Bull-jan2009.pdf Mimo

January 2009

VOL. 7

NUMBER 01

EDITORIALCOMMITTEE l Mr. Radhakrishnan Nair l Prof. G. Sethu l Mr. J.

Ranganayakulu l Mr. Nagender Parakh l Dr. Anil Kumar Sharma

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

Contents Page

POINT OF VIEW Credit Rating Agencies

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CAPITAL MARKET REVIEW

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HIGHLIGHTS OF INTERNATIONAL STOCK MARKETS DURING 2008

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PRESS RELEASES General 1. SEBI Board Meeting 2. SEBI signs MoU with FFMS, Russia 3. SEBI amends DIP Guidelines to provide for combined offering of Non-Convertible Debentures (NCDs) with warrants, through Qualified Institutions Placement (QIP) mechanism 4. Re-allocation of debt investment limit 5. NISM to organize training programmes for professionals to audit books / records of stock brokers 6. Clarification on news reports relating to Pyramid Saimira Theatre Ltd.

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Orders 1. Orders in the matter of Bombay Dyeing & Manufacturing Co. Ltd. 2. Order against M/s. ICAP India Pvt. Ltd., Member, NSE 3. Order against Mr. Swaminathan Mahalingam in the matter of M/s. Mega Millennium Securities Pvt. Ltd. and M/s. Mega Millennium Investment Pvt. Ltd. 4. Orders in case of IPO irregularities – Amadhi Investments Ltd., Rajesh Kumar Patel and Welvet Financial Advisors Pvt. Ltd. 5. Order against MCS Ltd. 6. Order against Mehta Equities Ltd. 7. Orders against Mr. Puroshattam Lal Kejdiwal and Mr. Dinesh Kumar Lodha, Members, Calcutta Stock Exchange in the matter of M/s. Adinath Bio-Labs Ltd. 8. Order against Shri Vidhyut B. Shah, Member, Ahmedabad Stock Exchange Ltd. in the matter of Manna GlassTech Industries Ltd. 9. Order against Mr. Sanju Kabra, Member, Calcutta Stock Exchange in the matter of M/s. Adinath Bio-Labs Ltd. 10. Order against M/s. Prakash Nahata & Co. Member, Calcutta Stock Exchange in the matter of M/s. Ashika Credit Capital Ltd. 11. Order in the matter of M/s. Mayekar Investment Private Ltd., Sub-broker, in the scrip of Avinash Information Technologies Ltd.

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12. Order against Equisearch Broking Private Ltd., Member, BSE, in the matter of Shree Yaax Pharma and Cosmetics Ltd. 13. Order against M/s. Mackertich Consultancy Services Private Ltd., M/s. Vatican Commercials Ltd. and M/s. Pinnacle Trades & Investments Pvt. Ltd. in the matter of South East Asia Marine Engineering and Constructions Ltd. 14. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. Shah in the matter of Sawaca Communications Ltd. 15. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. Shah in the matter of Sawaca Business Machines Ltd. (Formerly Sawaca Finance Ltd.) 16. Order against M/s. C. Mackertich Ltd., Member, NSE, BSE, CSE & OTCEI, in the matter of South East Asia Marine Engineering and Constructions Ltd. 17. Order against M/s.R.K. Global Shares & Securities Ltd., Member, NSE, in the matter of Soundcraft Industries Ltd. 18. Order against Shri Rajkumar C. Basantani, Panna Agrofine Pvt. Ltd.,Jaitra Estate Developers Pvt. Ltd. and Born Free Finance Pvt. Ltd. in the matter of Soundcraft Industries Ltd. 19. Order against AMS Finance & Securities Ltd. in the matter of Soundcraft Industries Ltd. 20. Order against Bharat H Jain, M/s. Jain Investment (Prop. Ramila Jain) and Asmita R Shah in the matter of Soundcraft Industries Ltd. 21. Order against M/s. Admiral Securities, Sub-broker, Affiliated with VSE Securities Ltd. and Member, Vadodara Stock Exchange in the matter of M/s. Design Auto Systems Ltd. 22. Order against M/s. Bipin B Diwani, Sub-broker, Affiliated to M/s. Vyomit Shares, Stock and Investments Pvt. Ltd., in the matter of Sawaca Communications Ltd. 23. Order against M/s. Mekaster Securities Pvt. Ltd., Member, NSE, in the matter of Soundcraft Industries Ltd. 24. Order against M/s. Kolar Sharex Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd. 25. Order against Shri Rajkumar Chainrai Basantani, Member, NSE, in the matter of Soundcraft Industries Ltd. 26. Order against M/s. Sparkling Securities, Sub-broker, Affiliated to M/s. Churiwala Securities Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd. 27. Order against M/s. Gini Enterprises, Sub-broker, Affiliated to Park Light Investment Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd. 28. Order against M/s. M.R.Share Broking Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd. 29. Order against M/s. VRM Share Broking Pvt. Ltd., Member, NSE, in the matter of Soundcraft Industries Ltd.

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30. Order against M/s. Apex Enterprises (India) Ltd. in the matter of Sri Adhikari Brothers Television Network Ltd. 31. Order against Somani Cement Company Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K. Singh in the matter of Somani Cement Company Ltd. 32. Order against Mr. Debapriya Ghosh in the matter of M/s. Adinath Bio-Labs Ltd. 33. Order against Mr. Pramod Kumar Kothari, Member, Calcutta Stock Exchange in the matter of M/s. Adinath Bio-Labs Ltd. 34. Order in the matter of Nissan Copper Ltd.

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Consent Orders 1. Consent order on the application submitted by R.S.S. Investments Pvt. Ltd. in the matter of Order Book Manipulation 2. Consent Order on the applications submitted by Taurus Mutual Fund in the matter of DCM Shriram Consolidated Ltd.

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3. Consent Order against Shri Sharad Chhotabhai Patel in the matter of M/s. Shree Rama MultiTech Ltd. 4. Consent Order against CD Equisearch (Pvt.) Ltd. in the matter of M/s. Design Auto Systems Ltd. 5. Consent Order against of Shri Samir R Shah in the matter of M/s. Hindustan Bio Sciences Ltd. 6. Consent Order against Infinity.Com Stock Broking Private Ltd. in the matter of M/s. Greenfield Trading & Finance Ltd. 7. Consent Order in matter of IPO irregularities – Shri Saumil A. Bhavnagari 8. Consent Order against M/s. SPT Securities Ltd., Member of NSE and Depositary Participant of NSDL 9. Consent Order against M/s. Sovereign Securities Private Ltd., Member, BSE 10. Consent Order against Shri R. D. Lahoti, sub-broker affiliated to HSE Securities Ltd., Member, NSE 11. Consent Order against P. Suryakant Share & Stock Brokers Pvt. Ltd. in the matter of M/s. Design Auto Systems Ltd. 12. Consent Order against M/s. Uttam Investments in the matter of M/s. Prabhu Steel Industries Ltd. 13. Consent Order in the matter of M/s. Winsome International Ltd. 14. Consent Order in the matter of M/s. Hardcastle & Waud Manufacturing Co. Ltd.

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15. Consent Order on the application submitted by Bharti Infotel Private Ltd. and Bharti Enterprises in the matter of Bharti Healthcare Ltd. (Now known as Capsugel Healthcare Ltd.) 16. Consent Order against Shri Santosh Gayakwad in the matter of Genus Commutrade Ltd. 17. Consent Order against SAM Global Securities Ltd. and Globe Capital Market Ltd. in the matter of Trading on May 17, 2004 18. Consent Orders in the matter of dealing in futures and options contracts on the NSE

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CIRCULARS 1. Cross Margining across Exchange traded Equity (Cash) and Exchange traded Equity Derivatives (Derivatives) segments 2. Maintenance of Security Deposit of 1% of the amount of securities offered to public/shareholders by issuer companies with the designated stock exchanges 3. Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 4. Listing and trading of warrants issued as part of a Qualified Institutions Placement (QIP) being a combined issuance of Non-convertible Debentures with Warrants 5. Review of Provisions relating to Close Ended Schemes 6. Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/Obligations of Securities Market Intermediaries under Prevention of Money Laundering Act, 2002 and Rules framed there-under- Master Circular on AML/CFT 7. Guidelines in respect of exit option to Regional Stock Exchanges

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HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS CAPITAL MARKET REVIEW

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ANNEXURES & STATISTICAL TABLES

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PUBLICATIONS

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POINT OF VIEW

Credit Rating Agencies1 ABSTRACT Investors' need to assess the available securities for investment on one hand and the expertise to analyze on the other lead to the existence of the Credit Rating Agencies (CRAs). It is a mechanism whereby assessment of a corporate issuer on the likelihood of a default in the debt payment is made by an independent third party based on different sources of information. Realizing the increasing importance of the CRAs and the ratings accorded by them, it became critical to comprehend whether these agencies are doing the necessary due diligence as per the required standards. This article attempts to glance on the role of the CRAs in present financial market scenario, consider their role in the earlier crises and the recent sub-prime crisis, looking into the attempts made by SEC to improve regulations governing CRAs, defining the role of CRAs in the Indian securities market followed by an analysis of the role performed, conclusion and suggestions.

experts with the requisite knowledge, skills and accessibility to data which is not available publicly. Thus, the investors' need to assess the available securities for investment and the expertise to analyze led to the genesis of the credit rating agencies (CRAs). The role of CRAs became important from investor as well as issuer point of view by influencing investment decisions and also acting as gatekeepers to the financial markets. It is a mechanism whereby assessment is made by an independent third party on the likelihood of a default in the debt re-payment by a corporate issuer based on different sources of information. Thus, CRAs are agencies performing the specialized function of assessing an issuer's capability of making timely payment towards financial obligation i.e. the credit rating. Because of the capability of the rating agencies to evaluate a broad range of securities, world-wide regulators also started incorporating/ using credit ratings as a criterion for assessing the quality of issues for investors. This helps in cost cutting for investors and issuers. For example, regulatory agencies in the United States have made increased use of ratings in supervisory settings. Professor Schwartz 2 referred to U.S. Securities and Exchange Commission (SEC) Rule 3a-7 under the Investment Company Act of 1940, citing an

I. Introduction For a market to be efficient, accurate and timely information should be available to all the investors. As all the investors are not equipped with the skills of analyzing the creditworthiness of an issuer and most do not have access to all the required information for making such an analysis, it make sense for them to rely on the analysis done by 1 2

A Point of View is prepared by the officers of Research Department of SEBI, views are personal and not necessarily of SEBI. 17 C.F.R. § 270.3a-7 (2000), discussed in Steven L. Schwarcz, supra note 1 as referred in The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy by Professor Howell E. Jackson, Harvard Law School

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example of this sort of regulatory incorporation. In the United States, when a corporation invests in a pool of securities, the corporation is presumptively subject to regulation under the Investment Company Act of 1940, a law to protect investors from various sorts of investment fraud. In the 1980's, this jurisdictional structure created problems for the emerging market for securitized assets. Eventually, the SEC created an exemption from the 1940 Act for pools of securitized assets provided the instrument received an adequate rating from an accredited rating agency. The logic of this exemption was that, if the pool received a good enough credit rating, then the provisions dealing with investor protection under the 1940 Act would be superfluous. In this context, an adequate credit rating became the path to exemption from intricate regulation.

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II. Recent Scenario Due to globalization the entire world is getting increasingly financially integrated. This enhances the responsibility on the part of regulators as increased integration means that financial crisis can spread more easily from one country to another. The role of CRAs becomes more important in this scenario. Originated in USA, now ratings provided by CRAs are used all over the world for nearly all types of financial instruments. These ratings are used as a benchmark for assessing credit risk. Published ratings are not only observed by the investors but, as stated earlier, are used by regulators also for regulation of financial markets. Banks or certain types of other investors are allowed to hold only lower risk securities rated 'investment grade'. By referring to the market benchmark for credit risk, regulation remains in touch with the changing credit risks in the market.

But is this regulatory dependence on rating agencies fair to the investors? Starting from the East Asian crisis to recent sub-prime crisis, rating agencies have been blamed for their failures to predict the vulnerability of the issuers as well as countries and revising their ratings in a time-bound manner leading to various crises and loss of investors' money.

This increasing importance of credit ratings for the investors as well as for the regulators, raises some important questions - whether the rating agencies are able to adapt themselves with the rapidly changing financial markets and increasingly large number of complex financial instruments? Whether rating-based risk management results in greater adaptability with complex financial markets or whether it is limited to the trial and error learning of markets?

Thus, realizing the increasing importance of the CRAs and the vulnerability of the ratings given by them, it became important to know whether these agencies are performing as per the required standards. This article attempts to analyse the role of CRAs in the present financial market scenario, consider their role in the recent sub-prime crisis and the earlier crises, list the attempts made by SEC to improve regulations governing CRAs, define the role of CRAs in the Indian securities market, analyse the role performed and conclude with suggestions on the way ahead.

There are instances where CRAs have either not rated companies accurately or have not changed the ratings assigned earlier in a time bound manner. The ratings were revised only when the crisis had already been triggered resulting in a further increase in the intensity of the crisis. The Asian crisis is also one of the examples of failure on the part of rating agencies. The crisis focused on the pivotal role of the international credit rating 002

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Table II: Ratings of Lehman Brothers

agencies in the movement of capital in and out of emerging markets. The major rating agencies were accused even at that time for not issuing warning signals ahead of the crisis rather these agencies started downgrading the country rating after the crisis started thus, making the condition worse. The sudden downgrade of ratings encouraged an abrupt outflow of foreign capital and fed the downward spiral. These CRAs failed to realize that the crisis was related more with conditions in financial markets such as lack of liquidity in East Asia than the region's underlying economic conditions such as national trade and current account balances. The East Asian crisis revealed the power of rating agencies to attract or divert the foreign investment from a developing country.

Issuer Rating Moody's Rating Effective From B3 15-Sep-08 A2 10-Sep-08 A2 17-Jul-08 A1 13-Jun-08 A1 22-Oct-03 A2 24-Jun-03 A2 03-Nov-00 A3 14-Sep-00 A3 05-Aug-99 Baa1 07-Jul-99 Baa1 29-Jun-95

LT Issuer Default Rating -FITCH Rating Effective From D 15-Sep-08 A+ 09-Sep-08 A+ 09-Jun-08 AA28-Jun-07 A+ 20-Jun-01 A 19-Nov-97 A01-Jul-91

Source: Bloomberg

Table III: Ratings of Merrill Lynch & Co Inc Issuer Rating Moody's Rating Effective From A2 15-Sep-08 A2 17-Jul-08 A1 17-Apr-08 A1 24-Oct-07 Aa3 08-Oct-96 A1 29-Jun-95

In the recent sub-prime crisis, CRAs became the target for criticism for the reason that higher credit ratings were issued for many collateralized debt obligations (CDOs) than was deserved. The three big CRAs of USA viz. Moody's, S&P, and Fitch were also criticized for reacting very slowly to the crisis. Companies that were rated investment grade by Moody's and Standard & Poor's became bankrupt. The following tables show the ratings given by Moody's Fitch and S&P to AIG, Lehman Brothers and Merill Lynch.

LT Issuer Default Rating -FITCH Rating Effective From A+ 15-Sep-08 A+ 09-Jul-08 A+ 24-Oct-07 AA17-May-02 AA 26-Nov-97

Dates on which these firms filed for bankruptcy or were sold are provided in the following table: Table IV : Date of Filing for bankruptcy/ sold out Company

LT Issuer Default Rating -FITCH Rating Effective From A 15-Sep-08 AA22-Aug-08 AA22-May-08 AA08-May-08 AA 11-Feb-08 AA 02-May-05 AA+ 15-Mar-05 AAA 28-Feb-97

LT Foreign Issuer Credit -S&P Rating Effective From A 15-Sep-08 A 02-Jun-08 A+ 24-Oct-07 AA27-Oct-06 A+ 17-Oct-02 AA15-Aug-02 AA18-Dec-96 A+ 22-Mar-96

Source: Bloomberg

Table I: Ratings ofAIG Inc Issuer Rating - Moody's Rating Effective From A2 15-Sep-08 Aa3 22-May-08 Aa2 09-May-08 Aa2 31-May-05 Aa2 02-May-05 Aa1 31-Mar-05 Aaa 20-Apr-95

LT Foreign Issuer Credit -S&P Rating Effective From D 16-Sep-08 SD 15-Sep-08 A 12-Sep-08 A 09-Sep-08 A 02-Jun-08 A+ 11-Oct-05

AIG Inc LT Foreign Issuer Credit -S&P Rating Effective From A15-Sep-08 AA12-Sep-08 AA21-May-08 AA08-May-08 AA 21-Dec-06

Lehman brothers holdings Ltd. Merill Lynch & Co Inc

Sold out/Filed for Bankruptcy 16 Sept. 2008 by Federal Reserve 16 Sept. 2008 15 Sept 2008 by Bank of America

As can be seen from the above tables, there was not much revision in the ratings given by the three CRAs in the above mentioned firms till the time they were sold out or even filed for bankruptcy. Earlier also there were cases like Enron where the credit rating agencies were questioned for the

Source: Bloomberg

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credibility of their ratings.

impartiality of their ratings. In August 2007, SEC commenced an extensive examination of three major credit rating agencies viz. Fitch Ratings Ltd., Moody's Investor Services Inc., and Standard & Poor's Ratings Services (recognized CRAs are known as the Nationally Recognized Statistical Rating Organizations in USA). The main aim of the examination was to review the role of CRAs in the recent crisis in sub-prime mortgage-related securities markets and the focus was the rating agencies' activities in rating sub-prime RMBS and CDOs linked to sub-prime residential mortgagebacked securities.

Though CRAs may adopt different methodologies, similar procedures are generally followed for rating. When an issuer approaches a CRA for ratings, the first task for the analyst is to analyze the security on the basis of various parameters. These parameters include industry characteristics as well as the competitive position of the company. In addition, financial aspects of the company viz. financial policy, profitability, capital structure etc. are also analysed. The analyst develops predictions, based on quantitative models and other qualitative factors. He checks the proposed structure of the security against requirements for a particular rating. Here arises the main dilemma. Ideally, a rating should be given to a security as per its structure. But generally it does not happen. Usually, if the analyst concludes that the capital structure of the security does not support the desired ratings, this is conveyed to the issuer. Now the issuer could accept the given rating and issue the securities with the proposed capital structure or adjust the structure to get the desired highest rating. Generally companies alter the structure of the securities to get the desired rating. This is what has exactly happened in case of ratings given to collateralized debt obligations (CDOs) and residential mortgage backed securities (RMBS). Ratings should be given as per the structure of the security but what has happened is exactly opposite. Securities were structured so as to get the desired ratings.

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Specifically, key areas of review included :

After the recent sub-prime crisis, the European Union had announced probes into the role of the CRAs. SEC of USA became particularly interested in the rating agencies' policies and practices in rating mortgage-backed securities and the 3

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the Nationally Recognized Statistical Rating Organizations' (NRSROs) ratings policies, procedures and practices, including gaining an understanding of ratings models, methodologies, assumptions, criteria and protocols;

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the adequacy of the disclosure of the ratings process and methodologies used by the NRSROs;

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whether the NRSROs complied with their ratings policies and procedures for initial ratings and ongoing surveillance;

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the efficacy of the NRSROs' conflict of interest procedures; and

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whether ratings were unduly influenced by conflicts of interest related to the NRSROs' role in bringing issues to market and the compensation they receive from issuers and underwriters.

Different CRAs follow different policies and procedures and different issues were identified

Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies, by the Staff of the Office of Compliance Inspections and Examinations Division of Trading and Markets and Office of Economic Analysis United States Securities and Exchange Commission, July 2008

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among the firms, the SEC Staff's examinations among other things revealed that 4 significant aspects of ratings were not always disclosed and the rating agencies did not always document significant steps and significant participants in the ratings process;

meant to supplement previous rules implemented by the Commission in June 2007. The proposed measures required enhanced disclosures by NRSROs such as transition statistics including upgrades or downgrades as well as default statistics for each asset class for which it is registered or is seeking registration. Also NRSROs are required to provide enhanced disclosure in three areas: (1) whether and, if so, how much verification performed on assets underlying or referenced by the structured finance transaction is relied on in determining credit ratings; (2) whether and, if so, how assessments of the quality of originators of structured finance transactions play a part in the determination of the credit ratings; and (3) more detailed information on the surveillance process, including whether different models or criteria are used for ratings surveillance than for determining initial ratings.

In addition, the surveillance processes used by the rating agencies appeared to have been less robust than the processes used for initial ratings and issues were identified in the management of conflicts of interest and improvements can be made. SEC's examined the three rating agencies and reviewed the processes used by these firms with respect to rating RMBS and CDOs that held subprime RMBS securities to gain insight into the conflicts of interest in the ratings process for RMBS and CDOs, and to understand the ratings methodologies employed by them.

The details regarding the change in the ratings as well as disclosures about the rating may help the investors to decide about the credibility of ratings and thus take well-informed investment decisions.

III.Approved Measures by SEC: On December 03, 2008, the Securities and Exchange Commission approved a series of measures regarding credit rating agencies (CRAs). These measures aimed at increasing the transparency and accountability of credit rating agencies and ensuring that the firms provide more meaningful ratings and additional disclosure to the investors.

It is proposed by Commission staff that NRSRO should make publicly available a random sample of 10 per cent of their issuer-paid credit ratings and their histories documented for each class of issuerpaid credit rating for which the NRSRO is registered and has issued 500 or more ratings. This information is to be made public on the NRSRO's corporate Internet Web site in XBRL format within six months after the rating is made. In addition, three new record keeping requirements are proposed.

This is the second set of reforms for the credit rating agencies as the initial rules were implemented in June 2007 by SEC under the Credit Rating Agency Reform Act. Public comments are invited on the new proposed amendments to be received by the Commission within 45 days after their publication in the Federal Register.

An analysis of the data of the issuer paid ratings over a period of time may help in analyzing

The rules considered on December 03, 2008 were 4

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monitor the rating, is made available to other NRSROs. Specifically, the re-proposed amendments would require NRSROs that are hired by arrangers to perform credit ratings for structured finance products to disclose to other NRSROs (and only other NRSROs) the deals for which they were in the process of determining such credit ratings. The arrangers would need to provide the NRSROs they hire with a representation that they will provide information given to the hired NRSRO to other NRSROs. The Commission is proposing to amend Rule 100 of Regulation FD (Fair Disclosure) to permit the disclosure of material non-public information to NRSROs regardless of whether they make their ratings publicly available.

whether there is a conflict of interest in determining the rating i.e. whether the ratings are fair or are influenced as the rating agencies are getting paid from the issuer. Another proposed measure would require an NRSRO to provide the Commission with an annual report of the number of credit rating actions that occurred during the fiscal year for each class of security for which the NRSRO is registered. Also it is proposed to add three new prohibited conflicts prohibiting an NRSRO from issuing a credit rating with respect to an obligor or security where the NRSRO or an affiliate of the NRSRO made recommendations to the obligor or the issuer, underwriter, or sponsor of the security about the corporate or legal structure, assets, liabilities, or activities of the obligor or issuer of the security, prohibiting a person within an NRSRO who has responsibility for participating in determining credit ratings or for developing or approving procedures or methodologies used for determining credit ratings from participating in any fee discussions, negotiations, or arrangements and prohibiting an NRSRO from allowing a credit analyst who participated in determining or monitoring the credit rating to receive gifts, including entertainment, from the obligor being rated or from the issuer, underwriter, or sponsor of the securities being rated, other than items provided in the context of normal business activities.

Making the same data available to all the rating agencies may help in arriving at a fair rating. In case the hired rating agencies may not be able to provide a fair rating or revise rating at a proper time, due to whatever reason, other CRAs will be able to provide a fair rating with the data available. And because of this reason, there will be a pressure on the rating agency to provide an accurate rating for the sake of its reputation and credibility. IV. Indian scenario In India, Securities and Exchange Board of India (SEBI) has registered only five CRAs, namely Credit Rating Information Services of India Limited (Crisil), ICRA Ltd., Credit Analysis and Research Ltd. (CARE), Fitch and Brickwork Ratings India Pvt Ltd. There are two more CRAs in India, ONICRA and SME Rating Agency of India Ltd. (SMERA) but these do not seem to have official recognition. As discussed earlier, regulators had started relying on the ratings assigned by the CRAs for maintaining market efficiency and investor protection. SEBI is no

The above proposed measures may help in resolving various issues involving conflict of interest. An NRSRO is prohibited from issuing a rating for a structured finance product paid for by the product's issuer, sponsor, or underwriter unless the information about the product provided to the NRSRO to determine the rating and, thereafter, 006

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exception. CRAs rate a number of products coming under the purview of other regulators viz. Reserve Bank of India (RBI), Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority (IRDA). For the purpose of rating securities, SEBI has defined CRAs under SEBI (Credit Rating Agencies) Regulations, 1999 and prescribed a code of conduct for CRAs. Similarly, IRDA, PFRDA and RBI also have certain regulatory requirements linked to rating of the investible products.

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or 12 shall be payable by, inter alia, issue, exchange and, or transfer of secured instruments of acquirer company with a minimum 'A' grade rating from a CRAregistered with the SEBI. c. Collective Investment Schemes (CIS) No CIS can be launched before obtaining rating from a registered credit rating agency. Rating received along with the tenure is to be disclosed in the offer document. It is the responsibility of the trustee of the CIS to get the scheme rated by a credit rating agency.

Following are the various rules/regulations/ guidelines where the credit rating has been made mandatory by the SEBI:

d. Comprehensive Risk Management Framework for Derivatives and Cash Market

a. Mutual Funds

As a risk containment measure in derivatives, in 1999, it was made mandatory to have at least 50 per cent of the total liquid assets in the form of cash equivalents viz., cash, bank guarantee, fixed deposits, T-bills and dated Government securities. For this purpose, the clearing corporation/house set an exposure limit for each bank to have liquid assets as bank guarantee taking into account all relevant factors. It includes that not more than five per cent of the Trade Guarantee fund (TGF) or one per cent of the total liquid assets deposited with the clearing house whichever is lower shall be exposed to any single bank which is not rated P1 (or P1+) or equivalent by a RBI recognized credit rating agency. Also, not more than 50 per cent of the trade guarantee fund or 10 per cent of the total liquid assets deposited with the clearing house whichever is lower should be exposed to all such banks put together.

Mutual funds can only invest in the debt securities and mortgage backed securities having at least investment grade by a CRA. Mutual funds are allowed to invest in foreign debt securities in the countries with fully convertible currencies, debt instruments with highest rating (foreign currency) by accredited/registered CRAs. They may also invest in Government securities where the countries areAAArated. For the purpose of valuation, all non-traded debt securities are classified into “Investment grade” and “Non-Investment grade” securities based on their credit rating. For Capital protection oriented schemes launched in 2006, it was mandatory to rate the proposed portfolio structure by a SEBI registered credit rating agency. Further, it should also be ensured that the debt component of the portfolio structure has the highest investment grade rating.

The same was made applicable to the cash markets in 2005.

b. Takeover and Buyback The offer to acquire shares under regulations 10, 11 007

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Thus, it can be seen that in India too, there is a growing reliance on CRAs for regulatory purposes. This will be helpful till the time CRAs are providing fair, accurate and timely ratings. But there is a need to take a word of precaution learning from the experience of the recent crisis. An analysis of the role of CRAs brings out some loopholes on the CRAs side as well as on the regulator side.

e. Secondary Market for Corporate Debt Securities Any listed company making issue of debt securities on a private placement basis and listed on a stock exchange is required to ensure that the debt securities carry a credit rating of not less than investment grade from a CRA registered with SEBI. The Issuer is required to promptly notify the exchange, the details of any rating or revision in rating assigned to any debenture or equity instrument of the issuer or to any fixed deposit programme or to any scheme or proposal of the issuer involving mobilisation of funds whether in India or abroad provided the rating so assigned has been quoted, referred to, reported, relied upon or otherwise used by or on behalf of the Issuer.

V. Analysis CRAs undertake an elaborate study of the issuing companies/ governments and accord ratings ranging from the best to the lowest depending on their assessment of the issuing company's ability to honour the debt obligation in time. They have far reaching consequences for the issuers as well as the investors. CRAs contribute to the achievement of the regulatory objectives of investor protection, fair and transparent markets and reduction of systemic risk. CRAs are playing such an important role that Tom Freidman 5 once compared the strength of Moody's Investor Services with the USA.

f. Initial Public Offerings (IPOs) and Debt Instruments Credit Rating from at least one CRA registered with SEBI was made mandatory for making a public or rights issue of debt instruments as well as for IPOs of equity shares or any other security convertible/exchangeable into equity shares at a later date in 2007.

With the recent crisis, there is a world wide demand for tightening regulations for CRAs and USA had already started responding towards the same. Though the recent crisis has not impacted India as much as it did the USA there is a need to learn from their experiences. As stated earlier, CRAs in India rate various products coming under the purview of different regulators. This may give rise to systemic risk in case of inaccurate rating of any product. With so much of benefits derived from CRAs, there are certain problems associated with them as described below:

Before roll over of any non-convertible debentures (NCDs) or non-convertible portion of the partly convertible debentures (PCDs), it is mandatory to obtain at least one rating from a credit rating agency registered with the SEBI within a period of six months prior to the due date of redemption and communicate the same to the debenture holders before the roll over. Credit rating will be compulsory, if conversion/redemption falls after 18 months.

1. As CRAs are paid by the issuers to rate their

5 "There are two superpowers in the world … the United States and Moody's Bond Rating Service ... and believe me, it is not clear sometimes

who is more powerful.”: Attributed to Tom Friedman, New York Times columnist by Senator Joeseph Lieberman, Rating the Raters: Enron and the Credit Rating Agencies: Before the Senate Committee on Governmental Affairs, 107th Cong. 471, March 20, 2002.

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products, it is possible that these agencies give a favorable rating to their clients. On the contrary it may also happen that the issuer changes the structure of the security in order to get the desired rating. Thus the whole intention of getting rated is destroyed as rating is done to determine the grade/level of the structure of the security.

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quality detoriates but the ratings were not revised for a long time. Does this suggest that market and regulators should rely on credit spreads rather than credit ratings? VI. Issues for Consideration The two most prominent models of CRA regulations, outside India are that of USA and IOSCO. India follows the simple registration model for CRAs with the supervisory and regulatory powers vested with SEBI. Registration is compulsory and CRAs are required to maintain the records. A CRA has to disclose possible sources of conflict of duties and interests, which could impair its ability to make fair, objective and unbiased ratings to the clients. Further it should ensure that no conflict of interest exists between any member of its rating committee participating in the rating analysis, and that of its client. It has been made mandatory for issuers to obtain credit rating as per the SEBI (DIP) Guidelines, 2000. No other country has made credit rating compulsory for IPOs. Following issues need consideration

2. As CRAs also offer services such as consultancy, credit risk management etc. they may temper with the accurate rating to entice the issuers to use these services. This is often referred to as the conflict of interest problem. The issuers may exert pressure on the rating agency to improve the ratings in return for the purchase of its consultancy services. Also there is problem of notching whereby rating agencies lower the ratings of the issue not rated by them. 3. As CRAs have access to non-public information, they are to be monitored for insider trading. In addition, there is a problem of lack of transparency regarding rating methodology, procedures etc. followed by the rating agencies.

1. Regulatory dependence on CRAs should be minimized. Regulator should not make it mandatory to obtain rating from one or two rating agencies as in one way it is like bringing business to the CRAs. Issuers are going for ratings not for grading their securities but on account of regulatory compulsion. Credit rating should be obtained by issuers voluntarily for improving the image of the issuer. Investors should demand for the rating of the products whereas if regulator makes it mandatory to obtain ratings it is like creating an artificial demand for the ratings.

4. While CRAs themselves generally put a disclaimer," A rating is not a recommendation to buy, sell or hold the rated instrument, it does not comment on the market price or suitability for a particular investor", how come regulators can rely on their ratings so much that the ratings becomes the regulatory requirement? 5. As in the case of Enron, and the recent subprime crisis, it is observed that CRAs reacted very slowly, failed to monitor ratings and revise them especially upon receipt of negative information. In the case of Enron, some scholars pointed out the yield spread of corporate bond started expanding as the credit

2. The Regulator while making it mandatory for the issuers to be rated by one/two registered 009

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rating agencies thereby increasing the reliance of investors on these ratings, also allows CRAs to put disclaimers which relieves them of their responsibility. Investors do not have any right to take action against CRAs in case of wrong assessment of an issue or delay in revising their ratings. CRAs should be made liable towards their wrong assessments/delays or any such actions which goes against the interest of investors.

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under rating methodology to make the system more transparent. 7. Another measure to reduce the negative impact of ratings is to be more transparent and enhance disclosures. Investors should know the reasons behind a decision taken by the CRAs. This will help the investors to compare their opinions with the CRAs opinion rather than simply following the CRAs opinion. 8. Rating Agencies should be encouraged to update ratings more frequently. As the frequency of the updating the ratings increases, any change in the rating whether positive or negative will be communicated to the market well in time. In such a case, even a negative change in the ratings will not be sudden and any chances of a negative impact will be minimized.

3. To manage the problem of conflict of interest, which may indirectly impact the ratings given by CRAs, these agencies may be instructed to fire-wall their rating and consultancy businesses. Further, senior management of the CRAs should not be allowed to be on the management of the issuing companies to be rated by them. 4. As stated earlier, CRAs are rating various products coming under the jurisdiction of different regulators. There is a need to make the existing regulations comprehensive enough covering all the products rated by CRAs and also all the aspects related to the governing of the CRAs.

9. The incentive structure of the CRAs needs to be re-examined. Incentive of an analyst should not be linked with the ratings given. Also, the problem of issuer paying the CRAs for getting themselves rated needs to be addressed. If regulator made it mandatory to get the ratings, CRAs can be paid from investor protection fund or a separate fund can be created for the purpose. Such a fund though created by using the funds of the issuer company yet as the CRAs will not be paid directly by the company being rated there will be no bias. To further improve the practice, CRAs can be assigned to companies by the regulator rather than companies choosing the rating agencies themselves.

5. As the structured products are still in a nascent stage in India, CRAs may be asked to upgrade/evolve their rating techniques to rate complex structural products. As such, rating methodologies should be continually upgraded with the invention of new and complex products in the financial markets. 6. While SEBI has been emphasizing that CRAs must disclose the rating and the rating methodology but it has not been specified as to what information is to be covered under rating methodology. Therefore, there is a need to state clearly what information is to be covered

10. Competition between the rating agencies will help in getting fair and appropriate ratings. Therefore, there is a need to increase the number of rating agencies.

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Policy Report 6, Financial Policy Forum, Derivatives Study Center,April 14, 2003.

VII. Conclusion As credit rating agencies are a means to provide investors the information which they may not be able to generate due to lack of technical know-how and expertise, the responsibility of CRAs has increased manifold. In the era of financial globalization the role of CRAs becomes all the more important.

3. Consultation Report, "The Role of Credit Rating Agencies in Structured Finance Markets", Technical Committee of the International Organization of Securities Commissions, March 2008. 4. Standards and Poor's, "Rating Methodology : Evaluating the Issuer".

Similar to USA, in India too, we can observe increasing regulatory dependence on these agencies. Indian markets have been saved this time from any major impact of the sub-prime crisis due to whatever reasons. This has given us an opportunity to prepare our system against any such crisis in future. Accurate and timely ratings should be encouraged and transparency should be enhanced with more disclosures. Though India has credit rating agencies regulations, there is a need to improve the existing regulations keeping in mind the problem of overlap of jurisdictions of various regulatory agencies. The move should be towards voluntary credit rating by entity rather than obligation made under various rules/regulations. The regulatory measures though important in regulating the function of CRAs and binding them to be more transparent, yet the self image would be the driving force for the CRAs in the long run.

5. Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Markets, U.S. Securities and Exchange Commission, January 2003. 6. Standard and Poor's, "Ratings Direct", September 24, 2008. 7. Professor Howell E. Jackson, "The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy", Harvard Law School. 8. 17 C.F.R. § 270.3a-7 (2000), discussed in Steven L. Schwarcz, supra note 1 as referred in "The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy by Professor Howell E. Jackson* ,Harvard Law School. 9. Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies, by the Staff of the Office of Compliance Inspections and Examinations Division of Trading and Markets and Office of Economic Analysis United States Securities and Exchange Commission, July 2008.

References 1. Elkhoury, Marwan, "Credit Rating Agencies and Their Potential Impact on Developing Countries", UNCTAD/OSG/DP/2008/1, No. 186, January 2008. 2. Setty, Gautam and Dodd, Randall, " Credit Rating Agencies: Their Impact on Capital Flows to Developing Countries", Special

10. Various Rules and Regulations of SEBI.

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CAPITAL MARKET REVIEW I. Trends in the Primary Market Table 1: Funds Mobilised in Primary Market 1 Particulars

1 a) Public Issues i) IPOs ii) FPOs b) Rights Issues c) QIP Total (a+b+c)

December-08

December-07

No. of Issues

Amount (Rs.crore)

No. of Issues

Amount (Rs.crore)

2

3 0.00 0.00 0.00 1,369.90 114.29 1,484.19

4 8 6 2 5 10 23

5 1,843.42 1,557.92 285.50 2,952.38 8,419.94 13,215.74

N.A N.A

N.A N.A

0 0 0 3 1 4

2008-09 (April December) Amount No. of (Rs.crore) Issues 6

2007-08 (April December) Amount No. (Rs.crore) of Issues

% Change Column 6 over column 8

Column 7 over colunm 9

20 20 0 21 2 43

7 2,058.51 2,058.51 0.00 11,997.31 188.82 14,244.64

8 74 68 6 22 29 125

9 38,153.20 26,260.43 11,892.77 13,446.68 21,110.26 72,710.15

10 -72.97 -70.59 -4.55 -93.10 -65.60

11 -94.60 -92.16 -10.78 -99.11 -80.41

310 236

2,06,761.52 39,268.17

N.A N.A

N.A N.A

-

-

d) Preferential Allotment* BSE NSE

Note:

28 15

218.20 273.21

Data related to (c) and (d) are obtained from BSE and NSE. *Preferential issues are classified according to the month in which they are listed . Preferential issues may include common issues reported to both the exchanges.

During December 2008, Rs. 1,484.19 crore was mobilised through 4 issues in the primary market. No public issue was raised during the month. There were 3 rights issues which mobilised Rs. 1,369.90 crore. During December 2007, there were 8 public issues which mobilised Rs. 1,843.42 crore and 5 rights issue which mobilised Rs. 2,952.38 crore. Of the public issues 6 were Initial Public Offerings (IPOs) which mobilised Rs. 1,557.92 crore and 2 were Follow on Public Offerings (FPOs) which mobilised Rs. 285.50 crore.

mobilised Rs. 38,153.20 crore and 22 rights issues which mobilised Rs. 13,446.68 crore during 200708 (April – December). In December 2008, there was only one QIP which mobilised Rs. 114.29 crore as compared to 10 QIPs which mobilised Rs. 8,419.94 crore in December 2007. During December 2008, 28 preferential allotments (Rs. 218.20 crore) were listed at BSE and 15 preferential allotments (Rs. 273.21 crore) were listed at NSE. During 2008-09 (April – December), 310 preferential allotments with issue value of Rs. 2,06,761.52 crore were listed at BSE and 236 preferential allotments with issue value of Rs. 39,268.17 crore were listed at NSE (Table 1).

During 2008-09 (April – December), there were 20 public issues which mobilised Rs. 2,058.51 crore and 21 rights issues which mobilised Rs. 11,997.31 crore as compared to 74 public issues which 1

Differences in total are due to rounding off and sometimes they may not exactly add up to the last digit.

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I.1 Private Placement of Corporate Debt As per SEBI Guidelines, corporates are required to report to the stock exchanges, funds raised through private placement of debt issues. Funds raised

through private placements during December 2008 were reported to NSE and BSE, the details of which are given below:

Table 2: Private Placement of Corporate Debt reported to BSE and NSE Month/Year

1 April-08 May-08 June-08 July-08 August-08 September-08 October-08 November-08 December-08 April - December, 2008

No. of Issues 2 15 (25) 31 (26) 65 (52) 21 (26) 16 (18) 14 (20) 32 (27) 54 (28) 33 (28) 281 (250)

BSE Amount (Rs. crore) 3 540.10 (2,141.00) 2,255.45 (3,957.00) 2,789.31 (1,209.00) 1,087.11 (1,209.00) 149.70 (1,058.00) 3,013.60 (7,959.37) 1,661.90 (1,226.00) 5,035.03 (4,638.00) 4,192.14 (2,085.00) 20,724.34 (25,482.37)

No. of Issues 4 74 (75) 31 (37) 49 (87) 33 (48) 41 (59) 80 (51) 18 (31) 80 (59) 88 (22) 494 (469)

NSE Amount (Rs. crore) 5 7,888.02 (10,251.00) 6,271.49 (5,217.00) 6,581.80 (11,053.00) 1,890.75 (6,310.00) 9,046.61 (6,121.00) 14,433.60 (11,971.92) 8,523.67 (5,456.00) 15,436.58 (8,760.00) 30,332.96 (3,769.00) 1,00,405.48 (68,908.92)

No. of Issues 6 89 (100) 62 (63) 114 (139) 54 (74) 57 (77) 94 (71) 50 (58) 134 (87) 121 (50) 775 (719)

Total Amount (Rs. crore) 7 8428.12 (12,392.00) 8,526.94 (9,174.00) 9,371.11 (12,262.00) 2,977.86 (7,519.00) 9,196.31 (7,179.00) 17,447.20 (19,931.29) 10,185.57 (6,682.00) 20,471.61 (13,398.00) 34,525.10 (5,854.00) 1,21,129.82 (94,391.29)

Note: Figures in parentheses relate to the respective period in previous year. Source: BSE, NSE

During December 2008, a total Rs. 34,525.10 crore was raised through 121 debt issues by the corporate sector by way of private placement. Of the total, Rs. 4,192.14 crore was reported to BSE and Rs. 30,332.96 crore to NSE. During April – December

(2008-09), the total amount of private placement of corporate debt reported was Rs. 1,21,129.82 crore through 775 issues as compared to Rs. 94,391.29 crore through 719 issues during the April – December (2007-08) (Table 2).

I.2 Mutual Funds During December 2008, Rs. 1,205.02 crore was mobilised by public sector mutual funds, whereas, Rs. 1,106.55 crore was redeemed from private

sector mutual funds. In total mutual funds mobilised Rs. 98.47 crore during the month. During April – December (2008-09) there has been 013

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a redemption of Rs. 30,431.99 crore by mutual funds, whereas, Rs. 1,23,993.10 crore was mobilised duringApril – December (2007-08).

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management was lower by 24.83% to Rs. 4,13,364.51 crore as on December 31, 2008 as compared to Rs. 5,49,936.13 crore as on December 31, 2007 (Table 3).

The market value of cumulative asset under

Table 3: Net Resource Mobilisation by Mutual Funds Category

December 2008 2 1,205.02 -1,106.55 98.47 4,13,364.51

1 (i) Public Sector (ii) Private Sector Total (i + ii) Cumulative Assets Under Management

April December 2008

December

3 9,510.11 -39,942.10 -30,431.99

2007 4 2,364.33 -13,495.59 -11,131.27 5,49,936.13

April - December 2007 5 18,125.05 1,05,868.05 1,23,993.10

II. TRENDS IN THE SECONDARY MARKET II.1 Cash Segment Chart 1: Movement of BSE Sensex and S&P CNX Nifty 19000.00

5500

5000

17000.00

4500

13000.00 3500 11000.00 3000

9000.00

2500

BSE Sensex

S&P CNX Nifty

014

De c-08

Nov-08

Oct-08

S e p-08

Aug-08

J ul-08

J un-08

2000 Ma y-08

7000.00

S &P CNX Nifty

4000

Apr-08

BS E S e n s e x

15000.00

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BSE Sensex closed at 9647.31 on December 31, 2008, as against 9092.72 on November 28, 2008, registering a rise of 554.59 points (6.10%). In terms of closing value, Sensex recorded a high of 10099.91 on December 19, 2008 and a low of 8739.24 on December 02, 2008.

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S&P CNX Nifty closed at 2959.15 on December 31, 2008, as against 2755.10 on November 28, 2008, registering a rise of 204.05 points (7.41%). In terms of closing value, Nifty recorded a high of 3077.50 on December 19, 2008 and a low of 2656.45 on December 03, 2008 (Chart 1).

Table 4: Major Indicators of Stock Market

1 A. Indices* BSE Sensex S&P CNX Nifty S&P CNX 500 B. Market Capitalisation* (Rs.crore) BSE NSE C. Gross Turnover (Rs.crore) BSE NSE D. P/E ratio* BSE Sensex BSE 100 index S&P CNX Nifty

2005-06

2006-07

2007-08

Nov-08

Dec-08

Percentage change over the previous month (col. 6 over col.5)

2

3

4

5

6

7

11280 3403 2910

13072 3822 3145

15644.44 4734.50 3825.85

9092.72 2755.10 2093.10

9647.31 2959.15 2295.75

6.10 7.41 9.68

30,22,189 28,13,201

35,45,041 33,67,350

51,38,014.13 48,58,121.72

28,18,964.33 26,53,281.28

31,44,766.89 29,16,768.42

11.56 9.93

8,16,074 15,69,558

9,56,186 19,45,285

15,78,855.29 35,51,038.00

63,693.62 1,73,122.83

80,865.79 2,12,955.99

26.96 23.01

20.92 20.08 20.26

20.33 17.64 18.4

20.11 19.95 20.63

11.62 12.87 12.08

12.36 14.30 12.97

-

Source: BSE and NSE

The market capitalisation of BSE, was higher by 11.56% from Rs. 28,18,964.33 crore as on November 28, 2008 to Rs. 31,44,766.89 crore as on December 31, 2008. The market capitalisation of NSE was also higher by 9.93% from Rs. 26,53,281.28 crore as on November 28 , 2008 to Rs. 29,16,768.42 crore as on December 31, 2008.

2008 to Rs. 80,865.79 crore in December 2008. The monthly turnover of NSE, too was higher by 23.01% from Rs. 1,73,122.83 crore in November 2008 to Rs. 2,12,955.99 crore in December 2008. The P/E ratio of BSE Sensex was 12.36 as on December 31, 2008 against 11.62 as on November 28, 2008. The P/E ratio of S&P CNX Nifty was 12.97 as on December 31, 2008 against 12.08 as on November 28, 2008 (Table 4).

The monthly turnover of BSE was higher by 26.96% from Rs. 68,693.62 crore in November

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II.2 Sectoral Indices Table 5: Percentage change in Sectoral and other Indices in BSE and NSE (Per cent) Change in BSE Indices Index 1 BSE Sensex BSE 100 BSE 200 BSE 500 BSE Small Cap BSE FMCG BSE Consumer Durables BSE Capital Goods BSE Bankex BSE Teck BSE Oil & Gas BSE Metal BSE Auto BSE PSU BSE Healthcare

Over Nov 30, 2008 2 6.10 8.43 8.87 9.14 11.45 2.62 6.70 8.20 17.42 -2.73 7.69 18.96 4.90 15.13 2.71

Change in NSE Indices Over Mar 31, 2008 3 -38.33 -39.41 -40.15 -41.58 -53.03 -13.22 -50.72 -50.67 -29.32 -35.62 -39.60 -62.81 -45.97 -28.91 -22.92

Index 4 S&P CNX Nifty CNX Nifty Junior S&P CNX 500 CNX Mid-cap CNX 100 S&P CNX Defty CNX IT Bank Nifty Nifty Mid-cap 50

Over Nov 30, 2008 5 7.41 18.37 9.68 12.87 8.79 10.92 -10.73 16.56 12.99

Over Mar 31, 2008 6 -37.50 -42.88 -39.99 -40.14 -38.27 -48.53 -40.97 -24.85 -44.43

Source: BSE, NSE

During December 2008, among the BSE indices, BSE Metal was up by 18.96% over its previous month's closing followed by BSE Bankex (↑17.42%), BSE PSU ( 15.13%) and BSE Small

During December 2008, among the indices followed by NSE, CNX Nifty Junior was up by 18.37% over its previous month's closing followed by Bank Nifty (↑ 16.56%), Nifty Midcap-50

Cap ( 11.45%). BSE Teck on the other hand was lower by 2.73% over its previous month's closing. Over March 31, 2008, BSE Metal declined by 62.81%, followed by BSE Small Cap ( 53.03%), BSE Consumer Durables ( 50.72%) and BSE Capital Goods ( 50.67%).

( 12.99%) and CNX Mid-cap ( 12.87%). Over March 31, 2008, S&P CNX Defty declined by 48.53%, followed by Nifty Mid-Cap 50 ( 44.43%) and CNX Nifty Junior ( 42.88%) (Table 5).

II.3 Institutional Investment

During December 2008, total investment by mutual funds was Rs.13,991.10 crore of which Rs. 340.80 crore was invested in equity and Rs. 13,650.30 crore was invested in debt. During

(April December), 2008, net investment by mutual funds has been Rs. 37,126.90 crore, of which Rs. 7,866.70 crore was invested in equity and Rs. 29,260.20 crore was invested in debt (Table 6).

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Table 6: Investment by Mutual Funds (Rs. crore) Year/Month

Mutual Funds Equity

1 2004-05 2005-06 2006-07 2007-08 2008-09 (Apr-Dec) Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08

2 448 14,303 9,062 16,306 7,866.70 -112.00 64.00 3,179.20 1,412.20 -368.70 2,292.20 1,431.60 -372.60 340.80

Debt

Total

3 16,987 36,801 52,543 73,790 29,260.20 16,438.00 5,919.00 3,264.00 5,788.90 7,463.70 6,416.60 -26,081.80 -3,598.50 13,650.30

Asset under Management

4 17,435 51,104 61,605 90,096 37,126.90 16,327.00 5,982.00 6,443.20 7,201.10 7,095.00 8,708.80 -24,650.20 -3,971.10 13,991.10

5 1,49,600 2,31,862 3,26,292 5,62,820 413,364.51 595,010.45 588,643.21 521,898.53 540,623.13 544,534.56 483,270.02 394,710.67 405,111.90 413,364.51

Table 7: Investment by FIIs Year/Month

FIIs

1 2004-05 2005-06 2006-07 2007-08 2008-09 (Apr-Dec) Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08

Equity (Rs. crore) 2 44,123.00 48,801.00 25,237.00 53,403.30 -41,554.60 1,074.80 -5,011.50 -10,095.80 -1,836.80 -1,211.70 -8,278.10 -15,347.30 -2,598.30 1,750.10

Debt (Rs. crore) 3 1,759.00 -7,334.00 5,607.00 12,775.90 8,201.00 -1,701.70 -162.90 -998.70 3,618.90 1,257.80 3,204.20 -1,858.10 4,215.00 626.50

There was a net inflow of foreign funds in December 2008. FIIs invested a total amount of Rs. 2,376.60 crore of which Rs. 1,750.10 crore was invested in equity and Rs. 626.50 crore was invested in debt. During 2008 (April - December),

Total (Rs. crore) 4 45,882.00 41,467.00 30,844.00 66,179.20 -33,353.60 -626.90 -5,174.40 -11,094.50 1,782.10 46.10 -5,073.90 -17,205.40 1,616.70 2,376.60

Net Investment (US$ million) 5 10,172.00 9,332.00 6,709.00 16,040.20 -8,268.70 -155.20 -1,282.80 -2,750.50 441.70 11.70 -1,258.00 -4,265.30 400.80 588.90

FIIs liquidated Rs. 41,554.60 crore in equity whereas invested Rs. 8,201.00 crore in debt. In total Rs. 33,353.60 crore was liquidated in the market in the current financial year so far (Table 7).

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II.4 International Markets Table 8: Percentage change in International Indices Index

1 Developed Markets Australia AS 30 France CAC Germany DAX Hong Kong HSI Japan NIKKEI Singapore STI UK FTSE 100 USA DOW JONES USA NASDAQ Composite Emerging Markets Argentina IBG Brazil IBOV Chile IPSA China SHCOMP Colombia IGBC Egypt HERMES Hungary BUX Indonesia JCI Malaysia KLCI Mexico MEXBOL Pakistan KSE 30 Russia CRTX S. Korea KOSPI South Africa JALSH Taiwan TWSE Thailand SET Turkey XU 100

As on November 30, 2008

As on December 31, 2008

2

3

Change over the previous month (Per cent) 4

3672.70 3262.68 4669.44 13888.24 8512.27 1732.57 4288.01 8829.04 1535.57

3659.30 3217.97 4810.20 14387.48 8859.56 1761.56 4434.17 8776.39 1577.03

-0.36 -1.37 3.01 3.59 4.08 1.67 3.41 -0.60 2.70

59247.55 36595.87 2406.26 1871.16 7314.81 396.70 12694.74 1241.54 866.14 20534.72 9981.93 1058.38 1076.07 21209.49 4460.49 401.84 25714.98

62180.16 37550.31 2376.42 1820.81 7560.68 427.18 12241.69 1355.41 876.75 22380.32 5485.33 987.74 1124.47 21509.20 4591.22 449.96 26864.07

4.95 2.61 -1.24 -2.69 3.36 7.68 -3.57 9.17 1.22 8.99 -45.05 -6.67 4.50 1.41 2.93 11.97 4.47

Source: Bloomberg Financial Services

During December 2008, among developed market indices, Japan NIKKEI increased by 4.08% over its previous month's closing, followed by Hong Kong HSI (↑ 3.59%), UK FTSE 100 ( 3.41%) and

closing. As regards, the emerging market indices, Thailand SET increased by 11.97%, followed by Indonesia JCI ( 9.17%), Mexico MEXBOL ( 8.99%) and Egypt HERMES ( 7.68%) (Table8).

Germany DAX ( 3.01%). France CAC, on the other hand, fell by 1.37% over its previous month's

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Table 9: P/E Ratios in International Market Index 1 Developed Markets

2005-06 2

2006-07 3

2007-08 4

Nov-08 5

Dec-08 6

Australia AS 30 France CAC Germany DAX Hong Kong HSI Japan NKY Singapore STI UK FTSE 100 USA NASDAQ Comp. USA DOW JONES Emerging Markets

18.20 15.80 15.70 12.80 45.70 11.90 14.90 41.80 22.90

17.80 15.00 14.60 15.60 37.40 14.00 16.80 34.60 17.10

13.63 11.38 11.22 13.32 14.23 10.77 11.50 33.74 15.65

10.80 8.34 11.12 8.51 12.33 5.75 7.89 30.18 10.65

10.77 8.29 10.66 8.82 12.88 6.00 7.87 31.73 10.59

Argentina IBG Brazil IBOV Chile IPSA China SHCOMP Colombia IGBC Egypt HERMES Hungary BUX Indonesia JCI Malaysia KLCI Mexico MEXBOL Pakistan KSE 30 Russia CRTX S. Korea KOSPI South Africa JALSH Taiwan TWSE Thailand SET Turkey XU100

11.40 10.10 15.70 19.00 25.80 22.80 12.50 21.70 15.30 14.40 15.00 7.90 11.20 14.60 9.80 19.70

19.50 12.40 21.30 40.50 12.20 18.10 9.40 21.40 17.50 16.70 11.60 12.00 13.00 10.10 20.10 11.50 12.30

2.58 14.10 19.35 28.07 21.67 15.17 10.36 16.90 13.65 13.93 13.94 10.57 14.23 12.71 18.36 16.61 8.36

5.10 8.62 12.68 14.75 19.04 7.39 4.59 7.36 9.76 10.14 6.85 3.57 8.34 7.57 9.05 6.47 5.01

5.37 8.78 12.20 14.12 19.64 7.48 4.43 8.26 10.09 11.06 3.76 3.28 10.95 7.33 9.31 7.26 5.37

Source: Bloomberg Financial Services

SHCOMP (14.12% ↓ 4.27%) and Chile IPSA

Among developed market indices, P/E ratio of USA NASDAQ Composite was 31.73 (↑5.14%),

(12.20, ↓3.79%) (Table 9).

followed by Japan NIKKEI (12.88, ↑4.46%) and

Figures in italic denote the percentage changes of P/E values of the respective indices in December 2008 over their P/E values in November 2008.

Australia AS 30 (10.77%, ↓ 0.28%). Among emerging market indices, the P/E ratio of Colombia IGBC was 19.64 (↑ 3.15%) followed by China

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2009

II.5 Volatility

Table 10: Average Daily Volatility in Indian Indices* Index

Dec-08

Apr-Dec 2008

Index

Dec-08

(Per cent) Apr-Dec 2008

1 2 3 4 5 6 BSE Sensex S&P CNX Nifty High 2.18 2.56 High 2.46 2.77 Low 2.30 3.07 Low 2.08 2.34 Close 2.53 2.88 Close 2.16 2.86 BSE 100 2.43 2.81 CNX Nifty Junior 2.30 2.92 BSE 200 2.31 2.73 S&P CNX 500 2.26 2.61 BSE 500 2.24 2.65 CNX Mid-cap 1.96 2.24 BSE Small-cap 1.71 2.13 CNX 100 2.41 2.76 BSE FMCG 1.41 1.89 S&P CNX Defty 2.92 3.12 BSE Consumer Durables 3.43 2.94 CNX IT 2.68 2.98 BSE Capital Goods 2.89 3.24 Bank Nifty 2.79 3.58 BSE Bankex 2.90 3.67 Nifty Mid-cap 50 2.36 2.71 BSE Teck 2.46 2.75 BSE Oil & Gas 2.88 3.17 BSE Metal 3.40 3.66 BSE Auto 2.31 2.32 BSE PSU 2.22 2.47 BSE Healthcare 1.23 1.73 *Average Daily Volatility is calculated as the standard deviation of logarithmic returns of index values for the particular period. Source: BSE, NSE

Among BSE indices, the highest volatility was recorded in case of BSE Consumer Durables (3.43%), followed by BSE Metal (3.40%) and BSE Bankex (2.90%) during December 2008.

Among indices followed by NSE, S&P CNX Defty recorded the highest volatility (2.92%), followed by Bank Nifty (2.79%) and CNX IT (2.68%) during December 2008 (Table 10).

Table 11: Average Daily Volatility and Annualised Volatility in the Indices UK FTSE 100

Hong Kong HSI

Malaysia KLCI

S.Korea KOSPI

Thailand SET

Singapore STI

Germany DAX

France CAC

Indonesia JCI

BSE Sensex

S&P CNX Nifty

1 2 Apr-08 1.05 May-08 0.90 Jun-08 1.24 Jul-08 1.47 Aug-08 1.42 Sep-08 2.98 Oct-08 4.81 Nov-08 4.06 Dec-08 2.71 Annualised Volatility (April - December 2008) 41.44

USA NASDAQ Comp.

Month

USA Dow Jones

(Per cent)

3 1.41 1.13 1.52 1.56 1.34 3.39 4.79 4.25 3.31

4 1.04 1.02 1.18 1.60 1.23 2.94 4.85 3.47 2.21

5 1.47 1.33 1.48 1.97 1.72 3.21 7.01 3.51 3.22

6 0.73 0.59 0.98 1.13 1.00 1.12 1.94 1.34 1.08

7 0.96 1.11 1.06 1.75 1.11 2.62 5.33 3.64 2.67

8 0.67 1.11 1.48 1.60 1.47 1.85 4.77 2.65 1.79

9 1.27 1.04 0.92 1.36 0.92 2.29 4.63 2.61 2.23

10 1.12 0.85 1.05 1.35 1.24 2.08 4.91 3.84 2.78

11 1.14 0.99 1.12 1.68 1.43 3.00 5.17 3.74 2.91

12 1.98 1.11 0.85 1.45 1.60 2.36 5.55 2.87 2.64

13 1.28 1.31 1.93 3.30 1.73 2.50 5.19 3.85 2.53

14 1.28 1.21 1.91 2.97 1.61 2.32 5.03 3.83 2.46

44.70

39.69

51.33

18.40

42.14

36.60

35.14

39.61

42.73

40.57

45.69

43.89

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During December 2008, among the major international indices, the volatility of USA NASDAQ Composite was 3.31%, followed by Hong Kong HSI (3.22%) and France CAC

2009

(2.91%). The annualised volatility for 2008-09 (April to December) of Hong Kong HSI was 51.33% followed by BSE Sensex (45.69%), and USANASDAQ Composite (44.70%) (Table 11).

II.6 Derivatives Market Table 12: Trends in Derivatives Market at NSE Item

1 A. Turnover (Rs.crore) (i) Index Futures (ii) Options on Index Put Call (iii) Stock Futures (iv) Options on Stock Put Call Total B. No. of Contracts (i) Index Futures (ii) Options on Index Put Call (iii) Stock Futures (iv) Options on Stock Put Call Total C. Average Open Interest No. of Contracts Notional Turnover (Rs.crore)

2005-06

2006-07

2007-08

Nov-08

Dec-08

2

3

4

5

6

Percentage change over previous month (Col.6 over Col.5) 7

15,13,791

20,06,381

38,20,667.28

2,56,949.73

2,69,997.30

5.08

1,69,837 1,68,632 27,91,721

3,93,693 3,98,219 32,00,941

6,93,294.63 668,816.25 75,48,563.16

1,34,092.20 1,58,042.13 1,87,211.26

1,41,918.64 1,71,696.77 2,30,465.57

5.84 8.64 23.10

36,518 1,43,752 48,24,250

31,909 1,61,902 61,93,045

50,693.27 3,08,443.28 1,30,90,477.87

2,632.14 6,428.65 7,45,356.11

4,526.02 10,561.95 8,29,166.25

71.95 64.29 11.24

5,85,37,886

5,81,02,968

15,65,98,579

1,94,71,367

2,00,07,895

2.76

65,21,649 64,13,467 7,95,86,852

1,25,25,089 1,26,32,349 8,42,28,281

2,86,98,156 2,66,67,882 20,35,87,952

96,24,563 1,02,96,361 1,79,49,270

1,00,14,156 1,11,44,623 2,22,62,785

4.05 8.24 24.03

10,74,780 41,65,996 15,63,00,630

8,89,018 43,94,292 17,27,71,997

14,57,918 80,02,713 42,50,13,200

2,41,953 5,61,864 5,81,45,378

4,36,840 9,27,467 6,47,93,766

80.55 65.07 11.43

10,28,003 38,469.00

17,91,549 38,670.00

16,31,427 52,095.00

34,99,664 44,315.04

35,58,332 46,041.67

1.68 3.90

Source: NSE

In December 2008, the monthly turnover of index futures increased by 5.08% to Rs. 2,69,997.30 crore from Rs. 2,56,949.73 crore in November 2008. During the same period, the monthly turnover of stock futures also increased by 23.10% to Rs. 2,30,465.57 crore from Rs. 1,87,211.26

crore. In December 2008, monthly turnover of put options on index increased by 5.84% to Rs. 1,41,918.64 crore from Rs. 1,34,092.20 crore and the monthly turnover of call options on index increased by 8.64% to Rs. 1,71,696.77 crore from Rs. 1,58,042.13 crore in November 2008. In 021

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December 2008, the monthly turnover of put options on stocks increased by 71.95% to Rs. 4,526.02 crore from Rs. 2,632.14 crore in November 2008. During the same period, the monthly turnover of call options on stocks

2009

increased by 64.29% to Rs. 10,561.95 crore from Rs. 6,428.65 crore. The average open interest in December 2008 increased by 3.90% to Rs. 46,041.67 crore from Rs. 44,315.04 crore in November 2008 (Table 12).

022

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2009

HIGHLIGHTS OF INTERNATIONAL STOCK MARKETS DURING 2008* 1. Equity market capitalisation: Top ten exchanges 2008 (USD bn) 9,209 3,116 2,396 2,102 1,868 1,425 1,329 1,111 1,033 948

Exchange 1 2 3 4 5 6 7 8 9 10

NYSE Group Tokyo SE Nasdaq Euronext London SE Shanghai SE Hong Kong Exchanges Deutsche Börse TSX Group BME Spanish Exchanges

2007 (USD bn) 15,525 4,524 4,061 4,283 3,949 3,279 2,724 2,085 1,974 1,801

Percentage change - 40.7 - 31.1 - 41.0 - 50.9 - 52.7 - 56.5 - 51.2 - 46.7 - 47.6 - 47.3

2. Total value of share trading: Top ten exchanges Exchange

2008 (USD bn) 36,446

2007 (USD bn) 28,116

Percentage change

1

Nasdaq

2

NYSE Group

33,639

29,210

15.2

3

London SE

6,474

10,324

-37.3

4

Tokyo SE

5,586

6,476

-13.7

5

Euronext

4,454

5,648

-21.1

6

Deutsche Börse

3,881

4,324

-10.2

7

Shanghai SE

2,587

4,070

-36.4

8

BME Spanish Exchanges

2,439

2,971

-17.9

9

TSX Group

1,736

1,649

5.3

10

Hong Kong Exchanges

1,629

2,139

-23.8

* Data Source: World Federation of Stock Exchanges. SE denotes Stock Exchange

023

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2009

3. Percentage change in Blue chip index movement as on December 2008 over December 2007 OMX Nordic Iceland (OMXI15)

-94.4%

Cyprus (CySE 20)

-77.0%

Irish (ISEQ 20)

-66.6%

Shanghai (SSE 180 Index)

-66.3%

Athens Exchange (ASE 20)

-66.1%

Ljubljana (SBI Top)

-66.1%

Shenzhen (SZSE 100 Index)

% change

-63.2%

Wiener Börse (Austrian Traded Index)

-61.2%

Lima (ISBVL)

-59.7%

Luxembourg (LuxX)

-59.5%

Egypt (Titans 20 Index)

-55.9%

Indonesia ( LQ45 Index)

-54.9%

Euronext Brussels (BEL 20)

-53.8%

Budapest (BUX)

-53.3%

Oslo Børs (OBX Index)

-52.8%

India BSE SENSEX

-52.4%

Euronext Amsterdam (AEX 25)

-52.3%

India NSE (S&P CNX Nifty)

-51.8%

Euronext Lisbon ( PSI 20)

-51.3%

Colombo (Milanka Price Index)

-50.4%

Istanbul (National 30)

-50.3% 0.0%

-10.0%

-20.0%

-30.0%

-40.0%

-50.0%

-60.0%

-70.0%

-80.0%

-90.0% -100.0%

4. Total number of listed companies: Top ten exchanges Exchange

2008

2007

1

Bombay SE

4,921

4,887

2

TSX Group

3,841

3,951

3

BME Spanish Exchanges

3,576

3,537

4

3,096

3,307

5

London SE NYSE Group

3,011

2,273

6

Nasdaq

2,952

3,069

7

Tokyo SE

2,390

2,414

8

2,009

1,998

9

Australian SE Korea Exchange

1,793

1,757

10

National Stock Exchange India

1,406

1,330

024

January

SEBI BULLETIN

2009

5. Total number of trades in equity shares (in thousands): Top ten exchanges Exchange

2008

2007

% Change

4,050,573

2,234,160

81.3

2

NYSE Group Nasdaq

3,779,384

2,058,455

83.6

3

National Stock Exchange India

1,368,050

1,052,318

4

Shanghai SE

1,278,881

1,617,332

5

658,047

840,258

6

Shenzhen SE Korea Exchange

30.0 -20.9 -21.7

641,754

605,799

5.9

7

Bombay SE

565,605

480,270

17.8

160,990

9

London SE Taiwan SE Corp.

201,779 200,976

213,203

25.3 -5.7

10

Euronext

191,760

154,736

23.9

1

8

6. Number of contracts in the stock options: Top ten exchanges

1,200,000,000

1,000,000,000

2008

2007

800,000,000

600,000,000

400,000,000

200,000,000

0

Buenos Aires SE

OMX Nordic Exchange

Hong Kong Exchanges

Euronext.liffe

American SE

EUREX

BM&FBOVESPA

Philadelphia SE

Chicago Board Options Exchange

International Securities Exchange

025

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SEBI BULLETIN

2009

7. Stock Options turnover: Top ten exchanges Exchange

2008 (USD bn)

2007 (USD bn)

Percentage change

1,550

1,604

-3.4

BM&FBOVESPA

894

1,064

Euronext.liffe ASX Derivatives Trading

771

970

263

406

-16.0 -20.5 -35.3

5

Philadelphia SE

226

163

6

Hong Kong Exchanges

182

225

7

1

EUREX

2 3 4

Borsa Italiana

115

149

38.6 -19.3 -22.9

8

Bourse de Montreal

102

101

1.4

9

American SE National Stock Exchange India

56

80

52

86

-30.4 -39.8

10

8. Stock Futures turnover: Top ten exchanges Exchange

2008 (USD bn)

2007 (USD bn)

Percentage change

1033

1710

-39.6

EUREX

652

232

181.4

512

340

50.5

4

Euronext.liffe BME Spanish Exchanges

91

57

5

JSE

43

50

6

33

63

7

Borsa Italiana OMX Nordic Exchange

59.0 -14.4 -48.4

10

10

8

ASX Derivatives Trading

9

11

9

Budapest SE Athens Derivatives Exchange

8

13

2.2 -18.8 -41.7

6

7

-13.2

1

National Stock Exchange India

2 3

10

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2009

9. Number of contracts in the stock futures: Top ten exchanges

10. Index Futures turnover: Top ten exchanges Exchange

2008 (USD bn)

2007 (USD bn)

33,264

33,503

Percentage change

1

EUREX

2

Euronext.liffe Korea Exchange

8,886

9,664

-0.7 -8.1

5,602

5,594

0.2

5,205

5,044

3.2

5

Osaka SE Hong Kong Exchanges

4,046

3,788

6

Tokyo SE Group

2,104

2,334

6.8 -9.9

7

BME Spanish Exchanges

1,320

1,789

8

1,149

1,427

9

Borsa Italiana ASX SFE Derivatives Trading

-26.3 -19.5

1,031

1,075

-4.1

10

TAIFEX

1,031

741

39.2

3 4

027

January

SEBI BULLETIN

2009

11. Number of contracts in the index futures: Top ten exchanges 600,000,000

2008

2007

500,000,000

400,000,000

300,000,000

200,000,000

100,000,000

0

Tokyo SE Group

TAIFEX

OMX Nordic Exchange

Hong Kong Exchanges

Singapore Exchange

Korea Exchange

Euronext.liffe

Osaka SE

National Stock Exchange India

EUREX

12. Index Options turnover: Top ten exchanges Exchange

2008 (USD bn)

2007 (USD bn)

Percentage change

1

Korea Exchange

44,308

63,397

-30.1

2

EUREX

24,441

19,840

3

Euronext.liffe

5,363

5,854

23.2 -8.4

4

TAIFEX

2,205

27

5

2,199

2,531

6

Tel Aviv SE National Stock Exchange India

673

314

7

Hong Kong Exchanges

613

1,268

8

397

508

9

Borsa Italiana OMX Nordic Exchange

266

350

-21.8 -23.9

10

BME Spanish Exchanges

142

118

20.9

028

8,182.1 -13.1 114.2 -51.7

January

SEBI BULLETIN

2009

13. Number of contracts in the index options: Top ten exchanges

3,000,000,000

2008

2007

2,500,000,000

2,000,000,000

1,500,000,000

1,000,000,000

500,000,000

0

International Securities Exchange

OMX Nordic Exchange

Osaka SE

Euronext.liffe

Tel Aviv SE

TAIFEX

National Stock Exchange India

Chicago Board Options Exchange

EUREX

Korea Exchange

14. Total value of bonds traded: Top ten exchanges Exchange

2008 (USD bn)

2007 (USD bn)

Percentage change

1

BME Spanish Exchanges

6,823

5,854

16.5

2

6,118

3,605

3

London SE OMX Nordic Exchange

2,546

2,797

69.7 -9.0

4

Colombia SE

468

526

5

Istanbul SE

406

480

6

382

317

7

Deutsche Börse Korea Exchange

348

381

20.6 -8.8

8

Tel Aviv SE

262

196

33.9

9

Borsa Italiana Swiss Exchange

256

206

24.5

185

144

28.2

10

029

-11.0 -15.3

January

SEBI BULLETIN

2009

15. Capital raised by bonds issuances: Top ten exchanges Exchange

2008 (USD bn)

2007 (USD bn)

Percentage change

1

Luxembourg SE

1399

1350

3.7

2

London SE

1262

618

104.3

3

Bursa Malaysia

867

NA

NA

4

Deutsche Börse

552

449

23.0

5

Korea Exchange

373

295

26.5

6

The Stock Exchange of Thailand

273

122

124.3

7

National Stock Exchange India

141

118

18.9

8

OMX Nordic Exchange

87

60

9

Istanbul SE

82

84

44.9 -2.4

10

Wiener Börse

79

78

0.9

16. Trading in securitized derivatives: Top ten exchanges Exchange

Turnover (USD Bn)

Exchange

No. of Trades (thousands) 43,023.1

1

Hong Kong Exchanges

574

2

337

3

Deutsche Börse Korea Exchange

86

Hong Kong Exchanges

26,380.2

4

Swiss Exchange

56

Deutsche Börse

22,515.6

5

Euronext

48

Euronext

4,950.9

6

34

Borsa Italiana Swiss Exchange

2,701.0

7

Borsa Italiana Singapore Exchang

8

Taiwan SE Corp.

9

Australian SE OMX Nordic Exchange

10

15

Korea Exchange Taiwan SE Corp.

27,522.4

2,228.5

9

OMX Nordic Exchange

834.1

7

Australian SE Bursa Malaysia

615.3

4

030

320.4

January

SEBI BULLETIN

2009

PRESS RELEASES GENERAL

underlying shares in demat form.

1. SEBI Board Meeting

The policy measures approved by the Board in this meeting, along with measures undertaken in the recent past for reduction in timelines, are expected to streamline the rights issue process and make it more efficient.

•

SEBI to extend validity of the observation letter SEBI Board has approved extension of validity of observation letter issued for public / rights issue from present three months to one year, subject to filing of updated document with SEBI where there are material changes.

•

•

It was decided that no early exit will be allowed in any scheme of Mutual Fund in the nature of a close ended scheme. The schemes which have been approved earlier but not yet launched will also have to be amended accordingly. It will be obligatory for the Asset Management Company to list the close ended schemes. The Board also decided that for such close ended schemes the underlying assets will not have a maturity beyond the date on which the scheme expires.

•

The Board decided to adopt a code to avoid conflict of interest for the members of the Board. It was further decided that this code will be put up in the public domain by publishing it on the SEBI website before December 12, 2008.

•

In order to bring transparency in the working of the Board it was decided that the agenda papers submitted to the Board on all policy issues will be made available in the public domain by putting them up on the SEBI website after the Board has taken a decision on the issue. The minutes of the meeting relating to such items will also be made available on the SEBI website after the Board has approved the

SEBI to introduce electronic rights entitlements and ASBA in the Rights Issue process. SEBI Board has approved certain policy measures pertaining to rights issue process, which, inter-alia, include enabling electronic rights entitlement, which can be traded electronically in Stock Exchanges, introducing alternate mode for making applications in rights issue viz Applications Supported by Blocked Amount (ASBA) mode and mandating that the issuer can get access to rights issue proceeds only after the allotment is finalized. Currently a shareholder intending to renounce his/her Rights entitlements fills up part B of the rights issue application form. The renouncee can trade this form or apply in the Rights Issue by filling up Part C of the form. Renunciation forms are traded in physical segment in Bombay Stock Exchange. The right entitlement will now be made available in demat form for all shareholders holding the 031

January

SEBI BULLETIN

minutes. Accordingly the agenda papers for Board meeting are made available on the SEBI website.

2009

2007-08, has proposed, inter-alia, to enhance the tradability of Domestic Convertible Bonds (DCBs). This requires a mechanism that will enable investors to separate the embedded equity option from the convertible bond and trade it separately. This mechanism requires basic enablers like existence of long tenor callable Credit Derivatives market, ability to borrow stock for long tenors to enable short selling, etc.

Ref. : PR No.283/2008 dated December 04, 2008 2. SEBI signs MoU with FFMS, Russia Securities and Exchange Board of India (SEBI), signed a bilateral Memorandum of Understanding (MoU) with Federal Financial Markets Service of Russian Federation (FFMS), Russia on mutual cooperation and information sharing.

SEBI, in consultation with market participants, explored alternate structures which would yield the same benefits as that of DCBs to the issuer and enhance the suite of products from the investors' point of view. SEBI has now put in place a framework whereby a listed company can make a combined offering of Non-Convertible Debentures (NCDs) with warrants to QIBs, under the Qualified Institutions Placement mechanism. SEBI (DIP) Guidelines, 2000 have been amended to this effect.

The Memorandum of Understanding was signed by Mr. C. B. Bhave, Chairman, SEBI and Mr. Vladimir Milovidov, Head, FFMS, Russia in the presence of the Prime Minister, Dr. Manmohan Singh and the President of Russian Federation, H. E. Mr. Dmitry Medvedev in New Delhi. The MoU was signed to establish a general framework for cooperation and consultation and mutual assistance between the regulatory authorities, in order to fulfilling of their regulatory responsibilities.

Qualified Institutional Buyers can subscribe to the combined offering of NCDs with warrants or to the individual instruments, i.e., either NCDs or warrants, where separate books are run for NCDs/ warrants.

Including this MoU, SEBI has signed bilateral MoUs with 16 jurisdictions and a Letter of Intent for mutual cooperation with Securities and Futures Commission, Hong Kong.

Ref. : PR No.293/2008 dated December 08, 2008 4. Re-allocation of debt investment limit

Ref. : PR No.285/2008 dated December 05, 2008

The enhanced debt limits in corporate debts category were allocated to entities on October 22, 2008. The unutilized limits were re-allocated to the entities on November 19, 2008. The unutilized limits in Government debt category were reallocated to the entities on November 10, 2008.

3. SEBI amends DIP Guidelines to provide for combined offering of Non-Convertible Debentures (NCDs) with warrants, through Qualified Institutions Placement (QIP) mechanism

After assessment of the utilization, the unutilized debt limits are being re-allocated to entities lower down in the list.

The Hon'ble Finance Minister, in his announcement in the Union Budget for the year 032

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In terms of SEBI circular dated November 06, 2008, in case the allocated limits are not utilized by the entities in 11 working days, i.e. by December 30, 2008, the same shall be withdrawn and allocated to the entities lower down in the list. Allotment In Government Securities Sr. No. 1

2

3

Name of entity Japan Trustee Services Bank, Ltd. as trustee for The Sumitomo Trust & Banking Co., Ltd. as trustee for Schroder Asian Sovereign and Corporate Bond Mother Fund The Master Trust Bank Of Japan Ltd As Trustee For Schroder Asian Bond Mother Fund Credit Suisse Singapore Branch

Allotment In Corporate Debt Sr. No.

Name of entity

including trading and clearing members of the derivatives segments of the Exchanges to carry out comprehensive internal audit of their books / records on half yearly basis by independent, qualified Chartered Accountants, Company Secretaries and Cost and Management Accountants. The first such audit is to be carried out for the period October 01, 2008 to March 31, 2009.

All figure in USD Million Limits Limits Requested Allocated 5

5

20

20

200

83.93

SEBI has also specified the scope of such internal audit. These include compliance of the stock broker with the provisions of the SEBI Act, 1992, SEBI (Stock brokers and sub-brokers) Regulations, 1992; circulars issued by SEBI and Stock Exchanges and also compliance w.r.t bye laws of the stock exchange. In order to create capacity to undertake internal audit in a professional manner, National Institute of Securities Markets (NISM), in association with BSE and NSE, is offering training programmes for Chartered Accountants, Company Secretaries and Cost and Management Accountants. The training programmes, would be held during January – March 2009, at Mumbai, Delhi, Kolkata and Chennai.

All figure in USD Million Limits Limits Reques- Allocated ted

1 Standard Chartered Bank (Mauritius) Ltd. 102.62 – Debt 5 2 Sophia Growth - A Share Clas s Of Somerset India Fund 3 Somerset Emerging Opportunities Fund 5 4 Copthall Mauritius Investment Ltd. 300 5 JPMorgan Securities Asia 300 6 DB International (Asia) Ltd - Debt Fund 300 7 Credit Suisse Singapore Branch 300 35 8 Mirae Asset India Discovery Equity Investment Trust 1 9 India Diversified ( Mauritius) Ltd 25 10 Abn Amro Asia Pacific Pte Ltd 300 11 India Optima Fund 300

2009

102.62 5.00 5.00 300.00 300.00 300.00 300.00 35.00

5. NISM to organize training programmes for professionals to audit books / records of stock brokers

The first programme would be held at BSE Training Institute, Mumbai on January 09 and 10. Six such programmes are proposed to be held at Mumbai and two each at other locations. Professional bodies viz ICAI, ICSI and ICWAI have been informed about the training programmes. Professionals desirous of attending the training may contact NISM for further details. The details of the programme are available on the website of NISM www.nismindia.com

SEBI has recently directed the stock brokers,

Ref. : PR No.305/2008 dated December 18, 2008

25.00 300.00 41.29

Ref. : PR No.301/2008 dated December 12, 2008

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M/s. Bluechip Capital Market Pvt. Ltd. sub-broker. Shri Naresh Chand Chandak and Shri Niraj Kumar Balasaria are warned to be more cautious in the conduct of their business.

6. Clarification on news reports relating to Pyramid Saimira Theatre Ltd. It has been widely reported in the media that SEBI has vide order dated December 19, 2008, directed Mr. P S Saminathan, the CMD of Pyramid Saimira Theatre Ltd. (PSTL), to make an open offer for acquisition of shares of the Target Company (PSTL) at a price of not less than Rs.250/-. A copy of the letter purported to have been issued by SEBI was also flashed on some TV Channels on December 23, 2008.

Ref. : PR No.277/2008 dated December 02, 2008 2. Order against M/s. ICAP India Pvt. Ltd., Member, NSE Dr. K. M. Abraham, Whole Time Member, SEBI, has passed an order dated November 21, 2008, against M/s. ICAP India Pvt. Ltd. (SEBI Registration No. INB231140337), Member, National Stock Exchange of India Ltd. By this order M/s. ICAP India Private Ltd. is warned to be more cautious in the conduct of its business and to adhere to and comply with all statutory provisions/instructions received in the discharge of its function as a stock broker.

It is hereby clarified that no order or letter has been issued by SEBI to Mr. P S Saminathan on 19.12.2008. It appears that the said letter is being circulated with ulterior motives. SEBI is separately investigating into the matter including the origin of the letter. SEBI is also separately inquiring into the dealing in the scrip following the press report including alleged violation of SEBI (SAST) Regulations, 1997.

Ref. : PR No.279/2008 dated December 02, 2008

Ref. : PR No.327/2008 dated December 23, 2008 3 . O r d e r a g a i n s t M r. S w a m i n a t h a n Mahalingam in the matter of M/s. Mega Millennium Securities Pvt. Ltd. and M/s. Mega Millennium Investment Pvt. Ltd.

Orders 1. Orders in the matter of Bombay Dyeing & Manufacturing Co. Ltd.

Dr. K. M. Abraham, Whole Time Member, SEBI, has passed an order dated November 21, 2008, revoking the interim directions passed against Mr. Swaminathan Mahalingam issued by SEBI vide order dated September 03, 2007. It is further directed in the said order that the interim order dated September 03, 2007, will continue to operate against M/s. Mega Millennium Investment Pvt. Ltd. and M/s. Mega Millennium Securities Pvt. Ltd.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed orders dated November 28, 2008, in the matter of Bombay Dyeing & Manufacturing Co. Ltd. to the effect that the Show cause notices issued to Mega Stocks Ltd., Mega Resources Ltd., The Hoogly Mills Company Ltd., BPS Securities Pvt. Ltd. and Shri D.K.Singhania are disposed of without any direction. The proceedings against Late Shri Arun Kumar Bajoria are abated. Further, for the reasons stated in the order, no further direction in the matter is passed against

Ref. : PR No.280/2008 dated December 02, 2008

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mentioned in the above said order.

4. Orders in case of IPO irregularities – Amadhi Investments Ltd., Rajesh Kumar Patel and Welvet FinancialAdvisors Pvt. Ltd.

Ref. : PR No.282/2008 December 2, 2008

In the matter of “irregularities in IPOs”, SEBI passed ad interim ex-parte order on April 27, 2006 against various entities including Amadhi Investment Ltd, Rajesh Kumar Patel and Welvet Financial Advisors Pvt. Ltd., prohibiting them from buying, selling and dealings in securities either directly or indirectly till further orders. It was alleged that they acted as financiers to key operators for cornering of shares in various IPOs and thereafter sold the shares in the market immediately after the day of listing and made illgotten gains.

6. Order against Mehta Equities Ltd. In view of various irregularities observed during inspection of Mehta Equities Ltd., a depository participant of CDSL at their Udaipur branch, Dr. T.C. Nair, Whole Time Member , SEBI vide order dated December 02, 2008 has debarred the Udaipur branch of Mehta Equities Ltd. from carrying out the depository participant activities for a period of one month. Ref. : PR No.284/2008 dated December 04, 2008

Shri M. S. Sahoo, Whole Time Member, SEBI passed orders on December 01, 2008 against aforesaid entities, confirming the directions passed ad interim ex-parte Order datedApril 27, 2006.

7. Orders against Mr. Puroshattam Lal Kejdiwal and Mr. Dinesh Kumar Lodha, Members, Calcutta Stock Exchange in the matter of M/s.Adinath Bio-Labs Ltd.

Ref. : PR No.281/2008 dated December 02, 2008

Dr. K. M. Abraham, Whole Time Member, SEBI, has passed orders dated November 28, 2008, disposing of the enquiry proceedings against the brokers Mr. Puroshattam Lal Kejdiwal and Mr. Dinesh Kumar Lodha. As the said brokers have already been prohibited from buying, selling or dealing in securities from November 30, 2005 to August 11, 2008, in accordance with interim order passed by SEBI, no further penalty has been imposed.

5. Order against MCS Ltd. In view of complaints received by SEBI from issuer companies regarding refusal by MCS Ltd.(a Registrar to an issue and share transfer agent) to transfer records/data and issue NOC to the Depositories on termination of the agreement between MCS and the said issuer companies, Shri M.S. Sahoo, Whole Time Member , SEBI vide order dated December 2, 2008 has directed MCS Ltd. to transfer all the data/records to the issuers / complainants or to their newly appointed share transfer agents and issue NOC to the depositories within a period of 15 days from the date of the order. MCS Ltd. was also directed to cease and desist from violating the provisions of law

Ref : PR No.286/2008 dated December 05, 2008 8. Order against Shri Vidhyut B. Shah, Member, Ahmedabad Stock Exchange Ltd. in the matter of Manna Glass Tech Industries Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 02, 2008, in the 035

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matter of Manna Glass Tech Industries Ltd., suspending the certificate of registration of Shri Vidhyut B. Shah, Member, Ahmedabad Stock Exchange Ltd., having SEBI Registration No. INB 020125315 for a period of four months.

Investment Private Ltd., Sub-broker, in the scrip ofAvinash Information Technologies Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the scrip of Avinash Information Technologies Ltd. against M/s. Mayekar Investment Private Ltd., S u b - b r o k e r, h a v i n g S E B I R e g n . N o . INS010608532 affiliated to BSE Member, M/s. Ramanlal D. Shah.

Ref. : PR No.287/2008 dated December 05, 2008 9. Order against Mr. Sanju Kabra, Member, Calcutta Stock Exchange in the matter of M/s. Adinath Bio-Labs Ltd.

The Whole Time Member found that though the violations committed by Mayekar Investment Private Ltd. are serious in nature but as the certificate of registration of Mayekar Investment Private Ltd. has already been cancelled, no further action is required. Therefore, the Whole Time Member disposed off the enquiry proceedings against Mayekar Investment Private Ltd.

Dr. K. M. Abraham, Whole Time Member, SEBI, has passed order dated December 04, 2008, disposing of the enquiry proceeding against the broker, Mr. Sanju Kabra. As the said broker has already been prohibited from buying, selling or dealing in securities from September 29, 2005 to July 02, 2008 in another case, in accordance with interim order passed by SEBI, no further penalty has been imposed.

Ref. : PR No.304/2008 dated December 17, 2008

Ref. : PR No.292/2008 dated December 08, 2008

12. Order against Equisearch Broking Private Ltd., Member, BSE, in the matter of Shree Yaax Pharma and Cosmetics Ltd.

10. Order against M/s. Prakash Nahata & Co. Member, Calcutta Stock Exchange in the matter of M/s.Ashika Credit Capital Ltd.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Shree Yaax Pharma and Cosmetics Ltd. directing Equisearch Broking Private Ltd., Member, Bombay Stock Exchange Ltd. having SEBI Registration No. INB 010992338 to be careful in future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary. The entity has also been asked to note that any instance of violation or noncompliance of SEBIAct and Rules and Regulations in future shall be dealt with stringently.

Dr. K. M. Abraham, Whole Time Member, SEBI, has passed an order dated December 05, 2008 against M/s. Prakash Nahata & Co., Member, Calcutta Stock Exchange imposing a penalty of suspension of certificate of registration for a period of one month in respect of dealings in the shares of M/s.Ashika Credit Capitals Ltd. Ref. : PR No.298/2008 dated December 11, 2008 11.

2009

Ref. : PR No.306/2008 dated December 18, 2008

Order in the matter of M/s. Mayekar

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dated November 17, 2008, no further action is required. Therefore, the Whole Time Member disposed of the enquiry proceedings against Mayekar Investment Private Ltd.

13. Order against M/s. Mackertich Consultancy Services Private Ltd., M/s. Vatican Commercials Ltd. and M/s. Pinnacle Trades & Investments Pvt. Ltd. in the matter of South East Asia Marine Engineering and Constructions Ltd.

Ref. : PR No.308/2008 dated December 19, 2008

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of South East Asia Marine Engineering and Constructions Ltd. restraining M/s. Mackertich Consultancy Services Private Ltd. (PAN No.AABCM5680Q) from accessing the securities market for a period of 15 days and warning M/s. Pinnacle Trades & Investments Private Ltd. (PAN N o . A A B C P 7 7 8 9 D ) a n d M / s . Va t i c a n Commercials Ltd. (PAN No.AABCV7869G) to be more cautious while dealing in securities market.

15. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. Shah in the matter of Sawaca Business Machines Ltd. (Formerly Sawaca Finance Ltd.) Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Sawaca Business Machines Ltd. (Formerly Sawaca Finance Ltd.) against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. Shah (SEBI Regn. No. INS010608532)

Ref. : PR No.307/2008 dated December 18, 2008

The Whole Tome Member found that though having regard to the nature and gravity of the charges established, the ends of justice will be met by canceling the certificate of registration of M/s. Mayekar Investment Private Ltd. but as the certificate of registration of Mayekar Investment Private Ltd. has already been cancelled vide order dated November 17, 2008, no further action is required. Therefore, the Whole Time Member disposed of the enquiry proceedings against Mayekar Investment Private Ltd.

14. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. Shah in the matter of Sawaca Communications Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Sawaca Communications Ltd. against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. Shah (SEBI Regn. No. INS010608532) The Whole Tome Member found that though the violations committed by M/s. Mayekar Investment Private Ltd. are serous in nature and warrant cancellation of certificate of registration of Mayekar Investment Private Ltd. but as the certificate of registration of Mayekar Investment Private Ltd. has already been cancelled vide order

Ref. : PR No.309/2008 dated December 19, 2008 16. Order against M/s. C. Mackertich Ltd., Member, NSE, BSE, CSE & OTCEI, in the matter of South East Asia Marine Engineering and Constructions Ltd.

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Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of South East Asia Marine Engineering and Constructions Ltd., suspending the certificate of registration of M/s. C.Mackertich Ltd., Member, National Stock Exchange of India Ltd., Member, The Bombay Stock Exchange Ltd., Member, Calcutta Stock Exchange Ltd. and Member, Over the Counter Exchange of India Ltd. for period of one month.

2009

Panna Agrofine Pvt. Ltd. (PAN: AAACP6160H), Jaitra Estate Developers Pvt. Ltd. (PAN: AAACJ2532P) and Born Free Finance Pvt. Ltd. (PAN: AABCB5127B) from accessing the securities market and prohibiting from buying, selling or dealing in securities, either directly or indirectly, for a period of six months. Ref. : PR No.312/2008 dated December 19, 2008 19. Order against AMS Finance & Securities Ltd. in the matter of Soundcraft Industries Ltd.

Ref. : PR No.310/2008 dated December 19, 2008

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. debarring AMS Finance & Securities Ltd. (PAN: AAACA6746Q) from accessing the securities market and prohibiting from buying, selling or dealing in securities, either directly or indirectly, for a period of six months.

17. Order against M/s.R.K. Global Shares & Securities Ltd., Member, NSE, in the matter of Soundcraft Industries Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. suspending the certificate of registration of M/s. R.K. Global Shares & Securities Ltd., Member, National Stock Exchange of India Ltd. having SEBI Registration No. INB 0230825035 for a period of one month.

Ref. : PR No.313/2008 dated December 19, 2008 20. Order against Bharat H Jain, M/s. Jain Investment (Prop. Ramila Jain) and Asmita R Shah in the matter of Soundcraft Industries Ltd.

Ref. : PR No.311/2008 dated December 19, 2008 18. Order against Shri Rajkumar C. Basantani, Panna Agrofine Pvt. Ltd., Jaitra Estate Developers Pvt. Ltd. and Born Free Finance Pvt. Ltd. in the matter of Soundcraft Industries Ltd.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. debarring Bharat H Jain, M/s. Jain Investment (Prop. Ramila Jain) and Asmita R Shah from accessing the securities market and prohibiting from buying, selling or dealing in securities, either directly or indirectly, for a period of six months.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. debarring Shri Rajkumar C. Basantani from accessing the securities market and prohibiting from buying, selling or dealing in securities, either directly or indirectly, for a period of five years; and debarring

Ref. : PR No.314/2008 dated December 19, 2008

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Exchange of India Ltd. having SEBI Registration No. INB0 230826230 for a period of one month.

21. Order against M/s. Admiral Securities, Subbroker, Affiliated with VSE Securities Ltd. and Member, Vadodara Stock Exchange in the matter of M/s. DesignAuto Systems Ltd.

Ref. : PR No.317/2008 dated December 19, 2008

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of M/s. Design Auto Systems Ltd. suspending the certificates of registration of M/s. Admiral Securities, sub-broker (SEBI Registration No. INS011751315) affiliated with VSE Securities Ltd. and member of Vadodara Stock Exchange (SEBI Registration No. INB191029819) for a period of seven days.

24. Order against M/s. Kolar Sharex Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. suspending the certificate of registration of M/s. Kolar Sharex Pvt. Ltd., Member, Bombay Stock Exchange Ltd. having SEBI Registration No. INB011105138 for a period of six months.

Ref. : PR No.315/2008 dated December 19, 2008

Ref. : PR No.318/2008 dated December 19, 2008 22. Order against M/s. Bipin B Diwani, Subbroker, Affiliated to M/s. Vyomit Shares, Stock and Investments Pvt. Ltd., in the matter of Sawaca Communications Ltd.

25. Order against Shri Rajkumar Chainrai Basantani, Member, NSE, in the matter of Soundcraft Industries Ltd.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Sawaca Communications Ltd., cancelling the certificate of registration of Bipin V. Diwani, sub-broker, affiliated to Vyomit Shares, Stock and Investments Pvt. Ltd. (SEBI Registration no. INS010474513).

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. suspending the certificate of registration of Shri Rajkumar Chainrai Basantani, Member, National Stock Exchange of India Ltd., having SEBI Registration No. INB0 230649415 for a period of two years.

Ref. : PR No.316/2008 dated December 19, 2008

Ref. : PR No.319/2008 dated December 19, 2008 23. Order against M/s. Mekaster Securities Pvt. Ltd., Member, NSE, in the matter of Soundcraft Industries Ltd.

26. Order against M/s. Sparkling Securities, Sub-broker, Affiliated to M/s. Churiwala Securities Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd., suspending the certificate of registration of M/s. Mekaster Securities Pvt. Ltd., Member, National Stock

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd., suspending 039

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the certificate of registration of Sparkling Securities, Sub-broker, Affiliated to Churiwala Securities Pvt. Ltd., Member, Bombay Stock Exchange Ltd. having SEBI Registration No. INS0101952211/ 0109841 for a period of three months.

2009

Soundcraft Industries Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. suspending the certificate of registration of M/s. VRM Share Broking Pvt. Ltd., Member, National Stock Exchange of India Ltd. having SEBI Registration No. INB0 231109837 for a period of one month.

Ref. : PR No.320/2008 dated December 19, 2008

Ref. : PR No.323/2008 dated December 19, 2008

27. Order against M/s. Gini Enterprises, Subbroker, Affiliated to Park Light Investment Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.

30. Order against M/s. Apex Enterprises (India) Ltd. in the matter of Sri Adhikari Brothers Television Network Ltd.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. suspending the certificate of registration of Gini Enterprises, Subbroker, Affiliated to Park Light Investment Pvt. Ltd., Member, Bombay Stock Exchange Ltd. having SEBI Registration No. INS 010738214/0110378 for a period of three months.

Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Sri Adhikari Brothers Television Network Ltd. restraining M/s Apex Enterprises (India) Ltd. from dealing in securities directly and indirectly for a period of one month Ref. : PR No.324/2008 dated December 19, 2008

Ref. : PR No.321/2008 dated December 19, 2008

31. Order against Somani Cement Company Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K. Singh in the matter of Somani Cement Company Ltd.

28. Order against M/s. M.R.Share Broking Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd. Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated December 12, 2008, in the matter of Soundcraft Industries Ltd. suspending the certificate of registration of M/s. M.R.Share Broking Pvt. Ltd., Member, Bombay Stock Exchange Ltd. having SEBI Registration No. INB 011076834 for a period of one month.

Shri M. S. Sahoo, Whole Time Member, SEBI, has passed an order dated December 17, 2008 in the matter of Somani Cement Company Ltd. restraining Somani Cement Company Ltd. and Mr. Bimlesh Kumar Mishra (PAN No. AGCPM0469R) from buying, selling or dealing in securities in whatsoever manner or accessing the securities market, directly or indirectly in any manner for a period of ten years and also restraining Mr. A.K.Singh from buying, selling and dealing in securities in whatsoever manner or accessing the

Ref. : PR No.322/2008 dated December 19, 2008 29. Order against M/s. VRM Share Broking Pvt. Ltd., Member, NSE, in the matter of 040

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securities market, directly or indirectly, in any manner for a period of three years.

2009

account of any other person, for a period of three years from the date of the Order. The order also directed impounding of profits/gains of Rs.41,61,159.08 made by Yogesh Mafatlal Bhansali and others.

Ref. : PR No.328/2008 dated December 26, 2008 32. Order against Mr. Debapriya Ghosh in the matter of M/s.Adinath Bio-Labs Ltd.

It may be mentioned that SEBI vide Order dated January 17, 2007, had directed BSE to withhold the profits made by Yogesh Bhansali and others from their alleged irregular trades executed in the shares of Nissan Copper Limited on December 29, 2006 and January 2, 2007 in a separate escrow account.

Dr. K. M. Abraham, Whole Time Member, SEBI, has passed an order dated December 26, 2008 against Mr. Debapriya Ghosh prohibiting him from buying, selling or dealing in securities, in any manner, for a period of one month.

Ref. : PR No.333/2008 dated December 31, 2008.

The order comes into force with immediate effect. Ref. PR No.330/2008 dated December 29, 2008 Consent Orders 33. Order against Mr. Pramod Kumar Kothari, Member, Calcutta Stock Exchange in the matter of M/s.Adinath Bio-Labs Ltd.

1. Consent order on the application submitted by R.S.S. Investments Pvt. Ltd. in the matter of Order Book Manipulation

Dr. K. M. Abraham, Whole Time Member, SEBI, has passed order dated December 26, 2008, disposing of the enquiry proceedings against the broker Mr. Pramod Kumar Kothari. As the said broker has already been prohibited from buying, selling or dealing in securities from November 30, 2005 to August 11, 2008, in accordance with interim order passed by SEBI, no further penalty has been imposed.

In matter of Order Book Manipulation it was observed that the prices of few scrips saw a sudden spurt because of the abnormally large orders of shares placed at prices much below prevailing market prices portraying misleading appearance of market in these shares. APanel consisting of Whole Time Members, SEBI, Dr. T.C.Nair, and Shri M.S.Sahoo, has passed consent orders dated November 28, 2008, on the application of consent submitted by R.S.S. Investments Pvt. Ltd. in the matter of Order Book Manipulation, in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.2,00,000/- (Rupees Two Lakh only) towards the terms of consent in the matter.

Ref.: PR No.331/2008 dated December 29, 2008 34. Order in the matter of Nissan Copper Ltd. Shri M. S. Sahoo, Whole Time Member, SEBI has passed an order dated December 31, 2008 restraining Yogesh Mafatlal Bhansali and others from buying, selling or otherwise dealing in securities in whatsoever manner, directly or indirectly, either on their own account or on

Ref. : PR No.276/2008 dated December 02, 2008

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Dr. T. C. Nair and Shri M. S. Sahoo has passed consent order dated November 28, 2008 on an application submitted by CD Equisearch (Pvt.) Ltd. in the matter of M/s. Design Auto Systems Ltd. in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.5,00,000/- (Rupees Five Lakh only) towards the terms of consent in the matter.

2. Consent Order on the applications submitted by Taurus Mutual Fund in the matter of DCM Shriram Consolidated Ltd. APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo, has passed a consent order dated November 28, 2008, on an application submitted by Taurus Mutual Fund in the matter of DCM Shriram Consolidated Ltd., in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.20,00,000/- (Rupees Twenty Lakh only) towards the terms of consent in the matter.

Ref. : PR No.289/2008 dated December 05, 2008 5. Consent Order against Shri Samir R Shah in the matter of M/s. Hindustan Bio Sciences Ltd.

Ref. : PR No.278/2008 dated December 02, 2008

APanel consisting of Whole Time Members, SEBI, Dr. T.C.Nair and Shri M.S.Sahoo has passed consent order dated November 28, 2008 on an application submitted by Shri Samir R Shah in the matter of M/s. Hindustan Bio Sciences Ltd. in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.2,00,000/- (Rupees Two Lakh only) towards the terms of consent in the matter.

3. Consent Order against Shri Sharad Chhotabhai Patel in the matter of M/s. Shree Rama Multi-Tech Ltd. APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo, has passed consent order dated November 28, 2008 on an application submitted by Shri Sharad Chhotabhai Patel, in the matter of M/s. Shree Rama Multi-Tech Ltd. in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.1,25,000/- (Rupees One Lakh and Twenty Five Thousand only) towards the terms of consent in the matter. It is also ordered that the applicant shall not buy, sell or deal in securities, directly or indirectly, for a period of 18 months from the date of the consent order.

Ref. : PR No.290/2008 dated December 5, 2008 6. Consent Order against Infinity.Com Stock Broking Private Ltd. in the matter of M/s. Greenfield Trading & Finance Ltd. APanel consisting of Whole Time Members, SEBI, Dr. T.C.Nair and Shri M.S.Sahoo has passed consent order dated November 28, 2008 on an application submitted by Infinity.Com Stock Broking Private Ltd. in the matter of M/s. Greenfield Trading & Finance Ltd. in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.1,00,000/(Rupees One Lakh only) towards the terms of consent in the matter. Also, as undertaken by the

Ref : PR No.288/2008 dated December 05, 2008 4. Consent Order against CD Equisearch (Pvt.) Ltd. in the matter of M/s. Design Auto Systems Ltd. APanel consisting of Whole Time Members, SEBI, 042

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applicant, they shall not buy, sell or deal in securities, directly or indirectly for a period of one year from the date of this consent order.

8. Consent Order against M/s. SPT Securities Ltd., Member of NSE and Depositary Participant of NSDL

Ref. : PR No.291/2008 dated December 5, 2008

APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo has passed a consent order dated November 28, 2008 on the application submitted by M/s. SPT Securities Ltd., in the matter of enquiry proceedings pending before SEBI against it for the violations observed during inspection of its books of accounts and other records for the period April 01, 2000 to September 30, 2002, in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.5,00,000/- (Rupees Five Lakh only) towards terms of consent, in the matter.

7. Consent Order in matter of IPO irregularities – Shri SaumilA. Bhavnagari APanel consisting of Whole Time Members, SEBI, Dr.T.C.Nair and Shri M.S. Sahoo, has passed a consent order on December 02, 2008 in the matter of “irregularities in the IPOs“ on an application submitted by Shri Saumil A. Bhavnagari, a financier. SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of “irregularities in IPOs”. It was found that Shri Saumil A. Bhavnagari was alleged to be a financier for cornering of shares in IPO's of Suzlon Energy Ltd., FCS Software Ltd., Sasken Communication during the period 20042005. Since SEBI's ex-parte order, Shri Saumil A. Bhavnagari has undergone prohibition from buying, selling and dealing in securities.

Ref. : PR No.295/2008 dated December 10, 2008 9. Consent Order against M/s. Sovereign Securities Private Ltd., Member, BSE

Shri Saumil A. Bhavnagari remitted a total sum of Rs.3,15,000/- (Rupees Three Lakh Fifteen Thousand only), towards the terms of consent in the matter. The consent amount includes Rs.1,52,000/- (Rupees One Lakh Fifty Two Thousand only) towards disgorgement of the amount of alleged ill-gotten gains, Rs.13,000/(Rupees Thirteen Thousand only) towards terms of consent, Rs.90,000/- (Ninety Thousand only) towards Compounding Charges, Rs.60,000/(Sixty Thousand only) towards Legal Expenses.

APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo has passed a consent order dated November 28, 2008 on the application submitted by M/s. Sovereign Securities Private Ltd., in the matter of enquiry proceedings pending before SEBI against it for the violations observed during inspection of its books of accounts and other records for the period April 01, 2000 to August 06, 2002, in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.4,00,000/- (Rupees Four Lakh only) towards the terms of consent and a sum of Rs.25,000/- (Rupees Twenty Five Thousand only) towards administrative charges, in the matter.

Ref. : PR No.294/2008 dated December 08, 2008

Ref. : PR No.296/2008 dated December 10, 2008

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APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo, has passed consent order dated November 28, 2008, on an application submitted by M/s. Uttam Investments, in the matter of M/s. Prabhu Steel Industries Ltd., in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.50,000/- (Rupees Fifty Thousand only) towards the terms of consent in the matter.

10. Consent Order against Shri R. D. Lahoti, sub-broker affiliated to HSE Securities Ltd., Member, NSE APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo has passed a consent order dated November 28, 2008 on the application submitted by Shri R. D. Lahoti, in the matter of enquiry proceedings pending before SEBI against him for the violations observed during inspection of his books of accounts and other records for the period April 01, 2001 to May 23, 2003, in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.25,000/- (Rupees Twenty Five Thousand only) towards the terms of consent, in the matter.

Ref. : PR No.300/2008 dated December 12, 2008 13. Consent order in the matter of M/s. Winsome International Ltd. APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo, has passed a consent order dated December 10, 2008 on the application submitted by M/s. Winsome International Ltd. for delay in compliance of Regulation 6(2) and 6(4) for the year 1997, Regulation 7(3) for the year 2004 and Regulation 8(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations for the years 1998 to 2006. The applicant has remitted a sum of Rs.3,00,000/- (Rupees Three Lakh only) towards terms of consent, in the matter.

Ref. : PR No.297/2008 dated December 10, 2008 11. Consent Order against P. Suryakant Share & Stock Brokers Pvt. Ltd. in the matter of M/s. DesignAuto Systems Ltd. APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M. S. Sahoo has passed consent order dated November 28, 2008 on an application submitted by P. Suryakant Share & Stock Brokers Pvt. Ltd. in the matter of M/s. Design Auto Systems Ltd. in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.5,00,000/- (Rupees Five Lakh only) towards the terms of consent in the matter.

Ref. : PR No.302/2008 dated December 15, 2008 14. Consent Order in the matter of M/s. Hardcastle & Waud Manufacturing Co. Ltd. APanel consisting of Whole Time Members, SEBI, Dr. T. C. Nair and Shri M.S. Sahoo, has passed a consent order dated December 10, 2008, on the consent application submitted by M/s. Hardcastle & Waud Manufacturing Co. Ltd. for failure to comply with Regulation 6(2) and 6(4) for the year 1997 and Regulation 8(3) for the year 1999 of SEBI

Ref. : PR No.299/2008 dated December 11, 2008 12. Consent Order against M/s. Uttam Investments in the matter of M/s. Prabhu Steel Industries Ltd.

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(Substantial acquisition of Shares and Takeovers) Regulations 1997. The applicant has remitted a sum of Rs.2,00,000/- (Rupees Two Lakh only) towards the terms of consent in the matter.

2009

securities in any manner whatsoever, directly or indirectly, for a period of three years. Ref. : PR No.326/2008 dated December 23, 2008

Ref.: PR No.303/2008 dated December 17, 2008

17. Consent Order against SAM Global Securities Ltd. and Globe Capital Market Ltd. in the matter of Trading on May 17, 2004

15. Consent Order on the application submitted by Bharti Infotel Private Ltd. and Bharti Enterprises in the matter of Bharti Healthcare Ltd. (Now known as Capsugel Healthcare Ltd.)

APanel consisting of Whole Time Members, SEBI, Shri M. S. Sahoo and Dr. K. M. Abraham, has passed consent order dated December 22, 2008, on the applications submitted by SAM Global Securities Ltd. and Globe Capital Market Ltd., in the matter of Trading on May 17, 2004, in accordance with SEBI Circular dated April 20, 2007. The applicants have remitted sum of Rs.15,00,000/- (Rupees Fifteen Lakh only) each towards the terms of consent in the matter.

APanel consisting of Whole Time Members, SEBI, Shri M. S. Sahoo and Dr. K.M.Abraham, has passed a consent order dated December 22, 2008, on an application submitted by Bharti Infotel Private Ltd. and Bharti Enterprises in the matter of Bharti Healthcare Ltd. (Now known as Capsugel Healthcare Ltd.), in accordance with SEBI Circular dated April 20, 2007. The applicant has remitted a sum of Rs.54,43,254/- (Rupees Fifty Four Lakh Forty Three Thousand Two Hundred and Fifty Four only) towards the terms of consent in the matter.

Ref. : PR No.329/2008 dated December 26, 2008 18. Consent orders in the matter of dealing in futures and options contracts on the NSE

Ref. : PR No.325/2008 dated December 23, 2008

APanel consisting of Whole Time Members, SEBI, Shri M.S. Sahoo and Dr. K.M. Abraham, has passed consent orders dated December 22, 2008, on the applications submitted by the following entities in the matter of dealing in futures and options contracts on the National Stock Exchange of India Ltd. (NSE), in accordance with SEBI Circular dated April 20, 2007. The applicants have remitted their respective sums as given below towards consent terms in the matter.

16. Consent Order against Shri Santosh Gayakwad in the matter of Genus Commutrade Ltd. APanel consisting of Whole Time Members, SEBI, Shri M.S. Sahoo and Dr. K. M. Abraham, has passed consent order dated December 22, 2008, on an application submitted by Shri Santosh Gayakwad in the matter of Genus Commutrade Ltd., in accordance with SEBI circular dated April 20,2007. The applicant has remitted a sum of Rs.25,000/- (Rupees Twenty Five Thousand only) towards the terms of consent in the matter and also undertaken that he shall not buy, sell or deal in

Sl. No 1 2

Name of the entity

Amount

M/s. Ashika Stock Broking Ltd. M/s. Raj Corporation

Rs. 5 Lakh Rs. 7.5 Lakh

Ref.: PR No.332/2008 dated December 29, 2008 045

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CIRCULARS stock/stock futures, which is a complete replica of the index in the ratio specified by the Exchange/Clearing Corporation, shall be eligible for cross margining benefit.

1.Cross Margining across Exchange traded Equity (Cash) and Exchange traded Equity Derivatives (Derivatives) segments Issued to: Derivative Segments of NSE and BSE and their Clearing Houses / Corporations.

c.

This is in continuation of SEBI Circular No. MRD/DoP/SE/Cir-13/2008 dated May 05, 2008, on the cross margining facility across cash and derivatives segments for institutional trades. In order to improve the efficiency of the use of the margin capital by market participants, it has now been decided to revise the existing facility of cross margining and to extend it across cash and derivatives segments to all categories of market participants. The features of the revised cross margining facility are detailed below:

Computation of cross margin

Positions eligible for cross margining benefit a.

The positions of clients in both the cash and derivatives segments to the extent they offset each other shall be considered for the purpose of cross margining as per the following priority: i. Index futures position and constituent stock futures position in derivatives segment

a.

To begin with, a spread margin of 25% of the total applicable margin on the eligible offsetting positions, as mentioned in para 1 (a) above, shall be levied in the respective cash and derivative segments.

b.

Cross margining benefit shall be computed at client level on an online real time basis and provided to the trading member / clearing member / custodian, as the case may be, who, in turn, shall pass on the benefit to the client. For institutional investors, however, the cross margining benefit shall be provided after confirmation of trades.

Separate accounts To avail the facility of cross margining, a client may maintain two accounts with the trading member / clearing member, namely arbitrage account and a non-arbitrage account, to allow converting partially replicated portfolio into a fully replicated portfolio by taking opposite positions in two accounts. However, for the purpose of compliance and reporting requirements, the positions across both accounts shall be taken

ii. Index futures position in derivatives segment and constituent stock position in cash segment iii. Stock futures position in derivatives segment and the position in the corresponding underlying in cash segment b.

The positions in the derivatives segment for the stock futures and index futures shall be in the same expiry month to be eligible for cross margining benefit.

A basket of positions in index constituent

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together and client shall continue to have unique client code.

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

Settlement

c.

To begin with, a client may settle through a trading member / clearing member / custodian, as the case may be, who is clearing in both the segments or through two trading members / clearing members / custodians, one of whom is a trading member / custodian in the cash segment and the other is a clearing member in the derivatives segment. However, in course of time, a client will settle through only one clearing member who is a member in both the segments.

Ref. : SEBI/DNPD/Cir- 44 /2008 dated December 02, 2008 2. Maintenance of Security Deposit of 1% of the amount of securities offered to public/ shareholders by issuer companies with the designated stock exchanges

In the event of default by a trading member / clearing member / custodian, as the case may be, whose clients have availed cross margining benefit, the Stock Exchange / Clearing Corporation shall have the option to:

Issued to : All Stock Exchanges, The Clause 42 of the Listing Agreement requires that every company proposing to issue new securities, shall, as a condition precedent, deposit before the opening of subscription list and keep deposited with the designated exchange, an amount calculated at the rate of 1% of the amount of securities (hereinafter referred to as 'security deposit') offered for subscription to the public and/or to the holders of existing securities of the company, as the case may be, for ensuring compliance by the company, within the prescribed or stipulated period, of all prevailing requirements of law. The said clause also prescribes that 50% of such security deposit shall be paid to the Exchange in cash and the balance amount can be provided for by way of a bank guarantee. Further, Clause 16.2.4 of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 prescribes that the security deposit so deposited with the designated stock

Hold the positions in the cross margin account till expiry in its own name.

b. Liquidate the positions / collateral in either segment and use the proceeds to meet the default obligation in the other segment. Agreement The Exchange / Clearing Corporation shall enter into agreement with client / clearing member / trading member / custodian, as the case may be, clearly laying down the inter-se distribution of liability / responsibility in the event of default. The Stock Exchanges are advised to: a.

specify the legal agreements between the clearing entities for the purpose of margin utilisation in case of liquidation/default etc.

d. bring the provisions of this circular to the notice of the trading members / clearing members/custodians and also to disseminate the same on the website.

Default

a.

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put in place the adequate systems and issue the necessary guidelines for implementing the above decision. 047

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exchanges can be released by the concerned stock exchange only after obtaining a 'NOC' from SEBI.

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of issue of this circular under intimation to SEBI. Further, some stock exchanges have sought advice as to whether they can adjust the 1% security deposit against the dues payable to them by the issuer companies. It is hereby clarified that the stock exchanges shall maintain the said 1% security deposit at all times and no adjustment against any dues of the company can be permitted.

It has come to the notice of the SEBI that in many cases, the bank guarantees so kept with the stock exchanges under Clause 42 of the listing agreement, have expired and the exchanges have neither taken any step to prevent such eventuality nor to revive the bank guarantees so expired. By allowing such bank guarantees to expire, the stock exchanges have compromised with an important mechanism available for redressal of investor grievances.

Ref. : MRD/DSA/SE/Cir -34 /2008 December 05, 2008 3. Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

In view of the above, the stock exchanges are hereby directed :

Issued to : All Registered Merchant Bankers / Stock Exchanges

a) to recoup immediately any shortfall in the deposit that has been caused due to the expiry of such bank guarantees by taking either cash or fresh/re-validated bank guarantees from the concerned issuer companies.

In exercise of the powers conferred under sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992, it has been decided to amend Chapter XIII-A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (hereinafter referred to as the “SEBI (DIP) Guidelines”).

b) to put in place a system to keep track of the bank guarantees furnished to it by the issuer companies. The said system should generate alerts atleast one month prior to the expiry of such bank guarantees, so that the stock exchanges have sufficient time to require the issuer companies to provide fresh/renewed bank guarantees in place of the bank guarantees about to expire.

a. Issuance of “Non-convertible Debentures with Warrants” (i.e., NCDs with warrants) under Chapter XIII-A The amendments made in Chapter XIII-A of the SEBI (DIP) Guidelines on “Guidelines for Qualified Institutions Placement (QIP)” enable a listed company to make a combined offering of Non-Convertible Debentures (NCDs) with warrants. Qualified Institutional Buyers (QIBs) can subscribe to the combined offering of NCDs with warrants or to the individual instruments, i.e., either NCDs or warrants, where separate books are run for NCDs/warrants.

c) To invoke such bank guarantees before it expires, if any issuer company fails to satisfy the shortfall in the deposit amount either by cash or by fresh/renewed bank guarantees, within the time frame given in this regard, inspite of the said advise from the stock exchange. These directions shall be implemented by all the stock exchanges within three months from the date 048

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The company is however required to obtain relaxation from the applicability of the provisions of Rule 19(2)(b), read with Rule 19(4) of the Securities Contracts (Regulation) Rules, 1957 for listing/ trading of the warrants.

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Ref.: SEBI/CFD/DIL/SE/2008/08/12 dated December 8, 2008 5. Review of Provisions relating to Close Ended Schemes

Ref. : SEBI/CFD/DIL/DIP/33/2008/08/12 dated December 8, 2008

Issued to : All Mutual Funds Registered with SEBI and Association of Mutual Funds in India (AMFI) In order to further strengthen the framework for close ended schemes, it has been decided that for all close ended schemes (except Equity Linked Savings Schemes) to be launched on or after December 12, 2008:

4. Listing and trading of warrants issued as part of a Qualified Institutions Placement (QIP) being a combined issuance of Non-convertible Debentures with Warrants Issued to : All Stock Exchanges

The units shall be mandatorily listed. The provisions in the SEBI (Mutual Funds) Regulations, 1996 regarding repurchase and reissue and exemption from listing of units of close ended scheme would be suitably amended in due course.

SEBI has, vide circular no. SEBI/CFD/ DIL/DIP/33/2008/08/12 dated December 8, 2008, amended the SEBI (Disclosure and Investor Protection (DIP)) Guidelines, 2000 to permit a listed company to make a combined offering of Non-convertible Debentures (NCDs) with warrants through the QIP mechanism, in terms of the provisions of Chapter XIII-Aof the Guidelines.

Listing fees shall be a permissible expense to be charged under Regulation 52(4). Trustees shall ensure that before launch of the scheme the in-principle approval for listing has been obtained from the stock exchange(s) and appropriate disclosures are made in the Scheme Information Document.

NCDs and warrants issued pursuant to a combined offering as mentioned above, can be listed and traded separately. No relaxation from the applicability of the provisions of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (SCRR) shall be required for listing of the NCDs, as this relaxation is available pursuant to Regulation 22(b)(i) of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008. However, for listing and trading of the warrants, relaxation from the applicability of the provisions of the Rule 19(2)(b) of SCRR is required.

NAV shall be computed and published on daily basis. It has also been decided that a close ended debt scheme shall invest only in such securities which mature on or before the date of the maturity of the scheme. Schemes for which observations (final) under Regulation 29 of SEBI (Mutual Funds) Regulations, 1996 have been issued but are yet to be launched would be required to carry out the changes in Scheme Information Document and file the same with SEBI before the launch.

The minimum contract value for trading of NCDs/ warrants has been set at Rs.1 lacs. The amendments made vide this circular shall come into force with immediate effect.

Ref. : SEBI/IMD/CIR No. 12/147132/08 dated December 11, 2008 049

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6. Anti Money Laundering (AML) Standards/ Combating Financing of Terrorism (CFT)/ Obligations of Securities Market Intermediaries under Prevention of Money Laundering Act, 2002 and Rules framed thereunder- Master Circular onAML/CFT

record of all the transactions; the nature and value of which has been prescribed in the Rules notified under the PMLA. Such transactions include:

Issued to : all Intermediaries registered with SEBI under section 12 of the SEBI Act. (Through the stock exchanges for stock brokers, sub-brokers and depositories for depository participants)

• All series of cash transactions integrally connected to each other which have been valued below Rs 10 lakhs or its equivalent in foreign currency where such series of transactions take place within one calendar month.

• All cash transactions of the value of more than Rs 10 lakhs or its equivalent in foreign currency.

The Prevention of Money Laundering Act, 2002 st (PMLA) was brought into force with effect from 1 July 2005. Necessary Notifications / Rules under the said Act were published in the Gazette of India on July 01, 2005. Subsequently, SEBI issued necessary guidelines vide circular no. ISD/CIR/RR/AML/1/06 dated January 18, 2006 to all securities market intermediaries as registered under Section 12 of the SEBI Act, 1992. These guidelines were issued in the context of the recommendations made by the Financial Action Task Force (FATF) on anti-money laundering standards. Compliance with these standards by all intermediaries and the country has become imperative for international financial relations.

• All suspicious transactions whether or not made in cash. The Guidelines laid down the minimum requirements and it was emphasised that the intermediaries may, according to their requirements, specify additional disclosures to be made by clients to address concerns of Money Laundering and suspicious transactions undertaken by clients. All intermediaries were also advised to ensure that a proper policy framework as per the Guidelines on anti-money laundering measures is put into place and to designate an officer as 'Principal Officer' who would be responsible for ensuring compliance of the provisions of the PMLA. Names, designation and addresses (including e-mail addresses) of 'Principal Officer' shall also be intimated to the Office of the Director-FIU, 6th Floor, Hotel Samrat, Chanakyapuri, New Delhi 110021, India on an immediate basis.

As per the provisions of the Prevention of Money Laundering Act, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (which includes a stock-broker, subbroker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities market and registered under section 12 of the Securities and Exchange Board of India Act, 1992) shall have to maintain a

The detailed procedure incorporating the manner of maintaining information and matters incidental thereto for SEBI registered intermediaries, under the prevention of Money Laundering Act, 2002 and the Rules made there-under and formats for 050

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reporting by the intermediaries were also issued subsequently vide circular reference no. ISD/CIR/RR/AML/2/06 dated March 20, 2006.

attention of their member brokers/ depository participants and verify compliance during inspections.

This Master circular consolidates all the requirements/obligations issued with regard to AML/CFT till December 15, 2008. This Circular is being issued to all the intermediaries as specified at para 2 above. The circular shall also apply to their branches and subsidiaries located abroad, especially, in countries which do not or insufficiently apply the FATF Recommendations, to the extent local laws and regulations permit. When local applicable laws and regulations prohibit implementation of these requirements, the same should be brought to the notice of SEBI. In case there is a variance in KYC/AML standards prescribed by SEBI and the regulators of the host country, branches/overseas subsidiaries of intermediaries are required to adopt the more stringent requirements of the two.

Ref. : ISD/AML/CIR-1/2008 dated December 19, 2008 7. Guidelines in respect of exit option to Regional Stock Exchanges Issued to All the Stock Exchanges, SEBI Board has approved the broad guidelines as under, to provide an exit option to such Regional Stock Exchanges (RSEs) whose recognition is withdrawn and/or renewal of recognition is refused by SEBI and RSEs who may want to surrender their recognition. In all such cases, an appropriate order will be passed by SEBI. As per the said guidelines, such RSEs (or their successor entities) may be permitted to retain movable and immovable assets and to deal with such assets as they deem fit subject to compliance with the following conditions:

This Master circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, and Rule 7 of Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. All the registered intermediaries are directed to ensure compliance with the requirements contained in this Master Circular on an immediate basis. Stock exchanges and depositories are also directed to bring the contents of this circular to the 051

1.

The Investor Protection Fund, Investor Services Fund, 1% security deposit available with such exchanges shall be transferred to the SEBI Investor Education and Protection Fund. The 1% security deposit shall subsequently be returned to the issuer company in due course on satisfying the prescribed conditions.

2.

Statutory dues outstanding to SEBI including 10% of the listing fee and the annual regulatory fee, shall be transferred to SEBI.

3.

Consequent upon de-recognition, the trading members of such exchanges shall cease to be trading members and therefore liable to be deregistered as stock brokers, and their

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certificate of registration granted by SEBI shall accordingly stand automatically cancelled. 4.

The brokers/trading members of such derecognised stock exchanges shall be liable to pay SEBI registration fees as per Schedule III of the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 till the date of such derecognition. Dues of the brokers to SEBI shall be recovered by the exchange out of the brokers' deposits / capital / share of sale proceeds / winding up proceeds / dividend payable, etc. available with the exchange and transferred to SEBI.

5.

In case the stock exchange, after derecognition, continues as a corporate entity under the Companies Act, 1956, it shall not use the expression 'stock exchange' or any variant in its name or in its subsidiaries name so as to avoid any representation of any present or past affiliation with the stock exchange.

6.

The subsidiaries of de-recognised stock exchanges may continue to function as any other normal broking entity with a suitable change of name so as to avoid any representation of any present or past affiliation with the stock exchange. Further, the additional conditions specified by SEBI vide circulars dated November 26, 1999 dated December 16, 1999 would not apply to the said broking entity.

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7.

In case of sale/distribution/transfer of assets/winding up of such exchanges/ companies, the relevant provisions of the various laws such as Income Tax Act, 1961, the Companies Act, 1956, Stamp Act, etc. would apply. SEBI would inform the concerned State Governments about derecognition of a Stock Exchange.

8.

The companies which are listed in such derecognised RSEs and also listed in any other stock exchange(s) may continue to remain listed in the other stock exchange(s). In case of companies exclusively listed on those derecognised stock exchanges, it shall be mandatory for such companies to either seek listing at other stock exchanges or provide for exit option to the shareholders as per SEBI Delisting Guidelines / Regulations after taking shareholders' approval for the same, within a time frame, to be specified by SEBI, failing which the companies shall stand delisted through operation of law.

9.

The stock exchange shall set aside sufficient funds in order to provide for settlement of any claims, pertaining to pending arbitration cases, arbitration awards, not implemented, if any, liabilities/claims of contingent nature, if any, and unresolved investors complaints/ grievances lying with the exchange.

Ref.: MRD/DoP/SE/Cir- 36 /2008 dated December 29, 2008 (For details, please refer to http://www.sebi.gov.in)

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2009

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS 1. New Measures to Provide more Transparency for Municipal Bond Investors

resources already are available on EMMA at www.emma.msrb.org.

The Securities Exchange Commission (SEC), USA has approved measures on the municipal securities market by tapping the power of the Internet. For the first time, investors will have a free, one-stop way to find municipal bond information online to help them make investment decisions.

In order to provide adequate transition time, the SEC's rule amendments and the MSRB's rule change will be effective from July 1, 2009. 2. SEC Improves Protections for Seniors and Other Investors in Equity-IndexedAnnuities

The SEC has worked with the Municipal Securities Rulemaking Board (MSRB) to correct a glaring deficiency in the $2.6 trillion municipal market, in which two-thirds of the securities are owned by individual investors. Unlike investors in corporate securities who have direct access to free company information through the SEC's EDGAR system, average investors in municipal securities currently have no free and convenient way to get important information about the municipal bonds in which they invest. The rule amendments approved by the SEC designate the MSRB as the central repository for ongoing disclosures by municipal issuers. Under a separate MSRB rule change, its Electronic Municipal Market Access (EMMA) system would make these disclosures available to investors in the same manner that the SEC's EDGAR system does for corporate disclosures.

The SEC, USA approved a new rule to help protect seniors and other investors from fraudulent and abusive practices that can occur in the sale of equity-indexed annuities. The rule that the SEC approved establishes, on a prospective basis, the standards for determining when equity-indexed annuities are considered not to be annuity contracts under the securities laws and thus subject to the investor protections against fraud and misrepresentation, limiting the potential for sales practice abuses in the promotion of equityindexed annuities to older investors. The SEC's new rule defines the terms "annuity contract" and "optional annuity contract" under the Securities Act of 1933. The rule clarifies the status under the federal securities laws of equity-indexed annuities, under which payments to the purchaser are dependent on the performance of a securities index.

EMMA will operate as a consolidated, online portal where investors can instantly access, for free, all of the key information produced by municipal bond issuers about their bonds. Offering documents, real-time trade prices, and education

3. SEC Approves Interactive Data for Financial Reporting by Public Companies, Mutual Funds The SEC has voted to require public companies and 053

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mutual funds to use interactive data for financial information, which has the potential to increase the speed, accuracy and usability of financial disclosure and eventually reduce costs for investors. For public companies, interactive data financial reporting will occur on a phased-in schedule beginning next year. All U.S. public companies will have filed interactive data financial information by December 2011 for use by investors.

2009

4. SFC provides guidance on revised advertising guidelines The Hong Kong Securities and Futures Commission (SFC) has issued a circular informing the industry of a phased approach to implementing revised advertising guidelines for marketing materials of collective investment schemes (CIS) authorised by the SFC. The revised advertising guidelines enhance disclosure in CIS marketing materials, codify regulatory practices and facilitate post-vetting of marketing materials. All new marketing materials will be required to comply with these new guidelines with effect from 1 January 2009.

Mutual fund investors will begin reaping the benefits of interactive data starting in 2011. Mutual funds will be required to begin including data tags in their public filings that supply investors with such information as objectives and strategies, risks, performance, and costs. This will allow investors to compare more than 8,000 mutual funds at the click of a mouse. A mutual fund also would be required to post the interactive data on its Web site, if it maintains one.

In order to accommodate practical difficulties faced by the industry in updating existing marketing materials, the SFC has agreed to adopt administrative measures to allow the updating of these materials over a period up to 31 March 2009.

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ANNEXURES AND STATISTICAL TABLES 1 A.

Annexures Company-wise Capital Raised though Public and Rights Issues during December 2008

1 B.

Company-wise Capital Raised though Qualified Institutions' Placement (QIP) during December 2008

1 C. (i) Shares listed at BSE under Preferential Basis during December 2008 1 C. (ii) Shares listed at NSE under Preferential Basis during December 2008 2.

Rating Assigned to IPOs during December 2008

3 A.

Open Offer under SEBI takeover Code during December 2008

3 B.

Buyback documents filed with SEBI during December 2008

Statistical Tables 1.

SEBI Registered Market Intermediaries

2.

Company-wise Capital Raised though Public and Rights Issues

3.

Capital Raised from the Primary Market through Qualified Institutions' Placement (QIP)

4.

Industry-wise Classification of Capital Raised through Public and Rights Issues

5.

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

6.

Size-wise Classification of Capital Raised through Public and Rights Issues

7.

Distribution of Turnover on Cash Segments of Exchanges

8.

Cash Segment of BSE

9.

Cash Segment of NSE

10.

Trends in Cash Segment of BSE, December 2008

11. 12.

Trends in Cash Segment of NSE, December 2008 Turnover and Market Capitalisation at BSE and NSE, December 2008

13.

Component Stocks: BSE Sensex, December 2008

14.

Component Stocks: S&P CNX Nifty index, December 2008

15.

Volatility of Major Indices

16.

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

17.

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

18.

Trading Frequency in Cash Segment of BSE and NSE

19.

Percentage Share of Top 'N' Securities/Members in Turnover of Cash Segment

20.

Settlement Statistics for Cash Segment of BSE

21.

Settlement Statistics for Cash Segment of NSE

22.

Derivatives Segment at BSE

23.

Derivatives Segment at NSE

24.

Derivatives Trading at NSE, December 2008

25.

Settlement Statistics in Derivatives Segment at BSE and NSE

055

January

SEBI BULLETIN

26.

Trends in Trading in the Corporate Debt Market

27.

Trading Statistics of Currency Futures Segment

28.

Daily Trends of Currency Futures Segment, December 2008

29.

Settlement Statistics of Currency Futures Segment

30.

Trends in Foreign Institutional Investment

31.

Daily Trends in Foreign Institutional Investment, December 2008

32.

Trends in Resource Mobilisation by Mutual Funds

33.A

Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended

33.B

Scheme-wise Resource Mobilisation by Mutual Funds

34.

Trends in Transactions on Stock Exchanges by Mutual Funds

35.

Substantial Acquisition of Shares and Takeovers

36.

Progress of Dematerialisation at NSDL and CDSL Assets under the Custody of Custodians

37. 38. 39. 40.

Macro-economic Indicators

41.

Daily Return and Volatility: Select World Stock Indices

N.B.: 1. 2. 3. 4.

NA = Not Applicable/Available. 1 crore = 10 million = 100 lakh. The total provided in the Annexures and Statistical Tables may not always match with the sum total of the break-ups due to decimal differences. The data for the current month is provisional.

056

2009

January

SEBI BULLETIN

2009

Annexure 1 A: Company-wise Capital Raised through Public & Rights Issues during December 2008 SL. No.

Name of the Issuer/ Company

Date of Opening

Type of Issue

Type of Instrument

No. of Shares Issued

Par Value (Rs. )

Premium Value ( Rs.)

Size of Issue (Rs. crore)

1

2

3

4

5

6

7

8

9

1

Sumeet Industries Limited

08-Dec-08

Rights

Equity

20122930

10

5

30.18

2

Dish TV India Limited

12-Dec-08

Rights

Equity

518149592

1

21

1139.93

3

Thomas Cook (India) Limited

31-Dec-08

Rights

Equity

56278554

1

34.5

199.79

Annexure 1B : Company-wise Capital Raised through Qualified Institutions' Placement (QIP) during December 2008 Sr. No.

Name of the Company

1

2

Date of Relevant Shareholder Date Meeting

3

4

1 IBN18 Broadcast 1-Oct-2008 19-Nov-2008 Limited

Allotment Date

Name of the Merchant Banker

Instrument No. of Issue Price Type Allotees ( Rs.)

5

6

7

N.A.

JM Financial Consultants Private Limited, Antique Capital Markets Private Limited, HSBC Securities and Capital Markets (India) Private Limited

Equity shares

Source : BSE, NSE

057

8 13

9 102

Total Shares Allotted

Issue Size (Rs. crore)

10

11

11204508 114.28598

January

SEBI BULLETIN

2009

Annexure 1C(i) : Shares Listed at BSE under Preferential Basis during December 2008 Sr. No.

Company Name

1

2

Date of Relevant Date Instrument Shareholders (Warrants / Meeting PCDs / Equity shares)

Category of Allottee

No. of Allottees

No. of Securities Issued

Issue Price (Rs.)

3

4

5

6

7

8

1

Agro Dutch Industries Ltd.

20-Nov-06

21-Oct-06

Warrants

Promoter

4

1,675,000

27.02

4.526

2

Ansal Housing & Construction Ltd

12-Jan-08

13-Dec-07

3

150,000

225.00

3.375

3

Ansal Housing & Construction Ltd

20-Dec-07

20-Nov-07

Warrants

Promoter

4

711,300

208.00

14.795

4

Arihant Foundation & Housing Ltd.

23-Oct-07

23-Sep-07

Warrants

Promoter

2

50,000

456.74

2.284

5

BAG Films & Media Ltd.

13-02-07

14-Jan-07

Warrants

Promoter

1

4,600,000

10.72

4.931

6

Blue Chip Tex Industries Ltd

28-04-95

8-Apr-95

Equity shares Promoter/Nonpromoter

26

730,100

14.63

1.068

7

Blue Coast Hotels and Resorts Ltd

18-Aug-08

19-Jul-08

Equity Shares Non-promoter

2

2,312,162

185.00

42.775

8

Cable Corporation of India Ltd

23-Sep-08

24-Aug-08

Equity Shares

Promoter

2

2,000,000

30.00

6.000

10

525,000

27.31

1.434

Equity Shares Non-promoter

9

Issue Size (Rs.crore)

10

10-Oct-07

10-Sep-07

Warrants

Promoter/Nonpromoter

10 The Great Eastern Shipping Company Ltd 26-Jul-07

26-Jun-07

Warrants

Non-promoter

1

10,000

312.73

0.313

11 Gujarat Terce Laboratories Ltd

15-May-08

15-Apr-08

Equity Shares Promoter/Nonpromoter

7

1,025,000

10.00

1.025

12 IOL Chemicals & Pharmaceuticals Ltd

23-Jul-07

23-Jun-07

Warrants

Promoter

1

1,330,500

41.85

5.568

13 IOL Chemicals & Pharmaceuticals Ltd

22-Oct-07

22-Sep-07

Warrants

Non-promoter

1

1,100,000

68.24

7.506

14 Jhunjhunwala Vanaspati Ltd.

29-Sep-07

30-Aug-07

Equity shares

Non-promoter

1

403,100

76.28

3.075

15 Kirloskar Ferrous Industries Ltd

2-Jan-07

3-Dec-06

Warrants

Non-promoter

2

290

35.00

0.001

16 Mac Charles ( India) Ltd

26-Dec-00

26-Nov-00

Equity Shares

Promoter

1

100,000

23.28

0.233

17 Mayur Uniquoters Ltd

3-Aug-07

4-Jul-07

Warrants

Promoter/Nonpromoter

2

206,600

38.00

0.785

18 National Plastic Technologies Ltd.

30-Sep-08

31-Aug-08

Equity shares

Promoter

1

410,000

11.81

0.484

19 Sah Petroleums Ltd

17-Nov-08

18-Oct-08

Equity Shares

Promoter

1

12,000,000

26.65

31.980

20 Salzer Electronics Ltd.

28-Mar-07

26-Feb-07

Warrants

2

249,192

96.12

2.395

21 Shakti Pumps (India) Ltd

11-Nov-06

12-Oct-06

Warrants

Promoter/Nonpromoter Promoter/Nonpromoter

2

851,000

112.29

9.556

22 Shilpa Medicare Ltd.

22-Jan-07

23-Dec-06

Warrants

4

750,000

76.04

5.703

23 Shiva Fertilizers Ltd.

4-Mar-08

3-Feb-08

Equity shares Promoter/Nonpromoter

7

993,000

24.16

2.399

Shree Krishna Paper Mills & Industries 24 Ltd

26-Sep-08

27-Aug-08

Equity shares

Non-promoter

1

1,400,000

15.86

2.220

25 Sujana Universal Industries Ltd.

23-Jul-08

23-Jun-08

Debentures

Non-promoter

1

4,979,253

24.10

12.000

26 Sunteck Realty Ltd.

29-Nov-06

30-Oct-06

Warrants

Promoter

1

400,000

78.50

3.140

27 Vijay Shanthi Builders Ltd.

18-Dec-06

18-Nov-06

Warrants

Promoter

2

630,000

56.00

3.528

28 Western India Shipyard Ltd

31-Oct-08

1-Oct-08

Equity shares

Non-promoter

1

3,720,500

12.39

4.610

9

Gandhinagar Hotels Ltd.

Promoter

* Minimum applicable price as per Auditors Certificate is prior to face value split and the Issue Price is post face value split ** Minimum applicable price as per Auditors Certificate is prior to bonus and the Issue Price is post bonus Source: BSE

058

January

SEBI BULLETIN

2009

Annexure 1C(ii) : Shares Listed at NSE under Preferential Basis during December 2008 Sr. No.

Company Name

Date of Shareholders Meeting

Relevant Date

Instrument (Warrants / PCDs / Equity shares)

Category of Allottee

No. of Allottees

No. of Securities Issued

Issue Price (Rs.)

Issue Size (Rs.crore)

1

2

3

4

5

6

7

8

9

10

1 Ansal Housing and Construction Ltd. 20-Dec-07

20-Nov-07

Warrants

Promoter

4

711300

208.00

14.795

2 Arihant Foundations & Housing Ltd

23-Oct-07

24-Sep-07

Warrants

Promoter

2

50000

460.00

2.300

3 Blue Coast Hotels and Resorts Ltd.

18-Aug-08

19-Jul-08

Equity shares Non-promoter

1

1150000

185.00

21.275

4 Blue Coast Hotels and Resorts Ltd.

18-Aug-08

19-Jul-08

Equity shares Non-promoter

1

1162162

185.00

21.500

Non-promoter

1

10000

312.75

0.313

5 The Great Eastern Shipping Co. Ltd. 26-Jul-07

26-Jun-07

6 Hikal Ltd.

30-Jul-08

30-Jun-08

Equity shares Non-promoter

1

1360000

474.00

64.464

7 IFB Agro Industries Ltd

29-Aug-08

30-Jul-08

Equity shares

Promoter

1

300000

67.00

2.010

8 IFB Industries Ltd.

06-Aug-08

07-Jul-08

Equity shares

Promoter

1

1850000

47.00

8.695

9 Ind-Swift Laboratories Ltd.

23-Feb-07

23-Jan-07

Warrants

Promoter

1

322000

70.00

2.254

BIFR

NA

Equity shares

Promoter

1

5102010

10.00

5.102

11 Karuturi Global Ltd. *

02-Jun-07

01-May-07

Warrants

Promoter

4

47000000

16.50

77.550

12 Rohit Ferro-Tech Ltd.

09-Oct-07

09-Sep-07

Warrants

Non-promoter

3

2545000

43.00

10.944

13 Sah Petroleums Ltd.

17-Nov-08

18-Oct-08

Equity shares

Promoter

1

12000000

26.65

31.980

14 Suryajyoti Spinning Mills Ltd.

20-Sep-08

21-Aug-08

Equity shares Non-promoter

1

1300200

50.00

6.501

15 Vijay Shanthi Builders Ltd.

18-Dec-06

17-Nov-06

2

630000

56.00

3.528

10 JIK Industries Ltd.

Warrants

Warrants

Promoter

* Minimum applicable price is as per auditors certificate post-bonus issue and prior to face value split from Rs.10 to Re.1/** Minimum applicable price as per Auditors Certificate is prior to bonus and the Issue Price is post bonus Source : NSE

059

January

SEBI BULLETIN

2009

Annexure 2 : Rating Assigned to IPOs during December 2008 Name of the Company

Credit Rating Agencies

Rating Assigned

Size of Issue (Rs. crore)

1

2

3

4

CARE

1/5

Edserv Softsystems Ltd.

Note : 5/5 : Strong fundamentals; 4/5 : Above average fundamentals; 3/5 : Average fundamentals; 2/5 : Below average fundamentals; 1/5 : Poor fundamentals Source: Credit Rating Agencies

060

23.46

January

SEBI BULLETIN

2009

Annexure 3A : Open Offers under SEBI Takeover Code during December 2008 Sl. No.

1

Target Company

2

Acquirer

3

Offer Opening Date

Offer Closing Date

4

5

Offer Size No. of Shares

% of Equity Capital

6

7

Offer Price (Rs.)

8

1

Indusvista Ventures Ltd. (Formerly Aridhi Hi-Tech Industries Ltd)

Finaventure Advisory Services (India) Pvt Ltd.

14-Nov-08 03-Dec-08

713098

20

25.50

2

Shaktiman Constructions Ltd (Formerly Shaktiman Mercantile Co. Ltd.)

Shri Ashok Bhanwarlal Chhajer And Smt. Sangeeta

19-Nov-08 08-Dec-08

49800

20

12.00

3

Melstar Information Technologies Ltd Godavari Corporation Private Ltd. 19-Nov-08 08-Dec-08

2856628

20

15.00

4

Pushkar Banijya Ltd

Mr Pawan Kumar Chandak & Pacs

19-Nov-08 08-Dec-08

995800

20

84.00

5

Monotona Securities Ltd (Formerly Palladium Trading & Agencies Ltd)

M/S. Pan Infosystems Private Ltd. 26-Nov-08 15-Dec-08

74800

20

40.00

6

Avon Organics Ltd.

Arch Pharmalabs Ltd.

03-Dec-08 22-Dec-08

4500000

20

21.85

7

Natraj Financial And Services Ltd (Formerly Natraj Commercial Enterprises Ltd)

Balaji Bullions & Commodities (I) P. Ltd & Others

10-Dec-08 29-Dec-08

900000

20

41.00

061

January

SEBI BULLETIN

2009

Annexure 3B: Buyback Documents Filed with SEBI during December 2008 Sl. No

Company

1

Mode of Buyback

Maximum Price Payable ( Per Share)

3

4

2

Date of Maximum Filing Considerati on Payable of Public (Rs. lakh) Notice / PA 5

6

Date of Opening of Offer

Date of Closing of Offer

7

8

1

Godrej Consumer Products Ltd.

Open market through Stock Exchange

150

1490

1-Dec-08

4-Dec-08

40141

2

The Supreme Industries Ltd.

Open market through Stock Exchange

125

2457.2

1-Dec-08

8-Dec-08

40142

3

Jindal Poly Films Ltd.

Open market through Stock Exchange

350

15000

2-Dec-08 10-Dec-08

40053

4

E.I.D. Parry (India) Ltd.

Open market through Stock Exchange

160

4684

3-Dec-08 15-Dec-08

40114

5

India Infoline Ltd.

Open market through Stock Exchange

43.2

9891

8-Dec-08 18-Dec-08

40145

6

Bosch Ltd.

Open market through Stock Exchange

4500

63920

8-Dec-08 15-Dec-08

40109

7

Supreme Petrochem Ltd.

Open market through Stock Exchange

14

1050 18-Dec-08 24-Dec-08

40151

8

Binani Metals Ltd.

Tender Offer

9

Nava Bharat Ventures Ltd.

Open market through Stock Exchange

062

4500

105.75 23-Dec-08

3-Feb-09

39876

170

5000 23-Dec-08

6-Jan-09

40158

January

SEBI BULLETIN

2009

Table 1: SEBI Registered Market Intermediaries/Institutions As on As on November December 31, 30, 2008 2008

As on March 31 Market Intermediaries

2005

2006

2007

2008

1

2

3

4

5

Stock Exchanges (Cash Market)

6

7

22

22

21

19

19

19

2

2

2

2

2

2

Brokers (Cash Segment)*

9,128

9,335

9,443

9,487

9,594

9,609

Corporate Brokers (Cash Segment)

3,773

3,961

4,110

4,190

4,275

4,286

Brokers (Derivative)

994

1,120

1,258

1,442

1,546

1,557

Brokers (Currency Futures)

NA

NA

NA

NA

959

1,029

13,684

23,479

27,541

44,074

56,179

56,585

685

882

996

1,319

1,581

1,594

1,889

2,488

2,922

3,964

4,824

4,872

11

11

15

15

16

16

2

2

2

2

2

2

Depository Participants

477

526

593

654

683

696

Merchant Bankers

128

130

152

155

132

132

Bankers to an Issue

59

60

47

50

52

52

Underwriters

59

57

45

35

20

20

Debenture Trustees

35

32

30

28

29

29

Credit Rating Agencies

4

4

4

5

5

5

Venture Capital Funds

50

80

90

106

130

131

Foreign Venture Capital Investors

14

39

78

97

100

116

Registrars to an Issue & Share Transfer Agents

83

83

82

76

70

70

Portfolio Managers

84

132

158

205

229

230

Mutual Funds

39

38

40

40

43

43

Collective Investment Schemes

0

0

0

0

0

0

Approved Intermediaries (Stock Lending Schemes)

3

3

3

2

2

3

STP (Centralised Hub)

1

1

1

1

STP Service Providers

4

2

2

2

Stock Exchanges (Derivatives Market)

Sub-brokers (Cash Segment) Foreign Institutional Investors Sub-accounts Custodians Depositories

*The data on brokers includes that of Mangalore ,Hyderabad and Saurashtra Kutch stock exchanges, which have been de-recognised by SEBI.

063

Total Public

Rights

Listed

IPOs

Issuer-type

At Par

At Premium

Equities CCPS

Instrument-wise Bonds

Others

(Rs. crore)

5

8

3

2

3

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

9

Jun-08

5

4

May-08

Jul-08

2

124

2007-08

Apr-08

124

2006-07

41

139

2005-06

2008-09 (Apr-Dec)

60

2 34

4

064 1,370

148

129

9,715

368

296

1,285

307

439

14,056

87,029

33,508

0

0

1

2

2

2

8

4

1

20

92

85

27,382 103

28,256

3

0

0

26

49

262

128

1,272

307

14

2,059

54,511

29,796

23,294

24,640

5

3

2

2

6

3

3

1

0

1

21

32

39

36

26

6

1,370

148

102

9,666

106

168

13

0

425

11,998

32,518

3,710

4,088

3,616

7

3

2

2

6

3

3

1

0

1

21

39

47

60

37

8

1,370

148

102

9,666

106

168

13

0

425

11,997

44,434

5,002

16,446

14,507

9

0

0

1

2

2

2

8

4

1

20

85

77

79

23

10

0

0

26

49

262

128

1,272

307

14

2,059

42,595

28,504

10,936

13,749

11

0

0

1

1

1

0

1

0

0

4

7

2

10

6

12 49

14

0

0

42

7

15

0

14

0

0

78

3

2

2

6

4

5

8

4

2

36

387 113

12 119

372 128

420

13

1,370

148

87

9,259

353

296

1,271

307

439

13,530

79,352

32,889

27,000

23,968

15

0

0

0

0

0

0

0

0

0

0

2

0

0

0

16

0

0

0

0

0

0

0

0

0

0

0

0

0

5,687

17

0

0

0

1

0

0

0

0

0

1

2

2

0

5

18

0

0

0

448

0

0

0

0

0

448

1,603

356

0

3,867

19

0

0

0

0

0

0

0

0

0

0

0

1

1

0

20

0

0

0

0

0

0

0

0

0

0

0

0

249

10

21

No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

2004-05

1

Year/Month

Category-wise

Table 2: Capital Raised from the Primary Market through Public and Rights Issues January SEBI BULLETIN 2009

January

SEBI BULLETIN

2009

Table 3 : Capital raised from the Primary Market through QIPs NSE

BSE

Total

Month

No

Amount (Rs. crore)

No

Amount (Rs. crore)

No

Amount (Rs. crore)

1

2

3

4

5

6

7

2006-07

21

4,530

25

4,963

25

4,963

2007-08

34

24,679

36

25,525

36

25,525

2008-09 (Apr-Dec)

2

189

1

75

2

189

Apr-08

0

0.00

0

0

0

0

May-08

0

0.00

0

0

0

0

Jun-08

0

0.00

0

0

0

0

Jul-08

0

0.00

0

0

0

0

Aug-08

1

75.00

1

75

1

75

Sep-08

0

0.00

0

0

0

0

Oct-08

0

0.00

0

0

0

0

Nov-08

0

0.00

0

0

0

0

Dec-08

1

114

0

0

1

114

Source : BSE , NSE

065

January

SEBI BULLETIN

2009

Table 4: Industry-wise Classification of Capital Raised through Public and Rights Issues (Rs.crore)

2006-07

2008-09 (Apr-Dec)

2007-08

Industry

1 Banking/FIs

Nov - 2008

Dec - 2008

No.

Amount

No.

Amount

No.

Amount

No.

Amount

No.

Amount

2

3

4

5

6

7

8

9

10

11

5

2,190

6

30,955

0

0

0

0

0

0

13

2,747

27

18,905

3

80

0

0

0

0

Chemical

5

147

8

661

3

58

0

0

0

0

Electronics

9

480

4

684

0

0

0

0

0

0

Engineering

2

465

5

378

0

0

0

0

0

0

Entertainment

8

1,219

2

403

2

1,156

0

0

1

1140

Finance

9

2,765

7

1,773

1

448

0

0

0

0

Food Processing

9

634

2

100

0

0

0

0

0

0

Health Care

2

208

3

542

3

144

0

0

0

0

12

2,077

10

691

1

42

0

0

0

0

Paper & Pulp

1

15

1

35

0

0

0

0

0

0

Plastic

3

106

5

211

0

0

0

0

0

0

Power

1

30

4

13,709

2

959

0

0

0

0

Printing

2

121

0

0

0

0

0

0

0

0

Telecommunication

3

2,994

2

1,000

2

100

0

0

0

0

Textile

15

1,064

7

442

4

260

0

0

1

30

Others *

25

16,246

31

16,541

20

10,809

2

148

1

200

124

33,508

124

87,029

41

14,056

2

148

3

1,370

Cement & Construction

Information Technology

Total

*: Tata Steel is included in others for the month of November 2007.

066

067

4 9 5 5 8 3 2 3

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

1,370

148

129

9,715

368

296

1,285

307

439

14,056

87,029

33,508

27,382

28,256

3

Amount

3

2

3

8

5

5

9

4

2

41

120

122

131

55

4

No.

1,370

148

129

9,715

368

296

1,285

307

439

14,056

67,311

31,728

20,199

17,162

5

Amount

Private*

0

0

0

0

0

0

0

0

0

0

4

2

8

5

6

No.

Sector-wise

0

0

0

0

0

0

0

0

0

0

19,718

1,779

7,183

11,094

7

Amount

Public

1

1

0

0

0

2

1

0

0

5

22

28

30

8

8

No.

1,140

130

0

0

0

110

22

0

0

1,402

16,526

3,673

5,389

8,725

9

Amount

Northern

* Joint sector issues, if any, have been clubbed with private sector for the respective period.

2

124

2007-08

Apr-08

124

2006-07

41

139

2005-06

2008-09 (Apr-Dec)

60

2

No.

2004-05

1

Year/ Month

Total

0

0

1

0

2

0

1

0

0

4

11

5

13

7

10

No.

0

0

60

0

230

0

13

0

0

303

1,093

165

1,495

204

11

Amount

Eastern

2

1

0

7

2

1

4

2

0

19

55

55

56

34

12

No.

230

18

0

9,690

135

128

332

201

0

10,734

64,139

22,964

14,963

17,951

13

Amount

Western

Region-wise

0

0

2

1

1

2

3

2

2

13

36

36

40

11

14

(Rs.crore)

0

0

68

25

3

58

918

106

439

1,616

5,270

6,706

5,535

1,377

15

Amount

Southern No.

Table 5: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues January SEBI BULLETIN 2009

January

SEBI BULLETIN

2009

Table 6: Size-wise Classification of Capital Raised through Public and Rights Issues (Rs. crore) Total

Year/ Month

1

≥ 5cr. - < 10cr.

< 5 cr.

≥ 10 cr. - < 50 cr. ≥ 50 cr. - < 100 cr.

≥ 100 cr.

No.

Amount

No.

Amount

No.

Amount

No.

Amount

No.

Amount

No.

Amount

2

3

4

5

6

7

8

9

10

11

12

13

2004-05

60

28,256

2

3

5

44

17

461

11

723

25

27,025

2005-06

139

27,382

6

20

4

32

47

1,325

33

2,189

49

23,815

2006-07

124

33,508

3

10

6

45

40

1,129

31

2,386

44

29,938

2007-08

124

87,029

4

16

1

6

33

920

25

1,669

61

84,418

41

14,056

1

3

1

7

18

455

9

1,222

12

12,368

Apr-08

2

439

0

0

0

0

1

14

0

0

1

425

May-08

4

307

0

0

0

0

1

26

2

142

1

140

Jun-08

9

1,285

0

0

0

0

5

136

1

69

3

1,081

Jul-08

5

296

0

0

0

0

3

82

1

86

1

128

Aug-08

5

368

1

3

0

0

1

15

1

87

2

262

Sep-08

8

9,715

0

0

1

7

3

66

1

448

3

9,194

Oct-08

3

129

0

0

0

0

2

68

1

60

0

0

Nov-08

2

148

0

0

0

0

1

18

1

130

0

0

Dec-08

3

1,370

0

0

0

0

1

30

1

200

1

1,140

2008-09 ( Apr-Dec)

068

January

SEBI BULLETIN

2009

Table 7: Distribution of Turnover on Cash Segments of Exchanges (Rs.crore)

Stock Exchanges 1

2004-05

2005-06

2006-07

2007-08

2008-09 (Apr-Dec)

Nov-08

Dec-08

2

3

4

5

6

7

8

Ahmedabad

0

0

0

0

0

0

0

Bangalore

0

0

0

0

0

0

0

Bhubaneshwar

0

0

0

0

0

0

0

5,18,715

8,16,074

9,56,185

15,78,857

9,05,445

63,694

80,866

2,715

2,800

694

446.00

NA

NA

NA

Cochin

0

0

0

0

0

0

0

Coimbatore

0

0

0

0

0

0

0

Delhi

0

0

0

0

0

0

0

Gauhati

0

0

0

0

0

0

0

14

89

92

0

0

0

0

ISE

0

0

0

0

0

0

0

Jaipur

0

0

0

0

0

0

0

Ludhiana

0

0

0

0

0

0

0

Madhya Pradesh

0

0

0

0

0

0

0

27

5

2

0

0

0

0

0

91

0

0

0

0

0

11,40,072

15,69,558

19,45,287

35,51,038

22,08,183

1,73,123

2,12,956

0.01

0.01

0

0

0

0

0

0.3

0

0

0

0

0

0

0

0

0

0

0

0

0

5,343

1,486

799

475

NA

NA

3

0

0

0

0

0

0

BSE Calcutta

Hyderabad

Madras Magadh (Patna) NSE OTCEI Pune SKSE Uttar Pradesh Vadodara N.A: Not Available Source: Various Exchanges

069

66

4,821

4,887

4,921

2006-07

2007-08

(2008-09)

070

4,926

4,927

4,928

4,921

Sep-08

Oct-08

Nov-08

Dec-08

66

66

66

66

66

64

64

64

64

60

42

7,727

7,737

7,705

7,685

7,702

7,913

7,899

7,867

7,793

7,727

7,681

7,561

7,311

6,897

4

21

18

20

21

20

23

21

20

20

184

251

249

251

253

5

* At the end of the period. # BSE Sensex commenced from January 2 1986. ## BSE-100 Index commenced from April 3 1984. Source: BSE

4,924

Aug-08

4,909

Jun-08

4,917

4,901

May-08

Jul-08

0

Apr-08

Apr to Dec

63

4,781

2005-06

36

4,731

2004-05

3

2

2,565

2,414

2,599

2,699

2,758

2,701

2,697

2,771

2,773

2,565

2,709

2,641

2,548

2,382

6

8

9

484

398

431

451

446

557

478

488

475

99,924

67,607

50,354

52,032

80,866

63,694

78,227

54,883 1,08,090

60,455

75,115 1,23,916

60,944 1,13,605

72,891 1,21,670

67,672 1,15,454

4,209 5,61,953 9,05,445

5,303 9,86,010 15,78,857

3,462 5,60,777 9,56,185

2,640 6,64,455 8,16,074

2,374 4,77,171 5,18,715

7

No. of No. of No. of No. of No. of No. of Traded Turnover Comp- Comp- Scrips Trading Scrips Trades Quantity (Rs. cr.) anies anies Listed * Days Traded (Lakh) (Lakh) Listed * Permitted *

1

Month/ Year

Table 8: Cash Segment of BSE

3,851

3,539

3,911

5,147

4,996

5,388

5,410

6,084

5,773

4,921

6,290

3,840

3,251

2,050

10

Average Daily Turnover (Rs. cr.) 12

13

14

Demat Demat Market Securities Turnover CapiTraded (Rs. cr.) talisation (Rs. cr.) * (Lakh) Low

16

High

15

BSE Sensex #

17

Close

18

High

19

Low

20

Close

BSE 100 Index ##

16,698

15,984

18,158

23,947

22,383

22,241

23,750

24,949

24,316

9647.31 9432.50 3949.13 4988.04

67,582

50,325

52,020

80,823 31,44,767 10188.54

8467.43

4600.45 9647.31 5230.68 4309.85 4988.04

5556.23 4263.12

63,618 28,18,964 10945.41 8316.39 9092.72

3949.13 4953.98

6853.72

78,208 29,97,259 13203.86 7697.39 9788.06

7892.81 6331.94 6691.57

99,872 47,78,864 15579.78 14002.43 14564.53 8138.57 7332.72 7621.40

54,861 1,08,086 41,65,387 15107.01 12153.55 12860.43

60,415

7488.48

8780.18 7004.44 7029.74

75,109 1,23,902 47,32,544 15130.09 12514.02 14355.75 7880.04 6536.94

60,899 1,13,556 43,75,021 16632.72 13405.54 13461.60

72,843 1,21,707 54,28,878 17735.70 16196.02 16415.57 9432.50 8584.50 8683.27

67,628 1,15,470 57,94,292 17480.74 15297.96 17287.31 9312.29 8062.58 9199.46

21,510 5,61,682 9,05,242 31,44,767 17735.70 7697.39

8232.82

7276.00 4472.00 6587.00

27,618 5,58,068 9,52,025 35,45,041 14326.00 8799.00 13072.00

29,771 9,84,081 15,74,729 51,38,014 21206.77 12425.52 15644.44 11655.91 6270.97

5943.32 3302.80 5904.17

30,911 6,45,061 7,90,446 30,22,190 11356.95 6140.97 11279.96

21,849 4,31,307 4,51,080 16,98,428 6954.86 4227.50 6492.82 3756.07 2226.36 3481.86

11

Average Trade Size (Rs.)

January SEBI BULLETIN 2009

1,381

1,428

2006-07

2007-08

2008-09

071

-

-

1

--

--

--

--

--

--

--

--

--

--

--

3

1,283

1,286

1,282

1,278

1,278

1,272

1,262

1,252

1,244

1,283

1,236

1,084

929

839

4

21

18

20

21

20

23

21

20

20

184

251

249

251

255

5

No. of No. of No. of Comp- Comp- Trading anies anies Days Permi- Available tted * for Trading* @

1,282

1,282

1,277

1,275

1,274

1,267

1,256

1,246

1,240

1,270

1,244

1,114

928

856

6

No. of Companies Traded

* At the end of the period. @ Excludes suspended companies. # S&P CNX Nifty index commenced from November 3, 1995. ## CNX Nifty Junior commenced from November 4, 1996. Source: NSE

1,428

Dec-08

Sep-08

1,431

1,424

Aug-08

1,430

1,422

Jul-08

Nov-08

1,417

Jun-08

Oct-08

1,398

1,407

May-08

1,390

Apr-08

(Apr-Dec)

1,069

1,228

2005-06

970

2

1

2004-05

No. of Companies Listed*

Month/ Year

Table 9: Cash Segment of NSE

9

8,55,456 19,45,287

8,44,486 15,69,558

7,97,685 11,40,072

8

1,302

1,099

1,178

1,132

1,067

1,337

1,115

1,071

1,079

13,561

12,001

11,713

12,862

1,44,793 2,12,956

1,06,848 1,73,123 10,141

9,618

1,09,299 2,16,198 10,810

1,02,202 2,62,261 12,489

1,04,352 2,34,251

1,34,285 2,95,816

1,08,548 2,64,428 12,592

1,15,014 2,77,923 13,896

1,14,280 2,71,227

10,378 10,39,622 22,08,183

14,148

7,812

6,253

4,471

10

19

20

7567.00 4464.00 6878.00

18

6437.40 3998.80 6412.10

17

8,55,456 19,45,287 33,67,350 4245.00 2596.00 3822.00

16

15

Close

8,44,486 15,69,558 28,13,201 3433.85 1896.30 3402.55

14

Low

CNX Nifty Junior Index ## High

4705.25 2493.70 4275.15

13

Close

7,97,685 11,40,072 15,85,585 2183.45 1292.20 2035.65

12

Low

S&P CNX Nifty Index # High

9272.25 7699.35 9170.95 9541.00 8075.50 8221.35 8305.15 6201.05 6233.20 7363.20 5756.85 6936.80 7177.15 6799.55 7138.30 7400.25 5633.10 6043.15 6203.65 3603.20 4291.30 4937.65 3706.70 3848.85 4695.30 3675.50 4555.70

1,14,280 2,71,227 54,42,780 5230.75 4628.75 5165.90 1,15,014 2,77,923 50,98,873 5298.85 4801.90 4870.10 1,08,548 2,64,428 41,03,651 4908.80 4021.70 4040.55 1,34,285 2,95,816 44,32,427 4539.45 3790.20 4332.95 1,04,352 2,34,251 44,72,461 4649.85 4201.85 4360.00 1,02,202 2,62,261 39,00,185 4558.00 3715.05 3921.20 1,09,299 2,16,198 28,20,388 4000.50 2252.75 2885.60 1,06,848 1,73,123 26,53,281 3240.55 2502.90 2755.10 1,44,793 2,12,956 29,16,768 3110.45 2570.70 2959.15

16,359

15,758

18,355

23,160

21,962

22,129

23,717

25,960

25,142

9541.00 3603.20 4555.70

21,277 10,39,622 22,08,183 29,16,768 5298.85 2252.75 2959.15

30,280 14,98,469 35,51,038 48,58,122 6357.10 3617.00 4734.50 13209.35 6559.55 7975.75

24,790

25,044

25,283

11

Traded Turnover Average Average Demat Demat Market Quantity (Rs.cr.) Daily Trade Size Securities Turnover Capita(Lakh) Turnover (Rs.) Traded (Rs. cr.) lisation (Rs. cr.) * (Rs. cr.) (Lakh)

11,727 14,98,469 35,51,038

7,847

6,089

4,508

7

No. of Trades (Lakh)

January SEBI BULLETIN 2009

072

4,926

4,926

4,926

4,927

4,927

4,927

4,927

4,926

4,926

4,926

4,926

4,926

4,921

4,921

4,921

4,921

4,921

4,921

4,921

4,921

2-Dec-08

3-Dec-08

4-Dec-08

5-Dec-08

8-Dec-08

10-Dec-08

11-Dec-08

12-Dec-08

15-Dec-08

16-Dec-08

17-Dec-08

18-Dec-08

19-Dec-08

22-Dec-08

23-Dec-08

24-Dec-08

26-Dec-08

29-Dec-08

30-Dec-08

31-Dec-08

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

66

3

4

7,727

7,723

7,723

7,723

7,723

7,721

7,721

7,718

7,760

7,754

7,751

7,751

7,746

7,739

7,736

7,735

7,731

7,730

7,729

7,728

7,735

5

2,565

2,557

2,486

2,552

2,530

2,576

2,636

2,615

2,567

2,614

2,596

2,592

2,503

2,586

2,547

2,509

2,525

2,535

2,502

2,482

2,497

* At the end of the period. # SENSEX commenced from January 2, 1986. ## BSE-100 Index commenced from April 3, 1984. Source: BSE

4,928

2

23

22

22

20

20

21

23

28

28

28

25

25

26

27

24

20

24

23

19

18

18

6

3,464

3,535

2,752

2,637

2,822

2,908

3,463

4,201

3,943

4,201

3,780

4,002

4,008

3,858

3,114

2,470

2,908

3,002

2,257

2,109

2,174

7

9

3,746 16,590

3,984 17,812

3,412 15,764

3,175 15,892

3,190 15,790

3,378 16,111

3,861 16,591

5,067 18,279

5,096 18,147

4,894 17,487

4,150 16,491

4,381 17,324

4,487 17,249

4,638 17,228

4,181 17,340

3,243 16,414

3,756 15,935

3,748 16,146

2,955 15,329

2,603 14,603

2,922 15,916

8

3,463

3,522

2,752

2,635

2,821

2,906

3,462

4,201

3,941

4,201

3,779

4,002

4,008

3,858

3,114

2,470

2,907

3,002

2,256

2,109

2,173

10

3,746

3,983

3,411

3,168

3,189

3,375

3,861

5,067

5,087

4,893

4,150

4,382

4,487

4,638

4,180

3,243

3,755

3,741

2,949

2,599

2,919

11

9948.33

9745.51

9746.01

9678.70

9432.11

9340.69

9245.06

8854.81

8785.04

9326.68

13

High

31,44,767

31,48,381

30,96,110

30,42,779

30,99,350

31,36,822

9825.90

9785.04

9550.40

9706.38

9653.42

9838.38

32,05,285 10173.34

32,23,779 10188.54

31,90,950 10110.34

30,84,986 10073.10

31,62,371 10009.21

30,77,981

29,98,385

29,83,206

29,71,228

28,58,311

28,08,999

28,66,841

27,53,688

27,38,933

27,65,131

12

No. of No. of No. of No. of No. of Traded Turn- Average Demat Demat Market Comp- Comp- Scrips Scrips Trades Quantity over Trade Secu- Turn- Capitalisati rities over anies anies Listed Traded (Lakh) (Lakh) (Rs. Cr.) Size on (Rs.) Traded (Rs. Cr.) (Rs. Cr.)* Listed* Permitted* (Lakh)

1-Dec-08

1

Date

Table 10: Trends in Cash Segment of BSE, December 2008

9715.29

9976.98

9832.39

9690.07

9645.46

9654.90

9162.62

8965.20

9229.75

8747.43

8739.24

8839.87

15

Close

9587.92

9494.70

9162.66

9294.98

9502.53

9643.56

9894.01

9647.31

9716.16

9533.52

9328.92

9568.72

9686.75

9928.35

9987.42 10099.91

9633.04 10076.43

9682.91

9790.31

9749.29

9281.89

9441.97

9280.16

9095.70

8914.38

8726.71

8601.41

8467.43

8803.34

14

Low

SENSEX #

5073.13

5047.91

4933.93

5002.86

4961.73

5072.97

5230.68

5224.05

5165.02

5158.08

5116.49

5064.90

4941.88

4935.97

4898.00

4783.37

4747.04

4690.66

4500.23

4463.76

4722.81

16

High

4958.40

4903.45

4743.44

4798.74

4894.59

4956.61

5086.77

5120.16

4919.18

4945.60

4994.31

4971.49

4716.59

4791.82

4709.00

4626.31

4546.25

4450.67

4390.14

4309.85

4471.58

17

Low

4988.04

5016.49

4925.28

4817.69

4925.05

4976.59

5108.12

5181.94

5149.66

4960.98

5102.59

5013.93

4915.48

4894.49

4886.95

4656.68

4565.56

4682.67

4456.31

4443.50

4487.56

18

Close

BSE-100 Index ##

January SEBI BULLETIN 2009

073

1,250

1,248

1,254

1,235

1,233

1,233

1,238

1,241

19-Dec-2008

22-Dec-2008

23-Dec-2008

24-Dec-2008

26-Dec-2008

29-Dec-2008

30-Dec-2008

31-Dec-2008

58.60

59.37

58.48

52.19

56.45

57.50

62.72

73.77

74.28

72.03

65.90

65.66

68.18

72.14

66.29

63.02

54.31

50.86

6,750

6,480

6,102

5,294

6,777

6,343

7,216

8,786

8,575

8,443

7,760

8,184

8,059

8,474

7,270

5,834

6,730

6,788

5,284

4,681

4,962

4

6

8,947 15,268

9,005 15,167

9,062 15,496

7,248 13,887

9,914 17,561

9,026 15,697

10,149 16,181

13,246 17,956

13,363 17,990

12,872 17,870

11,116 16,869

11,078 16,870

11,186 16,407

12,075 16,739

11,520 17,378

9,419 17,285

9,731 15,430

9,713 15,413

8,286 15,256

7,608 14,958

8,392 15,993

5

6,750

6,480

6,102

5,294

6,777

6,343

7,216

8,786

8,575

8,443

7,760

8,184

8,059

8,474

7,270

5,834

6,730

6,788

5,284

4,681

4,962

7

9

10

High

11

Low

12

Close

S&P CNX Nifty Index #

13

High

14

Low

15

Close

CNX Nifty Junior Index ##

8,947 29,16,768 3002.65 2937.35 2959.15 4634.15 4535.55 4555.70

9,005 29,24,255 2999.15 2899.75 2979.50 4579.60 4451.85 4558.00

9,062 28,67,510 2931.80 2812.90 2922.20 4468.70 4269.80 4452.00

7,248 28,09,207 2960.95 2844.80 2857.25 4485.95 4301.45 4325.25

9,914 28,62,040 2968.00 2900.45 2916.85 4434.25 4333.70 4403.90

9,026 28,99,150 3040.00 2957.05 2968.65 4554.20 4386.80 4403.80

10,149 29,72,329 3110.45 3027.80 3039.30 4695.30 4546.45 4576.70

13,246 30,03,275 3106.80 3036.30 3077.50 4628.40 4508.75 4603.10

13,363 29,74,985 3072.55 2922.65 3060.75 4540.90 4318.40 4524.50

12,872 28,80,418 3076.20 2943.50 2954.35 4559.80 4342.60 4354.10

11,116 29,67,535 3052.55 2963.30 3041.75 4519.00 4379.40 4505.40

11,078 28,96,248 3012.10 2917.90 2981.20 4471.75 4380.90 4400.85

11,186 28,25,682 2936.80 2812.55 2921.35 4350.50 4145.55 4323.85

12,075 28,11,695 2945.30 2861.55 2920.15 4313.95 4185.70 4288.60

11,520 28,00,548 2940.15 2785.70 2928.25 4216.95 4087.65 4203.25

9,419 26,87,859 2861.55 2714.70 2784.00 4184.30 4048.70 4066.05

9,731 26,40,849 2821.15 2701.35 2714.40 4189.40 4027.60 4036.00

9,713 27,01,769 2793.80 2646.35 2788.00 4118.55 3909.20 4099.25

8,286 25,89,193 2693.65 2611.95 2656.45 3917.80 3834.20 3907.35

7,608 25,74,500 2672.90 2570.70 2657.80 3832.20 3675.50 3814.50

8,392 25,99,774 2832.85 2669.50 2682.90 3960.95 3795.30 3808.30

8

Turn- Average Demat Demat Market over Trade SecuTurn- Capita(Rs. rities lisation over Size crore) (Rs.) Traded (Rs. cr.) (Rs. cr.)* (Lakh)

* At the end of the period. # S&P CNX Nifty Index commenced from November 3, 1995. ## CNX Nifty Junior commenced from November 4, 1996. Source: NSE

1,244

1,242

12-Dec-2008

18-Dec-2008

1,235

11-Dec-2008

1,250

1,243

17-Dec-2008

1,245

8-Dec-2008

10-Dec-2008

1,254

1,234

5-Dec-2008

1,244

1,239

4-Dec-2008

16-Dec-2008

54.49

1,229

3-Dec-2008

15-Dec-2008

63.07

1,237

2-Dec-2008

52.47

1,232

1-Dec-2008

3

2

No. of No. of Traded Secu- Trades Quanrities (Lakh) tity Traded (Lakh)

1

Month/Year

Table 11: Trends in Cash Segment of NSE, December 2008 January SEBI BULLETIN 2009

074

2 1,610 1,494 1,701 1,983 1,919 1,765 2,321 2,250 2,104 2,008 1,763 2,299 2,504 2,106 1,472 1,543 1,620 1,522 1,824 1,798 1,857

3 2,536 2,315 2,557 3,164 3,161 2,753 3,642 3,946 3,709 3,528 3,269 3,966 4,345 4,049 3,189 2,963 2,777 2,725 3,032 3,117 3,080

BSE BSE Sensex 100 4 2,922 2,603 2,955 3,748 3,756 3,243 4,181 4,638 4,487 4,381 4,150 4,894 5,096 5,067 3,861 3,378 3,190 3,175 3,412 3,984 3,746

5 55.08 57.38 57.56 52.91 51.09 54.43 55.51 48.52 46.88 45.84 42.48 46.98 49.14 41.57 38.13 45.69 50.80 47.93 53.46 45.13 49.58

A#

6 86.78 88.93 86.52 84.42 84.16 84.89 87.12 85.07 82.66 80.51 78.78 81.05 85.27 79.92 82.61 87.70 87.07 85.83 88.86 78.24 82.21

B#

7 6,122 5,651 5,913 6,539 6,449 6,952 8,131 7,845 7,103 7,133 6,893 8,568 9,042 8,345 6,101 5,705 6,976 4,559 6,368 5,819 5,708

8 1,071 914 1,088 1,552 1,506 1,157 1,612 2,134 2,222 1,873 1,788 2,022 2,181 2,436 2,098 1,809 1,452 1,351 1,464 1,573 1,513

S&P CNX CNX Nifty Nifty Junior 9 8,392 7,608 8,286 9,713 9,731 9,419 11,520 12,075 11,186 11,078 11,116 12,872 13,363 13,246 10,149 9,026 9,914 7,248 9,062 9,005 8,947

NSE Total

10 72.95 74.28 71.36 67.32 66.27 73.81 70.58 64.97 63.50 64.39 62.01 66.56 67.66 63.00 60.12 63.21 70.36 62.90 70.27 64.62 63.80

C#

A# = % age share of Sensex securities in total BSE turnover B# = % age share of BSE-100 Index securities in total BSE turnover C# = % age share of S&P CNX Nifty securities in total NSE turnover D# = % age share of CNX Nifty Junior securities in total NSE turnover Source: BSE, NSE

1 1-Dec-08 2-Dec-08 3-Dec-08 4-Dec-08 5-Dec-08 8-Dec-08 10-Dec-08 11-Dec-08 12-Dec-08 15-Dec-08 16-Dec-08 17-Dec-08 18-Dec-08 19-Dec-08 22-Dec-08 23-Dec-08 24-Dec-08 26-Dec-08 29-Dec-08 30-Dec-08 31-Dec-08

Date

BSE Total

Turnover

12 1,338,036 1,326,840 1,325,546 1,394,883 1,355,913 1,388,596 1,461,716 1,457,234 1,458,539 1,480,438 1,509,163 1,469,467 1,523,536 1,528,062 1,508,400 1,474,768 1,451,163 1,416,907 1,444,772 1,473,214 1,463,165

13 20,93,311 20,72,312 20,79,230 21,76,256 21,23,045 21,69,294 22,70,779 22,73,069 22,77,144 23,34,558 23,99,920 23,41,841 24,35,252 24,58,408 24,40,028 23,87,707 23,56,037 23,06,486 23,52,114 23,90,362 23,79,501

14 27,65,131 27,38,933 27,53,688 28,66,841 28,08,999 28,58,311 29,71,228 29,83,206 29,98,385 30,77,981 31,62,371 30,84,986 31,90,950 32,23,779 32,05,285 31,36,822 30,99,350 30,42,779 30,96,110 31,48,381 31,44,767

Total

15 48.39 48.44 48.14 48.66 48.27 48.58 49.20 48.85 48.64 48.10 47.72 47.63 47.75 47.40 47.06 47.01 46.82 46.57 46.66 46.79 46.53

E#

16 75.70 75.66 75.51 75.91 75.58 75.89 76.43 76.20 75.95 75.85 75.89 75.91 76.32 76.26 76.13 76.12 76.02 75.80 75.97 75.92 75.67

F#

17 16,61,496 16,45,963 16,45,135 17,26,593 16,80,999 17,24,105 18,13,443 18,08,445 18,09,186 18,46,234 18,83,735 18,29,582 18,95,473 19,05,867 18,82,186 18,38,449 18,06,400 17,69,485 18,09,714 18,45,218 18,32,610

S&P CNX

NSE

18 2,43,065 2,43,462 2,49,386 2,61,636 2,57,599 2,59,517 2,68,273 2,73,720 2,75,971 2,80,886 2,87,559 2,77,903 2,88,778 2,93,796 2,92,112 2,81,076 2,81,082 2,76,063 2,88,746 2,95,619 2,95,471

CNX Nifty 19 25,99,774 25,74,500 25,89,193 27,01,769 26,40,849 26,87,859 28,00,548 28,11,695 28,25,682 28,96,248 29,67,535 28,80,418 29,74,985 30,03,275 29,72,329 28,99,150 28,62,040 28,09,207 28,67,510 29,24,255 29,16,768

Total

H#

(Rs. crore)

20 21 63.91 9.35 63.93 9.46 63.54 9.63 63.91 9.68 63.65 9.75 64.14 9.66 64.75 9.58 64.32 9.74 64.03 9.77 63.75 9.70 63.48 9.69 63.52 9.65 63.71 9.71 63.46 9.78 63.32 9.83 63.41 9.70 63.12 9.82 62.99 9.83 63.11 10.07 63.10 10.11 62.83 10.13

G#

E# = % age share of Sensex securirities in total BSE Market Capitalisation F# = % age share of BSE-100 Index securities in total BSE Market Capitalisation G# = % age share of S&P CNX Nifty securities in total NSE Market Capitalisation H# = % age share of CNX Nifty Junior securities in total NSE Market Capitalisation

11 12.76 12.01 13.12 15.98 15.48 12.29 13.99 17.67 19.86 16.91 16.09 15.71 16.32 18.39 20.67 20.04 14.64 18.65 16.15 17.47 16.91

D#

BSE BSE BSE 100 Sensex

Market Capitalisation

Table 12: Turnover and Market Capitalisation at BSE and NSE, December 2008 January SEBI BULLETIN 2009

January

SEBI BULLETIN

2009

Table 13: Component Stocks: BSE Sensex, December 2008 Sr. No. 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Name of Security

2 ACC LTD BHEL BHARTI ARTL DLF LIMITED* GRASIM IND. HDFC BANK HINDALCO HIND UNI LT HDFC ICICI BANK INFOSYS TECH ITC LTD. JAIPRA LARSEN & TOU MAH & MAH MARUTISUZUK NTPC LTD ONGC CORPN RANBAXY LAB. REL COM LTD RELIANCE REL INFRA SATYAM COM STATE BANK STERLITE IN TCS LTD. TATA MOTORS TATA POWER TATA STEEL WIPRO LTD. Total

Issued Capital (Rs. cr.) 3 188 490 1,898 341 92 425 170 218 284 1,113 286 377 237 117 259 144 8,245 2,139 210 1,032 1,574 228 135 635 142 98 450 221 731 293 -

Market Weightage Capita(%) lisation (Rs. cr.) 4 5 4,932 0.72 23,342 3.41 47,509 6.95 7,202 1.05 8,374 1.22 36,049 5.27 6,162 0.90 27,269 3.99 35,966 5.26 49,893 7.30 54,397 7.95 45,255 6.62 5,895 0.86 40,793 5.96 5,330 0.78 7,513 1.10 22,386 3.27 28,560 4.18 4,245 0.62 16,417 2.40 96,808 14.16 8,604 1.26 10,892 1.59 36,810 5.38 7,389 1.08 11,697 1.71 4,650 0.68 11,597 1.70 11,100 1.62 6,836 1.00 6,83,873 100.00

Beta

R2

Daily Volatility (%)

Monthly Return (%)

Impact Cost (%)

6 0.66 1.02 0.84 1.48 0.71 0.98 1.16 0.51 1.19 1.51 0.72 0.57 1.72 1.06 0.91 0.67 0.89 0.84 0.62 1.33 1.15 1.68 0.82 0.99 1.21 0.86 0.98 1.02 1.24 0.92 -

7 0.36 0.60 0.54 0.63 0.43 0.61 0.56 0.33 0.67 0.76 0.45 0.39 0.66 0.69 0.43 0.37 0.58 0.54 0.20 0.58 0.75 0.70 0.28 0.61 0.53 0.47 0.50 0.51 0.58 0.53 -

8 3.16 3.77 3.28 5.35 3.11 3.58 4.47 2.56 4.19 4.94 3.06 2.63 6.08 3.66 3.98 3.15 3.36 3.26 3.96 4.99 3.79 5.78 4.42 3.63 4.77 3.61 3.97 4.12 4.65 3.62 -

9 17.64 0.08 6.56 42.19 36.96 8.39 (2.64) 5.95 1.62 27.59 (9.89) (1.18) 48.08 6.53 (2.41) (2.94) 13.41 (3.98) 20.88 16.24 8.72 15.33 (29.98) 18.53 10.04 (14.33) 16.65 11.84 43.66 (4.01) -

10 0.60 0.11 0.13 0.15 0.71 0.17 0.35 0.23 0.14 0.11 0.16 0.28 0.25 0.12 1.11 0.34 0.12 0.16 0.52 0.14 0.07 0.13 0.23 0.07 0.27 0.29 0.52 0.37 0.13 0.53 -

Figures in parentheses are negative. * Beta & R2 are calculated for the period January, 2008 to December 2008. Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market. * Volatility is the standard deviation of the daily returns for the period January 01, 2008 to December 31, 2008. * Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It is calculated for the period It is calculated for the period December 01, 2008 to December 31, 2008. Source: BSE

075

January

SEBI BULLETIN

2009

Table 14: Component Stocks : S&P CNX Nifty Index, December 2008 Sl. No. 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

Name of Security

Issued Market Capital Capitalisation (Rs. cr.) (Rs. cr.) 3 4 42 9,616 188 9,011 305 10,666 1,898 1,35,817 490 66,702 362 13,598 1,897 32,632 155 14,504 341 48,043 2,397 28,750 1,268 26,162 92 11,183 134 7,718 284 42,280 425 42,444 40 16,048 170 8,741 218 54,552 1,113 49,865 3,100 16,322 286 63,875 377 64,757 117 45,287 259 7,098 144 15,029 644 12,206 8,245 1,48,913 2,139 1,42,684 315 16,607 4,209 34,997 210 10,608 1,032 46,895 231 13,379 1,574 1,94,010 4,500 39,240 4,130 32,011 135 11,510 635 81,823 67 9,675 142 18,428 104 22,040 300 9,334 285 14,300 450 7,192 221 16,585 731 15,872 98 46,768 325 6,599 293 34,163 43 6,070 18,32,610

Weightage (%)

Beta

R2

Daily Volatility (%) 8 2.62 4.11 5.21 2.77 3.26 3.58 4.06 2.18 7.01 3.33 3.52 4.07 6.23 3.52 2.59 1.65 3.18 1.58 4.35 4.18 2.58 1.87 3.31 5.12 2.87 4.47 2.20 2.88 2.35 2.32 2.48 5.17 5.78 3.82 4.50 6.22 8.79 3.12 3.20 4.98 2.08 5.44 4.65 5.38 2.77 5.01 3.39 7.33 3.75 3.18 -

Monthly Return (%) 9 3.57 18.38 34.20 6.62 0.22 5.88 21.46 (6.77) 42.21 8.55 5.12 37.65 (16.15) 1.15 8.19 0.00 (2.93) 5.88 27.43 12.38 (10.32) (1.09) 6.39 (2.24) (2.50) 9.16 13.26 (3.85) 18.25 12.29 21.21 16.21 14.99 8.66 19.04 16.28 (29.68) 18.40 27.96 9.75 (1.66) 49.58 27.23 16.76 12.06 43.46 (14.57) 75.59 (3.81) 28.30 -

Impact Cost (%)

2 5 6 7 10 ABB 0.52 0.90 0.59 0.12 ACC 0.49 0.69 0.38 0.11 AMBUJACEM 0.58 0.79 0.40 0.18 BHARTIARTL 7.41 0.88 0.55 0.11 BHEL 3.64 1.05 0.59 0.09 BPCL 0.74 0.66 0.24 0.11 CAIRN 1.78 1.02 0.40 0.13 CIPLA 0.79 0.56 0.37 0.10 DLF 2.62 1.52 0.64 0.13 RPOWER 1.57 1.05 0.24 0.14 GAIL 1.43 0.88 0.52 0.14 GRASIM 0.61 0.76 0.48 0.12 HCLTECH 0.42 1.00 0.41 0.12 HDFC 2.31 1.16 0.59 0.09 HDFCBANK 2.32 0.99 0.58 0.09 HEROHONDA 0.88 0.41 0.19 0.08 HINDALCO 0.48 1.23 0.58 0.14 HINDUNILVR 2.98 0.55 0.34 0.08 ICICIBANK 2.72 1.48 0.71 0.10 IDEA 0.89 0.99 0.45 0.17 INFOSYSTCH 3.49 0.71 0.41 0.08 ITC 3.53 0.61 0.41 0.09 LT 2.47 1.07 0.66 0.09 M&M 0.39 0.92 0.42 0.14 MARUTI 0.82 0.67 0.36 0.10 NATIONALUM 0.67 0.92 0.28 0.19 NTPC 8.13 0.98 0.66 0.11 ONGC 7.79 0.90 0.59 0.12 PNB 0.91 0.92 0.52 0.10 POWERGRID 1.91 1.00 0.59 0.14 RANBAXY 0.58 0.63 0.20 0.12 RCOM 2.56 1.36 0.59 0.12 RELINFRA 0.73 1.76 0.72 0.10 RELIANCE 10.59 1.17 0.76 0.10 RPL 2.14 1.15 0.64 0.13 SAIL 1.75 1.25 0.58 0.15 SATYAMCOMP 0.63 0.81 0.28 0.11 SBIN 4.46 1.01 0.59 0.09 SIEMENS 0.53 0.90 0.42 0.14 STER 1.01 1.24 0.53 0.12 SUNPHARMA 1.20 0.30 0.08 0.10 SUZLON 0.51 1.42 0.46 0.14 TATACOMM 0.78 1.01 0.42 0.12 TATAMOTORS 0.39 1.00 0.50 0.12 TATAPOWER 0.91 1.09 0.53 0.10 TATASTEEL 0.87 1.28 0.59 0.11 TCS 2.55 0.87 0.45 0.13 UNITECH 0.36 1.69 0.46 0.18 WIPRO 1.86 0.92 0.49 0.15 ZEEL 0.33 0.69 0.32 0.15 Total 100.00--Notes: * Beta & R2 are calculated for the period 01-January-2008 to 31-December-2008. Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market. 2. Volatility is the Std. deviation of the daily returns for the period 01-December-2008 to 31-December-2008. Last day of trading was 31-December-2008. 3. Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 Lakhs. Impact Cost for S&P CNX Nifty is the weightage average impact cost. Source: NSE

076

January

SEBI BULLETIN

2009

Table 15: Volatility* of Major Indices (Per cent) S&P CNX Defty

Month/Year

BSE Sensex

BSE 100 Index

Dollex-200

S&P CNX Nifty

CNX Nifty Junior

1

2

3

4

5

6

7

2004-05

1.48

1.50

1.73

1.61

1.83

1.70

2005-06

1.03

0.98

0.99

1.04

1.13

1.44

2006-07

1.75

1.76

1.86

1.77

2.05

1.89

2007-08

1.93

2.04

2.20

2.02

2.41

2.20

2008-09 (Apr-Dec)

2.88

2.81

3.08

2.86

2.92

3.12

Apr-08

1.40

1.30

1.32

1.29

1.41

1.34

May-08

1.31

1.30

1.32

1.20

1.71

1.27

Jun-08

1.93

1.96

2.04

1.89

2.41

1.91

Jul-08

3.30

3.24

3.48

2.97

3.68

3.28

Aug-08

1.73

1.68

1.84

1.61

2.02

1.79

Sep-08

2.50

2.36

2.64

2.32

2.48

2.89

Oct-08

5.19

5.07

5.34

5.03

4.83

5.35

Nov-08

3.85

3.60

4.25

3.83

3.19

4.63

Dec-08

2.53

2.43

2.84

2.16

2.30

2.92

* Volatility is calculated as the standard deviation of the natural log of returns in indices for the respective period. Source: BSE, NSE.

077

January

SEBI BULLETIN

2009

Table 16: City-wise Distribution of Turnover on Cash Segments of BSE and NSE (Percentage share in Turnover)

Sl. Stock Exchange/ No. City 1

2

BSE

NSE

2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08 2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08 3

4

5

6

7

8

9

10

11

12

13

14

1 Ahmedabad

3.14

2.91

3.00

3.42

5.32

5.88

2.91

3.00

2.90

3.38

7.39

7.51

2 Bangalore

0.74

0.94

0.71

0.56

0.51

0.46

1.67

1.65

1.33

0.80

0.62

0.70

3 Baroda

0.02

0.03

0.05

0.31

0.18

0.20

0.71

0.77

0.89

0.80

0.66

0.61

4 Bhubaneshwar

0.02

0.02

0.01

0.01

0.00

0.00

0.02

0.02

0.02

0.01

0.00

0.00

5 Chennai

0.40

0.53

0.52

0.49

0.40

0.37

2.88

2.77

2.18

1.90

2.10

2.20

6 Cochin

0.12

0.18

0.17

0.22

0.27

0.27

0.64

0.61

0.54

0.51

0.83

0.93

7 Coimbatore

0.06

0.04

0.03

0.03

0.02

0.02

0.46

0.44

0.25

0.20

0.39

0.43

8 Delhi

3.05

3.79

3.24

3.21

2.77

3.23

14.92

13.37

13.54

14.67

15.11

15.59

9 Guwahati

0.06

0.06

0.03

0.03

0.07

0.05

0.02

0.02

0.03

0.02

0.52

0.01

10 Hyderabad

0.20

0.36

0.36

0.37

0.25

0.27

2.25

1.91

1.21

1.26

1.89

2.05

11 Indore

0.46

0.53

0.54

0.56

0.58

0.55

0.98

0.83

0.78

0.65

0.40

0.46

12 Jaipur

0.74

0.77

0.73

0.75

0.85

0.93

1.17

1.15

0.88

0.74

0.49

0.51

13 Kanpur

0.44

0.34

0.37

0.36

0.34

0.32

0.40

0.21

0.17

0.10

0.07

0.06

14 Kolkata

0.96

1.38

1.08

0.97

0.65

0.69

12.46

11.39

10.59

10.96

9.05

9.18

15 Ludhiana

0.34

0.25

0.18

0.19

0.06

0.06

0.43

0.32

0.22

0.20

0.18

0.18

16 Mangalore

0.07

0.06

0.05

0.03

0.03

0.03

0.08

0.06

0.06

0.04

0.04

0.04

75.33

75.05

76.34

75.79

71.54

70.10

47.39

52.43

57.06

57.66

53.26

51.69

18 Patna

0.07

0.10

0.09

0.07

0.04

0.06

0.10

0.08

0.06

0.04

0.03

0.03

19 Pune

0.63

0.73

0.81

0.74

0.76

0.68

0.75

0.56

0.41

0.29

0.19

0.21

20 Rajkot

1.71

1.25

1.25

1.82

4.37

4.54

0.32

0.31

0.36

0.75

1.45

1.37

21 Others

11.44

10.68

10.44

10.07

10.97

11.28

9.44

8.10

6.54

5.01

5.33

6.25

100.00 100.00 100.00 100.00

100.00

17 Mumbai

Total

100.00 100.00

100.00 100.00 100.00 100.00 100.00

Source: BSE, NSE

078

January

SEBI BULLETIN

2009

Table 17: Advances/Declines in Cash Segment of BSE and NSE (No. of Securities) Month/Date Advances 1 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 1-Dec-08 2-Dec-08 3-Dec-08 4-Dec-08 5-Dec-08 8-Dec-08 10-Dec-08 11-Dec-08 12-Dec-08 15-Dec-08 16-Dec-08 17-Dec-08 18-Dec-08 19-Dec-08 22-Dec-08 23-Dec-08 24-Dec-08 26-Dec-08 29-Dec-08 30-Dec-08 31-Dec-08 Source: BSE, NSE

2 2041 1496 161 850 1972 1822 1925 1293 1457 2304 1060 254 1825 1682 1460 1944 1157 2395 1185 1793 2705 1714 161 193 2101 1753 986 421 2227 610 188 211 1062 1037 878 1292 1608 1118 1359 1483 1490 1513 1889 1836 918 1426 1447 1234 680 865 817 1225 1596 1451

BSE Declines 3 669 1234 2557 1858 734 917 792 1448 1304 484 1741 2571 1002 1142 1385 925 1745 524 1734 1134 249 1250 2809 2759 833 1182 1584 2553 743 2375 2715 2669 1853 1294 1452 1054 775 1250 997 880 918 838 547 621 1561 980 1006 1250 1755 1505 1597 1106 806 930

Advance/ Decline Ratio 4 3.1 1.2 0.1 0.5 2.7 2.0 2.4 0.9 1.1 4.8 0.6 0.1 1.8 1.5 1.1 2.1 0.7 4.6 0.7 1.6 10.9 1.4 0.1 0.1 2.5 1.5 0.6 0.2 3.0 0.3 0.1 0.1 0.6 0.8 0.6 1.2 2.1 0.9 1.4 1.7 1.6 1.8 3.5 3.0 0.6 1.5 1.4 1.0 0.4 0.6 0.5 1.1 2.0 1.6

079

Advances 5 464 387 416 403 418 418 452 423 466 423 397 462 556 510 507 508 544 585 439 576 720 439 550 467 675 495 440 607 572 435 436 483 656 522 383 676 921 515 712 817 801 819 1040 969 337 785 718 538 211 358 340 672 892 746

NSE Declines 6 440 533 495 500 492 492 479 490 563 490 622 567 493 553 569 592 573 549 500 576 460 500 639 737 525 708 769 605 644 790 795 726 541 662 813 496 272 672 480 364 382 382 179 249 888 416 482 668 1011 828 855 516 300 446

Advance/ Decline Ratio 7 1.1 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.8 0.9 0.6 0.8 1.1 0.9 0.9 0.9 0.9 1.1 0.9 1.0 1.6 0.9 0.9 0.6 1.3 0.7 0.6 1.0 0.9 0.6 1.1 0.7 1.2 0.8 0.5 1.4 3.4 0.8 1.5 2.2 2.1 2.1 5.8 3.9 0.4 1.9 1.5 0.8 0.2 0.4 0.4 1.3 3.0 1.7

January

SEBI BULLETIN

2009

Table 18: Trading Frequency in Cash Segment of BSE and NSE Month/Year

1 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 1-Dec-08 2-Dec-08 3-Dec-08 4-Dec-08 5-Dec-08 8-Dec-08 10-Dec-08 11-Dec-08 12-Dec-08 15-Dec-08 16-Dec-08 17-Dec-08 18-Dec-08 19-Dec-08 22-Dec-08 23-Dec-08 24-Dec-08 26-Dec-08 29-Dec-08 30-Dec-08 31-Dec-08

BSE Scrips Listed*

Scrips Traded

2 7,336 7,408 7,490 7,466 7,407 7,505 7,484 7,412 7,500 7,553 7,596 7,561 7,591 7,635 7,707 7,753 7,806 7,803 7,683 7,732 7,706 7,799 7,811 7,757 7,740 7,867 7,885 7,913 7,702 7,685 7,705 7,737 7,727 7,735 7,728 7,729 7,730 7,731 7,735 7,736 7,739 7,746 7,751 7,751 7,754 7,760 7,718 7,721 7,721 7,723 7,723 7,723 7,723 7,727

3 2,425 2,460 2,459 2,500 2,590 2,567 2,575 2,620 2,692 2,689 2,602 2,641 2,567 2,674 2,728 2,749 2,775 2,741 2,778 2,833 2,904 2,839 2,792 2,746 2,740 2,771 2,716 2,701 2,758 2,699 2,599 2,414 2,565 2,497 2,482 2,502 2,535 2,525 2,509 2,547 2,586 2,503 2,592 2,596 2,614 2,567 2,615 2,636 2,576 2,530 2,552 2,486 2,557 2,565

NSE % of Traded to Listed 4 33.06 33.21 32.83 33.49 34.97 34.20 34.41 35.35 35.89 35.60 34.25 34.93 33.82 35.02 35.40 35.46 35.55 35.13 36.29 36.64 37.68 36.40 35.74 35.39 35.40 35.22 34.45 34.13 35.81 35.12 33.73 31.20 33.20 32.28 32.12 32.37 32.79 32.66 32.44 32.92 33.42 32.31 33.44 33.49 33.71 33.08 33.88 34.14 33.36 32.76 33.04 32.19 33.11 33.20

Companies Available for Trading* 5 944 952 962 956 958 969 981 991 1,016 1,040 1,063 1,084 1,104 1,126 1,143 1,150 1,170 1,173 1,180 1,180 1,207 1,216 1,227 1,236 1,244 1,252 1,262 1,272 1,278 1,278 1,282 1,286 1,283

*At the end of the period includes listed/permitted to trade companies but excludes suspended companies. Source: BSE, NSE

080

Companies Traded

% of Traded to Listed

6 935 943 950 950 949 968 973 982 1,009 1,035 1,057 1,081 1,088 1,113 1,130 1,140 1,166 1,116 1,176 1,173 1,202 1,210 1,226 1,229 1,240 1,246 1,256 1,267 1,274 1,275 1,277 1,282 1,282

7

N.A.

99 99 99 99 99 100 99 99 99 100 99 78 99 99 99 99 100 95 100 99 100 100 100 99 100 100 100 100 100 100 100 100 100

January

SEBI BULLETIN

2009

Table 19: Percentage Share of Top 'N' Securities/Members in Turnover in Cash Segment (Per cent)

Month/Year Top

BSE 5

10

25

NSE 50

100

5

10

25

50

100

Securities 1

2

3

4

5

6

7

8

9

10

11

2004-05

25.48

39.11

52.61

64.23

75.29

25.88

41.65

57.98

72.40

84.26

2005-06

16.78

23.75

35.55

45.55

57.71

22.15

31.35

46.39

59.22

73.12

2006-07

15.31

23.86

40.20

55.01

70.05

18.49

28.44

48.57

66.57

82.24

2007-08

16.17

25.68

41.76

55.84

70.44

18.37

28.93

48.16

65.02

81.01

Apr-08

18.98

28.61

47.46

63.40

77.75

17.99

30.29

51.88

70.09

85.00

May-08

16.39

26.55

45.94

63.39

76.94

15.74

27.00

50.27

69.61

84.41

Jun-08

20.91

30.49

50.82

68.24

82.02

20.85

32.29

55.78

74.96

88.09

Jul-08

23.11

34.43

53.86

71.98

84.97

21.35

34.50

58.51

77.35

89.42

Aug-08

22.53

34.00

54.17

70.33

81.97

20.33

32.12

55.16

73.83

86.79

Sep-08

21.96

34.02

53.89

71.33

83.33

23.79

36.44

58.76

77.76

89.77

Oct-08

26.42

37.26

59.11

75.38

86.03

27.02

41.30

64.57

81.92

92.39

Nov-08

26.24

39.28

63.16

79.03

88.62

26.56

40.70

66.11

83.42

93.66

Dec-08

25.25

41.69

66.78

79.79

88.79

24.89

39.39

68.04

83.02

92.86

2008-09 (So far)

Members 2004-05

14.46

22.84

38.65

53.44

72.14

13.52

20.20

34.97

49.01

65.09

2005-06

14.83

24.02

39.21

54.94

72.13

14.62

25.57

38.17

52.75

68.45

2006-07

15.10

24.01

40.41

56.37

73.57

15.63

25.49

43.63

57.59

72.04

2007-08

14.38

22.77

39.46

55.74

73.56

15.03

25.82

44.78

60.35

74.39

Apr-08

14.48

21.82

38.59

55.23

73.74

14.45

24.70

45.39

61.73

75.59

May-08

14.28

21.76

38.50

54.54

73.21

14.07

24.99

45.35

61.69

76.00

Jun-08

14.34

22.26

38.94

55.65

73.88

13.69

24.88

45.95

62.59

76.34

Jul-08

15.29

23.15

40.08

57.34

75.05

13.49

24.44

45.04

62.09

76.39

Aug-08

14.24

21.69

38.73

55.46

73.23

13.77

24.18

43.33

60.30

75.05

Sep-08

15.75

23.53

40.61

58.44

75.87

12.61

23.63

45.05

62.48

77.01

Oct-08

14.20

22.45

40.41

58.08

75.36

13.09

24.07

45.39

63.51

77.84

Nov-08

14.93

23.02

39.87

57.25

74.89

13.43

23.41

43.09

61.88

76.33

Dec-08

15.72

24.09

40.83

57.35

74.98

14.33

23.70

42.52

59.92

75.63

2008-09 (So far)

Source: BSE, NSE

081

5,61,953 1,50,274

3,462

5,303

4,209

2006-07

2007-08

082

488

478

557

446

451

431

398

484

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Source: BSE

475

Apr-08

(Apr-Dec)

2008-09

9,86,009 3,61,628

2,643

4

2005-06

3

67,608

50,354

52,032

54,882

60,454

75,114

60,943

72,892

67,672

16,147

13,450

17,428

17,629

16,287

17,232

15,797

18,125

18,178

5,60,780 2,29,685

6,64,467 3,00,653

4,77,171 1,87,519

2

2,374

1

23.88

26.71

33.49

32.12

26.94

22.94

25.92

24.87

26.86

26.74

36.68

40.96

45.25

39.30

5

7

80,866

63,694

78,227

1,08,090

99,924

1,23,916

1,13,605

1,21,670

1,15,454

13,669

12,104

19,328

27,604

21,824

23,364

24,578

26,058

25,603

9,05,445 1,94,132

15,78,857 4,76,196

9,56,185 2,97,660

8,16,074 2,71,227

9

16.90

19.00

24.71

25.54

21.84

18.85

21.63

21.42

22.18

16,146

13,449

17,178

17,403

16,286

17,230

15,794

18,097

18,165

21.44 1,49,748

30.16 3,61,542

31.13 2,29,573

33.24 3,00,497

100.00

99.99

98.56

98.72

99.99

99.99

99.98

99.85

99.93

99.65

99.98

99.95

99.95

99.91

10

13,662

12,093

19,324

27,596

21,811

23,343

24,554

26,002

25,590

1,93,976

4,75,809

2,96,920

2,70,986

1,39,527

11

99.95

99.91

99.98

99.97

99.94

99.91

99.90

99.79

99.95

99.92

99.92

99.75

99.91

99.62

12

52

35

66

74

56

59

59

104

86

592

2,242

1,312

2,518

1,552

13

0.03 0.00 0.00 0.00 0.00 0.00 0.02

0.34 0.35 0.43 0.39 0.26 0.32

0.07

0.40

0.37

0.25

0.62

0.01

0.46

0.57

0.57

1.36

0.84

0.00

0.87

0.83

0.48

15

14

18

85,868 2,97,660

73,156 2,71,227

48,391 1,39,999

17

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

5,249

4,781

8,447

11,584

7,695

7,940

8,742

7,902

8,110

13,669

12,104

19,328

27,604

21,824

23,364

24,578

26,058

25,603

70,449 1,94,132

3,825

3,726

3,832

4,178

4,567

4,449

4,362

4,473

4,500

3,825

4,399

2,735

3,297

1,165

19

Trade Securities GuaraPay-in ntee (Rs.cr.) Fund (Rs. cr.)*

0.00 1,44,376 4,76,196

0.00

0.00

0.00

16

Funds % of Unrec- % of % of Delivered % of DeliShort vered Value Demat Delivery Short tified Bad Unre- Pay-in Demat Quan- Delivered in Delivered (Auc- Delivery Delivery ctified (Rs. cr.) tity in Quantity Demat Value tioned (Auc- Bad to Mode to Total quantity) Delivery tioned Delivery Demat to Total quantity) Mode Delivered (Rs.cr.) Delivered (Lakh) to (Lakh) Delivery Value (Lakh) Quantity

27.00 1,87,347

8

Deli% of vered Delivered Value Value (Rs. cr.) to Total Turnover

5,18,716 1,40,056

6

TurnNo. of Traded Deli% of Trades Quantity vered Delivered over (Lakh) (Lakh) Quantity Quantity (Rs. cr.) (Lakh) to Traded Quantity

2004-05

Month/ Year

Table 20: Settlement Statistics for Cash Segment of BSE January SEBI BULLETIN 2009

083

1,226

1,119

1,290

Oct-08

Nov-08

Dec-08

142,294

109,968

111,157

95,556

1,06,909

1,31,998

1,10,685

1,15,499

1,11,364

28,101

24,685

28,588

24,030

22,779

25,256

23,815

25,326

24,864

8,50,515 2,38,571

* Balance at the end of period. Source: NSE

1,054

1,122

Jun-08

Sep-08

1,079

May-08

1,082

1,069

Aug-08

10,369 10,35,429 2,27,444

2008-09 (Apr-Dec) Apr-08

1,329

22.33

11,645 14,81,229 3,66,974

2007-08

Jul-08

21.97

7,857

19.75

22.45

25.72

25.15

21.31

19.13

21.52

21.93

24.77

28.05

27.66

2006-07

8,18,438 2,26,346

6,000

25.56

5

2005-06

4

7,87,996 2,01,405

3

4,494

2

7

2,13,387

1,78,208

2,30,192

2,47,189

2,38,279

2,90,699

2,72,697

2,78,962

2,62,423

40,800

36,811

54,585

60,934

54,369

61,311

64,217

68,799

63,383

22,12,036 5,05,209

35,19,919 9,70,618

19,40,094 5,43,533

15,16,839 4,07,976

11,40,969 2,76,120

6

19.12

20.66

23.71

24.65

22.82

21.09

23.55

24.66

24.15

22.84

27.58

28.02

26.90

24.20

8

10

28,101 100.00

24,685 100.00

28,588 100.00

24,030 100.00

22,779 100.00

25,256 100.00

23,815 100.00

25,326 100.00

24,864 100.00

2,27,444 100.00

3,66,974 100.00

2,38,571 100.00

2,26,346 100.00

2,01,405 100.00

9

40,800

36,811

54,585

60,934

54,369

61,311

64,217

68,799

63,383

5,05,209

9,70,618

5,43,533

4,07,976

2,76,120

11

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

12

0.22 0.19 0.18 0.23 0.16 0.17

43 44 67 40 47

0.23

55 55

0.21

54

0.27

997

0.22

0.32

769

55

0.39

894

0.20

0.43

868

460

14

13

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

15

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

16

18

15,075

14,772

25,889

26,208

17,862

21,015

22,216

21,745

19,339

40,800

36,811

54,585

60,934

54,369

61,311

64,217

68,799

63,383

1,84,121 5,05,209

3,09,543 9,70,618

1,73,188 5,43,950

1,31,426 4,07,976

97,241 276,120

17

N.A

N.A

N.A

N.A

N.A

N.A

N.A

N.A

N.A

N.A

N.A

N.A.

N.A.

19

Short % of UnrecNo. of Traded Delivered % of Turnover Delivered % of Delivered % of Delivered % of % of Funds Securities Settlement Trades Quantity Quantity Delivered (Rs. cr.) Value Delivered Quantity Demat Value in Demat Delivery Short tified Bad Unrectifie Pay-in Pay-in (Lakh) (Lakh) (Lakh) Quantity (Rs. cr.) Value to in Demat Delivered Demat Delivered (Auc- Delivery Delivery d Bad (Rs.cr.) (Rs. cr.) Guarantee Fund (Auc- Delivery to to Traded Total Mode Quantity Mode Value to tioned to Quantity Turnover (Lakh) to Total (Rs. cr.) (Rs. cr.)* Total quantity) Delivery tioned quantity) Delivery Delivered Delivered (Lakh) (Lakh) Quantity Value

2004-05

1

Month/ Year

Table 21: Settlement Statistics for Cash Segment of NSE

January SEBI BULLETIN 2009

250

251

2006-07

2007-08

21

23

Jun-08

Jul-08

084

18

21

Oct-08

Nov-08

Dec-08

4

5

12

6,725

55,491 1,42,433

5

13,600

2,131

3,387

11,690

17,476

16,725

37,754

59,901

1,98,098

1,66,161

5,13,323

30

49

182

370

372

765

1,359

5,049

4,051

12,228

Call

Index Options Put Call

Stock Options Put

Total

Open Interest at the end of November 2008

0

0

16

26

28

48

61

48

73

300

0

0

0

1

1

1

2

1

2

9

7,609

3,515

1

213

6

0

0

0

0

0

0

0

0

251

251

951

2

100

48,065

7

0

0

0

0

0

0

0

0

6

6

31

0

3

1,471

8

0

0

0

0

0

0

0

0

122

122

210

0

0

27,210

9

0

0

0

0

0

0

0

0

3

3

8

0

0

827

10

0

0

0

0

0

0

0

0

0

0

9

5

2

72

11

12

0

0

0

0

0

0

0

0

0

0

0

0

0

2

0

0

0

0

0

0

0

0

0

0

6

1

0

17

13

14

0

0

0

0

0

0

0

0

0

0

0

0

0

0

16

59,006

6

16,112

2,131

3,387

11,706

17,502

16,753

37,802

59,962

1,98,146

1,66,607

5,13,996

30

49

183

371

373

766

1,360

5,051

4,063

12,245

74,53,371 2,42,309

15,45,169

103

5,31,719

15

0

0

97

109

142

561

328

127

1,048

765

2,428

97

3,175

408

17

0

0

1

1

2

11

7

3

21

19

63

1

74

13

18

No. of Turnover No. of Notional No. of Notional No. of Notional No. of Notional No. of Turn- No. of Turnover Con- (Rs. cr.) ConTurnConTurnConTurnCon- Turnover Contracts over Con(Rs. cr.) tracts (Rs. cr.) tracts tracts over tracts over tracts over tracts (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.)

Stock Futures

71,57,078 2,34,660 2,95,117

16,38,779

89

4,49,630

3

No. of Turnover Contracts (Rs. cr.)

Index Futures

Note: 1. Notional Turnover = (Strike Price + Premium) * Quantity. 2. Index Futures, Index Options, Stock Options and Stock Futures were introduced in June 2000, June 2001, July 2001 and November 2001, respectively. Source: BSE

21

20

Sep-08

20

20

May-08

Aug-08

20

(Apr-Dec)

Apr-08

184

251

2005-06

2008-09

253

2

No. of Trading Days

2004-05

1

Month/ Year

Table 22: Derivatives Segment at BSE

January SEBI BULLETIN 2009

0 0

184 15,64,84,642 28,53,615 17,14,22,782 27,89,329

20

20

21 1,79,41,870

23 2,04,23,139

20

2008-09 (Apr-Dec) Apr-08

May-08

Jun-08

Jul-08

Aug-08

085

18

21 2,00,07,895

Oct-08

Nov-08

Dec-08

1,56,01,531 3,36,901

2,69,997 2,22,62,785 2,30,466

2,56,950 1,79,49,270 1,87,211

3,24,962 1,98,58,409 2,39,264

3,80,198 2,00,76,138 3,32,728

3,00,449 1,75,94,216 3,24,011

3,95,380 2,22,32,227 3,82,601

3,77,939 1,91,54,946 3,75,987

2,67,641 1,66,93,260 3,80,161

2,80,100

0

0

0

0

0

0

0

0

0

0

8

0

0

0

0

0

0

0

0

0

0

0

0

0

0

9

10

69373

Put

11

52581

12

65,21,649 1,69,837

14,22,911

58,115

67,954 70,951

65,611

96,24,563 1,34,092

77,69,905 1,32,945

92,37,282 1,93,589

62,67,479 1,37,305

77,44,997 1,59,035

75,08,380 1,68,790

28,35,787

26,92,643

1,11,44,623 1,71,697 1,00,14,156 1,41,919

1,02,96,361 1,58,042

1,29,67,476 2,31,565

1,21,61,148 2,68,033

75,68,163 1,74,797

91,44,707 1,98,174

60,56,056 1,39,919

22,43,173

26,72,588

7,42,54,295 14,68,296 6,36,95,192 12,04,236

2,66,67,882 6,68,816 2,86,98,156 6,93,295

1,26,32,349 3,98,219 1,25,25,089 3,93,693

64,13,467 1,68,632

18,70,647

Note: Notional Value of Outstanding Contracts for FUTSTK - Open Interest * Close price of stock future Notional Value of Outstanding Contracts for OPTIDX - Open Interest * Close price S&P CNX Nifty Notional Value of Outstanding Contracts for OPTSTK - Open Interest * Close price of Underlying security Notional Turnover = (Strike Price + Premium) * Quantity. Source: NSE

1,94,71,367

2,16,49,445

21 1,93,32,343

20

Sep-08

1,44,33,984

1,11,61,427

1,20,63,172

8,14,87,424 25,39,575 10,49,55,401 38,30,972

251 15,65,98,579 38,20,667 20,35,87,952 75,48,563

0

249

0

2007-08

7

2006-07

6

251 5,85,37,886 15,13,791 8,09,05,493 27,91,721

5

7,72,174 4,70,43,066 14,84,067

4

Call

Index Options Call

Stock Options Put

17,239 17,009 19,354 16,880 18,688 9,951 6,429 10,562

7,40,079 7,40,229 9,44,602 8,20,895 10,35,531 6,89,231 5,61,864 9,27,467

4,36,840

2,41,953

2,00,362

2,69,124

2,08,806

3,07,688

1,99,648

1,66,329

4,526

2,632

2,960

4,636

4,003

5,630

4,421

3,801

2,725

13,139

5,73,744

6,47,93,766

5,81,45,378

6,31,34,828

6,21,11,566

4,68,93,543

6,07,97,360

5,16,01,129

3,38,40,055

3,37,29,824

35,334 47,50,47,449

70,33,642 1,29,252 21,56,896 1,26,146

19

5,92,646

20

21,052

73,56,271 17,91,549 38,670

48,24,250 10,28,003 38,469

25,47,053

18

Turnover No. of Turnover (Rs. cr.) Contracts (Rs. cr.)

Open Interest at the end of

62,438

63,806

38,481

51,805

57,612

8,29,166 29,75,642

7,45,356 27,41,259

38,481

33,151

9,41,646 27,99,151 35,982

11,97,872 33,32,844

9,57,445 31,79,345 62,805

11,60,174 26,35,124

10,84,064 32,13,051 59,398

7,97,908 27,87,562

7,66,431 26,67,554

84,80,063 29,75,642

50693 42,50,13,200 1,30,90,478 22,82,671 48,900

31909 21,68,83,573

80,02,713 3,08,443 14,57,918

8,89,018

43,94,292 1,61,902

17

7,70,17,185

36518 15,76,19,271

16

41,65,996 1,43,752 10,74,780

15

36792

14

No. of Contracts

Total

39,46,979 1,32,066 10,98,133

13

No. of Notional No. of Notional No. of Turnover No. of Turnover No. of Notional No. of Notional Contracts (Rs. cr.) Con- (Rs. cr.) Contracts Turnover Contracts Turnover Contracts Turnover Contracts Turnover tracts (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.)

Interest Rate Futures

2005-06

3

Turnover (Rs. cr.)

Stock Futures

253 2,16,35,449

2

No. of Contracts

Index Futures

2004-05

1

Month/ Year No. of Trading Days

Table 23: Derivatives Segment at NSE January SEBI BULLETIN 2009

9,42,024

10,64,562

8,28,641

8,61,407

11,29,470

12,37,329

11,07,385

10,38,615

11,49,524

9,35,595

5,48,479

8,16,829

8,43,523

7,20,614

11-Dec-08

12-Dec-08

15-Dec-08

16-Dec-08

17-Dec-08

18-Dec-08

19-Dec-08

22-Dec-08

23-Dec-08

24-Dec-08

26-Dec-08

29-Dec-08

30-Dec-08

31-Dec-08

9,86,466

9,97,927

086 8,32,603

8,62,268

8,77,900

6,58,805

8,820

9,051

8,759

7,023

15,901

15,769

15,905

15,973

15,977

13,719

10,549

10,568

10,891

10,990

9,817

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

8,084 4,67,294

9,532 6,46,075

7,853 5,53,819

7,717 5,02,077

7,833 5,27,737

8,149 4,23,277

3,95,710

4,50,863

5,06,067

3,06,164

5,39,561

6,34,690

4,98,596

5,90,875

6,313 2,93,251

7,163 3,85,875

7,909 3,51,810

4,862 2,89,551

8,192 4,90,576

9,825 5,76,043

7,918 5,14,655

9,371 5,72,121

6,55,937 10,227 6,78,021

6,09,122

5,01,219

4,93,193

5,12,805

5,26,278

6,82,413 10,485 6,29,879

6,75,968 10,211 4,61,049

5,40,093

4,382

5,543

4,983

4,200

7,298

8,550

7,744

8,524

9,881

9,446

7,937

7,094

7,330

5,909

8,626

6,212

6,283

5,364

Puts

Total Turnover

557 554 699

46,143 46,121 57,944

511 507

43,439

615

54,806 42,968

570

538

433

466

45,354

45,489

39,420

41,189

535

579

49,844

46,938

608

600

505

456

392

452

367

312

13 307

54,317

55,686

46,280

39,381

39,387

45,495

31,230

28,769

12 27,267

15,746

17,776

17,721

14,993

26,475

24,254

20,145

17,711

31,045

23,526

21,737

22,708

27,043

25,907

28,212

20,135

19,392

20,771

15,092

14,580

14 11,871

172

203

179

168

303

249

200

192

333

244

232

227

280

266

271

215

191

191

140

142

15 129

23,01,363

26,03,273

26,25,133

18,63,346

35,23,177

39,20,421

35,49,865

38,11,329

41,29,622

37,30,250

29,82,252

29,05,579

32,69,159

30,80,315

34,06,504

30,50,372

30,30,636

28,67,871

27,98,778

27,86,055

16 25,58,466

30,033

33,989

33,326

24,154

45,356

51,132

47,321

50,670

54,607

49,360

39,173

37,646

41,078

38,606

43,598

39,051

36,709

34,124

33,606

33,471

17 32,155

(Rs.crore)

29,75,642

29,24,896

28,26,161

26,46,240

24,85,752

44,73,716

44,91,725

44,44,943

43,78,366

41,90,434

41,46,956

40,22,424

39,55,863

38,67,495

38,18,545

35,35,639

32,88,246

32,89,997

30,89,008

29,73,208

18 28,99,724

38,481

37,979

35,945

32,890

31,461

59,830

61,627

61,503

60,154

55,546

56,484

53,671

51,628

50,477

49,768

43,968

39,637

40,605

36,207

34,763

19 34,250

Value (Rs. crores)

Open Interest at the end of the day

No. of Turnover No. of Turnover No. of Turnover No. of (Rs. (Rs. (Rs. ConContracts Concontracts tracts crores) tracts crores) crores)

Calls

Stock Options

Notional Value of Outstanding Contracts for OPTSTK - Open Interest * Close price of Underlying security. Notional Value of Outstanding Contracts for OPTIDX - Open Interest * Close price S&P CNX Nifty. Notional Turnover = (Strike Price + Premium) * Quantity. Index Futures, Index Options, Stock Options and Stock Futures were introduced in June 2000, June 2001, July 2001 and November 2001, respectively. Open interest value is computed as Underlying close price*Quantity. Source: NSE

9,839

11,519

10,881

7,331

13,124 14,85,481

16,306 14,96,490

15,088 14,36,665

16,075 14,76,299

17,490 14,69,346

15,864 12,75,936

12,045

11,461 10,09,116

14,136 10,82,695

12,693 11,07,143

13,893

9,008

0

7,719 4,03,994

5,594

5,697

10,33,254

8,64,948

0

5,22,362

7,615 4,26,421

7,654 4,32,738

10-Dec-08

12,949

9,411

0

5,21,428

5,20,709

9,88,891

9,88,643

0

0

0

8-Dec-08

12,349

9,094

0

0

9,75,827

9,77,469

8,103

7,773

5-Dec-08

11,304

8,34,014

8,04,707

8,97,780

11,787

11,893

4-Dec-08

No. of Contracts

9,70,593

Puts

9,84,552

Calls

3-Dec-08

Interest Rate Futures

2-Dec-08

Stock Futures

1 1-Dec-08

Index Futures

Index Options

TurnNo. of Turnover No. of Turnover No. of Turn- No. of Turnover (Rs. Contracts over over Contracts (Rs. ConCon(Rs. (Rs. (Rs. crores.) tracts crores) tracts crores.) crores) crores.) 2 3 4 5 6 7 8 9 10 11 9,33,001 11,969 7,37,864 7,364 0 0 4,60,570 7,064 3,87,893 5,322

Date

Table 24: Derivatives Trading at NSE, December 2008 January SEBI BULLETIN 2009

0 0 420

2005-06

2006-07

2007-08

087 31 14 20 5 9 9 2 1

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

0

0

1

0

0

0

0

0

0

1

1

0

10

3

0

0

0

0

0

0

0

0

0

0

0

0

147

4

5

* Balances at the end of the period * includes members collateral and Settlement Guarantee Fund Source: BSE, NSE

19

Apr-08

2008-09 (Apr-Dec)

19

2

0

0

0

0

0

0

0

0

0

0

0

0

3

MTM Final Premium Exercise Settlement Settlement Settlement Settlement

Index/Stock Futures Index/Stock Options

2004-05

1

Month/ Year

BSE

1

2

9

9

5

20

14

32

19

431

0

0

169

6

Total

NSE

0

44

51

36

109

127

26

141

149

154

177

181

1,942

7

4,301

5,782

9,409

7,120

4,845

11,070

9,183

5,602

5,392

1,44,655

61,314

25,586

13,024

8

798

598

228

152

46

54

226

129

60

137

204

67

1,312

9

771

786

1,384

921

742

1,016

1,126

604

786

6,760

3,194

1,521

941

10

582

160

1,419

179

146

209

342

191

164

3,792

1,189

818

456

11

Settlement Index/Stock Futures Index/Stock Options Gurantee MTM Final Premium Exercise Fund* Settlement Settlement Settlement Settlement

Table 25: Settlement Statistics in Derivatives Segment at BSE and NSE

5,805

6,774

12,267

8,446

5,862

12,354

10,788

6,600

6,408

1,56,519

66,494

28,522

14,649

12

Total

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

N.A.

13

Settlement Gurantee Fund* (SGF)

(Rs.crore)

January SEBI BULLETIN 2009

January

SEBI BULLETIN

2009

Table 26: Trends in Trading in the Corporate Debt Market BSE

Month/Year

1

NSE

FIMMDA

Total

No. of Securities Traded

No. of Trades

Traded Value (Rs. crore)

No. of Securities Traded

No. of Trades

Traded Value (Rs. crore)

No. of Trades

Traded Value (Rs. crore)

No. of Securities Traded

No. of Trades

Traded Value (Rs. crore)

2

3

4

5

6

7

8

9

10

11

12

2007-08

1,646

27,697

41,187

2,016

3,789

31,453

4,089

23,479

3,662

32,217

75,737

2008-09 (Apr-Dec) Apr-08

1,451 2,72,406

25,663

1,393

2,652

26,571

5,649

26,762

2,844 2,80,707

78,996

140

1,912

2,690

128

214

2,768

714

4,615

268

2,840

10,073

May-08

182

1,804

4,207

156

256

2,134

780

3,715

338

2,840

10,056

Jun-08

228

2,067

3,587

233

397

3,294

884

3,299

461

3,348

10,180

Jul-08

121

1,462

1,401

120

180

2,226

638

2,910

241

2,280

6,536

Aug-08

126

3,012

1,211

53

73

865

590

2,174

179

3,675

4,250

Sep-08

182

42,243

2,652

120

187

2,552

738

4,373

302

43,168

9,577

Oct-08

129

75,925

2,517

139

244

2,554

741

2,731

268

76,910

7,803

Nov-08

132

70,671

1,611

107

147

1,859

508

2,066

239

71,326

5,536

Dec-08

211

73,310

5,787

337

954

8,319

56

880

548

74,320

14,985

Note: Data is aggregation of transactions in trading and reporting platform. Source: BSE, NSE

088

28 851

1,61,732

11,500

5,587

Oct-08

Nov-08

Dec-08

2008-09 (Aug-Dec) 1,78,819 -

1.32

3.15

38.31

0.00

0.00

Avg Daily Trd Value (Rs.Cr)

BSE

1

1

236

316

0

0

No. of Contracts

5,763.02

291.05

Traded Value (Rs. Cr)

90,871

16,332

887.17 1,46,262

557.10 1,70,202

261.96

*

No. of Contracts

691.42 1,77,520

866.57

866.57

736.75

851.27

428.36

72.12

Traded Value (Rs. Cr.)

88,76,100

47,01,492

30,54,640

11,19,968

0

0

43,572

22,937

15,114

5,521

0

0

778.07

1,092.22

839.68

324.78

0.00

0.00

Avg Daily Trd Value (Rs.Cr)

No. of Traded Contracts Value (Rs. Cr)

Avg Daily Trd Value (Rs.Cr) Open Interest at the end of

MCX

NSE

46,81,593 22,839.98 1,087.62 1,77,520

32,33,679 15,969.00

22,75,261 11,141.93

12,58,099

65,798

No. of Contracts

0.00 1,15,14,430 56,004.98

0.00

1.18

1.56

0.00

0.00

Traded Value (Rs. Cr.)

Open Interest at the end of

* Trading in Currency Futures commenced on 29th August 2008 at NSE Source: BSE, NSE, MCX

57

766

0

0

Sep-08

0

Traded Value (Rs. Cr)

0

No. of Contracts

Aug-08

Month/ Year

Table 27: Trading Statistics of Currency Futures Segment

0

0

1,19,233

1,19,233

55,711

60,055

No. of Contracts

582.06

582.06

280.60

299.94

0.00

0.00

Traded Value (Rs. Cr.)

Open Interest at the end of

January SEBI BULLETIN

089

2009

January

SEBI BULLETIN

2009

Table 28: Daily Trends of Currency Futures Segment, December 2008 Month/ Year (Day wise)

BSE No. of Traded Contracts Value Traded (Rs. Cr)

NSE

No. of Traded Contracts Value No. of Traded Traded (Rs. Cr) Contracts Value (Rs. Cr.) Open Interest at the end of

MCX Open Interest at the end of No. of Contracts

Traded Value (Rs. Cr.)

No. of Contracts Traded

Traded Value (Rs. Cr)

Open Interest at the end of No. of Traded Contracts Value (Rs. Cr.)

1-Dec-08

787

3.96

621

3.14

2,02,748 1,022.95

1,48,879 753.85

1,92,221

970.10

71,325

361.10

2-Dec-08

328

1.66

731

3.68

1,96,118

993.85

1,60,822 811.95

2,23,556

1,132.47

65,418

330.32

3-Dec-08

533

2.67

619

3.11

1,98,472

996.11

1,72,308 866.67

2,10,881

1,058.71

84,771

426.21

4-Dec-08

1,124

5.62

416

2.08

2,24,803 1,123.40

1,65,559 828.10

2,45,739

1,227.43

77,989

390.05

5-Dec-08

1,042

5.19

416

2.07

2,07,853 1,035.97

1,67,582 835.15

1,72,783

861.33

69,279

345.36

8-Dec-08

510

2.52

566

2.80

2,20,649 1,091.39

1,71,495 851.89

1,95,063

965.07

67,815

336.86

10-Dec-08

395

1.94

589

2.90

2,66,666 1,312.23

1,72,851 849.80

2,82,280

1,388.66

67,752

333.06

11-Dec-08

159

0.77

619

3.00

2,35,789 1,147.07

1,68,081 815.37

2,38,890

1,161.78

83,547

405.25

12-Dec-08

253

1.24

620

3.03

2,33,242 1,136.46

1,64,986 805.01

2,66,892

1,300.14

86,017

419.58

15-Dec-08

13

0.06

622

2.99

2,51,763 1,211.72

1,53,307 739.64

2,07,426

998.75

77,369

373.18

16-Dec-08

0

-

622

2.98

1,60,488

770.27

1,49,147 716.93

1,82,876

877.76

84,031

403.83

17-Dec-08

253

1.20

625

2.96

2,58,366 1,228.52

1,49,667 714.82

2,38,945

1,135.92

70,332

335.85

18-Dec-08

79

0.37

629

2.96

2,20,655 1,043.02

1,43,249 674.77

2,31,864

1,095.10

78,167

368.11

19-Dec-08

0

-

629

2.97

1,87,940

887.90

1,56,399 742.52

1,81,196

855.98

84,326

400.15

22-Dec-08

8

0.04

621

2.95

1,72,241

821.99

1,52,703 735.13

2,12,495

1,015.34

98,563

474.18

23-Dec-08

7

0.03

614

2.98

2,29,563 1,117.88

1,66,457 814.67

2,19,912

1,071.44

1,14,673

560.99

24-Dec-08

1

0.00

613

3.01

2,95,192 1,437.60

1,89,353 914.53

2,99,152

1,455.20

1,13,090

546.29

26-Dec-08

2

0.01

612

2.93

2,59,739 1,252.77

1,83,981 893.26

2,53,547

1,222.13

1,06,914

519.25

29-Dec-08

92

0.45

612

2.98

2,73,862 1,334.00

1,67,068 813.17

2,83,906

1,383.36

1,36,805

666.17

30-Dec-08

1

0.00

1

0.00

1,86,592

907.26

1,68,751 820.18

1,97,764

961.50

1,07,723

523.56

31-Dec-08

0

-

1

0.00

1,98,852

967.65

1,77,520 866.57

1,64,104

798.42

1,19,233

582.06

Source: BSE, NSE, MCX

090

January

SEBI BULLETIN

2009

Table 29: Settlement Statistics of Currency Futures Segment (Rs. crore)

BSE

NSE

MCX

Currency Futures

Currency Futures

Currency Futures

Month/Year MTM Settlement

Final Settlement

MTM Settlement

Final Settlement

MTM Settlement

Final Settlement

Aug-08

-

0

0.22

*

-

-

Sep-08

-

-

22.86

0.77

-

-

Oct-08

5.45

0.12

52.33

0.04

14.21

0.03

Nov-08

0.49

0.00

58.56

0.95

26.13

0.89

Dec-08

0.47

0.05

58.00

1.14

35.85

0.73

2008-09 (Aug-Dec)

6.41

0.18

191.97

2.90

76.19

1.64

* Trading in Currency Futures commenced on 29th August 2008 at NSE Source: BSE, NSE, MCX

091

January

SEBI BULLETIN

2009

Table 30: Trends in Foreign Institutional Investment (Rs. crore)

Period

Gross Purchases (Rs. cr.)

Gross Sales (Rs. cr.)

Net Investment (Rs. cr.)

Net Investment** (US $ mn.)

Cumulative Net Investment** (US $ mn.)

1

2

3

4

5

6

2004-05

2,16,953

1,71,072

45,881

10,172

35,926

2005-06

3,46,978

3,05,512

41,467

9,332

45,260

2006-07

5,20,508

4,89,667

30,840

6,708

51,967

2007-08

9,48,020

8,81,842

66,179

16,040

68,007

2008-09

5,09,835

5,43,189

-33,353

-8,268

59,737

Apr-08

62,329

62,956

-627

-155

67,850

May-08

58,966

64,141

-5,174

-1,283

66,567

Jun-08

63,154

74,248

-11,095

-2,751

63,817

Jul-08

69,646

67,864

1,782

442

64,259

Aug-08

50,140

50,094

46

12

64,270

Sep-08

73,515

78,590

-5,074

-1,258

63,012

Oct-08

52,287

69,492

-17,205

-4,265

58,747

Nov-08

39,489

37,871

1,617

401

59,148

Dec-08

40,311

37,934

2,377

589

59,737

(Apr-Dec)

** Net Investment in US $ mn at the prevailing exchange rate. Discrepancies in total figures, if any, are due to rounding off.

092

January

SEBI BULLETIN

2009

Table 31: Daily Trends in Foreign Institutional Investment, December 2008 (Rs. crore) Debt

Equity

Date

Gross Purchase (Rs. crore)

Gross Sales (Rs. crore)

Net Investment (Rs. crore)

1

2

3

4

5

6

Net Gross Invest- Purchase ment (Rs. crore) (US $ mn.)*

Total

Gross Sales (Rs. crore)

Net Investment (Rs. crore)

7

8

Net Gross Invest- Purchase ment (Rs. crore) (US $ mn.)* 9

Gross Sales (Rs. crore)

Net Investment (Rs. crore)

Net Investment (US $ mn.)*

10

11

12

13

01-Dec-08

2158

1738

419

104

286

0

286

71

2443

1738

705

175

02-Dec-08

1663

1509

154

38

322

574

-251

-62

1986

2083

-97

-24

03-Dec-08

856

1176

-320

-79

402

166

236

58

1258

1342

-84

-21

04-Dec-08

876

1362

-487

-121

175

194

-19

-5

1050

1556

-506

-125

05-Dec-08

1780

1331

448

111

898

256

642

159

2677

1587

1090

270

08-Dec-08

1182

1131

51

13

152

316

-164

-41

1334

1447

-113

-28

10-Dec-08

1725

1264

460

114

194

35

159

39

1918

1299

619

153

11-Dec-08

2603

1615

988

245

102

555

-453

-112

2706

2170

535

133

12-Dec-08

2079

1745

333

83

592

961

-369

-92

2671

2707

-36

-9

15-Dec-08

1527

1633

-106

-26

877

240

637

158

2404

1873

530

131

16-Dec-08

1799

1559

239

59

113

162

-48

-12

1912

1721

191

47

17-Dec-08

1685

1657

28

7

157

419

-262

-65

1842

2076

-234

-58

18-Dec-08

2288

2397

-109

-27

305

697

-392

-97

2593

3094

-501

-124

19-Dec-08

2140

2194

-54

-13

777

164

613

152

2916

2358

558

138

22-Dec-08

2243

1780

463

115

174

62

113

28

2418

1842

576

143

23-Dec-08

943

1167

-224

-56

602

935

-333

-83

1545

2102

-557

-138

24-Dec-08

646

917

-271

-67

154

135

19

5

800

1053

-253

-63

26-Dec-08

1095

1214

-119

-29

952

175

777

193

2047

1389

658

163

29-Dec-08

357

616

-259

-64

59

804

-745

-185

416

1420

-1004

-249

30-Dec-08

830

841

-10

-3

97

185

-88

-22

927

1025

-98

-24

31-Dec-08

882

758

124

31

1567

1295

272

67

2450

2053

397

98

31357

29608

1750

434

8956

8329

627

155

40311

37934

2377

589

Total

* 1 USD = 40.34 INR

093

7,36,463

9,14,703

15,99,873

37,80,753

30,83,578

2004-05

2005-06

2006-07

2007-08

2008-09

094

3,44,223

3,74,834

3,84,888

3,29,628

3,66,026

2,77,288

2,56,772

3,20,041

May-08

Jun-08

Jul-08

Aug-08

Sept-08

Oct-08

Nov-08

Dec-08

69,135

48,370

38,783

53,870

49,196

59,174

45,261

48,620

48,760

4,61,170

3,46,126

1,96,340

1,10,319

56,589

3

Public Sector

8,39,708

5

Total

8,71,727

7,28,864

6

Pvt. Sector

38,417

26,782

23,549

23,765

27,270

27,222

30,829

40,610

38,468

3,21,148

2,51,858

3,18,370

4,04,001

3,27,730

3,75,743

4,01,462

3,51,251

3,71,957

65,751

43,763

44,080

57,852

50,201

55,548

51,913

41,146

39,145

4,49,400

3,35,448

1,88,719

1,03,940

59,266

7

Public Sector

8,37,508

9

Total

40,596

22,516

23,976

27,459

28,173

30,293

36,781

34,864

34,525

4,27,495

3,18,136

3,86,427

4,89,312

4,06,104

4,61,584

4,90,157

4,27,262

4,45,626

2,79,183 38,52,104

3,27,678 43,10,575

1,34,954 18,44,508

69,704 10,45,370

49,378

8

UTI

Redemption*

-1,107

4,914

-41,083

-37,975

1,898

9,145

-26,629

-7,028

57,921

-39,943

1,33,304

79,038

42,977

7,600

10

Pvt. Sector

3,384

4,608

-5,298

-3,982

-1,005

3,626

-6,652

7,473

9,615

11,770

10,677

7,621

6,379

-2,677

11

Public Sector

-2,179

4,267

-416

-3,693

-903

-3,072

-5,952

5,745

3,944

-2,259

9,820

7,326

3,424

-2,722

12

UTI

Net Inflow/Outflow

98

13,789

-46,796

-45,650

-10

9,700

-39,233

6,191

71,480

-30,432

1,53,802

93,985

52,779

2,200

13

Total

4,13,365

4,05,112

3,94,711

4,83,270

5,44,535

5,40,623

5,21,899

5,88,643

5,95,010

4,13,365

5,05,152

3,26,292

2,31,862

1,49,600

14

Assets at the End of Period

(Rs. crore)

Notes : 1. Erstwhile UTI has been divided into UTI Mutual Fund (registered with SEBI) and the Specified Undertaking of UTI (not registered with SEBI). Above data contains information only of UTI Mutual Fund. 2. Net assets pertaining to Funds of Funds Schemes is not included in the above data.

4,27,593

3,31,925

3,39,620

4,43,662

4,06,095

4,71,284

4,50,924

4,33,452

5,17,106

2,76,913 38,21,661 31,23,520

3,37,498 44,64,376 36,47,449

1,42,280 19,38,493 15,20,836

73,127 10,98,149

46,656

4

UTI

* Includes repurchases as well as redemption.

4,29,878

Apr-08

(Apr-Dec)

2

Pvt. Sector

1

Period

Gross Mobilisation

Table 32: Trends in Resource Mobilisation by Mutual Funds January SEBI BULLETIN 2009

5

Sale 6

Purchase

-

19,38,493 18,44,508

-

68,250 -

-

1,06,987

93,985 44,64,377 43,10,575

-

1,27,335

8

Sale 9

Purchase

52,623

1,05,349 71,153

1,33,687

1,53,802 38,21,671 38,52,103

-

20,348

1,33,454 36,63,700 36,47,263

7

Net

2008-09 (Apr-Dec)

* Net assets of Rs. 792.32 crore pertaining to Fund of Funds Schemes is not included in the above data.

Total

Interval

1,38,335

70,085

4

Net

Close-ended

3

Purchase

23,900 43,37,042 42,03,588

2

Sale

2007-08

Open-ended 18,00,158 17,76,258

1

Scheme

2006-07

-30,432

-18,530

-28,339

16,437

10

Net

4,27,594

465

527

4,26,601

11

Sale

4,27,495

8,768

12,143

4,06,584

12

Purchase

20,017

13

Net

98

-8,302

-11,616

December 2008*

Table 33 A: Type-wise Resource Mobilisation by Mutual Funds : Open-ended and Close-ended

4,13,365

6,256

95,523

3,11,585

14

Net Assets as on Dec 31, 2008*

(Rs.crore)

January SEBI BULLETIN

095

2009

2

Sale 3

Purchase

2006-07

096

5

Sale 6

Purchase

2007-08

-

8,906

433

9,339

11,488

1,19,839

6,448

1,26,286

0

8,81,346

3,180

-

11,950

156

12,106

5,720

79,056

297

79,353

0

7,92,889

2,746

93,985 44,64,376 43,10,575

-

-

-

-

1,711

23,753

4,453

28,206

0

60,046

-964

4,985 34,32,737 34,17,761

64,068 43,17,263 42,13,396

4

Net

*Net assets pertaining to Fund of Funds Schemes is not included in the above data.

Total (A+B+C+D+E)

19,38,493 18,44,508

-

-

E. Funds of Funds Investing Overseas

-

-

ii. Other ETFs

-

-

-

-

i. Gold ETF

D. Exchange Traded Fund (i+ii)

2,762

65,929

216

66,145

0

1,50,980

2,816

4,473

89,683

ii. Others

C. Balanced Schemes

4,669

94,351

0

2,11,026

1,853

16,26,790 16,21,805

i. ELSS

B. Growth/Equity Oriented Schemes (i+ii)

iv. Debt (assured return)

iii. Debt (other than assured return)

ii. Gilt

i. Liquid/Money Market

A. Income/Debt Oriented Schemes (i+ii+iii+iv) 18,39,668 17,75,601

1

Scheme

Table 33 B: Scheme-wise Resource Mobilisation by Mutual Funds

8

Sale 9

Purchase

1,601

5,152

232

5,383

2,313

24,955

2,076

27,030

0

8,76,737

10,605

631

5,313

101

5,414

2,170

23,702

242

23,943

0

9,05,530

7,806

970

-161

130

-30

142

1,253

1,834

3,087

0

-28,793

2,799

-8,607

-34,601

10

Net

1,53,802 38,21,671 38,52,103 -30,432

-

-3,043

276

-2,767

5,768

40,782

6,151

46,933

0

88,457

434

14,976 28,98,002 29,06,609

1,03,867 37,85,344 38,19,945

7

Net

2008-09 (Apr-Dec)

12

Purchase

78

716

30

731

149

2,074

27

2,712

0

82,500

2,182

4,27,594 4,27,495

50

104

0

447

120

1,535

213

2,146

0

87,003

3,170

3,35,397 3,39,739

4,25,570 4,24,422

11

Sale

98

-29

-612

-30

-642

-28

-539

187

-352

0

4,503

988

-4,342

1,149

13

Net

December 2008*

(Rs. Crore)

January SEBI BULLETIN 2009

January

SEBI BULLETIN

2009

Table 34: Trends in Transactions on Stock Exchanges by Mutual Funds (Rs. crore)

Equity

Debt

Period

Gross Purchase

Gross Sales

Net Purchase/ Sales

Gross Purchase

Gross Sales

1

2

3

4

5

6

Total Net Gross Purchase/ Purchase Sales 7

8

Gross Sales

Net Purchase/ Sales

9

10

2004-05

45,045

44,597

448

62,186

45,199

16,987

1,07,232

89,796

17,435

2005-06

1,00,436

86,133

14,303

1,09,770

72,969

36,801

2,10,206

1,59,102

51,104

2006-07

1,35,948

1,26,886

9,062

1,53,733

1,01,189

52,543

2,89,681

2,28,075

61,606

2007-08

2,17,578

2,01,274

16,306

2,98,605

2,24,816

73,790

5,16,183

4,26,090

90,095

2008-09 (Apr-Dec)

1,16,034

1,08,166

7,868

2,27,648

1,98,387

29,260

3,43,681

3,06,553

37,128

Apr-08

13,407

13,518

-111

36,801

20,363

16,438

50,208

33,881

16,327

May-08

13,470

13,406

64

30,920

25,002

5,918

44,390

38,408

5,982

Jun-08

14,811

11,632

3,179

24,287

21,023

3,264

39,098

32,655

6,443

Jul-08

17,189

15,777

1,413

23,529

17,740

5,789

40,718

33,517

7,202

Aug-08

10,660

11,029

-369

23,387

15,923

7,464

34,047

26,952

7,095

Sep-08

14,656

12,364

2,292

29,332

22,915

6,417

43,988

35,279

8,709

Oct-08

13,177

11,746

1,432

15,621

41,703

-26,082

28,799

53,448

-24,650

Nov-08

8,454

8,826

-373

13,883

17,482

-3,599

22,337

26,308

-3,971

Dec-08

10,210

9,870

341

29,887

16,237

13,650

40,098

26,106

13,991

097

January

SEBI BULLETIN

2009

Table 35: Substantial Acquisition of Shares and Takeovers (Rs. crore)

Automatic Exemption

Open Offers Objectives Year

1

Change in Control of Management

Total

Consolidation of Holdings

Substantial Acquisition

No.

Amount

No.

Amount

No.

Amount

2

3

4

5

6

7

No.

Amount

8

9

No.

Amount

10

11

2004-05

35

3,503

12

165

14

964

61

4,632

212

6,958

2005-06

78

3,252

9

119

15

709

102

4,078

245

17,132

2006-07

66

6,771

15

4,498

6

83

87

11,352

223

18,608

2007-08

78

11,657

28

13,254

8

3,796

114

28,706

232

6,458

2008-09 (Apr-Dec)

71

2,507

11

594

3

167

83

3,268

180

8,197

Apr-08

9

144

2

16

0

0

11

160

44

3,495

May-08

4

15

1

8

1

96

6

119

18

309

Jun-08

14

492

3

317

0

0

17

809

21

382

Jul-08

7

674

2

175

0

0

9

849

23

299

Aug-08

5

26

0

0

1

29

6

55

20

190

Sep-08

8

256

0

0

0

0

6

256

13

76

Oct-08

9

687

1

49

1

42

11

778

14

1202

Nov-08

7

13

1

3

0

0

8

16

14

2215

Dec-08

8

200

1

26

0

0

9

226

13

29

098

January

SEBI BULLETIN

2009

Table 36: Progress of Dematerialisation at NSDL and CDSL NSDL At the end Companies DPs Live Live of the period

1

2

3

CDSL

DPs Locations (Nos)

Demat Quantity (million shares)

4

5

Demat Companies DPs Live Value Live (Rs.crore) 6

7

8

DPs Locations (Nos)

Demat Quantity (million shares)

Demat Value (Rs.crore)

9

10

11

2004-05

5,536

216

2,819

1,28,663 14,47,663

5,068

271

1,530

19,080

1,20,959

2005-06

6,022

223

3,017

1,74,722 24,78,941

5,479

315

2,577

27,220

2,35,829

2006-07

6,483

240

5,599

2,02,701 31,42,645

5,589

365

4,178

31,250

2,83,136

2007-08

7,354

251

7,204

2,36,897 43,76,953

5,943

420

6,372

49,820

5,90,039

2008-09 (Apr-Dec) Apr-08

7,383

253

7,264

2,40,307 48,04,591

5,970

423

6,430

52,800

6,99,115

May-08

7,441

256

7,350

2,42,477 46,02,244

5,995

430

6,464

53,640

6,45,154

Jun-08

7,530

258

7,556

2,50,343 39,12,542

6,025

433

6,498

63,100

5,46,428

Jul-08

7,597

262

7,718

2,51,215 40,99,134

6,046

440

6,474

64,410

6,26,959

Aug-08

7,633

266

7,778

2,53,927 47,66,900

6,082

447

6,526

65,750

6,43,187

Sep-08

7,708

266

7,945

2,68,723 41,74,400

6,111

448

6,573

66,960

5,81,866

Oct-08

7,722

266

8,136

2,71,893 30,33,000

6,125

449

6,628

67,700

4,36,537

Nov-08

7,755

266

8,201

2,76,034 28,45,700

6,143

453

6,862

68,430

4,12,142

Dec-08

7,760

268

8,552

2,74,895 31,67,300

6,154

455

6,886

69,090

4,90,779

Note: The count of DPs includes main DPs as well as Branch DPs. DPs Locations' represents the total live (main DPs and branch DPsas well as non-live (back office connected collection centres). Source : NSDL and CDSL

099

3,977 7,36,753 1,784 4,69,776

100 833

3,842 3,86,365 1,865 3,55,647

3,832 4,17,476 1,810 3,70,434

Nov-08

Dec-08

Source:Various Custodians

814

4,539 4,15,109 2,236 3,73,747

980

964

Oct-08

951

943

4,528 5,73,641 2,157 4,76,271

4,332 6,47,439 1,977 4,96,376

Jul-08

933

Sept 08

4,240 6,12,268 1,905 4,80,997

Jun-08

921

4,154 6,60,144 1,936 5,11,857

4,144 7,68,594 1,856 5,24,176

May-08

906

877

741

Aug-08

4,073 8,14,865 1,814 5,25,684

Apr-08

2008-09 (Apr-Dec)

2007-08

3,070 5,47,010 1,220 2,90,378

2006-07

8

No.

831 2,04,518 2,975

2,491 4,53,636

7

Amount

528

578

683

870

891

864

839

1,018

1,088

606

1,056

1,633

1,481

9

Amount

NRIs

639 1,26,286 2,649

6

No.

2005-06

3

Amount

Mutual Funds

1,852 2,36,257

2

No.

FIIs/SAs

2004-05

1

Period

Client

59

58

59

59

59

55

57

57

57

56

79

129

130

10

No.

665

564

686

1,018

1,150

1,069

1,025

1,224

1,272

1,238

1,198

1,616

1,466

11

Amount

OCBs

Table 37 : Assets under the Custody of Custodians

1

1

1

1

1

1

3

3

3

4

5

6

5

12

No.

Corporates

Banks

5

5

5

5

5

5

5

5

5

5

0

35

35

13

15

414 19,244

414 24,999

475 33,064

463 35,706

439 37,635

457 35,401

454 37,073

442 39,496

440 39,516

309 36,975

339 25,656

683 37,630

678 22,289

14

26,201

26,063

25,863

28,041

27,609

29,983

24,522

31,872

24,531

17

27,248

70

19,032

67 27,434

68

68 25,129

66

69

67

67

67

67

64

56

16

16

47,780 84,048

37 47

21

Amount 22

No.

8,897 14,00,610

8,374 6,40,484 16,745 15,74,078 5,414 6,09,357 12,488 14,76,428 5,666 1,04,709 12,723 10,08,692

83,052 71,479 76,599

13 13 13

6,221 7,43,070 14,474 19,68,415

5,096 6,94,042 12,942 20,31,809

12 1,30,549

13 1,12,707

4,983 6,08,050 12,654 18,94,264

12 1,28,144

5,008 6,78,493 12,626 20,50,713

4,905 6,79,010 12,407 22,00,178

12 1,58,613

12 1,34,337

4,845 6,93,550 12,217 22,69,221

4,068 6,26,958 10,301 20,42,212

3,369 4,10,429

28,274 3,54,125 35,492 11,69,113

6,68,585

23

Amount

Total

27,870 2,08,461 33,876

20

No.

Others

(Rs. crore)

12 1,65,632

11 1,39,918

12 1,00,361

19

18

Amount No. Amount No. Amount No. Amount

Brokers

Foreign Depositories

January SEBI BULLETIN 2009

335 229

2007-08

2008-09

101 19 30 20 29 29 19 32

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

58,838

40,771

16,594

21,560

12,758

16,221

12,257

1,01,621

1,28,919

4,09,539

4,54,164

2,66,863

2,79,968

1,59,788

3

Amount

Source: Credit Rating Agencies

26

May-08

Apr-08

25

312

2006-07

(Apr-Dec)

261

2005-06

2 278

1

No.

Highest Safety (AAA)

2004-05

Period

Grade

37

26

28

34

31

22

27

28

38

271

257

144

147

110

4

No.

14,821

7,348

8,783

7,020

12,142

2,515

17,157

6,181

24,606

1,00,572

1,20,199

53,766

62,316

48,602

5

Amount

High Safety (AA)

53

45

58

30

29

16

24

26

19

20

35

20

219

167

6

No.

4446

4,922

8,260

3,678

4,178

1,589

2,498

4,782

5,485

39,838

35,661

5,905

28,957

8,191

7

Amount

Adequate Safety (A)

Investment Grade

77

34

39

38

39

32

21

34

18

332

63

33

21

35

8

No.

6948

3,005

2,220

3,018

10,528

3,027

859

1,676

5,500

36,781

9,478

9,014

1,200

4,139

9

Amount

Moderate Safety (BBB)

2

4

9

46

19

12

19

22

10

12

9

10

159

27

10

No.

3314

2,013

388

700

3056

238

931

829

690

12,159

1,603

75

144

688

11

Amount

Non-Investment Grade

Table 38: Ratings Assigned for Long-term Corporate Debt Securities (Maturity ≥ 1 year)

222

127

124

144

138

113

99

132

111

1,210

845

544

478

490

12

No.

88,367

58,060

36,246

35,975

42,662

23,590

33,702

1,15,089

1,65199

5,98,889

6,20,785

3,35,623

3,82,585

2,18,707

13

Amount

Total

January SEBI BULLETIN 2009

3,605

62

23

2007-08

2008-09

102

2

2

2

3

0

5

4

0

4

May-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

772

0

1,075

872

0

284

150

151

151

150

6,533

Source: Credit Rating Agencies

1

Apr-08

(Apr-Dec)

8,762

32

2006-07

51,827

68

2005-06

22,199

3

Amount

81

2

No.

Upgraded

2004-05

1

Period

Grade

54

30

5

12

13

2

8

3

3

6

136

73

41

43

60

4

No.

49,165

24,875

865

1,849

3,654

1,530

641

132

132

10,639

93,483

31,490

5,050

6852

9582

5

Amount

Downgraded

177

84

111

263

199

100

49

30

30

47

1,090

1031

854

870

887

6

No.

3,28,516

1,06,319

2,37,570

1,11,963

1,54,451

69,861

1,44,889

2,38,198

2,38,198

1,48,109

17,78,073

18,05,468

11,41,734

13,39,016

7,93,540

7

Amount

Reaffirmed

3

4

6

14

0

0

1

1

1

1

31

51

39

21

21

8

No.

11,545

26,267

28,176

16,773

0

0

1,500

100

100

0

84,461

40,602

11,364

2,319

4,720

9

Amount

Rating Watch

45

26

16

9

16

28

13

34

34

11

232

172

127

177

153

10

No.

2,273

2,169

4,069

1,433

3,031

2,879

822

7,969

7,969

1,655

34,269

25,188

19,335

33,792

12,278

11

Amount

Withdrawn/ Suspended

0

0

0

0

0

0

0

0

0

0

0

0

11

3

8

12

No.

0

0

0

0

0

0

0

0

0

0

0

0

5,991

287

116

13

Amount

Not Meaningful Category

Table 39: Review of Accepted Ratings of Corporate Debt Securities (Maturity ≥ 1 year)

283

144

142

303

228

133

73

70

70

66

1,512

1389

1,104

1,182

1,210

14

No.

3,92,272

1,59,629

2,71,754

1,32,890

1,61,136

74,554

1,48,002

2,46,550

2,46,550

1,60,553

19,93,890

19,11,509

11,90,005

14,34,093

8,40,427

15

Amount

Total

(Rs. crore)

January SEBI BULLETIN 2009

January

SEBI BULLETIN

2009

Table 40: Macro Economic Indicators 47,13,148

I. GDP at Market Prices ( 2007-08 Advance Estimate) (Rs.crore) II. Gross Domestic Saving as a % of GDP at market prices (2006-07 Quick Estimates)

34.8

III. Gross Domestic Capital Formation as a % of GDP at market prices (2006-07 Quick Estimates)

35.9

IV. Monetary and Banking Indicators[i] Cash Reserve Ratio (%) Bank Rate (%) Money Supply (M3) (Rs.crore)* Aggregate Deposit (Rs.crore)* Bank Credit (Rs.crore)* V. Interest Rate[ii]

August 2008 8.75 6.00 42,15,293 33,91,461 24,58,334

September 2008 9.00 6.00 42,71,086 34,42,138 25,42,467

October 2008 6.50 6.00 43,38,172 34,86,221 26,15,041

November 2008 5.50 6.00 43,80,915 36,49,506 26,32,700

December 2008 5.50 6.00 44,30,231 35,69,352 26,44,528

10.04 9.03 14.00 10.00

15.25 8.85 14.00 10.00

10.29 7.43 14.00 10.50

8.10 6.70 13.25 9.00

6.60 5.48 13.25 10.00

Turnover (BSE+NSE) (Rs.crore) Market Cap-BSE (Rs.crore) Market Cap-NSE (Rs.crore) Net FII Investment in Equity (Rs.crore) VII. Exchange Rate and Reserves[iv]

3,34,175 47,78,864 44,72,461 -1,212

3,70,352 41,65,387 39,00,185 -8278

2,94,425 29,97,259 28,20,388 -15347

2,36,816 28,18,964 26,53,281 -2,598

80,866 31,44,766 29,16,768 2,377

Forex Reserves (Rs.crore) Re/ Dollar Re/Euro 6- months Inter Bank Forward Premia of US Dollar VIII. Public Borrowing and Inflation

12,80,950 44.37 63.41 2.84

13,31,166 46.88 64.99 0.62

12,01,920 49.24 62.83 2.21

12,21,778 49.69 63.46 2.52

12,47,495 48.45 68.22 2.37

Govt. Market Borrowing (Rs. crore)* 88,000 1,06,000 Wholesale Price Index (Base 1993-94) 213.9 241.4 IX. Index of Industrial Production (y-o-y)% (Base year 1993-94 = 100)

1,06,000* 241.4**

1,45,000 233.7

1,55,000 229.5

Call Money Rate( lending / borrowing )-Max 91-Day-Treasury Bill[iii] PLR (Maximum) (%) Deposit Rate (Maximum) (%) VI. Capital Market Indicators

General Mining Manufacturing Electricity X. External Sector Indicators Exports (Rs.crore) Imports (Rs.crore) Trade Balance (Rs.crore)

264 160.2 283.1 221.6

274.7 162.8 296.4 219.3

261.5 174.4 276.9 231.2

267.2 QE 175.0 QE 285.7 QE 217.5 QE

68,721 1,28,582 -59,861

62,641 1,11,085 -48,444

62,387 1,13,659 -51,272

56,374 1,05,697 -49,323

[i] As on August 29, 2008, September 26, 2008, 24 October 2008, November 28, 2008, December 19, 2008 [ii] As on September 5, 2008, September 26, 2008, 24 October 2008, November 30, 2008, December 26, 2008 [iii] As on September 5, 2008, October 3, 2008, October 31, 2008, Novermber 28, 2008, December 26, 2008 [iv] As on September 5, 2008, October 3, 2008, October 31, 2008, December 5, 2008, January 2, 2009 * upto October 31, 2008, December 5, 2008, December 19, 2008 ** As on October 25, 2008, November 24, 2008, January 2, 2009 Source : websites of RBI, CSO, Director General of Foreign Trade, Ministry of Commerce & Industry.

103

UK FTSE 100

France CAC

104

0.65 0.62 0.92

0.02 0.06 0.02 -0.16

2005

2006

2007

2008 (Jan '08- Dec '08) -0.14

0.15

0.04

0.06

4

2.35

1.10

0.79

0.55

5

-0.30

-0.14

0.06

0.08

6

1.57 1.53 1.73

0.11 0.12 0.14 -0.21

2005

2006

2007

2008 (Jan ‘08 - Dec ‘08)

Singapore STI

(Percent) Malaysia KLCI

2.87

1.07

0.93

Mexico MEXBOL

South Africa JALSH

Japan NKY

-0.22

0.05

0.07

0.06

8

2.07

1.04

0.80

0.59

9

3.23

1.66

0.91

0.73

11

India BSE SENSEX

-0.26

0.13

0.12

0.02

10

(Percent)

2.17

1.36

0.86

0.61

13

India S&P CNX NIFTY

-0.26

0.06

0.10

0.05

12

-0.10

0.04

0.16

0.12

18

2.29

1.36

1.45

1.05

19

-0.11

0.06

0.13

0.14

20

2.28

1.20

1.39

0.83

21

-0.21

-0.05

0.03

0.14

22

2.92

1.17

1.25

0.82

23

-0.30

0.16

0.15

0.14

24

2.85

1.54

1.63

1.08

25

-0.29

0.18

0.13

0.12

26

2.80

1.60

1.65

1.11

27

-0.20

0.11

0.08

0.00

14

1.38

1.04

0.53

0.49

15

SEBI BULLETIN

Source: Basic data are taken from Bloomberg L.P.

3.30

17

16

1

Hong Kong HSI

Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility

Brazil IBOV

7

0.69

Daily Return and Volatility: Select World Stock Indices

2.38

3

Calender Year

Australia AS 30

Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility 2

1

Calender Year

USA DOW JONES

Table 41: Daily Return and Volatility: Select World Stock Indices January 2009

January

SEBI BULLETIN

PUBLICATIONS 1. Annual Reports: 2007-08, 2006-07, 2005-06, 2004-05, 2003-04. 2. Handbook of Statistics on Indian Securities Market, 2008. Interested persons may contact the Research Department of SEBI to obtain a copy of Annual Report / Handbook of Statistics at the following address:

Research Department Securities and Exchange Board of India Plot No. C4-A, ‘G’ Block, Bandra Kurla Complex, Bandra (E). Mumbai - 400051 Tel No. +91-22-26449000, Fax No. +91-22-26449013, 40459013

105

2009