A R T I C L E S P O T L I G H T - NSE - National Stock ... Certified Capital Market Professional (NCCMP) Program Highlights • A NSE program hosted by colleges / institutes interested

February 2011

S P O T L I G H T

Þ

Þ

Issuance of guidelines for introduction of futures and options contracts on foreign stock indices

Modification in reporting formats of FIIs’ offshore derivatives instruments (ODIs) which include participatory notes (PNs)

ÞÞ

Repo rate increased from 6.25% to 6.50% w.e.f. Jan 25, 2011 Reverse Repo rate increased from 5.25% to 5.50% w.e.f. Jan 25, 2011

Initiated by RBI

A R T I C L E

ÞB M & FBOVESPA launches the Corporate Governance Trade Index (IGCT)

The current global financial crisis has shown that the developments in the financial sector have a significant bearing on

the real sector. The article has traced the development of the Indian securities market during the period 1990 – 2008, as

is evident from the flow of funds accounts. Despite the short term oscillations, the finance ratio, the financial

interrelations ratio, the new issue ratio and the intermediation ratio have been on an upward trajectory over the

medium term and the long term. The lessons from the current crisis and the trend displayed by the financial

development ratios point the need for carrying forward the comprehensive reforms in the economy, covering both the

real and the financial sectors.

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

State of the Indian Securities Market: Evidence from the Flow of Funds Accounts of the Indian Economy - by Venkateswaran R.

SEBI proposes to restrict outsourcing by intermediaries

SEBI released a discussion paper on outsourcing of activities related to the intermediation services on Jan 19, 2011. The

paper proposes certain principles for outsourcing and indicates activities currently being outsourced by the

intermediaries along with the suggested list of activities which should not be outsourced by them.

ÞÞ

Change in auction timing of capital market segment and revision of activity schedule for auction sessionChange in auction timing of SLB scheme

N S E N E W S

An Investment called India

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

Initiated by SEBI

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

Prepared by SBU-EDUCATIONNational Stock Exchange of India Ltd.Exchange Plaza, Bandra Kurla Complex, Bandra (E) Mumbai - 400051. Tel No: 022-26598163For detailed NSE Newsletter or for e-subscription, log on to www.nseindia.com>Press Room>NSE Newsletter.

Disclaimer- The views expressed in the published articles are those of respective authors and do not necessarily reflect views of NSE. NSE does not guarantee accuracy of data used in Newsletter and accepts no responsibility whatsoever for any consumption of their use.

Parameters Rank

Single Stock Futures 2

Stock Index Options rd

Stock Index Futures 3th

Market Capitalisation 9

rd

nd2

NSE's GLOBAL RANKINGS

February 2011

CNX IT CNX FMCG INDEX S&P CNX Finance

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

CNX Infrastructure S&P CNX Nifty

Nifty Dow Jones NIKKIE Hang seng Nasdaq

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

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

Trading Value ( ` ‘00 cr) Avg. Daily Trading Value ( ` '00 cr)

NSE MARKET STATISTICS

Segments Turnover ( ` crore) change over turnover Capitalisation Dec 2010 Jan 2011 Dec 2010 ( crore) ( crore)

CM WDM F&O CDS(Currency F&O)

TOTAL

Percentage Average daily Market

` `

295,685 267,332 (9.59) 13,367 6,441,49133,962 45,220 33.15 2,261 3,543,592

2,357,109 2,841,834 20.56 142,092237,564 274,833 15.69 13,742

2,924,321 3,429,218 17.27 9,985,083

Source: WFE (Rankings done for the period Jan-Dec 2010). Rankings for single stock futures, stock index options and stock index futures is based on number of contracts traded.

Currency F&O

Avg

. D

aily

Tradin

g V

alu

e

Tradin

g V

alu

e

0

1000

2000

3000

4000

0

30

60

90

120

150

180

210

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

Feb-1

0

Mar-

10

Apr-

10

May-

10

Jun-1

0

Jul-

10

Aug-1

0

Jan-1

1

WDM Segment

Tradin

g V

alu

e

Avg

. D

aily

Tradin

g V

alu

e

0

100

200

300

400

500

600

700

800

0

5

10

15

20

25

30

35

40

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

Jan-1

1

Feb-1

0

Mar-

10

Apr-

10

May-

10

Jun-1

0

Jul-

10

Aug-1

0

Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-1175

100

125 150

140

130

120

110

100

90

80Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

Capital Market Segment

1000

2000

3000

4000

Feb-1

0

Mar-

10

Apr-

10

May-

10

Jun-1

0

Jul-

10

Aug-1

0

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

Jan-1

1

Tradin

g V

alu

e

50

100

150

200Avg

. D

aily

Tradin

g V

alu

e

F&O Segment

0

6000

12000

18000

24000

30000

Feb-1

0

Mar-

10

Apr-

10

May-1

0

Jun-1

0

Jul-

10

Aug-1

0

Sep-1

0

Oct-

10

Nov-

10

Dec-1

0

Jan-1

1

Tradin

g V

alu

e

200

400

600

800

1000

1200

1400

1600

Avg

. D

aily T

radin

g V

alu

e

NSE Certified Capital Market Professional

(NCCMP)

Program Highlights

• A NSE program hosted by colleges / institutes interested in promoting vocational

education in capital markets.

• 100 hours program, spanning over 3-4 months, covering 80 hours of theoretical and 20

hours of practical training on market operations.

• Aim is to develop and upgrade the skill sets and proficiency in matters related to

securities markets.

• Successful candidates would be awarded a joint certificate by NSE and the respective

college / institute.

• Reputed colleges / institute offering the course in India.

Contact :

• Candidates interested to undergo NCCMP course may find the list of colleges offering

the course at www.nseindia.com > NCFM > NCCMP Course

• Colleges / institutes willing to offer NCCMP in collaboration with NSE may contact :

Ms. Namitha Bannanje at 022-26598252 or send a mail to [email protected]

www.nseindia.com

1

1

State of the Indian Securities Market: Evidence from the Flow of Funds Accounts of the Indian

Economy — Venkateswaran R.*

I. Introduction

India’s financial markets have evolved and undergone structural change during the course of the eco-

nomic reforms. The Indian economy shifted to higher growth trajectories during the same period. The Indian se-

curities market proved the harbinger of the modern Indian financial markets. The rapid strides made (of course,

some dictated by time and circumstances) have helped the Indian securities market emerge as a benchmark for

the rest of the world.

The Securities and Exchange Board of India (SEBI) was initially constituted as a non-statutory body on

April 12, 1988 through an Extraordinary Notification of the Government of India for dealing with all matters re-

lating to development and regulation of securities market and investor protection and to advise the Govern-

ment on all these matters. An Ordinance promulgated by His Excellency the President of India on January 30,

1992 conferred statutory status and powers on SEBI. SEBI was set up as a statutory body on February 21, 1992.

The Ordinance was replaced by an Act of the Parliament on April 04, 1992. The preamble to the SEBI Act, 1992

(Act No. 15 of 1992) states that SEBI has been established to protect the interests of investors in securities and

to promote the development of, and to regulate, the securities market and for matters connected therewith or

incidental thereto.

This Article seeks to trace the development of the Indian securities market during the period 1990 –

2008, as is evident from the flow of funds accounts. It is organized as follows. Section II traces the theoretical

foundation of the flow of funds accounts, while the various financial development ratios have been defined in

Section III. Section IV introduces the flow of funds accounts of the Indian economy. The trends in India’s financial

development ratios are presented in Section V. Section VI concludes.

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

A R T I C L E

F e b r u a r y 2 0 1 1

“As for securities and the stock market, are they finally good or bad? Are they dangerous? Are they

things that only capitalism has or can socialism also make use of them? To decide whether they can be used, we

must experiment first. If we think they work, if after a year or two we think they are good, then we can expand

them. If problems arise, we can close them down, immediately and completely. And even if we close them

down, we can do so quickly or slowly, or we could even leave a little tail.”

-- Deng Xiaoping (1992)

*Shri Venkateswaran R. is Assistant Director, Securities and Exchange Board of India (SEBI). The views expressed are strictly personal and do not necessarily reflect those of the employer. Comments, if any, may be mailed to [email protected]

2

2

II. Literature Review

The extant literature describes the modern flow of funds accounts as representing a systematic record of net

transactions involving financial instruments during a given period of time. The flow of funds accounts are a branch of

social accounting of a country. J.R. Hicks had pointed out the inadequacy of national income and expenditure ac-

counts to judge the performance of an economy and introduced the concept of national balance sheets. The modern

flow of funds accounts are based on M A Copeland’s pioneering work titled “A Study of Moneyflows in the United

States” (1952). A well established statistical framework for presenting the flow of funds accounts is provided by the

United Nations System of National Accounts.

III. An Introduction to the Flow of Funds Accounts

All the economic transactions in a monetized economy involve the exchange of financial claims among the

participants. The flow of funds accounts serve as a useful analytical tool in many respects: identification of individual

sectors having financial surpluses or deficits, determination of the causes of these surpluses/deficits, the financing of

the deficits and, thereby, the inter-sectoral linkages, tracing the growth of important economic institutions, such as

the mutual funds, identification of the pattern of financing of the capital stocks, assessment of the impact of mone-

tary policy actions, to name a few. In this Article, we restrict ourselves to profiling the Indian securities market, as

seen through the financial development ratios derived from the flow of funds accounts of the Indian economy.

Financial claims issued by the economic agents are classified as primary issues and secondary issues. Primary

issues are the claims issued by non-financial sector or the ultimate borrowers. Claims issued by the financial interme-

diaries, on the other hand, are called secondary issues. The flow of funds accounts provide data on financial claims

which can be further analysed to assess the depth and maturity of the financial markets.

The finance ratio is the ratio of total financial claims (or total financial issues) to national income. This is an

indicator of the rate of financial development in relation to economic growth. The financial interrelations ratio is the

ratio of total financial issues to net domestic capital formation. This measure reflects the relation between financial

development and the growth of physical investment.

The new issue ratio is the ratio of primary issues to net domestic capital formation. This ratio is indicative of

the extent of dependence of the non-financial sector on its own funds in financing the capital formation. The inter-

mediation ratio is the ratio between the financial instruments issued by the financial institutions (i.e., secondary is-

sues) and the financial instruments issued by the non-financial sector (i.e., primary issues). This ratio reflects the im-

portance of intermediation by banks and other financial institutions in financing real activities.


A R T I C L E ( c o n t d . . )

F e b r u a r y 2 0 1 1

3

3

IV. Flow of Funds Accounts of the Indian Economy

According to the Reserve Bank of India (RBI), flow of funds accounts is a set of accounts which depicts

the inter-sectoral flow of funds among major sectors of the economy ‘from whom to whom’ basis. The RBI has

been publishing the flow of funds accounts of the country since December 1964. The data for India, at present,

pertain to one year, the financial year. The published accounts pertaining to the period 1951–52 to 2007–08 are

available in the several issues of the RBI’s monthly Bulletin.

In the Indian economy, the institutional units, i.e., the economic entities capable of engaging in transac-

tions with other units, are grouped into six categories, viz., (i) banking sector; (ii) other financial institutions;

(iii) private corporate business; (iv) government sector; (v) rest of the world; and (vi) household sector. Financial

assets and liabilities are classified under ten major categories of financial instruments, viz., (i) currency; (ii) de-

posits; (iii) investments; (iv) loans and advances; (v) small savings; (vi) life funds; (vii) provident funds; (viii)

trade debts; (ix) foreign claims not elsewhere classified; and (x) other claims not elsewhere classified.

This Article seeks to trace the development of the Indian securities market during the 1990 – 2008, as is

evident from the flow of funds accounts. Wherever the reporting period has overlapped, we have taken into ac-

count the latest data. The data on the indicators of India’s financial development have been presented in Table I

and Chart I.

V. India’s Financial Development Ratios: 1990 – 91 to 2007 – 08

Over the period, in consonance with the development of the financial markets, total financial issues rose

phenomenally. While the total financial issues were only Rs. 1,67,524 crore in 1990 – 91 and Rs. 7,79,226 crore in

2000 – 01, the total financial issues amounted to Rs. 29,17,987 crore in 2007 – 08. During the decade 1997 – 98 to

2007 – 08, the total financial issues registered a CAGR of 17.08%. The secondary issues and primary issues regis-

tered comparable CAGRs of 18.24% and 16.25% respectively during the same period. Similarly, during the five

years between 2002 – 03 and 2007 – 08, total financial issues registered a CAGR of 23.61%. The secondary issues

and primary issues registered CAGRs of 25.55% and 22.20% respectively during the same period.

The finance ratio exhibited an increasing trend during this period and stood at 0.77 during 2007 - 08. This

once again reaffirms the fact that the growth in the total financial issues have at least kept pace with the eco-

nomic growth during the period.

The financial interrelations ratio exhibited year-to-year fluctuations during the period. The emergence

of kinks in the financial interrelations ratio is attributed to the acceleration/deceleration in the investment ac-

tivity or the net domestic capital formation. The financial interrelations ratio rose from 1.72 during 2004 – 05 to

2.18 during 2007 – 08. It may be inferred that there is a higher level of participation of the financial system in

the domestic capital formation process.


A R T I C L E ( c o n t d . . )

F e b r u a r y 2 0 1 1

4

4


The new issue ratio ranged from 1.01 to 2.23 during the period. The sharp fluctuations in the new issue ratio

are also attributed to the acceleration/deceleration in the investment activity or the net domestic capital formation.

During 2006 – 07 and 2007 – 08, the new issue ratio displayed an increasing trend. If this trend is sustained in the sub-

sequent years, we may infer a greater role of financial disintermediation in the domestic capital formation process.

The intermediation ratio remained between 0.46 and 0.90 during the period. The intermediation ratio remain-

ing below 1.00 points to the lower involvement of the financial sector in the secondary issues as compared to the pri-

mary issues.

The trends in all the financial development ratios, thus, reflect the gradualist approach in the economic re-

forms that India embraced. Looking at from the securities market angle, the growth in the volume of financial issues

would have definitely contributed to growth in market capitalization, growth in investor population, development of

financial institutions and market participants, lower weighted average cost of capital for the India Inc., more business

and increased revenues and profits for the market intermediaries, product innovation, greater stock market liquidity

and lower market impact costs.

Conclusions

It is evident that despite the short term oscillations, various financial development ratios have been on an

upward trajectory over the medium term and the long term. The developments in the financial sector have a signifi-

cant bearing on the real sector. The experience during the current global financial crisis has underscored the same.

The financial development indicators have, thus, emphasized the need for carrying forward the comprehensive re-

forms in the economy, covering both the real and the financial sectors.

It is widely recognized that the development of the securities market brings in a host of benefits, including

the creation of more complete financial markets, facilitating financial disintermediation and risk diversification, fi-

nancing of the government deficit, smooth conduct of the monetary policy, sterilization of capital inflows and prod-

uct innovation. Further reforming the securities market in India will, thus, usher in greater benefits.

The High Level Committee on Savings and Investment (2009) (HLC) has identified the new challenges in com-

piling the flow of funds accounts in the context of the widening and deepening of the Indian financial system during

the last two decades. The recommendations of the HLC, once implemented, will remove the data gaps and broaden

the coverage of the flow of funds accounts. SEBI, among other institutions, has also been assigned a role to gather the

relevant information from the regulated entities for incorporation in the flow of funds accounts.

A R T I C L E ( c o n t d . . )

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

5

5


A R T I C L E ( c o n t d . . )

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

Table I: Indicators of India's Financial Development

(Rs. crore)

1990-91 1991-92 1992-93 1993-94 1994-95 1995-96

1996-97

1997-98

1998-99

I.

Seco

ndar

y Issu

es

71,0

16

106,

386

95,7

90

142,

897

186,

675

140,

337

185,

638

240,

884

277,

498

II.

Prim

ary

Issu

es

96,5

08

131,

918

113,

990

159,

200

223,

512

246,

614

222,

351

362,

009

367,

061

II.1

D

omes

tic

Sect

ors

103,

558

124,

666

117,

511

140,

079

208,

448

239,

849

193,

502

342,

359

350,

075

II.2

R

est of

the

Wor

ld

-7,0

50

7,25

2 -3

,521

19

,121

15

,064

6,

765

28,8

49

19,6

50

16,9

86

III.

Tot

al Is

sues

(I +

II)

167,

524

238,

304

209,

780

302,

097

410,

187

386,

951

407,

989

602,

893

644,

559

IV.

Net

Dom

estic

Cap

ital

For

mat

ion

96,0

00

81,0

34

96,6

03

109,

946

162,

341

197,

127

198,

627

238,

099

241,

820

V.

Nat

iona

l In

com

e 41

8,07

4 47

9,61

2 54

6,02

3 63

7,99

6 81

5,14

2 95

5,15

0 1,

115,

449

1,24

1,01

9 1,

434,

826

VI.

Fina

nce

Rat

io

0.40

0.

50

0.38

0.

47

0.51

0.

41

0.37

0.

49

0.46

VII.

Fi

nanc

ial In

ter-

rela

tion

s Rat

io

1.75

2.

94

2.17

2.

75

2.48

1.

92

2.06

2.

71

2.87

VIII

. New

Issu

e Rat

io

1.01

1.

63

1.18

1.

45

1.35

1.

22

1.12

1.

63

1.63

IX.

Inte

rmed

iation

Rat

io

0.74

0.

81

0.84

0.

90

0.84

0.

57

0.83

0.

67

0.76

Source: Reserve Bank of India

6

6


A R T I C L E ( c o n t d . . )

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

Table I: Indicators of India's Financial Development (Concluded)

(Rs. crore)

1999-2000

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

I.

Seco

ndar

y Issu

es

273,

759

294,

765

302,

636

412,

295

441,

713

495,

885

678,

092

812,

299

1,28

6,08

2

II.

Prim

ary

Issu

es

307,

956

484,

461

652,

984

598,

771

665,

771

677,

199

862,

361

1,28

6,47

6 1,

631,

905

II.1

Dom

estic

Sect

ors

293,

354

434,

573

590,

853

535,

123

524,

011

552,

807

760,

250

1,05

6,71

5 1,

252,

510

II.2

Res

t of

the

Wor

ld

14,6

02

49,8

88

62,1

31

63,6

48

141,

760

124,

392

102,

111

229,

761

379,

395

III.

Tot

al Iss

ues (I +

II)

581,

715

779,

226

955,

620

1,01

1,06

7 1,

107,

484

1,17

3,08

4 1,

540,

452

2,09

8,77

6 2,

917,

987

IV.

Net

Dom

estic

Cap

ital

For

mat

ion

320,

651

303,

677

292,

359

367,

528

479,

277

682,

171

892,

318

1,08

4,76

8 1,

336,

064

V.

Nat

iona

l In

com

e 1,

585,

502

1,69

6,38

7 1,

849,

361

1,99

4,21

7 2,

237,

414

2,52

6,28

5 2,

875,

958

3,31

2,56

9 3,

787,

596

VI.

Fina

nce

Rat

io

0.34

0.

42

0.52

0.

51

0.49

0.

46

0.54

0.

63

0.77

VII.

Fi

nanc

ial In

ter-

rela

tion

s Rat

io

1.90

2.

58

3.27

2.

75

2.31

1.

72

1.73

1.

93

2.18

VIII

. New

Iss

ue R

atio

1.

01

1.60

2.

23

1.63

1.

39

0.99

0.

97

1.19

1.

22

IX.

Inte

rmed

iation

Rat

io

0.89

0.

61

0.46

0.

69

0.66

0.

73

0.79

0.

63

0.79

Source: Reserve Bank of India

7

7


A R T I C L E ( c o n t d . . )

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

1990-91

1991-92

1992-93

1993-94

1994-95

1995-96

1996-97

1997-98

1998-99

1999-2000

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

Ratios

Yea

r

Ch

art I

: Fin

anci

al D

evel

op

men

t Rat

ios:

199

0 -91

to 2

007

-08

Fin

ance

Rat

ioF

inan

cial

In

terr

elat

ions

Rat

ioN

ew I

ssu

e R

atio

Inte

rmed

iati

on

Rat

io

8

8


References

Jadhav, Narendra: Development of Securities Market – The Indian Experience

Levine, Ross (1997): Stock Markets, Economic Development and Capital Control Liberalisation (Investment Company

Institute Perspective)

Reserve Bank of India (1998): Flow of Funds Accounts of the Indian Economy: 1990 – 91 to 1993 – 94

--- (2000): Flow of Funds Accounts of the Indian Economy: 1951 – 52 to 1995 – 96



*********

A R T I C L E ( c o n t d . . )

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

9

9


SEBI proposes to restrict outsourcing by intermediaries

The capital market regulator Securities and Exchange Board of India (SEBI) on January 19, 2011 released a discussion paper proposing to impose restrictions on outsourcing activities conducted by various market intermediaries. The in-termediaries include mutual funds, portfolio managers, depository participants, bankers to an issue, merchant bank-ers, registrar and share transfer agents, and stock brokers.

Outsourcing refers to use of a third party – either within or outside the group - by a registered intermediary to per-form the activities associated with intermediation services. A third party may be used to perform one or more activi-ties or one or more third parties may be used to perform different activities associated with the intermediation ser-vice. Such use may be for a specified period or on a continuing basis. In an extreme form, the third parties may be used to perform all the activities associated with the intermediation service, including legal and regulatory compli-ances and risk management. This includes use of successive third parties, where the first third party may use the sec-ond third party to perform the activities and so on. Over time, the outsourcing arrangements are becoming increas-ingly complex.

Securities market intermediaries in many jurisdictions are increasingly resorting to outsourcing with a view to reduce costs, and at times, for strategic reasons. This benefits market in terms of better access and better expertise. How-ever, since the third parties may not be subject to the regulatory discipline and the activities and, not the account-ability, can be outsourced, outsourcing raises a variety of concerns both for the regulator and the outsourcing inter-mediary. While it is not desirable to ban outsourcing completely for obvious reasons, the concerns need to be ad-dressed and the outsourcing needs to be organized in an orderly manner. This paper is an attempt to develop guide-lines for outsourcing by an intermediary, and not by markets.

Outsourcing raises a variety of concerns both for the regulator and the outsourcing intermediary . There are several risks associated with outsourcing such as operational, reputational and legal risks. There is also concentration and systemic risk, if a large number of market intermediaries rely upon one, or a few, third parties for the same activity.

The discussion paper states that only if a person has the required infrastructure and is a fit and proper person, the regulator registers him as an intermediary eligible to render intermediation services. However, the intermediary may outsource the activities to a third person who does not have the infrastructure or may not be a fit and proper person. This may lead to a situation where the market has only third parties to provide intermediation services while the reg-istered intermediaries confine themselves to earning rent. This creates risk for the entire market.

The discussion paper has also stated that based on an informal feedback, it is understood that a few intermediaries are currently outsourcing some of their activities related to data entry, record keeping, front-desk customer services, KYC verification etc. Since the intermediaries are registered based on their strength, outsourcing of key activities by them to unregistered third party defeats the purpose of regulation. Therefore, the key services which are crucial may be delivered by the intermediary itself. The paper also states that the informal feedback indicates that the compli-ance with securities laws, investor grievance redressal and KYC must not be outsourced under any circumstance.

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A number of activities that are not to be outsourced by the intermediaries are also listed in the discussion paper re-leased by SEBI. These are as follows:

• Mutual funds should not outsource any investment related activities including trading;

• Merchant bankers should not outsource pricing of the issue, supervision of other intermediaries (viz. Registrars to the issue, Bankers to the issue etc.);

• Stock brokers should not outsource activities like creation of user id/login id, password generation for internet clients, order management, operation of trading terminals, operations and monitoring of bank accounts and DP accounts, pay in / pay out of funds and securities, generation and dispatch of contract notes, quarterly statement of accounts, daily margin settlement and monitoring of the said activities, control of servers and online trading platform, maintenance and monitoring of client database and client financial information, surveillance function, allotment / surrender of trading terminals, opening and closing of branches, implementation of PMLA policies, risk management system (which includes margins, trading limits, scrip / terminal enablement etc.), IT Infrastruc-ture and printing of contract notes.

• Portfolio manager should not outsource fund management and portfolio management.

• Depository participants should not outsource core management functions such as defining organisation structure, formulating policies and procedures, monitoring internal control mechanism and supervision of outsourced activi-ties, authorization for issue of DIS bookers, checker of instructions including debit instructions, pledge instruc-tions, BO modification etc.

• Bankers to an issue should not outsource of processing of applications collected (which includes data capturing, preparation of bank schedules) and clearing of instruments, controls over processes, tallying of instruments and reconciliation.

• Registrars & Transfer Agents should not outsource electronic record keeping of the investor database, basic IT infrastructure as declared at the time of registration, PMLA obligations, finance and accounts, computation or validation activities relating to corporate actions, like dividend / bonus, transactional activities, statutory activi-ties like TDS, STT etc, finalization of allottees and non-allottees, data validation with respect to the bid data cap-tured by SM / SSM and ASBA bankers with demographic details obtained from the depositories, in a public issue, mutatis mutandis in rights issue, comparison of specimen signature available with the STA with the request re-ceived from investors, processing of demat / remat / physical transfer of securities, other requests of investors like transmission of shares, issue of duplicate shares etc. and reconciliation of issued capital.

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The discussion paper also states that— the International Organisation of Securities Commission (IOSCO) has pre-scribed a few principles on outsourcing of financial services for intermediation. These include 7 principles on the se-lection of third party, outsourcing contracts, client confidentiality and security concerns, risks associated due to con-centration of outsourced functions, termination procedures, accountability and scope of outsourcing and the right to access books and records by market intermediary and by the regulators. Based on the principles advocated by the IO-SCO and the experience of the Indian market, SEBI has proposed to have the following 9 principles for outsourcing of any intermediation service. These are:

1) An intermediary seeking to outsource activities should have in place a comprehensive policy to guide the assess-ment of whether and how those activities can be appropriately outsourced. The board of directors or equivalent body representing the market intermediary shall have the responsibility for the outsourcing policy and related overall re-sponsibility for activities undertaken under that policy.

2. The intermediary should establish a comprehensive outsourcing risk management programme to address the out-sourced activities and the relationship with the third party.

3. The intermediary should ensure that outsourcing arrangements neither diminish its ability to fulfill its obligations to customers and regulators, nor impede effective supervision by the regulators.

4. The intermediary should conduct appropriate due diligence in selecting the third party and in monitoring of its per-formance.

5. Outsourcing relationships must be governed by written contracts that clearly describe all material aspects of the outsourcing arrangement, including the rights, responsibilities and expectations of the parties to the contract, client confidentiality issues and termination procedures etc.

6. The intermediary and its third parties should establish and maintain contingency plans, including a plan for disaster recovery and periodic testing of backup facilities.

7. The intermediary should take appropriate steps to require that third party’s protect confidential information of both the intermediary and its customers from intentional or inadvertent disclosure to unauthorised persons.

8. Regulators should take into account outsourcing activities as an integral part of their ongoing assessment of the regulated entity. Regulators should assure themselves by appropriate means that any outsourcing arrangements do not hamper the ability of the intermediary to meet its regulatory requirements.

9. Regulators should be aware of the potential risks posed where the outsourced activities of multiple intermediaries are concentrated with a limited number of third parties.

Other general issues such as reporting to FIU, list of defaulters, need for self assessment of existing / proposed out-sourcing arrangements have also been cited in the discussion paper.

Specific comments / suggestions on the principles for outsourcing, the activities which can be outsourced, the activi-ties which cannot be outsourced, to whom the activities can be outsourced, the terms of outsourcing and the respon-sibilities and obligations of the intermediary and the third party in respect of the outsourced activity towards clients, regulator and market were sought by SEBI by February 5, 2011.

S P O T L I G H T S P O T L I G H T S P O T L I G H T S P O T L I G H T (((( cccc oooo nnnn tttt dddd .... .... ))))

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Initiated by SEBI

1. Issuance of guidelines for introduction of futures and options on foreign stock indices

SEBI has decided to permit stock exchanges to introduce derivative contracts (Futures and Options) on foreign stock indices in the equity derivatives segment in accordance with guidelines issued by SEBI. Indian investors can trade in large indices of 24 global exchanges — including that of US, Europe and Asia — in India now. The stock exchanges listed by SEBI are: BM&FBOVESPA, Chicago Board Options Exchange, CME Group, ICE Futures U.S., International Secu-rities Exchange. MexDer, Montréal Exchange, NASDAQ OMX PHLX in the America. Australian Securities Exchange, Bursa Malaysia, Hong Kong Exchanges, Korea Exchange, Osaka Securities Exchange and Singapore Exchange, TAIFEX and To-kyo Stock Exchange Group in Asia Pacific and Borsa Italian, Eurex, Johannesburg SE, MEFF, NASDAQ OMX Nordic Ex-change, NYSE Liffe (European markets), Oslo Bors and Tel Aviv SE in Europe.

However, following guidelines have to be followed:

• In terms of trading volumes (number of contracts), derivatives on that index figure among the top 15 index de-rivatives globally or that index has a market capitalisation of at least US $100 billion.

• The index has to be broad based. An index is broad based if the index consists of a minimum of 10 constitutent stocks and no single constitutent stock has more than 25% of the weight computed in terms of free float market capi-talisation, in the index.

• After introduction of derivatives on a particular stock index, if that stock index fails to meet any of the eligibility criteria for three months consecutively, no fresh contract will be introduced on that index. However, the existing un-expired contracts would be traded till expiry and new strikes may be introduced on those contracts.

• The absolute numerical value of the underlying foreign stock index will be denominated in Indian rupees. The de-rivatives contracts on that foreign stock index will be denominated traded and settled in Indian rupees.

• The stock exchange is required to submit the risk management framework along with its application for introduc-tion of derivatives on foreign stock indices.

• The trading member/mutual funds position limits (higher of Rs. 500 crore or 15% of the total open interest in In-dex derivatives) as well as the disclosure requirement for clients whose position exceeds 15% of the open interest of the market, as applicable to domestic stock index derivatives, shall be applicable to derivatives on foreign stock indi-ces.

• The stock exchange are required to ensure that material price sensitive information and information relating to regulatory actions and corporate actions relating to constituent stocks of the foreign stock index, as available in pub-lic domain, are available to Indian investors.

• The stock exchange are required to ensure compliance with any other legal provisions relating to introduction of derivatives on foreign stock indices and obtain requisite approvals from the concerned regulatory bodies.

• Any kind of market demeanor in the market for the derivatives on foreign stock indices shall be subject to the appropriate enforcement actions, as applicable to the market for any securities.

• Trading in derivatives on Foreign Stock Indices shall be restricted to residents in India.

Source: SEBI Circular dated January 11, 2011

•

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2. Modification in reporting formats of FIIs’ offshore derivatives instruments (ODIs), which include

participatory notes (PNs)

The Securities and Exchange Board of India (Sebi) has revised the reporting format of foreign institutional inves-tors’ offshore derivative instruments (ODIs)/participatory notes (PNs) activity seeking more details of their ac-tivities in the Indian equity markets. PNs/ODIs are instruments used by overseas investors or hedge funds that are not registered with Sebi, which have Indian equities/debt and equity derivatives as underlying.

• The FIIs issuing Offshore Derivative Instruments (ODIs) and Participatory Notes (PNs) would have to switch to new reporting format from April 2011.

• The FIIs issuing such instruments would have to inform the regulator through the seven annexures Sebi has sought for any trading in the Indian market include details of ODI/PN activity and trades where the type of un-derlying Indian security is equity, debt and derivatives.

• There have to be details of assets under management (through a separate annexure) where the underlying Indian security is equity, debt and derivatives

• The reports (in form of seven annexures) have to be submitted by 10th of every month with a six month’s lag (for example, report providing details of ODI / PN activity for the month of April shall be submitted in the month of October).

• Also, the monthly summary report should capture the summary of the India ISIN-wise PN/PDI activity of the preceding month. The monthly report should be provided in the prescribed format as enclosed and submitted to SEBI by 7th of every month.

• To further streamline ODI/PN reporting of FII to FII ODI/PN activity, Sebi has mandated that in case a ODI/PNs issuer (A) issues an ODI/PN to another FII(B) that further issues the ODI/PN, then the ODI/PN reporting for A would be limited to naming B as the subscriber, on the basis that B in its FII capacity is providing a monthly ODI/PN report to Sebi. The reporting from B would meet SEBI’s requirements and avoid duplication of reporting.

• Also to tighten the know your clients (KYC) norm Sebi has revised the undertaking given by the ODIs/PNs issu-ing FIIs. The reports of ODIs/PNs activity now has to be submitted with the undertaking: “We undertake that the beneficial owner and the person(s) to whom the offshore derivative instrument is issued in compliance with the Regulation 15A of Sebi (FII) regulations. We also undertake that the KYC compliance norms have been followed

for the beneficial owner of the offshore derivative instrument.”

• Pertaining to the threshold for reporting of non-proprietary indices and custom baskets, Sebi clarified that the threshold for non-proprietary indices (for example, MSCI or MSCI EM Asia shall be taken as 20 per cent, that is, those trades need not be reported in which the materiality of Indian underlyers is less than 20 per cent of the index, even if such exposure was hedged onshore. However, custom baskets would always be reportable if hedged onshore regardless of percentage of the Indian component that is hedged onshore.

• Sebi said these reports should be filed only by the compliance officers of the FIIs, in a password-secured Ex-cel format, via e-mail. The e-mail should be sent only by the compliance officer of the respective FII to the dedi-cated e-mail ID – [email protected] with the subject line “ODI/PN Report of [FII Name and Registration No.]for the month of […]” and the password is required to be sent in a subsequent e-mail.

Source: SEBI Circular dated January 17, 2011.

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Initiated by RBI

• Repo rate increased from 6.25% to 6.50% w.e.f. Jan 25, 2011

• Reverse Repo rate increased from 5.25% to 5.50% w.e.f. January 25, 2011.

The Reserve Bank of India announced the third quarter review of monetary policy 2010-11 on Jan 25, 2011. The vari-ous monetary measures it took are to increase the repo rate under liquidity adjustment facility (LAF) by 25 basis points from 6.25% to 6.50% , the reverse repo rate under the LAF was increased by 25 basis points from 5.25% to 5.50%. This was effective from January 25, 2011. The bank rate and the cash reserve ratio was unchanged at 6.00% .

RBI’s monetary policy stance for the remaining period of 2010-11 has been guided by the following considera-

tions:

• Need to persist with measures to contain inflation and anchor inflationary expectations since inflationary pres-sures which were abating until November 2010 were abating but it has re-emerged again.There is also some evi-dence of rising demand side pressures which are reflected in rapid bank credit growth, robust corporate sales and rising input and output prices and buoyancy in tax revenues.

• A heightened upside risk to domestic inflation due to a sharp rise in global commodity prices.

• India’s growth having moved close to its pre-crisis growth trajectory as reflected in the 8.9% GDP growth in 2010-11 even in the face of an uncertain global recovery.

• The global economic situation particularly in the US has improved. The Euro zone still faces uncertainly but there is an overall improvement in global growth prospects

RBI’s expectations from the policy actions announced in this review:

• Contain the spill-over from rise in food and fuel prices to generalized inflation.

• Rein in rising inflationary expectations, which may have aggravated by the structural and transitory nature of food price increases.

• Be moderate enough to not disrupt growth.

• Continue to provide comfort to banks in their liquidity management operations.

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1. Change in auction market timings of capital market segment and revised activity schedule for

auction session

The auction market timing of capital market segment has been changed from 12:00 p.m. to 02:00 p.m. w.e.f. from auction conducted on Feb 3, 2011.

The auction period of auction settlement has been revised from the revised T+4 day rolling to T+3 rolling settle-ment. Accordingly, auction session will be conducted on T+2 day and will be settled on T+3 day.

In case of multiple settlements conducted on the same day, as specified by SEBI, the auction session for the first settlement shall be conducted on the same day and settled on the next day. The auction for the second settle-ment shall be conducted on the next day along with the shortages / auction of that day. The settlement of the same shall happen on the subsequent day. The revised settlement cycle for auction shall be effective for the trading done on February 1, 2011.

The existing auction settlement cycle of T+4 shall be followed for auction trades on January 3, 2011. The settle-ment shortages for trades done on January 31, 2011 and February 1, 2011 shall be auction together on February 3, 2011. The same shall be conducted under a single auction session and settled on February 4, 2011.

2. Change in auction timings of SLB scheme

The auction timing of SLB scheme has been changed from 12:00 p.m. to 2 p.m. This would be effective from auc-tion conducted on February 3, 2011 for reverse leg settlement of February 3, 2011.

N S E N E W S

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1. BM&FBOVESPA launches the Corporate Governance Trade Index (IGCT)

On January 3, 2011 BM&FBOVESPA started the real time calculation and publication of the Corporate Governance Trade Index (IGCT), the Exchange’s 18th index.

It calculates the daily performance of shares issued by companies that have voluntarily adopted differentiated corporate governance standards and which meet the inclusion standards that have been established by the in-dex’s methodology.

The new index is different from the Corporate Governance Index (IGC) in that it considers liquidity as an inclu-sion criterion. The IGC - Special Corporate Governance Stock Index was designed to measure the return of a theoretical portfolio composed of shares of companies with a good level of corporate governance. The IGC Trade index (IGCT) is based on the IGC index (Índice de Ações com Governança Corporativa Diferenciada)—an essential indicator of the performance of stocks issued by companies that voluntarily adopt differentiated standards of corporate governance.

The new index will be updated every four months, and is different to the IGC in that it considers liquidity criteria such as inclusion in a group of stocks whose negotiability indices added represent 98% of the total value of all individual indices; and trading session participation equal or more than 95% in the period.

The same company can have more than one stock in the portfolio, as long as each stock meets the inclusion cri-teria separately. What is more, companies with less than 12 months of listing are only eligible if they have more than six months of trading and have at least 95% presence in the trading session during the last six months of the analysis period.

Source: www. bmfbovespa.com

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

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NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.

Dr. Vijay L Kelkar Chairman 26598202 7053

Mr. Ravi Narain Managing Director and CEO 26598122 7050

Ms. Chitra Ramkrishna Jt. Managing Director 26598123 7051

Mr. J. Ravichandran Director Finance & Accounts, Legal & Secretarial 26598203 5005

Mr. Ravi Apte Chief Technology Officer 26598316 5004

Mr. R . Nanda Kumar Sr. Vice President National Commodity Clearing Limited, New Projects & International Business

26598223 3000

Mr. R. Sundararaman Sr. Vice President National Securities Clearing Corporation Ltd. 26598212 4006

Mr. Ravi Varanasi Sr. Vice President Investigation, Surveillance, Data Analytics, RO-Ahmedabad, Inspection & Compliance

26598225 5003

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

Mr. Chandrashekar Mukherjee Vice President Human Resource 26598437 3010

Mr. Hari K Vice President Listing & Membership 26598452 5058

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

26598220 3006

Mr. Nirmal Mohanty Head SBU - Education 26598372 3007

Mr. Suprabhat Lala Vice President Trade - (Capital Market, F&O, Currency De-rivatives & WDM), CRM & Marketing

26598154 6026

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

26598221 2004

Mr. T Venkat Rao Vice President & Head – Northern Region

Regional Office - Delhi (011) 23344335 127

Mr. Vidhu Shekhar Vice President New Products & Six Sigma Initiatives 26598209 4007

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

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

Mr. Mahesh Haldipur Asst. Vice President Premises 26598211 4003

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

Mr. Nilesh Tinaikar Asst. Vice President Development 26598445 5090

Ms. Nisha Subhash Asst. Vice President Investigation 26598162 5088

Mr. R Jayakumar Asst. Vice President Secretarial 26598222 5023

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

26598267 4048

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

Mr. Ravindra Mohan Bathula Asst. Vice President Legal 26598197 5047

Mr. S R V S Nagendra Kumar Asst. Vice President Development, NSCCL 26598455 1207

Mr. Sandip Mehta

Asst. Vice President CTCL 26598150 6059

Mr. Vitthal More Asst. Vice President New Projects 26598378 5537

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MANAGERIAL PERSONNEL NSE

N S E N E W S L E T T E R 2 0 1 0 F e b r u a r y 2 0 1 1

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.

Mr. Achal Jaiswal Chief Manager & Head - Eastern Region

Regional Office - Kolkata (033)40400444 444

Mr Ajith Kumar V Chief Manager Administration & Development 26598146 4094

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

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

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

Mr. Avinash Kharkar Chief Manager Investigation 26598366 5150

Mr. Bireshwar Chatterjee Chief Manager Data Analytics 26598366 5146

Mr. Gaurav Kapoor Chief Manager CRM 26598208 1227

Ms Himabindu Vakkalanka Chief Manager Development 26598453 5155

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

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

Ms Jayna Gandhi Chief Manager Finance & Accounts 26598141 3066

Mr. Johnson Joseph Chiriyath Chief Manager Listing 26598452 5057

Mr. Kiran Sawant Chief Manager NSCCL - Collaterals 26598265 4088

Mr. Kiran Dusane Chief Manager Premises 26598454 4112

Mr. Prashanto Banerjee Chief Manager Marketing 26598350 1228

Ms. Rehana D'Souza Chief Manager Membership 26598295 4116

Mr. Sammit Joshi Chief Manager India Index Services & Products Ltd.

26598386 2027

Mr. Sandeep Manoharan Chief Manager NOW, Dotex International Ltd. 26598313 3089

Ms. Seema Nayak Chief Manager Surveillance 26598166 6062

Mr. Shekhar Rao Chief Manager Finance & Accounts 26598143 3051

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

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

Ms. Sunitha Anand Chief Manager & Head – Southern Region

Regional Office - Chennai & Hy-derabad

(044) 28332512 2100

Ms. Sushama Bhagchandani Chief Manager Finance & Accounts 26598144 3041

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

Mr. Vinayak Shenoy Chief Manager Finance & Accounts 26598139 3076

Ms. Bhawika Wanchoo Manager & In-charge - Ahmedabad Regional Office - Ahmedabad 079) 26584578

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MANAGERIAL PERSONNEL NSE INFOTECH SERVICES LTD.

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

Name Designation Projects Tel. No. Ext

Mr. N Muralidaran CEO 26598205 2001

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

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

Ms. Hema Iyer Vice President Risk Management 26598254 2002

Mr. Mahesh Soparkar Associate Vice President Projects, DBA/SysAdmin 26598136 2005

Ms. Mamatha Rangaprasd Associate Vice President Trade 26598351 1168

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

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

Mr. Deviprasad Singh Assistant Vice President Telecom 26598262 2122

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

Ms. Smrati Kaushik Assistant Vice President Trade 26598271 6082

Mr. Viral Mody Assistant Vice President Retooling 26598100 2078

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

Mr. Sujoy Das Senior Manager Index 26598275 2032

Mr. Sudhir Sawant Senior Manager Project Management Office 26598100 2112

Mr. Pranav Gupta Senior Manager Risk Management 26598349 1165

Mr. Rajanish Nagwekar Senior Manager NGPT 26598270 2130

Mr. Nipun Dave Senior Manager Neatplus, TAP 26598258 2024

Mr. Bineet Jha Senior Manager HWARE SUPPORT 26598100 2077

Mr. Mathew Joseph K Senior Manager NCSS 26598100 2055

Mr. Benny Sebastian Senior Manager Membership, Inspection, List-ing 26598100 1142

Mr. Umesh Agroya Senior Manager Telecom 26598277 2105

Mr. Swaminathan Narayan Senior Manager APPSG 26598100 2134

Mr. Manoj Joshi Manager NOW 26598231 1565

Ms. Anuja Joshi Manager BCP 26598100 1124

Mr. Suresh Chandani Manager Trade 26598100 6083

Mr. Shibu Tomy Manager NCSS 26598100 1154

Ms. Pranali Taskar Manager Telecom 26598277 2096

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

Mr. Narayan Neelakanthan Manager Telecom 26598229 2113

Ms. Bernadine Swamy Manager HRD 26598100 2135

Mr. Anoop Kumar Rawat Consultant DBA 26598100 2094

Mr. Nitin Gupte Manager Telecom 26598100 2087

Mr. Sandeep Kumar Gupta Manager APPSG 26598100 2085

Mr. Prasad Addagatla Manager SysAdmin/SysOperations 26598320 6089

Mr. Suraj P Bangera Manager Web 26598100 1110

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

A u g u s t 2 0 1 0 F e b r u a r y 2 0 1 1

Name Designation Projects Tel. No. Ext

Mr. Manoj Kumar Singh Manager TECH - Delhi (011) 23346978 109

Mr. Sagar Joshi Manager Project Management Office 26598100 2111

Mr. Shreekantha Velankar Manager DWH 26598100 5594

Mr. Balakrishnan M Manager APPSG 26598100 2019

Mr. Aditya Agarwal Manager Architecture 26598258 2141

Ms. Meena Hajare Manager Quality 26598407 1123

Mr. Nishant Jha Manager OPMS 26598100 1166

Ms. Veena Khilnani Manager DBA 26598270 2104

Mr. Vinit Naik Manager PRISM 26598100 1131

Ms. Vishakha Shenoy Manager Survellience 26598100 1160

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

Ms. Swarashree Joglekar Manager C2N 26598100 1188

Mr. Shailendra Aggarwal Manager HWARE SUPPORT 26598100 1570

Mr. Sarang Dhoble Manager Trade 26598100 6084

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