724

,659

5,18,1

037,7

5,590

1,51,0

8,711

38,99

032

,973

38,67

320

19-2

0$5,3

3236

3,945

122

1,474

2,72,0

883,1

2,741

2,563

21,22

32,7

2,088

3,12,7

411,4

7,17,4

5640

,312

35,98

838

,667

Apr-1

95,2

8236

3,580

1925

576

,939

55,86

82,9

4021

,943

76,93

955

,868

1,52,5

4,028

39,48

738

,460

39,03

2M

ay-1

95,2

9236

3,587

2228

342

,343

58,17

22,6

4420

,581

42,34

358

,172

1,54,3

8,015

40,12

536

,956

39,71

4Ju

n-19

5,301

363,5

1919

208

37,45

346

,958

2,471

22,55

037

,453

46,95

81,5

1,97,0

8740

,312

38,87

139

,395

Jul-1

95,3

1236

3,561

2321

938

,940

48,24

92,0

9822

,070

38,94

048

,249

1,41,4

7,125

40,03

237

,128

37,48

1Au

g-19

5,317

363,5

2220

248

37,79

350

,805

2,540

20,50

637

,793

50,80

51,4

0,98,4

5237

,808

36,10

237

,333

Sep-

195,3

3236

3,537

1926

238

,619

52,69

02,7

7320

,129

38,61

952

,690

1,47,1

7,456

39,44

135

,988

38,66

7$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: BSE

.

Tabl

e 18

: Tre

nds

in C

ash

Segm

ent o

f N

SE

Year

/

Mon

th

No.

of

Com

pa-

nies

List

ed

No.

of

Com

pa-

nies

Per

-m

itted

*

No.

of

com

pani

es

trade

d

No.

of

Trad

ing

Day

s

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Si

ze

(`)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket

Capi

talis

a-tio

n

(` c

rore

)

Nift

y 50

Inde

x

Hig

hLo

wCl

ose

2018

-19

1931

419

2224

828

,532

37,49

,976

79,49

,004

32,05

227

,860

37,49

,976

79,49

,004

1,49,3

4,227

11,76

010

,005

11,62

420

19-2

0$19

5518

2054

122

14,61

419

,99,95

441

,21,28

233

,781

28,20

119

,99,95

441

,21,28

21,4

5,73,0

0312

,103

10,63

711

,474

Apr-1

919

384

1856

192,1

473,0

8,636

6,40,1

1533

,690

29,81

13,0

8,636

6,40,1

151,5

0,43,2

7611

,856

11,54

911

,748

May

-19

1942

418

6022

2,735

3,72,7

127,8

8,184

35,82

728

,822

3,72,7

127,8

8,184

1,52,5

4,361

12,04

111

,108

11,92

3Ju

n-19

1945

418

6419

2,146

3,02,5

725,9

6,030

31,37

027

,779

3,02,5

725,9

6,030

1,50,3

1,415

12,10

311

,625

11,78

9Ju

l-19

1950

418

6823

2,557

3,35,0

537,1

2,821

30,99

227

,879

3,35,0

537,1

2,821

1,40,0

5,417

11,98

210

,999

11,11

8Au

g-19

1952

1818

7320

2,526

3,34,0

196,7

3,633

33,68

226

,670

3,34,0

196,7

3,633

1,39,7

6,168

11,18

110

,637

11,02

3Se

p-19

1955

1818

8519

2,504

3,46,9

637,1

0,498

37,39

528

,376

3,46,9

637,1

0,498

1,45,7

3,003

11,69

510

,670

11,47

4T

urno

ver D

ata

com

pile

d fo

r all

mar

kets

exc

ept a

uctio

n m

arke

t $

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: BSE

.

Tabl

e 19

: Tre

nds

in C

ash

Segm

ent o

f M

SEI

Year

/M

onth

No.

of

Com

-pa

nies

Li

sted

No.

of

Com

pa-

nies

Per

-m

itted

#

No.

of

Com

-pa

nies

Tr

aded

No.

of

Trad

ing

Day

s

No.

of

Trad

es

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Si

ze (`

)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket C

ap-

italis

atio

n (`

cr

ore)

SX 5

0 In

dex

Hig

hLo

wCl

ose

2018

-19

287

1,30

98

248

1,91

114

300

1,58

,520

1430

1,47

,51,

584

22,8

7319

,645

22,7

4320

19-2

0$28

91,

287

1212

268

712

260

3,75

,560

1520

1,37

,31,

179

23,6

8721

,112

22,6

37A

pr-1

928

61,

308

619

227

47

03,

28,4

454

71,

48,4

2,66

123

,072

22,6

5923

,001

May

-19

288

1,30

65

2218

64

70

3,84

,889

97

1,50

,35,

898

23,4

0121

,840

23,3

57Ju

n-19

288

1,30

58

1914

93

60

3,81

,750

36

1,47

,98,

290

23,6

8722

,917

23,1

69Ju

l-19

288

1,30

37

2393

34

04,

79,0

450

01,

37,9

0,85

923

,450

21,8

3521

,897

Aug

-19

288

1,30

33

2014

01

04,

18,1

920

01,

37,3

1,17

921

,923

21,2

1821

,736

Sep-

1928

91,

287

419

180

00

2,54

,242

00

1,43

,24,

678

22,8

8421

,112

22,6

37$

indi

cate

s up

to S

epte

mbe

r 30,

2019

Sour

ce: M

SEI.


847

Tabl

e 17

: Tre

nds

in C

ash

Segm

ent o

f B

SE

Year

/

Mon

th

No.

of

Com

pa-

nies

List

ed

No.

of

Com

pa-

nies

Per

-m

itted

*

No.

of

com

pani

es

trade

d

No.

of

Trad

ing

Day

s

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Si

ze

(`)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket C

api-

talis

atio

n

(` c

rore

)

S&P

BSE

Sens

ex

Hig

hLo

wCl

ose

2018

-19

5,262

364,0

8624

83,1

455,1

8,103

7,75,5

903,1

2724

,659

5,18,1

037,7

5,590

1,51,0

8,711

38,99

032

,973

38,67

320

19-2

0$5,3

3236

3,945

122

1,474

2,72,0

883,1

2,741

2,563

21,22

32,7

2,088

3,12,7

411,4

7,17,4

5640

,312

35,98

838

,667

Apr-1

95,2

8236

3,580

1925

576

,939

55,86

82,9

4021

,943

76,93

955

,868

1,52,5

4,028

39,48

738

,460

39,03

2M

ay-1

95,2

9236

3,587

2228

342

,343

58,17

22,6

4420

,581

42,34

358

,172

1,54,3

8,015

40,12

536

,956

39,71

4Ju

n-19

5,301

363,5

1919

208

37,45

346

,958

2,471

22,55

037

,453

46,95

81,5

1,97,0

8740

,312

38,87

139

,395

Jul-1

95,3

1236

3,561

2321

938

,940

48,24

92,0

9822

,070

38,94

048

,249

1,41,4

7,125

40,03

237

,128

37,48

1Au

g-19

5,317

363,5

2220

248

37,79

350

,805

2,540

20,50

637

,793

50,80

51,4

0,98,4

5237

,808

36,10

237

,333

Sep-

195,3

3236

3,537

1926

238

,619

52,69

02,7

7320

,129

38,61

952

,690

1,47,1

7,456

39,44

135

,988

38,66

7$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: BSE

.

Tabl

e 18

: Tre

nds

in C

ash

Segm

ent o

f N

SE

Year

/

Mon

th

No.

of

Com

pa-

nies

List

ed

No.

of

Com

pa-

nies

Per

-m

itted

*

No.

of

com

pani

es

trade

d

No.

of

Trad

ing

Day

s

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Si

ze

(`)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket

Capi

talis

a-tio

n

(` c

rore

)

Nift

y 50

Inde

x

Hig

hLo

wCl

ose

2018

-19

1931

419

2224

828

,532

37,49

,976

79,49

,004

32,05

227

,860

37,49

,976

79,49

,004

1,49,3

4,227

11,76

010

,005

11,62

420

19-2

0$19

5518

2054

122

14,61

419

,99,95

441

,21,28

233

,781

28,20

119

,99,95

441

,21,28

21,4

5,73,0

0312

,103

10,63

711

,474

Apr-1

919

384

1856

192,1

473,0

8,636

6,40,1

1533

,690

29,81

13,0

8,636

6,40,1

151,5

0,43,2

7611

,856

11,54

911

,748

May

-19

1942

418

6022

2,735

3,72,7

127,8

8,184

35,82

728

,822

3,72,7

127,8

8,184

1,52,5

4,361

12,04

111

,108

11,92

3Ju

n-19

1945

418

6419

2,146

3,02,5

725,9

6,030

31,37

027

,779

3,02,5

725,9

6,030

1,50,3

1,415

12,10

311

,625

11,78

9Ju

l-19

1950

418

6823

2,557

3,35,0

537,1

2,821

30,99

227

,879

3,35,0

537,1

2,821

1,40,0

5,417

11,98

210

,999

11,11

8Au

g-19

1952

1818

7320

2,526

3,34,0

196,7

3,633

33,68

226

,670

3,34,0

196,7

3,633

1,39,7

6,168

11,18

110

,637

11,02

3Se

p-19

1955

1818

8519

2,504

3,46,9

637,1

0,498

37,39

528

,376

3,46,9

637,1

0,498

1,45,7

3,003

11,69

510

,670

11,47

4T

urno

ver D

ata

com

pile

d fo

r all

mar

kets

exc

ept a

uctio

n m

arke

t $

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: BSE

.

Tabl

e 19

: Tre

nds

in C

ash

Segm

ent o

f M

SEI

Year

/M

onth

No.

of

Com

-pa

nies

Li

sted

No.

of

Com

pa-

nies

Per

-m

itted

#

No.

of

Com

-pa

nies

Tr

aded

No.

of

Trad

ing

Day

s

No.

of

Trad

es

Trad

ed

Qua

ntity

(L

akh)

Turn

over

(`

cro

re)

Aver

age

Dai

ly

Turn

over

(`

cro

re)

Aver

age

Trad

e Si

ze (`

)

Dem

at

Secu

ritie

s Tr

aded

(L

akh)

Dem

at

Turn

over

(`

cro

re)

Mar

ket C

ap-

italis

atio

n (`

cr

ore)

SX 5

0 In

dex

Hig

hLo

wCl

ose

2018

-19

287

1,30

98

248

1,91

114

300

1,58

,520

1430

1,47

,51,

584

22,8

7319

,645

22,7

4320

19-2

0$28

91,

287

1212

268

712

260

3,75

,560

1520

1,37

,31,

179

23,6

8721

,112

22,6

37A

pr-1

928

61,

308

619

227

47

03,

28,4

454

71,

48,4

2,66

123

,072

22,6

5923

,001

May

-19

288

1,30

65

2218

64

70

3,84

,889

97

1,50

,35,

898

23,4

0121

,840

23,3

57Ju

n-19

288

1,30

58

1914

93

60

3,81

,750

36

1,47

,98,

290

23,6

8722

,917

23,1

69Ju

l-19

288

1,30

37

2393

34

04,

79,0

450

01,

37,9

0,85

923

,450

21,8

3521

,897

Aug

-19

288

1,30

33

2014

01

04,

18,1

920

01,

37,3

1,17

921

,923

21,2

1821

,736

Sep-

1928

91,

287

419

180

00

2,54

,242

00

1,43

,24,

678

22,8

8421

,112

22,6

37$

indi

cate

s up

to S

epte

mbe

r 30,

2019

Sour

ce: M

SEI.

Table 20: City-wise Distribution of Turnover on Cash Segments (Percentage share in Turnover)

S.No City BSE NSE MSEI2018-19 Sep-19 2018-19 Sep-19 2018-19 Sep-19

1 Ahmedabad 2.5 2.6 2.2 1.5 0 02 Bengaluru 0.5 1.2 3.8 3.5 0 03 Vadodra 0.9 0.7 0.3 0.3 0 04 Bhubneshwar 0.0 0.0 0.0 0.0 0 05 Chennai 1.1 0.8 0.9 0.9 0 06 Ernakulum 0.1 0.1 0.8 0.7 0 07 Coimbatore 0.0 0.0 0.1 0.0 0 08 New Delhi 1.6 1.0 6.3 6.2 29.4 27.219 Guwahati 0.0 0.0 0.0 0.0 0 0

10 Hyderabad 0.4 0.1 3.4 3.3 0.1 011 Indore 0.4 0.2 0.4 0.2 0 012 Jaipur 0.6 0.4 0.3 0.3 0.1 013 Kanpur 0.3 0.2 0.1 0.1 0 014 Kolkata 2.4 3.6 4.8 5.6 0 015 Ludhiana 0.1 0.1 0.2 0.1 0 016 Mangalore 0.0 0.0 0.0 0.0 0 017 Mumbai 56.4 46.6 64.3 63.1 40.7 14.5218 Patna 0.1 0.0 0.0 0.0 0 019 Pune 0.3 0.2 0.1 0.1 0 020 Rajkot 1.7 1.9 1.2 1.1 0 021 Others 30.6 40.2 10.8 13.0 29.8 58.27

Total 100 100 100 100 100 100Notes:1. The city-wise distribution of turnover is based on the cities uploaded in the UCC database of the Exchange for clientele trades and members

registeredofficecityforproprietarytrades.Source: BSE, NSE and MSEI.

Table 21: Category-wise Share of Turnover in Cash Segment of BSE

Year / MonthPercentage Share in Turnover

Proprietary FPIs Mutual Funds Banks Others2018-19 22.4 12.4 7.9 0.1 57.22019-20$ 27.5 8.3 5.9 0.1 58.2Apr-19 22.5 7.1 6.8 0.0 63.6May-19 31.3 6.4 5.7 0.1 56.5Jun-19 26.3 8.8 5.3 0.1 59.5Jul-19 26.9 8.1 5.5 0.0 59.5Aug-19 26.8 12.6 5.9 0.1 54.7Sep-19 31.4 7.1 6.1 0.0 55.4

$ indicates as on September 30,2019 Source: BSE.


848

Table 22: Category-wise Share of Turnover in Cash Segment of NSE

Year /MonthPercentage Share in Turnover

Proprietary FPIs Mutual Funds Banks Others2018-19 21.5 15.1 7.5 0.2 55.7

2019-20$ 23.2 15.3 7.4 0.1 54.0

Apr-19 22.7 14.3 6.7 0.2 56.2

May-19 22.8 16.2 6.8 0.2 54.1

Jun-19 22.9 15.9 6.6 0.1 54.5

Jul-19 23.4 13.9 8.2 0.1 54.5

Aug-19 23.1 17.1 8.7 0.1 51.0

Sep-19 24.0 14.5 7.6 0.2 53.8

$ indicates up to September 30,2019 Source: NSE.

Table 23: Category-wise Share of Turnover in Cash Segment of MSEI

Year / MonthPercentage Share in Turnover

Proprietary FPIs Mutual Funds Banks Others2018-19 0 0 0 0 100

2019-20$ 0 0 0 0 100

Apr-19 0 0 0 0 100

May-19 0 0 0 0 100

Jun-19 0 0 0 0 100

Jul-19 0 0 0 0 100

Aug-19 0 0 0 0 100

Sep-19 0 0 0 0 100

$ indicates up to September 30,2019 Source: MSEI.


849

Table 24: Component Stocks: S&P BSE Sensex during Sep-19

Sl.No Name of SecurityIssued Capital

(` crore)

Free Float Market

Capitalisation (` crore)

Weightage (Per cent) Beta R 2

Daily Volatility (Per cent)

Monthly Return

(Per cent)

Impact Cost

(Per cent)

1 HDFC BANK 547 5,20,248 13.1 1.3 0.1 4.6 10.1 0.1

2 RELIANCE 6,339 4,21,972 10.6 1.2 0.4 1.9 6.7 0.0

3 HDFC 345 3,39,531 8.5 1.2 0.5 1.6 -8.8 0.1

4 INFOSYS LTD 2,148 3,00,915 7.6 0.4 0.1 1.5 -1.1 0.0

5 ICICI BANK 1,292 2,78,007 7.0 1.4 0.5 1.9 5.6 0.2

6 ITC LTD. 1,229 2,21,348 5.6 0.8 0.3 1.3 5.8 0.1

7 TCS LTD. 375 2,20,556 5.5 0.4 0.1 1.5 -7.0 0.0

8 KOTAK MAH.BK 955 1,94,068 4.9 1.0 0.4 1.6 14.9 0.1

9 LARSEN & TOU 281 1,79,920 4.5 1.2 0.5 1.6 11.2 0.0

10 AXISBANK 564 1,45,301 3.7 1.2 0.4 1.8 3.1 0.0

11 HIND UNI LT 216 1,41,601 3.6 0.7 0.3 1.3 5.4 0.0

12 STATE BANK 892 1,01,542 2.6 1.5 0.5 2.1 -1.0 0.0

13 BAJFINANCE 116 95,728 2.4 1.5 0.4 2.4 21.6 0.0

14 MARUTISUZUK 151 89,283 2.2 1.4 0.4 2.1 9.7 0.2

15 INDUSIND BNK 693 83,289 2.1 1.5 0.4 2.5 -0.9 0.1

16 ASIAN PAINTS 96 79,512 2.0 1.0 0.3 1.6 9.2 0.1

17 BHARTI ARTL 2,566 69,721 1.8 1.0 0.2 2.3 5.8 0.1

18 HCL TECHNO 271 58,618 1.5 0.4 0.1 1.7 -1.8 0.0

19 MAH & MAH 622 52,343 1.3 1.4 0.5 2.0 3.5 0.1

20 NTPC LTD 9,895 50,056 1.3 0.5 0.1 1.9 -3.3 0.1

21 POWER GRID 5,232 46,837 1.2 0.3 0.1 1.4 -0.8 0.1

22 TECH MAH 482 44,055 1.1 0.4 0.1 1.7 2.7 0.1

23 SUN PHARMA. 240 42,069 1.1 0.5 0.1 2.3 -13.5 0.1

24 ONGC CORPN 6,417 41,483 1.0 1.1 0.2 2.2 8.8 0.1

25 BAJAJ AUTO 289 38,308 1.0 0.9 0.3 1.6 5.5 0.1

26 HEROMOTOCO 40 35,058 0.9 1.3 0.3 2.2 5.0 0.1

27 VEDL 372 28,059 0.7 1.3 0.2 2.8 10.6 0.1

28 TATA STEEL 1,146 27,159 0.7 1.3 0.3 2.2 4.3 0.1

29 TATA MOTORS 577 21,025 0.5 1.6 0.2 3.3 0.6 0.0

30 YES BANK 510 8,563 0.2 1.5 0.1 5.3 -30.3 0.3

31 TATAMTRTDVR 102 2,698 0.1 1.6 0.3 3.1 -0.8 0.2

Notes: 1. Beta & R2 are calculated for the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected as compared to the effect

on the market as a whole. 2. Thecoefficientof determination(R2)measuresthestrengthof relationshipbetweentwovariablesthereturnonasecurityversusthatof the

market. 3. Volatility is the standard deviation of the daily returns for the trailing 12 months. 4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal

price is calculated as (best buy + best sell)/2. 5. The above is calculated for a month for the portfolio size of ` 5 lakh. It is calculated for the current month. Source: BSE.


850

Table 25: Component Stocks: Nifty 50 Index during Sep-19

Sl. No Name of Security

Issued Capital

(`Crore)

Free Float Market


Weightage (Per cent) Beta R 2


Monthly Return

(Per cent)

Impact Cost

(Per cent)

1 HDFC Bank Ltd. 547 5,30,492 11.3 0.9 0.5 2.4 10.2 0.02 Reliance Industries Ltd. 6,339 4,56,046 9.7 1.2 0.4 1.9 6.7 0.03 Housing Development Finance

Corporation Ltd.345 3,40,775 7.2 1.2 0.5 2.1 -8.7 0.0

4 Infosys Ltd. 2,129 2,95,048 6.3 0.3 0.0 1.9 -1.1 0.05 ICICI Bank Ltd. 1,292 2,80,088 5.9 1.4 0.5 3.0 5.9 0.06 ITC Ltd. 1,229 2,23,458 4.7 0.8 0.3 2.0 5.8 0.07 Tata Consultancy Services Ltd. 375 2,20,567 4.7 0.4 0.1 1.3 -7.1 0.08 Kotak Mahindra Bank Ltd. 955 2,19,842 4.7 1.0 0.3 2.2 14.9 0.09 Larsen & Toubro Ltd. 281 1,82,051 3.9 1.2 0.5 3.0 11.0 0.010 Hindustan Unilever Ltd. 216 1,41,588 3.0 0.7 0.3 2.2 5.3 0.011 Axis Bank Ltd. 524 1,38,206 2.9 1.2 0.4 2.8 3.2 0.012 State Bank of India 892 1,03,922 2.2 1.6 0.5 3.6 -1.1 0.013 Bajaj Finance Ltd. 116 96,198 2.0 1.6 0.4 3.1 21.4 0.014 Maruti Suzuki India Ltd. 151 89,263 1.9 1.4 0.4 3.7 9.7 0.015 IndusInd Bank Ltd. 693 83,412 1.8 1.5 0.4 3.8 -0.9 0.016 Asian Paints Ltd. 96 79,442 1.7 1.0 0.4 2.7 9.0 0.017 Bharti Airtel Ltd. 2,566 69,696 1.5 1.0 0.2 2.1 5.8 0.018 HCL Technologies Ltd. 271 58,627 1.2 0.4 0.1 1.4 -1.8 0.019 Titan Company Ltd. 89 53,119 1.1 1.0 0.3 2.6 15.2 0.020 Mahindra & Mahindra Ltd. 622 52,376 1.1 1.4 0.5 3.2 3.5 0.021 Bajaj Finserv Ltd. 80 51,480 1.1 1.5 0.5 2.5 19.6 0.022 NTPC Ltd. 9,895 51,155 1.1 0.5 0.1 1.7 -3.4 0.023 Nestle India Ltd. 96 49,550 1.1 0.6 0.2 2.0 7.9 0.024 Power Grid Corporation of India Ltd. 5,232 46,861 1.0 0.3 0.1 1.7 -0.7 0.025 UltraTech Cement Ltd. 275 45,308 1.0 1.3 0.4 2.7 7.1 0.026 Tech Mahindra Ltd. 482 44,114 0.9 0.4 0.1 1.7 3.0 0.027 Sun Pharmaceutical Industries Ltd. 240 42,983 0.9 0.6 0.1 1.4 -13.5 0.028 Oil & Natural Gas Corporation Ltd. 6,290 41,452 0.9 1.2 0.3 2.8 8.8 0.029 Bajaj Auto Ltd. 289 38,307 0.8 0.9 0.3 2.2 5.5 0.030 Bharat Petroleum Corporation Ltd. 2,169 37,731 0.8 1.6 0.3 3.9 32.3 0.031 Indian Oil Corporation Ltd. 9,414 36,079 0.8 1.5 0.3 2.7 20.4 0.032 Coal India Ltd. 6,163 35,717 0.8 0.6 0.1 2.5 8.2 0.033 Wipro Ltd. 1,142 35,615 0.8 0.3 0.1 1.3 -5.7 0.034 Hero MotoCorp Ltd. 40 35,114 0.7 1.3 0.3 3.6 5.2 0.035 Britannia Industries Ltd. 24 34,669 0.7 0.8 0.3 3.0 9.0 0.036 UPL Ltd. 153 33,223 0.7 0.9 0.2 1.7 7.2 0.037 Dr. Reddy's Laboratories Ltd. 83 32,775 0.7 0.3 0.0 1.6 5.7 0.038 Adani Ports and Special Economic

Zone Ltd.414 32,576 0.7 1.3 0.3 2.3 13.2 0.0

39 Grasim Industries Ltd. 132 28,810 0.6 1.4 0.4 2.1 2.7 0.040 Vedanta Ltd. 372 28,077 0.6 1.4 0.2 3.2 10.8 0.041 Hindalco Industries Ltd. 225 27,934 0.6 1.1 0.3 1.9 3.7 0.042 Tata Steel Ltd. 1,126 27,209 0.6 1.3 0.3 3.0 4.5 0.043 GAIL (India) Ltd. 4,510 24,871 0.5 0.9 0.2 2.0 3.6 0.044 Eicher Motors Ltd. 27 24,724 0.5 1.6 0.4 4.2 9.3 0.045 JSW Steel Ltd. 242 23,345 0.5 1.4 0.4 2.8 5.8 0.046 Bharti Infratel Ltd. 1,850 21,892 0.5 0.4 0.0 1.4 2.7 0.047 Cipla Ltd. 161 21,605 0.5 0.6 0.1 1.5 -9.9 0.048 Tata Motors Ltd. 577 21,025 0.5 1.7 0.3 4.4 0.6 0.049 Zee Entertainment Enterprises Ltd. 96 16,321 0.4 0.8 0.0 3.3 -28.8 0.050 Yes Bank Ltd. 510 8,658 0.2 1.5 0.1 6.3 -30.9 0.1

Notes: 1. Beta & R2 are calculated for the the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected as compared to the

effect on the market as a whole. 2. Thecoefficientof determination(R2)measuresthestrengthof relationshipbetweentwovariablesthereturnonasecurityversusthatof themarket.3. Volatility is the standard deviation of the daily returns for the the trailing 12 months. 4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal

price is calculated as (best buy + best sell)/2. 5. Impact Cost for Nifty 50 is for a portfolio of Rs. 50 Lakhs and is weightage average impact cost. Source: NSE.


851

Table 26: Component Stocks: SX40 Index during Sept 2019

S.No. Name of SecurityIssued

Capital (` crore)

Free Float Market


Weightage (Per cent) Beta R2


Monthly Return

(Per cent)

Impact Cost (Per

cent) *

1 HDFCBANK 547 5,28,284 12.07 0.93 0.51 0 0 Na2 RELIANCE 6,339 4,31,783 9.87 1.17 0.36 0 0 Na3 HDFC 345 3,41,110 7.79 1.21 0.49 0 0 Na4 INFY 2,183 3,04,946 6.97 0.36 0.05 0 0 Na5 ICICIBANK 1,292 2,79,957 6.4 1.37 0.47 0 0 Na6 ITC 1,228 2,24,853 5.14 0.8 0.33 0 0 Na7 TCS 375 2,20,184 5.03 0.41 0.07 0 0 Na8 KOTAKBANK 955 2,14,487 4.9 1 0.34 0 0 Na9 LT 281 1,81,460 4.15 1.21 0.5 0 0 Na10 AXISBANK 564 1,44,448 3.3 1.22 0.42 0 0 Na11 HINDUNILVR 216 1,40,795 3.22 0.71 0.28 0 0 Na12 SBIN 892 1,03,480 2.36 1.55 0.51 0 0 Na13 BAJFINANCE 116 96,926 2.21 1.6 0.41 0 0 Na14 MARUTI 151 88,844 2.03 1.37 0.42 0 0 Na15 INDUSINDBK 693 82,420 1.88 1.51 0.35 0 0 Na16 ASIANPAINT 96 79,792 1.82 0.98 0.35 0 0 Na17 BHARTIARTL 2,566 70,205 1.6 1.01 0.19 0 0 Na18 HCLTECH 271 58,627 1.34 0.42 0.06 0 0 Na19 TITAN 89 53,224 1.22 0.96 0.24 0 0 Na20 M&M 622 52,291 1.19 1.44 0.48 0 0 Na21 NTPC 9,895 50,682 1.16 0.54 0.1 0 0 Na22 POWERGRID 5,232 46,480 1.06 0.34 0.06 0 0 Na23 TECHM 493 45,650 1.04 0.42 0.06 0 0 Na24 SUNPHARMA 240 42,622 0.97 0.55 0.05 0 0 Na25 ONGC 6,290 42,206 0.96 1.14 0.27 0 0 Na26 WIPRO 1,207 37,255 0.85 0.35 0.05 0 0 Na27 BPCL 2,169 37,236 0.85 1.6 0.29 0 0 Na28 COALINDIA 6,163 35,767 0.82 0.61 0.12 0 0 Na29 IOC 9,414 35,896 0.82 1.44 0.28 0 0 Na30 HEROMOTOCO 40 35,313 0.81 1.29 0.32 0 0 Na31 BAJAJ-AUTO 289 35,634 0.81 0.89 0.31 0 0 Na32 DRREDDY 86 34,125 0.78 0.31 0.03 0 0 Na33 ADANIPORTS 414 32,318 0.74 1.32 0.31 0 0 Na34 VEDL 372 28,342 0.65 1.38 0.24 0 0 Na35 GRASIM 132 28,635 0.65 1.36 0.39 0 0 Na36 HINDALCO 225 27,975 0.64 1.1 0.28 0 0 Na37 TATASTEEL 1,126 27,636 0.63 1.33 0.32 0 0 Na38 EICHERMOT 27 24,574 0.56 1.63 0.37 0 0 Na39 TATAMOTORS 577 20,899 0.48 1.65 0.24 0 0 Na40 YESBANK 510 8,661 0.2 1.45 0.07 0 0 Na

Notes:1. Market Cap, Beta & R2 as on the last day of the month 2. Beta & R2 are calculated for the trailing 12 months 3. Volatility for the current month 4. *Since there is no trading in the SX40 constituents, the Impact Cost for the given stocks is NIL. Source: MSEI.


852

Table 27: Advances/Declines in Cash Segment of BSE, NSE and MSEI

Year/ Month

BSE NSE MSEI

Advances DeclinesAdvance/Decline Ratio



2018-19 1,156 2,730 0.4 585 1,294 0.5 2 5 0.42019-20$ 822 3,025 0.3 384 1,515 0.3 3 6 0.5Apr-19 1,541 1,921 0.8 879 1,040 0.9 2 2 1.0May-19 857 2,573 0.3 418 1,505 0.3 2 1 2.0Jun-19 1,215 2,190 0.6 728 1,200 0.6 2 2 1.0Jul-19 698 2,665 0.3 335 1,591 0.2 3 2 1.5Aug-19 679 2,700 0.3 299 1,623 0.2 4 0 0Sep-19 2,005 1,351 1.5 1,283 644 2.0 2 0 0

Note: Advance/Decline is calculated based on the average price methodology. $ indicates as on September 30, 2019 Source: BSE, NSE and MSEI.

Table 28: Trading Frequency in Cash Segment of BSE, NSE and MSEI

Month

BSE NSE MSEINo. of

Companies Listed

No. of Companies

Traded

Per cent of Traded to

Listed

No. of Companies

Listed

No. of Companies

Traded


Listed

No. of Companies

Listed

No. of Companies

Traded


Listed2018-19 5,262 4,086 77.7 1,931 1,922 99.5 287 8 2.82019-20$ 5,332 3,945 74.0 1,955 2,054 105.1 289 12 4.2Apr-19 5,282 3,580 67.8 1,938 1,856 95.8 286 6 2.1May-19 5,292 3,587 67.8 1,942 1,860 95.8 288 5 1.7Jun-19 5,301 3,519 66.4 1,945 1,864 95.8 288 8 2.8Jul-19 5,312 3,561 67.0 1,950 1,868 95.8 288 7 2.4Aug-19 5,317 3,522 66.2 1,952 1,873 96.0 288 3 1.0Sep-19 5,332 3,537 66.3 1,955 1,885 96.4 289 4 1.4

$ indicates as on September 30,2019 Source: BSE, NSE and MSEI.

Table 29: Daily Volatility of Major Indices (Per cent) Year / Month BSE Sensex BSE 100 BSE 500 Nifty 50 Nifty Next

50 Nifty 500 SX40

2018-19 0.77 0.79 0.80 0.78 1.02 0.81 0.772019-20$ 1.03 1.05 1.03 1.04 1.09 1.03 1.04Apr-19 0.69 0.64 0.61 0.66 0.57 0.60 0.71May-19 1.14 1.13 1.12 1.10 1.09 1.10 1.13Jun-19 0.76 0.77 0.74 0.75 0.88 0.72 0.76Jul-19 0.69 0.76 0.77 0.72 0.97 0.76 0.70Aug-19 1.06 1.06 1.06 1.04 1.09 1.03 2.12Sep-19 1.65 1.68 1.64 1.61 1.61 1.59 1.68

Note: Volatility is calculated as the standard deviation of the natural log of daily returns in indices for the respective period. $ indicates as on September 30,2019Source: BSE, MSEI and NSE.


853

Tabl

e 30

: Per

cen

tage

Sha

re o

f To

p ‘N

’ Sec

uriti

es/M

embe

rs in

Tur

nove

r of

Cas

h Se

gmen

t (Pe

r cen

t)Ye

ar/

Mon

thB

SEN

SEM

SEI

Top

510

2550

100

510

2550

100

510

2550

100

Secu

ritie

s20

18-1

99.

516

.231

.144

.360

.211

.720

.436

.752

.670

.998

.910

00.

00.

00.

020

19-2

0$12

.720

.436

.752

.268

.415

.125

.944

.160

.278

.397

.510

010

0.0

100.

010

0.0

Apr

-19

16.8

26.9

42.9

56.3

70.3

14.9

25.0

43.0

59.5

76.7

99.5

100

0.0

0.0

0.0

May

-19

13.6

20.9

37.2

51.5

67.9

14.7

24.3

43.4

59.1

77.8

100.

010

010

0.0

100.

010

0.0

Jun-

1917

.124

.540

.555

.671

.315

.925

.943

.259

.378

.399

.910

010

0.0

100.

010

0.0

Jul-1

913

.723

.040

.255

.472

.115

.526

.346

.462

.880

.810

0.0

100

100.

010

0.0

100.

0A

ug-1

943

.965

.710

0.2

126.

715

3.3

18.0

29.6

49.1

65.5

82.3

200.

020

020

0.0

200.

020

0.0

Sep-

190.

00.

00.

00.

00.

016

.328

.849

.064

.680

.810

0.0

100

100.

010

0.0

100.

0M

embe

rs20

18-1

924

.238

.461

.073

.584

.522

.534

.354

.672

.485

.794

.710

00.

00.

00.

020

19-2

0$0.

00.

00.

00.

00.

025

.438

.859

.176

.387

.980

.610

010

0.0

100.

010

0.0

Apr

-19

31.2

46.0

62.9

74.5

84.5

25.0

37.2

57.3

74.1

86.6

88.3

100

0.0

0.0

0.0

May

-19

33.5

45.6

62.9

73.9

84.2

24.6

38.5

59.3

76.7

88.2

88.8

100

100.

010

0.0

100.

0Ju

n-19

30.1

43.3

63.6

75.4

85.4

25.6

39.2

59.4

76.7

87.8

93.1

100

100.

010

0.0

100.

0Ju

l-19

34.7

49.5

68.6

78.5

86.9

25.7

39.2

59.2

76.1

87.9

81.7

100

100.

010

0.0

100.

0A

ug-1

961

.889

.213

5.5

158.

317

6.8

25.6

38.9

60.3

77.7

88.8

198.

920

020

0.0

200.

020

0.0

Sep-

1938

.054

.272

.081

.189

.026

.040

.160

.677

.288

.310

0.0

100

100.

010

0.0

100.

0N

otes

: 1.

Dat

a fo

r Top

N s

crip

s ha

s be

en c

ompi

led

for a

ll m

arke

ts e

xcep

t Auc

tion

mar

ket &

Ret

ail D

ebt M

arke

t and

incl

udes

ser

ies

EQ

, BE

,BT,

BL

and

IL.

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE, N

SE a

nd M

SEI.

Tabl

e 31

: Set

tlem

ent S

tatis

tics

for C

ash

Segm

ent o

f IC

CL

Year

/

Mon

th

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Del

iver

ed

Qua

ntity

(L

akh)

Per c

ent o

f D

eliv

ered

Q

uant

ity

to T

rade

d Q

uant

ity

Tur

nove

r (`

cro

re)

Del

iver

ed

Valu

e

(` c

rore

)

Per c

ent o

f D

eliv

ered

Va

lue

to T

otal

T

urno

ver

Del

iver

ed

Qua

ntity

in

Dem

at

Mod

e (L

akh)

Per c

ent

of D

emat

D

eliv

ered

Q

uant

ity

to T

otal

D

eliv

ered

Q

uant

ity

Del

iver

ed

Valu

e in

D

emat

M

ode

(`

cror

e)

Per c

ent

of D

emat

D

eliv

ered

Va

lue

to T

otal

D

eliv

ered

Va

lue

Shor

t D

eliv

ery

(Auc

tione

d qu

antit

y)

(Lak

h)

Per c

ent

of S

hort

D

eliv

ery

to D

eliv

ery

Qua

ntity

Fund

s Pa

y-in

(`

cro

re)

Secu

ritie

s Pa

y-in

(`

cro

re)

Settl

emen

t G

uara

ntee

Fu

nd

(`cr

ore)

2018

-19

3,14

55,

18,1

081,

95,6

1237

.57,

75,5

902,

61,2

0833

.11,

95,2

7899

.82,

61,2

0810

0.0

458

0.22

1,09

,584

1,94

,998

207

2019

-20$

1,47

72,

57,3

571,

16,9

4442

.13,

16,8

7796

,336

30.4

83,8

5888

.995

,923

99.6

154

0.18

36,7

3696

,454

215

Apr

-19

255

59,5

1549

,994

84.0

56,8

6119

,548

34.4

16,9

6533

.919

,191

98.2

310.

1810

,404

19,5

7020

8M

ay-1

928

846

,113

16,5

9236

.061

,680

19,0

0130

.816

,534

99.7

18,9

4499

.735

0.21

6,30

619

,024

210

Jun-

1921

137

,459

12,6

8433

.947

,381

14,7

9231

.212

,684

100.

014

,792

100.

024

0.19

7,41

914

,809

211

Jul-1

922

038

,954

14,3

6836

.948

,101

16,5

2934

.414

,368

100.

016

,529

100.

022

0.16

5,34

516

,548

212

Aug

-19

241

38,4

4012

,426

32.3

51,8

2812

,503

24.1

12,4

2610

0.0

12,5

0310

0.0

170.

143,

756

12,5

1921

4Se

p-19

263

36,8

7610

,880

29.5

51,0

2613

,963

27.4

10,8

8010

0.0

13,9

6310

0.0

240.

223,

505

13,9

8421

5

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19So

urce

: IC

CL.


854

Tabl

e 32

: Set

tlem

ent S

tatis

tics

for C

ash

Segm

ent o

f N

SCC

L

Year

/

Mon

th

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Del

iver

ed

Qua

ntity

(L

akh)

Per c

ent o

f D

eliv

ered

Q

uant

ity

to T

rade

d Q

uant

ity

Tur

nove

r (`

cro

re)

Del

iver

ed

Valu

e (`

cro

re)

Per c

ent o

f D

eliv

ered

Va

lue

to T

otal

T

urno

ver

Del

iver

ed

Qua

ntity

in

Dem

at

Mod

e (L

akh)

Per c

ent

of D

emat

D

eliv

ered

Q

uant

ity

to T

otal

D

eliv

ered

Q

uant

ity

Del

iver

ed

Valu

e in

D

emat

M

ode

(`

cro

re)

Per c

ent

of D

emat

D

eliv

ered

Va

lue

to T

otal

D

eliv

ered

Va

lue

Shor

t D

eliv

ery

(Auc

tione

d qu

antit

y)

(Lak

h)

Per c

ent

of S

hort

D

eliv

ery

to D

eliv

ery

Qua

ntity

Fund

s Pa

y-in

(`

cro

re)

Secu

ritie

s Pa

y-in

(`

cro

re)

Settl

emen

t G

uara

ntee

Fu

nd

(`cr

ore)

2018

-19

28,4

5336

,68,

649

8,45

,400

23.0

79,1

2,28

419

,50,

906

24.7

8,44

,261

100.

019

,49,

508

100.

01,

139

0.1

5,33

,295

19,5

0,90

627

120

19-2

0$15

,890

21,8

4,44

74,

62,8

8521

.243

,26,

376

9,70

,032

22.4

4,62

,148

100.

09,

69,4

0210

0.0

737

0.2

2,76

,169

9,70

,032

287

Apr

-19

2,17

93,

18,7

6783

,716

26.3

6,60

,249

1,64

,990

25.0

83,6

1310

0.0

1,64

,855

100.

010

30.

143

,314

1,64

,990

273

May

-19

2,72

23,

64,6

8183

,205

22.8

7,78

,999

1,83

,175

23.5

83,0

9110

0.0

1,83

,033

100.

011

40.

150

,159

1,83

,175

276

Jun-

192,

233

3,10

,165

62,8

6520

.36,

10,4

351,

44,4

8323

.762

,723

100.

01,

44,3

5210

0.0

142

0.2

44,3

341,

44,4

8327

8Ju

l-19

2,83

83,

84,1

5978

,884

20.5

7,59

,244

1,60

,923

21.2

78,7

5910

0.0

1,60

,796

100.

012

50.

241

,430

1,60

,923

281

Aug

-19

2,97

84,

02,9

0878

,478

19.5

7,47

,665

1,56

,797

21.0

78,3

5810

0.0

1,56

,703

100.

012

00.

246

,762

1,56

,797

284

Sep-

192,

940

4,03

,768

75,7

3718

.87,

69,7

841,

59,6

6420

.775

,603

100.

01,

59,6

6410

0.0

134

0.2

50,1

701,

59,6

6428

7Se

ttlem

ent S

tatis

tics

for s

ettle

men

t typ

e N

, exc

ludi

ng C

M S

erie

s IL

& B

L $

indi

cate

s as

on

Sept

embe

r 30,

2019

Sour

ce: N

SCC

L

Tabl

e 33

: Set

tlem

ent S

tatis

tics

for C

ash

Segm

ent o

f M

CC

IL

Mon

th

Sort

ing

No.

of

Trad

es

(Lak

h)

Trad

ed

Qua

ntity

(L

akh)

Del

iver

ed

Qua

ntity

(L

akh)

Per c

ent o

f D

eliv

ered

Q

uant

ity

to T

rade

d Q

uant

ity

Tur

nove

r (`

cro

re)

Del

iver

ed

Valu

e

(` c

rore

)

Per c

ent o

f D

eliv

ered

Va

lue

to T

otal

T

urno

ver

Del

iver

ed

Qua

ntity

in

Dem

at

Mod

e (L

akh)

Per c

ent

of D

emat

D

eliv

ered

Q

uant

ity

to T

otal

D

eliv

ered

Q

uant

ity

Del

iver

ed

Valu

e in

D

emat

M

ode

(`

cro

re)

Per c

ent

of D

emat

D

eliv

ered

Va

lue

to T

otal

D

eliv

ered

Va

lue

Fund

s Pa

y-in

(`

cro

re)

Secu

ritie

s Pa

y-in

(`

cro

re)

Settl

emen

t G

uara

ntee

Fu

nd

(` c

rore

)

2018

-19

1915

1414

100.

030

3010

014

100

3010

030

300.

320

19-2

0$19

6414

1410

0.0

2625

100

1410

025

100

2626

0.4

Apr

-19

227

44

100.

07

710

04

100

710

07

70.

3M

ay-1

918

64

410

0.0

77

100

410

07

100

77

0.4

Jun-

1915

13

399

.96

610

03

100

610

06

60.

4Ju

l-19

550

22

92.2

44

88.6

210

04

100

44

0.4

Aug

-19

850

22

83.5

11

65.0

210

01

100

11

0.3

Sep-

190.

01

034

.11

039

.10

100.

00

100.

00.

40.

30.

3$

indi

cate

s as

on

Sept

embe

r 30,

201

9So

urce

: MC

CIL

Tabl

e 34

: Tre

nds

in E

quity

Der

ivat

ives

Seg

men

t at B

SE (T

urno

ver i

n N

otio

nal V

alue

)

Year

/ M

onth

No.

of

Trad

ing

Day

s

Inde

x Fu

ture

sSt

ock

Futu

res

Inde

x O

ptio

nsSt

ock

Opt

ions

Tota

lO

pen

Inte

rest

at t

he

end

of M

onth

Cal

lPu

tC

all

Put

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

2018

-19

248

438

3927

118

19,1

581,

309

11,2

9888

52

00

031

,167

2,25

09

120

19-2

0$12

22,

917

275

1,38

270

00

00

266

2019

715

4,76

238

057

4A

pr-1

919

71

514

00

00

00

00

584

60

May

-19

2212

128

20

00

00

00

040

37

1Ju

n-19

194

016

10

00

00

00

020

26

1Ju

l-19

232

09

10

00

00

00

011

13

0A

ug-1

920

91

357

190

00

00

00

036

620

493

Sep-

1919

2,88

327

292

143

00

00

266

2019

715

4,26

735

057

4N

ote:

1.

Not

iona

l Tur

nove

r = (S

trik

e Pr

ice

+ P

rem

ium

) * Q

uant

ity.

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE.


855

Tabl

e 35

: Tre

nds

in E

quity

Der

ivat

ives

Seg

men

t at N

SE (T

urno

ver i

n N

otio

nal V

alue

)

Year

/

Mon

th

No.

of

Trad

ing

Days

Inde

x Fut

ures

Stoc

k Fut

ures

Inde

x Opt

ions

Stoc

k Opt

ions

Total

Open

Inter

est a

t the

en

d of

Mon

thCa

llPu

tCa

llPu

tN

o. of

Cont

racts

Turn

over

(` cr

ore)

No.

ofCo

ntra

ctsTu

rnov

er(`

cror

e)N

o. of

Cont

racts

Turn

over

(` cr

ore)

No.

ofCo

ntra

ctsTu

rnov

er(`

cror

e)N

o. of

Cont

racts

Turn

over

(` cr

ore)

No.

ofCo

ntra

ctsTu

rnov

er(`

cror

e)N

o. of

Cont

racts

Turn

over

(` cr

ore)

No.

ofco

ntra

ctsTu

rnov

er(`

cror

e)20

18-19

248

6,98,2

4,522

55,68

,914

25,55

,33,86

91,6

1,47,0

111,3

9,10,2

7,617

10,77

,26,32

71,2

6,14,2

9,870

9,55,7

6,078

12,35

,10,30

885

,17,92

06,3

4,76,2

3440

,64,45

43,1

6,48,0

2,420

23,76

,00,70

540

,38,91

62,8

6,403

2019

-20$

122

4,42,5

4,364

32,03

,444

12,80

,10,73

973

,71,33

01,1

6,41,7

1,906

7,88,9

0,823

98,57

,05,52

36,5

5,80,5

006,2

0,64,4

1338

,43,56

73,6

6,55,7

3821

,14,07

52,4

2,08,6

2,683

16,10

,03,73

844

,94,16

93,0

0,577

Apr-1

919

55,21

,413

4,06,2

191,8

8,19,0

9111

,59,12

816

,10,93

,858

1,08,6

0,276

13,77

,19,00

491

,70,37

099

,36,61

26,5

1,295

50,37

,643

3,07,9

9833

,81,27

,621

2,25,5

5,286

43,97

,035

3,00,0

28Ma

y-19

2278

,95,35

75,8

8,154

2,36,6

0,383

13,70

,551

17,87

,71,37

11,2

4,29,7

1615

,07,93

,849

1,01,9

9,786

1,00,4

8,031

6,33,6

4155

,75,14

13,2

4,608

37,67

,44,13

22,5

5,46,4

5740

,00,08

92,7

8,172

Jun-19

1960

,04,64

74,5

3,616

1,90,0

2,686

10,74

,674

17,15

,31,27

01,2

0,62,9

7215

,25,02

,324

1,05,6

8,663

86,43

,189

5,10,2

7453

,35,15

12,9

5,240

36,30

,19,26

72,4

9,65,4

3837

,81,40

12,6

7,478

Jul-19

2368

,96,92

05,0

8,570

2,20,3

6,758

13,13

,831

19,74

,67,31

81,3

7,80,6

6417

,23,86

,260

1,17,7

5,969

1,14,6

6,085

7,25,6

6371

,95,11

54,3

4,765

41,74

,48,45

62,8

5,39,4

6247

,24,86

53,1

2,489

Aug-1

920

87,43

,443

6,06,5

542,2

2,57,6

9612

,06,91

723

,57,38

,134

1,53,7

0,795

19,19

,54,27

91,2

2,58,4

881,1

0,25,8

796,5

4,814

68,83

,458

3,80,2

1047

,66,02

,889

3,04,7

7,779

41,92

,601

2,73,7

58Se

p-19

1991

,92,58

46,4

0,331

2,22,3

4,125

12,46

,228

21,95

,69,95

51,4

3,86,4

0018

,03,49

,807

1,16,0

7,223

1,09,4

4,617

6,67,8

8066

,29,23

03,7

1,253

44,89

,20,31

82,8

9,19,3

1644

,94,16

93,0

0,577

Not

e:

1. N

otio

nal T

urno

ver =

(Str

ike

Pric

e +

Pre

miu

m) *

Qua

ntity

.$

indi

cate

s as

on

Sept

embe

r 30,

2019

Sour

ce: N

SE.

Tabl

e 36

: Set

tlem

ent S

tatis

tics

in E

quity

Der

ivat

ives

Seg

men

t at B

SE a

nd N

SE (`

cro

re)

Year

/ M

onth

BSE

NSE

Inde

x/St

ock

Futu

res

Inde

x/St

ock

Opt

ions

Tota

lSe

ttlem

ent

Gur

ante

eFu

nd

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x/St

ock

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res

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ions

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ante

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ndM

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nal

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emiu

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ent

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ent

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ent

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lSe

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Prem

ium

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532,

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880

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2,04

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90

00

00

207,

864

115

1,52

394

9,59

61,

936

May

-19

00

00

020

12,2

7714

62,

098

109

14,6

301,

955

Jun-

190

00

00

208,

091

671,

250

646

10,0

531,

979

Jul-1

920

020

040

2111

,502

861,

570

7013

,227

1,99

8A

ug-1

938

036

136

055

121

13,4

8723

51,

894

150

15,7

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024

Sep-

1939

7.88

21.6

8548

.305

0.21

546

8.08

510

.395

14,9

6720

12,

130

410

17,7

082,

046

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE a

nd N

SE

Tabl

e 37

: Cat

egor

y-w

ise

Shar

e of

Tur

nove

r & O

pen

Inte

rest

in E

quity

Der

ivat

ive

Segm

ent o

f B

SE

Year

/Mon

thPe

rcen

tage

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re in

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nove

rPe

rcen

tage

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re in

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n In

tere

stPr

oFP

IM

utua

l Fu

nds

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ther

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l Fu

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18-1

92.

00.

00.

00.

098

.00.

00.

00.

00.

010

0.0

2019

-20$

38.1

0.0

0.0

0.0

61.9

30.9

0.0

0.0

0.0

69.1

Apr

-19

16.3

0.0

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0.0

83.7

0.0

0.0

0.0

0.0

100.

0M

ay-1

925

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00.

00.

074

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50.

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00.

091

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n-19

23.0

0.0

0.0

0.0

77.0

0.0

0.0

0.0

0.0

100.

0Ju

l-19

22.5

0.0

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0.0

77.5

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0.0

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957

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dica

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n Se

ptem

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19

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ce: B

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856

Tabl

e 38

: Cat

egor

y-w

ise

Shar

e of

Tur

nove

r & O

pen

Inte

rest

in E

quity

Der

ivat

ive

Segm

ent o

f N

SE

Year

/Mon

thPe

rcen

tage

Sha

re in

Tur

nove

rPe

rcen

tage

Sha

re in

Ope

n In

tere

st

Pro

FPIs

Mut

ual

Fund

sB

anks

Oth

ers

Pro

FPIs

Mut

ual

Fund

sB

anks

Oth

ers

2018

-19

37.8

13.6

0.4

0.0

48.2

13.7

29.8

13.2

0.0

43.3

2019

-20$

33.1

19.6

0.3

0.0

47.0

14.2

25.7

13.7

0.0

46.4

Apr

-19

32.9

19.3

0.3

0.0

47.5

13.5

26.9

12.8

0.0

46.8

May

-19

32.4

19.8

0.3

0.0

47.6

11.5

28.4

14.1

0.0

46.0

Jun-

1931

.620

.30.

30.

047

.813

.825

.114

.50.

046

.6Ju

l-19

33.8

19.3

0.3

0.0

46.7

16.0

23.7

12.5

0.0

47.8

Aug

-19

33.8

19.9

0.3

0.0

46.1

13.0

28.6

14.8

0.0

43.5

Sep-

1933

.919

.40.

30.

046

.414

.225

.713

.70.

046

.4$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: NSE

.

Tabl

e 39

: Ins

trum

ent-

wis

e T

urno

ver i

n In

dex

Der

ivat

ives

at B

SE

Tur

nove

r (in

Per

cent

age)

Year

/Mon

thB

SE 3

0 SE

NSE

XB

SE

SEN

SEX

50

BSE

B

AN

KE

X

BSE

OIL

&

GA

S IN

DE

X

BSE

TE

CK

IN

DE

XB

SE10

0H

AN

G

SEN

G I

ndex

Fu

ture

s

MIC

EX

In

dex

Futu

res

FTSE

/JS

E T

op 4

0 Fu

ture

s

IBO

VE

SPA

Fu

ture

s

2018

-19

41.3

0.0

58.7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2019

-20$

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0A

pr-1

910

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

May

-19

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0Ju

n-19

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0Ju

l-19

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0A

ug-1

910

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Sep-

1910

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0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE.

Tabl

e 40

: Ins

trum

ent-

wis

e T

urno

ver i

n In

dex

Der

ivat

ives

at N

SE

T

urno

ver (

in P

erce

ntag

e)Ye

ar/M

onth

NIF

TY

NIF

TY

ITB

AN

KN

IFT

YN

IFT

Y-M

ID50

NIF

TY

PSE

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TY

IN-

FRA

FTSE

100

S&P5

00D

JIA

Indi

a V

IXN

IFT

YCPS

E

2018

-19

26.2

0.0

73.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2019

-20$

39.1

0.0

60.9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Apr

-19

32.7

0.0

67.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

May

-19

40.2

0.0

59.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Jun-

1937

.40.

062

.60.

00.

00.

00.

00.

00.

00.

00.

0Ju

l-19

41.1

0.0

58.9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Aug

-19

41.5

0.0

58.5

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Sep-

1940

.30.

059

.70.

00.

00.

00.

00.

00.

00.

00.

0$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: NSE

.


857

Tabl

e 38

: Cat

egor

y-w

ise

Shar

e of

Tur

nove

r & O

pen

Inte

rest

in E

quity

Der

ivat

ive

Segm

ent o

f N

SE

Year

/Mon

thPe

rcen

tage

Sha

re in

Tur

nove

rPe

rcen

tage

Sha

re in

Ope

n In

tere

st

Pro

FPIs

Mut

ual

Fund

sB

anks

Oth

ers

Pro

FPIs

Mut

ual

Fund

sB

anks

Oth

ers

2018

-19

37.8

13.6

0.4

0.0

48.2

13.7

29.8

13.2

0.0

43.3

2019

-20$

33.1

19.6

0.3

0.0

47.0

14.2

25.7

13.7

0.0

46.4

Apr

-19

32.9

19.3

0.3

0.0

47.5

13.5

26.9

12.8

0.0

46.8

May

-19

32.4

19.8

0.3

0.0

47.6

11.5

28.4

14.1

0.0

46.0

Jun-

1931

.620

.30.

30.

047

.813

.825

.114

.50.

046

.6Ju

l-19

33.8

19.3

0.3

0.0

46.7

16.0

23.7

12.5

0.0

47.8

Aug

-19

33.8

19.9

0.3

0.0

46.1

13.0

28.6

14.8

0.0

43.5

Sep-

1933

.919

.40.

30.

046

.414

.225

.713

.70.

046

.4$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: NSE

.

Tabl

e 39

: Ins

trum

ent-

wis

e T

urno

ver i

n In

dex

Der

ivat

ives

at B

SE

Tur

nove

r (in

Per

cent

age)

Year

/Mon

thB

SE 3

0 SE

NSE

XB

SE

SEN

SEX

50

BSE

B

AN

KE

X

BSE

OIL

&

GA

S IN

DE

X

BSE

TE

CK

IN

DE

XB

SE10

0H

AN

G

SEN

G I

ndex

Fu

ture

s

MIC

EX

In

dex

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res

FTSE

/JS

E T

op 4

0 Fu

ture

s

IBO

VE

SPA

Fu

ture

s

2018

-19

41.3

0.0

58.7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2019

-20$

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0A

pr-1

910

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

May

-19

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0Ju

n-19

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0Ju

l-19

100.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0A

ug-1

910

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Sep-

1910

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE.

Tabl

e 40

: Ins

trum

ent-

wis

e T

urno

ver i

n In

dex

Der

ivat

ives

at N

SE

T

urno

ver (

in P

erce

ntag

e)Ye

ar/M

onth

NIF

TY

NIF

TY

ITB

AN

KN

IFT

YN

IFT

Y-M

ID50

NIF

TY

PSE

NIF

TY

IN-

FRA

FTSE

100

S&P5

00D

JIA

Indi

a V

IXN

IFT

YCPS

E

2018

-19

26.2

0.0

73.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2019

-20$

39.1

0.0

60.9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Apr

-19

32.7

0.0

67.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

May

-19

40.2

0.0

59.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Jun-

1937

.40.

062

.60.

00.

00.

00.

00.

00.

00.

00.

0Ju

l-19

41.1

0.0

58.9

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Aug

-19

41.5

0.0

58.5

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Sep-

1940

.30.

059

.70.

00.

00.

00.

00.

00.

00.

00.

0$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: NSE

.

Tabl

e 41

: Tre

nds

in C

urre

ncy

Der

ivat

ives

Seg

men

t at B

SE

Year

/ M

onth

No.

of

Trad

ing

Day

s

Cur

renc

y Fu

ture

sC

urre

ncy

Opt

ions

Tota

lO

pen

Inte

rest

at t

he e

nd

of th

e M

onth

Cal

lPu

tN

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Va

lue

(`

cro

re)

2018

-19

243

45,6

8,84

,165

32,0

6,48

924

,18,

69,2

6217

,19,

120

35,3

6,98

,730

24,2

6,66

61,

05,2

4,52

,157

73,5

2,27

47,

12,1

624,

929

2019

-20$

121

19,5

5,38

,599

13,7

2,89

813

,99,

02,8

259,

95,7

3418

,61,

93,2

0312

,85,

430

52,1

6,34

,627

36,5

4,06

18,

16,0

695,

770

Apr

-19

182,

84,5

4,55

21,

98,2

272,

76,4

8,06

71,

96,5

432,

72,0

0,04

81,

85,9

238,

33,0

2,66

75,

80,6

9212

,77,

029

8,92

0M

ay-1

922

3,52

,94,

048

2,46

,818

2,73

,58,

009

1,95

,649

3,05

,77,

868

2,09

,874

9,32

,29,

925

6,52

,341

5,57

,625

3,88

9Ju

n-19

193,

02,0

4,51

72,

10,1

932,

64,1

5,48

41,

86,4

722,

71,3

5,83

01,

86,3

788,

37,5

5,83

15,

83,0

436,

68,3

474,

606

Jul-1

923

3,01

,60,

271

2,07

,891

2,84

,56,

799

1,99

,480

3,25

,30,

362

2,21

,665

9,11

,47,

432

6,29

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5,56

,310

3,83

3A

ug-1

920

3,65

,24,

837

2,60

,351

1,22

,95,

963

88,7

543,

94,1

3,76

12,

75,2

058,

82,3

4,56

16,

24,3

1113

,25,

358

9,50

9Se

p-19

193,

49,0

0,37

42,

49,4

171,

77,2

8,50

31,

28,8

352,

93,3

5,33

42,

06,3

868,

19,6

4,21

15,

84,6

388,

16,0

695,

770

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE.

Tabl

e 42

: Tre

nds

in C

urre

ncy

Der

ivat

ives

Seg

men

t at N

SE

Year

/ M

onth

No.

of

Trad

ing

Day

s

Cur

renc

y Fu

ture

sC

urre

ncy

Opt

ions

Tota

lO

pen

Inte

rest

at t

he

end

of M

onth

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)

Cal

lPu

tN

o. o

f C

ontr

acts

T

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Valu

e (`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

f C

ontr

acts

Tur

nove

r (`

cro

re)

2018

-19

243

65,0

0,24

,870

46,5

4,92

727

,59,

19,9

6419

,56,

020

27,2

4,39

,387

19,0

7,40

51,

19,8

3,84

,221

85,1

8,35

142

,05,

566

29,3

5120

19-2

0$12

131

,06,

55,9

7822

,18,

967

16,6

3,42

,770

11,7

5,53

716

,18,

11,8

8511

,35,

006

63,8

8,10

,633

45,2

9,51

145

,07,

511

32,1

07A

pr-1

918

5,09

,44,

880

3,61

,285

2,51

,10,

750

1,75

,703

2,51

,40,

409

1,74

,368

10,1

1,96

,039

7,11

,355

50,6

2,68

135

,528

May

-19

225,

00,8

9,49

83,

56,7

662,

41,2

0,86

41,

69,8

482,

24,6

5,60

11,

56,6

459,

66,7

5,96

36,

83,2

5934

,08,

947

24,0

32Ju

n-19

194,

26,2

5,15

23,

01,7

552,

23,2

4,46

61,

56,0

281,

91,9

2,56

61,

33,3

478,

41,4

2,18

45,

91,1

2940

,38,

522

28,1

28Ju

l-19

234,

47,9

8,62

93,

14,6

382,

42,3

9,86

11,

67,8

472,

24,3

0,82

11,

54,4

299,

14,6

9,31

16,

36,9

1442

,29,

331

29,3

47A

ug-1

920

6,71

,72,

392

4,83

,914

3,50

,94,

227

2,51

,281

4,11

,58,

636

2,91

,830

14,3

4,25

,255

10,2

7,02

554

,62,

090

39,3

19Se

p-19

195,

50,2

5,42

74,

00,6

093,

54,5

2,60

22,

54,8

313,

14,2

3,85

22,

24,3

8812

,19,

01,8

818,

79,8

2845

,07,

511

32,1

07N

otes

: 1.

Tra

ding

Val

ue :-

For

Fut

ures

, Val

ue o

f co

ntra

ct =

Tra

ded

Qty

*Tra

ded

Pric

e.

2. F

or O

ptio

ns, V

alue

of

cont

ract

= T

rade

d Q

ty*(

Strik

e Pr

ice+

Trad

ed P

rem

ium

)$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: NSE

.

Tabl

e 43

: Tre

nds

in C

urre

ncy

Der

ivat

ives

Seg

men

t at M

SEI

Year

/ M

onth

No.

of

Trad

ing

Day

s

Cur

renc

y Fu

ture

sC

urre

ncy

Opt

ions

Tota

lO

pen

Inte

rest

at t

heen

d of

Mon

thN

o. o

fC

ontr

acts

Tur

nove

r(`

cro

re)

Cal

lPu

tN

o. o

f C

ontr

acts

T

urno

ver

(` c

rore

)N

o. o

fC

ontr

acts

Valu

e(`

cro

re)

No.

of

Con

trac

tsT

urno

ver

(` c

rore

)N

o. o

fC

ontr

acts

Tur

nove

r(`

cro

re)

2018

-19

243

54,9

9,70

138

,195

5,74

,634

4,08

36,

97,3

314,

961

67,7

1,66

647

,239

18,7

1513

020

19-2

0$12

116

,29,

926

11,5

541,

92,0

611,

430

2,11

,126

1,55

420

,33,

113

14,5

3811

,839

87A

pr-1

918

2,43

,494

1,70

562

,239

444

90,5

3763

23,

96,2

702,

780

19,4

1214

1M

ay-1

922

1,60

,107

1,14

359

,875

436

43,8

4632

42,

63,8

281,

903

13,5

3710

0Ju

n-19

192,

55,9

021,

801

14,5

0511

115

,570

120

2,85

,977

2,03

210

,832

81Ju

l-19

232,

57,0

991,

791

19,7

0715

223

,395

182

3,00

,201

2,12

59,

996

74A

ug-1

920

2,89

,672

2,07

517

,791

146

18,7

8814

93,

26,2

512,

369

16,4

2012

1Se

p-19

194,

23,6

523,

040

17,9

4414

018

,990

148

4,60

,586

3,32

911

,839

87$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: MSE

I.


858

Tabl

e 44

: Set

tlem

ent S

tatis

tics

of C

urre

ncy

Der

ivat

ives

Seg

men

t (`

cror

e)

Year

/ M

onth

BSE

Tota

l

NSE

Tota

l

MSE

I

Tota

lC

urre

ncy

Futu

res

Cur

renc

y O

ptio

nsC

urre

ncy

Futu

res

Cur

renc

y O

ptio

nsC

urre

ncy

Futu

res

Cur

renc

y O

ptio

ns

MT

M

Settl

emen

tFi

nal

Settl

emen

tPr

emiu

m

Settl

emen

tE

xerc

ise

Settl

emen

tM

TM

Se

ttlem

ent

Fina

l Se

ttlem

ent

Prem

ium

Se

ttlem

ent

Exe

rcis

e Se

ttlem

ent

MT

M

Settl

emen

tFi

nal

Settl

emen

tPr

emiu

m

Settl

emen

tE

xerc

ise

Settl

emen

t20

18-1

959

7019

135

6515

59,

882

8260

292

1287

643

10,4

8312

57

11

133

2019

-20$

3262

8424

4642

5,83

440

8176

640

240

5,03

765

30

068

Apr

-19

363

640

37

779

513

610

326

648

150

00

15M

ay-1

941

413

526

996

262

113

104

2776

510

10

010

Jun-

1924

210

265

452

027

25

7426

377

40

00

4Ju

l-19

224

525

35

487

273

279

2437

82

00

02

Aug

-19

1058

3843

012

1,53

912

5831

160

861,

535

171

00

18Se

p-19

961

1256

86

1,54

711

4418

120

511,

333

171

00

18$

indi

cate

s as

on

Sept

embe

r 30,

2019

Sour

ce: B

SE, N

SE a

nd M

SEI.

Tabl

e 45

: Ins

trum

ent-

wis

e T

urno

ver i

n C

urre

ncy

Der

ivat

ive

Segm

ent o

f B

SE

Year

/M

onth

Tur

nove

r (`

cror

e)O

pen

Inte

rest

as

on la

st d

ay o

f th

e m

onth

(in

lots

)U

SDIN

RE

UR

INR

GB

PIN

RJP

YIN

RE

UR

USD

GB

PUSD

USD

JPY

USD

INR

EU

RIN

RG

BPI

NR

JPY

INR

EU

RU

SDG

BPU

SDU

SDJP

Y20

18-2

019

73,3

6,63

65,

354

4,94

11,

322

2,71

31,

275

337,

09,5

9487

31,

332

354

09

020

19-2

0$36

,52,

036

431

781

812

00

08,

13,7

7681

692

655

10

00

Apr

-19

5,80

,468

4613

940

00

012

,75,

372

308

946

403

00

0M

ay-1

96,

52,0

4754

137

103

00

05,

48,9

1051

731

67,

882

00

0Ju

n-19

5,82

,770

4647

180

00

06,

64,9

7468

717

62,

510

00

0Ju

l-19

6,28

,768

7812

863

00

05,

53,6

4236

51,

502

801

00

0A

ug-1

96,

23,9

3866

107

199

00

00

00

00

00

Sep-

195,

84,0

4714

122

322

70

00

8,13

,776

816

926

551

00

01.

U

SDIN

R in

clud

es F

utur

es a

nd o

ptio

ns b

oth

othe

r cur

renc

ys h

ave

only

futu

res

till F

ebru

ary

26, 2

018.

2.

A

ll Pr

oduc

ts in

clud

e bo

th F

utur

es &

opt

ions

from

Feb

ruar

y 27

, 201

8 on

war

ds.

3.

UR

USD

, GB

PUSD

, USD

JPY

wer

laun

ched

in F

eb 2

018

$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: BSE

.

Tabl

e 46

: Ins

trum

ent-

wis

e T

urno

ver i

n C

urre

ncy

Der

ivat

ives

of

NSE

Year

/M

onth

Tur

nove

r (``

cro

re)

Ope

n In

tere

st a

s on

last

day

of

the

mon

th (

in lo

ts)

USD

INR

EU

RIN

RG

BPI

NR

JPY

INR

EU

RU

SDG

BPU

SDU

SDJP

YU

SDIN

RE

UR

INR

GB

PIN

RJP

YIN

RE

UR

USD

GB

PUSD

USD

JPY

2018

-19

79,7

8,93

41,

76,0

612,

26,7

5259

,106

42,6

6233

,644

1,19

340

,59,

718

50,5

0137

,698

21,8

0133

796

1978

7420

19-2

0$42

,69,

786

73,1

971,

39,5

7334

,821

6,51

15,

488

135

42,9

2,14

964

,824

41,1

7549

,110

5764

524

3717

1A

pr-1

96,

73,9

8110

,092

21,9

813,

520

897

873

1149

,11,

962

49,3

9532

,413

23,6

6642

550

2631

64M

ay-1

96,

39,2

9211

,361

24,3

416,

230

1,04

198

212

31,7

7,15

752

,409

62,7

2053

,150

5255

110

629

331

Jun-

195,

53,6

0211

,372

18,2

365,

970

985

924

4138

,28,

456

62,4

6447

,015

46,5

8750

906

2575

519

Jul-1

95,

96,0

5911

,587

22,8

404,

409

1,10

688

725

40,1

4,26

954

,927

64,4

0236

,237

5160

077

9010

6A

ug-1

99,

82,5

1114

,347

20,6

307,

726

1,16

162

030

52,3

0,53

062

,687

41,5

4266

,987

5537

048

0816

6Se

p-19

8,24

,342

14,4

3731

,545

6,96

71,

320

1,20

216

42,9

2,14

964

,824

41,1

7549

,110

5764

524

3717

11.

C

ross

Cur

renc

y w

as in

trod

uced

wef

Feb

27,

201

8

2.

Opt

ions

con

trac

ts o

n E

UR

INR

,GB

PIN

R,JP

YIN

R w

ere

intr

oduc

ed w

ef F

eb 2

7, 2

018

$

indi

cate

s as

on

Sept

embe

r 30,

2019

So

urce

: NSE

.


859

Tabl

e 47

: Ins

trum

ent-

wis

e T

urno

ver i

n C

urre

ncy

Der

ivat

ive

Segm

ent o

f M

SEI

Ye

ar/M

onth

Tur

nove

r ( `

cro

re)

Ope

n In

tere

st a

s on

last

day

of

the

mon

th(in

lots

)U

SDIN

RE

UR

INR

GB

PIN

RJP

YIN

RU

SDIN

RE

UR

INR

GB

PIN

RJP

YIN

R20

18-1

945

,388

683

1,14

422

18,6

4953

76

2019

-20$

13,0

0371

681

55

10,1

0114

1,72

40

Apr

-19

2,66

060

601

16,1

841,

593

1,62

96

May

-19

1,59

713

816

71

9,71

42,

034

1,74

544

Jun-

191,

784

124

123

06,

884

1,80

92,

139

0Ju

l-19

1,78

615

018

80

5,90

71,

925

2,15

77

Aug

-19

2,08

014

014

82

14,1

4416

82,

104

4Se

p-19

3,09

710

412

80

10,1

0114

1,72

40

Dat

a in

clud

es N

otio

nal V

alue

for O

ptio

ns

E

xclu

des

data

of

Inte

rest

Rat

e Fu

ture

s

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

So

urce

: MSE

I.

Tabl

e 48

: Mat

urity

-wis

e T

urno

ver i

n C

urre

ncy

Der

ivat

ive

Segm

ent o

f B

SE (`

cro

re)

Year

/Mon

thC

urre

ncy

Futu

res

Cur

renc

y O

ptio

ns1

Mon

th2

Mon

th3

Mon

th>

3 M

onth

s1

Mon

th2

Mon

th3

Mon

th>

3 M

onth

s20

18-1

928

,21,

842

3,28

,322

9,82

61,

918

37,0

1,09

23,

15,3

071,

160

127

2019

-20$

11,9

3,47

51,

54,5

182,

432

136

19,1

3,59

31,

45,4

7969

0A

pr-1

91,

69,1

4424

,434

318

113,

27,2

5727

,355

40

May

-19

2,19

,385

23,7

3445

27

3,35

,662

24,2

1520

0Ju

n-19

1,80

,366

26,2

2325

76

3,14

,356

26,0

0210

0Ju

l-19

1,88

,459

18,9

0041

553

3,88

,505

26,3

5631

0A

ug-1

92,

18,4

1036

,027

487

272,

88,0

1020

,367

40

Sep-

192,

17,7

1125

,199

503

312,

59,8

0221

,185

00

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: B

SE.

Tabl

e 49

: Mat

urity

-wis

e T

urno

ver i

n C

urre

ncy

Der

ivat

ive

Segm

ent o

f N

SE (`

cro

re)

Ye

ar/M

onth

Cur

renc

y Fu

ture

Cur

renc

y O

ptio

ns1

Mon

th2

Mon

th

3 M

onth

> 3

Mon

ths

1 M

onth

2 M

onth

3 M

onth

> 3

Mon

ths

2018

-19

37,1

9,23

08,

28,4

8370

,717

36,4

9726

,46,

031

5,78

,571

2,42

,228

3,96

,595

2019

-20$

17,4

0,82

14,

31,5

9831

,169

15,3

7912

,14,

475

4,71

,031

1,89

,645

4,35

,393

Apr

-19

2,77

,113

74,4

016,

549

3,22

21,

89,4

0947

,930

42,2

7870

,453

May

-19

2,80

,202

69,0

005,

610

1,95

41,

76,6

3473

,280

27,9

7848

,601

Jun-

192,

30,0

1165

,885

3,92

71,

931

1,46

,994

69,1

6923

,267

49,9

44Ju

l-19

2,56

,558

52,3

693,

814

1,89

71,

47,2

8454

,369

32,0

7688

,547

Aug

-19

3,76

,351

98,4

486,

270

2,84

62,

84,8

741,

16,1

3730

,088

1,12

,012

Sep-

193,

20,5

8771

,495

4,99

93,

529

2,69

,279

1,10

,146

33,9

5865

,835

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: N

SE.


860

Table 50: Maturity-wise Turnover in Currency Derivative Segment of MSEI (` crore)

Year/Month

Currency Future Currency Options1 Month 2 Month 3 Month > 3 Months 1 Month 2 Month 3 Month > 3 Months

2018-19 33,139 4,978 55 23 5,703 3,165 176 02019-20$ 10,717 837 0 0 2,919 65 0 0Apr-19 1,612 92 0 0 1,048 28 0 0May-19 1,044 98 0 0 745 16 0 0Jun-19 1,675 126 0 0 217 14 0 0Jul-19 1,730 61 0 0 334 0 0 0Aug-19 1,850 225 0 0 294 0 0 0Sep-19 2,805 235 0 0 281 8 0 0

$ indicates as on September 30,2019 Source: MSEI.

Table 51: Trading Statistics of Interest Rate Futures at BSE, NSE

Year/ MonthNo. of

Trading Days

BSE NSE

Interest Rate Futures Open Interest at the end of Interest Rate Futures Open Interest at

the end of

No. of Contracts

Traded Value (` crore)

No. of Contracts

Traded Value (` crore)

No. of Contracts

Traded Value

(` crore)

No. of Contracts

Value (` crore)

2018-19 243 59,01,468 1,11,222 60,205 1,214 1,27,64,150 2,45,407 1,03,589 2,0542019-20$ 121 30,04,062 60,966 1,29,129 2,694 92,81,452 1,90,284 1,90,842 3,978Apr-19 18 2,46,140 4,738 66,107 1,320 12,32,112 24,098 1,22,799 2,432May-19 22 4,33,988 8,498 60,668 1,255 11,45,026 22,662 1,40,085 2,849Jun-19 19 4,15,150 8,395 67,113 1,403 17,75,758 36,063 1,41,713 2,923Jul-19 23 7,84,301 16,198 81,493 1,748 21,93,597 46,067 1,56,910 3,349Aug-19 20 5,78,510 11,924 1,22,449 2,581 15,43,335 32,496 1,79,226 3,776Sep-19 19 5,45,973 11,213 1,29,129 2,694 13,91,624 28,898 1,90,842 3,978

$ indicates as on September 30,2019 Source: BSE, NSE.

Table 52: Settlement Statistics in Interest Rate Futures at BSE, NSE (` crore)

Year/ MonthBSE NSE

MTM Settlement

Physical Delivery Settlement

MTM Settlement

Physical Delivery Settlement

2018-19 309 14 635 132019-20$ 768 14 746 9Apr-19 58 1 64 2May-19 78 1 84 0Jun-19 106 2 119 2Jul-19 164 7 158 3Aug-19 164 2 149 2Sep-19 197 1 171 1

$ indicates as on September 30,2019 Source: NSE, BSE


861

Tabl

e 53

: Tre

nds

in F

orei

gn P

ortfo

lio I

nves

tmen

t

Year

/Mon

thG

ross

Pur

chas

e

(` c

rore

)G

ross

Sal

es

(` c

rore

s)N

et I

nves

tmen

t (`

cro

res)

Net

Inv

estm

ent

(US'

$ m

n.)

Cum

ulat

ive

Net

In

vest

men

t (U

S $

mn.

)

2018

-201

916

,40,

810

16,7

9,74

1-3

8,93

1-5

,499

2,92

1,53

6

2019

-202

0$9,

02,0

258,

63,1

0938

,916

5,58

425

3,73

8

Apr

-19

1,35

,800

1,19

,072

16,7

282,

407

250,

561

May

-19

1,72

,502

1,61

,132

11,3

701,

638

252,

199

Jun-

191,

51,5

331,

38,4

2213

,111

1,88

825

4,08

6

Jul-1

91,

44,2

001,

47,2

04-3

,003

-434

253,

653

Aug

-19

1,52

,516

1,58

,388

-5,8

71-8

5025

2,80

2

Sep-

191,

45,4

741,

38,8

926,

582

936

253,

738

$ in

dica

tes

up to

Sep

tem

ber 3

0,20

19

Sour

ce: N

SDL,

CD

SL

Tabl

e 54

: Not

iona

l Val

ue o

f O

ffsho

re D

eriv

ativ

e In

stru

men

ts (O

DIs

) com

pare

d to

Ass

ets U

nder

Cus

tody

(AU

C) o

f FP

Is/D

eem

ed F

PIs (

` cr

ore)

Year

/ M

onth

Not

iona

l val

ue o

f O

DIs

on

Equ

ity, D

ebt &

D

eriv

ativ

es

Not

iona

l val

ue o

f O

DIs

on

Equ

ity &

Deb

t ex

clud

ing

Der

ivat

ives

Ass

ets

Und

er C

usto

dy

of F

PIs/

Dee

med

FPI

s

Not

iona

l val

ue o

f O

DIs

on

Equ

ity, D

ebt

& D

eriv

ativ

es a

s %

of

A

sset

s U

nder

Cus

tody

of

FPI

s/D

eem

ed F

PIs

Not

iona

l val

ue o

f O

DIs

on

Equ

ity &

Deb

t ex

clud

ing

Der

ivat

ives

as

% o

f A

sset

s U

nder

Cus

tody

of

FPIs

/D

eem

ed F

PIs

2018

-19

78,1

1077

,287

33,4

2,68

02.

32.

3

2019

-20$

76,6

1175

,916

32,9

1,70

32.

32.

3

Apr

-19

81,2

2080

,362

33,5

5,04

52.

42.

4

May

-19

82,6

1982

,426

34,1

7,67

92.

42.

4

Jun-

1981

,913

81,0

9233

,81,

730

2.4

2.4

Jul-1

981

,082

80,3

2432

,03,

385

2.5

2.5

Aug

-19

79,0

8878

,409

31,9

8,32

92.

52.

5

Sept

-19

76,6

1175

,916

32,9

1,70

32.

32.

3N

otes

: 1.

Fi

gure

s ar

e co

mpi

led

base

d on

repo

rts

subm

itted

by

FPIs

/dee

med

FPI

s is

suin

g O

DIs

. 2.

C

olum

n 4

Figu

res

are

com

pile

d on

the

basi

s of

repo

rts

subm

itted

by

cust

odia

ns &

doe

s no

t inc

lude

s po

sitio

ns ta

ken

by F

PIs/

deem

ed F

PIs

in d

eriv

ativ

es.

3.

The

tota

l val

ue o

f O

DIs

exc

lude

s th

e un

hedg

ed p

ositi

ons

& p

ortfo

lio h

edgi

ng p

ositi

ons

take

n by

the

FPIs

/dee

med

FPI

s is

suin

g O

DIs

.

$

indi

cate

s up

to S

epte

mbe

r 30,

2019

So

urce

: SE

BI.


862

Tabl

e 55

: Ass

ets

unde

r the

Cus

tody

of

Cus

todi

ans

Ty

pe of

Cl

ient

FPIs

Fo

reig

n De

posit

ories

FDI

Inve

stmen

tsFo

reig

n Ve

ntur

e Ca

pital

In

vestm

ents

OCBs

NRI

sM

utua

l Fu

nds

Corp

orate

sBa

nks

Insu

ranc

e Co

mpa

nies

Loca

l Pe

nsio

n Fu

nds

Fina

ncial

In

stitu

tions

Othe

rsTo

tal

No.

Amou

nt

(` cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

No.

Amou

nt

(`cr

ore)

2018

-199,5

5633

,42,68

064

3,54,3

401,8

678,0

2,860

201

37,26

124

1,949

547

3,486

1,755

22,78

,220

499

1,04,5

6311

73,2

0,445

781

17,32

,889

120

4,22,3

1725

60,86

619

,018

7,91,0

8834

,574

1,02,5

2,963

2019

-20$

9,508

32,91

,703

673,3

9,877

1,981

8,93,6

4220

439

,549

252,3

4562

92,9

571,7

0422

,34,05

650

894

,593

119

3,47,2

6478

517

,28,87

911

74,2

5,824

2555

,903

21,41

59,8

8,364

37,08

71,0

4,44,9

55

APR-

199,5

1833

,55,04

564

3,54,2

921,8

958,1

3,049

201

37,26

824

1,967

554

3,477

1,739

23,23

,169

499

1,02,7

6411

73,2

9,869

783

17,38

,755

126

4,27,4

2025

61,09

419

,296

7,95,7

0334

,841

1,03,4

3,872

MAY

-199,5

4934

,17,67

967

3,58,0

221,8

988,3

9,834

201

38,27

425

1,973

573

3,551

1,744

23,68

,188

501

1,04,2

2811

53,2

5,111

785

17,57

,182

126

4,36,1

6025

59,59

119

,682

8,23,0

6435

,291

1,05,3

2,857

JUN-

199,5

6533

,81,73

067

3,43,8

231,9

068,4

7,537

201

37,72

425

2,753

569

3,528

1,746

22,71

,356

501

1,05,5

9511

83,2

4,981

785

17,44

,290

126

3,99,6

3125

59,16

720

,151

8,83,4

5835

,785

1,04,0

5,574

JUL-

199,5

1732

,03,38

567

3,31,0

051,9

298,1

1,308

204

38,61

225

2,733

592

3,279

1,741

22,25

,602

502

96,72

812

03,4

0,755

785

16,80

,369

120

4,10,8

7025

57,07

020

,545

8,85,3

9236

,172

1,00,8

7,107

AUG-

199,5

4331

,98,32

967

3,25,2

721,9

508,4

9,489

205

38,95

525

2,767

614

2,914

1,745

22,09

,719

504

95,65

511

93,4

7,229

785

16,77

,061

117

4,15,8

4725

53,92

421

,031

9,49,9

5936

,730

1,01,6

7,119

SEP-

199,5

0832

,91,70

367

3,39,8

771,9

818,9

3,642

204

39,54

925

2,345

629

2,957

1,704

22,34

,056

508

94,59

311

93,4

7,264

785

17,28

,879

117

4,25,8

2425

55,90

321

,415

9,88,3

6437

,087

1,04,4

4,955

Not

es:

1.

With

the

com

men

cem

ent o

f FP

I R

egim

e fr

om Ju

ne 1

, 201

4, th

e er

stw

hile

FII

s, S

ub A

ccou

nts

and

QFI

s ar

e m

erge

d in

to a

new

inve

stor

cla

ss te

rmed

as

.For

eign

Por

tfolio

Inv

esto

rs (F

PIs)

.2.“Others”includePortfoliomanager,partnershipfirm,trusts,depositoryreceipts,AIFs,FCCB,H

UFs,Brokersetc.

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: C

usto

dian

s.

Tabl

e 56

: Tre

nds

in R

esou

rce

Mob

iliza

tion

by M

utua

l Fun

ds (`

cro

re)

Year

/

Mon

th

Gro

ss M

obili

satio

nR

edem

ptio

nNetInflow/Outflow

Ass

ets

at th

e E

nd o

f Pe

riod

Pvt.

Sect

orPu

blic

Se

ctor

Tota

lPv

t. Se

ctor

Publ

ic

Sect

orTo

tal

Pvt.

Sect

orPu

blic

Se

ctor

Tota

l

2018

-19

1,96

,52,

989

47,4

1,37

42,

43,9

4,36

21,

95,9

1,48

346

,93,

178

2,42

,84,

661

61,5

0548

,196

1,09

,701

23,7

9,66

3

2019

-20$

97,5

9,31

221

,82,

057

1,19

,41,

369

97,3

4,14

721

,51,

751

1,18

,85,

898

25,1

6530

,306

55,4

7124

,50,

787

Apr

-19

15,0

7,08

93,

66,4

2718

,73,

516

14,4

1,19

93,

31,8

5717

,73,

056

65,8

9034

,570

1,00

,460

24,7

8,75

7

May

-19

18,7

5,77

24,

11,5

1822

,87,

291

18,1

2,44

53,

97,8

5622

,10,

301

63,3

2713

,663

76,9

9025

,93,

560

Jun-

1915

,37,

277

3,30

,203

18,6

7,48

016

,68,

163

3,59

,132

20,2

7,29

4-1

30,8

86-2

8,92

9-1

59,8

1424

,25,

040

Jul-1

918

,92,

207

4,16

,448

23,0

8,65

518

,25,

965

3,95

,601

22,2

1,56

766

,241

20,8

4787

,088

24,5

3,62

6

Aug

-19

15,6

8,56

43,

52,0

2819

,20,

592

14,8

4,41

33,

33,6

4118

,18,

053

84,1

5218

,387

1,02

,538

25,4

7,59

4

Sep-

1913

,78,

402

3,05

,433

16,8

3,83

615

,01,

962

3,33

,664

18,3

5,62

6-1

23,5

59-2

8,23

1-1

51,7

9024

,50,

787

$ in

dica

tes

as o

n Se

ptem

ber 3

0,20

19

Sour

ce: S

EB

I.


863

Table 57: Status of Mutual Funds Industry in India

Sr. No. Scheme Category

2019-20$ Sep-19

No. of schemes

No. of Folios

Funds mobilized

Repur-chase/

Redemp-tio

Net Inflow(+ve)/ Outflow

(-ve)

Net As-sets Un-der Man-agement

as on

No. of schemes

No. of Folios

Funds mobilized

Repur-chase/ Re-

demptio


(-ve)


as onA Open ended SchemesI Income/Debt Oriented Schemes 314 5,679,987 11,699,717 11,685,087 14,630 1,015,648 314 5,679,987 1,649,720 1,807,753 -158,033 1,015,6481 Overnight Fund 25 29,173 318,634 316,341 2,293 13,852 25 29,173 101,931 103,536 -1,605 13,8522 Liquid Fund 40 1,697,147 11,065,559 11,075,491 -9,932 388,425 40 1,697,147 1,501,030 1,641,762 -140,731 388,4253 Ultra Short Duration Fund 26 654,458 85,473 78,524 6,949 86,549 26 654,458 12,450 19,234 -6,783 86,5494 Low Duration Fund 26 925,121 52,865 56,555 -3,690 84,203 26 925,121 7,361 9,493 -2,131 84,2035 Money Market Fund 19 318,699 79,004 69,972 9,032 64,054 19 318,699 10,586 16,864 -6,278 64,0546 Short Duration Fund 28 296,054 23,116 19,543 3,573 85,582 28 296,054 4,385 3,240 1,145 85,5827 Medium Duration Fund 16 226,892 3,214 9,188 -5,974 32,359 16 226,892 496 1,220 -723 32,3598 Medium to Long Duration Fund 13 108,815 1,196 1,661 -465 9,912 13 108,815 378 475 -97 9,9129 Long Duration Fund 2 25,081 308 152 156 1,371 2 25,081 40 74 -34 1,37110 Dynamic Bond Fund 28 215,566 2,703 4,144 -1,441 18,878 28 215,566 308 534 -226 18,87811 Corporate Bond Fund 20 274,070 24,302 12,412 11,890 72,084 20 274,070 3,150 2,585 565 72,08412 Credit Risk Fund 21 526,733 3,738 19,874 -16,136 66,057 21 526,733 608 2,959 -2,351 66,05713 Banking and PSU Fund 18 114,728 23,605 5,883 17,722 52,533 18 114,728 3,400 1,335 2,065 52,53314 Gilt Fund 21 97,313 2,760 2,160 600 8,712 21 97,313 656 355 301 8,712

15 Gilt Fund with 10 year constant duration 4 26,613 389 249 140 699 4 26,613 58 55 3 699

16 Floater Fund 7 143,524 12,852 12,939 -87 30,377 7 143,524 2,881 4,034 -1,153 30,377Sub total - I (1+2+3+4+5+6+ 7+8+9+10+11+12+13+14+ 15+16)

314 5,679,987 11,699,717 11,685,087 14,630 1,015,648 314 5,679,987 1,649,720 1,807,753 -158,033 1,015,648

II Growth/Equity Oriented Schemes 318 60,034,273 108,677 67,123 41,554 724,213 318 60,034,273 16,053 9,444 6,609 724,21317 Multi Cap Fund 35 8,740,979 21,534 13,594 7,940 143,892 35 8,740,979 3,478 1,803 1,675 143,89218 Large Cap Fund 30 9,214,249 22,474 14,805 7,668 144,273 30 9,214,249 3,476 1,917 1,560 144,27319 Large & Mid Cap Fund 24 4,504,923 7,731 5,381 2,350 53,154 24 4,504,923 1,068 725 343 53,15420 Mid Cap Fund 25 6,296,812 13,459 7,112 6,346 78,673 25 6,296,812 2,231 954 1,277 78,67321 Small Cap Fund 21 5,087,496 10,548 4,211 6,337 46,154 21 5,087,496 1,480 585 896 46,15422 Dividend Yield Fund 6 492,068 198 344 -145 4,519 6 492,068 31 44 -13 4,51923 Value Fund/Contra Fund 18 4,382,101 6,498 6,094 404 55,650 18 4,382,101 940 894 46 55,65024 Focused Fund 21 3,110,952 9,796 4,650 5,146 42,287 21 3,110,952 1,187 786 401 42,28725 Sectoral/Thematic Funds 95 6,428,349 8,739 6,844 1,894 62,104 95 6,428,349 988 1,136 -148 62,10426 ELSS 43 11,776,344 7,700 4,087 3,613 93,507 43 11,776,344 1,174 600 574 93,507

Sub total - II (17+18+19+20+21+ 22+23+24+25+26) 318 60,034,273 108,677 67,123 41,554 724,213 318 60,034,273 16,053 9,444 6,609 724,213

III Hybrid Schemes 129 9,633,812 79,536 64,655 14,881 349,602 129 9,633,812 12,551 10,523 2,028 349,60227 Conservative Hybrid Fund 21 417,869 672 2,340 -1,667 13,805 21 417,869 122 421 -299 13,805

28 Balanced Hybrid Fund/Aggressive Hybrid Fund 33 5,427,806 14,421 23,068 -8,648 139,036 33 5,427,806 1,601 3,531 -1,930 139,036

29 Dynamic Asset Allocation/Balanced Advantage 21 2,533,801 13,980 10,717 3,263 93,662 21 2,533,801 1,881 1,770 111 93,662

30 Multi Asset Allocation 7 610,110 1,767 1,811 -45 12,507 7 610,110 253 216 36 12,50731 Arbitrage Fund 24 283,008 47,106 21,587 25,519 74,688 24 283,008 8,583 3,826 4,758 74,68832 Equity Savings Fund 23 361,218 1,591 5,133 -3,542 15,905 23 361,218 111 759 -648 15,905

Sub total - III (27+28+29+30 +31+32) 129 9,633,812 79,536 64,655 14,881 349,602 129 9,633,812 12,551 10,523 2,028 349,602

IV Solution Oriented Schemes 30 5,388,788 1,529 621 908 17,016 30 5,388,788 245 105 140 17,01633 Retirement Fund 21 2,501,700 1,073 392 681 8,781 21 2,501,700 177 75 102 8,78134 Childrens' Fund 9 2,887,088 455 229 227 8,235 9 2,887,088 68 29 39 8,235

Sub total - IV (33+34) 30 5,388,788 1,529 621 908 17,016 30 5,388,788 245 105 140 17,016

V Other Schemes 141 2,044,226 48,905 31,943 16,962 161,627 141 2,044,226 5,062 3,541 1,521 161,62735 Index Funds 29 368,610 2,401 1,054 1,348 6,572 29 368,610 517 169 348 6,57236 GOLD ETFs 12 359,475 334 214 120 5,613 12 359,475 98 54 44 5,61337 Other ETFs 71 1,176,700 45,711 30,487 15,224 147,187 71 1,176,700 4,313 3,280 1,033 147,18738 Fund of funds investing overseas 29 139,441 458 188 271 2,254 29 139,441 135 38 96 2,254

Sub total - V (35+36+37+38) 141 2,044,226 48,905 31,943 16,962 161,627 141 2,044,226 5,062 3,541 1,521 161,627Total A-Open ended Schemes 932 82,781,086 11,938,364 11,849,429 88,935 2,268,105 932 82,781,086 1,683,631 1,831,366 -147,735 2,268,105

B Close Ended SchemesI Income/Debt Oriented Schemes 824 1,087,354 2,996 34,602 -31,607 148,138 824 1,087,354 205 4,117 -3,912 148,138i Fixed Term Plan 740 867,938 2,635 30,550 -27,915 136,828 740 867,938 92 3,112 -3,020 136,828

ii Capital Protection Oriented Schemes 36 129,952 361 1,534 -1,173 5,161 36 129,952 112 684 -572 5,161

iii Infrastructure Debt Fund 9 89 0 315 -315 2,400 9 89 0 0 0 2,400iv Other Debt 39 89,375 0 2,204 -2,204 3,749 39 89,375 0 320 -320 3,749

Sub total (i+ii+iii+iv) 824 1,087,354 2,996 34,602 -31,607 148,138 824 1,087,354 205 4,117 -3,912 148,138II Growth/Equity Oriented Schemes 121 1,745,878 0 1,100 -1,100 32,776 121 1,745,878 0 120 -120 32,776i ELSS 25 481,926 0 194 -194 4,204 25 481,926 0 55 -55 4,204ii Others 96 1,263,952 0 905 -905 28,572 96 1,263,952 0 65 -65 28,572

Sub total (i+ii) 121 1,745,878 0 1,100 -1,100 32,776 121 1,745,878 0 120 -120 32,776


864

Sr. No. Scheme Category

2019-20$ Sep-19

No. of schemes

No. of Folios

Funds mobilized

Repur-chase/

Redemp-tio


(-ve)


as on

No. of schemes

No. of Folios

Funds mobilized

Repur-chase/ Re-

demptio


(-ve)


as onIII Other Schemes 0 0 0 0 0 0 0 0 0 0 0 0

Total B -Close ended Schemes 945 2,833,232 2,996 35,702 -32,706 180,913 945 2,833,232 205 4,237 -4,032 180,913C Interval SchemesI Income/Debt Oriented Schemes 0 0 0 0 0 0 0 0 0 0 0 0II Growth/Equity Oriented Schemes 0 0 0 0 0 0 0 0 0 0 0 0III Other Schemes 0 0 0 0 0 0 0 0 0 0 0 0

Total C -Interval Schemes 26 11,926 9 766 -758 1,768 26 11,926 0 24 -24 1,768Grand Total (A+B+C)

Grand Total (A+B+C) 1,903 85,626,244 11,941,369 11,885,898 55,471 2,450,787 1,903 85,626,244 1,683,836 1,835,626 -151,790 2,450,787

Fund of Funds Scheme (Domestic) 42 496,013 4,011 654 3,358 8,046 42 496,013 757 137 619 8,046

Source: SEBI.

Table 58: Trends in Transactions on Stock Exchanges by Mutual Funds (`crore)

Year/ Month

Equity Debt Total

Gross Purchases

Gross Sales

Net Purchases

/Sales

Gross Purchases

Gross Sales

Net Purchases

/Sales

Gross Purchases Gross Sales

Net purchases /

Sale2018-19 7,08,991 6,21,112 87,879 22,67,416 18,77,490 3,89,925 29,76,407 24,98,603 4,77,8042019-20$ 3,58,938 3,08,622 50,316 12,17,265 9,57,065 2,60,200 15,76,202 12,65,687 3,10,516Apr-19 46,932 51,532 -4,600 2,26,461 1,75,641 50,820 2,73,393 2,27,172 46,220May-19 61,422 56,259 5,164 2,42,203 2,10,863 31,340 3,03,626 2,67,122 36,504Jun-19 47,005 40,773 6,232 1,93,686 1,50,116 43,571 2,40,691 1,90,888 49,803Jul-19 69,200 54,116 15,084 2,05,007 1,52,209 52,799 2,74,208 2,06,325 67,883Aug-19 71,507 54,100 17,407 1,72,054 1,21,738 50,316 2,43,561 1,75,839 67,723Sep-19 62,872 51,842 11,029 1,77,853 1,46,498 31,354 2,40,724 1,98,340 42,384

$ indicates up to September 30,2019 Source: SEBI.

Table 59: Assets Under Management by Portfolio Managers

Year / Month 2018-19 2019-20$Particulars Discre-

tionaryNon-Dis-cretionary

Advisory Total Discre-tionary#

Non-Dis-cretionary

Advisory** Total

No. of Clients 1,38,829 6,853 4,038 1,49,720 1,47,638 7,705 4,075 1,59,418AUM (` crore)Listed Equity 1,11,996 18,477 0 1,30,473 1,15,578 0,19,685 0 1,35,263Unlisted Equity 459 75 0 534 650 274 0 924Plain Debt 11,60,857 74,702 0 12,35,559 12,57,370 0,78,376 0 13,35,745Structured Debt 753 531 0 1,283 1,134 819 0 1,952Equity Derivatives

466 -1 0 465 403 2 0 404

Mutual Funds 14,113 13,856 0 27,969 11,958 14,125 0 26,083Others 14,498 1,392 0 15,890 7,137 2,945 0 10,082Total* 13,03,141 1,09,031 1,93,620 16,05,792 13,94,229 1,16,225 1,95,290 17,05,744

Notes:1. *one of the PMS entity has closed/terminated its PMS activities as on March 31, 2019. The data includes holding/AUM not yet transferred to

other Fund Managers.2. **Value of Assets for which Advisory Services are being given.3. #of the above AUM Rs. 12,54,934.935/- Crores are contributed by funds from EPFO/PFs. 4. The above data is based on the monthly report received from Portfolio Managers. $ indicates up to September 30,2019Source: SEBI.

Table 57: Status of Mutual Funds Industry in India (contd...)


865

Tabl

e 60

: Pro

gres

s R

epor

t of

NSD

L &

CD

SL a

s on

end

of

Sept

-19

(Lis

ted

Com

pani

es)

Para

met

erU

nit

NSD

LC

DSL

Sep-

19A

ug-1

9Se

p-18

%

Cha

nge

durin

g th

e ye

ar

%

Cha

nge

durin

g th

e m

onth

Sep-

19A

ug-1

9Se

p-18

%

Cha

nge

durin

g th

e ye

ar

%

Cha

nge

durin

g th

e m

onth

Num

ber o

f co

mpa

nies

sign

ed u

p to

mak

e th

eir

shar

es a

vaila

ble

for d

emat

eria

lizat

ion

Num

ber

5,68

25,

686

6,05

0-6

.08

-0.0

75,

622

5,61

16,

840

-17.

810.

20

Num

ber o

f D

epos

itory

Par

ticip

ants

(reg

ister

ed)

Num

ber

277

277

276

0.36

0.0

601

602

595

1.01

-0.1

7

Num

ber o

f St

ock

Exc

hang

es (c

onne

cted

)N

umbe

r3

33

0.0

0.0

33

30.

00.

0

Num

ber o

f In

vest

ors A

ccou

nts

Lakh

205

189

177

15.6

78.

2318

818

516

117

.10

1.50

Qua

ntity

of

Shar

es d

emat

eria

lized

Cro

re53

,662

53,3

8351

,378

4.45

0.52

21,0

1620

,944

16,7

7725

.27

0.35

Valu

e of

Sha

res d

emat

eria

lized

Cro

re1,

28,1

4,30

41,

21,4

7,06

31,

38,0

0,99

7-7

.15

5.49

16,6

7,31

516

,14,

708

16,7

4,87

7-0

.45

3.26

Qua

ntity

of

Secu

ritie

s dem

ater

ializ

ed #

Cro

re57

,751

57,5

6354

,945

5.11

0.33

22,7

8522

,766

18,1

8125

.32

0.08

Valu

e of

Sec

uriti

es d

emat

eria

lized

#C

rore

1,56

,79,

004

1,49

,93,

669

1,63

,85,

605

-4.3

14.

5718

,02,

747

17,4

6,86

017

,82,

821

1.12

3.20

Qua

ntity

of

shar

es se

ttled

dur

ing

the

mon

thC

rore

1,42

090

888

161

.21

56.4

055

248

750

010

.57

13.4

3

Aver

age

Qua

ntity

of

shar

es se

ttled

dai

ly

(qua

ntity

of

shar

es se

ttled

dur

ing

the

mon

th )

Cro

re75

4549

52.7

264

.63

1816

1614

.27

17.2

5

Valu

e of

shar

es se

ttled

dur

ing

the

mon

th in

de

mat

eria

lized

form

Cro

re3,

68,6

142,

41,1

702,

81,7

9630

.81

52.8

464

,350

49,8

0453

,542

20.1

929

.21

Aver

age

Valu

e of

shar

es se

ttled

dai

ly (v

alue

of

shar

es se

ttled

dur

ing

the

mon

th (d

ivid

ed b

y 30

))C

rore

19,4

0112

,059

15,6

5523

.92

60.8

92,

145

1,60

71,

727

24.1

933

.51

Trai

ning

Pro

gram

mes

con

duct

ed fo

r re

pres

enta

tives

of

Cor

pora

tes,

DPs

and

Bro

kers

Num

ber

913

412

5.00

-30.

770

1,20

968

-100

.00

-100

.00

The

ratio

of

dem

ater

ializ

ed e

quity

shar

es to

the

tota

l out

stan

ding

shar

es m

arke

t val

uePe

r cen

t87

8787

0.50

0.26

1112

12-2

.07

-1.3

0

Not

es:

1. S

hare

s in

clud

es o

nly

equi

ty s

hare

s.

2. S

ecur

ities

incl

ude

com

mon

equ

ity s

hare

s, p

refe

renc

e sh

ares

, deb

entu

re, M

F un

its, e

tc.

3. A

ctua

l No.

of

days

hav

e ta

ken

for c

alcu

latin

g D

aily

Ave

rage

. 4.

Qua

ntity

and

val

ue o

f sh

ares

men

tione

d ar

e si

ngle

sid

ed.

5. #

Sour

ce fo

r lis

ted

secu

ritie

s in

form

atio

n: I

ssue

r/ N

SE/B

SE.

Sour

ce: N

SDL

and

CD

SL.


866

Tabl

e 61

: Pro

gres

s of

Dem

ater

ialis

atio

n at

NSD

L an

d C

DSL

(Lis

ted

and

Unl

iste

d C

ompa

nies

)

Ye

ar/

Mon

thN

SDL

CD

SLC

ompa

nies

Li

veD

Ps L

ive

DPs

Lo

catio

nsD

emat

Q

uant

ity

(mill

ion

secu

ritie

s)

Dem

at

Valu

e (`

cr

ore)

Com

pani

es

Live

DPs

Liv

eD

Ps

Loca

tions

Dem

at

Qua

ntity

(m

illio

n se

curit

ies)

Dem

at V

alue

(`

cro

re)

2018

-19

25,2

3327

730

,741

18,6

7,40

81,

86,8

0,37

212

,757

597

19,4

603,

61,8

7620

,79,

693

2019

-20$

28,3

5927

731

,357

20,5

7,61

21,

84,5

9,74

813

,848

601

19,4

924,

15,7

8320

,08,

855

Apr

-19

25,8

4127

830

,898

18,9

8,00

71,

88,4

6,58

613

,009

598

19,4

613,

73,8

9720

,79,

779

May

-19

26,5

1327

830

,946

19,5

8,06

21,

90,3

5,13

413

,218

599

19,4

283,

96,1

2721

,71,

374

Jun-

1927

,004

278

31,2

3519

,85,

585

1,87

,40,

374

13,3

9160

319

,193

4,03

,352

21,3

7,04

8Ju

l-19

27,5

5427

831

,182

20,2

4,98

01,

79,1

8,57

013

,548

600

19,2

744,

09,7

8219

,74,

412

Aug

-19

27,9

4827

731

,205

20,4

6,76

81,

77,4

3,91

713

,692

602

19,3

094,

13,2

5019

,50,

262

Sep-

1928

,359

277

31,3

5720

,57,

612

1,84

,59,

748

13,8

4860

119

,492

4,15

,783

20,0

8,85

5N

otes

: 1.

Fo

r CD

SL, t

he c

urre

nt a

nd h

isto

rical

dat

a of

Com

pani

es L

ive

has

been

revi

sed

to e

xclu

de M

F sc

hem

es c

ount

. 2.TheCom

paniesLivefigureincludesonlythenumberofmutualfundcompaniesandnotthemutualfundschemes.

3.DPsLocationsrepresentsthetotallive(mainDPsandbranchDPsaswellasnon-live(backofficeconnectedcollectioncentres).

* In

clud

es N

ine

Part

icip

ants

whi

ch a

re u

nder

clo

sure

/ter

min

atio

n pr

oces

s an

d SE

BI

regi

stra

tion

is n

ot y

et c

ance

lled/

susp

ende

d

Sour

ce: N

SDL

and

CD

SL.

Tabl

e 62

: Dep

osito

ry S

tatis

tics

as o

n S

ept-

19

Part

icul

ars

Uni

tD

ebt

Equ

ityO

ther

sTo

tal

List

edU

nlis

ted

List

edU

nlis

ted

List

edU

nlis

ted

List

edU

nlis

ted

NSD

LN

o.of

issu

ers d

ebt/

Com

pani

es(e

quity

)(n

umbe

rs)

795

1,90

55,

682

19,1

7611

24,

978

6,58

926

,059

No.

of A

ctiv

e In

stru

men

ts(n

umbe

rs)

9,77

97,

134

11,4

5620

,611

8,34

733

,790

29,5

8261

,535

Dem

at Q

uant

ity(la

khs)

1,16

,157

5,51

,349

53,6

6,22

794

,34,

070

2,92

,765

48,1

5,54

957

,75,

149

1,48

,00,

968

Dem

at V

alue

(Rs.

Cro

re)

26,3

7,84

64,

98,7

751,

28,1

4,30

49,

38,3

942,

26,8

5313

,43,

575

1,56

,79,

004

27,8

0,74

4Q

uant

ity se

ttled

dur

ing

the

mon

th(L

akh)

13,8

7146

,783

1,41

,972

01,

781

1,14

01,

57,6

2447

,924

Valu

e Se

ttled

dur

ing

the

mon

th(R

s.C

rore

s)1,

22,2

1917

,025

3,68

,614

02,

564

307

4,93

,398

17,3

32C

DSL

No.

of

Issu

ers (

Deb

t) /

Com

pani

es (E

quity

)(n

umbe

rs)

551

431

5,62

27,

121

2,42

460

78,

597

8,15

9N

o. o

f A

ctiv

e In

stru

men

ts(n

umbe

rs)

7,59

92,

651

5,75

07,

393

19,6

412,

086

32,9

9012

,130

Dem

at Q

uant

ity(la

kh)

4,09

210

8,16

721

,01,

630

15,9

6,74

11,

72,7

841,

74,4

1122

,78,

506

18,7

9,32

0D

emat

Val

ue(R

s.cr

ore)

62,8

6538

,614

16,6

7,31

51,

36,4

0072

,568

31,0

9418

,02,

747

2,06

,107

Qua

ntity

settl

ed d

urin

g th

e m

onth

(lakh

)22

055

,248

011

,552

066

,822

0Va

lue

Settl

ed d

urin

g th

e m

onth

(Rs.

cror

e)51

60

64,3

500

8,38

00

73,2

450

Not

e:

The

cat

egor

ies

incl

uded

in O

ther

s ar

e Pr

efer

ence

Sha

res,

Mut

ual F

und

Uni

ts, W

arra

nts,

PT

Cs,

Tre

asur

y B

ills,

CPs

, CD

s an

d G

over

nmen

t Sec

uriti

es.

So

urce

: NSD

L an

d C

DSL

.


867

Tabl

e 64

: Num

ber o

f co

mm

oditi

es p

erm

itted

and

trad

ed a

t exc

hang

es

Exc

hang

esPa

rtic

ular

s

Futu

res

Opt

ions

Agr

icul

ture

Met

als

othe

r th

an b

ullio

nB

ullio

n E

nerg

y G

ems

and

Ston

esA

gric

ultu

reM

etal

s ot

her t

han

bulli

onB

ullio

n E

nerg

y

NC

DE

XPe

rmitt

ed fo

r tra

ding

202

11

05

00

0Contractsfloated

200

00

05

00

0Tr

aded

170

00

01

00

0

MC

XPe

rmitt

ed fo

r tra

ding

86

32

00

22

1Contractsfloated

76

22

00

22

1Tr

aded

45

22

00

22

1

ICE

XPe

rmitt

ed fo

r tra

ding

121

00

10

00

0Contractsfloated

121

00

10

00

0Tr

aded

41

00

10

00

0

BSE

Perm

itted

for t

radi

ng4

12

10

00

00

Contractsfloated

41

21

00

00

0Tr

aded

41

20

00

00

0

NSE

Perm

itted

for t

radi

ng0

12

10

00

00

Contractsfloated

00

21

00

00

0Tr

aded

00

21

00

00

0So

urce

: NC

DE

X, M

CX

, IC

EX

, BSE

and

NSE

Tabl

e 65

: Tre

nds

in c

omm

odity

indi

ces

Ye

ar/

Mon

thM

CX

Ico

mde

x C

ompo

site

Ind

exN

kris

hiO

pen

Hig

hLo

wC

lose

Ope

nH

igh

Low

Clo

se20

18-1

962

566

255

260

03,

051

3,59

02,

838

3,41

420

19-2

0$60

062

856

459

9*3,

450

3,67

43,

418

3,42

9A

pr-1

960

061

459

960

33,

450

3,60

43,

450

3,50

1M

ay-1

960

360

357

057

13,

507

3,67

43,

498

3,61

5Ju

n-19

570

597

564

592

3,62

33,

623

3,46

93,

497

Jul-1

959

259

658

059

23,

506

3,64

63,

503

3,63

7A

ug-1

959

061

758

361

03,

642

3,64

33,

537

3,55

9Se

p. 1

9$61

062

859

559

9*3,

542

3,54

63,

418

3,42

9$

indi

cate

s as

on

Sept

embe

r 30,

201

9*

Dat

a fo

r MC

X ic

omde

x co

mpo

site

inde

x is

as

on S

epte

mbe

r 27,

201

9 as

MC

X h

as d

isco

ntin

ued

diss

emin

atio

n of

its

co-b

rand

ed T

R ic

omde

x in

dice

s si

nce

Sep

27, 2

019

Sour

ce: M

CX

and

NC

DE

X


868

Tabl

e 66

: Tre

nds

in c

omm

odity

der

ivat

ives

at M

CX

FUTU

RES

Year

/ M

onth

No.

of

Trad

ing

days

Agric

ultu

reM

etal

sBu

llion

Ener

gyTo

tal

Ope

n in

tere

st a

t the

en

d of

the

perio

dVo

lum

e ('0

00

tonn

es)

No.

of

cont

ract

s tra

ded

Turn

over

(`

cro

re)

Volu

me

('000

to

nnes

)

No.

of

cont

ract

s tra

ded

Turn

over

(`

cro

re)

Volu

me

('000

to

nnes

)

No.

of

cont

ract

s tra

ded

Turn

over

(`

cro

re)

Volu

me

('000

to

nnes

)*

No.

of

cont

ract

s tra

ded

Turn

over

(`

cro

re)

No.

of

cont

ract

s tra

ded

Turn

over

(`

cro

re)

No.

of

cont

ract

sVa

lue

(` c

rore

)

2018

-19

257

9,662

18,28

,722

1,01,2

331,1

1,475

7,88,3

5,865

25,25

,601

169

2,88,3

7,833

15,13

,817

6,71,6

9813

,69,46

,607

24,50

,777

24,64

,49,02

765

,91,42

83,1

3,641

14,24

420

19-2

0$12

84,7

679,0

6,788

47,46

335

,234

2,46,5

9,601

9,12,6

3512

42,1

9,71,3

0913

,22,17

85,2

6,636

10,95

,54,59

916

,92,70

615

,70,92

,297

39,74

,981

2,34,5

5615

,133

Apr-1

920

991

1,96,6

32 1

0,806

7,0

3055

,65,14

21,7

2,973

1525

,16,28

51,2

9,663

62,10

21,2

4,17,7

882,1

3,672

2,06,9

5,847

5,27,1

133,1

8,726

13,84

0M

ay-1

923

1,065

2,12,1

63 1

1,256

6,9

5956

,22,66

81,6

5,667

1627

,15,91

71,5

6,568

89,08

01,7

6,09,6

992,9

3,303

2,61,6

0,447

6,26,7

943,6

6,531

14,97

4Ju

n-19

2077

91,4

7,860

7,66

2 5,6

4539

,65,13

61,3

8,475

1831

,20,48

81,8

0,860

83,86

01,7

2,71,1

862,4

9,906

2,45,0

4,670

5,76,9

032,5

6,595

14,93

8Ju

l-19

2373

51,4

6,496

7,30

8 6,1

5036

,02,23

11,6

2,811

2239

,22,25

22,6

4,476

91,94

81,9

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Apr-1

920

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May

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Jun-

1920

3,803

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Sep-

1921

855

8553

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X

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e 67

: Tre

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in c

omm

odity

der

ivat

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CD

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2018

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2018

-19

257

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2019

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Apr

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May

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Jun-

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Aug

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Tabl

e 69

: Tre

nds

in c

omm

odity

der

ivat

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at B

SE

Year

/ M

onth

No.

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ing

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-19

128

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011

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Jun-

1920

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00

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1920

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870

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e 70

: Tre

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ivat

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at N

SE

Year

/ M

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)

2018

-19

120

149

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2019

-20$

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-19

232

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442

451

Jun-

1920

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097

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026

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925

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1921

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tes

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n A

ugus

t 30,

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VolumeforBRCrudeandBRCrudeMiniisprovidedinbarrels(absolutefigure).

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urce

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Tabl

e 71

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ticip

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e pe

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tage

sha

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f tu

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t MC

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and

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e 72

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me

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CX

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of th

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526

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Sour

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X


872

Table 73: Commodity-wise turnover and trading volume at NCDEX

Sr. No

Name of Agri. Commodity

2019-20$ Sep-18 Aug-19 Sep-19

Volume ('000

tonnes)

Value(` crore)

Volume ('000

tonnes)

Value(`crore)

Volume ('000

tonnes)

Value (`crore)

Volume ('000

tonnes)

Value(` crore)

Futures

1 Barley 92 167 19 33 5 10 3 5

2 Castorseed 9,091 51,637 1,058 5,002 1,172 6,674 1,327 7,513

3 Chana 7,495 32,628 813 3,231 1,089 4,561 1,109 4,574

4 Cotton seed oil cake 8,414 22,969 714 1,215 1,272 3,843 709 1,723

5 Coriander 1,459 9,965 244 1,231 185 1,118 175 1,037

6 Guar seed 9,744 42,066 2,229 9,624 1,777 7,693 1,334 5,473

7 Guargum 2,507 21,558 463 4,330 424 3,596 385 3,063

8 Jeera 409 7,031 73 1,419 54 929 51 868

9 Kapas 527 3,004 114 659 83 450 87 467

10 Maize 65 129 16 16 7 15 4 8

11 Moong 14 87 Na Na 4 23 2 9

12 Paddy Basmati Rice 1 4 Na Na 0.2 1 0.2 0.5

13 RM seed 3,938 15,383 703 2,930 607 2,393 535 2,123

14 Sugar Na Na 0.02 0.06 Na Na Na Na

15 Soy bean 5,874 21,769 1,116 3,678 796 2,888 1,269 4,787

16 RefinedSoyOil 2,537 18,786 551 4,089 441 3,310 350 2,656

17 Turmeric 906 6,079 115 768 114 779 123 789

18 Wheat 176 350 12 24 14 29 9 19

Total 53,248 253,611 8,242 38,248 8,045 38,311 7,474 35,116

Options

1 Chana 0.2 0.7 Na Na 0.0 0.0 0.1 0.2

2 Guargum 0.0 0.0 Na Na 0.0 0.0 0.0 0.0

3 Guarseed 1.4 6.3 3.0 13.2 0.1 0.5 0.1 0.6

4 Soybean 0.0 0.0 Na Na 0.0 0.0 0.0 0.0

5 Ref. Soy Oil 0.0 0.0 Na Na 0.0 0.0 0.0 0.0

Total 1.6 7.0 3.0 13.2 0.1 0.5 0.2 0.8$ indicates as on September 30, 2019 Turnover of options contract is notional value. Source: NCDEX


873

Table 74: Commodity-wise turnover and trading volume at ICEX, BSE and NSE Sr.No

Name of the Commodity

2019-20$ Sep-18 Aug-19 Sep-19Volume

('000 tonnes)

Value (` crore)

Volume ('000

tonnes)

Value (` crore)

Volume ('000

tonnes)

Value (` crore)

Volume ('000

tonnes)

Value (` crore)

A. ICEX 1 Castorseed Na Na 60 281 Na Na Na Na 2 Guarseed Na Na 42 18 Na Na Na Na 3 Isabgulseed 32 308 93 79 6 56 5 50 4 Pepper Mini 25.4 889 Na Na 6 208 6 189 5 Rape/Mustardseed Na Na 80 284 Na Na Na Na 6 Raw Jute Na Na 81 341 Na Na Na Na 7 Rubber 105 1,480 8 10 17 237 12 153 8 Diamond 1 CT 341,202 11,937 769,209 278 37,363 1,331 22,054 788 9 Diamond .5 CT 5,675 91 240,503 40 1 0.02 5 0.07

10 Diamond .3 CT 1 0.01 2,533 0.29 Na Na 0.02 0 11 Steel 1,104 3,392 159.6 613.23308 210 575 146 415 12 Paddy Basmati 15 533 Na Na 6.51 228 5 166

Total (ICEX) 348,159 18,628 1,012,768 1,945 37,610 2,635 22,232 1,761 B. BSE 1 Gold 0.02 5,812 Na Na 0 248 0 337 2 Silver 0.47 1,856 Na Na 0 273 0 186 3 Silver KG 0.00 0.04 Na Na 0 0.00 0 0 4 Silver M 0.00 0.04 Na Na 0.0 0.00 0 0 5 Copper 0.87 39 Na Na 0.0 0 0 0 6 Gold M 0.00 184 Na Na 0 0.0 0 0 7 Guar Gum 0.38 3 Na Na 0 0 0 0 8 Guar Seed 3073.82 13215 Na Na 679 2918 588 2414 9 Cotton 432 5,501 Na Na 82 988 0 0

10 Turmeric 209 1,355 Na Na 79.4 521 46 284 11 Cotton BSE 80 745 Na Na 6 64 74 680

Total (BSE) 3796.16 28,710 Na Na 846 5,013 708 3,902 C. NSE 1 Gold 2 Gold Mini 5 1,539 Na Na 0.2 76 0 44 3 Silver 6 22 Na Na 0 1 - - 4 BR Crude 0 141 Na Na 0 47 0.1 28 5 BR Crude Mini 7.0 233 Na Na 1.5 46 1.1 37

Total (NSE) 24 4,293 Na Na 5 1,489 3 935 $ indicates as on September 30, 2019 Notei) Volume for Diamond 1 CT, 0.5CT & 0.3CT has been given in Carat only (e.g. if volume is 80312.2 i.e. 80312.2 carats) and 1 Carat is equivalent to 100 cents. ii. Conversion factors: OMAN Crude Oil (1 Tonne = 7.33Barrels)Source : ICEX, BSE and NSE


874

Table 75: Macro Economic Indicators

I. GDP at Current prices (2011-12 prices) for 2018-19 (` crore)# 1,90,10,164II. Gross Saving as a Per cent of Gross national Disposable Income at current market prices in 2017-18! 30.1III. Gross Capital Formation as a per cent of GDP at current market prices in 2017-18! 32.3IV. Monetary and Banking Indicators May-19 Jun-19 Jul-19 Aug-19 Sep-19

Cash Reserve Ratio (Per cent) 4.0 4.0 4.0 4.0 4.0Repo Rate (Per cent) 6.00 5.75 5.75 5.40 5.40Money Supply (M3) (` Billion) 1,54,309 1,54,143 1,55,664 1,55,994 1,56,485

Aggregate Deposit (` Billion) 1,24,986 1,24,906 1,26,491 1,26,802 1,27,228

Bank Credit (` Billion) 96,226 96,486 96,569 96,830 97,012V. Interest Rate

Call Money Rate (Weighted Average) 5.90 5.78 5.59 5.36 5.3191-Day-Treasury Bill (Primary Yield) 6.19 6.03 5.74 5.41 5.41Base rate (Per cent) 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40Term Deposit Rate > 1 year (Maximum) 6.25/7.50 6.25/7.30 6.25/7.30 6.35/7.10 6.25/7.00

VI. Capital Market Indicators (` crore)Equity Cash Turnover (BSE+NSE) 8,46,355 6,42,988 7,61,070 7,24,438 7,63,189Market Cap-BSE 1,54,38,015 1,51,97,087 1,41,47,125 1,40,98,452 1,47,17,456Market Cap-NSE 1,52,54,361 1,50,31,415 1,40,05,417 1,39,76,168 1,45,73,003Net FPI Investment in Equity 7,920 2,596 -12,419 -17,592 7,548

VII. Exchange Rate and ReservesForex Reserves (USD million) 4,21,868 4,27,679 4,29,649 4,28,604 4,33,594Re/ Dollar 69.81 68.92 68.86 71.76 70.69Re/Euro 77.7 78.4 76.8 79.2 77.3Forward Premia of USD 6-month 3.93 4.70 4.31 4.24 4.23

VIII. PublicBorrowingandInflationGovt. Market Borrowing-Gross (` Billion) 2019-20^

1,360 2,040 2,720 2,400 4,250

Wholesale Price Index (2011-12=100) 121.2 121.5 121.2 121.4 NAConsumer Price Index (2012 =100) 142.0 142.9 144.2 144.9 NA

IX. Index of Industrial Production (y-o-y) Per cent (Base year 2011-12 = 100)General 135.5 129.2 131.1 NA NAMining 110.2 106.5 100.2 NA NAManufacturing 135.9 128.9 132.9 NA NAElectricity 176.9 173.0 169.7 NA NA

X. External Sector Indicators (USD million)Exports 29,994 25,012 26,333 26,127 NAImports 45,354 40,290 39,760 39,582 NATrade Balance -15,360 -15,278 -13,427 -13,455 NA

Notes: # Provisional Extimates as per MOSPI press release dated 31.05.2019 ! First revised estimates of national income, consumption expenditure, saving and capital formation for 2017-18 dated, 31.01.2019 ^cumulativefigurevalueof therespectivemonthfor2019-20 Aggregate Deposit, Bank Credit, Money Supply (M3) and Forex Reserve are updated as per available information on WSS dated 04 October 2019 Data for CPI, WPI, IIP and External sector have been complied based on available information. Source:RBI,FBIL,MOSPI,Ministryof Commerce&Industry,Officeof theEconomicAdviser.


875

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