News Oct 2009

HIGHLIGHTS OF NSE NEWSLETTER

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

October 2009

ARTICLES Global Financial Conglomerates and Their Challenges- by Mitu Bhardwaj, NSE This article highlights the different facets of Financial Conglomeration, helps in understanding the emergence and structure of the conglomerates and draws attention to the different challenges posed by them. Financial conglomeration facilitated with globalization and financial innovation in recent years can produce financial giants that reduce transaction costs significantly but can also pose a threat to the financial stability. How can these institutions take risks in their business and how well they respond to those risks will separate the leaders from the survivors or the failures.

SPOTLIGHT Reduction in Transaction Charges on the NSE

⇒ With effect from October 01, 2009 the NSE has reduced the transaction charges in the ‘Capital Market’ and ‘Futures’ segment. This would reduce the cost of trading at NSE.

R E G U L ATO RY C H A N G E S Initiated by SEBI.

⇒ Stock exchanges to disclose complaints/arbitration/penal action against trading members/listed companies on their website to ensure transparency in grievance redressal available in the stock exchanges.

⇒ Disclosure and Investor Protection Guidelines converted into regulations ⇒ Issues regarding applicability of SEBI Delisting Regulations clarified. ⇒ Audit of mutual funds by an independent Certified Information Systems Auditor/Certified Information Systems Manager (CISA/CISM) qualified or equivalent auditor mandated.

⇒ Decisions taken regarding amendments to listing agreement and takeover regulations vide SEBI Board Meeting of September 22, 2009. Initiated by RBI. ⇒ Draft guidelines on repo in corporate debt securities put out in public domain, for comments/views.

⇒ NBFCs are allowed to participate in interest rate futures market for the purpose of hedging their underlying exposures.

NSE NEWS ⇒ NSE waives transaction charges payable in respect of trades emanating from all segments of the Exchange from VSATs in certain semi urban and rural locations.

⇒ NSE levies charges to deter system abuse in the F & O Segment. ⇒ The Index Maintenance Sub-Committee of NSE carried out certain changes in various indices, which would be effective from October 20, 2009

NCFM NEWS ⇒ Introduction of fee discount scheme for a period of one year (October 01, 2009 to September 30, 2010) ⇒ A new module – 'Currency Derivatives: A Beginner's Module' has been launched.

I N T E R N AT I O N A L

N E W S

⇒ Euroclear UK & Ireland reduces fees and improves tariff transparency ⇒ NYSE to form commission on corporate governance to examine U.S. corporate governance ⇒ IOSCO issues final regulatory recommendations on securitisation and CDS market ⇒ WFE Board urges consistent regulation and more transparency from G20 market reform efforts

HIGHLIGHTS OF NSE NEWSLETTER

October 2009

MARKET REVIEW Nifty Movements vis-a-vis other International Indices (Rebased to 100 for March 31, 2009)

Performance of select sectors vis-a-vis Nifty (Rebased to 100 for March 31, 2009)

160

230 210

140

190 170

120

150 130

100

110 90

Hang seng

30-Sep-09

31-Mar-09

29-Apr-09

29-May-09

Nasdaq

30-Sep-09

10

100

5

0

0

Avg. Daily Trading Value Avg. Daily Trading Value

Sep-09

Aug-09

Jul-09

Jun-09

May-09

Jan-09

15

200

Sep-09

Sep-09

Jul-09

Aug-09

Jun-09

May-09

Apr-09

Mar-09

Jan-09

Feb-09

Trading Value (Rs. hundred crore)

Avg. Daily Trading Value (Rs. hundred crore)

NSE MARKET STATISTICS

NSE's GLOBAL RANKINGS

Turnover for Percentage Average daily Market Change over Turnover Sept. 2009 Capitalisation Aug. 2009 (Rs. crore) (Rs.crore) Segments (Rs.crore) 18,253 3,088 69,419 5,673

20

300

Aug-09

0

0

25

400

Jul-09

10

30

500

Jun-09

200

35

600

May-09

20

WDM Segment

Jan-09

30 400

Dec-08

200 Oct-08

40

600

Nov-08

3000

Oct-08

50

Oct-08

400

700

60

800

-2.41

6000

Sep-09

Jul-09

Aug-09

Jun-09

May-09

Apr-09

Mar-09

Jan-09

Currency Futures

Trading Value

Trading Value

Feb-09

Dec-08

Nov-08

50 Oct-08

1000

600 9000

Dec-08

100

800

12000

Nov-08

2000

15000

Dec-08

150

1000

Nov-08

3000

Tradin g Valu e

200

Avg. Daily Trading Value

250

4000

0.03 53.47 -5.79 19.24

31-Aug-09

CNX FMCG INDEX S&P CNX Petrohemicals CNX Bank Nifty S&P CNX Nifty

18000

Avg. Daily Trading Value

Trading Value

300

CM 365,063 WDM 58,674 F&O 1,388,378 CDS (Currency 107,789 Futures) TOTAL 1,919,904

31-Jul-09

F&O Segment

Capital Market Segment 5000

1000

30-Jun-09

CNX IT S&P CNX Finance S&P CNX Pharmaceuticals CNX Infrastructure

Apr-09

NIKKIE

31-Aug-09

Mar-09

Dow Jones

31-Jul-09

Apr-09

Nifty

30-Jun-09

Mar-09

29-May-09

Feb-09

29-Apr-09

Feb-09

80 31-Mar-09

5,353,880 3,024,417

8,378,297

Parameters Single Stock Futures Stock Index Options Stock Index Futures No. of Trades Market Capitalisation

Rank rd 3 rd 3 rd 3 th 4 th 12

Source : WFE (Rankings done for the period Jan- Jun 2009). Rankings for single stock futures, stock index options and stock index futures is based on number of contracts traded.

Prepared by SBU-EDUCATION National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (E) Mumbai - 400051. Tel No: 022-26598163 For detailed NSE Newsletter, log on to www.nseindia.com>Press Room> NSE Newsletter. For Market Data, refer to www.nseindia.com> Research> Datazone.

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A R T I C L E S GLOBAL FINANCIAL CONGLOMERATES & THEIR CHALLENGES By Mitu Bhardwaj* Introduction During the last two decades, financial services industry has witnessed deregulation in the domestic market and globalization at the same time. This has led to new ways of doing business as the providers of financial services have extended their scope of activities. Earlier, a financial institution could easily be classified as a Bank, a Securities Company, or Insurance Company. But today a new breed of financial services providers have emerged which provide a wide range of financial services across a number of geographic locations. These are called Financial Conglomerates. The Tripartite Group of Bank, Securities and Insurance regulators set up in 1993 at the initiative of Basel Committee on Banking Supervision has defined financial conglomerate as "any group of companies under common control whose exclusive or predominant activities consist of providing significant services in at least two different financial sectors (banking, securities, insurance).” However, as per the European Union, financial conglomerates refer to group of companies wherein at least one of the entities in the group is in the insurance sector and at least one is in the banking or investment services sector. Emergence of Financial conglomerates –The Driving Factors Diversification of business lines in financial markets has been a rather unique phenomenon as opposed to a general trend of consolidation in other industries. The emergence of financial conglomerates has been driven by competitive pressures in the traditional banking sector and synergies across complementary financial services so as to capture economies of scale and scope across business lines. Economies of Scale: These economies are generated by higher operational efficiency and by innovation of products that allow firms to offer ‘one-stop shopping’ to consumers. One source of higher operational efficiency is information advantage. Information advantage arises from financial conglomerates’ ability to offer a broader set of financial services to the same set of clients than offering restricted services to different sets of clients on stand-alone basis. For instance, when a bank or an insurer establishes a relationship with a client it incurs costs in gathering information about the client. An institution that combines these services can reduce these costs by using a common information system. Economies of Scope: On the production side, these economies arise whenever costs can be shared across product lines. E.g. common information system can be used across multiple product lines incurring the cost of gathering information only once. On the consumption side, these economies emerge if buying financial services from the same institution benefits consumers through reduced search, information and monitoring costs. Stability in Revenues: A financial institution that combines different activities can be more stable than a specialized institution due to risk diversification. This is because the correlation between the return from different financial activities is imperfect. *The author is with NSE. Views expressed in the article are that of the author alone.

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Structure of Financial Conglomerates There is no single structure of financial conglomerate that dominates across the world. The structure and type of financial conglomerate primarily depends on the prevailing national laws and traditions. However, there are mainly three structural forms into which financial conglomerates are organized. Universal Bank Structure: A structure in which all operations are centralized within a single corporate entity, a Bank. Parent-subsidiary Structure: A structure in which operations are conducted in subsidiaries of licensed parent companies which are usually banks. Holding Company Structure: It is a structure under which businesses are conducted in legally distinct entities each with separate management and capital, but owned by a (potentially unregulated) corporation. Further, a financial conglomerate may be characterized primarily as securities, insurance or a banking structure depending upon the sector represented at the holding company level and / or by the type of activity that constitutes the major business of the conglomerate. Epithets such as “Bankassurance” (denoting a financial group in which banks predominate) and “Assurebanking” (insurance dominated financial group) apply to the new “Allfinanz” financial service providers. Challenges posed by Financial Conglomerates Given the breadth of services financial conglomerates offer, their myriad structural forms & their multiple jurisdictions of operations, conglomeration does pose a number of challenges – To Management, To Regulators, and To Over-all Market Stability & Discipline. Some of these challenges are, A. Challenges to Management a. Managing Multiple Regulatory Compliances: Global financial conglomerates have their operations spread across various geographies. Even within each business line, they are subjected to laws, rules & regulations of multiple jurisdictions. b.

Risk Concentration: In theory, the volatility of profits should decrease as the activities generating them become

more diverse. Hence, risk diversification should reduce the regulatory capital levels applied to financial conglomerates. However, the silo-approach of looking separately at each entity neglects risk-concentration at the group level. For example, an acceptable level of credit risk in a stand-alone institution’s banking book may become a concentration of risks with high correlation if other institutions under the same roof have exposures to same counterparty in their risk portfolio. c. Contagion Risk: Contagion risk refers to the risk that problems in one part of financial establishment may spread to another (healthy) part which could adversely impact the financial stability of the group as a whole and possibly even on the markets in which the constituent parts operate. There are two distinct types of contagion - Psychological Contagion, in which problems associated with one part of a conglomerate are transferred to other parts merely by market reluctance to deal with a tainted group, and Contagion arising from Intra-group exposure. 2

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Large Exposures at Group Level: Combination of large exposures to the same counterparty in different parts of a

conglomerate can be dangerous to the group as a whole. B. Regulatory Challenges: a.

Solo vs. Consolidated Supervision: Under the traditional solo approach individual components of a group are su-

pervised on a purely solo basis, whereas consolidated supervision focuses on the group as a whole, although individual entities may continue to be supervised on a solo basis by the respective regulators. Also, intensive cooperation among regulators for exchange of prudential information about various parts of conglomerate falling under different jurisdictions is very important. There is general support for the idea of appointing a lead regulator or "convenor", which would be responsible for gathering the relevant information about the group as a whole (including information on non-regulated entities). b.

Capital Adequacy: Banks, insurance companies and securities firms are subject to different prudential require-

ments, and accordingly regulators face a difficult problem in determining whether there is adequate capital coverage at the group level. A difficult problem occurs when a group includes substantial non-regulated entities, either at the ownership level or downstream. Capital leveraging or prevention of multiple gearing of own funds due to inappropriate intra-group exposures is another challenge. c.

Intra--group Exposure: It is a form of direct and indirect claims which entities within financial conglomerates

typically hold on each other. The most transparent form of intra-group exposure is a line of credit which either the parent grants to a subsidiary or one subsidiary makes available to another subsidiary. What sets intra--group exposures apart from exposures to third parties in the context of a financial conglomerate is that they will not necessarily be apparent to supervisors examining a consolidated balance sheet of the group as a whole (because the intra-group exposures will be netted out). Another important difference between intra-group exposures and exposures to third parties is that the former may be created on terms or under circumstances which parties operating at arms' length would not countenance. Monitoring intra-group exposures so that failure of one Group Company (or its mere existence) doesn’t undermine the regulated entity is a regulatory challenge. d.

Shifting of Managerial Control: As the banking, insurance and securities businesses become more and more inte-

grated, it is possible that decision-making processes are shifted away from individually regulated entities to the parent or holding company, enabling managers of other (perhaps unregulated) companies in the group to exercise control over the regulated entity. e.

Complex Structures: Guarding against managerial and legal structures which impair adequate supervision is a

challenge for regulators. C. Challenge to Over-all Market Stability & Discipline: The cross-sectoral consolidation of financial institutions has led to emergence of global financial behemoths. Failure of such large institutions poses a huge systemic risk. Therefore, to prevent system-wide financial crisis, regulator might be induced to extend the financial safety net for such institutions beyond the standard policy measures. This particular form of inconsistency in financial regulation is called as Too-Big-To-Fail (TBTF) policy.

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The unintended consequence of such policy is the market perception that whenever a financial crisis hits an institution that qualifies as TBTF, the government will provide refinance regardless of the circumstances that led to the crisis. Such implicit insurance system gives large institutions an advantage over small ones which is unrelated to their ability to manage risk and thereby increasing the vulnerability of the entire financial system. The TBTF policies diminish the market discipline giving a competitive advantage to complex financial conglomerates over stand-alone institutions. Conclusion The recent financial crisis has revealed the gap between financial innovation and regulation/risk management. Regulators as well as industry players worldwide are endeavoring to bridge this gap by bringing-in newer and tougher laws and regulations and more robust risk management systems. Financial conglomeration combined with globalization and financial innovation is a potent combination capable of producing financial giants as well as annihilating them. How well financial institutions appreciate the risks in their business and how they respond to them will separate the leaders from mere survivors. *** References: 1. Bank of Finland Discussion Papers on “Capital Adequacy Regulations and Financial Conglomerates” by Ville Malkonen (2004) 2. EU Directive 2002/87/EC 3. “Regulating Financial Conglomerates” by Xavier Freixas, Gyongyi Loranth and Alan D. Morrison (2005) 4. 1995 Report of the Tripartite Group of Bank, Securities and Insurance regulators set up at the initiative of Basle Committee of Banking Supervision. 5. Economic and Policy Analysis Working Paper “The Repeal of Glass-Steagall and the Advent of Broad Banking” by James R. Barth, R. Dan Brumbaugh Jr. and James A. Wilcox. 6. “Supervision of Financial Conglomerates” by Gabriele Stoffler. 7. “Identification of Financial Conglomerates” List at 22 March 2006 issued by Mixed Technical Group, European Council.

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S P O T L I G H T Reduction in transaction charges on the NSE NSE has been periodically reviewing and reducing the transaction charges being levied by it on its trading members. On 7th September, 2009, NSE has further revised the transaction charges as follows, this was made effective from October 1, 2009 : The trading members are advised to pass on the benefit of the reduction in the transaction charges to their constituents . Capital Market Segment: The revision in transaction charges in capital Market segment has been from its present level (@ Rs. 3.5 per lakh i.e 0.00035 % of traded value on each side) to a slab based structure as given below Total Traded Value in a month

Revised Transaction Charges (Rs. per lakh of Traded

Up to First Rs. 1250 cores

Rs. 3.25 each side

More than Rs. 1250 crores up to Rs. 2500 crores (on incremental volume)

Rs. 3.20 each side

More than Rs. 2500 crores up to Rs. 5000 crores (on incremental volume)

Rs. 3.15 each side

More than Rs. 5000 crores up to Rs. 10000 crores (on incremental volume)

Rs. 3.10 each side

More than Rs. 10000 crores up to Rs. 15000 crores (on incremental volume)

Rs. 3.05 each side

Exceeding Rs.15000 crores (on incremental volume)

Rs. 3.00 each side

Futures segment The revisions in this segment are from its present level (@ Rs. 2/- per lakh i.e 0.002 % of the traded value on each side) to a slab based structure as given below Total Traded Value in a month

Revised Transaction Charges (Rs. per lakh of Traded

Up to First Rs. 2500 cores

Rs. 1.90 each side

More than Rs. 2500 crores up to Rs. 7500 crores

Rs. 1.85 each side

More than Rs. 7500 crores up to Rs. 15000 crores

Rs. 1.80 each side

Exceeding Rs.15000 crores

Rs. 1.75 each side

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C H A N G E S

Initiated by SEBI 1. Stock exchanges to disclose complaints/arbitration/penal action against trading members/ listed companies on their website to ensure transparency in grievance redressal available in the stock exchanges . SEBI had been receiving feedback from investors and their associations to bring in more transparency in the grievance redressal available in the Stock Exchanges. Transparency in grievance redressal is identified as a key area to augment investor protection and will also improve the general functioning of the market by providing investors the wherewithal to make informed choice. Accordingly, SEBI has decided that, to start with, Stock Exchanges would be required to disclose the details of complaints lodged by clients / investors against trading members and companies listed in the exchange, on their website. The aforesaid disclosure would also include details pertaining to arbitration and penal action against the trading members. A format for the report for the aforesaid disclosure has been put out by SEBI vide its circular dated September 03, 2009.

2. Disclosure and Investor Protection Guidelines converted into regulations SEBI ICDR (Issue of Capital and Disclosure requirements) Regulations, 2009, have been notified by SEBI on September 3, 2009. The matters relating to issue of capital, the manner in which such matters shall be disclosed and other matters incidental thereto were hitherto provided in the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (DIP Guidelines) issued under Section 11(1) of the SEBI Act, 1992. These provisions, along with few changes, have since been incorporated in the ICDR Regulations, which were notified on August 26, 2009. Consequently, the DIP Guide-lines stand rescinded. Consequential amendments have also been made to the SEBI (ESOS and ESPS) Guidelines, 1999 and Equity Listing Agreement through Circulars issued on the same day.

3. Issues regarding applicability of SEBI Delisting Regulations clarified The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations) were notified by SEBI on June 10, 2009. Since the notification of this regulation, SEBI has been receiving queries from various market participants, listed companies etc regarding the ‘transitional provisions’ contained in regulation 31 of the Delisting Regulations, which outlines certain situations under which the provisions of the earlier Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 (Delisting Guidelines) would still be applicable to a particular delisting transaction. In this regard, it has been clarified that in cases where a special resolution has already been passed under the Delisting Guidelines prior to commencement of the Delisting Regulations, the delisting process would be governed by the provisions of the Delisting Guidelines, provided the said resolution is acted upon within a period of three months from September 14, 2009 (i.e the date of the issuance of the circular on the above subject). Otherwise, the company would be required to pass a fresh special resolution in terms of Delisting Regulations and proceed for delisting in terms of Delisting Regulations. For this purpose, the words “acted upon” would mean that the implementation of activities including the opening of the book building process for determination of the exit price in terms of Clause 8.1 of the Delisting Guidelines, would be required to be done within three months from September 14, 2009 (i.e the date of the issuance of the circular on the above subject.)

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R E G U L A T O R Y 4.

Oct 2009

N E W S L E T T E R

C H A N G E S

7

( c o n t d … )

Audit of mutual funds by an independent Certified Information Systems Auditor/Certified Information Systems Manager (CISA/CISM) qualified or equivalent auditor mandated.

SEBI has decided, vide its circular dated September 16, 2009, that Mutual funds would now have a systems audit conducted by an independent CISA/CISM qualified or equivalent auditor. The system audit is required to be comprehensive encompassing audit of systems and processes inter alia related to examination of integration of front office system with the back office system, fund accounting system for calculation of net asset values, financial accounting and reporting system for the AMC, Unitholder administration and servicing systems for customer service, funds flow process, system processes for meeting regulatory requirements, prudential investment limits and access rights to systems interface. Mutual Funds have been advised to get the audit conducted once in two years and to place the Systems Audit Report and compliance status before the Trustees of the mutual fund. The systems audit report/findings alongwith trustee comments would have to be communicated to SEBI. For the financial years April 2008 – March 2010, the systems audit would have to be completed by September 30, 2010.

5. Decisions taken regarding amendments to listing agreement and takeover regulations vide SEBI Board Meeting of September 22, 2009 The Board took, inter-alia, the following decisions at its Board meeting held on September 22, 2009: (I) Amendments to Listing Agreement/ ICDR Regulations (a) Compliance with applicable Accounting Standards A listed company undergoing corporate restructuring (merger, demerger or amalgamation) under a scheme of arrangement would be required to submit an auditors’ certificate to the stock exchange to the effect that the accounting treatment followed in respect of financials contained in the scheme is in compliance with all the applicable accounting standards. This requirement will be prescribed through amendments to listing agreement. An unlisted company undergoing similar corporate restructuring and proposing to make an IPO should make disclosures in the DRHP (Draft Red Herring Prospectus) in terms of AS 14. This will be mandated through the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. (b) Facilities for issue of Indian Depository Receipts The Board decided to extend the facility of anchor investors to issue of IDRs on similar terms as applicable to public issues made by domestic companies. It also decided that at least 30% of issue size of the IDRs be reserved for allocation to retail individual investors, who may otherwise be crowded out. (II) Amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations (Takeover Regulations) (a) Applicability of open offer obligations in case of GDRs/ ADRs etc. In tune with market developments, the Board decided to amend the Takeover that where the ADR/ GDR holders are entitled to exercise voting rights on GDRs / ADRs by virtue of clauses in the depository agreement or otherwise, would be triggered upon crossing the threshold limits set out under Chapter III

Regulations to provide the shares underlying open offer obligations of the Regulations.

(b) Disclosure of sale/ purchase by acquirer under Regulation 7 (1A) Regulation 7 (1A) of the Takeover Regulations requires disclosures on (+ /-) 2% acquisition / divestment by the acquirers holding shares / voting rights between 15-55%. The Board decided to extend such disclosure requirements to acquirers holding shares / voting rights between 15-75%.

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( c o n t d . . )

(c) Amendment for bringing clarity to Regulation 11(1) of Takeover Regulations Regulation 11(1) would be amended to clarify that under Regulation 11 (1), the creeping acquisition of 5% would be available subject to the condition that post-acquisition, the shareholding / voting rights of the acquirer together with persons acting in concert with him, should not not increase beyond 55%. However, such acquisition up to 55% under Regulation 11(1) should not be a bar on further acquisition up to 5% as envisaged under the second proviso to Regulation 11 (2). Initiated by RBI 6. Draft guidelines on repo in corporate debt securities put out in public domain, for comments/ views . Vide press release dated September 17, 2009, The Reserve Bank of India has placed on its website “Draft Guidelines on Repo in Corporate Debt Securities" for comments/views by October 05, 2009. The Mid-Term Review of the Annual Policy for the year 2007-08 had indicated that the Reserve Bank will permit market repo in corporate bonds once the corporate debt market develops and the Reserve Bank is assured of the availability of fair prices, and an efficient and safe settlement system based on delivery versus payment (DvP) III and Straight Through Processing (STP) is in place. In this regard, as indicated in the Annual Policy Statement for the year 2009-10, the RBI, in consultation with SEBI, has permitted the clearing houses of the exchanges to have a transitory pooling account facility with the Reserve Bank for facilitating settlement of OTC corporate bond transactions on a DvP-I basis (i.e., on a trade-by-trade basis). With the necessary system being in place to ensure settlement of trades in corporate bonds on a DvP1 basis and STP, the RBI has formulated, in consultation with the market participants, guidelines for repo in corporate bonds in corporate debt securities, the detailed guidelines for Eligible securities, participants, Tenor, Trading etc are available in the press release.

7. NBFCs are allowed to participate in interest rate futures market for the purpose of hedging their underlying exposures . RBI vide its circular dated September 18, 2009 allowed NBFCs to participate in the designated interest rate futures (IRF) exchanges recognized by SEBI, as clients, subject to RBI / SEBI guidelines in the matter, for the purpose of hedging their underlying exposures. Further RBI requires that NBFCs participating in IRF exchanges to submit the data in this regard half yearly, in prescribed format to the Regional office of the Department of Non-Banking Supervision in whose jurisdiction their company is registered, within a period of one month from the close of the half year.

NSE NEWS 1. NSE waives transaction charges payable in respect of trades emanating from all segments of the Exchange from VSATs in certain semi urban and rural locations Various studies show that the equity investment penetration in India especially in semi urban and rural areas is low and therefore only a small percentage of the population uses equity or equity related products as investment vehicle to park its savings; though over a period of time equity investment is known to provide the best return. Moreover, it is seen that while the awareness in major cities is wide spread the same is much lower in semi urban and rural areas. In order to facilitate investors from such semi urban and rural areas and also to encourage trading members to set up trading terminals in these areas at a feasible cost, it has been decided and communicated to trading members vide circular dated September 23, 2009 to waive the transaction charges payable in respect 8

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( c o n t d … )

of the trades emanating from all the segments of the Exchange; from the VSAT in these semi urban and rural locations up to an amount equal to annual VSAT charges levied by the Exchange for the respective year or part thereof with effect from 1st October, 2009. For this purpose NSE VSATs located or to be located in towns other than the municipal limits of Mumbai (including Thane and Navi Mumbai), New Delhi (including Delhi, NOIDA and Gurgaon), Kolkatta, Chennai, Ahmedabad, Hyderabad (including Secunderabad) and Bangalore would be considered eligible. (NSE circular dated September 23, 2009)

2 .NSE levies charges to deter system abuse in the F & O Segment. Of late, it is observed that the Order to Trade ratio in the F&O segment has been increasing significantly. Based on the analysis of the same, it has been observed that some trading members have been placing very large number of unproductive orders which rarely result into trades in this segment which leads to increase in latency in order placement and execution for the other members. Such members are observed to have very large order to trade ratio which is significantly higher than the market average. In order to prevent such system abuse and to ensure fair usage of the system by all the members, NSE has, vide its circular dated September 7, 2009, decided to levy a charge to deter system abuse in the F&O segment with effect form October 1, 2009 as per the slabs below. Daily Order-Trade Ratio (Member wise) More than 100 up to 250 More than 250 up to 500 (on incremental basis)

Charges (per Order) 1 paisa 2 paise

More than 500 up to 1000 (on incremental basis)

3 paise

More than 1000 (on incremental basis)

4 paise

3. The Index Maintenance Sub-Committee of NSE carried out certain changes in various indices, which would be effective from October 20, 2009 Exclusions Sr. No.

Company Name

Index

1 2 3 4 5 6 7 8 9 10

National Aluminium Co. Ltd. Tata Communications Ltd. Jaiprakash Associates Ltd. Infrastructure Development Finance Co. Ltd. Vijaya Bank Chennai Petroleum Corporation Ltd. Apollo Tyres Ltd. Raymond Ltd. Wockhardt Ltd. Parsvnath Developer Ltd.

S&P CNX Nifty & CNX 100 Index S&P CNX Nifty & CNX 100 Index CNX Nifty Junior Index CNX Nifty Junior Index CNX Nifty Junior & CNX 100 Index CNX Nifty Junior & CNX 100 Index CNX Nifty Junior & CNX 100 Index CNX Nifty Junior & CNX 100 Index CNX Nifty Junior & CNX 100 Index CNX Midcap Index

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10

( c o n t d … )

11 12 13 14 15

Sobha Developers Ltd. Gammon India Ltd. Bombay Dyeing & Manufacturing Co. Ltd. Hexaware Technologies Ltd Radico Khaitan Ltd.

CNX CNX CNX CNX CNX

Midcap Index Midcap Index Midcap Index IT Index FMCG Index

16

Financial Technologies (India) Ltd.

CNX Service Sector Index

17 18 19 20 21 22 23 24 25 26 27

Agro Dutch Industries Ltd. UCAL Fuel Systems Ltd. MRO-TEK Ltd. Value Industries Ltd. Crest Animation Studios Ltd. Seshasayee Paper & Boards Ltd Uttam Sugar Mills Ltd. Lumax Industries Ltd. Honda Siel Power Products Ltd. Chettinad Cement Corporation Ltd Corporation Bank

S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index S&P CNX 500 Index CNX PSU Bank Index

28

Orbit Corporation Ltd

CNX Realty Index

Inclusions Sr. No.

Company Name

Index

1 2

Jaiprakash Associates Ltd. Infrastructure Development Finance Co. Ltd

S&P CNX Nifty S&P CNX Nifty

3

Bajaj Auto Ltd.

CNX Nifty Junior & CNX 100 Index

4

Crompton Greaves Ltd.

CNX Nifty Junior & CNX 100 Index

5

United Phosphorous Ltd.

CNX Nifty Junior & CNX 100 Index

6

Indiabulls Real Estate Ltd.

CNX Nifty Junior & CNX 100 Index

7

Zee Entertainment Enterprises Ltd.

CNX Nifty Junior & CNX 100 Index

8

Colgate Palmolive (India) Ltd.

CNX Nifty Junior & CNX 100 Index

9

Federal Bank Ltd.

CNX Nifty Junior & CNX 100 Index

10

Zee Entertainment Enterprises Ltd.

CNX Midcap Index

11

Aditya Birla Nuvo Ltd.

CNX Midcap Index

12

Torrent Power Ltd.

CNX Midcap Index

13

Tech Mahindra Ltd

CNX Midcap Index

14

Tulip Telecom Ltd.

CNX IT Index

15

Emami Ltd.

CNX FMCG Index

16

Reliance Power Ltd.

CNX Service Sector Index

17 18

United Breweries Ltd. IFCI Ltd.

S&P CNX 500 Index S&P CNX 500 Index 10

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PTC India Ltd.

S&P CNX 500 Index

20

Ispat Industries Ltd.

S&P CNX 500 Index

21

KEC International Ltd.

S&P CNX 500 Index

22

Great Offshore Ltd.

S&P CNX 500 Index

23

Gujarat State Petronet Ltd.

S&P CNX 500 Index

24

Yes Bank Ltd.

S&P CNX 500 Index

25

Everest Kanto Cylinder Ltd.

S&P CNX 500 Index

26

Redington (India) Ltd.

S&P CNX 500 Index

27

Allahabad Bank

CNX PSU Bank Index

Peninsula Land Ltd.

CNX Realty Index

28

11

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NCFM NEWS 1. Introduction of fee discount scheme for a period of one year (October 01, 2009 to September 30, 2010) Under the Fee Discount Scheme being started for a period of one year (from October 01, 2009 to September 30, 2010), after taking two tests in modules included in Table-1 between October 01, 2009 and March 31, 2010 (both days inclusive), a candidate would qualify for availing 50 percent discount on all the subsequent tests provided such tests are: (a) for modules included in Table-1, and (b) taken by September 30, 2010. Table-1* Sr No 1

Module Name Capital Market (Dealers) Module

2

Derivatives Market (Dealers) Module

3

FIMMDA-NSE Debt Market (Basic) Module

4

Securities Market (Basic) Module

5

Surveillance in Stock Exchanges Module

6

Compliance Officers(Brokers) Module

7

Compliance Officers(Corporates) Module Options Trading Strategies Module

8

*More modules may be included during the course of the scheme. Below are the salient features of the discount scheme

1. The scheme is valid only for tests taken in any of aforementioned modules. 2. To avail 50% fee discount on modules stated in Table-1, a candidate would have to: a. First take two tests in any modules given in Table-1, between October 01, 2009 and March 31, 2010 (both days inclusive), paying full fees. The two modules may or may not be the same module and

b. Take subsequent tests in any of the modules given in Table-1 by September 30, 2010. It is in these tests that the candidate would get 50 percent discount. 11

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[Two clarifications: A) The discount can be availed for tests taken in any of the modules from Table-1 even before March 31, 2010. For example, if a candidate takes his first two tests in modules from Table-1 on October 01, 2009 and October 05, 2009 respectively, he can get 50 percent discount on all his subsequent tests in modules from Table-1 up to September 30, 2010. He can thus get a discount even for a test he takes on October 6, 2009. B) Modules which qualify candidates for discount as well as the modules, in which the discount can be availed during the course of the discount scheme, need not be distinct modules. For example, if a candidate appears in Capital Market (Dealers) Module three times (say on October 01, 2009, October 10, 2009 and October 15, 2009) for whatever reason, he would have to pay full fees for first two attempts and discounted fees for the third.] This scheme is applicable only to candidates appearing in their individual capacity by making payment of fees in their respective NCFM accounts. In other words, this scheme is NOT applicable to any corporate/organization making bulk payments for enrollments on behalf of that company/organization.

2.

A new module – ‘Currency Derivatives: A Beginner’s Module’ has been launched

On September 23, 2009 “Currency Derivatives: A Beginner’s Module” was launched under NCFM with a view to equip candidates to obtain basic information regarding the Exchange traded Currency Futures Market, product definitions, application of currency futures for hedging, speculation and arbitrage, order and trade management, clearing and settlement systems and risk management. This module test would contain 50 questions to be answered in 60 minutes. The passing percentage would be 50% with no negative marking. The fees for the module would be Rs. 750/- per test. The registration, payment of fees and enrollment for this module can be done online on www.nseindia.com under ‘NCFM Online’ link. On-line payment can be made by cash/credit card/debit card/net banking. Alternatively, the prescribed registration form can also be collected from the nearest NSE office or it can be downloaded from our website www.nseindia.com. In case of offline registration, mode of payment would be demand draft only, payable at respective NSE branch office and drawn in favour of ‘National Stock Exchange of India Limited’.

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1.Euroclear UK & Ireland reduces fees and improves tariff transparency Euroclear UK & Ireland (EUI) will be implementing a new trade-netting tariff in November 2009. With this revision clients would have to pay as little as GBP 0.005 (a half pence) per transaction to net trades from the London Stock Exchange, Irish Stock Exchange and a growing number of multilateral trading facilities. The average trade-netting fee will fall from 4.3p to 1.8p per transaction, with most high-volume clients paying an average of 1p per transaction. In addition to this tariff reduction, EUI will redesign its tariff schedule to improve transparency by charging separately for MiFID-related transaction reporting and UK and Irish stamp duty assessments for relevant trades. Currently, these two services and trade netting are priced on a combined basis.

2. NYSE to form commission on corporate governance to examine U.S. corporate governance NYSE Euronext (NYX) announced on September 1, 2009 that its subsidiary, the New York Stock Exchange, will form an independent advisory commission to examine U.S. corporate governance and the overall proxy process. This advisory commission will take a comprehensive look at strengthening U.S. best practices for corporate governance and the proxy process. The advisory commission will be chaired by Larry W. Sonsini, Chairman of Wilson Sonsini Goodrich & Rosati. The members will comprise experts in all aspects of corporate governance and the U.S. proxy system so that a wide variety of perspectives can be collected, including those of public companies, shareholders and institutional and individual investors. This advisory commission will work with policymakers and other interested constituents to foster a comprehensive and constructive approach to corporate governance and proxy reform.

3. IOSCO issues final regulatory recommendations on securitisation and CDS market The International Organization of Securities Commissions’ (IOSCO) Technical Committee has published Unregulated Financial Markets and Products – Final Report (Final Report) prepared by its Task Force on Unregulated Financial Markets and Products on September 4, 2009. The Final Report recommends regulatory actions to assist financial market regulators in introducing greater transparency and oversight with respect to securitisation and credit default swaps (CDS) markets, and improving investor confidence, and the quality of these markets. The Task Force was formed in November 2008 in response to G-20 calls for a review of the scope of financial markets and in particular unregulated financial market segments and products. The IOSCO Committee acknowledged that financial innovation will always be a hallmark of a vibrant financial system, however such innovation need not, and should not occur at the cost of investor protection and market confidence. The recommendations contained in this Final Report are aimed at restoring investor confidence and at improving the functioning, integrity and oversight of unregulated financial market segments and products, such as securitisation and credit default swaps, and international financial markets generally.

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4. WFE Board urges consistent regulation and more transparency from G20 market reform efforts The World Federation of Exchanges (WFE) Board of Directors urged leaders of the G20 nations at their summit in Pittsburgh, Pennsylvania (USA), to press for market reforms that enhance transparency and create more uniform rules between exchange-traded and less-regulated markets. In a letter to the G20 signed by WFE Chairman William J. Brodsky, the WFE Board applauded the efforts of the G20 leaders to improve unregulated markets and products by advocating the use of clearing houses and exchanges where risks can be better managed and prices are transparently set. Specifically, the WFE urged G20 leaders to focus on the following points: Absence of a Level Playing Field: WFE recommends that the G20 leaders consult with investor organizations about how they would wish to see orders executed in the markets, and determine whether alternative trading venues have reduced the total costs of transacting by investors. WFE also asked G20 leaders to assure a level playing field for the responsibilities assumed by all securities market order execution venues. This would remedy many capital markets uncertainties, assuring greater transparency, greater fairness and a more level competitive field. Reduced Market Transparency: Impact of Dark Pools The WFE Board requested that G20 also focus on issues related to dark pools and take remedial action in those countries concerned. WFE, the Financial Stability Board (FSB), and global financial standards bodies: the WFE Board expressed its support for many of the capital markets reforms being circulated by the Financial Stability Board; WFE also supports the FSB objective of having independent financial standards bodies set robust norms for our global financial system. Importantly WFE asked that the G20 should agree on ways to avoid regulatory arbitrage between national financial market regulations around the world.

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MANAGERIAL PERSONNEL OF NSEIL NAME Mr Ravi Narain Ms Chitra Ramkrishna Mr J Ravichandran Mr. Ravi Apte Mr R Sundararaman Mr Yatrik R Vin Ms. Kamala

Mr. Nirmal Mohanty Mr R Nanda Kumar

Mr Ravi Varanasi

Ms T. S. Jagadharini

Mr. Vidhu Shekhar Mr Arup Mukherjee Mr C. N. Upadhyay Mr Dhruvkumar Patil Mr Hari K Mr Mahesh Haldipur Mr Mayur Sindhwad Mr. Nilesh Tinaikar Ms Nisha Subhash Mr R Jayakumar Ms. Rana Usman Mr Ravindra Mohan Bathula Mr Suprabhat Lala

DESIGNATION DEPARTMENT TEL. NO. EXTN. Managing Director and CEO 26598122 7050 Dy. Managing Director 26598123 7051 Finance & Accounts, Director 26598203 5005 Legal & Secretarial Chief Technology Officer 26598316 5004 Sr. Vice President NSCCL 26598212 4006 Sr. Vice President Finance & Accounts 26598213 3008 Compliance, InspecVice President 26598220 3006 tion, Membership, Arbitration, Defaulters Section & Investor Service Cell Head - SBU EDU SBU - EDUCATION 26598372 3007 NSCCL - DevelopVice President 26598223 3000 ment & NCCL, NOW, Web Team Investigation, SurVice President 26598225 5003 veillance & Inspection Trade (Capital MarVice President 26598435 4002 ket, Currency Derivatives, F&O & WDM), Development & Marketing New Products & Six Vice President 26598209 4007 Sigma Inititiatives Asst. Vice President SBU - EDUCATION 26598217 3002 Inspection & ComAsst. Vice President 26598210 5002 pliance Asst. Vice President Investor Service Cell 26598190 5006 Listing & Corporate Asst. Vice President 26598452 5058 Communications Asst. Vice President Premises 26598211 4003 NOW, Dotex InternaAsst. Vice President 26598312 3102 tional Ltd. Asst. Vice President Development 26598445 5090 Asst. Vice President Investigation 26598162 5088 Asst. Vice President Secretarial 26598222 5023 NSCCL Securities & Asst. Vice President 26598267 4048 Data Supply Asst. Vice President Legal 26598197 5047 Asst. Vice President

Trade - (Capital Market, F&O, Currency Derivatives & WDM)

26598154

6026

15

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MANAGERIAL PERSONNEL OF NSEIL. NAME Mr Suresh Narayan

DESIGNATION Asst. Vice President

Mr T Venkat Rao

Branch In-charge

Mr Ajith Kumar V

Manager

Ms. Aparna Bhat

Manager

Mr. Amit Bhobe Mr Amol Mahajan Ms. Anuradha Guru

Manager Manager Officer on Special Duty

Mr. Arvind Goyal

Manager

Mr. Avinash Kharkar Mr. Bireshwar Chatterjee

Manager Manager

DEPARTMENT TEL. NO. EXTN. India Index Services 26598221 2004 & Products Ltd. & Dotex Int'l Regional Office (011) 127 Delhi 23344335 Administration & De26598146 4094 velopment NSCCL -Risk Manage26598168 4036 ment NCCL 26592312 3103 Finance & Accounts 26598139/40 3081 (011) SBU - EDUCATION 180 23344507 Currency Derivatives 26598152 6028 - Trade Listing 26598452 5057 Investigation 26598366 5146

Ms Himabindu Vakkalanka

Manager

Development

26598453

5155

Mr. Huzefa Mahuvawala

Manager

NSCCL -Risk Management

26598168

4040

Mr. Janardhan Gujaran Ms Jayna Gandhi Mr. Johnson Joseph Chiriyath

Manager Manager Manager

F&O - Trade Finance & Accounts Investor Service Cell

26598152 26598141 26598192

6029 3066 5078

Mr. Kiran Dusane Mr. Kiran Sawant Ms. Pareezad Deboo

Manager Manager Manager

26598454 26598265 26598310

4112 4088 4130

Mr. Mr. Ms. Mr.

Manager Manager Manager Branch In-charge

Premises NSCCL - Collaterals NSCCL - Currency Derivatives Marketing Human Resources Membership Regional Office - Kolkata NSCCL - Development

26598350 26598224 26598295 (033) 40400401 26598313

1228 3125 4116 401

26598143 26598166 26598448

3051 6013 6033

(044) 28332512

2100

Ms. Sushama Bhagchandani Manager

Finance & Accounts Surveillance Capital Market Trade Regional Office Chennai & Hyderabad Finance & Accounts

26598144

3041

Mr. Vinayak Shenoy

Finance & Accounts

26598139

3076

Prashanto Banerjee Ram Surve Rehana D'Souza Sandeep Dandapat

Mr. Sandeep Manoharan

Manager

Mr. Shekhar Rao Ms. Sonali Karnik Mr. Sunil Gawde

Manager Manager Manager

Ms. Sunitha Anand

Branch In-charge

Manager

3089

16

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MANAGERIAL PERSONNEL OF NSE INFOTECH SERVICES LTD. Name Mr. N Muralidaran Mr. G. M. Shenoy Mr. M. R. Krishnan Ms. Hema Iyer Mr. Mahesh Soparkar

Designation CEO Senior Vice President Vice President Vice President Group Head Assistant Vice PresiMr. P. R. Visvas dent Assistant Vice PresiMs. Mamatha Rangaprasd dent Assistant Vice PresiMr. Mahesh Basrur dent Assistant Vice PresiMr. Hemant Patade dent Assistant Vice PresiMr. Deviprasad Singh dent Ms. Smrati Kaushik Senior Manager Mr. Viral Mody Senior Manager Mr. Hitesh Shah Senior Manager Mr. Sujoy Das Senior Manager Mr. Sudhir Sawant Mr. Pranav Gupta Mr. Rajanish Nagwekar Mr. Nipun Dave Mr. Bineet Jha Ms. Geeta Mathew Mr. Mathew Joseph K Mr. Benny Sebastian Mr. Manoj Joshi Ms. Anuja Joshi Mr. Suresh Chandani Mr. Shibu Tomy Ms. Pranali Taskar Mr. Umesh Agroya Mr. Joy John Mr. Narayan Neelakanthan Ms. Bernadine Swamy Mr. Mahesh Dere Mr. Anoop Kumar Rawat Mr. Nitin Gupte Mr. Sandeep Kumar Gupta Mr. Tushar H. Kulkarni Mr. Prasad Addagatla Mr. Suraj P Bangera

Projects Projects Projects Infrastructure Risk Management Projects, DBA/SysAdmin Internal Systems - Listing, DWH

Tel. No. 26598205 26598207 26598132 26598254 26598136

Ext

26598352

1189

Trade

26598351

1168

FOCASS, NCSS

26598100

2072

BCP

26598100

2067

26598262 26598271 26598100 26598270 26598275

2122 6082 2078 2102 2032

Senior Manager Senior Manager Senior Manager Senior Manager Senior Manager Senior Manager Senior Manager Senior Manager Manager Manager Manager Manager Manager Manager Manager

Telecom Trade Trade DBA /Sys Admin PRISM / TAP Project Management Office Risk Management Index / Neat Plus Architecture HWARE SUPPORT ASG / Operations NCSS Membership Projects BCP Trade NFA/FAMS Telecom Telecom BCP - Chennai

26598100 26598349 26598270 26598258 26598396 26598100 26598100 26598100 26598231 26598100 26598100 26598100 26598277 26598277 044-28473702

2112 1165 2130 2024 1570 2077 2055 1142 1565 1124 6083 1154 2096 2105 141

Manager Manager Manager Consultant Manager

Telecom HRD Membership DBA Telecom

26598229 26598100 26598100 26598100 26598100

2113 2135 1163 2094 2087

Manager Manager Manager Manager

ASG C2N SysAdmin Web

26598100 26598100 26598100 26598100

2085 1171 6087 1110

2001 2000 2003 2002 2005

17

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MANAGERIAL PERSONNEL OF NSE INFOTECH SERVICES LTD. Name Mr. Manoj Kumar Singh

Designation Manager

Mr. Sagar Joshi

Manager

Projects TECH - Delhi Project Management Office

Mr. Shreekantha Velankar Mr. Balakrishnan M Mr. Aditya Agarwal Ms. Meena Hajare Mr. Nishant Jha Ms. Veena Khilnani Mr. Vinit Naik Ms. Vishakha Shenoy

Manager Manager Manager Manager Manager Manager Manager Manager

DWH FOCASS Architecture Listing OPMS DBA Survellience PRISM

Tel. No. Ext (011) 23346978

109

26598100

2111

26598100 26598100 26598258 26598407 26598100 26598270 26598100 26598100

5594 2019 2141 1123 1166 2104 1160 2042

18

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MANAGERIAL PERSONNEL OF NSEIT Name

Designation

Dept

Tel No.

Mr. Ramesh Padmanabhan

CEO

CEO's office

9820187572

Mr. Vinay Patkar

SVP

New Initiatives

9821524635

Mr. Manoj Uppal

SVP

Quality & Delivery 9322404060

Mr. V Rajaraman

VP

EMS

Mr. Anand Pachchhapur

VP

Customer Support 9820345089

Mr. Shailesh Chitre

VP

Marketing

9820058329

Mr. R V Krishnan

AVP

MKT

9322641956

Mr. Aditya Garg

AVP

Quality

9930822377

Mr. Deepak Salvi

Head Turnkey Projects

Projects

9892404250

Mr. Kankesh Kamath

Head - Fin & Accounts

Finance

9820677419

Mr. . Satish Chincholi

Head-Customer Support IMS

9322599995

Ms.. Anupama Pillai

Head - HR

HRD

9223383177

Mr. Ravindra Sant Mr. . Mudit Sharma

Sr.Manager Sr.Manager

MKT BAT

9821735452 9324178475

Mr. . Pravin Pillai Mr. . Surendra Saraf

Delivery Manager Delivery Manager

Projects Projects

9820211736 9765409721

Mr. Sumeet Batra Mr. Ushanas Shastri

Manager Manager

TECH Projects

011-23344512 9820225580

Mr. Cletus Pais

Manager

HRD

9867622314

Mr. Atul Shahapurkar

Manager

NCDEX

9821216692

Mr. Tushar Kulkarni

Manager

Projects

9819413589

Mr. Santosh Shet

Manager

Projects

9892555457

Mr. Mangesh Sardesai

Manager

Ensettle

9821228281

Ms. Yogita Dere

Manager

NCDEX

9820656418

Ms. Swati Agarwal

Manager

Company Sec.

9819007581

Mr. Abhijit Kshirsagar

Manager

Administration

9833087126

Mr. Rahul Bajaj

Manager

Marketing

9811584877

Mr. Sunil Desai

Manager

Marketing

9320297809

Mr. . Nikhil Chande

Manager

NOW

9821840559

Mr. . Raju Ghosh

Manager

Online exam

9836300612

Mr. . Vishal Sawant

Manager

HRD

9892041854

Mr. . Vishnu Dev

Manager

Online exam

9999822843

Mr. Vinod Alex

Manager

Online exam

9567763733

Mr. Ravi Kiran M

Manager

Online exam

9030991055

Mr. Rohit Rajani Mr. Rohit Sinha

Manager Manager

Online exam Online exam

9920130300 9871724864

9820444452

19