SEBI Bulletin

SEPTEMBER 2010

VOL. 8

NUMBER 09

EDITORIAL COMMITTEE l Mr. Ananta Barua l Mr. J.

Ranganayakulu l Prof. G. Sethu l Mr. Nagender Parakh l Dr. Anil Kumar Sharma

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

Contents CAPITAL MARKET REVIEW

Page 692

PRESS RELEASES l GENERAL 1. Arbitration Mechanism in Stock Exchanges 2. Grant of Exemption for the Proposed Acquisition of Shares in M/s. GIVO Ltd. (Target Company) 3. Mandatory Disclosures by the Media of its Stake in Corporate Sector 4. SEBI Board Meeting 5. Allocation of Limits to FIIs/Sub-accounts for Investment in Government Debt & Corporate Debt through Bidding Process. 6. Grant of Exemption for the Proposed increase in Shareholding/ Voting Rights of the Promoters of M/s. Jindal Poly Films Ltd.

707

l Order 1. Order against Mr. Shiv Kumar Gupta, Late Mr. Vivek Gupta and M/s Genomics Biotech Ltd in the Matter of M/s. Genomics Biotech Ltd. 2. Order against Shri Rajendra J Shah in the Matter of M/s. Top Telemedia Ltd. 3. Order against M/s. Triumph Securities Ltd. and M/s. Classic Shares and Stock Broking Services Ltd. in the Matter of M/s. SSI Ltd. 4. Order against Shri Ashok Kumar Kayan, Member, Calcutta Stock Exchange Ltd. in the Matter of M/s Amluckie Investment Company Ltd. 5. Order In Respect of Mr. Vijay Thakkar in the Matter of M/s. Somplast Leather Industries Ltd. 6. Order in the Matter of M/s. Ranbaxy Laboratories Ltd. 7. Order in the Matter of M/s. Eltrol Ltd.

710

l Consent Order 1. Consent Order on the Application submitted by M/s Chamak Holdings Ltd. in the Matter of M/s Chamak Holdings Ltd. 2. Consent Order on the Applications Submitted by Naman Securities & Finance Pvt. Ltd. in the Matters of Prudential Pharmaceuticals Ltd. and M/s. Mirc Electronics Ltd. 3. Consent Order on the Application Submitted by M/s. FMS Securities Ltd. 4. Consent Order on the Application Submitted by M/s Brushman (India) Ltd. & its Managing Director Shri Kapil Kumar in the Matter of M/s Brushman (India) Ltd.

711

707 707 707 708 709 709 709

710 710 710 710 710 710 711

711 711 711 711

5.

6. 7. 8. 9.

Consent Order on the Applications Submitted by M/s. Agro Dutch Industries Ltd., M/s. Penta Homes Private Ltd. and M/s. Vishwa Calibre Builders Private Ltd., in the Matter of M/s. Agro Dutch Industries Ltd. Consent Order in the Matter of M/s. JMP Securities Private Ltd. Consent Order on the Application Submitted by M/s. Maheshwari Technical & Financial Services Ltd. in the Matter of M/s. Shamken Multifab Ltd. Consent Order on the Application Submitted by M/s. Wallfort Share & Stock Brokers Pvt. Ltd. in the Matter of M/s. Mazda Fabrics & Processors Ltd. Consent Order on the Application Submitted by M/s. Kankeshwari Securities Private Ltd. in the Matter of M/s. Malvica Engineering Ltd.

712

712 713 713 713

l CIRCULARS 1. Establishment of Connectivity with both Depositories NSDL and CDSL – Companies Eligible for Shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement 2. Updation of Investor Related Documents 3. Review of Norms for Investment and Disclosure by Mutual Funds in Derivatives 4. Transferability of Mutual Fund Units 5. Clarification on Introduction of Call Auction in Pre-open session 6. Introduction of Smart Order Routing 7. Securities Trading using Wireless Technology 8. Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker/ Stock Broker and Depository Participant – Clarifications 9. Allocation of Government Debt & Corporate Debt Investment Limits to FIIs Amendments to SEBI (Mutual Funds) Regulations, 1996 10. Amendments to SEBI (Mutual Funds) Regulations, 1996

714

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS

724

ANNEXURES & STATISTICAL TABLES

727

PUBLICATIONS

780

714 714 715 629 718 718 719 720 722 722 723

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2010

CAPITAL MARKET REVIEW 1. Trends in Primary Market Table 1: Primary Market Trend Aug-10

Jul-10

2010-11$

2009-10

Items

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

No. of Issues

Amount (` crore)

1

2

3

4

5

6

7

8

9

a) Public Issues (i) +(ii) i) Public issue (Equity/PCD/FCD) of which

3 3

919.6 919.6

4 4

2,918.0 2,918.0

18 17

11,127.7 10,627.7

47 44

49,236.5 46,736.5

IPOs FPOs

3 0

919.6 0.0

3 1

1,958.6

16 1

9,668.4

959.4

959.4

39 5

24,696.1 22,040.5

ii) Public Issue (Bond / NCD)

0

0.0

0

0.0

1

500.0

3

2,500.0

3

130.1

43.9

8

2,811.0

29

8,318.6

6

1,049.7

2,961.9

26

13,938.8

76

57,555.1

b) Rights Issues Total (a + b)

5

Note: PCD implies Partly Convertible Debenture, FCD implies Fully Convertible Debenture. IPOs imply Initial Public Offers, FPO imply Follow on Public Offers. NCD implies Non Convertible Debenture. $ As on August 31, 2010.

During August 2010, ` 1,049.7 crore was mobilised in the primary market through six issues as compared ` 2,961.9 crore mobilised through five issues in July 2010. The amount mobilised through IPO and Rights Issue during August 2010 stood at ` 919.6 crore and ` 130.1 crore

respectively, as compared to ` 1,958.6 crore, and ` 43.9 crore respectively, in July 2010. The cumulative mobilised amount for the period April August 2010-11 stood at ` 13,938.8 crore through 26 issues over ` 11,921 crore through 15 issues during the corresponding period in 2009-10.

Figure 1 : Primary Market Trends through Public and Rights Issues (` crore) 15,679

14,976

2,986

2,962

2,962

692

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

978

1,050

Aug-10

2,466

Jul-10

3,979

3,701 1,995

Jun-10

5,839

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2010

Table 1A: Capital Raised by Listed Companies from the Primary Market through QIPs Aug-10 Items 1 BSE@ NSE@ Common# Total

Jul-10

No. of issue

Amount (` crore)

No. of issue

Amount (` crore)

2

3

4

5

0 0 3 3

0 0 4,342 4,342

0 0 5 5

0 0 3,712 3,712

@ The issues are only listed at respective exchange. # The issues listed both BSE and NSE. Source: BSE and NSE.

so far, 20 companies accounted ` 8,491 crore through QIP issue as compared to ` 14,515 crore raised by 14 companies during the corresponding period in 2009-10.

In August 2010, three listed (both at BSE and NSE) companies raised ` 4,342 crore from Primary Market through QIP channel as compared to ` 3,712 crore raised by five companies in July 2010. During 2010-11,

Table 2: Preferential Allotments Listed at BSE and NSE Aug-10

Items 1 BSE@ NSE@ Common# Total

No. of issue 2

Jul-10 Amount (` crore)

3

5 9 17 31

31 273 3,113 3,417

No. of issue 4 4 22 12 38

Amount ( ` crore)

5 78 1,000 154 1,232

@ The issues are only listed at respective exchange. # The issues listed both BSE and NSE. Source: BSE and NSE.

There were 31 preferential allotments (` 3,417 crore)

preferential allotments (` 3,113 crore) were listed at both BSE and NSE.

listed at BSE and NSE during August 2010 as compared 38 allotments (` 1,232 crore) in July 2010. Seventeen

Table 3: Private Placement of Corporate Debt Reported to BSE and NSE Items 1 BSE@ NSE@ Common# Total

No. of issue 2 25 50 1 76

Aug-10 Amount ( ` crore) 3 2,594 10,286 500 13,380

@ The issues are only listed at respective exchange. # The issues listed both BSE and NSE. Source: BSE and NSE.

693

No. of issue 4 37 100 1 138

Jul-10 Amount ( ` crore) 5 4,273 16,083 500 20,856

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SEBI BULLETIN

In the corporate debt market, ` 13,380 crore was raised through 76 issues by the way of private placement listed

2010

at BSE and NSE during August 2010, as compared ` 20,856 crore was raised through 138 issues in July 2010.

Table 4: Net Resource Mobilisation by Mutual Funds (` crore) Category

Public Sector

1 2009-10 2010-11 $

Total

Cumulative Assets Under Management 5 6,13,979

2 28,152

3 54,928

4 83,080

-541

71,927

71,386

7,09,666

895

30,760

31,654

6,68,605

9,127

27,058

36,185

7,09,666

Jul-10 Aug-10 $ As on August 31, 2010.

Private Sector

2010. The market value of asset under management stood ` 7,09,666 crore as on August 31, 2010 as compared to ` 6,68,605 crore as on July 30, 2010, indicating an increase of 6.1 percent.

During August 2010, mutual funds mobilised ` 36,185 crore (of which ` 27,058 crore by private sector mutual funds and ` 9,127 crore by public sector mutual funds) as compared to ` 31,654 crore mobilised during July

II. Trends in the Secondary Market 2010, Sensex recorded a high of 18475.3 on August 19, 2010 and a low of 17820.0 on August 31, 2010.

BSE Sensex closed at 17971.1 on August 31, 2010, as against 17868.3 on July 30, 2010, registering an increase of 102.8 points (0.6 percent). During August

Figure 2 : Movement of Sensex and Nifty 20000

6000 5000

16000 4000 14000 3000

Sensex Index

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

12000 10000

Nifty

Sensex

18000

2000

Nifty Index

2010, Nifty recorded a high of 5549.8 on August 23, 2010 and a low of 5348.9 on August 31, 2010.

S&P CNX Nifty closed at 5402.4 on August 31, 2010 comparing with 5367.6 on July 30, 2010, indicating an increase of 34.8 points (0.6 percent). During August

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Table 5: The Basic Market Indicator in the Cash Market

Particula rs

2008 -09

2009-10

1

2

3

A. Indices BSE Sensex S&P CNX Nifty S&P CNX 500 B. Market Capitalisation ( ` crore) BSE NSE C. Gross Turnover (` crore) BSE NSE D. P/E Ratio BSE Sensex BSE 100 Index S&P CNX Nifty $ As on August 31, 2010. Source: BSE and NSE .

2010-11$

Jul-10

Aug-10

5

6

4

Percentage change over the previous month 7

9708.5 3021.0 2294.9

17527.8 5249.1 4313.3

17971.1 5402.4 4537.3

17868.3 5367.6 4475.2

17971.1 5402.4 4537.3

0.6 0.6 1.4

30,86,075 28,96,194

61,65,619 60,09,173

65,62,025 63,93,418

65,10,777 63,40,120

65,62,025 63,93,418

0.8 0.8

11,00,074 27,52,023

13,78,809 41,29,214

4,78,941 14,37,844

92,957 2,78,551

1,12,882 3,11,994

21.4 12.0

13.7 15.3 14.3

21.32 21.1 22.3

21.4 22.7 22.7

21.2 22.4 22.3

21.4 22.7 22.7

0.8 1.0 1.7

S&P CNX Nifty was 22.7 as on July 30, 2010 as against 21.3 on July 30, 2010.

The P/E ratio of BSE Sensex was 21.4 as on August 31, 2010 as against 21.2 on July 30, 2010. The P/E ratio of

Chart 3: Monthly Average of BSE Turnover and Sensex

Monthly Average Turnover

Aug-10

3,000 Jul-10

14000 Jun-10

3,800 May-10

15000 Apr-10

4,600

Mar-10

16000

Feb-10

5,400

Jan-10

17000

Dec-09

6,200

Nov-09

18000

Oct-09

7,000

Sep-09

19000

Monthly Average Sensex

capitalisation of NSE, stood at ` 63,93,418 crore on August 31, 2010 as compared to ` 63,40,120 crore on July 30, 2010.

The market capitalisation of BSE increased by 0.8 percent from ` 65,10,777 crore as on July 30, 2010 to ` 65,62,025 crore as on August 31, 2010. The market

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Chart 4: Monthly average of NSE turnover and Nifty

Monthly Average Turnover

Aug-10

Jul-10

Jun-10

10,000 May-10

4000 Apr-10

12,500

Mar-10

4400

Feb-10

15,000

Jan-10

4800

Dec-09

17,500

Nov-09

5200

Oct-09

20,000

Sep-09

5600

Monthly Average Nifty

turnover of NSE (cash segment) increased by 12.0 percent from ` 2,78,551 crore in July 2010 to ` 3,11,994 crore in August 2010.

The monthly turnover of BSE (cash segment) increased by 21.4 percent from ` 92,957 crore in July 2010 to ` 1,12,882 crore in August 2010. Further, the monthly

III. Trends in Depository Accounts At the end of August 2010, total numbers of investor accounts were 108.8 lakh at NSDL and 69.2 lakh at CDSL. The number of investor accounts in August 2010 increased by 0.9 percent at NSDL and increased by 1.2 percent at CDSL over the previous month. A

comparison with corresponding period of previous year shows, there was an increase in the number of investor accounts to the extent of 8.4 percent at NSDL and 16.7 percent at CDSL (Statistical Table 45).

696

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Table 6: Performance of Sectoral Indices at BSE and NSE during August 2010 BSE Index 1 BSE Sensex BSE 100 BSE 200 BSE 500 BSE Small Cap BSE FMCG BSE Consumer Durables BSE Capital Goods BSE Bankex BSE Teck BSE Oil & Gas BSE Metal BSE Auto BSE PSU BSE Healthcare

NSE

Change over Previous month 2

Volatility 3

0.6

0.7

0.7 0.9 1.2 2.0 4.8 7.1 -0.5 5.6 -0.8 -2.4 -2.7 4.6 0.7 -1.0

0.6 0.6 0.6 0.7 0.9 1.4 0.7 1.1 0.9 0.7 1.0 0.6 0.6 0.6

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

Change over Previous month 5

Volatility 6

0.6

0.7

2.0 1.4 3.1 0.9 -0.4 -1.8 5.8 0.7

0.7 0.6 0.7 0.7 0.9 1.1 1.1 0.8

Source: BSE and NSE.

At the end of August 2010, among BSE indices, BSE Consumer Durables increased by 7.1 percent over its previous month's closing value followed by BSE Bankex (5.6 percent), BSE FMCG (4.8 percent), BSE Auto (4.6 percent) and BSE 500 (1.2 percent). On the other hand, BSE Metal Index has shown a negative change of 2.7 percent followed by BSE Oil & Gas Index (2.4 percent), BSE Healthcare (1.0 percent) and BSE tech (0.8 percent). At NSE, Bank Nifty Index increased by 5.8 percent over its previous month's closing value followed by CNX Mid-cap Index (3.1 percent), CNX Nifty Junior Index (2.0 percent), S&P CNX 500 Index (1.4 percent), CNX 100 (0.9 percent), Nifty Mid-cap 50

Index (0.7 percent) and S&P CNX Defty Index (0.6 percent). However, CNX IT Index closed 1.8 percent below compared to July's closing value. During August 2010, among BSE indices, the daily volatility of BSE Consumer Durables was 1.4 percent, followed by BSE Bannkex (1.1 percent), BSE metal (1.0 percent), BSE FMCG and BSE Teck (0.9 percent), BSE Small Cap and BSE Sensex (0.7 percent). At NSE, daily volatility of CNX IT and Bankex were 1.1 percent, followed by S&P CNX Defty (0.9 percent), Nifty Midcap 50 (0.8 percent), S&P CNX Nifty, CNX 100 (0.6 percent), CNX Nifty Junior and CNX Midcap (0.7 percent).

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IV. Trends in the Derivatives Segments

A.

Equity Derivative at NSE

Table 7: Trends in Equity Derivative Market at NSE Particular Aug-10 1 2 A. Turnover ( ` crore) (i) Index Futures 2,99,130 (ii) Options on Index Put 6,25,453 Call 5,32,013 (iii) Stock Futures 4,96,267 (iv) Options on Stock Put 24,045 Call 76,820 Total 20,53,728 B. No. of Contracts (i) Index Futures 1,15,66,700 (ii) Options on Index Put 2,34,00,978 Call 1,90,36,006 (iii) Stock Futures 1,66,20,194 (iv) Options on St ock Put 7,47,574 Call 23,40,573 Total 7,37,12,025 C. Open Interest in terms of Value (` crore) (i) Index Futures 21,502 (ii) Options on Index Put 50,190 Call 34,037 (iii) Stock Futures 43,584 (iv) Options on Stock Put 1,215 Call 3,420 Total 1,53,948

Jul-10 3

D. Open Interest in terms of No. of Contracts (i) Index Futures 8,30,209 (ii) Options on Index Put 18,58,418 Call 12,60,390 (iii) Stock Futures 16,03,106 (iv) Options on Stock Put 42,750 Call 1,23,628 Total 57,18,501

Source: NSE.

698

Percentage Change Over Month 4

2,89,423

3.4

5,41,556 5,01,798 4,23,422

15.5 6.0 17.2

16,988 56,723 18,29,910

41.5 35.4 12.2

1,15,30,614

0.3

2,06,57,577 1,82,31,436 1,48,77,996

13.3 4.4 11.7

5,79,390 18,79,794 6,77,56,807

29.0 24.5 8.8

19,217

11.9

33,311 26,645 38,926

50.7 27.7 12.0

1,038 2,726 1,21,864

17.0 25.5 26.3

7,58,357

9.5

12,41,851 9,93,243 14,36,364

49.6 26.9 11.6

36,484 99,315 45,65,614

17.2 24.5 25.3

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2010

2010. The monthly turnover of call options on stock also increased by 35.4 percent from ` 56,723 crore in July 2010 to ` 76,820 crore in August 2010.

The monthly total turnover in equity derivative market at NSE increased by 12.2 percent from ` 18,29,910 crore in July 2010 to ` 20,53,728 crore in August 2010. The monthly turnover of index futures increased by 3.4 percent from ` 2,89,423 crore in July 2010 to ` 2,99,130 crore in August 2010. Further, the monthly turnover of stock futures increased by 17.2 percent from ` 4,23,422 crore in July 2010 to ` 4,96,267 crore in August 2010.

The open interest in value terms in equity derivative segment increased by 26.3 percent from ` 1,21,864 crore as on July 30, 2010 to ` 1,53,948 crore as on August 31, 2010. The open interest in value terms in equity derivative segment for Index Futures, Stock Futures, Put Options on Index, Call Options on Index, Put Options in Stock and Call Options on Stock at the end of August 2010 stood at ` 21,502 crore, ` 43,584 crore, ` 50,190 crore, ` 34,037 crore, ` 1,215 crore and ` 3,420 crore respectively, with a corresponding growth rates of 11.9 percent, 12 percent, 50.7 percent, 27.7 percent, 17.0 percent and 25.5 percent as compared to July 30, 2010.

Further, the monthly turnover of put options on index increased by 15.5 percent from ` 5,41,556 crore in July 2010 to ` 6,25,453 crore in August 2010. The monthly turnover of call options on index also increased by 6.0 percent from ` 5,01,798 crore in July 2010 to ` 5,32,013 crore in August 2010. The monthly turnover of put options on stock increased by 41.5 percent from ` 16,988 crore in July 2010 to ` 24,045 crore in August

1,01,166 1,10,000

92,527

93,351 1,00,000

20,00,000

83,091 75,521

83,581

78,494 78,437

83,178 90,000

74,674

72,618

15,00,000

80,000

66,659 70,000 10,00,000 60,000

Average Turnover

Monthly Tornover

699

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

50,000

Oct-09

5,00,000

Sep-09

Monthly Turnover

25,00,000

Average Monthly Turnover

Chart 5: Trends of Equity Derivative Segment at NSE (` crore)

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2010

Currency Futures at NSE and MCX-SX

Table 8: Trends in the Currency Futures Market Month/ Year No. of Contracts 1 2009-10

2 37,86,06,983 31,22,32,062 7,70,85,167 7,77,44,870 6,98,37,533 4,49,24,854 4,26,39,638

2010-11$ Apr-10 May-10 Jun-10 Jul-10 Aug-10

NSE Traded Value (` crore) 3 17,82,608 14,47,587 3,45,932 3,59,680 3,27,382 2,13,353 2,01,239

Open Interest at the end of (` crore) 4 1,964 4,514 2,679 3,702 4,600 4,057 4,514

MCX -SX Traded Value (` crore) 6 19,44,654 18,32,568 3,73,372 4,23,075 4,25,088 3,20,016 2,91,018

No. of Contracts 5 40,81,66,278 38,75,56,034 8,16,07,363 8,97,51,764 8,88,14,522 6,64,15,185 6,09,67,200

Open Interest at the end of (` crore) 7 1,951 3,808 2,522 2,644 3,929 3,693 3,808

$ As on August 31, 2010. Source: NSE and MCX -SX.

Chart 6: Trends of Currency Futures at NSE and MCX-SX (`crore)

4,00,000

5,00,000

NSE

3,00,000 2,00,000

2,00,000

1,00,000

MCXSX

4,00,000

3,00,000

1,00,000

0

NSE

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

0

MCXSX

During August 2010, the monthly turnover of the currency futures at NSE decreased by 5.7 percent to ` 2,01,239 crore as compared to ` 2,13,353 crore in July

2010. Further, at MCX-SX, the monthly turnover decreased by 9.1 percent to ` 2,91,018 crore in August 2010 from ` 3,20,016 crore July 2010.

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Interest Rate Futures at NSE Table 9: Trading in Interest Rate Futures No. of Contracts

Month/ Year 1 2009 10 # 2010-11$ Apr-10 May-10 Jun-10 Jul-10 Aug-10

Trading Value (` crore) 3 2,975 51 7 22 17 4 0

2 1,60,894 2,732 407 1,177 917 205 26

Open Interest at the end of No. of Contracts Trading Value (` crore) 4 5 14.15 758 1.2 63 15.5 838 18.9 1,004 1.18 63 1.17 1.15

63 62

# Interest Rate Futures trading started on August 31, 2009. $ As on August 31, 2010. Source: NSE.

Chart 7: Trends in the Interest Rates Futures at NSE (` crore)

77.6 75

800

3.0

5.6

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

Monthly Average

0.4

1.1

0.8

0.2

0.0

Aug-10

5.9

0

Jul-10

400

10.3

Jun-10

16.8

May-10

19.7

Apr-10

Trading Value

1,200

Monthly Average

1,600

150

0

Trading Value

87.2 percent to ` 0.5 crore as compared to ` 4 crore in July 2010.

During August 2010, the monthly turnover of the interest rate future at NSE, decreased significantly by

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V. Investment in Corporate debt market Table 10: Trends in Trading in the Corporate Debt Market BSE

Year/ Month

Traded Value (` crore) 3 53,323 20,580 3,881 5,701 4,378 4,587 2,033

No. of Trades 1

2 7,408 2,402 497 784 435 435 251

2009-10 2010 11 $ Apr -10 May-10 Jun -10 Jul-10 Aug -10

NSE

FIMMDA

Traded Value (` crore) 5 1,51,920 79,924 19,655 22,380 13,294 12,107 12,486

No. of Trades 4 12,522 4,297 902 1,048 893 593 861

No. of Trades 6 18,300 16,032 3,206 3,683 3,071 3,418 2,654

Traded Value (` crore) 7 1,95,955 2,07,645 43,312 44,630 36,731 47,088 35,883

$ As on August 31, 2010. Source: BSE, NSE and FIMMDA.

Chart 8: Trend of Trading Volume of Corporate Bond (` crore) 50,000 40,000

6,000

30,000 4,000 20,000 2,000

FIMMDA

BSE and NSE

8,000

10,000 -

BSE

NSE

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

-

FIMMDA

` 12,107 crore in July 2010. Further, 2,654 trades with a value of ` 35,883 crore were reported to FIMMDA in August 2010 as against of 3,418 trades with a value of ` 47,088 crore in July 2010.

During August 2010, there were 251 trades with a value of ` 2,033 crore reported on BSE as compared 435 trades with a value of ` 4,587 crore in July 2010. At NSE, 861 trades were reported with a trading value of ` 12,486 crore as compared to 593 trades with a value of

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VI. Trends of Institutional Investors Table 11: Investment by Mutual Funds (` crore) Year/Month

Equity

1

Debt

2 10,512 -9,806 -1,410 99 -1,093 -4,231 -3,170

2009 10 2010-11 $ Apr -10 May-10 Jun -10 Jul-10 Aug 10

Total

3 1,80,588 66,665 66,502 2,262 -25,643 1,302 22,242

4 1,70,076 56,859 65,092 2,361 -26,737 -2,929 19,072

$ As on August 31, 2010.

Chart 9: Trends in Mutual Funds Investment (`crore)

66,502

34,308

31,334 22,242

16,099

8,458

11,974 2,262 99

2,221 -2,335

-5,194

-696

-1,762

-1,311

-1,410 -697 -4,082 -9,349

1,302 -1,093

-4,231

-3,170

Equity

Mutual Funds invested ` 19,072 crore in August 2010 as against ` 2,929 crore liquidation in July 2010. During August 2010, Mutual funds liquidated ` 3,170 crore from equity as compared ` 4,231 crore in July 2010.

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

25,643

Debt

However, mutual funds invested ` 22,242 crore in debt market in August 2010 as compared of ` 1,302 crore in July 2010.

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2010

Table 12: Investment by FIIs (` crore) Year/Month

Equity

1

2 -47,706 1,10,220 38,738 9,361 -9,437 10,508 16,617 11,688

2008-09 2009-10 2010-11 $ Apr -10 May-10 Jun -10 Jul-10 Aug-10

Debt

Total

3 1,895 32,438 17,329 3,032 2,451 741 8,107 2,999

4 -45,811 1,42,658 56,066 12,393 -6,986 11,249 24,724 14,686

$ As on August 31, 2010.

Chart 10: Trends in FIIs Investments (`crore)

19,928

18,344

16,617 9,077 6,896 5,497

10,233

3,146 1,217

2,228 684

3,032

11,688

10,508

9,509 9,361

8,913

8,107 2,451

2,999 741

-1,522 -500

Equity

There was a net investment of ` 14,686 crore in August 2010 by FIIs as compared to an investment of ` 24,724 crore in July 2010. Foreign Institutional Investors (FIIs) invested ` 11,688 crore in equity in August 2010 as

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-09

Nov-09

Oct-09

Sep-09

-9,437

Debt

compared to ` 16,617 crore in July 2010. Further, FIIs invested ` 2,999 crore in debt market in August 2010 as compared to ` 8,107 crore in July 2010.

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2010

VII. International Markets Comparison Table13: Average Daily Return, Volatility and Month End PE Ratio of International Indices during August 2010 Country 1

Index

Return

Volatility

2

3

4

PE Ratio 5

Developed Markets Australia

All Ordinaries

-0.1

1.0

19.3

France

CAC 40

0.2

1.3

12.2

Germany Hong Kong

Dax Hang Seng

-0.2 -0.1

1.1 0.7

13.1 13.1

Japan

Nikkei 225

-0.4

1.5

22.1

Singapore

Straits Times

-0.1

0.6

11.8

UK

FTSE 100

0.0

1.2

16.8

USA

Dow Jones Indus. Avg.

-0.2

1.0

13.0

USA Emerging Markets

Nasdaq Composite

-0.3

1.2

22.6

India

Sensex 30

0.0

0.7

21.4

India

S&P CNX Nifty

0.0

0.7

22.7

Argentina

Indice Bolsa Gen eral

-0.2

1.5

10.0

Brazil

Bovespa

-0.2

1.2

14.3

Chile

Stock Market Select

0.2

0.8

20.1

China Colombia

Shanghai SE Composite IX IGBC General

0.0 0.3

1.3 0.7

18.2 27.1

Egypt

Hermes

0.0

0.8

13.1

Hungary

Budapest Stock Exchange

0.1

1.4

14.9

Indonesia

Jakatra Composite

0.0

1.0

4.0

Malaysia

FTSE Bursa Malaysia KLCI

0.2

0.4

17.2

Mexico

Bolsa

-0.1

1.0

17.1

Pakistan Russia

Karachi 30 Russian Traded

0.4 0.0

1.5 0.9

8.9 13.0

South Korea

Kospi Index

-0.2

1.5

7.8

South Africa

FTSE/JSE Afri ca All Share

-0.2

1.1

10.0

Taiwan

Taiwan Taiex

-0.1

0.9

14.1

Thailand

Stock Exchange of Thai

0.3

0.8

14.2

ISE National 100

0.0

0.8

10.7

Turkey Source: Bloomberg.

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During August 2010, the daily volatility for Argentina's Indice Bolsa General Index (1.5 percent) were the highest among the countries under review followed by Japan's Nikkie Index and Korea's Kospi Index (1.5 percent), Pakistan's Karachi Index (1.5 percent), Hungary's Budapest Stock Exchange Index (1.4 percent), France's CAC 40 Index and China's Shanghai SE Composite Index (1.3 percent), USA's Nasdaq Composite Index, Brazil's Bovespa Index and UK's FTSE 100 Index (1.2 percent), German's Dax Index and South Africa's FTSE/JSE Africa All Share

2010

Index (1.1 percent), USA's Dow Jones Indus. Avg. Index, Mexico's Bolsa Index, Indonesia' Jakatra Composite Index and Australia's All Ordinaries Index (1.0 percent),. FTSE Bursa Malaysia KLCI Index showed the lowest volatility at 0.4 percent during the same period. In the India market, S & P CNX Nifty Index and BSE Sensex 30 Index both witnessed a volatility of 0.7 percent, slightly higher than previous month (details in Table 13). The Average daily return and PE Ratio for August 2010 are given in Table 13.

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2010

PRESS RELEASES GENERAL l

fees and removed the uncertainty about such fees prevailing earlier where exchanges could collect additional charges beyond initial deposit. A client filing an arbitration reference for claim/counter claim upto ` 10 lakh within six months does not have to pay any fees. For such clients, the costs are to be borne by the stock exchange.

1. Arbitration Mechanism in Stock Exchanges SEBI, vide circular dated August 11, 2010, has streamlined the arbitration mechanism available at stock exchanges for arbitration of disputes (claims, complaints, differences, etc.) arising between a client and a member (Stock Broker, Trading Member and Clearing Member) across various market segments. Based on feedback, the said circular has been modified today. The arbitration framework now prescribed has the following new features:-

Stock exchanges have been mandated to provide an appellate mechanism within the exchanges to avoid the need for resorting to lengthy court process. The stock exchanges with nationwide terminals have been mandated to provide arbitration facility (arbitration as well as appellate arbitration) at all four regional centers (Delhi, Mumbai, Kolkata and Chennai). The arbitration and appellate arbitration are required to be conducted at the regional centre nearest to the client.

In order to improve the quality of arbitration, there is a requirement on stock exchanges to provide continuing education every year to every arbitrator. The arbitrators are required to adhere to a code of conduct and their performance shall be appraised on a yearly basis.

Transparency in arbitration proceedings has been brought in by mandating the stock exchanges to disclose the details of disposal of arbitration proceedings on their websites. The stock exchanges have also been mandated to post the arbitration awards on their websites.

Arbitration claims beyond six months can also be filed under the new framework since the limitation period for arbitration has now been modified to three years as prescribed under the Limitation Act, 1963. In order to ensure that the arbitration proceedings are completed in a time bound manner, timelines have been prescribed at each stage of activity.

Ref: PR No.202/2010 dated August 31, 2010.

2. Grant of Exemption for the Proposed Acquisition of Shares in M/s. GIVO Ltd. (Target Company)

The numbers of arbitrators has been made uniform across exchanges such that claims less than ` 25 lakh are dealt with by a sole arbitrator and claims more than ` 25 lakh are dealt with by a panel of three arbitrators.

SEBI passed an order dated August 30, 2010 granting exemption to M/s. Thakral Brothers (Pte) Ltd. (acquirer) from complying with the provisions

The circular has put a maximum limit on arbitration 707

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of Regulation 11(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations] with respect to their proposed increase in percentage shareholding and voting rights, pursuant to its proposed acquisition of 2,28,00,000 equity shares of the target company upon conversion of External Commercial Borrowings of ` 11.97 crore into equity shares through a preferential allotment. After this proposed allotment, the shareholding of promoter group will increases from 64.17percent to 74.31 percent in the target company.

2010

companies. Needless to say, biased and motivated dissemination of information, guided by commercial considerations can potentially mislead investors in the securities market. Such journalism would not be in the interest of securities market. SEBI has given its legal mandate to protect the interest of investors felt that such brand building strategies of media groups, without appropriate and adequate disclosures may not be in the interest of investors and financial markets. There are prescribed norms of Journalistic Conduct that require journalists to disclose any interest that they may have in the company about which they are reporting. However, there are no equivalent requirements in the case of media companies holding a stake in the company which is being reported / covered.

The application seeking exemption from the provisions of the Takeover Regulations was forwarded by SEBI to the Takeover Panel. The Takeover Panel had rejected the application. Ref: PR No.201/2010 dated August 31, 2010.

Press Council of India has informed SEBI that in its meeting held on 22.02.2010 at New Delhi, it has accepted the following suggestions of SEBI and has mandated the following:

3. Mandatory Disclosures by the Media of its Stake in Corporate Sector

· Disclosures regarding stake held by the media company should be made in the news report/ article/ editorial in newspapers/television relating to the company in which the media group holds such stake.

SEBI had taken up with Press Council of India its concerns on practice of many media groups entering into agreements, such as 'Private Treaties', with companies. Typically, such arrangements are with companies which are listed or which proposes to come out with public offerings. These, in general, entail a company giving stake in it (shares, warrants, bonds etc.) in return for media coverage through advertisements, news reports, advertorials etc. in the print or electronic media.

· Disclosure on percentage of stake held by media groups in various companies under such 'Private Treaties' on the website of media groups should be made. · Any other disclosures relating to such agreements such as any nominee of the media group on the Board of Directors of the company, any management control or other details which may be required to be disclosed and which may be a potential conflict of

It was felt that such agreements may give rise to conflict of interest and may, therefore, result in dilution of the independence of press. This may consequently compromise the nature, quality and content of the news/editorials relating to such

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interest for media group, should also be mandatorily disclosed.

2010

· As per SEBI circular No. CIR/IMD/FII/9/2010 dated August 06, 2010, unutilised investment limits for Government debt & corporate debt were available for allocation to the FIIs/ subaccounts in the open bidding platform. The bidding for these limits took place on August 12, 2010 on the NSE offered platform.

Ref: PR No.200/2010 dated August 27, 2010.

4. SEBI Board Meeting The Board met on August 04, 2010 in Mumbai and took the following decisions:

· Pursuant to the bidding, 7 successful bids (details enclosed as annexure A) were allocated in government debt category. In corporate debt category 34 successful bids (details enclosed as annexure B) were allocated.

Shareholding pattern of listed entities Currently, the shareholding pattern of companies is contained in initial public offer document and upon listing, companies file shareholding pattern with stock exchanges every quarter. The Board decided to mandate that the companies shall file shareholding pattern as per Clause 35 one day prior to the date of listing, which shall be uploaded on the website of exchanges before commencement of trading.

· These limits shall be utilized by the allocated entities within 45 days of the allocation. Ref: PR No.191/2010 dated August 12, 2010.

6. Grant of Exemption for the Proposed increase in Shareholding/ Voting Rights of the Promoters of M/s. Jindal Poly Films Ltd.

The Board also decided that in order to ensure updated public dissemination of shareholding pattern, whenever the change exceeds +/- 2 percent of the paid up share capital of the company post a corporate event, the companies shall file revised shareholding pattern with the stock exchanges within 10 days from the date of such change in the capital structure.

SEBI passed an order dated August 10, 2010, granting exemption to M/s. Jindal Photo Investment Ltd. along with persons acting in concert i.e. Soyuz Trading Co. Ltd., Consolidated Photo Finvest Ltd., Consolidated Finvest and Holding Ltd., Mr. Shyam Sunder Jindal and Rishi Trading Co. Ltd., together referred to as “promoters” of M/s. Jindal Poly Films Ltd. (Target Company)], from complying with the provisions of Regulations 11(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations] with respect to their increase in voting rights by 7.12 percent, pursuant to the proposed buyback of equity shares by the Target Company. The promoters are also advised not to seek any further exemption pursuant to any

The Board further decided that in the quarterly shareholding pattern, the disclosure of shares held by custodians, against which depository receipts have been issued, shall be classified as 'promoter/promoter group' and 'non-promoter'. Ref: PR No.184/2010 dated August 05, 2010.

5. Allocation of Limits to FIIs/Sub-accounts for Investment in Government Debt & Corporate Debt through Bidding Process. 709

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further buy-back offer by the Target Company, in future.

2010

3. Order against M/s. Triumph Securities Ltd. and M/s. Classic Shares and Stock Broking Services Ltd. in the Matter of M/s. SSI Ltd.

The application seeking exemption from the provisions of the Takeover Regulations was forwarded by SEBI to the Takeover Panel. The Takeover Panel recommended the grant of exemption to the promoters from making an open offer.

SEBI passed an order dated August 04, 2010, in the matter of M/s. SSI Ltd. disposing of the enquiry proceedings against M/s. Triumph Securities Ltd. and M/s. Classic Shares and Stock Broking Services Ltd..

Ref: PR No.192/2010 dated August 12, 2010.

Ref: PR No.188/2010 dated August 09, 2010.

ORDER l

4. Order against Shri Ashok Kumar Kayan, Member, Calcutta Stock Exchange Ltd. in the Matter of M/s Amluckie Investment Company Ltd.

1. Order against Mr. Shiv Kumar Gupta, Late Mr. Vivek Gupta and M/s Genomics Biotech Ltd in the Matter of M/s. Genomics Biotech Ltd.

SEBI passed an order dated August 02, 2010, warning the broker Shri Ashok Kumar Kayan, Member, Calcutta Stock Exchange Ltd. for its dealings in the shares of Amluckie Investment Company Ltd. and further advised it to exercise adequate caution while functioning as a stock broker.

SEBI has passed an order dated August 13, 2010, in the matter of Genomics Biotech Ltd, restraining Mr. Shiv Kumar Gupta and M/s Genomics Biotech Ltd from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market directly or indirectly for a period of two years from the date of the order and abated the proceedings against Mr. Vivek Gupta without going into merit since he is no more alive to face the penalty.

Ref: PR No.186/2010 dated August 06, 2010.

5. Order In Respect of Mr. Vijay Thakkar in the Matter of M/s. Somplast Leather Industries Ltd.

Ref: PR No.197/2010 dated August 18, 2010.

SEBI passed an order dated August 2, 2010, disposing of the show cause notice dated September 23, 2005 issued to Mr. Vijay Thakkar without any directions.

2. Order against Shri Rajendra J Shah in the Matter of M/s. Top Telemedia Ltd. SEBI passed an order dated July 30, 2010 in the matter of M/s. Top Telemedia Ltd. restraining Shri Rajendra J Shah from buying, selling or dealing in securities market whatsoever or accessing the securities market, directly or indirectly, for a period of one year.

6. Order in the Matter of M/s. Ranbaxy Laboratories Ltd.

Ref: PR No.190/2010 dated August 12, 2010.

SEBI passed an order dated August 3,2010

Ref: PR No.185/2010 dated August 06, 2010.

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disposing of the enquiry proceedings in respect of M/s. N. H. Securities Ltd., M/s. K.N.P. Securities Ltd., Ms/. V.N. Parekh Securities Ltd. and M/s. Triumph Securities Ltd. in the matter of M/s. Ranbaxy Laboratories Ltd..

2010

2. Consent Order on the Applications Submitted by Naman Securities & Finance Pvt. Ltd. in the Matters of Prudential Pharmaceuticals Ltd. and M/s. Mirc Electronics Ltd. SEBI passed a consent order dated August 12, 2010, on the applications submitted by Naman Securities & Finance Pvt. Ltd. in the matters of Prudential Pharmaceuticals Ltd. and Mirc Electronics Ltd. in accordance with SEBI Circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 30,00,000/(Rupees thirty lakh only) towards the terms of consent in the matter of Prudential Pharmaceuticals Ltd. and ` 3,00,000/- (Rupees three lakh only) towards the terms of consent in the matter of Mirc Electronics Ltd.

Ref: PR No.187/2010 dated August 06, 2010.

7. Order in the Matter of M/s. Eltrol Ltd. SEBI revoked the interim directions issued vide adinterim ex-parte order dated October 05, 2005 against all the entities mentioned therein, with immediate effect. Ref: PR No.182/2010 dated August 02, 2010.

l CONSENT ORDER

Ref: PR No.198/2010 dated August 18, 2010.

1. Consent Order on the Application submitted by M/s Chamak Holdings Ltd. in the Matter of M/s Chamak Holdings Ltd.

3. Consent Order on the Application Submitted by M/s. FMS Securities Ltd. SEBI passed a consent order dated August 12, 2010, on an application submitted by M/s. FMS Securities Ltd. (Member, Bombay Stock Exchange Ltd.), in the matter of alleged violations observed during inspection of the books of accounts and other documents of the broker for the period January 2004 till February 2005, in accordance with SEBI Circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 4,00,000/- (Rupees four lakh only) towards the terms of consent in the matter.

SEBI passed a consent order dated August 13, 2010 on the application submitted by M/s Chamak Holdings Ltd. for non compliance of Regulation 6(2) and 6(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 for the year 1997 and Regulation 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, for the years 1998-2009 in accordance with SEBI Circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 10,05,000/- (Rupees ten lakh five thousand only) towards the settlement charges, in the matter.

Ref: PR No.199/2010 dated August 26, 2010.

4. Consent Order on the Application Submitted by M/s Brushman (India) Ltd. & its Managing Director Shri Kapil Kumar in the Matter of

Ref: PR No.195/2010 dated August 18, 2010.

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M/s Brushman (India) Ltd.

2010

· Regulation 7(3) of the Takeover Regulations for the years 2005, 2006, 2007, 2008 and 2010 relating to disclosure to be made to stock exchanges on the change in shareholding pattern.

SEBI passed a consent order dated August 13, 2010 on an application submitted by M/s. Brushman (India) Ltd. & its Managing Director Shri Kapil Kumar in the matter of M/s. Brushman (India) Ltd., in accordance with SEBI circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 10,00,000/- (Rupees Ten lakh only) towards settlement charges as terms of consent in the matter. SEBI has accepted the said terms of settlement and this consent order disposes of the proceedings initiated against them under Section 11B of the SEBI Act, 1992 read with Regulation 11 & 12 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 1995 and Regulation 11 of SEBI (Prohibition of Unfair Trade Practices relating to Securities Market) Regulations, 2003.

· Regulation 8(3) of the Takeover Regulations for the year 2009 relating to annual disclosure to be made to stock exchange on the shareholding pattern. Non-compliances by M/s. Penta Homes Private Ltd. and M/s. Vishwa Calibre Private Ltd. in regard to the acquisition of shares of M/s. Agro Dutch Industries Ltd., with the provisions of : · Regulation 7(1) for the year 2008 and 2010 and regulation7 (1A) for the years 2007 and 2008 of the Takeover Regulations. · Regulation 7(1) for the year 2008 and regulation7 (1A) for theyears 2005 and 2008 of the Takeover Regulations.

Ref: PR No.196/2010 dated August 18, 2010.

5. Consent Order on the Applications Submitted by M/s. Agro Dutch Industries Ltd., M/s. Penta Homes Private Ltd. and M/s. Vishwa Calibre Builders Private Ltd., in the Matter of M/s. Agro Dutch Industries Ltd.

M/s. Agro Dutch Industries Ltd., M/s. Penta Homes Private Ltd. andM/s. Vishwa Calibre Private Ltd., without admitting or denying guilt have remitted a sum of ` 55,000/- (Rupees fifty five thousand only), ` 2,00,000/- (Rupees two lakh only) and ` 3,00,000/- (Rupees three lakh only), respectively towards the settlement charges in the matter.

SEBI passed consent order dated July 19, 2010 on the consent applications submitted by M/s. Penta Homes Private Ltd., M/s. Vishwa Calibre Private Ltd. (the promoters) and M/s. Agro Dutch Industries Ltd. (the Target Company) for the following non-compliances:

Ref: PR No.183/2010 dated August 05, 2010.

Non-compliances by M/s. Agro Dutch Industries Ltd. (Target Company) with the provisions of:

6. Consent Order in the Matter of M/s. JMP Securities Private Ltd.

· Regulations 6(2) and 6(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997(hereinafter referred to as the Takeover Regulations).

SEBI passed consent order dated July 28, 2010 on an application submitted by M/s. JMP Securities Private Ltd., in accordance with SEBI circular dated April 20, 2007 for consent orders. The 712

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applicant has remitted a sum of ` 8,50,000/(Rupees Eight lakh fifty thousand only) towards settlement charges as terms of consent in the matter. SEBI has accepted the said terms of settlement and this consent order disposes of the enquiry proceedings against JMP Securities Private Ltd., Trading Member-Bombay Stock Exchange Ltd. (SEBI Regn. No. INB011148237).

2010

8. Consent Order on the Application Submitted by M/s. Wallfort Share & Stock Brokers Pvt. Ltd. in the Matter of M/s. Mazda Fabrics & Processors Ltd. SEBI passed a consent order dated August 12, 2010, on an application submitted by M/s. Wallfort Share & Stock Brokers Pvt. Ltd. in the matter of M/s. Mazda Fabrics & Processors Ltd. in accordance with SEBI Circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 10,00,000/- (Rupees ten lakh only) towards the terms of consent in the matter and has also agreed to undergo a voluntary moratorium on their proprietary trading for a period of one year.

Ref: PR No.181/2010 dated August 02, 2010.

7. Consent Order on the Application Submitted by M/s. Maheshwari Technical & Financial Services Ltd. in the Matter of M/s. Shamken Multifab Ltd.

Ref: PR No.193/2010 dated August 17, 2010.

SEBI passed a consent order dated August 12, 2010 on an application submitted by M/s. Maheshwari Technical & Financial Services Ltd. (Member, NSE, MCX Stock Exchange Ltd. and Depository Participant, NSDL) in the matter of M/s. Shamken Multifab Ltd., in accordance with SEBI circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 20,00,000/(Rupees twenty lakh only) towards settlement charges as terms of consent in the matter. SEBI has accepted the said terms of settlement and this consent order disposes of the enquiry proceedings against M/s. Maheshwari Technical & Financial Services Ltd..

9. Consent Order on the Application Submitted by M/s. Kankeshwari Securities Private Ltd. in the Matter of M/s. Malvica Engineering Ltd. SEBI passed a consent order dated August 03, 2010, on an application submitted by M/s. Kankeshwari Securities Private Ltd. in the matter of M/s. Malvica Engineering Ltd., in accordance with SEBI Circular dated April 20, 2007 for consent orders. The applicant has remitted a sum of ` 2,00,000/- (Rupees two lakh only) towards the terms of consent in the matter. The order has come into force with immediate effect.

Ref: PR No.194/2010 dated August 17, 2010.

Ref: PR No.189/2010 dated August 11, 2010.

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2010

CIRCULARS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company Secretary/ Chartered Accountant and submit the same to the stock exchange/s.

1. Establishment of Connectivity with both Depositories NSDL and CDSL – Companies Eligible for Shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement 1. It is observed from the information provided by the depositories that the companies listed below have established connectivity with both the depositories during the month of April 2010.

S. No 1. 2. 3. 4. 5. 6. 7.

Name of the Company Volant Textiles Mills Ltd. Tilak Finance Ltd.

ISIN No.

GFL Financials (India) Ltd. Vridhi Commercial Company Ltd. Window Glass Ltd.

INE764K01012

Shri Mahasati Investments Ltd. Mudit Finlease Ltd.

INE326H01016

b) There are no other grounds/reasons for continuation of the trading in TFTS.

INE962D01017

2. The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report.

INE026L01014

Source: SEBI/MRD/DP/23/2010 dated August 5, 2010.

INE568E01010 INE902K01018

2. Updation of Investor Related Documents 1. SEBI vide circular No. SEBI/IMD/CIR No.12 /186868 /2009 dated December 11, 2009 has inter alia advised mutual funds to confirm whether all the investor related documents are maintained/ available with them. Further in case the investor related documentation was incomplete, the trustees of the mutual funds were advised not to make further payment to such distributors till full compliance/ completion of the steps enumerated in the said circular and to send a status to SEBI as

INE220D01010

1. The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following: a) At least 50 of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS

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and when process is completed to satisfaction.

2010

5. Mutual Funds/Asset Management Companies shall comply with the above requirements in letter and spirit.

2. SEBI has not received any confirmation from the trustees of the mutual funds on the completion of the process as mandated in the said circular. Thus it appears that all the investor related documentation is not available with the AMCs. It has been observed that due to such incomplete documentation investors' rights to approach the AMCs directly are restricted and investors are forced to depend on the distributors for executing any financial or non-financial transactions.

Source: SEBI/IMD/DF/9/2010 dated August 9, 2010. 3. Review of Norms for Investment and Disclosure by Mutual Funds in Derivatives 1. According to the circular DNPD/CIR-29/2005 dated September 14 2005, circular MFD/CIR/9/120/2000 dated November 24 2000, and SEBI circular MFD/CIR/18337/ 2002 dated September 19, 2002 on investment in derivatives by mutual funds and disclosures thereof in half yearly portfolio statement.

3. In order to ensure that investors have unrestricted access to AMCs and to enable AMCs to provide prompt investor service including execution of investors' financial or non-financial transactions, all mutual funds/ AMCs are directed that:

2. In order to have prudential limits for derivative investments by mutual funds and to bring in transparency and clarity in the disclosure of the same to investors, it has been decided to bring in certain modification in the aforesaid circulars.

a) All new folios/ accounts shall be opened only after ensuring that all investor related documents including account opening documents, PAN, KYC, PoA (if applicable), specimen signature are available with AMCs/ RTAs and not just with the distributor.

3. Exposure Limits The cumulative gross exposure through equity, debt and derivative positions should not exceed 100 percent of the net assets of the scheme. 4. Mutual Funds shall not write options or purchase instruments with embedded written options.

b) For existing folios, AMCs shall be responsible for updation of the investor related documents including account opening documents, PAN, KYC, PoA (if applicable), specimen signature by November 15, 2010.

5. The total exposure related to option premium paid must not exceed 20 percent of the net assets of the scheme.

4. The trustees shall submit a confirmation after they receive certification from an Independent auditor on completion of the said process latest by November 22, 2010.

6. Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. 715

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7. Exposure due to hedging positions may not be included in the above mentioned limits subject to the following

2010

10. Each position taken in derivatives shall have an associated exposure as defined under. Exposure is the maximum possible loss that may occur on a position. However, certain derivative positions may theoretically have unlimited possible loss. Exposure in derivative positions shall be computed as follows:

a) Hedging positions are the derivative positions that reduce possible losses on an existing position in securities and till the existing position remains. b) Hedging positions cannot be taken for existing derivative positions. Exposure due to such positions shall have to be added and treated under limits mentioned in Point 3.

Position Long Future

c) Any derivative instrument used to hedge has the same underlying security as the existing position being hedged.

Option bought

Short Future

Exposure Futures Price * Lot Size * Number of Contracts Futures Price * Lot Size * Number of Contracts Option Premium Paid * Lot Size * Number of Contracts.

Disclosure of derivatives in Half Yearly Portfolios

d) The quantity of underlying associated with the derivative position taken for hedging purposes does not exceed the quantity of the existing position against which hedge has been taken.

11. The manner of disclosure of derivatives position in half yearly portfolio disclosure reports has not been specified in the SEBI (Mutual Funds) Regulations, 1996 and the disclosures being currently made are not uniform across the industry. Therefore, the following format for the purpose of uniform disclosure of investments in derivative instruments by Mutual Funds in half yearly portfolio disclosure, annual report or in any other disclosures is prescribed.

8. Mutual Funds may enter into plain vanilla interest rate swaps for hedging purposes. The counter party in such transactions has to be an entity recognized as a market maker by RBI. Further, the value of the notional principal in such cases must not exceed the value of respective existing assets being hedged by the scheme. Exposure to a single counterparty in such transactions should not exceed 10 percent of the net assets of the scheme.

12. Further, while listing net assets, the margin amounts paid should be reported separately under cash or bank balances.

9. Exposure due to derivative positions taken for hedging purposes in excess of the underlying position against which the hedging position has been taken, shall be treated under the limits mentioned in point 3.

13. The portfolio disclosure for derivative positions shall be made as follows:

Definition of Exposure in case of Derivative Positions 716

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Hedging Positions through Futures as on… Underlying

Hedging Positions through Put Options as on…

Futures Current Margin Price price of mainwhen the tained in purchased contract ` Lakh Total percentage of existing assets hedged through futures For the period ended … specify the following for hedging transactions through futures which have been squared off/expired Total Number of contracts where futures were bought Total Number of contracts where futures were sold Gross Notional Value of contracts where futures were bought Gross Notional Value of contracts where futures were sold Net Profit/Loss value on all contracts combined

Long / Short

Under- Number of lying Contracts

Option Price Current when Option purchased Price Total percentage of existing assets hedged through put options For the period ended … specify the following for hedging transactions through options which have already been exercised/expired Total Number of contracts entered into Gross Notional Value of contracts Net Profit/Loss on all contracts (treat premium paid as loss)

Exposure created due to over hedging through options (quantity of hedging position exceeding the quantity of existing position being hedged) shall be reported in the next table.

Exposure created due to over hedging through futures (quantity of hedging position exceeding the quantity of existing position being hedged) shall be reported in the next table.

Other than Hedging Positions through Options as on… Underly Call / Number Option Current ing Put of Price when Price contracts purchased Total Exposure through options as a percent age of net assets For the period ended … with regard to non-hedging transactions through options which have already been exercised/expired specify: Total Number of contracts entered into Gross Notional Value of contracts Net Profit/Loss on all contracts (treat premium paid as loss)

Other than Hedging Positions through Futures as on… Underlying

2010

Long / Short

Futures Current Margin Price price of mainwhen the tained in purchased contract ` Lakh Total exposure due to futures (non hedging positions) as a percent age of net assets For the period ended … specify the following for nonhedging transactions through futures which have been squared off/expired Total Number of contracts where futures were bought Total Number of contracts where futures were sold Gross Notional Value of contracts where futures were bought Gross Notional Value of contracts where futures were sold Net Profit/Loss Value on all contracts combined

Hedging Positions through swaps as on … Swaps should be disclosed separately as two notional positions in the underlying security with relevant maturities. For example, an interest rate swap under which a mutual fund is receiving 717

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floating rate interest and paying fixed rate will be treated as a long position in a floating rate instrument of maturity equivalent to the period until the next interest fixing and a short position in a fixed rate instrument of maturity equivalent to the residual life of the swap.

2010

Source: SEBI/IMD/DF/10/2010 dated August 18, 2010. 5. Clarification on Introduction of Call Auction in Pre-open session 1. This is further to the SEBI Circular No. CIR/MRD/DP/21/2010 dated July 15, 2010 regarding introduction of call auction in preopen session.

14. The provisions shall be applicable for all new schemes launched post the issue of the circular. For all existing schemes, compliance with the circular shall be effective from October 01, 2010.

2. It is clarified that para 11 of the aforesaid circular shall read as under:

Source: SEBI/IMD/DF/11/2010 dated August 18, 2010.

a) In case the equilibrium price is not discovered in the pre-open session, wherein, there are only market orders, the market orders shall be matched at last traded price and all unmatched orders shall be shifted to the order book of the normal market at last traded price following time priority. Last traded price shall be the opening price.

4. Transferability of Mutual Fund Units 1. Regulation 37(1) of SEBI (Mutual Fund) Regulations, 1996 states that “a unit unless otherwise restricted or prohibited under the scheme, shall be freely transferable by act of parties or by operation of law.”The spirit and intention of this regulation is not to prohibit transferability of units as a general rule or practice. However, it is noticed that mutual fund schemes prohibit transfer on a regular basis instead of on an exceptional basis.

b) In case the equilibrium price is not discovered in the pre-open session and there are no market orders to be matched at last traded price, all unmatched orders shall be shifted to the order book of the normal market following price time priority. The price of the first trade in the normal market shall be the opening price.

2. In order to facilitate transferability of units of mutual funds held in one demat account to another demat account, it has been decided that all AMCs shall clarify by way of an addendum that units of all mutual fund schemes held in demat form shall be freely transferable from the date of the issue of said addendum which shall be not later than October 1, 2010. However, restrictions on transfer of units of ELSS schemes during the lock-in period shall continue to be applicable as per the ELSS Guidelines.

3. The stock exchanges should bring out this clearly in their communication to brokers, who in turn shall disseminate the information to their clients desirous of placing call auction orders in pre-open session. Source: SEBI/MRD/DP/27/2010 dated August 27, 2010. 718

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b) Provide the features of the Smart Order Routing to stock exchange.

6. Introduction of Smart Order Routing 1. SEBI has received proposal from the stock exchanges and market participants for introducing Smart Order Routing which allows the brokers trading engines to systematically choose the execution destination based on factors viz. price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.

iv. Stock exchange shall communicate its decision to the broker within 30 calendar days of the date of receipt of application by the exchange. v.

vii. Stock broker shall enter into a specific agreement with the client to provide Smart Order Routing facility. Brokerclient agreement shall clearly describe the features of the Smart Order Routing facility and the obligations and rights associated with Smart Order Routing facility.

3. Stock Exchanges are advised to ensure the following conditions with regard to the Smart Order Routing facility: Stock broker interested to offer Smart Order Routing facility shall apply to the respective stock exchanges.

ii.

Stock broker shall submit a third party system audit of its Smart Order Routing system and software. Stock exchanges shall disseminate to its stock brokers a list of approved system auditors (CISA or equivalent) qualified to undertake such system audits.

viii.Stock broker shall maintain logs of all activities to facilitate audit trail. Broker shall maintain record of orders, trades and data points for the basis of decision. ix. In case the client has availed Smart Order Routing facility and does not want to use the same for a particular order, the same shall be well documented by the stock broker. x.

iii. Stock broker shall provide the following to the respective stock exchanges: a)

Stock exchange shall ensure that brokers adhere to the best execution policy while using Smart Order Routing.

vi. Smart Order Routing facility shall be provided to all class of investors.

2. Upon examination of the proposal, feedback of the stock exchanges and based on the recommendations of the Technical Advisory Committee, it has been decided to permit Smart Order Routing in Indian Securities Market.

i.

2010

An undertaking to the respective stock exchanges that Smart Order Routing shall route orders in a neutral manner.

System audit of the Smart Order Routing systems and software shall be periodically carried out by the brokers as may be specified by the exchange and certificate in this regard shall be submitted to the exchange.

xi. Stock exchange shall ensure that Smart Order Routing is not used to place orders 719

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at venues other than the recognised stock exchanges.

2010 through Smart Order Routing system to the exchange trading system shall be located in India.

xii.The stock broker shall carry out appropriate validation of all risk parameters before the orders are placed in the Smart Order Routing system.

xx.All other existing obligations for the broker as per current regulations and circulars will continue.

xiii.Stock exchange shall provide unique identification number for the orders placed through Smart Order Routing system. Further, stock exchanges shall maintain data on Smart Order Routing orders and trades.

xxi.Stock exchange may specify additional safeguards as they deem fit for allowing Smart Order Routing facility to their brokers. 4. The Stock Exchanges are advised to: i. put in place the adequate systems and issue the necessary guidelines for implementing the above decision.

xiv.Stock exchange shall have necessary surveillance mechanism in place to monitor trading done through Smart Order Routing.

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

xv. Stock broker shall ensure that alternative mode of trading system is available in case of failure of Smart Order Routing facility.

iii. bring the provisions of this circular to the notice of the stock brokers and also disseminate the same on their website.

xvi.Stock exchange shall ensure that within a period of three months from implementation of Smart Order Routing, a system is put in place to time stamp market data feed that is disseminated to the market, if the same is not already available.

iv. communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report.

xvii.Stock exchange shall strengthen investor grievance cell in order to address complaints, if any, received with regard to Smart Order Routing. Further, in case of any disputes or complaints, stock exchanges shall share necessary data as and when required in order to facilitate necessary examination.

Source: SEBI/MRD/DP/26/2010 dated August 27, 2010. 7. Securities Trading using Wireless Technology 1. It has been decided that SEBI decided that registered brokers who provide Internet Based Trading as specified by SEBI circular no. SMDRP/POLICY/CIR-06/2000 dated January 31, 2000 shall be eligible to provide securities trading using wireless technology.

xviii.Stock exchange shall synchronise their system clocks with atomic clock before the start of market. xix.The broker server routing orders placed 720

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All relevant requirements applicable to internet based trading shall also be applicable to securities trading using wireless technology.

2010 concurrence on the same.

(f) As it may not be possible to give detailed information to the investor on a hand held device e.g. mobile phones, it may be ensured that minimum information may be given with addresses of the Internet web site/web page where detailed information would be available.

2. Securities Trading using Wireless technology shall include devices such as mobile phone, laptop with data card, etc, that use Internet Protocol (IP). 3. In addition, the stock exchange shall ensure that the broker complies with the following

(g) Order confirmation should be provided to the user on submitting the order. Order modification/cancellation facilities should also be provided. Trade confirmation should be provided to the user, along with history of trades for the day.

(a) There shall be secure access, encryption and security of communication for internet based trading and securities trading using wireless technology. DOT policy and regulation shall govern the level of encryption.

(h) Session login details should not be stored on the devices used for internet based trading and securities trading using wireless technology.

(b) Adequate measures should be taken for user identification, authentication and access control using means such as user-id, passwords, smart cards, biometric devices or other reliable means, to prevent misuse of facility by unauthorized persons.

(i) Network security protocols and interface standards should be as per prevalent industry standards and sound audit trails should be available for all transactions conducted using wireless devices.

(c) Unique identification number as given in case of internet based trading shall be made applicable for securities trading using wireless technology.

(j) The broker's server routing orders to the exchange trading system shall be located in India.

(d) In case of failure of the wireless network, alternative means of communication for placing orders should be available.

(k) Stock exchanges shall arrange for periodic systems audits of broker systems to ensure that requirements specified in the circulars are being met.

(e) Additional provisions specifying possible risks, responsibilities and liabilities associated with securities trading using wireless technology should be incorporated in the Broker- Client agreement as an addendum or by bringing to the notice of clients, who are desirous of availing such facility, and taking their

(l) Stock exchange shall also include securities trading using wireless technology in their ongoing investor awareness and educational programme 4. Stock exchanges may take such other 721

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measures and implement such other safeguards as they deem fit to ensure security and integrity of transactions conducted using wireless technology.

2010 provisions of the aforesaid circular, clarifications are issued for immediate implementation.

4. Details of the clarifications are available on the website.

5. Exchanges are advised to a) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.

Source: SEBI/MRD/DMS/28/2010 dated August 31, 2010.

b) bring the provisions of this circular to the notice of the member brokers/clearing members of the Exchange and also to disseminate the same on the website.

9. Allocation of Government Debt & Corporate Debt Investment Limits to FIIs Based on the assessment of the allocation and the utilization of the limits to FIIs for investments in Corporate Debt and Government Debt, it has been decided to allocate the unutilized limits in the following manner:-

c) communicate to SEBI, the status of the implementation of this circular in the Monthly Development Report. Source: SEBI/MRD/DP/25/2010 dated August 27, 2010.

I. Allocation through bidding process: Please refer to SEBI circular IMD/FII&C/ 37/2009 dated February 06, 2009, providing the modalities for the allocation methodology through the bidding process. The bidding process shall be on August 12, 2010 on the National Stock Exchange subject to the following conditions: -

8. Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker/ Stock Broker and Depository Participant – Clarifications 1. SEBI vide circular no. CIR/MRD/DMS/ 13/2010 dated April 23, 2010 issued guidelines regarding execution of Power of Attorney (PoA) by the client in favor of Stock Broker / Stock Broker and Depository Participant.

A. Government Debt: i. In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than ` 100 cr. of the government debt investment limit.

2. SEBI has received representation from Market Participants seeking guidance and clarifications on process to be followed for implementation of the provisions of the circular.

ii. In partial amendment to clause 3 (c) and 3(d) of the aforesaid circular IMD/FII &C/ 37/2009, the minimum amount which can be bid for shall be ` 50 cr. and the minimum tick size shall be ` 50 cr.

3. Based on the examination of the issues highlighted in the representations and so as to facilitate the implementation of the 722

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c) Time period for utilization of the allocated debt limit through first come first served basis shall be 11 working days from the date of the allocation.

B. Corporate Debt: i.

2010

In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than ` 1000 cr. of the corporate debt investment limit.

d) A non-utilisation charge would be levied at average successful bid premium (in bidding process) for non-utilised part from the allocation in first come first serve.

ii. In partial amendment to clause 3 (c) and 3(d) of the aforesaid circular IMD/FII &C/ 37/2009, the minimum amount which can be bid for shall be ` 50 cr. and the minimum tick size shall be ` 50 cr. Time period for utilization of the allocated debt limit through bidding process shall be 45 days staring from August 13, 2010.

Ref: CIR/IMD/FIIC/9/2010 dated August 06, 2010. 10. Amendments to SEBI (Mutual Funds) Regulations, 1996 SEBI published a copy of the gazette notification No. LAD-NRO/ GN/2010-11/13/13945 dated July 29, 2010 pertaining to Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2010 for your information and implementation.

II. Allocation through first come first serve process (FCFS) In terms of SEBI circular dated January 31, 2008, the Government debt & corporate debt limits shall be allocated in the first come fist served basis subject to the following conditions:-

Fund of funds mutual fund schemes shall adopt either of the total expense structures laid out in Regulation 52(6)(a) of SEBI (Mutual Funds) Regulations 1996, which Asset Management Companies shall clearly indicate in the scheme information documents.

a) The remaining amount in government debt & corporate debt after bidding process shall be allocated among the FIIs/subaccounts on a first come first served basis, subject to a ceiling of ` 49 cr. per registered entity.

Fund of Fund schemes, existing as on July 29, 2010, shall, with the approval of trustees, adopt either of the total expense structures laid out in Regulation 52(6)(a) and change the total expense structure after giving the unitholders an option to exit in accordance with Regulation 18(15A).

b) The debt requests in this regard shall be forwarded to the dedicated email id [email protected]. The window for first come first served process shall open at 08:30 AM IST, August 12, 2010.

Ref: Cir / IMD / DF / 8 / 2010 dated August 6, 2010.

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2010

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS 1.

Electronic Access to Markets (DEA Principles), containing principles designed to guide intermediaries, markets and regulators in relation to the areas of pre-conditions for direct electronic access (DEA), information flow, and adequate systems and controls. It also addresses issues raised when a non-intermediary, such as a hedge fund or proprietary trading group, becomes a market member.

Redesigning the future of Financial System

The IMF has published a paper, Redesigning the Contours of the Future Financial System, which explores the responses of the private and public sector to the crisis and some of the probable outcomes. It argues that, aside from improved supervision of individual institutions, greater emphasis is needed on financial regulations that reflect the systemic nature of financial risks and the role that macroeconomic policies play. It also states that global consistency of regulation and financial sector taxation will be essential to mitigate systemic risks, to avoid unintended distortions, and to help ensure a level playing field.

A key aspect of the principles provide that neither the market nor an intermediary should offer DEA unless adequate pre-trade information is provided, and both regulatory and financial controls, including automated pre-trade controls, are in place to enable intermediaries to implement appropriate risk limits.

The note suggests that banks are expected to return to their more traditional function as stricter regulation will limit the risks and activities that banks can undertake and the global financial system is likely to be smaller, and less levered, and could be less innovative and dynamic, at least for a while.

Source: http://www.iosco.org/library/pubdocs/ pdf/IOSCOPD332.pdf. 3.

AFME paper on Resolution Mechanisms

The Association for Financial Markets in Europe (AFME) has published a comprehensive discussion paper to examine how a failing financial institution can be managed through crisis and recapitalized without requiring capital support from governments and taxpayers. The paper, "The Systemic Safety Net: Pulling failing firms back from the edge,” focuses on two options rather than face liquidation. The paper argues that either option would be far better option than liquidation,

Source: http://www.imf.org/external/pubs/ft/ spn/ 2010/spn1010.pdf. 2. IOSCO issues principles for Direct Electronic Access to Markets The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a report, Principles for Direct

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protecting depositors and employees and reducing the likelihood of contagion. In each case, the bank’s shareholders would bear the loss through devaluation or dilution of their equity. Critically, neither option requires capital support from taxpayers or a pre-capitalized fund for providing

2010

5. CESR publishes update on Short-Selling measures The Committee of European Securities Regulators (CESR) has published a list of measures recently taken by Members regarding short-selling. The document will be updated on a continuous basis; the latest update has been provided by the Greek Capital Market Commission (CMC). The Greek board decided to lift the banning of short selling of shares listed in the Athens Exchange, maintaining the ban on naked short selling. More specifically, as of September 1, 2010, short selling will be allowed on the condition that the seller has ensured, prior to the transaction, that they will have adequate shares at the settlement date to fulfill settlement obligations.

liquidity. Source: http://www.afme.eu/document. aspx?id=4276. 4. FSA publishes discussion paper on Trading Activity Regulation The Financial Services Authority (FSA) published a discussion paper that considers fundamental changes to the regulation of trading activities. The paper outlines the FSA’s current views and ideas in relation to major areas of reform that need to be considered to address areas of structural weakness that exacerbated the buildup of risk before the financial crisis. It also outlines a number of recommendations that are grouped into three key areas: an increased regulatory focus on the valuation of traded positions and a need for a specific assessment of valuation uncertainty; changing the structure of the capital framework to bring greater coherence and reduce the opportunities for structural arbitrage within the banking sector and the wider financial system; and specific measures aimed at improving firms’ risk management and modeling standards, and ensuring that these are aligned with regulatory objectives.

Source: http://www.cesr.eu/popup2. php?id=5238. 6.

Basel Committee paper on Microfinance

The Basel Committee on Banking Supervisions (BCBS) issued a paper, Microfinance activities and the Core Principles for Effective Banking Supervision, which contains supervisory guidance for the application of the Basel Core Principles for Effective Banking Supervision (BCP) to microfinance activities, and the range of practices on regulating and supervising microfinance activities. The paper highlights key differences from conventional retail banking and the supervisory guidance. Four themes emerged from the paper: the need to more efficiently allocate supervisory resources; the need to develop specialized knowledge within the supervisory team to effectively evaluate the risks of microfinance

Source: http://www.fsa.gov.uk/pubs/discussion/ dp10_04.pdf.

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activities; the recognition that proven control and managerial practices may differ from conventional retail banking but may suit the microfinance business; and the need for more clarity in the regulation of microfinance activities.

2010

was conducted in April 2010. The survey provides the most comprehensive and internationally consistent information on the size and structure of global foreign exchange markets, allowing policymakers and market participants to better monitor patterns of activity in the global financial system.

Source: http://www.bis.org/publ/bcbs175. pdf?noframes=

Notably, the survey found that activity in OTC interest rate derivatives grew by 24 percent, with average daily turnover of $2.1 trillion in April 2010. Almost all of the increase relative to the last survey was due to the growth of forward rate agreements (FRAs), which increased by 132 percent to reach $601 billion.

7. BIS Survey on Foreign Exchange, Derivatives Market Activity The Bank for International Settlements (BIS) published the preliminary results of the eighth Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity, which

Source: http://www.bis.org/publ/rpfx10.pdf.

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2010

ANNEXURES AND STATISTICAL TABLES 1 A.

Annexures Company-wise Capital Raised though Public and Rights Issues during August 2010

1 B.

Company-wise Capital Raised though Qualified Institutions' Placement (QIP) during August 2010

1 C.

Preferential Allotments listed at BSE and NSE during August 2010

2.

Rating Assigned to IPOs during August 2010

3

A Open Offer under SEBI takeover Code closed during August 2010 1.

Statistical Tables SEBI Registered Market Intermediaries/Institutions

2.

Capital Raised from the Primary market through though Public and Rights Issues

3.

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

4.

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

5.

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

6.

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

7.

Distribution of Turnover on Cash Segments of Exchanges

8.

Cash Segment of BSE

9.

Cash Segment of NSE

10.

Trends in Cash Segment of BSE, during August 2010

11. 12.

Trends in Cash Segment of NSE during August 2010 Turnover and Market Capitalisation at BSE and NSE during August 2010

13.

Component Stocks: BSE Sensex during August 2010

14.

Component Stocks: S&P CNX Nifty index during August 2010

15.

Volatility of Major Indices

16.

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

17.

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

18.

Trading Frequency in Cash Segment of BSE and NSE

19.

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

20.

Settlement Statistics for Cash Segment of BSE

21.

Settlement Statistics for Cash Segment of NSE

22.

Equity Derivatives Segment at BSE

23.

Equity Derivatives Segment at NSE

24.

Equity Derivatives Trading at NSE during August 2010

25.

Settlement Statistics in Equity Derivatives Segment at BSE and NSE

727

SEPTEMBER

SEBI BULLETIN

26.

Trends in Trading in the Corporate Debt Market

27.

Trading Statistics of Currency Derivatives Segment

28.

Daily Trends of Currency Derivatives Trading during August 2010

29.

Settlement Statistics of Currency Derivatives Segment

30.

Trading Statistics of Interest Rate Futures Segment

31.

Interest Rate Futures trading at NSE during August 2010

32.

Settlement Statistics in Interest Rate Futures Segment

33.

Trends in Foreign Institutional Investment

34.

Daily Trends in Foreign Institutional Investment during August 2010

35.

Trends in Resource Mobilization by Mutual Funds

36.A

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

36.B

Scheme-wise Resource Mobilisation by Mutual Funds

37.

Trends in Transactions on Stock Exchanges by Mutual Funds

38.

Substantial Acquisition of Shares and Takeovers

39. 40.

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

41.

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

42

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

43.

Macro-economic Indicators

44.

Daily Return and Volatility: Select World Stock Indices Progress Report of NSDL & CDSl as on August 31, 2010

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

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

728

2010

Prakash Steelage Ltd

Gulf Oil Corpn.Ltd

Camlin Fine Chemical Ltd

Sadbhav Engineering Ltd

Gujarat Pipavav Port Ltd

2

3

4

5

6

23-Aug-10

18-Aug-10

10-Aug-10

9-Aug-10

5-Aug-10

2-Aug-10

3

Date of Opening

IPO

Rights

Rights

Rights

IPO

IPO

4

Type of Issue

Equity

Equity

Equity

Equity

Equity

Equity

5

Type of Instrument

12,04,03,021

6,25,000

34,88,688

2,47,86,245

62,50,000

45,00,000

6

No. of Shares/ Bonds Issued

5

10

10

10

2

10

7

Par Value (` )

Note: Issue was under alternate book building mechanism thereby Issue price was on discriminatory basis. all the Issues is compiled from the Prospectus’ of Issuer Companies filed with SEBI.

Bajaj Corp Ltd

2

1

1

Name of the Issuer/ Company

SL. No.

36

715

6

30

100

655

8

Premium Value (` )

46

725

16

32

110

660

9

Issue price ( `)

Annexure 1 A: Company-wise Capital Raised through Public and Rights Issues during August 2010

554

45

5

79

69

297

10

Size of Issue (` crore)

SEPTEMBER SEBI BULLETIN

729

2010

730

27-Jul-10 10-Aug-10

3 Jyothy Laboratories Limited

Source: BSE and NSE.

8-Aug-09

2 Diamond Power Infrastructure Limited

20-Jul-10

4 20-Jul-10

3 16-Jun-10

1 2 1 Adani Enterprises Limited

Relevant Date

Date of Shareholder Meeting

Name of the Company

Sr. No

KOTAK MAHINDRA CAPITAL COMPANY LIMITED & ENAM SECURITIES PRIVATE LIMITED

Antique Capital Markets Pvt. Ltd

5 DSP Merrill Lynch LTD, IDFC Capital Ltd, Morgan Stanley India Company Pvt Ltd, CITI Group Global Markets India Pvt Ltd, UBS Securities India Pvt Ltd, Enam Securities Pvt Ltd, ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd

Name of the Merchant Banker

Equity

Equity

6 Equity

7

Total Shares Allotted

19 282.6

13 203.8

80,63,200

55,93,727

8 9 49 536.2 7,46,05,987

Instrument No. of Issue Type Allotees Price ( `)

228

114

10 4,000

Issue Size (` crore)

Annexure 1B : Company-wise Capital Raised through Qualified Institutions' Placement (QIP) during August 2010 SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Annexure 1C : Preferential Allotments listed at BSE and NSE BSE@

Year/ Month

Common#

NSE@

Total

No issue

Amount (` crore)

No issue

Amount (` crore)

No issue

Amount (` crore)

No issue

Amount (` crore)

2

3

4

5

6

7

8

9

50

873

93

4,957

44

4,271

187

10,101

Apr-10

1

8

19

548

2

322

22

878

May-10

20

383

13

408

4

275

37

1,067

Jun-10

20

372

30

2,728

9

408

59

3,507

Jul-10

4

78

22

1,000

12

154

38

1,232

Aug-10

5

31

9

273

17

3,113

31

3,417

1 2010-11$

@ The issues are only listed at respective exchange. # The issues listed both BSE and NSE. $As on August 31, 2010. Source: BSE and NSE.

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2010

Annexure 2 : Rating Assigned to IPOs during August 2010 Sr. No.

Name of the Company

Credit Rating Agencies

Rating Assigned

1

2

3

4

1

VA Tech Wabag Limited

ICRA

4

2

Bedmutha Industries Limited

ICRA

2

3

BS Transcomm Limited

ICRA

2

4

Eros International Media Ltd

CARE

4

5

Ashoka Buildcon Limited

CRISIL

4

6

Raheja Universal Limited

CRISIL

3

7

Ramky Infrastructure Ltd

CRISIL

3

8

Tecpro Systems Limited

CRISIL

4

Note : a) IPO grading is the grade assigned by a Credit Rating Agency (CRA) registered with SEBI. b) The IPO grading is assigned on a five point scale from 1 to 5 with an “IPO Grade 5” indicating strong fundamentals..and an “IPO Grade 1” indicating poor fundamentals. Source: Credit Rating Agencies.

732

SEPTEMBER

SEBI BULLETIN

2010

Annexure 3 : Open Offers under SEBI Takeover Code closed during August 2010 Offer Size Sl. No.

Target Company

Acquirer

Offer Opening Date

Offer Closing Date

No. of Shares

1

2

3

4

5

6

Offer Percent of Price (`) per Equity share Capital 7

8

1

M/s. GMR Industries Ltd

M/s. E.I.D.Parry India Ltd

15-Jul-10

3-Aug-10

39,92,342

20.0

110.7

2

M/s. AGC Networks Ltd (Formerly TATA Telecom Ltd)

M/s. Essar Capital Finance Private Ltd

21-Jul-10

9-Aug-10

28,46,647

20.0

274.0

M/s. Kaashyap Techonologies Ltd

M/s. TAIB Securities Mauritius Ltd

24-Jul-10 12-Aug-10 13,14,54,982

20.0

0.8

3

733

SEPTEMBER

SEBI BULLETIN

2010

Table 1: SEBI Registered Market Intermediaries/Institutions Market Intermediaries

2008-09

2009-10

2010-11$

1

2

3

4

Stock Exchanges (Cash Market)

20

20

20

Stock Exchanges (Derivatives Market)

2

2

2

Stock Exchanges (Currency Derivatives)

3

3

3

Brokers (Cash Segment) *

9,628

9,772

9,946

Corporate Brokers (Cash Segment)

4,308

4,424

4,562

Brokers (Derivative)

1,587

1,705

1,821

Brokers (Currency Derivatives)

1,154

1,459

1,720

60,947

75,577

80,299

Foreign Institutional Investors

1,626

1,713

1,730

Sub-accounts

4,967

5,378

5,548

16

17

17

2

2

2

Depository Participants

714

758

776

Merchant Bankers

134

164

181

Bankers to an Issue

51

48

52

Underwriters

19

5

6

Debenture Trustees

30

30

27

5

5

5

Venture Capital Funds

132

158

163

Foreign Venture Capital Investors

129

143

156

71

74

65

232

243

248

44

47

48

1

1

1

2

2

2

STP (Centralised Hub)

1

1

1

STP Service Providers

2

2

2

Sub-brokers (Cash Segment)

Custodians Depositories

Credit Rating Agencies

Registrars to an Issue & Share Transfer Agents Portfolio Managers Mutual Funds Collective Investment Schemes Approved Intermediaries (Stock Lending Schemes)

*Including brokers on Mangalore SE (58), HSE (303), Magadh SE (197), SKSE (410). $As on August 31, 2010.

734

735

76

26

6

2

7

5

6

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

Aug-10

1,050

2,962

2,962

2,987

3,979

13,939

57,555

16,220

3

Rights

Listed

IPOs At Par

At Premium

Equities CCPS/FCDs Bonds/NCDs

Instrument-wise

3

4

3

2

6

18

47

22

4

920

2,918

325

2,987

3,979

11,128

49,236

3,582

5

3

1

4

0

0

8

29

25

6

130

44

2,637

0

0

2,811

8,319

12,637

7

3

2

4

0

0

9

34

25

8

130

1,003

2,637

0

0

3,770

30,359

12,637

9

3

3

3

1

6

16

39

21

10

920

1,959

325

2,487

3,979

9,668

24,696

2,082

11

0

0

0

0

0

0

1

5

12

0

0

0

0

0

0

9

96

13

6

5

7

1

6

25

71

40

14

1,050

2,962

2,962

2,486

3,979

13,438

54,866

14,176

15

0

0

0

0

0

0

1

1

16

0

0

0

0

0

0

180

448

17

0

0

0

1

0

1

3

1

18

0

0

0

500

0

500

2,500

1,500

19

No No No No No No No No Amount Amount Amount Amount Amount Amount Amount Amount of of of of of of of of (` crore) (` crore) (` crore) (` crore) (` crore) (` crore) (` crore) (` crore) issue issue issue issue issue issue issue issue

Public

Issuer-type (Equity/CCPS/FCDs)

$As on August 31, 2010. FCD: Fully Convertible Debenture; PCD: Partly Convertible Debenture; NCD: Non-convertible Debenture; CCPS: Cumulative Convertible Preference Share. The total is include either Public plus Rights or Equity/CCPs/FCDs plus Bonds/NCDs or Equities plus CCPs/FCDs and Bonds/NCDs. All the Issues is compiled from the Prospectus’ of Issuer Companies filed with SEBI.

47

2

No of Amount issue (` crore)

2008-09

1

Year/ Month

Total

Category-wise

Table 2: Capital Raised from the Primary Market through Public and Rights Issues SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Table 3 : Capital Raised by Listed Companies from the Primary Market through QIPs NSE

BSE

Year/Month No of issue

Amount ( ` crore)

No of issue

Amount ( ` crore)

2

3

4

5

2008-09

2

189

1

75

2009-10

61

42,484

62

42,729

2010-11$

23

12,833

23

12,760

Apr-10

7

2,872

6

2,692

May-10

6

1,486

7

1,593

Jun-10

2

421

2

421

Jul-10

5

3,712

5

3,712

Aug-10

3

4,342

3

4,342

1

$As on August 31, 2010. Source : BSE and NSE.

736

SEPTEMBER

SEBI BULLETIN

2010

Table 4: Industry-wise Classification of Capital Raised through Public and Rights Issues 2008-09

Industry

1

2009-10

2010-11$

Aug-10

No of issue

Amount (` crore)

No of issue

Amount (` crore)

No of issue

Amount (` crore)

No of issue

2

3

4

5

6

7

8

Amount (` crore) 9

Banking/FIs

0

0

6

3,138

3

3,051

0

0

Cement & Construction

3

80

8

2,780

1

2,262

0

0

Chemical

4

218

1

36

3

138

2

85

Electronics

0

0

1

1,156

0

0

0

0

Engineering

0

0

1

50

3

1,076

1

45

Entertainment

2

1,156

9

2,461

0

0

0

0

Finance

3

1,966

2

1,826

1

1,629

0

0

Food Processing

0

0

2

443

1

1,245

0

0

Health Care

3

144

3

1,059

2

277

0

0

Information Technology

1

42

6

540

0

0

0

0

Paper & Pulp

0

0

1

35

0

0

0

0

Plastic

0

0

1

39

0

0

0

0

Power

2

958

6

25,293

2

1,126

0

0

Printing

0

0

0

0

0

0

0

0

Telecommunication

2

100

0

0

0

0

0

0

Textile

5

710

3

237

1

108

0

0

Others

22

10,845

26

18,461

9

3,026

3

920

Total

47

16,220

76

57,555

26

13,939

6

1,050

$As on August 31, 2010.

737

Private

Public

Sector-wise Northern

Eastern

Western

Region-wise Southern

Foreign

738

76

26

2

7

5

6

2008-09

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

Aug-10

1,050

2,962

2,962

2,987

3,979

13,939

57,555

16,220

3

6

4

7

2

5

24

71

47

4

1,050

2,003

2,962

2,987

2,916

11,917

32,477

16,220

5

0

1

0

0

1

2

5

0

6

0

0

959

0

0

1,063

2,022

25,078

7

6

0

2

3

0

2

7

17

8

0

1,003

1,517

0

3,325

5,845

24,714

2,902

9

0

1

0

0

0

1

10

5

10

0

270

0

0

0

270

4,175

315

11

$As on August 31, 2010. The total is either a total of Secto-wise classification or Region-wise classification.

47

6

2

5

0

3

0

3

11

36

21

12

970

0

1,425

0

249

2,644

15,796

11,202

13

1

2

1

1

1

6

13

15

14

79

1,689

20

500

405

2,693

12,870

1,800

15

0

0

0

1

0

1

0

0

16

0

0

0

0

0

2,487

0

2,487

17

No Amount No Amount No Amount No Amount No Amount No Amount No Amount No Amount of (` crore) of (` crore) of (` crore) of (` crore) of (` crore) of (` crore) of (` crore) of (` crore) issue issue issue issue issue issue issue issue

1

Year/ Month

Total

Table 5: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues SEPTEMBER SEBI BULLETIN 2010

26

6

2

7

5

2010-11$

Apr-10

May-10

Jun-10

Jul-10

739 1,050

2,962

2,962

2,987

3,979

13,939

57,555

16,220

3

Amount (` crore)

Total

$As on August 31, 2010.

6

76

2009-10

Aug-10

47

2

No of issue

2008-09

1

Year/ Month

0

0

0

0

0

0

1

1

4

No of issue

0

0

0

0

0

0

2

3

5

Amount (` crore)

< 5 crore

1

0

0

0

0

1

3

1

6

No of issue

7

5

0

0

0

0

5

24

7

Amount (` crore)

³ 5crore - < 10crore

1

1

1

0

0

3

18

21

8

No of issue

45

44

20

0

0

109

596

509

9

Amount (` crore)

³ 10 crore - < 50 crore

2

1

3

0

2

8

9

6

10

No of issue

148

60

189

0

141

538

636

445

11

Amount (` crore)

³ 50 crore - < 100 crore

Table 6: Size-wise Classification of Capital Raised through Public and Rights Issues

2

3

3

2

4

14

45

18

12

No of issue

851

2,858

2,753

2,987

3,837

13,286

56,298

15,255

13

Amount (` crore)

³ 100 crore

SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

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

Stock Exchanges 1

2008-09

2009-10

2010-11$

Aug-10

2

3

4

4

Ahmedabad

N.A.

N.A.

N.A.

N.A.

Bangalore

N.A.

N.A.

N.A.

N.A.

Bhubaneshwar

N.A.

N.A.

N.A.

N.A.

11,00,074

13,78,809

4,78,941

1,12,882

Calcutta

393

N.A.

N.A.

N.A.

Cochin

N.A.

N.A.

N.A.

N.A.

Coimbatore

N.A.

N.A.

N.A.

N.A.

Delhi

N.A.

N.A.

N.A.

N.A.

Gauhati

N.A.

N.A.

N.A.

N.A.

Hyderabad

N.A.

N.A.

N.A.

N.A.

ISE

N.A.

N.A.

N.A.

N.A.

Jaipur

N.A.

N.A.

N.A.

N.A.

Ludhiana

N.A.

N.A.

N.A.

N.A.

Madhya Pradesh

N.A.

N.A.

N.A.

N.A.

Madras

N.A.

N.A.

N.A.

N.A.

Magadh (Patna)

N.A.

N.A.

N.A.

N.A.

27,52,023

41,38,023

14,37,844

3,11,994

OTCEI

N.A.

N.A.

N.A.

N.A.

Pune

N.A.

N.A.

N.A.

N.A.

SKSE

N.A.

N.A.

N.A.

N.A.

89

25

1

0

N.A.

N.A.

N.A.

N.A.

BSE

NSE

Uttar Pradesh Vadodara N.A: Not Available. $As on August 31, 2010. Source: Various Exchanges.

740

4,929

4,975

4,996

4,977

4,978

4,986

4,990

4,996

2008-09

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

Aug-10

$As on August 31, 2010. Source: BSE.

2

1

88

87

86

86

86

88

86

66

3

Month/ No. of No. of Year Companies ComListed panies Permitted

3,010

3,029

2,965

3,182

3,187

3,010

3,297

3,194

4

22

22

22

22

20

108

244

243

5

517

453

443

431

453

2,297

6,056

5,408

6 11,00,074

8

93,849

87,762

78,970

75,466

85,792

4,21,838

1,12,882

92,957

92,493

86,680

93,929

4,78,941

11,36,513 13,78,809

7,39,600

7

5,131

4,225

4,204

3,940

4,696

4,435

5,651

4,527

9

21,820

20,538

20,871

20,090

20,747

20,848

22,768

20,342

10

93,631

87,628

78,895

75,352

85,719

4,21,226

11,35,750

7,39,287

11

13

61,65,619

63,94,001

1,12,614

65,62,025

92,794 65,10,777

92,460

86,645 60,91,264

93,902 62,83,196

4,78,414 65,62,025

13,78,529

10,99,871 30,86,075

12

No. of No. of No. of Traded Turnover Average Average Demat Demat Market Com- Trading Trades Quantity (` crore) Daily Trade Securities Turnover Capitapanies Days (Lakh) (Lakh) Turnover Size (`) Traded (` crore) lisation traded (` crore) (Lakh) (` crore)

Table 8: Cash Segment of BSE

18475.3

18237.6

17919.6

17536.9

18047.9

18475.3

17793.0

17735.7

14

High

17820.0

17395.6

16318.4

15960.2

17276.8

15960.2

9546.3

7697.4

15

Low

BSE Sensex

17971.1

17868.3

17700.9

16944.6

17558.7

17971.1

17527.8

9708.5

16

Close

SEPTEMBER SEBI BULLETIN

741

2010

1,432

1,470

1,504

1,478

1,484

1,490

1,497

1,504

2008-09

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

Aug-10

$As on August 31, 2010. Source: NSE.

2

1

54

45

45

36

36

54

37

37

3

1,408

1,392

1,388

1,374

1,367

1,408

1,359

1,291

4

22

22

22

22

20

108

244

243

5

7

8

9

1,361

1,219

1,248

1,249

1,205

6,282

1,52,467

1,39,417

1,43,616

1,39,812

1,44,060

7,19,372

16,816 22,15,530

3,11,994 14,182

2,78,551 12,661

2,86,109 13,005

2,84,625 12,937

2,76,566 13,828

14,37,844 13,313

41,38,023 16,959

13,650 14,26,355 27,52,023 11,325

6

22,925

22,850

22,931

22,788

22,947

22,889

24,608

20,161

10

12

13

Market Capitalisation (` crore)

1,52,467

1,39,417

1,43,616

1,39,812

1,44,060

3,11,994

63,93,418

2,78,551 63,40,120

2,86,109 62,29,136

2,84,625 59,32,578

2,76,566 61,17,858

7,19,372 14,37,844 63,93,418

22,15,530 41,38,023 60,09,173

14,26,355 27,52,023 28,96,194

11

Month/ No. of No. of No. of No. of No. of Traded Turnover Average Average Demat Demat Year Compani Compani Companies Tradin Trades Quantity (`crore) Daily Trade Size Securities Turnover es Listed es Available g Days (Lakh) (Lakh) Turnover Traded (` crore) (`) Permitted for Trading ( ` crore) (Lakh)

Table 9: Cash Segment of NSE

5549.8

5477.5

5366.8

5278.7

5399.7

5549.8

5329.6

5298.9

14

High

5348.9

5225.6

4961.1

4786.5

5160.9

4786.5

2965.7

2252.8

15

Low

5402.4

5367.6

5312.5

5086.3

5278.0

5402.4

5249.1

3021.0

16

Close

S&P CNX Nifty Index

SEPTEMBER SEBI BULLETIN

742

2010

743

24

4,992

4,992

4,992

4,992

4,993

4,993

4,993

4,993

4,993

4,994

4,995

4,995

4,995

4,995

4,996

4,996

4,996

4,996

4,996

6-Aug-10

9-Aug-10

10-Aug-10

11-Aug-10

12-Aug-10

13-Aug-10

16-Aug-10

17-Aug-10

18-Aug-10

19-Aug-10

20-Aug-10

23-Aug-10

24-Aug-10

25-Aug-10

26-Aug-10

27-Aug-10

30-Aug-10

31-Aug-10

Source: BSE.

24

4,991

5-Aug-10

21

21

24

22

24

23

24

24

25

24

23

25

27

23

25

25

24

23

22

4-Aug-10

20

4,990

3

3-Aug-10

2

4,990

2-Aug-10

1

Date

No. of No. of Companies Trades Listed (Lakh)

3,458

3,599

4,196

4,084

4,129

4,125

4,533

4,288

4,703

4,776

4,624

4,260

4,692

4,151

4,513

4,420

4,412

4,548

4,440

4,082

3,841

3,977

4

4,677

4,437

5,303

4,863

5,751

4,979

5,677

5,231

5,270

5,527

5,001

5,619

6,113

5,497

5,627

5,485

4,921

4,816

4,877

4,796

4,442

3,974

5

22,122

21,477

21,768

22,470

23,512

21,556

23,975

21,437

21,045

22,587

21,963

22,640

23,066

23,847

22,446

21,810

20,598

20,035

20,286

21,092

19,937

19,802

6

3,443

3,584

4,178

4,074

4,121

4,118

4,526

4,279

4,690

4,768

4,618

4,255

4,683

4,133

4,507

4,415

4,391

4,537

4,430

4,072

3,835

3,972

7

4,649

4,429

5,295

4,854

5,747

4,973

5,673

5,218

5,258

5,517

4,997

5,617

6,099

5,452

5,624

5,483

4,867

4,804

4,859

4,786

4,438

3,973

8

Traded Turnover Average Demat Demat Quantity (` crore) Trade Securities Turnover (Lakh) Size (`) Traded (` crore) (Lakh)

Table 10: Trends in Cash Segment of BSE during August 2010

65,62,025

66,00,308

65,89,775

66,50,626

66,41,459

67,05,526

67,59,661

67,21,118

67,30,185

66,81,622

66,26,447

66,16,364

66,38,513

65,99,932

65,89,624

66,29,808

66,60,847

65,92,484

66,01,458

66,08,871

65,86,089

65,67,632

9

Market Capitalisation (` crore)

18015.7

18216.5

18248.4

18261.1

18312.4

18451.7

18454.4

18464.1

18475.3

18286.0

18140.2

18203.9

18260.4

18113.6

18263.9

18293.4

18309.3

18244.6

18295.4

18249.5

18167.5

18104.2

10

High

17820.0

17960.2

17944.2

18159.1

18156.0

18260.7

18371.0

18360.9

18276.5

18067.7

18026.0

17997.5

18050.4

17914.8

18042.9

18170.8

18139.9

18118.2

18156.5

18093.0

18072.4

17911.3

11

Low

SENSEX

17971.1

18032.1

17998.4

18226.4

18179.6

18311.6

18409.4

18401.8

18454.9

18257.1

18048.9

18050.8

18167.0

18073.9

18070.2

18220.0

18287.5

18144.0

18172.8

18217.4

18114.8

18081.2

12

Close

9646.6

9757.9

9785.5

9786.8

9824.9

9895.1

9892.6

9878.9

9865.6

9767.7

9705.5

9740.9

9751.5

9667.9

9741.3

9766.8

9765.0

9728.9

9758.7

9734.9

9707.6

9677.7

13

High

9544.9

9620.0

9621.0

9730.0

9728.2

9791.7

9844.4

9821.8

9785.1

9673.0

9644.6

9618.8

9677.4

9567.7

9630.5

9698.7

9682.0

9658.6

9680.9

9660.8

9664.1

9624.5

14

Low

BSE-100 Index

9627.7

9662.7

9647.6

9758.7

9740.4

9820.1

9874.1

9850.8

9857.1

9757.3

9656.3

9649.7

9713.9

9654.4

9642.1

9719.1

9756.9

9674.1

9688.7

9719.1

9684.8

9666.3

15

Close

SEPTEMBER SEBI BULLETIN 2010

1,425

1,420

1,419

11-Aug-10

12-Aug-10

744

1,428

1,426

1,431

1,432

1,432

1,430

1,429

1,434

1,435

18-Aug-10

19-Aug-10

20-Aug-10

23-Aug-10

24-Aug-10

25-Aug-10

26-Aug-10

27-Aug-10

30-Aug-10

31-Aug-10

Source: NSE.

1,429

1,428

17-Aug-10

1,421

1,417

9-Aug-10

10-Aug-10

1,420

1,416

6-Aug-10

16-Aug-10

60

1,416

5-Aug-10

13-Aug-10

60

1,414

4-Aug-10

63

53

65

61

65

60

60

64

67

65

62

66

67

62

66

65

61

55

59

53

1,406

1,414

3

3-Aug-10

2

1

No. of Trades (Lakh)

2-Aug-10

No. of Securities Traded

Date

6,122

5,386

6,815

7,392

6,766

6,670

6,925

7,229

8,118

7,734

7,425

7,029

7,655

6,901

7,576

7,284

6,674

7,462

6,938

6,264

6,293

5,810

4

Traded Quantity (Lakh)

14,102

10,575

13,142

16,539

14,278

14,613

13,928

14,197

14,919

15,389

14,804

15,959

16,597

15,897

15,866

15,190

12,787

12,731

13,350

12,379

13,061

11,690

5

Turnover (` crore)

22,317

19,873

20,341

26,913

21,957

24,306

23,073

22,225

22,321

23,660

23,851

24,207

24,744

25,485

23,994

23,371

21,332

21,175

21,861

22,469

22,034

21,996

6

Average Trade Size (`)

6,122

5,386

6,815

7,392

6,766

6,670

6,925

7,229

8,118

7,734

7,425

7,029

7,655

6,901

7,576

7,284

6,674

7,462

6,938

6,264

6,293

5,810

7

Demat Securities Traded (Lakh)

14,102

10,575

13,142

16,539

14,278

14,613

13,928

14,197

14,919

15,389

14,804

15,959

16,597

15,897

15,866

15,190

12,787

12,731

13,350

12,379

13,061

11,690

8

Demat Turnover (` crore)

Table 11: Trends in Cash Segment of NSE during August 2010

63,93,418

64,26,850

64,20,189

64,81,326

64,68,187

65,31,991

65,89,493

65,52,510

65,52,972

65,05,321

64,46,450

64,38,958

64,60,480

64,17,604

64,13,375

64,51,246

64,84,319

64,15,469

64,23,224

64,35,563

64,14,382

63,96,833

9

Market Capitalisation (` crore)

5413.9

5469.0

5495.2

5486.6

5506.2

5547.3

5549.8

5546.6

5544.7

5488.0

5443.6

5465.3

5476.5

5431.1

5474.6

5491.5

5492.3

5471.9

5487.2

5481.9

5459.2

5438.9

10

High

5348.9

5390.4

5392.0

5454.7

5452.6

5488.5

5519.4

5513.4

5478.1

5416.3

5408.8

5397.4

5415.5

5372.5

5412.0

5445.4

5433.3

5431.4

5443.1

5428.4

5426.4

5351.3

11

Low

S&P CNX Nifty Index

5402.4

5415.5

5408.7

5477.9

5462.4

5505.1

5543.5

5530.7

5540.2

5479.2

5414.2

5418.3

5452.1

5416.5

5420.6

5460.7

5486.2

5439.3

5447.1

5467.9

5439.6

5431.7

12

Close

11828.1

11968.4

12011.4

12018.5

12076.5

12187.0

12170.2

12156.6

12124.8

12009.8

11983.8

11955.5

11925.6

11771.8

11822.1

11879.5

11831.6

11777.9

11818.5

11770.1

11774.6

11702.4

13

High

11674.6

11761.1

11793.3

11927.9

11903.0

11991.1

12115.8

12075.1

12039.7

11908.5

11849.6

11785.9

11784.1

11588.2

11682.0

11761.7

11704.1

11655.4

11707.2

11685.6

11706.7

11648.5

14

Low

CNX Nifty Junior Index

11797.6

11828.6

11825.4

11945.8

11929.5

12062.6

12145.0

12105.7

12112.3

12002.7

11899.7

11857.2

11883.8

11759.5

11691.5

11787.4

11821.5

11687.7

11717.2

11738.3

11748.8

11698.8

15

Close

SEPTEMBER SEBI BULLETIN 2010

745

709 1,285

649 1,286

653 1,208

684 1,283

1,140 1,977

1,237 2,117

1,621 2,551

1,161 2,037

723 1,828

656 1,449

860 1,599

802 1,606

772 1,505

679 1,440

700 1,433

752 1,392

746 1,305

759 1,497

664 1,149

921 1,550

4-Aug-10

5-Aug-10

6-Aug-10

9-Aug-10

10-Aug-10

11-Aug-10

12-Aug-10

13-Aug-10

16-Aug-10

17-Aug-10

18-Aug-10

19-Aug-10

20-Aug-10

23-Aug-10

24-Aug-10

25-Aug-10

26-Aug-10

27-Aug-10

30-Aug-10

31-Aug-10

4,677

4,437

5,303

4,863

5,751

4,979

5,677

5,231

5,270

5,527

5,001

5,619

6,113

5,497

5,627

5,485

4,921

4,816

4,877

4,796

4,442

3,974

4

Total

19.7

15.0

14.3

15.3

13.1

14.1

12.0

14.8

15.2

15.6

13.1

12.9

19.0

29.5

22.0

20.8

13.9

13.6

13.3

14.8

17.9

17.2

5

A#

33.1

25.9

28.2

26.8

24.2

28.8

25.4

28.8

30.5

28.9

29.0

32.5

33.3

46.4

37.6

36.0

26.1

25.1

26.4

26.8

33.1

32.0

6

B#

6,686

4,230

5,451

7,554

5,518

5,552

5,264

5,302

5,670

6,294

5,458

6,283

6,504

7,992

7,702

6,726

4,946

4,745

5,376

5,308

5,578

5,013

S &P CNX Nifty 7

Turnover

2,004

1,434

1,761

2,557

1,864

1,955

1,807

1,920

2,249

2,082

2,706

2,595

2,938

2,200

1,775

1,917

1,438

1,767

1,795

1,483

1,761

1,491

CNX Nifty Junior 8

14,102

10,575

13,142

16,539

14,278

14,613

13,928

14,197

14,919

15,389

14,804

15,959

16,597

15,897

15,866

15,190

12,787

12,731

13,350

12,379

13,061

11,690

9

Total

NSE

47.4

40.0

41.5

45.7

38.6

38.0

37.8

37.3

38.0

40.9

36.9

39.4

39.2

50.3

48.5

44.3

38.7

37.3

40.3

42.9

42.7

42.9

10

C#

14.2

13.6

13.4

15.5

13.1

13.4

13.0

13.5

15.1

13.5

18.3

16.3

17.7

13.8

11.2

12.6

11.2

13.9

13.4

12.0

13.5

12.8

11

D#

Note: BSE Sensex, BSE 100, S&P CNX Nifty & CNX Nifty Junior have free float market capitlisation. A# = percentage share of Sensex securities in total BSE turnover . B# = percentage share of BSE-100 Index securities in total BSE turnover. C# = percentage share of S&P CNX Nifty securities in total NSE turnover. D# = percentage share of CNX Nifty Junior securities in total NSE turnover . Source: BSE and NSE.

795 1,469

3-Aug-10

3

2

684 1,270

BSE 100

BSE Sensex

2-Aug-10

1

Date

BSE

20,31,103 20,17,687 20,19,059 20,40,184 20,61,047 20,59,734 20,64,592 20,53,307 20,36,647 20,40,461 20,17,240 20,20,402 20,13,084

14,18,193 14,09,118 14,08,967 14,25,225 14,40,668 14,36,521 14,37,109 14,29,478 14,19,177 14,22,824 14,05,029 14,07,661 14,02,899

65,62,025

66,00,308

65,89,775

66,50,626

66,41,459

67,05,526

67,59,661

67,21,118

67,30,185

66,81,622

66,26,447

66,16,364

66,38,513

65,99,932

65,89,624

66,29,808

66,60,847

65,92,484

66,01,458

66,08,871

65,86,089

65,67,632

14

Total

21.4

21.3

21.3

21.4

21.4

21.3

21.3

21.4

21.4

21.3

21.3

21.3

21.4

21.4

21.4

21.5

21.4

21.5

21.5

21.5

21.5

21.5

15

E#

30.7

30.6

30.6

30.7

30.7

30.6

30.5

30.6

30.6

30.5

30.5

30.5

30.6

30.6

30.6

30.7

30.6

30.6

30.6

30.6

30.6

30.7

16

F#

15,65,624

15,69,414

15,67,454

15,87,505

15,83,001

15,95,401

16,06,516

16,02,796

16,05,570

15,87,872

15,69,038

15,70,236

15,80,040

15,69,698

15,70,909

15,82,531

15,89,905

15,78,162

15,80,443

15,86,463

15,78,241

15,75,961

17

S&P CNX Nifty

Market Capitalisation

3,16,126

3,16,956

3,17,167

3,20,395

3,19,958

3,23,528

3,25,739

3,24,686

3,24,862

3,21,921

3,19,161

3,18,019

3,18,734

3,15,400

3,13,576

3,16,147

3,17,061

3,09,386

3,10,167

3,10,727

3,11,005

3,09,680

18

CNX Nifty Junior 19

Total

63,93,418

64,26,850

64,20,189

64,81,326

64,68,187

65,31,991

65,89,493

65,52,510

65,52,972

65,05,321

64,46,450

64,38,958

64,60,480

64,17,604

64,13,375

64,51,246

64,84,319

64,15,469

64,23,224

64,35,563

64,14,382

63,96,833

NSE

24.5

24.4

24.4

24.5

24.5

24.4

24.4

24.5

24.5

24.4

24.3

24.4

24.5

24.5

24.5

24.5

24.5

24.6

24.6

24.7

24.6

24.6

20

4.9

4.9

4.9

4.9

4.9

5.0

4.9

5.0

5.0

4.9

5.0

4.9

4.9

4.9

4.9

4.9

4.9

4.8

4.8

4.8

4.8

4.8

21

G# H#

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

20,18,660

20,16,099

20,32,188

20,40,093

20,15,624

20,18,665

20,24,998

20,17,853

20,14,002

13

BSE 100

14,10,923

14,10,633

14,22,327

14,27,597

14,16,037

14,18,289

14,21,770

14,13,762

14,11,138

12

BSE Sensex

BSE

Table 12: Turnover and Market Capitalisation at BSE and NSE during August 2010 SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Table 13: Component Stocks: BSE Sensex during August 2010 Sl. No.

Name of Security

Issued Capital (` crore)

1

2

3

1

ACC Ltd.

2

Bharat Heavy Electricals Ltd.

3

Bharti Airtel Ltd.

4 5

Market Weightage Capitalisation (Percent) (` crore) 4

Beta

R2

Daily Monthly Volatility Return (Percent) (Percent)

Impact Cost (Percent)

5

6

7

8

9

10

188

9,002

0.6

0.7

0.2

1.6

0.2

0.2

490

41,260

2.9

0.7

0.3

1.3

-0.1

0.1

1,899

43,483

3.1

0.6

0.1

2.5

0.3

0.0

Cipla Ltd.

161

15,832

1.1

0.4

0.1

1.6

-0.3

0.2

DLF Ltd.

339

12,805

0.9

1.6

0.5

2.5

0.0

0.1

6

HDFC Bank Ltd.

460

78,497

5.6

0.8

0.4

1.3

0.0

0.1

7

Hero Honda Motors Ltd.

40

17,890

1.3

0.6

0.2

1.6

-0.1

0.2

8

Hindalco Industries Ltd.

192

22,336

1.6

2.0

0.6

2.8

0.2

0.0

9

Hindustan Unilever Ltd.

218

28,847

2.1

0.4

0.1

1.4

0.2

0.3

10

Housing Development Finance Corporation Ltd.

11

ICICI Bank Ltd.

12 13

291

81,861

5.8

1.0

0.5

1.5

0.2

0.1

1,115

1,08,999

7.8

1.6

0.6

2.1

0.4

0.1

Infosys Technologies Ltd.

287

1,32,057

9.4

0.8

0.4

1.4

-0.1

0.1

I T C Ltd.

765

87,093

6.2

0.6

0.2

1.5

0.3

0.2

14

Jaiprakash Associates Ltd.

425

12,731

0.9

1.7

0.5

2.5

-0.4

0.2

15

Jindal Steel & Power Ltd.

93

28,799

2.1

1.2

0.4

2.1

0.4

0.2

16

Larsen & Toubro Ltd.

121

98,389

7.0

0.9

0.4

1.5

0.1

0.1

17

Mahindra & Mahindra Ltd.

289

27,175

1.9

1.2

0.4

2.1

-0.2

0.2

18

Maruti Suzuki India Ltd.

144

18,142

1.3

0.7

0.2

1.9

0.2

0.1

19

NTPC Ltd.

8,245

32,281

2.3

0.6

0.3

1.2

-0.1

0.2

20

Oil & Natural Gas Corporation Ltd.

2,139

57,268

4.1

0.6

0.2

1.5

0.4

0.0

21

Reliance Communications Ltd.

1,032

11,270

0.8

1.1

0.2

2.6

-0.6

0.2

22

Reliance Industries Ltd.

3,271

1,65,283

11.8

1.2

0.5

1.7

-0.4

0.0

23

Reliance Infrastructure Ltd.

244

14,674

1.0

1.3

0.4

2.1

-0.5

0.1

24

State Bank of India

635

78,991

5.6

1.2

0.5

1.8

0.5

0.0

25

Sterlite Industries (India) Ltd.

336

22,859

1.6

1.7

0.5

2.5

0.0

0.1

26

Tata Consultancy Services Ltd.

196

49,548

3.5

0.8

0.3

1.6

0.0

0.1

27

Tata Motors Ltd.

506

33,159

2.4

1.5

0.4

2.6

0.8

0.1

28

Tata Power Co. Ltd.

237

20,340

1.4

0.7

0.3

1.4

-0.4

0.3

29

Tata Steel Ltd.

887

32,444

2.3

1.7

0.6

2.4

-0.1

0.1

30

Wipro Ltd.

490

19,586

1.4

0.9

0.3

1.7

-0.1

0.3

Total Beta & R2 are calculated for the period Sept 09- August 2010, Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market. Volatility is the standard deviation of the daily returns for the period Sept 09- August 2010. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It is calculated for the period September 1, 2010 to August 31, 2010. Source: BSE.

746

SEPTEMBER

SEBI BULLETIN

2010

Table 14: Component Stocks : S&P CNX Nifty Index during August 2010 Sl. No. 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

Name of Security

2 ABB Ltd. ACC Ltd. Ambuja Cements Ltd. Axis Bank Ltd. Bharat Heavy Electricals Ltd. Bharat Petroleum Corporation Ltd. Bharti Airtel Ltd. Cairn India Ltd. Cipla Ltd. DLF Ltd. GAIL (India) Ltd. HCL Technologies Ltd. HDFC Bank Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd. Hindustan Unilever Ltd. Housing Development Finance Corporation Ltd. I T C Ltd. ICICI Bank Ltd. Idea Cellular Ltd. Infosys Technologies Ltd. Infrastructure Development Finance Co. Ltd. Jaiprakash Associates Ltd. Jindal Steel & Power Ltd. Kotak Mahindra Bank Ltd. Larsen & Toubro Ltd. Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd. NTPC Ltd. Oil & Natural Gas Corporation Ltd. Power Grid Corporation of India Ltd. Punjab National Bank Ranbaxy Laboratories Ltd. Reliance Capital Ltd. Reliance Communications Ltd. Reliance Industries Ltd. Reliance Infrastructure Ltd. Reliance Power Ltd. Siemens Ltd. State Bank of India Steel Authority of India Ltd. Sterlite Industries (India) Ltd. Sun Pharmaceutical Industries Ltd. Suzlon Energy Ltd. Tata Consultancy Services Ltd. Tata Motors Ltd. Tata Power Co. Ltd. Tata Steel Ltd. Unitech Ltd. Wipro Ltd. Total

Issued Capital (` crore) 3 42 19 305 408 490 362 1,899 1,897 161 339 1,268 136 460 40 191 218 291 765 1,115 3,300 287 1,460 425 93 349 121 289 144 8,245 2,139 4,209 315 210 246 1,032 3,287 245 2,397 67 635 4,130 336 104 349 196 506 237 887 504 490

Market Weightage Capitalisation (Percent) 4 4,129 8,792 10,262 33,802 38,027 9,836 39,942 14,322 15,388 10,949 20,754 9,006 74,994 17,096 21,627 27,692 80,762 85,366 1,09,041 5,648 1,30,758 20,347 12,517 26,569 14,345 95,899 26,713 16,636 25,044 45,111 6,244 15,705 7,457 8,566 10,396 1,55,482 14,051 5,556 10,467 71,284 10,935 23,961 13,245 3,788 42,732 32,230 19,782 31,854 10,434 20,083

5 0.3 0.6 0.7 2.2 2.4 0.6 2.6 0.9 1.0 0.7 1.3 0.6 4.8 1.1 1.4 1.8 5.2 5.5 7.0 0.4 8.4 1.3 0.8 1.7 0.9 6.1 1.7 1.1 1.6 2.9 0.4 1.0 0.5 0.6 0.7 9.9 0.9 0.4 0.7 4.6 0.7 1.5 0.9 0.2 2.7 2.1 1.3 2.0 0.7 1.3

2

Beta

R

6 0.6 0.7 0.8 1.1 0.7 0.3 0.6 1.1 0.4 1.7 0.6 1.0 0.8 0.7 1.9 0.4 1.0 0.6 1.6 0.7 0.8 1.2 1.7 1.2 1.3 0.9 1.2 0.7 0.6 0.6 0.5 0.8 0.9 1.4 1.2 1.2 1.3 1.1 1.1 1.1 1.4 1.7 0.4 1.2 0.8 1.5 0.7 1.7 1.9 0.9

7 0.3 0.5 0.4 0.7 0.6 0.1 0.3 0.6 0.3 0.7 0.4 0.5 0.6 0.4 0.7 0.3 0.7 0.4 0.8 0.3 0.6 0.6 0.7 0.6 0.7 0.7 0.6 0.4 0.6 0.4 0.4 0.6 0.5 0.7 0.5 0.7 0.6 0.6 0.6 0.7 0.7 0.7 0.3 0.5 0.5 0.6 0.5 0.8 0.7 0.5

Daily Volatility (Percent) 8 1.2 1.4 2.4 1.1 0.9 2.7 1.6 2.2 1.2 1.9 1.4 1.7 1.1 1.3 1.9 1.0 1.5 1.4 2.0 2.1 1.2 1.2 1.8 1.6 1.5 1.1 1.1 0.9 0.9 1.3 1.6 1.5 1.4 1.3 1.6 1.0 1.4 1.0 0.9 2.0 0.9 1.7 1.1 2.0 1.4 2.1 0.8 1.6 2.3 1.4

Monthly Return (Percent) 9 -0.2 0.2 0.3 0.0 -0.1 0.8 0.3 0.0 -0.3 0.0 0.3 -0.1 0.0 -0.1 0.2 0.2 0.2 0.3 0.4 0.1 -0.1 -0.2 -0.4 0.4 0.3 0.1 -0.2 0.2 -0.1 0.4 0.4 0.5 0.4 -0.1 -0.6 -0.4 -0.5 -0.3 0.0 0.5 -0.4 -0.7 0.0 -0.9 0.0 0.8 -0.4 -0.1 -0.2 -0.1

Impact Cost (Percent) 10 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

2

Beta & R are calculated for the period Sept 09- August 2010, Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market. Volatility is the standard deviation of the daily returns for the period Sept 09- August 2010. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It is calculated for the period September 1, 2010 to August 31, 2010. Source: NSE.

747

SEPTEMBER

SEBI BULLETIN

2010

Table 15: Volatility* of Major Indices (Percent)

Month/Year

BSE Sensex

BSE 100 Index

Dollex-200

S&P CNX Nifty

CNX Nifty Junior

S&P CNX Defty

1

2

3

4

5

6

7

2007-08

1.9

2.0

2.2

2.0

2.4

2.2

2008-09

2.8

2.7

3.0

2.7

2.8

3.0

2009-10

1.9

1.8

2.1

1.9

2.0

2.2

2010-11$

1.0

1.2

1.0

1.0

0.9

1.5

Apr-10

0.8

0.8

1.0

0.8

0.8

1.1

May-10

1.5

1.5

2.0

1.6

1.6

2.3

Jun-10

1.2

1.1

1.3

1.2

0.9

1.7

Jul-10

0.6

0.6

0.6

0.6

0.4

0.8

Aug-10

0.7

0.9

0.7

0.7

0.7

0.9

* Volatility is calculated as the standard deviation of the natural log of daily returns in indices for the respective period. $As on August 31, 2010. Source: BSE and NSE.

748

SEPTEMBER

SEBI BULLETIN

2010

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

BSE

Sl. No

City

1

2

NSE

2008-09

2009-10

Jul-10

Aug-10

2008-09

2009-10

Jul-10

Aug-10

3

4

5

6

7

8

9

10

1

Ahmedabad

4.8

5.0

4.4

4.1

5.3

5.6

6.5

5.4

2

Bangalore

0.5

0.5

0.4

0.4

0.6

0.6

0.6

0.6

3

Baroda

0.3

0.9

0.3

0.3

0.7

0.6

0.5

0.6

4

Bhubaneshwar

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5

Chennai

0.4

0.4

0.5

0.5

2.0

1.6

1.7

1.8

6

Cochin

0.3

0.5

0.4

0.4

0.8

1.7

1.9

1.7

7

Coimbatore

0.0

0.0

0.0

0.0

0.3

0.3

0.3

0.3

8

Delhi

2.9

3.1

3.3

3.6

15.0

12.9

12.2

10.9

9

Guwahati

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

10

Hyderabad

0.3

0.3

0.3

0.3

1.7

1.8

1.8

1.7

11

Indore

0.6

0.5

0.5

0.5

0.5

0.6

0.5

0.7

12

Jaipur

0.9

0.9

0.9

0.9

0.6

0.5

0.4

0.5

13

Kanpur

0.3

0.4

0.6

0.6

0.1

0.1

0.1

0.2

14

Kolkata

0.8

0.7

1.0

1.0

9.2

7.0

7.3

7.3

15

Ludhiana

0.1

0.1

0.1

0.1

0.2

0.1

0.1

0.2

16

Mangalore

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

17

Mumbai

72.4

72.9

73.9

74.3

55.9

57.5

56.2

58.2

18

Patna

0.1

0.1

0.1

0.1

0.0

0.0

0.0

0.0

19

Pune

0.7

0.6

0.5

0.5

0.2

0.2

0.3

0.2

20

Rajkot

3.8

3.2

2.5

2.7

1.3

1.4

1.5

1.7

21

Others

11.0

9.9

10.3

9.6

5.7

7.4

8.1

8.1

Total

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Source: BSE and NSE.

749

SEPTEMBER

SEBI BULLETIN

2010

Table 17: Advances/Declines in Cash Segment of BSE and NSE BSE Month/Date

1

NSE

Advances

Declines

Advance / Decline Ratio

Advances

Declines

Advance / Decline Ratio

2

3

4

5

6

7

Sep-09

2,506

553

3.0

667

582

1.1

Oct-09

1,602

1,461

4.5

632

630

1.0

Nov-09

1,217

1,873

1.1

518

751

0.7

Dec-09

2,358

737

0.7

671

607

1.1

Jan-10

2,455

570

3.2

673

614

1.1

Feb-10

1,115

1,908

4.3

1,057

224

4.7

Mar-10

1,552

1,207

0.6

655

597

1.1

Apr-10

2,425

725

1.3

836

484

1.7

May-10

1,125

2,035

3.3

1,029

261

8.0

Jun-10

1,500

1,678

0.9

955

285

10.0

Jul-10

2,343

863

2.7

1,129

258

4.4

Aug-10

1,838

1,391

1.3

802

593

1.4

Note: Advance/Decline is calculated based on the average price methodology. Source: BSE and NSE.

750

SEPTEMBER

SEBI BULLETIN

2010

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

BSE

NSE

Scrips Listed

Scrips Traded

Percent of Traded to Listed

Companies Available for Trading

Companies Traded

Percent of Traded to Available for Trading

2

3

4

5

6

7

Aug-09

7,758

2,911

37.5

1,288

1,272

98.8

Sep-09

7,792

2,917

37.4

1,287

1,275

99.1

Oct-09

7,768

2,844

36.6

1,291

1,274

98.7

Nov-09

7,887

2,896

36.7

1,292

1,286

99.5

Dec-09

7,831

2,999

38.3

1,303

1,297

99.5

Jan-10

7,882

2,923

37.1

1,338

1,320

98.7

Feb-10

7,974

2,907

36.5

1,342

1,328

99.0

Mar-10

8,072

2,963

36.7

1,359

1,343

98.8

Apr-10

8,155

3,039

37.3

1,367

1,346

98.5

May-10

8,155

2,937

36.0

1,374

1,349

98.2

Jun-10

8,214

3,024

36.8

1,388

1,364

98.3

Jul-10

8,239

3,080

37.4

1,392

1,373

98.6

Aug-10

7,639

3,072

40.2

1,408

1,389

98.7

1

Source: BSE and NSE.

751

SEPTEMBER

SEBI BULLETIN

2010

Table 19: Percentage Share of Top 'N' Securities/Members (Percent)

BSE

Month/Year

NSE

Top

5

10

25

50

100

5

10

25

50

100

1

2

3

4

5

6

7

8

9

10

11

Securities 2008-09

18.5

29.6

49.0

66.0

79.6

20.5

32.6

56.4

74.7

87.7

2009-10

15.3

22.2

35.3

47.8

62.4

13.7

23.0

41.0

58.5

74.4

2010-11$

11.2

18.6

29.6

40.7

53.6

15.1

21.6

36.5

52.2

66.9

Apr-10

10.9

16.9

28.4

40.3

55.0

14.5

24.4

41.0

55.5

70.3

May-10

14.1

23.4

38.4

50.8

64.1

16.6

26.8

47.7

63.3

77.9

Jun-10

11.4

19.6

36.0

49.7

63.5

13.8

23.5

43.9

61.7

76.1

Jul-10

8.6

14.9

27.8

40.3

54.5

11.9

20.2

38.7

55.9

70.3

Aug-10

11.2

18.6

29.6

40.7

53.6

15.1

21.6

36.5

52.2

66.9

Members 2008-09

14.3

21.7

38.2

55.8

73.3

13.6

23.6

43.6

61.2

75.4

2009-10

13.3

21.1

37.3

53.3

71.5

14.9

24.0

41.8

57.8

72.6

2010-11$

13.7

22.3

38.2

53.5

71.2

14.8

24.2

41.7

57.0

72.0

Apr-10

13.6

21.1

36.7

52.7

70.9

14.8

24.3

42.3

58.4

72.8

May-10

14.8

21.8

37.7

54.1

71.9

14.7

24.6

43.5

60.0

74.2

Jun-10

14.7

22.1

38.3

54.2

72.0

14.6

24.4

41.9

58.1

72.8

Jul-10

13.7

21.1

36.7

52.8

70.9

14.7

24.3

42.7

57.9

72.5

Aug-10

13.7

22.3

38.2

53.5

71.2

14.8

24.2

41.7

57.0

72.0

$As on August 31, 2010. Source: BSE and NSE.

752

431

443

453

517

May-10

Jun-10

Jul-10

Aug-10

$As on August 31, 2010. Source: BSE.

93,849

87,762

78,970

75,466

36,428

35,061

28,701

28,953

38.8

39.9

36.3

38.4

37.7

453

Apr-10

32,311

38.3

2010-11$ 2,297 4,21,838 1,61,454

85,792

32.0

5

6,056 11,36,513 3,63,578

4

2009-10

3

Delivered Percent of Quantity Delivered (Lakh) Quantity to Traded Quantity

26.6

2

1

Traded Quantity (Lakh)

2008-09 5,408 7,39,601 1,96,630

No. of Trades (Lakh)

Month/ Year

7

1,12,882

92,957

92,493

86,680

93,929

32,778

26,298

23,698

22,185

25,724

4,78,941 1,30,683

13,78,809 3,11,364

29.0

28.3

25.6

25.6

27.4

27.3

22.6

20.9

8

36,243

32,684

28,699

28,949

32,309

1,58,885

3,63,500

1,96,096

9

99.5

93.2

100.0

100.0

100.0

98.4

100.0

99.7

10

32,773

26,270

23,697

22,183

25,724

1,30,647

3,11,352

2,30,173

11

100.0

99.9

100.0

100.0

100.0

100.0

100.0

99.9

12

143

110

120

68

107

547

1,769

740

13

0.4

0.3

0.4

0.2

0.3

0.3

0.5

0.4

14

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.1

15

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16

18

19

6,794

6,959

7,476

7,410

6,465

32,778

26,298

23,698

22,185

25,724

4,402

4,336

4,308

4,395

4,438

35,104 1,30,683 4,402

99,102 3,11,364 4,398

84,841 2,30,332 3,624

17

Delivered Percent of Delivered Percent of Delivered Percent of Short Percent Unrectified Percent of Funds Securities Settlement Delivered Quantity in Demat Value in Demat Delivery of Short Bad Delivery Unrectified Pay-in Value Pay-in Guarantee (` crore) Value to Demat Delivered Demat Delivered (Auctioned Delivery (Auctioned Bad (` crore) (` crore) Total Mode Quantity to Mode Value to quantity) to quantity) Delivery to (` crore) Turnover (Lakh) Total Total (Lakh) Delivery (Lakh) Delivery (` crore) Delivered Delivered Quantity Value

11,00,074 2,30,332

6

Turnover (` crore)

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

753

2010

1,224

Jul-10

754

1,53,694

1,40,128

1,41,008

$As on August 31, 2010. Source: NSE.

1,361

1,236

Jun-10

Aug-10

1,254

May-10

1,41,599

1,40,723

1,197

Apr-10

44,245

38,654

34,547

37,276

28.8

27.6

24.5

26.3

27.6

27.0

7,17,153 1,93,616

2010-11$ 6,272 38,893

21.5

5

2009-10 16,788 22,05,878 4,73,952

4 21.4

3

14,18,928 3,03,299

2

2008-09 13,639

1

7

3,16,431

2,76,734

2,82,748

2,87,931

2,73,344

87,358

76,665

70,710

76,040

74,642

14,37,188 3,85,415

41,29,214 9,16,460

27,49,450 6,10,498

6

27.6

27.7

25.0

26.4

27.3

26.8

22.2

22.2

8

44,245

38,654

34,547

37,276

38,893

1,93,616

4,73,952

3,03,299

9

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

10

87,358

76,665

70,710

76,040

74,642

3,85,415

9,16,460

6,10,498

11

Month/ No. of Traded Delivered Percent of Turnover Delivere Percent Delivered Percent of Delivered Year Trades Quantity Quantity Delivered (` crore) d Value of Quantity Demat Value in (Lakh) (Lakh) (Lakh) Quantity (` crore) Delivered in Demat Delivered Demat to Traded Value to Mode Quantity Mode Quantity Total (Lakh) to Total (` crore) Turnover Delivered Quantity

Table 21: Settlement Statistics for Cash Segment of NSE

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

12

146

60

60

52

69

387

862

625

13

0.3

0.2

0.2

0.1

0.2

0.2

0.2

0.2

14

Percent of Short Percent Demat Delivery of Short Delivered (Auctioned Delivery Value to quantity) to Total (Lakh) Delivery Delivered Value

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16

18

21,675

20,145

22,292

23,541

19,310

87,521

76,753

70,801

76,122

74,744

1,06,965 3,85,942

2,78,387 9,16,460

2,20,704 6,10,498

17

5,201

5,226

5,210

5,233

5,427

5,201

5,547

4,844

19

Unrectified Percent of Funds Securities Settlement Bad Unrectified Pay-in Pay-in Guarantee Delivery Bad (` crore) (` crore) (Auctioned Delivery to (` crore) quantity) Delivery (Lakh)

SEPTEMBER SEBI BULLETIN 2010

244

107

20

21

22

22

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

755

Stock Futures Call

Index Options Put Call

Stock Options Put

Total

Open Interest at the end of

114

40

93

148

54

449

3,744

4,95,830

3

3

1

2

4

1

12

96

11,757

4

0

0

0

0

0

0

6

299

5

0

0

0

0

0

0

0

9

6

0

0

0

0

0

0

5,276

251

7 6

0

0

0

0

0

0

138

8

0

0

0

10

0

10

0

122

9

0

0

0

0

0

0

0

3

10

0

0

0

0

0

0

0

0

11

0

0

0

0

0

0

0

0

12

0

0

0

0

0

0

0

0

13

0

0

0

0

0

0

0

0

14

114

40

93

158

54

459

9,026

4,96,502

15

3

1

2

4

1

12

234

11,775

16

2

0

10

0

10

2

0

22

17

0

0

0

0

0

0

0

0

18

No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Value Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore)

Index Futures

Note: 1. Notional Turnover = (Strike Price + Premium) * Quantity. Index Futures, Index Options, Stock Options and Stock Futures were introduced in August 2000, August 2001, August 2001 and November 2001, respectively. $As on August 31, 2010. Source: BSE.

22

243

2008-09

Aug-10

2

1

Month/ No. of Trading Year Days

Table 22: Equity Derivatives Segment at BSE SEPTEMBER SEBI BULLETIN 2010

243

244

107

20

21

22

22

22

2008-09

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Stock Futures Call

Index Options Put

Call

Stock Options Put

10

11

12

1,15,66,700

1,15,30,614

1,54,34,326

1,68,43,664

1,07,85,388

2,99,130

2,89,423

3,72,266

3,95,613

2,79,572

1,66,20,194

1,48,77,996

1,41,56,191

1,38,86,580

1,14,18,975

4,96,267

4,23,422

4,21,843

4,31,593

4,09,844

1,90,36,006

1,82,31,436

2,05,96,147

2,35,02,366

1,63,03,127

5,32,013

5,01,798

5,49,698

6,11,699

4,41,522

2,34,00,978

2,06,57,577

2,46,13,415

2,43,89,036

1,77,73,216

57,692 58,537 52,297 56,723 76,820

4,63,950 14,65,075 6,05,759 16,96,094 6,20,245 16,57,220 5,41,556 18,79,794 6,25,453 23,40,573

756

$As on August 31, 2010. Source: NSE.

7,47,574

5,79,390

6,20,790

6,42,775

4,84,789

35,33,002

13

24,045

16,988

19,250

21,296

19,039

57,384

14

30,75,318 1,00,618

9

6,61,60,692 16,36,004 7,09,59,936 21,82,969 9,76,69,082 26,36,730 11,08,34,222 28,56,963 90,38,756 3,02,068

8

34,02,123 1,16,907

7

3,89,158

6

17,83,06,889 39,34,389 14,55,91,240 51,95,247 16,76,83,928 40,49,266 17,36,95,595 39,78,699 1,06,14,147

5 1,71,843

4

21,04,28,103 35,70,111 22,15,77,980 34,79,642 11,04,31,974 20,02,544 10,16,56,470 17,28,957 97,62,968

3

No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Turnover Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore)

Index Futures

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

2

No. of Trading Days

1

Month/ Year

Table 23: Equity Derivatives Segment at NSE

17

1,10,10,482 32,27,759

16

7,37,12,025

6,77,56,807

7,70,78,089

8,09,60,515

5,82,30,570

35,77,38,006

20,53,728 57,18,501 1,53,948

18,29,910 45,65,614 1,21,864

20,35,599 46,32,680 1,22,173

21,24,496 40,12,872 1,04,437

16,71,620 37,49,538 1,03,280

97,15,352 57,18,501 1,53,948

97,978

57,705

18

Turnover No. of Value (` crore) Contracts (` crore)

Open Interest at the end of

67,92,93,922 1,76,63,665 34,89,790

65,73,90,497

15

No. of Contracts

Total

SEPTEMBER SEBI BULLETIN 2010

757

6,89,260

31-Aug-10

17,537

14,664

15,213

22,724

23,643

23,164

12,587

10,439

15,280

14,452

9,534

13,950

12,458

15,970

12,881

10,532

7,944

8,317

8,402

10,684

8,252

10,504

3

Turnover (` crore)

5,82,369

4,77,682

5,84,242

16,67,382

13,60,855

12,28,155

10,67,535

8,45,595

8,84,140

8,12,141

6,88,268

7,42,092

7,36,892

7,54,840

6,91,685

6,41,895

4,64,757

4,88,962

4,82,189

4,78,312

5,00,250

4,39,956

4

17,533

14,249

17,666

47,902

39,777

36,037

32,056

24,754

26,389

25,337

20,699

21,564

22,432

23,319

21,934

20,087

14,096

14,822

14,466

13,970

14,416

12,761

5

Turnover No. of Contracts (` crore)

Stock Futures

11,52,547

9,28,197

8,47,558

13,87,514

11,45,942

10,38,501

6,76,685

8,22,170

12,22,182

9,65,763

7,02,738

9,58,644

9,19,910

10,23,244

8,65,853

6,69,645

5,58,816

6,00,755

6,73,795

7,04,479

5,39,239

6,31,829

6

No. of Contracts

32,226

26,127

23,929

38,600

31,920

29,056

19,006

23,058

34,269

26,804

19,486

26,619

25,636

28,393

24,179

18,746

15,690

16,835

18,952

19,707

15,086

17,689

7

13,27,792

11,09,024

11,10,912

15,34,571

14,75,561

14,54,511

10,96,488

10,95,082

16,22,671

12,13,604

9,53,202

12,96,391

10,49,488

11,32,266

9,65,778

8,19,014

6,48,438

6,24,064

7,86,431

7,45,329

6,40,606

6,99,755

8

35,279

29,659

29,609

41,239

39,827

39,351

29,432

29,593

43,618

32,440

25,399

34,737

27,959

30,166

25,789

21,785

17,173

16,632

20,788

19,719

16,866

18,392

9

Turnover (`` crore)

Puts No. of Contracts

Index Options

Turnover (` crore)

Calls

4,173 2,480 2,078 2,682

67,457 86,874

3,266

1,00,688 78,120

3,575

1,09,378 1,24,723

4,085 3,654

1,28,071

4,008

1,23,893 1,09,483

5,012

5,103

1,51,858

3,452

4,783

1,31,980

1,05,908

4,580

1,28,445

1,43,574

3,218

4,841

2,990

92,205 94,863

4,158

2,258

70,188

1,49,307

2,140

71,162

1,30,310

1,821 2,463

81,429

11

10

60,657

Turnover (` crore)

30,811

19,945

23,038

46,846

37,306

34,997

27,673

35,373

33,855

47,003

30,768

40,718

47,518

56,969

51,398

39,508

28,270

27,925

22,952

22,470

25,240

16,991

12

885

589

689

1,546

1,217

1,095

922

1,148

1,084

1,630

989

1,293

1,535

1,826

1,814

1,366

932

860

714

667

749

495

13

Turnover (` crore)

Puts No. of Contracts

Stock Options

No. of Contracts

Calls

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

5,72,185

19-Aug-10

30-Aug-10

5,82,971

18-Aug-10

5,93,213

5,62,791

17-Aug-10

8,61,876

3,70,734

16-Aug-10

27-Aug-10

5,47,522

13-Aug-10

26-Aug-10

4,87,234

12-Aug-10

8,99,134

6,29,498

11-Aug-10

25-Aug-10

5,05,308

10-Aug-10

8,73,805

4,09,125

9-Aug-10

24-Aug-10

3,09,829

6-Aug-10

3,95,381

3,24,812

5-Aug-10

4,72,492

3,26,018

4-Aug-10

23-Aug-10

4,17,697

3-Aug-10

20-Aug-10

4,16,099

3,19,716

2-Aug-10

2

No. of Contracts

1

Date

Index Futures

Table 24: Equity Derivatives Trading at NSE during August 2010

38,69,653

31,74,490

32,37,083

56,22,912

50,19,486

47,39,347

34,50,356

33,21,672

44,69,712

37,44,876

28,51,618

37,15,677

33,90,349

37,48,675

32,12,002

27,07,632

21,04,973

21,58,723

23,61,573

24,39,449

21,06,480

22,65,287

14

16

No. of Contracts

17

Value (` crore)

Open Interest at the end of the day

1,06,141 57,18,501 1,53,948

87,367 55,24,060 1,49,200

89,587 53,22,402 1,43,483

1,56,183 49,63,334 1,35,492

1,39,650 73,13,624 1,99,965

1,32,277 72,72,995 2,00,550

97,657 71,79,411 1,99,221

93,077 70,22,750 1,94,319

1,24,649 69,23,301 1,91,811

1,05,674 66,76,295 1,83,321

79,559 65,46,989 1,78,195

1,02,321 63,80,118 1,73,661

94,861 62,89,428 1,72,299

1,04,777 61,63,440 1,67,909

91,381 59,95,146 1,62,973

77,097 58,32,902 1,59,260

59,054 56,51,426 1,54,582

60,455 54,90,023 1,48,659

65,580 54,57,792 1,47,935

66,887 52,45,606 1,42,568

57,832 50,70,043 1,37,348

61,662 48,31,990 1,30,503

15

Turnover No. of Contracts (` crore)

Total Turnover

SEPTEMBER SEBI BULLETIN 2010

Index/Stock Options

0

0

0

Apr-10

May-10

Jun-10

758

$As on August 31, 2010. Source: BSE and NSE.

1

1

2010-11$

Aug-10

0

2009-10

0

110

2008-09

Jul-10

2

0

0

0

0

0

0

0

3

3

0

0

0

0

0

0

0

0

4

0

0

0

0

0

0

0

0

5

MTM Final Premium Exercise Settlement Settlement Settlement Settlement

Index/Stock Futures

1

Month/ Year

BSE

1

0

0

0

0

1

0

113

6

71

71

70

70

68

71

72

81

7

Settlement Total Gurantee Fund

Index/Stock Options

NSE

3,466

3,382

5,117

7,062

3,295

22,322

60,656

75,194

8

49

57

48

203

83

440

1,395

1,498

9

932

796

945

1,037

795

4,505

11,011

10,960

10

127

133

201

152

105

718

3,881

4,188

11

MTM Final Premium Exercise Settlement Settlement Settlement Settlement

Index/Stock Futures

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

4,575

4,367

6,310

8,455

4,278

27,985

76,943

91,840

12

Total

32,559

31,980

33,276

31,955

33,274

32,559

31,572

23,656

13

Settlement Gurantee Fund

(? crore)

SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Table 26: Trading in the Corporate Debt Market BSE

Month/Year

NSE

FIMMDA

No. of Trades

Traded Value (` crore)

No. of Trades

Traded Value (` crore)

No. of Trades

Traded Value ( ` crore)

2

3

4

5

6

7

1 2008-09

8,327

37,320

4,902

49,505

9,501

61,535

2009-10

7,408

53,323

12,522

1,51,920

18,300

1,95,955

2010-11$

2,402

20,580

4,297

79,924

16,032

2,07,645

Apr-10

497

3,881

902

19,655

3,206

43,312

May-10

784

5,701

1,048

22,380

3,683

44,630

Jun-10

435

4,378

893

13,294

3,071

36,731

Jul-10

435

4,587

593

12,107

3,418

47,088

Aug-10

251

2,033

861

12,486

2,654

35,883

$As on August 31, 2010.

759

760 2,01,239

2,13,353

3,27,382

3,59,680

3,45,932

14,47,587

17,82,608

1,62,563

3

Traded Value (` crore)

9,583

9,698

14,881

17,984

18,207

13,919

7,428

1,170

4

9,44,422

8,58,180

9,77,138

7,88,154

5,91,253

9,44,422

4,27,873

2,57,554

5

4,514

4,057

4,600

3,702

2,679

4,514

1,964

1,313

6

Avg Daily Open Interest Trading at the end of Value No. of Traded (` crore) Contracts Value (` crore)

NSE

6,09,67,200

6,64,15,185

8,88,14,522

8,97,51,764

8,16,07,363

38,75,56,034

40,81,66,278

2,98,47,569

7

No. of Contracts

MCX-SX

2,91,018

3,20,016

4,25,088

4,23,075

3,73,372

18,32,568

19,44,654

1,48,826

8

13,858

14,546

19,322

21,154

19,651

17,621

8,103

1,305

9

7,93,594

7,80,189

8,32,531

5,57,883

5,54,539

7,93,594

4,23,314

1,94,265

10

3,808

3,693

3,929

2,644

2,522

3,808

1,951

990

11

Traded Value Avg Daily Open Interest Trading (` crore) at the end of Value No. of Traded (` crore) Contracts Value (` crore)

* Currency Futures trading statred at NSE on August 29, 2008 and at MCX-SX on October 07, 2008. $As on August 31, 2010. Source: NSE and MCX-SX.

4,26,39,638

Aug-10

7,77,44,870

May-10

4,49,24,854

7,70,85,167

Apr-10

Jul-10

31,22,32,062

2010-11$

6,98,37,533

37,86,06,983

2009-10

Jun-10

3,27,38,566

2

No. of Contracts

2008-09 *

1

Month/ Year

Table 27: Trading Statistics of Currency Derivatives Segment SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Table 28: Daily Trends of Currency Derivatives Trading during August 2010 Date

NSE No. of Contracts

1

2

Traded Value ( ` crore)

3

MCX-SX No. of Contracts

Open Interest at the end of No. of Contracts

Traded Value (` crore)

4

5

6

Traded Value ( ` crore)

Open Interest at the end of No. of Contracts

Traded Value (` crore)

7

8

9

02-Aug-10

16,27,908

7,636

8,02,039

3,788

26,84,519

12,691

7,10,259

3,370

03-Aug-10

16,53,155

7,768

8,00,537

3,786

28,06,343

13,278

7,25,423

3,433

04-Aug-10

15,06,229

7,090

8,17,279

3,871

24,21,522

11,535

7,66,413

3,618

05-Aug-10

14,68,377

6,913

8,57,470

4,055

21,05,983

10,074

7,56,202

3,573

06-Aug-10

18,38,414

8,585

8,61,276

4,058

23,71,416

11,264

7,38,419

3,478

09-Aug-10

11,39,099

5,350

8,56,505

4,040

20,96,019

9,970

7,30,365

3,447

10-Aug-10

15,23,725

7,160

8,71,502

4,131

25,86,136

12,333

7,48,360

3,552

11-Aug-10

20,34,893

9,625

9,30,686

4,431

30,80,772

14,727

7,78,919

3,714

12-Aug-10

30,30,002

14,378

8,99,819

4,281

44,07,551

21,087

7,74,784

3,710

13-Aug-10

23,48,345

11,088

9,16,660

4,359

34,46,823

16,459

7,92,772

3,796

16-Aug-10

22,10,750

10,438

9,93,018

4,719

33,17,422

15,842

8,32,917

3,984

17-Aug-10

23,93,335

11,274

9,36,857

4,441

29,57,131

14,180

8,16,905

3,899

18-Aug-10

22,40,309

10,555

9,09,003

4,311

30,31,992

14,477

7,94,224

3,778

20-Aug-10

22,01,908

10,375

8,61,524

4,096

29,26,030

14,027

9,12,480

4,339

23-Aug-10

19,49,098

9,151

8,57,217

4,076

24,59,423

11,734

9,46,765

4,499

24-Aug-10

20,11,443

9,503

9,42,137

4,499

26,78,160

12,828

9,60,125

4,586

25-Aug-10

25,32,483

11,985

9,41,535

4,497

33,06,869

15,764

9,19,812

4,398

26-Aug-10

24,36,921

11,552

10,04,222

4,791

35,77,918

17,041

9,90,033

4,730

27-Aug-10

25,80,473

12,256

8,50,342

4,050

28,98,960

13,906

10,15,748

4,871

30-Aug-10

16,03,896

7,600

9,00,934

4,294

25,95,964

12,417

7,35,009

3,517

31-Aug-10

23,08,875

10,956

9,44,422

4,514

32,10,247

15,384

7,93,594

3,808

Source: NSE and MCX-SX.

761

SEPTEMBER

SEBI BULLETIN

2010

Table 29: Settlement Statistics of Currency Derivatives Segment (? crore)

Month/Year

1 2008-09*

NSE

MCX-SX

Currency Futures

Currency Futures

MTM Settlement

Final Settlement

MTM Settlement

Final Settlement

2

3

4

5

361.8

5.6

237.2

5.2

1,050.2

29.0

913.4

24.2

913.1

24.6

890.8

19.7

Apr-10

74.8

4.0

71.8

2.0

May-10

303.7

12.3

325.6

9.7

Jun-10

233.8

4.7

217.6

4.2

Jul-10

187.2

3.2

177.8

3.5

Aug-10

113.6

0.4

98.0

0.4

2009-10 2010-11$

* Currency Futures trading statred at NSE on August 29, 2008 and at MCX-SX on October 07, 2008. $As on August 31, 2010. Source: NSE and MCX-SX.

762

SEPTEMBER

SEBI BULLETIN

2010

Table 30: Trading Statistics of Interest Rate Futures Segment at NSE Month/ Year

1 2009-10 #

No. of Contracts Trading Value Traded ( ` crore)

2

Average Daily Trading Value ( ` crore)

Number of Trading Days

4

3

Open Interest at the end of No. of Contracts

Trading Value (` crore)

5

6

7

1,60,894

2,975

21.2

140

758

14

2,732

51

0.5

104

62

1.1

Apr-10

407

7

0.4

19

838

15.5

May-10

1,177

22

1.1

20

1,004

18.9

Jun-10

917

17

0.8

22

63

1.2

Jul-10

205

4

0.2

22

63

1.2

Aug-10

26

0

0.0

21

62

1.1

2010-11$

# Interest Rate Futures trading started on August 31, 2009. $As on August 31, 2010. Source: NSE.

763

SEPTEMBER

SEBI BULLETIN

2010

Table 31: Interest Rate Futures trading at NSE during August 2010 Date

1

No. of Contracts Traded

Trading Value (` crore)

2

3

Open Interest No. of contracts

Value (` crore)

4

5

2-Aug-10

1

0.0

63

1.2

3-Aug-10

1

0.0

64

1.2

4-Aug-10

1

0.0

63

1.2

5-Aug-10

1

0.0

64

1.2

6-Aug-10

1

0.0

64

1.2

9-Aug-10

6

0.1

63

1.2

10-Aug-10

1

0.0

62

1.1

11-Aug-10

1

0.0

63

1.2

12-Aug-10

1

0.0

63

1.2

13-Aug-10

1

0.0

62

1.1

16-Aug-10

1

0.0

62

1.1

17-Aug-10

1

0.0

63

1.2

18-Aug-10

1

0.0

62

1.1

20-Aug-10

1

0.0

62

1.1

23-Aug-10

1

0.0

63

1.2

24-Aug-10

1

0.0

63

1.2

25-Aug-10

1

0.0

62

1.1

26-Aug-10

1

0.0

63

1.2

27-Aug-10

1

0.0

63

1.2

30-Aug-10

1

0.0

63

1.2

31-Aug-10

1

0.0

62

1.1

Source: NSE.

764

SEPTEMBER

SEBI BULLETIN

2010

Table 32: Settlement Statistics in Interest Rate Futures Segment at NSE (? crore)

Month/Year

MTM Settlement

Final Settlement

1

2

3

2009-10#

27.8

109.7

2010-11$

2.2

12.4

Apr-10

0.7

0.0

May-10

0.9

0.0

Jun-10

0.5

12.4

Jul-10

0.0

0.0

Aug-10

0.0

0.0

# Interest Rate Futures trading started on August 31, 2009. $As on August 31, 2010. Source: NSE.

765

SEPTEMBER

SEBI BULLETIN

2010

Table 33: Trends in Foreign Institutional Investment Period

Gross Purchase ( ` crore)

Gross Sales ( ` crore)

Net Investment ( ` crore)

Net Investment (US $ mn.)

Cumulative Net (US $ mn.)

1

2

3

4

5

6

2008-09

6,14,576

6,60,386

-45,811

-9,837

59,081

2009-10

8,46,437

7,03,779

1,42,658

30,252

89,333

2010-11$

3,70,986

3,14,920

56,067

12,150

1,01,483

Apr-10

74,374

61,981

12,393

2,783

92,116

May-10

71,569

78,555

-6,986

-1,505

90,611

Jun-10

68,976

57,727

11,249

2,424

93,035

Jul-10

80,671

55,947

24,724

5,285

98,320

Aug-10

75,396

60,710

14,686

3,163

1,01,483

The data presented above is compiled on the basis of reports submitted to SEBI by custodians. $As on August 31, 2010.

766

767

7,201.3

2,622.3

4,786.3

2,559.4

3,652.3

1,803.1

1,417.2

20-Aug-10

23-Aug-10

25-Aug-10

26-Aug-10

27-Aug-10

30-Aug-10

31-Aug-10

3

50,500.4

1,144.6

1,835.9

3,495.6

2,849.8

3,883.0

1,908.4

4,546.0

2,636.9

2,223.1

2,294.1

2,926.4

2,778.7

2,498.7

2,419.9

1,847.1

2,694.8

1,973.0

2,408.0

1,782.2

2,354.2

4

11,687.5

272.7

-32.8

156.6

-290.4

903.3

713.9

2,655.3

516.0

558.4

717.2

449.4

192.9

613.7

-58.6

829.1

167.4

741.5

677.3

864.4

1,040.2

5

2,513.6

58.2

-7.0

33.5

-61.9

193.1

153.3

569.3

110.5

119.4

154.0

95.8

41.4

132.5

-12.7

180.2

36.2

160.4

146.5

187.1

223.9

6

13,208.8

1,010.0

409.9

835.8

729.2

707.4

477.6

110.6

844.8

530.4

456.3

155.7

606.7

320.5

234.6

355.8

1,164.5

572.0

396.6

2,329.7

960.7

Debt

10,209.8

335.3

950.7

1,104.8

905.1

514.7

624.5

55.1

96.2

347.6

49.9

762.7

306.8

421.6

0.0

411.3

290.3

453.0

508.1

749.0

1,323.1

7

2,998.8

674.7

-540.8

-269.0

-175.8

192.7

-147.0

55.4

748.6

182.7

406.4

-607.0

299.9

-101.1

234.6

-55.5

874.2

119.0

-111.5

1,580.7

-362.4

8

649.0

144.1

-115.4

-57.5

-37.5

41.2

-31.6

11.9

160.4

39.1

87.3

-129.3

64.5

-21.8

50.9

-12.1

189.1

25.7

-24.1

342.2

-78.0

9

Total

3,481.9 3,286.4 4,026.7 3,032.0 2,595.9 3,432.9

11.2 723.2 353.7 322.0 853.5 287.4

75,396.3

21.6

23.1

-23.5

201.9

68.1

191.7

-60.3

-66.8

315.2

96.0

443.8

60,710.2

2,427.2

2,213.0

4,488.1

3,288.6

5,493.7

3,099.9

7,311.9

3,997.6

3,311.9

3,467.6

3,531.5

3,578.2

4,976.2

159.9

153.1

4,355.1

11

14,686.3

1,479.9

2,786.6

4,600.4

3,754.9

4,397.7

2,532.9

4,601.1

2,733.1

2,570.7

2,344.0

3,689.1

3,085.5

2,920.3

2,419.9

2,258.4

2,985.1

2,426.0

2,916.1

2,531.2

3,677.3

12

3,162.6

947.4

-573.6

-112.4

-466.2

1,096.0

566.9

2,710.7

1,264.6

741.1

1,123.6

-157.6

492.8

512.6

176.0

773.6

1,041.6

860.5

565.8

2,445.1

677.8

13

Gross Sales Net InvestNet ment Investment (` crore) (` crore) (US $ mn.)*

30.8

10

Gross Sales Net InvestNet Gross ment Investment Purchase (` crore) (` crore) (US $ mn)* ( ` crore)

"Note: The data pertains to all the activities undertaken by FIIs in Indian Securities Market, including trades done in secondary market, primary market and activities involved in

SEBI BULLETIN

The data presented above is compiled on the basis of reports submitted to SEBI by custodians on August 31, 2010 and constitutes trades conducted by FIIs on and upto the previous trading Conversion rate: The daily RBI reference rate as on the trading day has been adopted. (If the trading day is a bank holiday, immediately preceding day's reference rate has been used

62,187.5

3,152.8

2,971.5

12-Aug-10

18-Aug-10

3,112.4

11-Aug-10

2,781.5

2,361.3

10-Aug-10

17-Aug-10

2,676.2

9-Aug-10

3,011.3

2,862.2

6-Aug-10

16-Aug-10

2,714.4

5-Aug-10

3,375.8

3,085.3

4-Aug-10

13-Aug-10

2,646.5

3-Aug-10

2

3,394.4

Total

Equity

Gross Gross Sales Net InvestNet Gross ment Investment Purchase Purchase ( `crore) ( ` crore) (` crore) (US $ ( ` crore) mn.)*

2-Aug-10

1

Date

Table 34: Daily Trends in Foreign Institutional Investment during August 2010 SEPTEMBER 2010

5,33,781

Jul-10

768 71,112

76,866

55,663

67,527

90,481

1,10,000

1,14,197

96,802

7,07,129

7,20,647

6,52,876

7,86,069

10,88,192

5,18,477

5,03,022

5,73,343

6,72,375

6,80,569

1,42,510

66,555

74,869

71,172

85,912

1,11,102

1,27,810

74,051 1,02,603

79,158

-1,793

15,653

-3,658

11

UTI

6,70,944

6,88,993

7,72,325

8,49,029

-6,524

71,386

83,080

-28,296

13

Total

-5,801

-62,960

17,198 1,85,955

1,252

12,499

9,380

12

Public Sector

27,058

30,760

4,557

1,997

4,569

-1,102

36,185

31,654

-90,328 -15,509 -13,612 -119,449

-50,634

9,02,236 1,55,071 13,686

71,927

54,928

-34,018

10

Pvt. Sector

Net Inflow/Outflow

$As on August 31, 2010.

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

5,45,535

4,83,015

Jun-10

Aug-10

6,21,740

1,59,708

39,54,913 29,47,785 3,65,805 5,69,937 38,83,527

May-10

92,844

5,71,189

8,35,640

9

Total

Apr-10

8

Public Sector

30,19,713 3,64,012

7

UTI

2010-11$

6

Pvt. Sector

54,26,354 43,26,768 4,26,790 7,01,092 54,54,650

5

Total

76,98,483 8,81,851 14,38,688 1,00,19,023 76,43,555 8,66,198 14,26,189 99,35,942

7,10,472

4

Public Sector

2009-10

3

UTI

Redemption

42,92,751 4,23,131

2

Pvt. Sector

Gross Mobilisation

2008-09

1

Period

Table 35: Trends in Resource Mobilisation by Mutual Funds

7,09,666

6,68,605

6,30,185

7,43,116

8,08,541

7,09,666

6,13,979

4,17,300

14

Assets at the End of Period

(? crore)

SEPTEMBER SEBI BULLETIN 2010

3

Purchase

76,150 -22,233

1,45,198 -34,191

28,128

4

Net 6

Purchase 7

Net 8

Sale 9

Purchase

2010-11$

10

Net 11

Sale

17,109

25,551 4,524

61,683 28,643

17,694 18,948

15,197 9,695

2,497 6,607

8,803

83,080 39,54,913 38,83,527 71,386 7,07,129

12,585

-36,132

99,76,363 98,69,736 1,06,627 39,08,577 38,49,382 59,195 6,91,719

5

Sale

2009-10

54,26,353 54,54,650 -28,296 1,00,19,023 99,35,942

53,916

1,11,008

52,61,429 52,33,301

2

Sale

2008-09

Note: Assets pertaining to Fund of Funds Schemes is not included in the above data. $As on August 31, 2010.

Total

Interval

Close-ended

Open-ended

1

Scheme

13

Net

3,127

8,022

6,70,944 36,185

3,480

781

6,66,683 25,036

12

Purchase

Aug-2010

Table 36 A: Type-wise Resource Mobilisation by Mutual Funds : Open-ended and Close-ended (? crore)

7,09,666

25,426

65,455

6,18,785

14

Net Assets Under Management $

SEPTEMBER SEBI BULLETIN

769

2010

770 5,448

ii. Other ETFs

11,090

3,606

-3,599

989

6,530

187

6,718

2,634

28,425

356

28,781

0

778

-1,083

84

-998

4,693

1,055

2,969

4,024

0

6

Purchase 7

Net 8

Sale 9

Purchase

2010-11$

10

Net 11

Sale

7,271

-3,297

1,235

1,417

-182

192

1387

2,538

997

3,535

4,693

61,114

3600

64,714

0

1754

2,558

194

2,752

5,386

60,519

2047

62,565

0

-367

-20

803

783

-693

595

1554

2,149

0

221

1,671

996

2,668

2,989

24,946

902

25,848

0

0

-467

761

1,275

223

1,498

2,536

-541

396

774

1,170

453

32,559 -7,613

1369

33,929 -8,080

0

49

117

564

681

1,060

4,928

173

5,102

0

28,95,901 27,99,323 96,578 12,41,756 12,16,384 25,372 1,63,290

3,974

70,44,818 70,56,891 -12,074 26,80,197 26,27,002 53,195 5,36,756

99,44,693 98,63,485 81,208 39,23,188 38,44,803 78,385 7,00,238

5

Sale

2009-10

Note :Assets pertaining to Fund of Funds Schemes are not included in the above data. $As on August 31, 2010.

54,26,353 54,54,650 -23,664 1,00,19,023 99,35,942 83,080 39,54,913 38,83,527 71,386 7,07,129

1,767

271

5,719

D. Exchange Traded Fund (i+ii)

i. Gold ETF

2,695

C. Balanced Schemes

29,481

32,805

0

ii. Others

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

4

Net

11,80,694 12,12,862 -32,168

14,696

41,87,977 41,91,576

3,324

E. Funds of Funds Investing Overseas

3

Purchase

2008-09

53,83,367 54,15,528 -32,161

2

Sale

i. ELSS

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

iv. Debt (assured return)

iii. Debt (other than assured return)

ii. Gilt

i. Liquid/Money Market

A. Income/Debt Oriented Schemes (i+ii+iii+iv)

1

Scheme

Table 36 B: Scheme-wise Resource Mobilisation by Mutual Funds

13

Net

54

0

-127

-125

-123

513

391

398

6,70,944 36,185

174

239

51

290

662

7,818 -2,889

301

8,119 -3,017

0

1,46,728 16,562

137

5,14,834 21,922

6,61,699 38,539

12

Purchase

Aug-2010

(? crore)

SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Table 37: Trends in Transactions on Stock Exchanges by Mutual Funds (? crore)

Period

Equity

Debt

Gross Purchase

Gross Sales

Gross Sales

Net Purchase/ Sales

Gross Purchase

Gross Sales

Net Purchase/ Sales

2

3

6

7

8

9

10

2008-09

1,44,069

1,37,085

6,985

3,27,744 2,45,942

81,803

4,71,814

3,83,026

88,787

2009-10

1,95,662

2,06,173

-10,512

6,24,314 4,43,728

1,80,588

8,19,976

6,49,901

1,70,076

2010-11$

64,654

74,459

-9,806

3,14,027 2,47,363

66,665

3,78,680

3,21,822

56,859

Apr-10

12,924

14,335

-1,410

1,17,540

51,038

66,502

1,30,464

65,373

65,092

May-10

14,712

14,614

99

54,856

52,594

2,262

69,569

67,208

2,361

Jun-10

12,329

13,422

-1,093

51,075

76,718

-25,643

63,404

90,140

-26,737

Jul-10

11,364

15,595

-4,231

39,665

38,363

1,302

51,029

53,958

-2,929

Aug-10

13,324

16,494

-3,170

50,891

28,649

22,242

64,215

45,143

19,072

1

Net Gross Purchase/ Purchase Sales

Total

4

5

$As on August 31, 2010. Note : The above report is compiled on the basis of reports submitted to SEBI by custodians on February 29, 2010 and constitutes trades conducted by Mutual Funds on and upto the previous trading day.

771

SEPTEMBER

SEBI BULLETIN

2010

Table 38: Substantial Acquisition of Shares and Takeovers Open Offers Objectives Year/Month

Change in Control of Management

Automatic Exemption

Total

Consolidation of Holdings

Substantial Acquisition

No. of issue

Amount (` crore)

No. of issue

Amount (` crore)

10

11

No. of issue

Amount (` crore)

No. of issue

Amount (` crore)

No. of issue

Amount (` crore)

2

3

4

5

6

7

8

9

1 2008-09

80

3,713

13

598

6

400

99

4,711

227

10,502

2009-10

39

2,053

7

1,185

2

55

48

3,293

206

13,864

2010-11$

5

288

5

859

6

53

16

1,200

175

4,559

Apr-10

0

0

2

28

0

0

2

28

32

2,132

May-10

1

10

0

0

0

0

1

10

50

1,977

Jun-10

0

0

2

822

3

1

5

823

33

67

Jul-10

4

279

0

0

3

52

7

330

30

312

Aug-10

0

0

1

9

0

0

1

9

30

72

$As on August 31, 2010.

772

SEPTEMBER

SEBI BULLETIN

2010

Table 39: Progress of Dematerialisation at NSDL and CDSL NSDL Year/ Month

1

CDSL

Companies DPs DPs Demat Demat Value Companies DPs DPs Demat Demat Value Live Live Locations Quantity Live Live Locations Quantity ( ` crore) (` crore) (Nos.) (million (Nos.) (million shares) shares) 2

3

4

5

6

7

8

9

10

11

2008-09

7,801

275

8,777

2,82,870

31,06,624

6,213

461

6,934

70,820

4,39,703

2009-10

8,124

286

11,170

3,51,138

56,17,842

6,801

490

8,590

77,950

8,38,928

2010-11$

8,451

286

11,994

3,94,364

60,36,900

7,117

514

9,555

85,600

9,14,594

Apr-10

8,164

286

11,288

3,62,000

57,35,000

6,869

494

8,678

78,560

8,64,619

May-10

8,226

286

11,380

3,67,474

56,23,700

6,917

506

8,925

82,220

8,27,787

Jun-10

8,309

287

11,680

3,77,184

58,36,900

6,973

508

9,153

84,440

8,64,093

Jul-10

8,374

287

11,779

3,84,928

59,48,000

7,031

513

9,365

85,630

7,41,294

Aug-10

8,451

286

11,994

3,94,364

60,36,900

7,117

514

9,555

85,600

9,14,594

$As on August 31, 2010. Note : The count of DPs includes main DPs as well as Branch DPs. Source: NSDL and CDSL.

773

Foreign Depositories

FDI Investments Foreign Venture Capital Investments

OCBs

NRIs

Mutual Funds

Corporates

Banks

Insurnace Companies

Local Pension Funds

Financial Institutions

7,091 9,27,194

7,124 8,83,379

7,109 9,27,468

7,146 9,71,022

7,282 9,99,130

Apr-10

May-10

Jun-10

Jul-10

Aug-10

1,62,466

1,58,125

1,51,261

1,60,768

1,63,007

1,56,616

71,839

5

71 1,63,007

70

70

69

71

69

2010-11$ 7,282 9,99,130

13

70

6,998 9,00,869

4

3,883 3,91,954

3

2009-10

2

92,694

7

73

8

969 1,45,894 123

955 1,35,592 120

934 1,34,849 119

928 1,30,658 116

923 1,45,673 114

969 1,45,894 123

919 1,45,555 115

621

6

21,834

20,151

19,582

18,270

18,260

21,834

17,604

16,579

9

38

37

38

38

38

38

39

43

10

820

12

1,050 1,399

1,073 1,230

1,078 1,364

1,035 1,364

1,096 1,362

1,050 1,399

1,011 1,376

569

11

1,096

1,119

1,114

1,051

1,077

1,096

1,071

455

13

15

17

418 19,430

16

1,285 6,54,034 1,447 41,430

1,263 6,24,192 1,446 40,115

1,257 6,08,223 1,449 40,028

1,219 6,87,157 1,458 31,616

1,219 7,02,264 1,475 32,077

1,285 6,54,034 1,447 41,430

1,209 5,84,628 1,491 29,328

1,701 3,78,954

14

74

74

74

73

73

74

73

72

18

73,985

63,812

65,026

31,953

31,984

73,985

42,597

27,859

19

4,42,117

21

204 8,48,223

189 8,30,834

189 8,22,318

188 7,88,136

189 7,93,587

204 8,48,223

189 7,80,610

154

20

91

81

85

96

99

91

98

75

22

28,212

27,783

26,210

25,385

24,884

28,212

24,266

3,274

23

38

31

34

36

19

38

19

20

24

28

29

1,31,199 22,762 28,62,961

99,857 13,212 15,77,589

27

9,987 1,21,038 22,696 29,23,275

9,956 1,26,553 22,627 30,16,935

9,977 1,34,083 22,998 31,70,803

10,166

5,319

26

Amount (` crore)

Total

58,825

58,672

9,977 1,34,083 22,998 31,70,803

10,050 1,31,485 22,692 30,70,025

56,271 10,113 1,25,422 22,844 29,85,715

52,337

51,519

58,825

47,607

32,008

25

Amount No. of (` crore) issue

Others

No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) issue (` crore) Issue

FIIS/SAs

2008-09

1

Period

Client

Table 40 : Assets under the Custody of Custodians SEPTEMBER SEBI BULLETIN

774

2010

775 20,288

17,045

63,939

36,642

242,919

3,80,834

5,03,347

5,23,589

3

Amount (` crore)

$As on August 31, 2010. Source: Credit Rating Agencies.

15

16

May-10

Aug-10

35

Apr-10

15

103

2010-11$

Jul-10

275

2009-10

22

307

2008-09

Jun-10

2

No. of issue

Highest Safety (AAA)

1

Period

Grade

22

28

21

22

32

125

321

349

4

No. of issue

7,739

11,110

23,588

10,766

27,001

80,204

1,41,089

1,38,471

5

Amount (` crore)

High Safety (AA)

19

19

21

23

22

104

249

298

6

No. of issue

8,175

7,317

3,934

6,337

10,568

36,331

42,121

53,240

7

Amount (` crore)

Adequate Safety (A)

Investment Grade

52

48

40

44

56

240

691

526

8

No. of issue

3,691

3,585

31,251

2,980

4,019

45,525

29,550

52,372

9

Amount (` crore)

Moderate Safety (BBB)

137

150

148

132

144

711

1,507

396

10

No. of issue

2,269

2,938

4,509

3,068

6,843

19,627

45,942

24,220

11

Amount (` crore)

Non-Investment Grade

245

260

252

237

289

1,283

3,043

1,876

12

No. of issue

42,162

41,995

127,221

59,793

291,350

5,62,522

7,62,050

7,91,892

13

Amount (` crore)

Total

SEPTEMBER SEBI BULLETIN 2010

Downgraded

Reaffirmed

776

36

197

261

34

20

63

70

74

2008-09

2009-10

2010-11$

Apr-10

May-10

Jun-10

Jul-10

Aug-10

24,126

9,992

9,968

5,886

6,987

56,958

61,052

17,033

3

$As on August 31, 2010. Source: Credit Rating Agencies.

2

30

23

17

15

11

96

324

251

4

4,069

1,137

832

2,459

2,046

10,543

1,31,668

1,60,021

5

396

312

209

156

181

1,254

2,766

1,430

6

4,93,375

3,30,762

3,82,133

3,56,004

4,59,573

20,21,847

30,80,727

23,23,424

7

No. of Amount No. of Amount No. of Amount issue ( ` crore) issue ( ` crore) issue (` crore)

Upgraded

1

Period

Grade Withdrawn/ Suspended

Not Meaningful Category

0

10

9

1

3

23

70

52

8

0

762

1,096

50

5,323

7,231

27,726

1,23,303

9

37

32

23

20

35

147

358

335

10

19,533

5,943

6,842

4,901

2,715

39,933

84,569

44,853

11

0

0

0

0

0

0

0

1

12

0

0

0

0

0

0

0

90

13

537

447

321

212

264

1,781

3,715

2,105

14

No. of Amount No. of Amount No. of Amount No. of issue (` crore) issue (` crore) issue (` crore) issue

Rating Watch

5,41,103

3,48,596

4,00,871

3,69,300

4,76,644

21,36,513

33,85,741

26,68,725

15

Amount ( ` crore)

Total

SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

Table 43: Macro Economic Indicators I.

44,64,081 *

GDP at factor cost for 2009-10 (at 2004-05 prices) ( ` crore)

II. Gross Domestic Saving as a percent of GDP at current market prices in 2008-09

32.5

III. Gross Domestic Capital Formation as a percent of GDP at current market prices in 2008-09 April May June IV. Monetary and Banking Indicators 2010 2010 2010 Cash Reserve Ratio (percent) 6.0 6.0 5.0 Bank Rate (percent) 6.0 6.0 6.0 56,22,402 56,72,224 56,77,076 Money Supply (M3) ( `crore) 45,06,747 45,62,451 45,17,541 Aggregate Deposit ( `crore) 32,14,742 32,30,178 33,10,417 Bank Credit ( `crore)

34.9 July 2010 6.0 6.0 57,91,002 46,39,595 33,57,265

August 2010 6.0 6.0 58,30,510 46,70,238 33,51,396

V. Interest Rate Call Money Rate( lending / borrowing )-Max 91-Day-Treasury Bill (maximum) PLR (Maximum) (percent) Deposit Rate(one year maturity) (Maximum) VI. Capital Market Indicators (` crore) Turnover (BSE+NSE) Market Cap-BSE Market Cap-NSE Net FII Investment in Equity VII. Exchange Rate and Reserves Forex Reserves (USD million) Re/ Dollar Re/Euro 6- months Inter Bank Forward Premia of US Dollar (percentper annum) VIII. Public Borrowing and Inflation

4.1 3.8 12.0 7.5

5.0 5.1 12.0 7.5

5.5 5.4 12.0 7.5

5.8 5.6 8.0 7.5

5.8 5.7 8.0 7.8

3,70,495 62,83,196 61,17,858 9,361

3,71,305 60,91,264 59,32,578 -9,437

3,78,602 63,94,001 62,29,136 10,508

3,71,508 65,10,777 63,40,120 16,617

4,24,876 65,62,025 63,93,418 11,688

2,79,633 44.4 58.9

2,71,970 46.5 57.2

2,76,980 46.6 56.9

2,84,183 46.5 60.7

2,82,842 47.1 59.5

3.3

2.5

3.7

4.9

4.7

37,000 89,000 1,36,000 Govt. Market Borrowing - Gross ( `crore) Wholesale Price Index (Base 1993-94) 138.3 138.8 139.4 IX. Index of Industrial Production (y-o-y)percent (Base year 1993-94 = 100) General 313.8 312.1 308.4 Mining 197.6 201.9 196.8 Manufacturing 337.4 334.3 331.6 Electricity 248.9 252.2 242.6 X. External Sector Indicators (USD million) Exports 16,887 16,145 17,745 Imports 27,307 27,437 28,299 Trade Balance -10,420 -11,292 -10,554

1,86,000 140.3

2,65,000 140.3

330.8 192.6 360.1 244.1

NA NA NA NA

16,240 29,170 -12,930

NA NA NA

* Indicates Revised Estimate. NA indicates Not Avaliable. Source : RBI, CSO, Ministry of Commerce & Industry.

777

UK FTSE 100

France CAC

778

0.1 0.0

2009

2010 (Jan- August)

1.1

1.5

2.6

0.9

3

-0.1

0.1

-0.2

0.2

4

1.2

1.5

2.4

1.1

5

-0.2

0.1

-0.2

-0.1

6

1.7

1.7

2.6

1.1

7

-0.2 0.3 -0.1

2008

2009

2010 (Jan- August)

Source: Bloomberg .

0.1

16

2007

1

Hong Kong HSI

Singapore STI

(Percent)

Malaysia KLCI

-0.1

0.1

-0.2

Mexico MEXBOL

South Africa JALSH

Japan NKY

1.1

1.3

2.0

1.0

9

1.2

2.0

3.0

1.7

11

China SHCOMP

-0.1

0.2

-0.2

0.1

10

1.0

1.6

2.2

1.4

13

India BSE SENSEX

0.0

0.2

-0.2

0.1

12

(Percent)

0.6

0.8

1.1

1.0

15

India S&P CNX NIFTY

0.1

0.1

-0.1

0.1

14

1.4

1.8

3.4

1.7

17

0.0

0.2

-0.2

0.0

18

1.0

1.6

2.4

1.4

19

0.0

0.1

-0.2

0.1

20

1.2

1.5

2.3

1.2

21

-0.1

0.1

-0.2

-0.1

22

1.4

1.6

2.9

1.2

23

-0.3

0.2

-0.4

0.3

24

1.4

1.9

2.9

2.2

25

0.0

0.3

-0.2

0.2

26

1.0

2.1

2.8

1.5

27

0.0

0.3

-0.2

0.2

28

1.1

2.1

2.7

1.6

29

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

Brazil IBOV

8

0.1

Daily Return and Volatility: Select World Stock Indices (contd.)

-0.2

2008

2

0.0

Calender Year

Australia AS 30

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

USA DOW JONES

2007

1

Calender Year

Table 44: Daily Return and Volatility: Select World Stock Indices SEPTEMBER SEBI BULLETIN 2010

779

Source: NSDL and CDSL.

Training Programme conducted for corporates, Participants and brokers (cumulative) The ratio of dematerialised equity shares to total outstanding shares 1,283 13.8

percent

1,477

` crore

no

44,322

` crore

16

crore

9,14,595 465

` crore

Value of dematerialised securities

69.2 8,560

crore

crore

Quantity of Shares settled during the month in dematerialised form (single side) Average Quantity of Shares settled daily in dematerialised form (single side) Value of Shares settled during the month in dematerialised form (single side) Average Value of Shares settled daily in dematerialised form (single side)

Lakh

Quantity of dematerialised securities

18

516

No No

7,117

2

No

3

Unit

Number of Investor Accounts

Number of Stock Exchanges connected

Number of companies signed up to make their shares available for dematerialisation Number of Participants

1

Parameter

Aug-10

13.5

1,693

1,272

38,149

14

426

7,41,295

8,563

68.3

18

514

7,031

4

Jul-10

13.9

738

1,245

37,356

12

371

7,44,782

7,584

59.3

17

-1.0

73.8

18.6

18.6

25.5

25.5

22.8

12.9

16.7

5.9

7.5

12.7

6

Percent Change over Corresponding Previous year

CDSL

480

6,314

5

Aug-09

2.4

-24.2

16.2

16.2

9.2

9.2

23.4

0.0

1.2

0.0

0.4

1.2

7

Percent Change during month

Table 45: Progress Report of NSDL & CDSL as on August 30, 2010

70

801

6,347

1,39,637

36

781

60,63,862

39,436

108.8

8

286

8,451

8

Aug-10

72

759

5,672

1,19,110

33

691

59,47,979

38,493

107.9

8

287

8,374

9

Jul-10

68

448

6,027

1,26,576

33

701

47,29,049

30,659

100.4

8

282

7,850

10

Aug-09

3.4

78.8

5.3

10.3

6.3

11.4

28.2

28.6

8.4

0.0

1.4

7.7

11

Percent Change over Corresponding Previous year

NSDL

-2.4

5.5

11.9

17.2

8.0

13.0

1.9

2.4

0.9

0.0

-0.4

0.9

12

Percent Change during month

SEPTEMBER SEBI BULLETIN 2010

SEPTEMBER

SEBI BULLETIN

2010

PUBLICATIONS 1. Annual Reports: 2008-09, 2007-08, 2006-07, 2005-06, 2004-05, 2003-04. 2.

Handbook of Statistics on Indian Securities Market, 2008.

Interested persons may contact the Department of Economic and Policy Analysis of SEBI to obtain a copy of Annual Report / Handbook of Statistics at the following address: Department of Economic and Policy Analysis Securities and Exchange Board of India Plot No. C4-A, 'G' Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Tel No. +91-22-26449000. Fax No. +91-22-26449021.

780