January 2009 VOL.

7 NUMBER 01
EDITORIALCOMMITTEE

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

The Securities and Exchange Board of India Bulletin is issued by the

Research Department, Securities and Exchange Board of India under
the direction of an Editorial Committee. SEBI is not responsible for
accuracy of data / information /interpretations and opinions expressed
in the case of signed articles/speeches as authors are responsible for
their personal views. SEBI has no objection to the material published
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to bulletin@sebi.gov.in
 Contents
Page
POINT OF VIEW 001
Credit Rating Agencies 001

CAPITAL MARKET REVIEW 012

HIGHLIGHTS OF INTERNATIONAL STOCK MARKETS DURING 2008 023

PRESS RELEASES 031

General 031
1. SEBI Board Meeting 031
2. SEBI signs MoU with FFMS, Russia 032
3. SEBI amends DIP Guidelines to provide for combined offering of Non-Convertible Debentures 032
(NCDs) with warrants, through Qualified Institutions Placement (QIP) mechanism
4. Re-allocation of debt investment limit 032
5. NISM to organize training programmes for professionals to audit books / records of stock brokers 033
6. Clarification on news reports relating to Pyramid Saimira Theatre Ltd. 034

Orders 034
1. Orders in the matter of Bombay Dyeing & Manufacturing Co. Ltd. 034
2. Order against M/s. ICAP India Pvt. Ltd., Member, NSE 034
3. Order against Mr. Swaminathan Mahalingam in the matter of M/s. Mega Millennium Securities 034
Pvt. Ltd. and M/s. Mega Millennium Investment Pvt. Ltd.
4. Orders in case of IPO irregularities – Amadhi Investments Ltd., Rajesh Kumar Patel and Welvet 035
Financial Advisors Pvt. Ltd.
5. Order against MCS Ltd. 035
6. Order against Mehta Equities Ltd. 035
7. Orders against Mr. Puroshattam Lal Kejdiwal and Mr. Dinesh Kumar Lodha, Members, Calcutta 035
Stock Exchange in the matter of M/s. Adinath Bio-Labs Ltd.
8. Order against Shri Vidhyut B. Shah, Member, Ahmedabad Stock Exchange Ltd. in the matter of 035
Manna GlassTech Industries Ltd.
9. Order against Mr. Sanju Kabra, Member, Calcutta Stock Exchange in the matter of M/s. Adinath 036
Bio-Labs Ltd.
10. Order against M/s. Prakash Nahata & Co. Member, Calcutta Stock Exchange in the matter of 036
M/s. Ashika Credit Capital Ltd.
11. Order in the matter of M/s. Mayekar Investment Private Ltd., Sub-broker, in the scrip of Avinash 036
Information Technologies Ltd.
12. Order against Equisearch Broking Private Ltd., Member, BSE, in the matter of Shree Yaax Pharma 036
and Cosmetics Ltd.
13. Order against M/s. Mackertich Consultancy Services Private Ltd., M/s. Vatican Commercials Ltd. 037
and M/s. Pinnacle Trades & Investments Pvt. Ltd. in the matter of South East Asia Marine
Engineering and Constructions Ltd.
14. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. 037
Shah in the matter of Sawaca Communications Ltd.
15. Order against M/s. Mayekar Investment Private Ltd., Sub-broker affiliated to M/s. Ramanlal D. 037
Shah in the matter of Sawaca Business Machines Ltd. (Formerly Sawaca Finance Ltd.)
16. Order against M/s. C. Mackertich Ltd., Member, NSE, BSE, CSE & OTCEI, in the matter of 037
South East Asia Marine Engineering and Constructions Ltd.
17. Order against M/s.R.K. Global Shares & Securities Ltd., Member, NSE, in the matter of 038
Soundcraft Industries Ltd.
18. Order against Shri Rajkumar C. Basantani, Panna Agrofine Pvt. Ltd.,Jaitra Estate Developers Pvt. 038
Ltd. and Born Free Finance Pvt. Ltd. in the matter of Soundcraft Industries Ltd.
19. Order against AMS Finance & Securities Ltd. in the matter of Soundcraft Industries Ltd. 038
20. Order against Bharat H Jain, M/s. Jain Investment (Prop. Ramila Jain) and Asmita R Shah in the 038
matter of Soundcraft Industries Ltd.
21. Order against M/s. Admiral Securities, Sub-broker, Affiliated with VSE Securities Ltd. and 039
Member, Vadodara Stock Exchange in the matter of M/s. Design Auto Systems Ltd.
22. Order against M/s. Bipin B Diwani, Sub-broker, Affiliated to M/s. Vyomit Shares, Stock and 039
Investments Pvt. Ltd., in the matter of Sawaca Communications Ltd.
23. Order against M/s. Mekaster Securities Pvt. Ltd., Member, NSE, in the matter of Soundcraft 039
Industries Ltd.
24. Order against M/s. Kolar Sharex Pvt. Ltd., Member, BSE, in the matter of Soundcraft Industries 039
Ltd.
25. Order against Shri Rajkumar Chainrai Basantani, Member, NSE, in the matter of Soundcraft 039
Industries Ltd.
26. Order against M/s. Sparkling Securities, Sub-broker, Affiliated to M/s. Churiwala Securities Pvt. 039
Ltd., Member, BSE, in the matter of Soundcraft Industries Ltd.
27. Order against M/s. Gini Enterprises, Sub-broker, Affiliated to Park Light Investment Pvt. Ltd., 040
Member, BSE, in the matter of Soundcraft Industries Ltd.
28. Order against M/s. M.R.Share Broking Pvt. Ltd., Member, BSE, in the matter of Soundcraft 040
Industries Ltd.
29. Order against M/s. VRM Share Broking Pvt. Ltd., Member, NSE, in the matter of Soundcraft 040
Industries Ltd.
 30. Order against M/s. Apex Enterprises (India) Ltd. in the matter of Sri Adhikari Brothers Television 040
Network Ltd.
31. Order against Somani Cement Company Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K. Singh in 040
the matter of Somani Cement Company Ltd.
32. Order against Mr. Debapriya Ghosh in the matter of M/s. Adinath Bio-Labs Ltd. 041
33. Order against Mr. Pramod Kumar Kothari, Member, Calcutta Stock Exchange in the matter of 041
M/s. Adinath Bio-Labs Ltd.
34. Order in the matter of Nissan Copper Ltd. 041

Consent Orders 041

1. Consent order on the application submitted by R.S.S. Investments Pvt. Ltd. in the matter of Order 041
Book Manipulation
2. Consent Order on the applications submitted by Taurus Mutual Fund in the matter of DCM 042
Shriram Consolidated Ltd.
3. Consent Order against Shri Sharad Chhotabhai Patel in the matter of M/s. Shree Rama Multi- 042
Tech Ltd.
4. Consent Order against CD Equisearch (Pvt.) Ltd. in the matter of M/s. Design Auto Systems 042
Ltd.
5. Consent Order against of Shri Samir R Shah in the matter of M/s. Hindustan Bio Sciences Ltd. 042
6. Consent Order against Infinity.Com Stock Broking Private Ltd. in the matter of 042
M/s. Greenfield Trading & Finance Ltd.
7. Consent Order in matter of IPO irregularities – Shri Saumil A. Bhavnagari 043
8. Consent Order against M/s. SPT Securities Ltd., Member of NSE and Depositary Participant 043
of NSDL
9. Consent Order against M/s. Sovereign Securities Private Ltd., Member, BSE 043
10. Consent Order against Shri R. D. Lahoti, sub-broker affiliated to HSE Securities Ltd., Member, 044
NSE
11. Consent Order against P. Suryakant Share & Stock Brokers Pvt. Ltd. in the matter of M/s. 044
Design Auto Systems Ltd.
12. Consent Order against M/s. Uttam Investments in the matter of M/s. Prabhu Steel Industries 044
Ltd.
13. Consent Order in the matter of M/s. Winsome International Ltd. 044
14. Consent Order in the matter of M/s. Hardcastle & Waud Manufacturing Co. Ltd. 044
 15. Consent Order on the application submitted by Bharti Infotel Private Ltd. and Bharti 045
Enterprises in the matter of Bharti Healthcare Ltd. (Now known as Capsugel Healthcare
Ltd.)
16. Consent Order against Shri Santosh Gayakwad in the matter of Genus Commutrade Ltd. 045
17. Consent Order against SAM Global Securities Ltd. and Globe Capital Market Ltd. in the 045
matter of Trading on May 17, 2004
18. Consent Orders in the matter of dealing in futures and options contracts on the NSE 045

CIRCULARS 046
1. Cross Margining across Exchange traded Equity (Cash) and Exchange traded Equity 046
Derivatives (Derivatives) segments
2. Maintenance of Security Deposit of 1% of the amount of securities offered to 047
public/shareholders by issuer companies with the designated stock exchanges
3. Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 048
4. Listing and trading of warrants issued as part of a Qualified Institutions Placement (QIP) being 049
a combined issuance of Non-convertible Debentures with Warrants
5. Review of Provisions relating to Close Ended Schemes 049
6. Anti Money Laundering (AML) Standards/Combating Financing of Terrorism 050
(CFT)/Obligations of Securities Market Intermediaries under Prevention of Money
Laundering Act, 2002 and Rules framed there-under- Master Circular on AML/CFT
7. Guidelines in respect of exit option to Regional Stock Exchanges 051

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKETS 053

CAPITAL MARKET REVIEW

ANNEXURES & STATISTICAL TABLES 055

PUBLICATIONS 105
 January
Credit Rating Agencies1
ABSTRACT
Investors' need to assess the available securities for
investment on one hand and the expertise to
analyze on the other lead to the existence of the
Credit Rating Agencies (CRAs). It is a mechanism
whereby assessment of a corporate issuer on the
likelihood of a default in the debt payment is made
by an independent third party based on different
sources of information. Realizing the increasing
importance of the CRAs and the ratings accorded
by them, it became critical to comprehend whether
these agencies are doing the necessary due
diligence as per the required standards. This article
attempts to glance on the role of the CRAs in
present financial market scenario, consider their
role in the earlier crises and the recent sub-prime
crisis, looking into the attempts made by SEC to
improve regulations governing CRAs, defining the
role of CRAs in the Indian securities market
followed by an analysis of the role performed,
conclusion and suggestions.
I. Introduction
For a market to be efficient, accurate and timely
information should be available to all the investors.
As all the investors are not equipped with the skills
of analyzing the creditworthiness of an issuer and
most do not have access to all the required
information for making such an analysis, it make
sense for them to rely on the analysis done by
1
A Point of View is prepared by the officers of Research Department of SEBI, views are personal and not necessarily of SEBI.
2
17 C.F.R. § 270.3a-7 (2000), discussed in Steven L. Schwarcz, supra note 1 as referred in The Role of Credit Rating Agencies in the
Establishment of Capital Standards for Financial Institutions in a Global Economy by Professor Howell E. Jackson, Harvard Law School
SEBI BULLETIN 2009
POINT OF VIEW
experts with the requisite knowledge, skills and
accessibility to data which is not available publicly.
Thus, the investors' need to assess the available
securities for investment and the expertise to
analyze led to the genesis of the credit rating
agencies (CRAs).
The role of CRAs became important from investor
as well as issuer point of view by influencing
investment decisions and also acting as
gatekeepers to the financial markets. It is a
mechanism whereby assessment is made by an
independent third party on the likelihood of a
default in the debt re-payment by a corporate issuer
based on different sources of information.
Thus, CRAs are agencies performing the
specialized function of assessing an issuer's
capability of making timely payment towards
financial obligation i.e. the credit rating. Because
of the capability of the rating agencies to evaluate a
broad range of securities, world-wide regulators
also started incorporating/ using credit ratings as a
criterion for assessing the quality of issues for
investors. This helps in cost cutting for investors
and issuers. For example, regulatory agencies in
the United States have made increased use of
ratings in supervisory settings. Professor
Schwartz 2 referred to U.S. Securities and
Exchange Commission (SEC) Rule 3a-7 under the
Investment Company Act of 1940, citing an
001
 January SEBI BULLETIN
example of this sort of regulatory incorporation. In
the United States, when a corporation invests in a
pool of securities, the corporation is presumptively
subject to regulation under the Investment
Company Act of 1940, a law to protect investors
from various sorts of investment fraud. In the
1980's, this jurisdictional structure created
problems for the emerging market for securitized
assets. Eventually, the SEC created an exemption
from the 1940 Act for pools of securitized assets
provided the instrument received an adequate
rating from an accredited rating agency. The logic
of this exemption was that, if the pool received a
good enough credit rating, then the provisions
dealing with investor protection under the 1940 Act
would be superfluous. In this context, an adequate
credit rating became the path to exemption from
intricate regulation.
But is this regulatory dependence on rating
agencies fair to the investors? Starting from the
East Asian crisis to recent sub-prime crisis, rating
agencies have been blamed for their failures to
predict the vulnerability of the issuers as well as
countries and revising their ratings in a time-bound
manner leading to various crises and loss of
investors' money.
Thus, realizing the increasing importance of the
CRAs and the vulnerability of the ratings given by
them, it became important to know whether these
agencies are performing as per the required
standards. This article attempts to analyse the role
of CRAs in the present financial market scenario,
consider their role in the recent sub-prime crisis
and the earlier crises, list the attempts made by SEC
to improve regulations governing CRAs, define the
role of CRAs in the Indian securities market,
analyse the role performed and conclude with
suggestions on the way ahead.
002
2009
II. Recent Scenario
Due to globalization the entire world is getting
increasingly financially integrated. This enhances
the responsibility on the part of regulators as
increased integration means that financial crisis
can spread more easily from one country to
another. The role of CRAs becomes more
important in this scenario. Originated in USA, now
ratings provided by CRAs are used all over the
world for nearly all types of financial instruments.
These ratings are used as a benchmark for assessing
credit risk. Published ratings are not only observed
by the investors but, as stated earlier, are used by
regulators also for regulation of financial markets.
Banks or certain types of other investors are
allowed to hold only lower risk securities rated
'investment grade'. By referring to the market
benchmark for credit risk, regulation remains in
touch with the changing credit risks in the market.
This increasing importance of credit ratings for the
investors as well as for the regulators, raises some
important questions - whether the rating agencies
are able to adapt themselves with the rapidly
changing financial markets and increasingly large
number of complex financial instruments?
Whether rating-based risk management results in
greater adaptability with complex financial
markets or whether it is limited to the trial and error
learning of markets?
There are instances where CRAs have either not
rated companies accurately or have not changed the
ratings assigned earlier in a time bound manner.
The ratings were revised only when the crisis had
already been triggered resulting in a further
increase in the intensity of the crisis. The Asian
crisis is also one of the examples of failure on the
part of rating agencies. The crisis focused on the
pivotal role of the international credit rating
 January SEBI BULLETIN 2009

agencies in the movement of capital in and out of Table II: Ratings of Lehman Brothers
emerging markets. The major rating agencies were Issuer Rating - LT Issuer Default LT Foreign Issuer
Moody's Rating -FITCH Credit -S&P
accused even at that time for not issuing warning Rating Effective Rating Effective Rating Effective
signals ahead of the crisis rather these agencies From From From
B3 15-Sep-08 D 15-Sep-08 D 16-Sep-08
started downgrading the country rating after the A2 10-Sep-08 A+ 09-Sep-08 SD 15-Sep-08
crisis started thus, making the condition worse. The A2 17-Jul-08 A+ 09-Jun-08 A 12-Sep-08
A1 13-Jun-08 AA- 28-Jun-07 A 09-Sep-08
sudden downgrade of ratings encouraged an abrupt
A1 22-Oct-03 A+ 20-Jun-01 A 02-Jun-08
outflow of foreign capital and fed the downward A2 24-Jun-03 A 19-Nov-97 A+ 11-Oct-05
spiral. These CRAs failed to realize that the crisis A2 03-Nov-00 A- 01-Jul-91
A3 14-Sep-00
was related more with conditions in financial A3 05-Aug-99
markets such as lack of liquidity in East Asia than Baa1 07-Jul-99
Baa1 29-Jun-95
the region's underlying economic conditions such Source: Bloomberg
as national trade and current account balances. The
East Asian crisis revealed the power of rating Table III: Ratings of Merrill Lynch & Co Inc
agencies to attract or divert the foreign investment
Issuer Rating - LT Issuer Default LT Foreign Issuer
from a developing country. Moody's Rating -FITCH Credit -S&P
Rating Effective Rating Effective Rating Effective
In the recent sub-prime crisis, CRAs became the From From From
target for criticism for the reason that higher credit A2 15-Sep-08 A+ 15-Sep-08 A 15-Sep-08
A2 17-Jul-08 A+ 09-Jul-08 A 02-Jun-08
ratings were issued for many collateralized debt A1 17-Apr-08 A+ 24-Oct-07 A+ 24-Oct-07
obligations (CDOs) than was deserved. The three A1 24-Oct-07 AA- 17-May-02 AA- 27-Oct-06
Aa3 08-Oct-96 AA 26-Nov-97 A+ 17-Oct-02
big CRAs of USA viz. Moody's, S&P, and Fitch A1 29-Jun-95 AA- 15-Aug-02
were also criticized for reacting very slowly to the AA- 18-Dec-96
A+ 22-Mar-96
crisis. Companies that were rated investment grade
Source: Bloomberg
by Moody's and Standard & Poor's became
Dates on which these firms filed for bankruptcy or
bankrupt. The following tables show the ratings
were sold are provided in the following table:
given by Moody's Fitch and S&P to AIG, Lehman
Brothers and Merill Lynch.
Table IV : Date of Filing for bankruptcy/ sold out
Company Sold out/Filed for
Table I: Ratings ofAIG Inc Bankruptcy
AIG Inc 16 Sept. 2008 by Federal
Issuer Rating LT Issuer Default LT Foreign Issuer Reserve
- Moody's Rating -FITCH Credit -S&P Lehman brothers holdings Ltd. 16 Sept. 2008
Rating Effective Rating Effective Rating Effective Merill Lynch & Co Inc 15 Sept 2008 by Bank of
From From From America
A2 15-Sep-08 A 15-Sep-08 A- 15-Sep-08
Aa3 22-May-08 AA- 22-Aug-08 AA- 12-Sep-08 As can be seen from the above tables, there was not
Aa2 09-May-08 AA- 22-May-08 AA- 21-May-08
Aa2 31-May-05 AA- 08-May-08 AA- 08-May-08
much revision in the ratings given by the three
Aa2 02-May-05 AA 11-Feb-08 AA 21-Dec-06 CRAs in the above mentioned firms till the time
Aa1 31-Mar-05 AA 02-May-05 they were sold out or even filed for bankruptcy.
Aaa 20-Apr-95 AA+ 15-Mar-05
AAA 28-Feb-97 Earlier also there were cases like Enron where the
Source: Bloomberg credit rating agencies were questioned for the

003
 January
credibility of their ratings.
Though CRAs may adopt different methodologies,
similar procedures are generally followed for
rating. When an issuer approaches a CRA for
ratings, the first task for the analyst is to analyze the
security on the basis of various parameters. These
parameters include industry characteristics as well
as the competitive position of the company. In
addition, financial aspects of the company viz.
financial policy, profitability, capital structure etc.
are also analysed. The analyst develops
predictions, based on quantitative models and other
qualitative factors. He checks the proposed
structure of the security against requirements for a
particular rating. Here arises the main dilemma.
Ideally, a rating should be given to a security as per
its structure. But generally it does not happen.
Usually, if the analyst concludes that the capital
structure of the security does not support the
desired ratings, this is conveyed to the issuer. Now
the issuer could accept the given rating and issue
the securities with the proposed capital structure or
adjust the structure to get the desired highest rating.
Generally companies alter the structure of the
securities to get the desired rating. This is what has
exactly happened in case of ratings given to
collateralized debt obligations (CDOs) and
residential mortgage backed securities (RMBS).
Ratings should be given as per the structure of the
security but what has happened is exactly opposite.
Securities were structured so as to get the desired
ratings.
After the recent sub-prime crisis, the European
Union had announced probes into the role of the
CRAs. SEC of USA became particularly interested
in the rating agencies' policies and practices in
rating mortgage-backed securities and the
3 Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies, by the Staff of the Office of Compliance
Inspections and Examinations Division of Trading and Markets and Office of Economic Analysis United States Securities and Exchange Commission, July 2008
SEBI BULLETIN 2009
impartiality of their ratings. In August 2007, SEC
commenced an extensive examination of three
major credit rating agencies viz. Fitch Ratings Ltd.,
Moody's Investor Services Inc., and Standard &
Poor's Ratings Services (recognized CRAs are
known as the Nationally Recognized Statistical
Rating Organizations in USA). The main aim of the
examination was to review the role of CRAs in the
recent crisis in sub-prime mortgage-related
securities markets and the focus was the rating
agencies' activities in rating sub-prime RMBS and
CDOs linked to sub-prime residential mortgage-
backed securities.
3
Specifically, key areas of review included :
• the Nationally Recognized Statistical Rating
Organizations' (NRSROs) ratings policies,
procedures and practices, including gaining an
understanding of ratings models,
methodologies, assumptions, criteria and
protocols;
• the adequacy of the disclosure of the ratings
process and methodologies used by the
NRSROs;
• whether the NRSROs complied with their
ratings policies and procedures for initial
ratings and ongoing surveillance;
• the efficacy of the NRSROs' conflict of interest
procedures; and
• whether ratings were unduly influenced by
conflicts of interest related to the NRSROs'
role in bringing issues to market and the
compensation they receive from issuers and
underwriters.
Different CRAs follow different policies and
procedures and different issues were identified
004
 January SEBI BULLETIN
among the firms, the SEC Staff's examinations
among other things revealed that 4 significant
aspects of ratings were not always disclosed and
the rating agencies did not always document
significant steps and significant participants in the
ratings process;
In addition, the surveillance processes used by the
rating agencies appeared to have been less robust
than the processes used for initial ratings and issues
were identified in the management of conflicts of
interest and improvements can be made.
SEC's examined the three rating agencies and
reviewed the processes used by these firms with
respect to rating RMBS and CDOs that held sub-
prime RMBS securities to gain insight into the
conflicts of interest in the ratings process for
RMBS and CDOs, and to understand the ratings
methodologies employed by them.
III.Approved Measures by SEC:
On December 03, 2008, the Securities and
Exchange Commission approved a series of
measures regarding credit rating agencies (CRAs).
These measures aimed at increasing the
transparency and accountability of credit rating
agencies and ensuring that the firms provide more
meaningful ratings and additional disclosure to the
investors.
This is the second set of reforms for the credit
rating agencies as the initial rules were
implemented in June 2007 by SEC under the Credit
Rating Agency Reform Act. Public comments are
invited on the new proposed amendments to be
received by the Commission within 45 days after
their publication in the Federal Register.
The rules considered on December 03, 2008 were
4
Ibid
005
2009
meant to supplement previous rules implemented
by the Commission in June 2007. The proposed
measures required enhanced disclosures by
NRSROs such as transition statistics including
upgrades or downgrades as well as default statistics
for each asset class for which it is registered or is
seeking registration. Also NRSROs are required to
provide enhanced disclosure in three areas: (1)
whether and, if so, how much verification
performed on assets underlying or referenced by
the structured finance transaction is relied on in
determining credit ratings; (2) whether and, if so,
how assessments of the quality of originators of
structured finance transactions play a part in the
determination of the credit ratings; and (3) more
detailed information on the surveillance process,
including whether different models or criteria are
used for ratings surveillance than for determining
initial ratings.
The details regarding the change in the ratings
as well as disclosures about the rating may help
the investors to decide about the credibility of
ratings and thus take well-informed investment
decisions.
It is proposed by Commission staff that NRSRO
should make publicly available a random sample of
10 per cent of their issuer-paid credit ratings and
their histories documented for each class of issuer-
paid credit rating for which the NRSRO is
registered and has issued 500 or more ratings. This
information is to be made public on the NRSRO's
corporate Internet Web site in XBRL format within
six months after the rating is made. In addition,
three new record keeping requirements are
proposed.
An analysis of the data of the issuer paid ratings
over a period of time may help in analyzing
 January SEBI BULLETIN
whether there is a conflict of interest in
determining the rating i.e. whether the ratings
are fair or are influenced as the rating agencies
are getting paid from the issuer.
Another proposed measure would require an
NRSRO to provide the Commission with an annual
report of the number of credit rating actions that
occurred during the fiscal year for each class of
security for which the NRSRO is registered. Also it
is proposed to add three new prohibited conflicts
prohibiting an NRSRO from issuing a credit rating
with respect to an obligor or security where the
NRSRO or an affiliate of the NRSRO made
recommendations to the obligor or the issuer,
underwriter, or sponsor of the security about the
corporate or legal structure, assets, liabilities, or
activities of the obligor or issuer of the security,
prohibiting a person within an NRSRO who has
responsibility for participating in determining
credit ratings or for developing or approving
procedures or methodologies used for determining
credit ratings from participating in any fee
discussions, negotiations, or arrangements and
prohibiting an NRSRO from allowing a credit
analyst who participated in determining or
monitoring the credit rating to receive gifts,
including entertainment, from the obligor being
rated or from the issuer, underwriter, or sponsor of
the securities being rated, other than items
provided in the context of normal business
activities.
The above proposed measures may help in
resolving various issues involving conflict of
interest.
An NRSRO is prohibited from issuing a rating for a
structured finance product paid for by the product's
issuer, sponsor, or underwriter unless the
information about the product provided to the
NRSRO to determine the rating and, thereafter,
006
2009
monitor the rating, is made available to other
NRSROs. Specifically, the re-proposed
amendments would require NRSROs that are hired
by arrangers to perform credit ratings for structured
finance products to disclose to other NRSROs (and
only other NRSROs) the deals for which they were
in the process of determining such credit ratings.
The arrangers would need to provide the NRSROs
they hire with a representation that they will
provide information given to the hired NRSRO to
other NRSROs. The Commission is proposing to
amend Rule 100 of Regulation FD (Fair
Disclosure) to permit the disclosure of material
non-public information to NRSROs regardless of
whether they make their ratings publicly available.
Making the same data available to all the rating
agencies may help in arriving at a fair rating. In
case the hired rating agencies may not be able to
provide a fair rating or revise rating at a proper
time, due to whatever reason, other CRAs will
be able to provide a fair rating with the data
available. And because of this reason, there will
be a pressure on the rating agency to provide an
accurate rating for the sake of its reputation and
credibility.
IV. Indian scenario
In India, Securities and Exchange Board of India
(SEBI) has registered only five CRAs, namely
Credit Rating Information Services of India
Limited (Crisil), ICRA Ltd., Credit Analysis and
Research Ltd. (CARE), Fitch and Brickwork
Ratings India Pvt Ltd. There are two more CRAs in
India, ONICRA and SME Rating Agency of India
Ltd. (SMERA) but these do not seem to have
official recognition. As discussed earlier,
regulators had started relying on the ratings
assigned by the CRAs for maintaining market
efficiency and investor protection. SEBI is no
 January SEBI BULLETIN
exception. CRAs rate a number of products coming
under the purview of other regulators viz. Reserve
Bank of India (RBI), Pension Fund Regulatory and
Development Authority (PFRDA) and Insurance
Regulatory and Development Authority (IRDA).
For the purpose of rating securities, SEBI has
defined CRAs under SEBI (Credit Rating
Agencies) Regulations, 1999 and prescribed a code
of conduct for CRAs. Similarly, IRDA, PFRDA
and RBI also have certain regulatory requirements
linked to rating of the investible products.
Following are the various rules/regulations/
guidelines where the credit rating has been made
mandatory by the SEBI:
a. Mutual Funds
Mutual funds can only invest in the debt securities
and mortgage backed securities having at least
investment grade by a CRA. Mutual funds are
allowed to invest in foreign debt securities in the
countries with fully convertible currencies, debt
instruments with highest rating (foreign currency)
by accredited/registered CRAs. They may also
invest in Government securities where the
countries areAAArated.
For the purpose of valuation, all non-traded debt
securities are classified into “Investment grade”
and “Non-Investment grade” securities based on
their credit rating.
For Capital protection oriented schemes launched
in 2006, it was mandatory to rate the proposed
portfolio structure by a SEBI registered credit
rating agency. Further, it should also be ensured
that the debt component of the portfolio structure
has the highest investment grade rating.
b. Takeover and Buyback
The offer to acquire shares under regulations 10, 11
007
2009
or 12 shall be payable by, inter alia, issue,
exchange and, or transfer of secured instruments of
acquirer company with a minimum 'A' grade rating
from a CRAregistered with the SEBI.
c. Collective Investment Schemes (CIS)
No CIS can be launched before obtaining rating
from a registered credit rating agency. Rating
received along with the tenure is to be disclosed in
the offer document. It is the responsibility of the
trustee of the CIS to get the scheme rated by a credit
rating agency.
d. Comprehensive Risk Management
Framework for Derivatives and Cash Market
As a risk containment measure in derivatives, in
1999, it was made mandatory to have at least 50 per
cent of the total liquid assets in the form of cash
equivalents viz., cash, bank guarantee, fixed
deposits, T-bills and dated Government securities.
For this purpose, the clearing corporation/house set
an exposure limit for each bank to have liquid
assets as bank guarantee taking into account all
relevant factors. It includes that not more than five
per cent of the Trade Guarantee fund (TGF) or one
per cent of the total liquid assets deposited with the
clearing house whichever is lower shall be exposed
to any single bank which is not rated P1 (or P1+) or
equivalent by a RBI recognized credit rating
agency. Also, not more than 50 per cent of the trade
guarantee fund or 10 per cent of the total liquid
assets deposited with the clearing house whichever
is lower should be exposed to all such banks put
together.
The same was made applicable to the cash markets
in 2005.
 January
e. Secondary Market for Corporate Debt
Securities
Any listed company making issue of debt securities
on a private placement basis and listed on a stock
exchange is required to ensure that the debt
securities carry a credit rating of not less than
investment grade from a CRA registered with
SEBI.
The Issuer is required to promptly notify the
exchange, the details of any rating or revision in
rating assigned to any debenture or equity
instrument of the issuer or to any fixed deposit
programme or to any scheme or proposal of the
issuer involving mobilisation of funds whether in
India or abroad provided the rating so assigned has
been quoted, referred to, reported, relied upon or
otherwise used by or on behalf of the Issuer.
f. Initial Public Offerings (IPOs) and Debt
Instruments
Credit Rating from at least one CRA registered
with SEBI was made mandatory for making a
public or rights issue of debt instruments as well as
for IPOs of equity shares or any other security
convertible/exchangeable into equity shares at a
later date in 2007.
Before roll over of any non-convertible debentures
(NCDs) or non-convertible portion of the partly
convertible debentures (PCDs), it is mandatory to
obtain at least one rating from a credit rating
agency registered with the SEBI within a period of
six months prior to the due date of redemption and
communicate the same to the debenture holders
before the roll over. Credit rating will be
compulsory, if conversion/redemption falls after
18 months.
5 "There are two superpowers in the world … the United States and Moody's Bond Rating Service ... and believe me, it is not clear sometimes
who is more powerful.”: Attributed to Tom Friedman, New York Times columnist by Senator Joeseph Lieberman, Rating the Raters:
Enron and the Credit Rating Agencies: Before the Senate Committee on Governmental Affairs, 107th Cong. 471, March 20, 2002.
SEBI BULLETIN 2009
Thus, it can be seen that in India too, there is a
growing reliance on CRAs for regulatory purposes.
This will be helpful till the time CRAs are
providing fair, accurate and timely ratings. But
there is a need to take a word of precaution learning
from the experience of the recent crisis. An analysis
of the role of CRAs brings out some loopholes on
the CRAs side as well as on the regulator side.
V. Analysis
CRAs undertake an elaborate study of the issuing
companies/ governments and accord ratings
ranging from the best to the lowest depending on
their assessment of the issuing company's ability to
honour the debt obligation in time. They have far
reaching consequences for the issuers as well as the
investors. CRAs contribute to the achievement of
the regulatory objectives of investor protection,
fair and transparent markets and reduction of
systemic risk. CRAs are playing such an important
role that Tom Freidman 5 once compared the
strength of Moody's Investor Services with the
USA.
With the recent crisis, there is a world wide demand
for tightening regulations for CRAs and USA had
already started responding towards the same.
Though the recent crisis has not impacted India as
much as it did the USA there is a need to learn from
their experiences. As stated earlier, CRAs in India
rate various products coming under the purview of
different regulators. This may give rise to systemic
risk in case of inaccurate rating of any product.
With so much of benefits derived from CRAs, there
are certain problems associated with them as
described below:
1. As CRAs are paid by the issuers to rate their
008
 January SEBI BULLETIN
products, it is possible that these agencies give
a favorable rating to their clients. On the
contrary it may also happen that the issuer
changes the structure of the security in order to
get the desired rating. Thus the whole intention
of getting rated is destroyed as rating is done to
determine the grade/level of the structure of the
security.
2. As CRAs also offer services such as
consultancy, credit risk management etc. they
may temper with the accurate rating to entice
the issuers to use these services. This is often
referred to as the conflict of interest problem.
The issuers may exert pressure on the rating
agency to improve the ratings in return for the
purchase of its consultancy services. Also there
is problem of notching whereby rating agencies
lower the ratings of the issue not rated by them.
3. As CRAs have access to non-public
information, they are to be monitored for
insider trading. In addition, there is a problem
of lack of transparency regarding rating
methodology, procedures etc. followed by the
rating agencies.
4. While CRAs themselves generally put a
disclaimer," A rating is not a recommendation
to buy, sell or hold the rated instrument, it does
not comment on the market price or suitability
for a particular investor", how come regulators
can rely on their ratings so much that the ratings
becomes the regulatory requirement?
5. As in the case of Enron, and the recent sub-
prime crisis, it is observed that CRAs reacted
very slowly, failed to monitor ratings and revise
them especially upon receipt of negative
information. In the case of Enron, some
scholars pointed out the yield spread of
corporate bond started expanding as the credit
009
2009
quality detoriates but the ratings were not
revised for a long time. Does this suggest that
market and regulators should rely on credit
spreads rather than credit ratings?
VI. Issues for Consideration
The two most prominent models of CRA
regulations, outside India are that of USA and
IOSCO. India follows the simple registration
model for CRAs with the supervisory and
regulatory powers vested with SEBI. Registration
is compulsory and CRAs are required to maintain
the records. A CRA has to disclose possible sources
of conflict of duties and interests, which could
impair its ability to make fair, objective and
unbiased ratings to the clients. Further it should
ensure that no conflict of interest exists between
any member of its rating committee participating in
the rating analysis, and that of its client. It has been
made mandatory for issuers to obtain credit rating
as per the SEBI (DIP) Guidelines, 2000. No other
country has made credit rating compulsory for
IPOs. Following issues need consideration
1. Regulatory dependence on CRAs should be
minimized. Regulator should not make it
mandatory to obtain rating from one or two
rating agencies as in one way it is like bringing
business to the CRAs. Issuers are going for
ratings not for grading their securities but on
account of regulatory compulsion. Credit
rating should be obtained by issuers voluntarily
for improving the image of the issuer. Investors
should demand for the rating of the products
whereas if regulator makes it mandatory to
obtain ratings it is like creating an artificial
demand for the ratings.
2. The Regulator while making it mandatory for
the issuers to be rated by one/two registered
 January SEBI BULLETIN
rating agencies thereby increasing the reliance
of investors on these ratings, also allows CRAs
to put disclaimers which relieves them of their
responsibility. Investors do not have any right
to take action against CRAs in case of wrong
assessment of an issue or delay in revising their
ratings. CRAs should be made liable towards
their wrong assessments/delays or any such
actions which goes against the interest of
investors.
3. To manage the problem of conflict of interest,
which may indirectly impact the ratings given
by CRAs, these agencies may be instructed to
fire-wall their rating and consultancy
businesses. Further, senior management of the
CRAs should not be allowed to be on the
management of the issuing companies to be
rated by them.
4. As stated earlier, CRAs are rating various
products coming under the jurisdiction of
different regulators. There is a need to make the
existing regulations comprehensive enough
covering all the products rated by CRAs and
also all the aspects related to the governing of
the CRAs.
5. As the structured products are still in a nascent
stage in India, CRAs may be asked to
upgrade/evolve their rating techniques to rate
complex structural products. As such, rating
methodologies should be continually upgraded
with the invention of new and complex
products in the financial markets.
6. While SEBI has been emphasizing that CRAs
must disclose the rating and the rating
methodology but it has not been specified as to
what information is to be covered under rating
methodology. Therefore, there is a need to
state clearly what information is to be covered
010
2009
under rating methodology to make the system
more transparent.
7. Another measure to reduce the negative impact
of ratings is to be more transparent and enhance
disclosures. Investors should know the reasons
behind a decision taken by the CRAs. This will
help the investors to compare their opinions
with the CRAs opinion rather than simply
following the CRAs opinion.
8. Rating Agencies should be encouraged to
update ratings more frequently. As the
frequency of the updating the ratings increases,
any change in the rating whether positive or
negative will be communicated to the market
well in time. In such a case, even a negative
change in the ratings will not be sudden and any
chances of a negative impact will be
minimized.
9. The incentive structure of the CRAs needs to be
re-examined. Incentive of an analyst should not
be linked with the ratings given. Also, the
problem of issuer paying the CRAs for getting
themselves rated needs to be addressed. If
regulator made it mandatory to get the ratings,
CRAs can be paid from investor protection
fund or a separate fund can be created for the
purpose. Such a fund though created by using
the funds of the issuer company yet as the
CRAs will not be paid directly by the company
being rated there will be no bias. To further
improve the practice, CRAs can be assigned to
companies by the regulator rather than
companies choosing the rating agencies
themselves.
10. Competition between the rating agencies will
help in getting fair and appropriate ratings.
Therefore, there is a need to increase the
number of rating agencies.
 January SEBI BULLETIN
VII. Conclusion
As credit rating agencies are a means to provide
investors the information which they may not be
able to generate due to lack of technical know-how
and expertise, the responsibility of CRAs has
increased manifold. In the era of financial
globalization the role of CRAs becomes all the
more important.
Similar to USA, in India too, we can observe
increasing regulatory dependence on these
agencies. Indian markets have been saved this time
from any major impact of the sub-prime crisis due
to whatever reasons. This has given us an
opportunity to prepare our system against any such
crisis in future. Accurate and timely ratings should
be encouraged and transparency should be
enhanced with more disclosures. Though India has
credit rating agencies regulations, there is a need to
improve the existing regulations keeping in mind
the problem of overlap of jurisdictions of various
regulatory agencies. The move should be towards
voluntary credit rating by entity rather than
obligation made under various rules/regulations.
The regulatory measures though important in
regulating the function of CRAs and binding them
to be more transparent, yet the self image would be
the driving force for the CRAs in the long run.
References
1. Elkhoury, Marwan, "Credit Rating Agencies
and Their Potential Impact on Developing
Countries", UNCTAD/OSG/DP/2008/1, No.
186, January 2008.
2. Setty, Gautam and Dodd, Randall, " Credit
Rating Agencies: Their Impact on Capital
Flows to Developing Countries", Special
011
2009
Policy Report 6, Financial Policy Forum,
Derivatives Study Center,April 14, 2003.
3. Consultation Report, "The Role of Credit
Rating Agencies in Structured Finance
Markets", Technical Committee of the
International Organization of Securities
Commissions, March 2008.
4. Standards and Poor's, "Rating Methodology :
Evaluating the Issuer".
5. Report on the Role and Function of Credit
Rating Agencies in the Operation of the
Securities Markets, U.S. Securities and
Exchange Commission, January 2003.
6. Standard and Poor's, "Ratings Direct",
September 24, 2008.
7. Professor Howell E. Jackson, "The Role of
Credit Rating Agencies in the Establishment of
Capital Standards for Financial Institutions in a
Global Economy", Harvard Law School.
8. 17 C.F.R. § 270.3a-7 (2000), discussed in
Steven L. Schwarcz, supra note 1 as referred in
"The Role of Credit Rating Agencies in the
Establishment of Capital Standards for
Financial Institutions in a Global Economy by
Professor Howell E. Jackson* ,Harvard Law
School.
9. Summary Report of Issues Identified in the
Commission Staff's Examinations of Select
Credit Rating Agencies, by the Staff of the
Office of Compliance Inspections and
Examinations Division of Trading and Markets
and Office of Economic Analysis United States
Securities and Exchange Commission, July
2008.
10. Various Rules and Regulations of SEBI.
 January SEBI BULLETIN 2009

CAPITAL MARKET REVIEW

I. Trends in the Primary Market

Table 1: Funds Mobilised in Primary Market 1

Particulars December-08 December-07 2008-09 (April - 2007-08 (April - % Change

December) December)
No. of Amount No. of Amount No. of Amount No. Amount Column Column 7
Issues (Rs.crore) Issues (Rs.crore) Issues (Rs.crore) of (Rs.crore) 6 over over
Issues column 8 colunm 9

1 2 3 4 5 6 7 8 9 10 11
a) Public Issues 0 0.00 8 1,843.42 20 2,058.51 74 38,153.20 -72.97 -94.60
i) IPOs 0 0.00 6 1,557.92 20 2,058.51 68 26,260.43 -70.59 -92.16
ii) FPOs 0 0.00 2 285.50 0 0.00 6 11,892.77 - -
b) Rights Issues 3 1,369.90 5 2,952.38 21 11,997.31 22 13,446.68 -4.55 -10.78
c) QIP 1 114.29 10 8,419.94 2 188.82 29 21,110.26 -93.10 -99.11
Total (a+b+c) 4 1,484.19 23 13,215.74 43 14,244.64 125 72,710.15 -65.60 -80.41
d) Preferential Allotment*
BSE 28 218.20 N.A N.A 310 2,06,761.52 N.A N.A - -
NSE 15 273.21 N.A N.A 236 39,268.17 N.A N.A - -
Note: Data related to (c) and (d) are obtained from BSE and NSE.
*Preferential issues are classified according to the month in which they are listed . Preferential issues may
include common issues reported to both the exchanges.

During December 2008, Rs. 1,484.19 crore was
mobilised through 4 issues in the primary market.
No public issue was raised during the month. There
were 3 rights issues which mobilised Rs. 1,369.90
crore. During December 2007, there were 8 public
issues which mobilised Rs. 1,843.42 crore and 5
rights issue which mobilised Rs. 2,952.38 crore. Of
the public issues 6 were Initial Public Offerings
(IPOs) which mobilised Rs. 1,557.92 crore and 2
were Follow on Public Offerings (FPOs) which
mobilised Rs. 285.50 crore.
During 2008-09 (April – December), there were 20
public issues which mobilised Rs. 2,058.51 crore
and 21 rights issues which mobilised Rs. 11,997.31
crore as compared to 74 public issues which
mobilised Rs. 38,153.20 crore and 22 rights issues
which mobilised Rs. 13,446.68 crore during 2007-
08 (April – December).
In December 2008, there was only one QIP which
mobilised Rs. 114.29 crore as compared to 10 QIPs
which mobilised Rs. 8,419.94 crore in December
2007.
During December 2008, 28 preferential allotments
(Rs. 218.20 crore) were listed at BSE and 15
preferential allotments (Rs. 273.21 crore) were
listed at NSE. During 2008-09 (April – December),
310 preferential allotments with issue value of Rs.
2,06,761.52 crore were listed at BSE and 236
preferential allotments with issue value of
Rs. 39,268.17 crore were listed at NSE (Table 1).

1
Differences in total are due to rounding off and sometimes they may not exactly add up to the last digit.

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 January SEBI BULLETIN 2009

I.1 Private Placement of Corporate Debt

As per SEBI Guidelines, corporates are required to through private placements during December 2008
report to the stock exchanges, funds raised through were reported to NSE and BSE, the details of which
private placement of debt issues. Funds raised are given below:

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

Month/Year BSE NSE Total
No. of Amount No. of Amount No. of Amount
Issues (Rs. crore) Issues (Rs. crore) Issues (Rs. crore)
1 2 3 4 5 6 7
April-08 15 540.10 74 7,888.02 89 8428.12
(25) (2,141.00) (75) (10,251.00) (100) (12,392.00)
May-08 31 2,255.45 31 6,271.49 62 8,526.94
(26) (3,957.00) (37) (5,217.00) (63) (9,174.00)
June-08 65 2,789.31 49 6,581.80 114 9,371.11
(52) (1,209.00) (87) (11,053.00) (139) (12,262.00)
July-08 21 1,087.11 33 1,890.75 54 2,977.86
(26) (1,209.00) (48) (6,310.00) (74) (7,519.00)
August-08 16 149.70 41 9,046.61 57 9,196.31
(18) (1,058.00) (59) (6,121.00) (77) (7,179.00)
September-08 14 3,013.60 80 14,433.60 94 17,447.20
(20) (7,959.37) (51) (11,971.92) (71) (19,931.29)
October-08 32 1,661.90 18 8,523.67 50 10,185.57
(27) (1,226.00) (31) (5,456.00) (58) (6,682.00)
November-08 54 5,035.03 80 15,436.58 134 20,471.61
(28) (4,638.00) (59) (8,760.00) (87) (13,398.00)
December-08 33 4,192.14 88 30,332.96 121 34,525.10
(28) (2,085.00) (22) (3,769.00) (50) (5,854.00)
April - December, 2008 281 20,724.34 494 1,00,405.48 775 1,21,129.82
(250) (25,482.37) (469) (68,908.92) (719) (94,391.29)
Note: Figures in parentheses relate to the respective period in previous year.
Source: BSE, NSE

During December 2008, a total Rs. 34,525.10 crore
was raised through 121 debt issues by the corporate
sector by way of private placement. Of the total,
Rs. 4,192.14 crore was reported to BSE and Rs.
30,332.96 crore to NSE. During April – December
(2008-09), the total amount of private placement of
corporate debt reported was Rs. 1,21,129.82 crore
through 775 issues as compared to Rs. 94,391.29
crore through 719 issues during the April –
December (2007-08) (Table 2).

I.2 Mutual Funds

During December 2008, Rs. 1,205.02 crore was sector mutual funds. In total mutual funds
mobilised by public sector mutual funds, whereas, mobilised Rs. 98.47 crore during the month.
Rs. 1,106.55 crore was redeemed from private During April – December (2008-09) there has been

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 January SEBI BULLETIN 2009

a redemption of Rs. 30,431.99 crore by mutual management was lower by 24.83% to

funds, whereas, Rs. 1,23,993.10 crore was Rs. 4,13,364.51 crore as on December 31, 2008 as
mobilised duringApril – December (2007-08). compared to Rs. 5,49,936.13 crore as on December
The market value of cumulative asset under 31, 2007 (Table 3).

Table 3: Net Resource Mobilisation by Mutual Funds

Category December April - December April - December

December 2008 2007
2008 2007
1 2 3 4 5
(i) Public Sector 1,205.02 9,510.11 2,364.33 18,125.05
(ii) Private Sector -1,106.55 -39,942.10 -13,495.59 1,05,868.05
Total (i + ii) 98.47 -30,431.99 -11,131.27 1,23,993.10
Cumulative Assets Under Management 4,13,364.51 5,49,936.13

II. TRENDS IN THE SECONDARY MARKET

II.1 Cash Segment

Chart 1: Movement of BSE Sensex and S&P CNX Nifty

19000.00 5500

5000
17000.00

4500
15000.00

S &P CNX Nifty

BS E S e n s e x

4000

13000.00

3500

11000.00
3000

9000.00
2500

7000.00 2000
Ma y-08

Nov-08
Apr-08

J un-08

J ul-08

Aug-08

S e p-08

Oct-08

De c-08

BSE Sensex S&P CNX Nifty

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 January SEBI BULLETIN 2009

BSE Sensex closed at 9647.31 on December 31,
2008, as against 9092.72 on November 28, 2008,
registering a rise of 554.59 points (6.10%). In terms
of closing value, Sensex recorded a high of
10099.91 on December 19, 2008 and a low of
8739.24 on December 02, 2008.
S&P CNX Nifty closed at 2959.15 on December
31, 2008, as against 2755.10 on November 28,
2008, registering a rise of 204.05 points (7.41%). In
terms of closing value, Nifty recorded a high of
3077.50 on December 19, 2008 and a low of
2656.45 on December 03, 2008 (Chart 1).

Table 4: Major Indicators of Stock Market

2005-06 2006-07 2007-08 Nov-08 Dec-08 Percentage

change over the
previous month
(col. 6 over col.5)
1 2 3 4 5 6 7
A. Indices*
BSE Sensex 11280 13072 15644.44 9092.72 9647.31 6.10
S&P CNX Nifty 3403 3822 4734.50 2755.10 2959.15 7.41
S&P CNX 500 2910 3145 3825.85 2093.10 2295.75 9.68
B. Market Capitalisation*
(Rs.crore)
BSE 30,22,189 35,45,041 51,38,014.13 28,18,964.33 31,44,766.89 11.56
NSE 28,13,201 33,67,350 48,58,121.72 26,53,281.28 29,16,768.42 9.93
C. Gross Turnover (Rs.crore)
BSE 8,16,074 9,56,186 15,78,855.29 63,693.62 80,865.79 26.96
NSE 15,69,558 19,45,285 35,51,038.00 1,73,122.83 2,12,955.99 23.01
D. P/E ratio*
BSE Sensex 20.92 20.33 20.11 11.62 12.36 -
BSE 100 index 20.08 17.64 19.95 12.87 14.30 -
S&P CNX Nifty 20.26 18.4 20.63 12.08 12.97 -
Source: BSE and NSE

The market capitalisation of BSE, was higher by
11.56% from Rs. 28,18,964.33 crore as on
November 28, 2008 to Rs. 31,44,766.89 crore as on
December 31, 2008. The market capitalisation of
NSE was also higher by 9.93% from
Rs. 26,53,281.28 crore as on November 28 , 2008
to Rs. 29,16,768.42 crore as on December 31,
2008.
The monthly turnover of BSE was higher by
26.96% from Rs. 68,693.62 crore in November
2008 to Rs. 80,865.79 crore in December 2008.
The monthly turnover of NSE, too was higher by
23.01% from Rs. 1,73,122.83 crore in November
2008 to Rs. 2,12,955.99 crore in December 2008.
The P/E ratio of BSE Sensex was 12.36 as on
December 31, 2008 against 11.62 as on November
28, 2008. The P/E ratio of S&P CNX Nifty was
12.97 as on December 31, 2008 against 12.08 as on
November 28, 2008 (Table 4).

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 January SEBI BULLETIN 2009

II.2 Sectoral Indices

Table 5: Percentage change in Sectoral and other Indices in BSE and NSE
(Per cent)
Change in BSE Indices Change in NSE Indices
Index Over Over Index Over Over Mar
Nov 30, 2008 Mar 31, 2008 Nov 30, 2008 31, 2008
1 2 3 4 5 6
BSE Sensex 6.10 -38.33 S&P CNX Nifty 7.41 -37.50
BSE 100 8.43 -39.41 CNX Nifty Junior 18.37 -42.88
BSE 200 8.87 -40.15 S&P CNX 500 9.68 -39.99
BSE 500 9.14 -41.58 CNX Mid-cap 12.87 -40.14
BSE Small Cap 11.45 -53.03 CNX 100 8.79 -38.27
BSE FMCG 2.62 -13.22 S&P CNX Defty 10.92 -48.53
BSE Consumer Durables 6.70 -50.72 CNX IT -10.73 -40.97
BSE Capital Goods 8.20 -50.67 Bank Nifty 16.56 -24.85
BSE Bankex 17.42 -29.32 Nifty Mid-cap 50 12.99 -44.43
BSE Teck -2.73 -35.62
BSE Oil & Gas 7.69 -39.60
BSE Metal 18.96 -62.81
BSE Auto 4.90 -45.97
BSE PSU 15.13 -28.91
BSE Healthcare 2.71 -22.92
Source: BSE, NSE

During December 2008, among the BSE indices,
BSE Metal was up by 18.96% over its previous
month's closing followed by BSE Bankex
(↑17.42%), BSE PSU ( 15.13%) and BSE Small
Cap ( 11.45%). BSE Teck on the other hand was
lower by 2.73% over its previous month's closing.
Over March 31, 2008, BSE Metal declined by
62.81%, followed by BSE Small Cap ( 53.03%),
BSE Consumer Durables ( 50.72%) and BSE
Capital Goods ( 50.67%).
During December 2008, among the indices
followed by NSE, CNX Nifty Junior was up by
18.37% over its previous month's closing followed
by Bank Nifty (↑ 16.56%), Nifty Midcap-50
( 12.99%) and CNX Mid-cap ( 12.87%). Over
March 31, 2008, S&P CNX Defty declined by
48.53%, followed by Nifty Mid-Cap 50
( 44.43%) and CNX Nifty Junior ( 42.88%)
(Table 5).

II.3 Institutional Investment

During December 2008, total investment by (April December), 2008, net investment by mutual
mutual funds was Rs.13,991.10 crore of which funds has been Rs. 37,126.90 crore, of which
Rs. 340.80 crore was invested in equity and Rs. 7,866.70 crore was invested in equity and
Rs. 13,650.30 crore was invested in debt. During Rs. 29,260.20 crore was invested in debt (Table 6).

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 January SEBI BULLETIN 2009

Table 6: Investment by Mutual Funds

(Rs. crore)
Year/Month Mutual Funds
Equity Debt Total Asset under Management
1 2 3 4 5
2004-05 448 16,987 17,435 1,49,600
2005-06 14,303 36,801 51,104 2,31,862
2006-07 9,062 52,543 61,605 3,26,292
2007-08 16,306 73,790 90,096 5,62,820
2008-09 (Apr-Dec) 7,866.70 29,260.20 37,126.90 413,364.51
Apr-08 -112.00 16,438.00 16,327.00 595,010.45
May-08 64.00 5,919.00 5,982.00 588,643.21
Jun-08 3,179.20 3,264.00 6,443.20 521,898.53
Jul-08 1,412.20 5,788.90 7,201.10 540,623.13
Aug-08 -368.70 7,463.70 7,095.00 544,534.56
Sep-08 2,292.20 6,416.60 8,708.80 483,270.02
Oct-08 1,431.60 -26,081.80 -24,650.20 394,710.67
Nov-08 -372.60 -3,598.50 -3,971.10 405,111.90
Dec-08 340.80 13,650.30 13,991.10 413,364.51

Table 7: Investment by FIIs

Year/Month FIIs
Equity Debt Total Net Investment
(Rs. crore) (Rs. crore) (Rs. crore) (US$ million)
1 2 3 4 5
2004-05 44,123.00 1,759.00 45,882.00 10,172.00
2005-06 48,801.00 -7,334.00 41,467.00 9,332.00
2006-07 25,237.00 5,607.00 30,844.00 6,709.00
2007-08 53,403.30 12,775.90 66,179.20 16,040.20
2008-09 (Apr-Dec) -41,554.60 8,201.00 -33,353.60 -8,268.70
Apr-08 1,074.80 -1,701.70 -626.90 -155.20
May-08 -5,011.50 -162.90 -5,174.40 -1,282.80
Jun-08 -10,095.80 -998.70 -11,094.50 -2,750.50
Jul-08 -1,836.80 3,618.90 1,782.10 441.70
Aug-08 -1,211.70 1,257.80 46.10 11.70
Sep-08 -8,278.10 3,204.20 -5,073.90 -1,258.00
Oct-08 -15,347.30 -1,858.10 -17,205.40 -4,265.30
Nov-08 -2,598.30 4,215.00 1,616.70 400.80
Dec-08 1,750.10 626.50 2,376.60 588.90

There was a net inflow of foreign funds in
December 2008. FIIs invested a total amount of
Rs. 2,376.60 crore of which Rs. 1,750.10 crore was
invested in equity and Rs. 626.50 crore was
invested in debt. During 2008 (April - December),
FIIs liquidated Rs. 41,554.60 crore in equity
whereas invested Rs. 8,201.00 crore in debt. In
total Rs. 33,353.60 crore was liquidated in the
market in the current financial year so far (Table 7).

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 January SEBI BULLETIN 2009

II.4 International Markets

Table 8: Percentage change in International Indices

Index As on November As on December Change over the

30, 2008 31, 2008 previous month
(Per cent)
1 2 3 4
Developed Markets
Australia AS 30 3672.70 3659.30 -0.36
France CAC 3262.68 3217.97 -1.37
Germany DAX 4669.44 4810.20 3.01
Hong Kong HSI 13888.24 14387.48 3.59
Japan NIKKEI 8512.27 8859.56 4.08
Singapore STI 1732.57 1761.56 1.67
UK FTSE 100 4288.01 4434.17 3.41
USA DOW JONES 8829.04 8776.39 -0.60
USA NASDAQ Composite 1535.57 1577.03 2.70
Emerging Markets
Argentina IBG 59247.55 62180.16 4.95
Brazil IBOV 36595.87 37550.31 2.61
Chile IPSA 2406.26 2376.42 -1.24
China SHCOMP 1871.16 1820.81 -2.69
Colombia IGBC 7314.81 7560.68 3.36
Egypt HERMES 396.70 427.18 7.68
Hungary BUX 12694.74 12241.69 -3.57
Indonesia JCI 1241.54 1355.41 9.17
Malaysia KLCI 866.14 876.75 1.22
Mexico MEXBOL 20534.72 22380.32 8.99
Pakistan KSE 30 9981.93 5485.33 -45.05
Russia CRTX 1058.38 987.74 -6.67
S. Korea KOSPI 1076.07 1124.47 4.50
South Africa JALSH 21209.49 21509.20 1.41
Taiwan TWSE 4460.49 4591.22 2.93
Thailand SET 401.84 449.96 11.97
Turkey XU 100 25714.98 26864.07 4.47
Source: Bloomberg Financial Services

During December 2008, among developed market closing.

indices, Japan NIKKEI increased by 4.08% over its
previous month's closing, followed by Hong Kong
HSI (↑ 3.59%), UK FTSE 100 ( 3.41%) and
Germany DAX ( 3.01%). France CAC, on the
other hand, fell by 1.37% over its previous month's
As regards, the emerging market indices, Thailand
SET increased by 11.97%, followed by Indonesia
JCI ( 9.17%), Mexico MEXBOL ( 8.99%) and
Egypt HERMES ( 7.68%) (Table8).

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 January SEBI BULLETIN 2009

Table 9: P/E Ratios in International Market

Index 2005-06 2006-07 2007-08 Nov-08 Dec-08

1 2 3 4 5 6
Developed Markets
Australia AS 30 18.20 17.80 13.63 10.80 10.77
France CAC 15.80 15.00 11.38 8.34 8.29
Germany DAX 15.70 14.60 11.22 11.12 10.66
Hong Kong HSI 12.80 15.60 13.32 8.51 8.82
Japan NKY 45.70 37.40 14.23 12.33 12.88
Singapore STI 11.90 14.00 10.77 5.75 6.00
UK FTSE 100 14.90 16.80 11.50 7.89 7.87
USA NASDAQ Comp. 41.80 34.60 33.74 30.18 31.73
USA DOW JONES 22.90 17.10 15.65 10.65 10.59
Emerging Markets
Argentina IBG 11.40 19.50 2.58 5.10 5.37
Brazil IBOV 10.10 12.40 14.10 8.62 8.78
Chile IPSA 15.70 21.30 19.35 12.68 12.20
China SHCOMP 19.00 40.50 28.07 14.75 14.12
Colombia IGBC 25.80 12.20 21.67 19.04 19.64
Egypt HERMES 22.80 18.10 15.17 7.39 7.48
Hungary BUX 12.50 9.40 10.36 4.59 4.43
Indonesia JCI 21.70 21.40 16.90 7.36 8.26
Malaysia KLCI 15.30 17.50 13.65 9.76 10.09
Mexico MEXBOL 14.40 16.70 13.93 10.14 11.06
Pakistan KSE 30 - 11.60 13.94 6.85 3.76
Russia CRTX 15.00 12.00 10.57 3.57 3.28
S. Korea KOSPI 7.90 13.00 14.23 8.34 10.95
South Africa JALSH 11.20 10.10 12.71 7.57 7.33
Taiwan TWSE 14.60 20.10 18.36 9.05 9.31
Thailand SET 9.80 11.50 16.61 6.47 7.26
Turkey XU100 19.70 12.30 8.36 5.01 5.37
Source: Bloomberg Financial Services

Among developed market indices, P/E ratio of
USA NASDAQ Composite was 31.73 (↑5.14%),
followed by Japan NIKKEI (12.88, ↑4.46%) and
Australia AS 30 (10.77%, ↓ 0.28%). Among
emerging market indices, the P/E ratio of Colombia
IGBC was 19.64 (↑ 3.15%) followed by China
SHCOMP (14.12% ↓ 4.27%) and Chile IPSA
(12.20, ↓3.79%) (Table 9).
Figures in italic denote the percentage changes of
P/E values of the respective indices in December
2008 over their P/E values in November 2008.

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 January SEBI BULLETIN 2009

II.5 Volatility
Table 10: Average Daily Volatility in Indian Indices*
(Per cent)
Index Dec-08 Apr-Dec 2008 Index Dec-08 Apr-Dec 2008
1 2 3 4 5 6
BSE Sensex S&P CNX Nifty
High 2.18 2.56 High 2.46 2.77
Low 2.30 3.07 Low 2.08 2.34
Close 2.53 2.88 Close 2.16 2.86
BSE 100 2.43 2.81 CNX Nifty Junior 2.30 2.92
BSE 200 2.31 2.73 S&P CNX 500 2.26 2.61
BSE 500 2.24 2.65 CNX Mid-cap 1.96 2.24
BSE Small-cap 1.71 2.13 CNX 100 2.41 2.76
BSE FMCG 1.41 1.89 S&P CNX Defty 2.92 3.12
BSE Consumer Durables 3.43 2.94 CNX IT 2.68 2.98
BSE Capital Goods 2.89 3.24 Bank Nifty 2.79 3.58
BSE Bankex 2.90 3.67 Nifty Mid-cap 50 2.36 2.71
BSE Teck 2.46 2.75
BSE Oil & Gas 2.88 3.17
BSE Metal 3.40 3.66
BSE Auto 2.31 2.32
BSE PSU 2.22 2.47
BSE Healthcare 1.23 1.73
*Average Daily Volatility is calculated as the standard deviation of logarithmic returns of index values for the particular period.
Source: BSE, NSE

Among BSE indices, the highest volatility was Among indices followed by NSE, S&P CNX Defty
recorded in case of BSE Consumer Durables recorded the highest volatility (2.92%), followed
(3.43%), followed by BSE Metal (3.40%) and BSE by Bank Nifty (2.79%) and CNX IT (2.68%)
Bankex (2.90%) during December 2008. during December 2008 (Table 10).

Table 11: Average Daily Volatility and Annualised Volatility in the Indices
(Per cent)
Hong Kong HSI
USA Dow Jones

S.Korea KOSPI

S&P CNX Nifty

Malaysia KLCI

Month
Germany DAX
USA NASDAQ

Singapore STI
Thailand SET

Indonesia JCI
UK FTSE 100

France CAC

BSE Sensex
Comp.

1 2 3 4 5 6 7 8 9 10 11 12 13 14
Apr-08 1.05 1.41 1.04 1.47 0.73 0.96 0.67 1.27 1.12 1.14 1.98 1.28 1.28
May-08 0.90 1.13 1.02 1.33 0.59 1.11 1.11 1.04 0.85 0.99 1.11 1.31 1.21
Jun-08 1.24 1.52 1.18 1.48 0.98 1.06 1.48 0.92 1.05 1.12 0.85 1.93 1.91
Jul-08 1.47 1.56 1.60 1.97 1.13 1.75 1.60 1.36 1.35 1.68 1.45 3.30 2.97
Aug-08 1.42 1.34 1.23 1.72 1.00 1.11 1.47 0.92 1.24 1.43 1.60 1.73 1.61
Sep-08 2.98 3.39 2.94 3.21 1.12 2.62 1.85 2.29 2.08 3.00 2.36 2.50 2.32
Oct-08 4.81 4.79 4.85 7.01 1.94 5.33 4.77 4.63 4.91 5.17 5.55 5.19 5.03
Nov-08 4.06 4.25 3.47 3.51 1.34 3.64 2.65 2.61 3.84 3.74 2.87 3.85 3.83
Dec-08 2.71 3.31 2.21 3.22 1.08 2.67 1.79 2.23 2.78 2.91 2.64 2.53 2.46
Annualised Volatility
(April - December 2008) 41.44 44.70 39.69 51.33 18.40 42.14 36.60 35.14 39.61 42.73 40.57 45.69 43.89

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 January SEBI BULLETIN 2009

During December 2008, among the major (2.91%). The annualised volatility for 2008-09
international indices, the volatility of USA (April to December) of Hong Kong HSI was
NASDAQ Composite was 3.31%, followed by 51.33% followed by BSE Sensex (45.69%), and
Hong Kong HSI (3.22%) and France CAC USANASDAQ Composite (44.70%) (Table 11).

II.6 Derivatives Market

Table 12: Trends in Derivatives Market at NSE

Item 2005-06 2006-07 2007-08 Nov-08 Dec-08 Percentage

change over
previous month
(Col.6 over
Col.5)
1 2 3 4 5 6 7
A. Turnover (Rs.crore)
(i) Index Futures 15,13,791 20,06,381 38,20,667.28 2,56,949.73 2,69,997.30 5.08
(ii) Options on Index
Put 1,69,837 3,93,693 6,93,294.63 1,34,092.20 1,41,918.64 5.84
Call 1,68,632 3,98,219 668,816.25 1,58,042.13 1,71,696.77 8.64
(iii) Stock Futures 27,91,721 32,00,941 75,48,563.16 1,87,211.26 2,30,465.57 23.10
(iv) Options on Stock
Put 36,518 31,909 50,693.27 2,632.14 4,526.02 71.95
Call 1,43,752 1,61,902 3,08,443.28 6,428.65 10,561.95 64.29
Total 48,24,250 61,93,045 1,30,90,477.87 7,45,356.11 8,29,166.25 11.24
B. No. of Contracts
(i) Index Futures 5,85,37,886 5,81,02,968 15,65,98,579 1,94,71,367 2,00,07,895 2.76
(ii) Options on Index
Put 65,21,649 1,25,25,089 2,86,98,156 96,24,563 1,00,14,156 4.05
Call 64,13,467 1,26,32,349 2,66,67,882 1,02,96,361 1,11,44,623 8.24
(iii) Stock Futures 7,95,86,852 8,42,28,281 20,35,87,952 1,79,49,270 2,22,62,785 24.03
(iv) Options on Stock
Put 10,74,780 8,89,018 14,57,918 2,41,953 4,36,840 80.55
Call 41,65,996 43,94,292 80,02,713 5,61,864 9,27,467 65.07
Total 15,63,00,630 17,27,71,997 42,50,13,200 5,81,45,378 6,47,93,766 11.43
C. Average Open Interest
No. of Contracts 10,28,003 17,91,549 16,31,427 34,99,664 35,58,332 1.68
Notional Turnover 38,469.00 38,670.00 52,095.00 44,315.04 46,041.67 3.90
(Rs.crore)
Source: NSE

In December 2008, the monthly turnover of index
futures increased by 5.08% to Rs. 2,69,997.30
crore from Rs. 2,56,949.73 crore in November
2008. During the same period, the monthly
turnover of stock futures also increased by 23.10%
to Rs. 2,30,465.57 crore from Rs. 1,87,211.26
crore. In December 2008, monthly turnover of put
options on index increased by 5.84% to
Rs. 1,41,918.64 crore from Rs. 1,34,092.20 crore
and the monthly turnover of call options on index
increased by 8.64% to Rs. 1,71,696.77 crore from
Rs. 1,58,042.13 crore in November 2008. In

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 January SEBI BULLETIN 2009

December 2008, the monthly turnover of put
options on stocks increased by 71.95% to
Rs. 4,526.02 crore from Rs. 2,632.14 crore in
November 2008. During the same period, the
monthly turnover of call options on stocks
increased by 64.29% to Rs. 10,561.95 crore from
Rs. 6,428.65 crore.
The average open interest in December 2008
increased by 3.90% to Rs. 46,041.67 crore from
Rs. 44,315.04 crore in November 2008 (Table 12).

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 January SEBI BULLETIN 2009

HIGHLIGHTS OF INTERNATIONAL
STOCK MARKETS DURING 2008*
1. Equity market capitalisation: Top ten exchanges

Exchange 2008 2007 Percentage

(USD bn) (USD bn) change
1 NYSE Group 9,209 15,525 - 40.7
2 Tokyo SE 3,116 4,524 - 31.1
3 Nasdaq 2,396 4,061 - 41.0
4 Euronext 2,102 4,283 - 50.9
5 London SE 1,868 3,949 - 52.7
6 Shanghai SE 1,425 3,279 - 56.5
7 Hong Kong Exchanges 1,329 2,724 - 51.2
8 Deutsche Börse 1,111 2,085 - 46.7
9 TSX Group 1,033 1,974 - 47.6
10 BME Spanish Exchanges 948 1,801 - 47.3

2. Total value of share trading: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 Nasdaq 36,446 28,116 29.6
2 NYSE Group 33,639 29,210 15.2
3 London SE 6,474 10,324 -37.3
4 Tokyo SE 5,586 6,476 -13.7
5 Euronext 4,454 5,648 -21.1
6 Deutsche Börse 3,881 4,324 -10.2
7 Shanghai SE 2,587 4,070 -36.4
8 BME Spanish Exchanges 2,439 2,971 -17.9
9 TSX Group 1,736 1,649 5.3
10 Hong Kong Exchanges 1,629 2,139 -23.8

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

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 January SEBI BULLETIN 2009

3. Percentage change in Blue chip index movement as on December 2008 over December 2007

OMX Nordic Iceland (OMXI15) -94.4%

Cyprus (CySE 20) -77.0%
Irish (ISEQ 20) -66.6%
Shanghai (SSE 180 Index) -66.3%
Athens Exchange (ASE 20) -66.1%
Ljubljana (SBI Top) -66.1% % change
Shenzhen (SZSE 100 Index) -63.2%
Wiener Börse (Austrian Traded Index) -61.2%
Lima (ISBVL) -59.7%
Luxembourg (LuxX) -59.5%
Egypt (Titans 20 Index) -55.9%
Indonesia ( LQ45 Index) -54.9%
Euronext Brussels (BEL 20) -53.8%
Budapest (BUX) -53.3%
Oslo Børs (OBX Index) -52.8%
India BSE SENSEX -52.4%
Euronext Amsterdam (AEX 25) -52.3%
India NSE (S&P CNX Nifty) -51.8%
Euronext Lisbon ( PSI 20) -51.3%
Colombo (Milanka Price Index) -50.4%
Istanbul (National 30) -50.3%

0.0% -10.0% -20.0% -30.0% -40.0% -50.0% -60.0% -70.0% -80.0% -90.0% -100.0%

4. Total number of listed companies: Top ten exchanges

Exchange 2008 2007

1 Bombay SE 4,921 4,887

2 TSX Group 3,841 3,951
3 BME Spanish Exchanges 3,576 3,537
4 London SE 3,096 3,307
5 NYSE Group 3,011 2,273
6 Nasdaq 2,952 3,069
7 Tokyo SE 2,390 2,414
8 Australian SE 2,009 1,998
9 Korea Exchange 1,793 1,757
10 National Stock Exchange India 1,406 1,330

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 January SEBI BULLETIN 2009

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

Exchange 2008 2007 % Change

1 NYSE Group 4,050,573 2,234,160 81.3

2 Nasdaq 3,779,384 2,058,455 83.6
3 National Stock Exchange India 1,368,050 1,052,318 30.0
4 Shanghai SE 1,278,881 1,617,332 -20.9
5 Shenzhen SE 658,047 840,258 -21.7
6 Korea Exchange 641,754 605,799 5.9
7 Bombay SE 565,605 480,270 17.8
8 London SE 201,779 160,990 25.3
9 Taiwan SE Corp. 200,976 213,203 -5.7
10 Euronext 191,760 154,736 23.9

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

1,200,000,000

1,000,000,000
2008 2007

800,000,000

600,000,000

400,000,000

200,000,000

0
Exchange
Securities
International

Options Exchange
Chicago Board

Philadelphia SE

BM&FBOVESPA

EUREX

American SE

Euronext.liffe

Hong Kong

Exchange
OMX Nordic

Buenos Aires SE
Exchanges

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 January SEBI BULLETIN 2009

7. Stock Options turnover: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 EUREX 1,550 1,604 -3.4
2 BM&FBOVESPA 894 1,064 -16.0
3 Euronext.liffe 771 970 -20.5
4 ASX Derivatives Trading 263 406 -35.3
5 Philadelphia SE 226 163 38.6
6 Hong Kong Exchanges 182 225 -19.3
7 Borsa Italiana 115 149 -22.9
8 Bourse de Montreal 102 101 1.4
9 American SE 56 80 -30.4
10 National Stock Exchange India 52 86 -39.8

8. Stock Futures turnover: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 National Stock Exchange India 1033 1710 -39.6
2 EUREX 652 232 181.4
3 Euronext.liffe 512 340 50.5
4 BME Spanish Exchanges 91 57 59.0
5 JSE 43 50 -14.4
6 Borsa Italiana 33 63 -48.4
7 OMX Nordic Exchange 10 10 2.2
8 ASX Derivatives Trading 9 11 -18.8
9 Budapest SE 8 13 -41.7
10 Athens Derivatives Exchange 6 7 -13.2

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 January SEBI BULLETIN 2009

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

10. Index Futures turnover: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 EUREX 33,264 33,503 -0.7
2 Euronext.liffe 8,886 9,664 -8.1
3 Korea Exchange 5,602 5,594 0.2
4 Osaka SE 5,205 5,044 3.2
5 Hong Kong Exchanges 4,046 3,788 6.8
6 Tokyo SE Group 2,104 2,334 -9.9
7 BME Spanish Exchanges 1,320 1,789 -26.3
8 Borsa Italiana 1,149 1,427 -19.5
9 ASX SFE Derivatives Trading 1,031 1,075 -4.1
10 TAIFEX 1,031 741 39.2

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 January SEBI BULLETIN 2009

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

600,000,000

2008 2007

500,000,000

400,000,000

300,000,000

200,000,000

100,000,000

Exchanges
EUREX

Exchange India

Osaka SE

Euronext.liffe

Korea Exchange

Singapore Exchange

Hong Kong

OMX Nordic

TAIFEX

Tokyo SE Group
National Stock

Exchange

12. Index Options turnover: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 Korea Exchange 44,308 63,397 -30.1
2 EUREX 24,441 19,840 23.2
3 Euronext.liffe 5,363 5,854 -8.4
4 TAIFEX 2,205 27 8,182.1
5 Tel Aviv SE 2,199 2,531 -13.1
6 National Stock Exchange India 673 314 114.2
7 Hong Kong Exchanges 613 1,268 -51.7
8 Borsa Italiana 397 508 -21.8
9 OMX Nordic Exchange 266 350 -23.9
10 BME Spanish Exchanges 142 118 20.9

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 January SEBI BULLETIN 2009

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

3,000,000,000

2008 2007
2,500,000,000

2,000,000,000

1,500,000,000

1,000,000,000

500,000,000

0
Korea Exchange

EUREX

Options Exchange
Chicago Board

Exchange India

TAIFEX

Tel Aviv SE

Euronext.liffe

Osaka SE

Exchange
OMX Nordic

Securities Exchange
International
National Stock

14. Total value of bonds traded: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 BME Spanish Exchanges 6,823 5,854 16.5
2 London SE 6,118 3,605 69.7
3 OMX Nordic Exchange 2,546 2,797 -9.0
4 Colombia SE 468 526 -11.0
5 Istanbul SE 406 480 -15.3
6 Deutsche Börse 382 317 20.6
7 Korea Exchange 348 381 -8.8
8 Tel Aviv SE 262 196 33.9
9 Borsa Italiana 256 206 24.5
10 Swiss Exchange 185 144 28.2

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 January SEBI BULLETIN 2009

15. Capital raised by bonds issuances: Top ten exchanges

Exchange 2008 2007 Percentage change

(USD bn) (USD bn)
1 Luxembourg SE 1399 1350 3.7
2 London SE 1262 618 104.3
3 Bursa Malaysia 867 NA NA
4 Deutsche Börse 552 449 23.0
5 Korea Exchange 373 295 26.5
6 The Stock Exchange of Thailand 273 122 124.3
7 National Stock Exchange India 141 118 18.9
8 OMX Nordic Exchange 87 60 44.9
9 Istanbul SE 82 84 -2.4
10 Wiener Börse 79 78 0.9

16. Trading in securitized derivatives: Top ten exchanges

Exchange Turnover Exchange No. of Trades

(USD Bn) (thousands)
1 Hong Kong Exchanges 574 Korea Exchange 43,023.1
2 Deutsche Börse 337 Taiwan SE Corp. 27,522.4
3 Korea Exchange 86 Hong Kong Exchanges 26,380.2
4 Swiss Exchange 56 Deutsche Börse 22,515.6
5 Euronext 48 Euronext 4,950.9
6 Borsa Italiana 34 Borsa Italiana 2,701.0
7 Singapore Exchang 15 Swiss Exchange 2,228.5
8 Taiwan SE Corp. 9 OMX Nordic Exchange 834.1
9 Australian SE 7 Australian SE 615.3
10 OMX Nordic Exchange 4 Bursa Malaysia 320.4

030
 January SEBI BULLETIN
PRESS RELEASES
GENERAL
1. SEBI Board Meeting
• SEBI to extend validity of the observation
letter
SEBI Board has approved extension of validity
of observation letter issued for public / rights
issue from present three months to one year,
subject to filing of updated document with
SEBI where there are material changes.
• SEBI to introduce electronic rights
entitlements and ASBA in the Rights Issue
process.
SEBI Board has approved certain policy
measures pertaining to rights issue process,
which, inter-alia, include enabling electronic
rights entitlement, which can be traded
electronically in Stock Exchanges, introducing
alternate mode for making applications in
rights issue viz Applications Supported by
Blocked Amount (ASBA) mode and
mandating that the issuer can get access to
rights issue proceeds only after the allotment is
finalized.
Currently a shareholder intending to renounce
his/her Rights entitlements fills up part B of the
rights issue application form. The renouncee
can trade this form or apply in the Rights Issue
by filling up Part C of the form. Renunciation
forms are traded in physical segment in
Bombay Stock Exchange. The right
entitlement will now be made available in
demat form for all shareholders holding the
031
2009
underlying shares in demat form.
The policy measures approved by the Board in
this meeting, along with measures undertaken
in the recent past for reduction in timelines, are
expected to streamline the rights issue process
and make it more efficient.
• It was decided that no early exit will be allowed
in any scheme of Mutual Fund in the nature of a
close ended scheme. The schemes which have
been approved earlier but not yet launched will
also have to be amended accordingly. It will be
obligatory for the Asset Management
Company to list the close ended schemes. The
Board also decided that for such close ended
schemes the underlying assets will not have a
maturity beyond the date on which the scheme
expires.
• The Board decided to adopt a code to avoid
conflict of interest for the members of the
Board. It was further decided that this code
will be put up in the public domain by
publishing it on the SEBI website before
December 12, 2008.
• In order to bring transparency in the working of
the Board it was decided that the agenda papers
submitted to the Board on all policy issues will
be made available in the public domain by
putting them up on the SEBI website after the
Board has taken a decision on the issue. The
minutes of the meeting relating to such items
will also be made available on the SEBI
website after the Board has approved the
 January
minutes. Accordingly the agenda papers for
Board meeting are made available on the SEBI
website.
Ref. : PR No.283/2008 dated December 04, 2008
2. SEBI signs MoU with FFMS, Russia
Securities and Exchange Board of India (SEBI),
signed a bilateral Memorandum of Understanding
(MoU) with Federal Financial Markets Service of
Russian Federation (FFMS), Russia on mutual
cooperation and information sharing.
The Memorandum of Understanding was signed
by Mr. C. B. Bhave, Chairman, SEBI and Mr.
Vladimir Milovidov, Head, FFMS, Russia in the
presence of the Prime Minister, Dr. Manmohan
Singh and the President of Russian Federation, H.
E. Mr. Dmitry Medvedev in New Delhi.
The MoU was signed to establish a general
framework for cooperation and consultation and
mutual assistance between the regulatory
authorities, in order to fulfilling of their regulatory
responsibilities.
Including this MoU, SEBI has signed bilateral
MoUs with 16 jurisdictions and a Letter of Intent
for mutual cooperation with Securities and Futures
Commission, Hong Kong.
Ref. : PR No.285/2008 dated December 05, 2008
3. SEBI amends DIP Guidelines to provide for
combined offering of Non-Convertible
Debentures (NCDs) with warrants, through
Qualified Institutions Placement (QIP)
mechanism
The Hon'ble Finance Minister, in his
announcement in the Union Budget for the year
SEBI BULLETIN 2009
2007-08, has proposed, inter-alia, to enhance the
tradability of Domestic Convertible Bonds
(DCBs). This requires a mechanism that will
enable investors to separate the embedded equity
option from the convertible bond and trade it
separately. This mechanism requires basic enablers
like existence of long tenor callable Credit
Derivatives market, ability to borrow stock for long
tenors to enable short selling, etc.
SEBI, in consultation with market participants,
explored alternate structures which would yield the
same benefits as that of DCBs to the issuer and
enhance the suite of products from the investors'
point of view. SEBI has now put in place a
framework whereby a listed company can make a
combined offering of Non-Convertible Debentures
(NCDs) with warrants to QIBs, under the Qualified
Institutions Placement mechanism. SEBI (DIP)
Guidelines, 2000 have been amended to this effect.
Qualified Institutional Buyers can subscribe to the
combined offering of NCDs with warrants or to the
individual instruments, i.e., either NCDs or
warrants, where separate books are run for NCDs/
warrants.
Ref. : PR No.293/2008 dated December 08, 2008
4. Re-allocation of debt investment limit
The enhanced debt limits in corporate debts
category were allocated to entities on October 22,
2008. The unutilized limits were re-allocated to the
entities on November 19, 2008. The unutilized
limits in Government debt category were re-
allocated to the entities on November 10, 2008.
After assessment of the utilization, the unutilized
debt limits are being re-allocated to entities lower
down in the list.
032
 January SEBI BULLETIN 2009

In terms of SEBI circular dated November 06, including trading and clearing members of the
2008, in case the allocated limits are not utilized by derivatives segments of the Exchanges to carry out
the entities in 11 working days, i.e. by December comprehensive internal audit of their books /
30, 2008, the same shall be withdrawn and records on half yearly basis by independent,
allocated to the entities lower down in the list. qualified Chartered Accountants, Company
Allotment In Government Securities All figure in USD Secretaries and Cost and Management
Million Accountants. The first such audit is to be carried
Sr. Name of entity Limits Limits
No. Requested Allocated out for the period October 01, 2008 to March 31,
1 Japan Trustee Services Bank, Ltd. as 5 5 2009.
trustee for The Sumitomo Trust &
Banking Co., Ltd. as trustee for SEBI has also specified the scope of such internal
Schroder Asian Sovereign and
Corporate Bond Mother Fund
audit. These include compliance of the stock
2 The Master Trust Bank Of Japan Ltd 20 20 broker with the provisions of the SEBI Act, 1992,
As Trustee For Schroder Asian Bond SEBI (Stock brokers and sub-brokers)
Mother Fund
3 Credit Suisse Singapore Branch 200 83.93
Regulations, 1992; circulars issued by SEBI and
Stock Exchanges and also compliance w.r.t bye
All figure in USD
laws of the stock exchange. In order to create
Allotment In Corporate Debt
Million capacity to undertake internal audit in a
Sr. Name of entity Limits Limits
No. Reques- All-
professional manner, National Institute of
ted ocated Securities Markets (NISM), in association with
1 Standard Chartered Bank (Mauritius) Ltd. 102.62 102.62 BSE and NSE, is offering training programmes for
– Debt
2 Sophia Growth - A Share Clas s Of 5 5.00 Chartered Accountants, Company Secretaries and
Somerset India Fund Cost and Management Accountants. The training
3 Somerset Emerging Opportunities Fund 5 5.00
4 Copthall Mauritius Investment Ltd. 300 300.00
programmes, would be held during January –
5 JPMorgan Securities Asia 300 300.00 March 2009, at Mumbai, Delhi, Kolkata and
6 DB International (Asia) Ltd - Debt Fund 300 300.00 Chennai.
7 Credit Suisse Singapore Branch 300 300.00
8 Mirae Asset India Discovery Equity 35 35.00 The first programme would be held at BSE
Investment Trust 1
9 India Diversified ( Mauritius) Ltd 25 25.00
Training Institute, Mumbai on January 09 and 10.
10 Abn Amro Asia Pacific Pte Ltd 300 300.00 Six such programmes are proposed to be held at
11 India Optima Fund 300 41.29 Mumbai and two each at other locations.
Professional bodies viz ICAI, ICSI and ICWAI
Ref. : PR No.301/2008 dated December 12, 2008
have been informed about the training
programmes. Professionals desirous of attending
5. NISM to organize training programmes for the training may contact NISM for further details.
professionals to audit books / records of stock The details of the programme are available on the
brokers website of NISM www.nismindia.com
SEBI has recently directed the stock brokers, Ref. : PR No.305/2008 dated December 18, 2008

033
 January SEBI BULLETIN
6. Clarification on news reports relating to
Pyramid Saimira Theatre Ltd.
It has been widely reported in the media that SEBI
has vide order dated December 19, 2008, directed
Mr. P S Saminathan, the CMD of Pyramid Saimira
Theatre Ltd. (PSTL), to make an open offer for
acquisition of shares of the Target Company
(PSTL) at a price of not less than Rs.250/-. A copy
of the letter purported to have been issued by SEBI
was also flashed on some TV Channels on
December 23, 2008.
It is hereby clarified that no order or letter has been
issued by SEBI to Mr. P S Saminathan on
19.12.2008. It appears that the said letter is being
circulated with ulterior motives.
SEBI is separately investigating into the matter
including the origin of the letter. SEBI is also
separately inquiring into the dealing in the scrip
following the press report including alleged
violation of SEBI (SAST) Regulations, 1997.
Ref. : PR No.327/2008 dated December 23, 2008
Orders
1. Orders in the matter of Bombay Dyeing &
Manufacturing Co. Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed orders dated November 28, 2008, in the
matter of Bombay Dyeing & Manufacturing Co.
Ltd. to the effect that the Show cause notices issued
to Mega Stocks Ltd., Mega Resources Ltd., The
Hoogly Mills Company Ltd., BPS Securities Pvt.
Ltd. and Shri D.K.Singhania are disposed of
without any direction. The proceedings against
Late Shri Arun Kumar Bajoria are abated. Further,
for the reasons stated in the order, no further
direction in the matter is passed against
034
2009
M/s. Bluechip Capital Market Pvt. Ltd. sub-broker.
Shri Naresh Chand Chandak and Shri Niraj Kumar
Balasaria are warned to be more cautious in the
conduct of their business.
Ref. : PR No.277/2008 dated December 02, 2008
2. Order against M/s. ICAP India Pvt. Ltd.,
Member, NSE
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed an order dated November 21, 2008,
against M/s. ICAP India Pvt. Ltd. (SEBI
Registration No. INB231140337), Member,
National Stock Exchange of India Ltd. By this
order M/s. ICAP India Private Ltd. is warned to be
more cautious in the conduct of its business and to
adhere to and comply with all statutory
provisions/instructions received in the discharge of
its function as a stock broker.
Ref. : PR No.279/2008 dated December 02, 2008
3 . O r d e r a g a i n s t M r. S w a m i n a t h a n
Mahalingam in the matter of M/s. Mega
Millennium Securities Pvt. Ltd. and M/s. Mega
Millennium Investment Pvt. Ltd.
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed an order dated November 21, 2008,
revoking the interim directions passed against Mr.
Swaminathan Mahalingam issued by SEBI vide
order dated September 03, 2007. It is further
directed in the said order that the interim order
dated September 03, 2007, will continue to operate
against M/s. Mega Millennium Investment Pvt.
Ltd. and M/s. Mega Millennium Securities Pvt.
Ltd.
Ref. : PR No.280/2008 dated December 02, 2008
 January SEBI BULLETIN
4. Orders in case of IPO irregularities – Amadhi
Investments Ltd., Rajesh Kumar Patel and
Welvet FinancialAdvisors Pvt. Ltd.
In the matter of “irregularities in IPOs”, SEBI
passed ad interim ex-parte order on April 27, 2006
against various entities including Amadhi
Investment Ltd, Rajesh Kumar Patel and Welvet
Financial Advisors Pvt. Ltd., prohibiting them
from buying, selling and dealings in securities
either directly or indirectly till further orders. It was
alleged that they acted as financiers to key
operators for cornering of shares in various IPOs
and thereafter sold the shares in the market
immediately after the day of listing and made ill-
gotten gains.
Shri M. S. Sahoo, Whole Time Member, SEBI
passed orders on December 01, 2008 against
aforesaid entities, confirming the directions passed
ad interim ex-parte Order datedApril 27, 2006.
Ref. : PR No.281/2008 dated December 02, 2008
5. Order against MCS Ltd.
In view of complaints received by SEBI from
issuer companies regarding refusal by MCS Ltd.(a
Registrar to an issue and share transfer agent) to
transfer records/data and issue NOC to the
Depositories on termination of the agreement
between MCS and the said issuer companies, Shri
M.S. Sahoo, Whole Time Member , SEBI vide
order dated December 2, 2008 has directed MCS
Ltd. to transfer all the data/records to the issuers /
complainants or to their newly appointed share
transfer agents and issue NOC to the depositories
within a period of 15 days from the date of the
order. MCS Ltd. was also directed to cease and
desist from violating the provisions of law
035
2009
mentioned in the above said order.
Ref. : PR No.282/2008 December 2, 2008
6. Order against Mehta Equities Ltd.
In view of various irregularities observed during
inspection of Mehta Equities Ltd., a depository
participant of CDSL at their Udaipur branch, Dr.
T.C. Nair, Whole Time Member , SEBI vide order
dated December 02, 2008 has debarred the Udaipur
branch of Mehta Equities Ltd. from carrying out
the depository participant activities for a period of
one month.
Ref. : PR No.284/2008 dated December 04, 2008
7. Orders against Mr. Puroshattam Lal
Kejdiwal and Mr. Dinesh Kumar Lodha,
Members, Calcutta Stock Exchange in the
matter of M/s.Adinath Bio-Labs Ltd.
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed orders dated November 28, 2008,
disposing of the enquiry proceedings against the
brokers Mr. Puroshattam Lal Kejdiwal and Mr.
Dinesh Kumar Lodha. As the said brokers have
already been prohibited from buying, selling or
dealing in securities from November 30, 2005 to
August 11, 2008, in accordance with interim order
passed by SEBI, no further penalty has been
imposed.
Ref : PR No.286/2008 dated December 05, 2008
8. Order against Shri Vidhyut B. Shah, Member,
Ahmedabad Stock Exchange Ltd. in the matter
of Manna Glass Tech Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 02, 2008, in the
 January
matter of Manna Glass Tech Industries Ltd.,
suspending the certificate of registration of Shri
Vidhyut B. Shah, Member, Ahmedabad Stock
Exchange Ltd., having SEBI Registration No. INB
020125315 for a period of four months.
Ref. : PR No.287/2008 dated December 05, 2008
9. Order against Mr. Sanju Kabra, Member,
Calcutta Stock Exchange in the matter of M/s.
Adinath Bio-Labs Ltd.
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed order dated December 04, 2008,
disposing of the enquiry proceeding against the
broker, Mr. Sanju Kabra. As the said broker has
already been prohibited from buying, selling or
dealing in securities from September 29, 2005 to
July 02, 2008 in another case, in accordance with
interim order passed by SEBI, no further penalty
has been imposed.
Ref. : PR No.292/2008 dated December 08, 2008
10. Order against M/s. Prakash Nahata & Co.
Member, Calcutta Stock Exchange in the matter
of M/s.Ashika Credit Capital Ltd.
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed an order dated December 05, 2008
against M/s. Prakash Nahata & Co., Member,
Calcutta Stock Exchange imposing a penalty of
suspension of certificate of registration for a period
of one month in respect of dealings in the shares of
M/s.Ashika Credit Capitals Ltd.
Ref. : PR No.298/2008 dated December 11, 2008
11. Order in the matter of M/s. Mayekar
SEBI BULLETIN 2009
Investment Private Ltd., Sub-broker, in the
scrip ofAvinash Information Technologies Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
scrip of Avinash Information Technologies Ltd.
against M/s. Mayekar Investment Private Ltd.,
S u b - b r o k e r, h a v i n g S E B I R e g n . N o .
INS010608532 affiliated to BSE Member, M/s.
Ramanlal D. Shah.
The Whole Time Member found that though the
violations committed by Mayekar Investment
Private Ltd. are serious in nature but as the
certificate of registration of Mayekar Investment
Private Ltd. has already been cancelled, no further
action is required. Therefore, the Whole Time
Member disposed off the enquiry proceedings
against Mayekar Investment Private Ltd.
Ref. : PR No.304/2008 dated December 17, 2008
12. Order against Equisearch Broking Private
Ltd., Member, BSE, in the matter of Shree Yaax
Pharma and Cosmetics Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Shree Yaax Pharma and Cosmetics Ltd.
directing Equisearch Broking Private Ltd.,
Member, Bombay Stock Exchange Ltd. having
SEBI Registration No. INB 010992338 to be
careful in future and exercise due care and
diligence in the conduct of its affairs as a capital
market intermediary. The entity has also been
asked to note that any instance of violation or non-
compliance of SEBIAct and Rules and Regulations
in future shall be dealt with stringently.
Ref. : PR No.306/2008 dated December 18, 2008
036
 January SEBI BULLETIN
13. Order against M/s. Mackertich
Consultancy Services Private Ltd., M/s. Vatican
Commercials Ltd. and M/s. Pinnacle Trades &
Investments Pvt. Ltd. in the matter of South
East Asia Marine Engineering and
Constructions Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of South East Asia Marine Engineering and
Constructions Ltd. restraining M/s. Mackertich
Consultancy Services Private Ltd. (PAN
No.AABCM5680Q) from accessing the securities
market for a period of 15 days and warning M/s.
Pinnacle Trades & Investments Private Ltd. (PAN
N o . A A B C P 7 7 8 9 D ) a n d M / s . Va t i c a n
Commercials Ltd. (PAN No.AABCV7869G) to be
more cautious while dealing in securities market.
Ref. : PR No.307/2008 dated December 18, 2008
14. Order against M/s. Mayekar Investment
Private Ltd., Sub-broker affiliated to M/s.
Ramanlal D. Shah in the matter of Sawaca
Communications Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Sawaca Communications Ltd. against
M/s. Mayekar Investment Private Ltd., Sub-broker
affiliated to M/s. Ramanlal D. Shah (SEBI Regn.
No. INS010608532)
The Whole Tome Member found that though the
violations committed by M/s. Mayekar Investment
Private Ltd. are serous in nature and warrant
cancellation of certificate of registration of
Mayekar Investment Private Ltd. but as the
certificate of registration of Mayekar Investment
Private Ltd. has already been cancelled vide order
037
2009
dated November 17, 2008, no further action is
required. Therefore, the Whole Time Member
disposed of the enquiry proceedings against
Mayekar Investment Private Ltd.
Ref. : PR No.308/2008 dated December 19, 2008
15. Order against M/s. Mayekar Investment
Private Ltd., Sub-broker affiliated to M/s.
Ramanlal D. Shah in the matter of Sawaca
Business Machines Ltd. (Formerly Sawaca
Finance Ltd.)
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Sawaca Business Machines Ltd.
(Formerly Sawaca Finance Ltd.) against M/s.
Mayekar Investment Private Ltd., Sub-broker
affiliated to M/s. Ramanlal D. Shah (SEBI Regn.
No. INS010608532)
The Whole Tome Member found that though
having regard to the nature and gravity of the
charges established, the ends of justice will be met
by canceling the certificate of registration of M/s.
Mayekar Investment Private Ltd. but as the
certificate of registration of Mayekar Investment
Private Ltd. has already been cancelled vide order
dated November 17, 2008, no further action is
required. Therefore, the Whole Time Member
disposed of the enquiry proceedings against
Mayekar Investment Private Ltd.
Ref. : PR No.309/2008 dated December 19, 2008
16. Order against M/s. C. Mackertich Ltd.,
Member, NSE, BSE, CSE & OTCEI, in the
matter of South East Asia Marine Engineering
and Constructions Ltd.
 January SEBI BULLETIN
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of South East Asia Marine Engineering and
Constructions Ltd., suspending the certificate of
registration of M/s. C.Mackertich Ltd., Member,
National Stock Exchange of India Ltd., Member,
The Bombay Stock Exchange Ltd., Member,
Calcutta Stock Exchange Ltd. and Member, Over
the Counter Exchange of India Ltd. for period of
one month.
Ref. : PR No.310/2008 dated December 19, 2008
17. Order against M/s.R.K. Global Shares &
Securities Ltd., Member, NSE, in the matter of
Soundcraft Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. suspending the
certificate of registration of M/s. R.K. Global
Shares & Securities Ltd., Member, National Stock
Exchange of India Ltd. having SEBI Registration
No. INB 0230825035 for a period of one month.
Ref. : PR No.311/2008 dated December 19, 2008
18. Order against Shri Rajkumar C. Basantani,
Panna Agrofine Pvt. Ltd., Jaitra Estate
Developers Pvt. Ltd. and Born Free Finance
Pvt. Ltd. in the matter of Soundcraft Industries
Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. debarring Shri
Rajkumar C. Basantani from accessing the
securities market and prohibiting from buying,
selling or dealing in securities, either directly or
indirectly, for a period of five years; and debarring
038
2009
Panna Agrofine Pvt. Ltd. (PAN: AAACP6160H),
Jaitra Estate Developers Pvt. Ltd. (PAN:
AAACJ2532P) and Born Free Finance Pvt. Ltd.
(PAN: AABCB5127B) from accessing the
securities market and prohibiting from buying,
selling or dealing in securities, either directly or
indirectly, for a period of six months.
Ref. : PR No.312/2008 dated December 19, 2008
19. Order against AMS Finance & Securities
Ltd. in the matter of Soundcraft Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. debarring
AMS Finance & Securities Ltd. (PAN:
AAACA6746Q) from accessing the securities
market and prohibiting from buying, selling or
dealing in securities, either directly or indirectly,
for a period of six months.
Ref. : PR No.313/2008 dated December 19, 2008
20. Order against Bharat H Jain, M/s. Jain
Investment (Prop. Ramila Jain) and Asmita R
Shah in the matter of Soundcraft Industries
Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. debarring
Bharat H Jain, M/s. Jain Investment (Prop. Ramila
Jain) and Asmita R Shah from accessing the
securities market and prohibiting from buying,
selling or dealing in securities, either directly or
indirectly, for a period of six months.
Ref. : PR No.314/2008 dated December 19, 2008
 January SEBI BULLETIN
21. Order against M/s. Admiral Securities, Sub-
broker, Affiliated with VSE Securities Ltd. and
Member, Vadodara Stock Exchange in the
matter of M/s. DesignAuto Systems Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of M/s. Design Auto Systems Ltd.
suspending the certificates of registration of M/s.
Admiral Securities, sub-broker (SEBI Registration
No. INS011751315) affiliated with VSE Securities
Ltd. and member of Vadodara Stock Exchange
(SEBI Registration No. INB191029819) for a
period of seven days.
Ref. : PR No.315/2008 dated December 19, 2008
22. Order against M/s. Bipin B Diwani, Sub-
broker, Affiliated to M/s. Vyomit Shares, Stock
and Investments Pvt. Ltd., in the matter of
Sawaca Communications Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Sawaca Communications Ltd.,
cancelling the certificate of registration of Bipin V.
Diwani, sub-broker, affiliated to Vyomit Shares,
Stock and Investments Pvt. Ltd. (SEBI
Registration no. INS010474513).
Ref. : PR No.316/2008 dated December 19, 2008
23. Order against M/s. Mekaster Securities Pvt.
Ltd., Member, NSE, in the matter of
Soundcraft Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd., suspending
the certificate of registration of M/s. Mekaster
Securities Pvt. Ltd., Member, National Stock
039
2009
Exchange of India Ltd. having SEBI Registration
No. INB0 230826230 for a period of one month.
Ref. : PR No.317/2008 dated December 19, 2008
24. Order against M/s. Kolar Sharex Pvt. Ltd.,
Member, BSE, in the matter of Soundcraft
Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. suspending the
certificate of registration of M/s. Kolar Sharex Pvt.
Ltd., Member, Bombay Stock Exchange Ltd.
having SEBI Registration No. INB011105138 for a
period of six months.
Ref. : PR No.318/2008 dated December 19, 2008
25. Order against Shri Rajkumar Chainrai
Basantani, Member, NSE, in the matter of
Soundcraft Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. suspending the
certificate of registration of Shri Rajkumar
Chainrai Basantani, Member, National Stock
Exchange of India Ltd., having SEBI Registration
No. INB0 230649415 for a period of two years.
Ref. : PR No.319/2008 dated December 19, 2008
26. Order against M/s. Sparkling Securities,
Sub-broker, Affiliated to M/s. Churiwala
Securities Pvt. Ltd., Member, BSE, in the
matter of Soundcraft Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd., suspending
 January SEBI BULLETIN
the certificate of registration of Sparkling
Securities, Sub-broker, Affiliated to Churiwala
Securities Pvt. Ltd., Member, Bombay Stock
Exchange Ltd. having SEBI Registration No.
INS0101952211/ 0109841 for a period of three
months.
Ref. : PR No.320/2008 dated December 19, 2008
27. Order against M/s. Gini Enterprises, Sub-
broker, Affiliated to Park Light Investment Pvt.
Ltd., Member, BSE, in the matter of Soundcraft
Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. suspending the
certificate of registration of Gini Enterprises, Sub-
broker, Affiliated to Park Light Investment Pvt.
Ltd., Member, Bombay Stock Exchange Ltd.
having SEBI Registration No. INS 010738214/01-
10378 for a period of three months.
Ref. : PR No.321/2008 dated December 19, 2008
28. Order against M/s. M.R.Share Broking Pvt.
Ltd., Member, BSE, in the matter of Soundcraft
Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. suspending the
certificate of registration of M/s. M.R.Share
Broking Pvt. Ltd., Member, Bombay Stock
Exchange Ltd. having SEBI Registration No. INB
011076834 for a period of one month.
Ref. : PR No.322/2008 dated December 19, 2008
29. Order against M/s. VRM Share Broking Pvt.
Ltd., Member, NSE, in the matter of
040
2009
Soundcraft Industries Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Soundcraft Industries Ltd. suspending the
certificate of registration of M/s. VRM Share
Broking Pvt. Ltd., Member, National Stock
Exchange of India Ltd. having SEBI Registration
No. INB0 231109837 for a period of one month.
Ref. : PR No.323/2008 dated December 19, 2008
30. Order against M/s. Apex Enterprises (India)
Ltd. in the matter of Sri Adhikari Brothers
Television Network Ltd.
Dr. T. C. Nair, Whole Time Member, SEBI, has
passed an order dated December 12, 2008, in the
matter of Sri Adhikari Brothers Television
Network Ltd. restraining M/s Apex Enterprises
(India) Ltd. from dealing in securities directly and
indirectly for a period of one month
Ref. : PR No.324/2008 dated December 19, 2008
31. Order against Somani Cement Company
Ltd., Mr. Bimlesh Kumar Mishra and Mr. A.K.
Singh in the matter of Somani Cement
Company Ltd.
Shri M. S. Sahoo, Whole Time Member, SEBI, has
passed an order dated December 17, 2008 in the
matter of Somani Cement Company Ltd.
restraining Somani Cement Company Ltd. and Mr.
Bimlesh Kumar Mishra (PAN No. AGCPM0469R)
from buying, selling or dealing in securities in
whatsoever manner or accessing the securities
market, directly or indirectly in any manner for a
period of ten years and also restraining Mr.
A.K.Singh from buying, selling and dealing in
securities in whatsoever manner or accessing the
 January SEBI BULLETIN
securities market, directly or indirectly, in any
manner for a period of three years.
Ref. : PR No.328/2008 dated December 26, 2008
32. Order against Mr. Debapriya Ghosh in the
matter of M/s.Adinath Bio-Labs Ltd.
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed an order dated December 26, 2008
against Mr. Debapriya Ghosh prohibiting him from
buying, selling or dealing in securities, in any
manner, for a period of one month.
The order comes into force with immediate effect.
Ref. PR No.330/2008 dated December 29, 2008
33. Order against Mr. Pramod Kumar Kothari,
Member, Calcutta Stock Exchange in the matter
of M/s.Adinath Bio-Labs Ltd.
Dr. K. M. Abraham, Whole Time Member, SEBI,
has passed order dated December 26, 2008,
disposing of the enquiry proceedings against the
broker Mr. Pramod Kumar Kothari. As the said
broker has already been prohibited from buying,
selling or dealing in securities from November 30,
2005 to August 11, 2008, in accordance with
interim order passed by SEBI, no further penalty
has been imposed.
Ref.: PR No.331/2008 dated December 29, 2008
34. Order in the matter of Nissan Copper Ltd.
Shri M. S. Sahoo, Whole Time Member, SEBI has
passed an order dated December 31, 2008
restraining Yogesh Mafatlal Bhansali and others
from buying, selling or otherwise dealing in
securities in whatsoever manner, directly or
indirectly, either on their own account or on
041
2009
account of any other person, for a period of three
years from the date of the Order. The order also
directed impounding of profits/gains of
Rs.41,61,159.08 made by Yogesh Mafatlal
Bhansali and others.
It may be mentioned that SEBI vide Order dated
January 17, 2007, had directed BSE to withhold the
profits made by Yogesh Bhansali and others from
their alleged irregular trades executed in the shares
of Nissan Copper Limited on December 29, 2006
and January 2, 2007 in a separate escrow account.
Ref. : PR No.333/2008 dated December 31, 2008.
Consent Orders
1. Consent order on the application submitted
by R.S.S. Investments Pvt. Ltd. in the matter of
Order Book Manipulation
In matter of Order Book Manipulation it was
observed that the prices of few scrips saw a sudden
spurt because of the abnormally large orders of
shares placed at prices much below prevailing
market prices portraying misleading appearance of
market in these shares.
APanel consisting of Whole Time Members, SEBI,
Dr. T.C.Nair, and Shri M.S.Sahoo, has passed
consent orders dated November 28, 2008, on the
application of consent submitted by R.S.S.
Investments Pvt. Ltd. in the matter of Order Book
Manipulation, in accordance with SEBI Circular
dated April 20, 2007. The applicant has remitted a
sum of Rs.2,00,000/- (Rupees Two Lakh only)
towards the terms of consent in the matter.
Ref. : PR No.276/2008 dated December 02, 2008
 January
2. Consent Order on the applications submitted
by Taurus Mutual Fund in the matter of DCM
Shriram Consolidated Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo, has passed a
consent order dated November 28, 2008, on an
application submitted by Taurus Mutual Fund in
the matter of DCM Shriram Consolidated Ltd., in
accordance with SEBI Circular dated April 20,
2007. The applicant has remitted a sum of
Rs.20,00,000/- (Rupees Twenty Lakh only)
towards the terms of consent in the matter.
Ref. : PR No.278/2008 dated December 02, 2008
3. Consent Order against Shri Sharad
Chhotabhai Patel in the matter of M/s. Shree
Rama Multi-Tech Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo, has passed
consent order dated November 28, 2008 on an
application submitted by Shri Sharad Chhotabhai
Patel, in the matter of M/s. Shree Rama Multi-Tech
Ltd. in accordance with SEBI Circular dated April
20, 2007. The applicant has remitted a sum of
Rs.1,25,000/- (Rupees One Lakh and Twenty Five
Thousand only) towards the terms of consent in the
matter. It is also ordered that the applicant shall not
buy, sell or deal in securities, directly or indirectly,
for a period of 18 months from the date of the
consent order.
Ref : PR No.288/2008 dated December 05, 2008
4. Consent Order against CD Equisearch (Pvt.)
Ltd. in the matter of M/s. Design Auto Systems
Ltd.
APanel consisting of Whole Time Members, SEBI,
SEBI BULLETIN 2009
Dr. T. C. Nair and Shri M. S. Sahoo has passed
consent order dated November 28, 2008 on an
application submitted by CD Equisearch (Pvt.)
Ltd. in the matter of M/s. Design Auto Systems Ltd.
in accordance with SEBI Circular dated April 20,
2007. The applicant has remitted a sum of
Rs.5,00,000/- (Rupees Five Lakh only) towards the
terms of consent in the matter.
Ref. : PR No.289/2008 dated December 05, 2008
5. Consent Order against Shri Samir R Shah in
the matter of M/s. Hindustan Bio Sciences Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T.C.Nair and Shri M.S.Sahoo has passed
consent order dated November 28, 2008 on an
application submitted by Shri Samir R Shah in the
matter of M/s. Hindustan Bio Sciences Ltd. in
accordance with SEBI Circular dated April 20,
2007. The applicant has remitted a sum of
Rs.2,00,000/- (Rupees Two Lakh only) towards the
terms of consent in the matter.
Ref. : PR No.290/2008 dated December 5, 2008
6. Consent Order against Infinity.Com Stock
Broking Private Ltd. in the matter of M/s.
Greenfield Trading & Finance Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T.C.Nair and Shri M.S.Sahoo has passed
consent order dated November 28, 2008 on an
application submitted by Infinity.Com Stock
Broking Private Ltd. in the matter of M/s.
Greenfield Trading & Finance Ltd. in accordance
with SEBI Circular dated April 20, 2007. The
applicant has remitted a sum of Rs.1,00,000/-
(Rupees One Lakh only) towards the terms of
consent in the matter. Also, as undertaken by the
042
 January SEBI BULLETIN
applicant, they shall not buy, sell or deal in
securities, directly or indirectly for a period of one
year from the date of this consent order.
Ref. : PR No.291/2008 dated December 5, 2008
7. Consent Order in matter of IPO irregularities
– Shri SaumilA. Bhavnagari
APanel consisting of Whole Time Members, SEBI,
Dr.T.C.Nair and Shri M.S. Sahoo, has passed a
consent order on December 02, 2008 in the matter
of “irregularities in the IPOs“ on an application
submitted by Shri Saumil A. Bhavnagari, a
financier.
SEBI had passed an ad interim ex-parte order on
April 27, 2006 in the matter of “irregularities in
IPOs”. It was found that Shri Saumil A. Bhavnagari
was alleged to be a financier for cornering of shares
in IPO's of Suzlon Energy Ltd., FCS Software Ltd.,
Sasken Communication during the period 2004-
2005. Since SEBI's ex-parte order, Shri Saumil A.
Bhavnagari has undergone prohibition from
buying, selling and dealing in securities.
Shri Saumil A. Bhavnagari remitted a total sum of
Rs.3,15,000/- (Rupees Three Lakh Fifteen
Thousand only), towards the terms of consent in
the matter. The consent amount includes
Rs.1,52,000/- (Rupees One Lakh Fifty Two
Thousand only) towards disgorgement of the
amount of alleged ill-gotten gains, Rs.13,000/-
(Rupees Thirteen Thousand only) towards terms of
consent, Rs.90,000/- (Ninety Thousand only)
towards Compounding Charges, Rs.60,000/-
(Sixty Thousand only) towards Legal Expenses.
Ref. : PR No.294/2008 dated December 08, 2008
043
2009
8. Consent Order against M/s. SPT Securities
Ltd., Member of NSE and Depositary
Participant of NSDL
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo has passed a
consent order dated November 28, 2008 on the
application submitted by M/s. SPT Securities Ltd.,
in the matter of enquiry proceedings pending
before SEBI against it for the violations observed
during inspection of its books of accounts and other
records for the period April 01, 2000 to September
30, 2002, in accordance with SEBI Circular dated
April 20, 2007. The applicant has remitted a sum of
Rs.5,00,000/- (Rupees Five Lakh only) towards
terms of consent, in the matter.
Ref. : PR No.295/2008 dated December 10, 2008
9. Consent Order against M/s. Sovereign
Securities Private Ltd., Member, BSE
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo has passed a
consent order dated November 28, 2008 on the
application submitted by M/s. Sovereign Securities
Private Ltd., in the matter of enquiry proceedings
pending before SEBI against it for the violations
observed during inspection of its books of accounts
and other records for the period April 01, 2000 to
August 06, 2002, in accordance with SEBI Circular
dated April 20, 2007. The applicant has remitted a
sum of Rs.4,00,000/- (Rupees Four Lakh only)
towards the terms of consent and a sum of
Rs.25,000/- (Rupees Twenty Five Thousand only)
towards administrative charges, in the matter.
Ref. : PR No.296/2008 dated December 10, 2008
 January SEBI BULLETIN
10. Consent Order against Shri R. D. Lahoti,
sub-broker affiliated to HSE Securities Ltd.,
Member, NSE
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo has passed a
consent order dated November 28, 2008 on the
application submitted by Shri R. D. Lahoti, in the
matter of enquiry proceedings pending before
SEBI against him for the violations observed
during inspection of his books of accounts and
other records for the period April 01, 2001 to May
23, 2003, in accordance with SEBI Circular dated
April 20, 2007. The applicant has remitted a sum of
Rs.25,000/- (Rupees Twenty Five Thousand only)
towards the terms of consent, in the matter.
Ref. : PR No.297/2008 dated December 10, 2008
11. Consent Order against P. Suryakant Share
& Stock Brokers Pvt. Ltd. in the matter of M/s.
DesignAuto Systems Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo has passed
consent order dated November 28, 2008 on an
application submitted by P. Suryakant Share &
Stock Brokers Pvt. Ltd. in the matter of M/s.
Design Auto Systems Ltd. in accordance with
SEBI Circular dated April 20, 2007. The applicant
has remitted a sum of Rs.5,00,000/- (Rupees Five
Lakh only) towards the terms of consent in the
matter.
Ref. : PR No.299/2008 dated December 11, 2008
12. Consent Order against M/s. Uttam
Investments in the matter of M/s. Prabhu Steel
Industries Ltd.
044
2009
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo, has passed
consent order dated November 28, 2008, on an
application submitted by M/s. Uttam Investments,
in the matter of M/s. Prabhu Steel Industries Ltd., in
accordance with SEBI Circular dated April 20,
2007. The applicant has remitted a sum of
Rs.50,000/- (Rupees Fifty Thousand only) towards
the terms of consent in the matter.
Ref. : PR No.300/2008 dated December 12, 2008
13. Consent order in the matter of M/s.
Winsome International Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M. S. Sahoo, has passed a
consent order dated December 10, 2008 on the
application submitted by M/s. Winsome
International Ltd. for delay in compliance of
Regulation 6(2) and 6(4) for the year 1997,
Regulation 7(3) for the year 2004 and Regulation
8(3) of the SEBI (Substantial Acquisition of Shares
and Takeovers) Regulations for the years 1998 to
2006. The applicant has remitted a sum of
Rs.3,00,000/- (Rupees Three Lakh only) towards
terms of consent, in the matter.
Ref. : PR No.302/2008 dated December 15, 2008
14. Consent Order in the matter of M/s.
Hardcastle & Waud Manufacturing Co. Ltd.
APanel consisting of Whole Time Members, SEBI,
Dr. T. C. Nair and Shri M.S. Sahoo, has passed a
consent order dated December 10, 2008, on the
consent application submitted by M/s. Hardcastle
& Waud Manufacturing Co. Ltd. for failure to
comply with Regulation 6(2) and 6(4) for the year
1997 and Regulation 8(3) for the year 1999 of SEBI
 January SEBI BULLETIN
(Substantial acquisition of Shares and Takeovers)
Regulations 1997. The applicant has remitted a
sum of Rs.2,00,000/- (Rupees Two Lakh only)
towards the terms of consent in the matter.
Ref.: PR No.303/2008 dated December 17, 2008
15. Consent Order on the application submitted
by Bharti Infotel Private Ltd. and Bharti
Enterprises in the matter of Bharti Healthcare
Ltd. (Now known as Capsugel Healthcare Ltd.)
APanel consisting of Whole Time Members, SEBI,
Shri M. S. Sahoo and Dr. K.M.Abraham, has
passed a consent order dated December 22, 2008,
on an application submitted by Bharti Infotel
Private Ltd. and Bharti Enterprises in the matter of
Bharti Healthcare Ltd. (Now known as Capsugel
Healthcare Ltd.), in accordance with SEBI Circular
dated April 20, 2007. The applicant has remitted a
sum of Rs.54,43,254/- (Rupees Fifty Four Lakh
Forty Three Thousand Two Hundred and Fifty Four
only) towards the terms of consent in the matter.
Ref. : PR No.325/2008 dated December 23, 2008
16. Consent Order against Shri Santosh
Gayakwad in the matter of Genus
Commutrade Ltd.
APanel consisting of Whole Time Members, SEBI,
Shri M.S. Sahoo and Dr. K. M. Abraham, has
passed consent order dated December 22, 2008, on
an application submitted by Shri Santosh
Gayakwad in the matter of Genus Commutrade
Ltd., in accordance with SEBI circular dated April
20,2007. The applicant has remitted a sum of
Rs.25,000/- (Rupees Twenty Five Thousand only)
towards the terms of consent in the matter and also
undertaken that he shall not buy, sell or deal in
045
2009
securities in any manner whatsoever, directly or
indirectly, for a period of three years.
Ref. : PR No.326/2008 dated December 23, 2008
17. Consent Order against SAM Global
Securities Ltd. and Globe Capital Market Ltd.
in the matter of Trading on May 17, 2004
APanel consisting of Whole Time Members, SEBI,
Shri M. S. Sahoo and Dr. K. M. Abraham, has
passed consent order dated December 22, 2008, on
the applications submitted by SAM Global
Securities Ltd. and Globe Capital Market Ltd., in
the matter of Trading on May 17, 2004, in
accordance with SEBI Circular dated April 20,
2007. The applicants have remitted sum of
Rs.15,00,000/- (Rupees Fifteen Lakh only) each
towards the terms of consent in the matter.
Ref. : PR No.329/2008 dated December 26, 2008
18. Consent orders in the matter of dealing in
futures and options contracts on the NSE
APanel consisting of Whole Time Members, SEBI,
Shri M.S. Sahoo and Dr. K.M. Abraham, has
passed consent orders dated December 22, 2008,
on the applications submitted by the following
entities in the matter of dealing in futures and
options contracts on the National Stock Exchange
of India Ltd. (NSE), in accordance with SEBI
Circular dated April 20, 2007. The applicants have
remitted their respective sums as given below
towards consent terms in the matter.
Sl. Name of the entity Amount
No
1 M/s. Ashika Stock Broking Ltd. Rs. 5 Lakh
2 M/s. Raj Corporation Rs. 7.5 Lakh
Ref.: PR No.332/2008 dated December 29, 2008
 January SEBI BULLETIN
CIRCULARS
1.Cross Margining across Exchange traded
Equity (Cash) and Exchange traded Equity
Derivatives (Derivatives) segments
Issued to: Derivative Segments of NSE and BSE
and their Clearing Houses / Corporations.
This is in continuation of SEBI Circular No.
MRD/DoP/SE/Cir-13/2008 dated May 05, 2008,
on the cross margining facility across cash and
derivatives segments for institutional trades. In
order to improve the efficiency of the use of the
margin capital by market participants, it has now
been decided to revise the existing facility of cross
margining and to extend it across cash and
derivatives segments to all categories of market
participants. The features of the revised cross
margining facility are detailed below:
Positions eligible for cross margining benefit
a. The positions of clients in both the cash and
derivatives segments to the extent they offset
each other shall be considered for the purpose
of cross margining as per the following
priority:
i. Index futures position and constituent
stock futures position in derivatives
segment
ii. Index futures position in derivatives
segment and constituent stock position in
cash segment
iii. Stock futures position in derivatives
segment and the position in the
corresponding underlying in cash segment
b. A basket of positions in index constituent
046
2009
stock/stock futures, which is a complete
replica of the index in the ratio specified by the
Exchange/Clearing Corporation, shall be
eligible for cross margining benefit.
c. The positions in the derivatives segment for
the stock futures and index futures shall be in
the same expiry month to be eligible for cross
margining benefit.
Computation of cross margin
a. To begin with, a spread margin of 25% of the
total applicable margin on the eligible off-
setting positions, as mentioned in para 1 (a)
above, shall be levied in the respective cash
and derivative segments.
b. Cross margining benefit shall be computed at
client level on an online real time basis and
provided to the trading member / clearing
member / custodian, as the case may be, who,
in turn, shall pass on the benefit to the client.
For institutional investors, however, the cross
margining benefit shall be provided after
confirmation of trades.
Separate accounts
To avail the facility of cross margining, a client
may maintain two accounts with the trading
member / clearing member, namely arbitrage
account and a non-arbitrage account, to allow
converting partially replicated portfolio into a fully
replicated portfolio by taking opposite positions in
two accounts. However, for the purpose of
compliance and reporting requirements, the
positions across both accounts shall be taken
 January SEBI BULLETIN
together and client shall continue to have unique
client code.
Settlement
To begin with, a client may settle through a trading
member / clearing member / custodian, as the case
may be, who is clearing in both the segments or
through two trading members / clearing members /
custodians, one of whom is a trading member /
custodian in the cash segment and the other is a
clearing member in the derivatives segment.
However, in course of time, a client will settle
through only one clearing member who is a
member in both the segments.
Default
In the event of default by a trading member /
clearing member / custodian, as the case may be,
whose clients have availed cross margining
benefit, the Stock Exchange / Clearing Corporation
shall have the option to:
a. Hold the positions in the cross margin account
till expiry in its own name.
b. Liquidate the positions / collateral in either
segment and use the proceeds to meet the
default obligation in the other segment.
Agreement
The Exchange / Clearing Corporation shall enter
into agreement with client / clearing member /
trading member / custodian, as the case may be,
clearly laying down the inter-se distribution of
liability / responsibility in the event of default.
The Stock Exchanges are advised to:
a. put in place the adequate systems and issue the
necessary guidelines for implementing the
above decision.
047
2009
b. make necessary amendments to the relevant
bye-laws, rules and regulations for the
implementation of the above decision.
c. specify the legal agreements between the
clearing entities for the purpose of margin
utilisation in case of liquidation/default etc.
d. bring the provisions of this circular to the
notice of the trading members / clearing
members/custodians and also to disseminate
the same on the website.
Ref. : SEBI/DNPD/Cir- 44 /2008 dated December
02, 2008
2. Maintenance of Security Deposit of 1% of the
amount of securities offered to public/
shareholders by issuer companies with the
designated stock exchanges
Issued to : All Stock Exchanges,
The Clause 42 of the Listing Agreement requires
that every company proposing to issue new
securities, shall, as a condition precedent, deposit
before the opening of subscription list and keep
deposited with the designated exchange, an amount
calculated at the rate of 1% of the amount of
securities (hereinafter referred to as 'security
deposit') offered for subscription to the public
and/or to the holders of existing securities of the
company, as the case may be, for ensuring
compliance by the company, within the prescribed
or stipulated period, of all prevailing requirements
of law. The said clause also prescribes that 50% of
such security deposit shall be paid to the Exchange
in cash and the balance amount can be provided for
by way of a bank guarantee. Further, Clause 16.2.4
of the SEBI (Disclosure and Investor Protection)
Guidelines, 2000 prescribes that the security
deposit so deposited with the designated stock
 January SEBI BULLETIN
exchanges can be released by the concerned stock
exchange only after obtaining a 'NOC' from SEBI.
It has come to the notice of the SEBI that in many
cases, the bank guarantees so kept with the stock
exchanges under Clause 42 of the listing
agreement, have expired and the exchanges have
neither taken any step to prevent such eventuality
nor to revive the bank guarantees so expired. By
allowing such bank guarantees to expire, the stock
exchanges have compromised with an important
mechanism available for redressal of investor
grievances.
In view of the above, the stock exchanges are
hereby directed :
a) to recoup immediately any shortfall in the
deposit that has been caused due to the expiry
of such bank guarantees by taking either cash
or fresh/re-validated bank guarantees from the
concerned issuer companies.
b) to put in place a system to keep track of the
bank guarantees furnished to it by the issuer
companies. The said system should generate
alerts atleast one month prior to the expiry of
such bank guarantees, so that the stock
exchanges have sufficient time to require the
issuer companies to provide fresh/renewed
bank guarantees in place of the bank
guarantees about to expire.
c) To invoke such bank guarantees before it
expires, if any issuer company fails to satisfy
the shortfall in the deposit amount either by
cash or by fresh/renewed bank guarantees,
within the time frame given in this regard,
inspite of the said advise from the stock
exchange.
These directions shall be implemented by all the
stock exchanges within three months from the date
048
2009
of issue of this circular under intimation to SEBI.
Further, some stock exchanges have sought advice
as to whether they can adjust the 1% security
deposit against the dues payable to them by the
issuer companies. It is hereby clarified that the
stock exchanges shall maintain the said 1%
security deposit at all times and no adjustment
against any dues of the company can be permitted.
Ref. : MRD/DSA/SE/Cir -34 /2008 December 05,
2008
3. Amendments to SEBI (Disclosure and
Investor Protection) Guidelines, 2000
Issued to : All Registered Merchant Bankers / Stock
Exchanges
In exercise of the powers conferred under
sub-section (1) of Section 11 of the Securities and
Exchange Board of India Act, 1992, it has been
decided to amend Chapter XIII-A of the SEBI
(Disclosure and Investor Protection) Guidelines,
2000 (hereinafter referred to as the “SEBI (DIP)
Guidelines”).
a. Issuance of “Non-convertible Debentures with
Warrants” (i.e., NCDs with warrants) under
Chapter XIII-A
The amendments made in Chapter XIII-A of the
SEBI (DIP) Guidelines on “Guidelines for
Qualified Institutions Placement (QIP)” enable a
listed company to make a combined offering of
Non-Convertible Debentures (NCDs) with
warrants. Qualified Institutional Buyers (QIBs)
can subscribe to the combined offering of NCDs
with warrants or to the individual instruments, i.e.,
either NCDs or warrants, where separate books are
run for NCDs/warrants.
 January SEBI BULLETIN
The company is however required to obtain
relaxation from the applicability of the provisions
of Rule 19(2)(b), read with Rule 19(4) of the
Securities Contracts (Regulation) Rules, 1957 for
listing/ trading of the warrants.
Ref. : SEBI/CFD/DIL/DIP/33/2008/08/12 dated
December 8, 2008
4. Listing and trading of warrants issued as part
of a Qualified Institutions Placement (QIP)
being a combined issuance of Non-convertible
Debentures with Warrants
Issued to : All Stock Exchanges
SEBI has, vide circular no. SEBI/CFD/
DIL/DIP/33/2008/08/12 dated December 8, 2008,
amended the SEBI (Disclosure and Investor
Protection (DIP)) Guidelines, 2000 to permit a
listed company to make a combined offering of
Non-convertible Debentures (NCDs) with
warrants through the QIP mechanism, in terms of
the provisions of Chapter XIII-Aof the Guidelines.
NCDs and warrants issued pursuant to a combined
offering as mentioned above, can be listed and
traded separately. No relaxation from the
applicability of the provisions of Rule 19(2)(b) of
the Securities Contracts (Regulation) Rules, 1957
(SCRR) shall be required for listing of the NCDs,
as this relaxation is available pursuant to
Regulation 22(b)(i) of the SEBI (Issue and Listing
of Debt Securities) Regulations, 2008. However,
for listing and trading of the warrants, relaxation
from the applicability of the provisions of the Rule
19(2)(b) of SCRR is required.
The minimum contract value for trading of NCDs/
warrants has been set at Rs.1 lacs. The
amendments made vide this circular shall come
into force with immediate effect.
049
2009
Ref.: SEBI/CFD/DIL/SE/2008/08/12 dated
December 8, 2008
5. Review of Provisions relating to Close Ended
Schemes
Issued to : All Mutual Funds Registered with SEBI
and Association of Mutual Funds in India (AMFI)
In order to further strengthen the framework for
close ended schemes, it has been decided that for all
close ended schemes (except Equity Linked
Savings Schemes) to be launched on or after
December 12, 2008:
The units shall be mandatorily listed. The
provisions in the SEBI (Mutual Funds)
Regulations, 1996 regarding repurchase and re-
issue and exemption from listing of units of close
ended scheme would be suitably amended in due
course.
Listing fees shall be a permissible expense to be
charged under Regulation 52(4).
Trustees shall ensure that before launch of the
scheme the in-principle approval for listing has
been obtained from the stock exchange(s) and
appropriate disclosures are made in the Scheme
Information Document.
NAV shall be computed and published on daily
basis. It has also been decided that a close ended
debt scheme shall invest only in such securities
which mature on or before the date of the maturity
of the scheme. Schemes for which observations
(final) under Regulation 29 of SEBI (Mutual
Funds) Regulations, 1996 have been issued but are
yet to be launched would be required to carry out
the changes in Scheme Information Document and
file the same with SEBI before the launch.
Ref. : SEBI/IMD/CIR No. 12/147132/08 dated
December 11, 2008
 January SEBI BULLETIN
6. Anti Money Laundering (AML) Standards/
Combating Financing of Terrorism (CFT)/
Obligations of Securities Market Inter-
mediaries under Prevention of Money
Laundering Act, 2002 and Rules framed there-
under- Master Circular onAML/CFT
Issued to : all Intermediaries registered with SEBI
under section 12 of the SEBI Act. (Through the
stock exchanges for stock brokers, sub-brokers and
depositories for depository participants)
The Prevention of Money Laundering Act, 2002
st
(PMLA) was brought into force with effect from 1
July 2005. Necessary Notifications / Rules under
the said Act were published in the Gazette of India
on July 01, 2005. Subsequently, SEBI issued
necessary guidelines vide circular no.
ISD/CIR/RR/AML/1/06 dated January 18, 2006 to
all securities market intermediaries as registered
under Section 12 of the SEBI Act, 1992. These
guidelines were issued in the context of the
recommendations made by the Financial Action
Task Force (FATF) on anti-money laundering
standards. Compliance with these standards by all
intermediaries and the country has become
imperative for international financial relations.
As per the provisions of the Prevention of Money
Laundering Act, every banking company, financial
institution (which includes chit fund company, a
co-operative bank, a housing finance institution
and a non-banking financial company) and
intermediary (which includes a stock-broker, sub-
broker, share transfer agent, banker to an issue,
trustee to a trust deed, registrar to an issue,
merchant banker, underwriter, portfolio manager,
investment adviser and any other intermediary
associated with securities market and registered
under section 12 of the Securities and Exchange
Board of India Act, 1992) shall have to maintain a
050
2009
record of all the transactions; the nature and value
of which has been prescribed in the Rules notified
under the PMLA. Such transactions include:
• All cash transactions of the value of more than
Rs 10 lakhs or its equivalent in foreign
currency.
• All series of cash transactions integrally
connected to each other which have been
valued below Rs 10 lakhs or its equivalent in
foreign currency where such series of
transactions take place within one calendar
month.
• All suspicious transactions whether or not made
in cash.
The Guidelines laid down the minimum
requirements and it was emphasised that the
intermediaries may, according to their
requirements, specify additional disclosures to be
made by clients to address concerns of Money
Laundering and suspicious transactions
undertaken by clients. All intermediaries were also
advised to ensure that a proper policy framework as
per the Guidelines on anti-money laundering
measures is put into place and to designate an
officer as 'Principal Officer' who would be
responsible for ensuring compliance of the
provisions of the PMLA. Names, designation and
addresses (including e-mail addresses) of
'Principal Officer' shall also be intimated to the
Office of the Director-FIU, 6th Floor, Hotel
Samrat, Chanakyapuri, New Delhi 110021, India
on an immediate basis.
The detailed procedure incorporating the manner
of maintaining information and matters incidental
thereto for SEBI registered intermediaries, under
the prevention of Money Laundering Act, 2002 and
the Rules made there-under and formats for
 January SEBI BULLETIN
reporting by the intermediaries were also issued
subsequently vide circular reference no.
ISD/CIR/RR/AML/2/06 dated March 20, 2006.
This Master circular consolidates all the
requirements/obligations issued with regard to
AML/CFT till December 15, 2008. This Circular is
being issued to all the intermediaries as specified at
para 2 above. The circular shall also apply to their
branches and subsidiaries located abroad,
especially, in countries which do not or
insufficiently apply the FATF Recommendations,
to the extent local laws and regulations permit.
When local applicable laws and regulations
prohibit implementation of these requirements, the
same should be brought to the notice of SEBI. In
case there is a variance in KYC/AML standards
prescribed by SEBI and the regulators of the host
country, branches/overseas subsidiaries of
intermediaries are required to adopt the more
stringent requirements of the two.
This Master circular is being issued in exercise of
powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992,
and Rule 7 of Prevention of Money-laundering
(Maintenance of Records of the Nature and Value
of Transactions, the Procedure and Manner of
Maintaining and Time for Furnishing Information
and Verification and Maintenance of Records of the
Identity of the Clients of the Banking Companies,
Financial Institutions and Intermediaries) Rules,
2005 to protect the interests of investors in
securities and to promote the development of, and
to regulate the securities market.
All the registered intermediaries are directed to
ensure compliance with the requirements
contained in this Master Circular on an immediate
basis. Stock exchanges and depositories are also
directed to bring the contents of this circular to the
051
2009
attention of their member brokers/ depository
participants and verify compliance during
inspections.
Ref. : ISD/AML/CIR-1/2008 dated December 19,
2008
7. Guidelines in respect of exit option to
Regional Stock Exchanges
Issued to All the Stock Exchanges,
SEBI Board has approved the broad guidelines as
under, to provide an exit option to such Regional
Stock Exchanges (RSEs) whose recognition is
withdrawn and/or renewal of recognition is refused
by SEBI and RSEs who may want to surrender their
recognition. In all such cases, an appropriate order
will be passed by SEBI.
As per the said guidelines, such RSEs (or their
successor entities) may be permitted to retain
movable and immovable assets and to deal with
such assets as they deem fit subject to compliance
with the following conditions:
1. The Investor Protection Fund, Investor
Services Fund, 1% security deposit available
with such exchanges shall be transferred to
the SEBI Investor Education and Protection
Fund. The 1% security deposit shall
subsequently be returned to the issuer
company in due course on satisfying the
prescribed conditions.
2. Statutory dues outstanding to SEBI including
10% of the listing fee and the annual
regulatory fee, shall be transferred to SEBI.
3. Consequent upon de-recognition, the trading
members of such exchanges shall cease to be
trading members and therefore liable to be de-
registered as stock brokers, and their
 January SEBI BULLETIN
certificate of registration granted by SEBI
shall accordingly stand automatically
cancelled.
4. The brokers/trading members of such de-
recognised stock exchanges shall be liable to
pay SEBI registration fees as per Schedule III
of the SEBI (Stock Brokers and Sub Brokers)
Regulations, 1992 till the date of such de-
recognition. Dues of the brokers to SEBI shall
be recovered by the exchange out of the
brokers' deposits / capital / share of sale
proceeds / winding up proceeds / dividend
payable, etc. available with the exchange and
transferred to SEBI.
5. In case the stock exchange, after de-
recognition, continues as a corporate entity
under the Companies Act, 1956, it shall not
use the expression 'stock exchange' or any
variant in its name or in its subsidiaries name
so as to avoid any representation of any
present or past affiliation with the stock
exchange.
6. The subsidiaries of de-recognised stock
exchanges may continue to function as any
other normal broking entity with a suitable
change of name so as to avoid any
representation of any present or past
affiliation with the stock exchange. Further,
the additional conditions specified by SEBI
vide circulars dated November 26, 1999
dated December 16, 1999 would not apply to
the said broking entity.
052
2009
7. In case of sale/distribution/transfer of
assets/winding up of such exchanges/
companies, the relevant provisions of the
various laws such as Income Tax Act, 1961,
the Companies Act, 1956, Stamp Act, etc.
would apply. SEBI would inform the
concerned State Governments about
derecognition of a Stock Exchange.
8. The companies which are listed in such de-
recognised RSEs and also listed in any other
stock exchange(s) may continue to remain
listed in the other stock exchange(s). In case
of companies exclusively listed on those de-
recognised stock exchanges, it shall be
mandatory for such companies to either seek
listing at other stock exchanges or provide for
exit option to the shareholders as per SEBI
Delisting Guidelines / Regulations after
taking shareholders' approval for the same,
within a time frame, to be specified by SEBI,
failing which the companies shall stand
delisted through operation of law.
9. The stock exchange shall set aside sufficient
funds in order to provide for settlement of any
claims, pertaining to pending arbitration
cases, arbitration awards, not implemented, if
any, liabilities/claims of contingent nature, if
any, and unresolved investors complaints/
grievances lying with the exchange.
Ref.: MRD/DoP/SE/Cir- 36 /2008 dated December
29, 2008
(For details, please refer to http://www.sebi.gov.in)
 January SEBI BULLETIN
HIGHLIGHTS OF DEVELOPMENTS IN
INTERNATIONAL SECURITIES MARKETS
1. New Measures to Provide more Transparency
for Municipal Bond Investors
The Securities Exchange Commission (SEC), USA
has approved measures on the municipal securities
market by tapping the power of the Internet. For the
first time, investors will have a free, one-stop way
to find municipal bond information online to help
them make investment decisions.
The SEC has worked with the Municipal Securities
Rulemaking Board (MSRB) to correct a glaring
deficiency in the $2.6 trillion municipal market, in
which two-thirds of the securities are owned by
individual investors. Unlike investors in corporate
securities who have direct access to free company
information through the SEC's EDGAR system,
average investors in municipal securities currently
have no free and convenient way to get important
information about the municipal bonds in which
they invest. The rule amendments approved by the
SEC designate the MSRB as the central repository
for ongoing disclosures by municipal issuers.
Under a separate MSRB rule change, its Electronic
Municipal Market Access (EMMA) system would
make these disclosures available to investors in the
same manner that the SEC's EDGAR system does
for corporate disclosures.
EMMA will operate as a consolidated, online
portal where investors can instantly access, for
free, all of the key information produced by
municipal bond issuers about their bonds. Offering
documents, real-time trade prices, and education
053
2009
resources already are available on EMMA at
www.emma.msrb.org.
In order to provide adequate transition time, the
SEC's rule amendments and the MSRB's rule
change will be effective from July 1, 2009.
2. SEC Improves Protections for Seniors and
Other Investors in Equity-IndexedAnnuities
The SEC, USA approved a new rule to help protect
seniors and other investors from fraudulent and
abusive practices that can occur in the sale of
equity-indexed annuities.
The rule that the SEC approved establishes, on a
prospective basis, the standards for determining
when equity-indexed annuities are considered not
to be annuity contracts under the securities laws
and thus subject to the investor protections against
fraud and misrepresentation, limiting the potential
for sales practice abuses in the promotion of equity-
indexed annuities to older investors. The SEC's
new rule defines the terms "annuity contract" and
"optional annuity contract" under the Securities
Act of 1933. The rule clarifies the status under the
federal securities laws of equity-indexed annuities,
under which payments to the purchaser are
dependent on the performance of a securities index.
3. SEC Approves Interactive Data for Financial
Reporting by Public Companies, Mutual Funds
The SEC has voted to require public companies and
 January SEBI BULLETIN
mutual funds to use interactive data for financial
information, which has the potential to increase the
speed, accuracy and usability of financial
disclosure and eventually reduce costs for
investors. For public companies, interactive data
financial reporting will occur on a phased-in
schedule beginning next year. All U.S. public
companies will have filed interactive data financial
information by December 2011 for use by
investors.
Mutual fund investors will begin reaping the
benefits of interactive data starting in 2011. Mutual
funds will be required to begin including data tags
in their public filings that supply investors with
such information as objectives and strategies, risks,
performance, and costs. This will allow investors to
compare more than 8,000 mutual funds at the click
of a mouse. A mutual fund also would be required
to post the interactive data on its Web site, if it
maintains one.
054
2009
4. SFC provides guidance on revised advertising
guidelines
The Hong Kong Securities and Futures
Commission (SFC) has issued a circular informing
the industry of a phased approach to implementing
revised advertising guidelines for marketing
materials of collective investment schemes (CIS)
authorised by the SFC.
The revised advertising guidelines enhance
disclosure in CIS marketing materials, codify
regulatory practices and facilitate post-vetting of
marketing materials. All new marketing materials
will be required to comply with these new
guidelines with effect from 1 January 2009.
In order to accommodate practical difficulties
faced by the industry in updating existing
marketing materials, the SFC has agreed to adopt
administrative measures to allow the updating of
these materials over a period up to 31 March 2009.
 January SEBI BULLETIN 2009

ANNEXURES AND STATISTICAL TABLES

Annexures
1 A. Company-wise Capital Raised though Public and Rights Issues during December 2008
1 B. Company-wise Capital Raised though Qualified Institutions' Placement (QIP) during December 2008
1 C. (i) Shares listed at BSE under Preferential Basis during December 2008
1 C. (ii) Shares listed at NSE under Preferential Basis during December 2008
2. Rating Assigned to IPOs during December 2008
3 A. Open Offer under SEBI takeover Code during December 2008
3 B. Buyback documents filed with SEBI during December 2008
Statistical Tables
1. SEBI Registered Market Intermediaries
2. Company-wise Capital Raised though Public and Rights Issues
3. Capital Raised from the Primary Market through Qualified Institutions' Placement (QIP)
4. Industry-wise Classification of Capital Raised through Public and Rights Issues
5. Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues
6. Size-wise Classification of Capital Raised through Public and Rights Issues
7. Distribution of Turnover on Cash Segments of Exchanges
8. Cash Segment of BSE
9. Cash Segment of NSE
10. Trends in Cash Segment of BSE, December 2008
11. Trends in Cash Segment of NSE, December 2008
12. Turnover and Market Capitalisation at BSE and NSE, December 2008
13. Component Stocks: BSE Sensex, December 2008
14. Component Stocks: S&P CNX Nifty index, December 2008
15. Volatility of Major Indices
16. City-wise Distribution of Turnover on Cash Segments of BSE and NSE
17. Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)
18. Trading Frequency in Cash Segment of BSE and NSE
19. Percentage Share of Top 'N' Securities/Members in Turnover of Cash Segment
20. Settlement Statistics for Cash Segment of BSE
21. Settlement Statistics for Cash Segment of NSE
22. Derivatives Segment at BSE
23. Derivatives Segment at NSE
24. Derivatives Trading at NSE, December 2008
25. Settlement Statistics in Derivatives Segment at BSE and NSE

055
 January SEBI BULLETIN 2009

26. Trends in Trading in the Corporate Debt Market

27. Trading Statistics of Currency Futures Segment
28. Daily Trends of Currency Futures Segment, December 2008
29. Settlement Statistics of Currency Futures Segment
30. Trends in Foreign Institutional Investment
31. Daily Trends in Foreign Institutional Investment, December 2008
32. Trends in Resource Mobilisation by Mutual Funds
33.A Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended
33.B Scheme-wise Resource Mobilisation by Mutual Funds
34. Trends in Transactions on Stock Exchanges by Mutual Funds
35. Substantial Acquisition of Shares and Takeovers
36. Progress of Dematerialisation at NSDL and CDSL
37. Assets under the Custody of Custodians
38.
39.
40. Macro-economic Indicators
41. Daily Return and Volatility: Select World Stock Indices

N.B.:
1. NA = Not Applicable/Available.
2. 1 crore = 10 million = 100 lakh.
3. The total provided in the Annexures and Statistical Tables may not always match with the sum total of
the break-ups due to decimal differences.
4. The data for the current month is provisional.

056
 January SEBI BULLETIN 2009

Annexure 1 A: Company-wise Capital Raised through Public & Rights Issues during December 2008

SL. Name of the Issuer/ Date of Type of Type of No. of Par Value Premium Size of Issue
No. Company Opening Issue Instrument Shares (Rs. ) Value (Rs. crore)
Issued ( Rs.)

1 2 3 4 5 6 7 8 9

1 Sumeet Industries Limited 08-Dec-08 Rights Equity 20122930 10 5 30.18

2 Dish TV India Limited 12-Dec-08 Rights Equity 518149592 1 21 1139.93

3 Thomas Cook (India) Limited 31-Dec-08 Rights Equity 56278554 1 34.5 199.79

Annexure 1B : Company-wise Capital Raised through Qualified Institutions'

Placement (QIP) during December 2008

Sr. Name of the Date of Relevant Allotment Name of the Instrument No. of Issue Price Total Issue Size
No. Company Shareholder Date Date Merchant Banker Type Allotees ( Rs.) Shares (Rs. crore)
Meeting Allotted

1 2 3 4 5 6 7 8 9 10 11
1 IBN18 Broadcast 1-Oct-2008 19-Nov-2008 N.A. JM Financial Consultants Equity 13 102 11204508 114.28598
Limited Private Limited, Antique shares
Capital Markets Private
Limited, HSBC Securities and
Capital Markets (India) Private
Limited

Source : BSE, NSE

057
 January SEBI BULLETIN 2009

Annexure 1C(i) : Shares Listed at BSE under Preferential Basis during December 2008

Sr. Company Name Date of Relevant Date Instrument Category of No. of No. of Issue Price Issue Size
No. Shareholders (Warrants / Allottee Allo- Securities (Rs.) (Rs.crore)
Meeting PCDs / Equity ttees Issued
shares)
1 2 3 4 5 6 7 8 9 10
1 Agro Dutch Industries Ltd. 20-Nov-06 21-Oct-06 Warrants Promoter 4 1,675,000 27.02 4.526

2 Ansal Housing & Construction Ltd 12-Jan-08 13-Dec-07 Equity Shares Non-promoter 3 150,000 225.00 3.375

3 Ansal Housing & Construction Ltd 20-Dec-07 20-Nov-07 Warrants Promoter 4 711,300 208.00 14.795

4 Arihant Foundation & Housing Ltd. 23-Oct-07 23-Sep-07 Warrants Promoter 2 50,000 456.74 2.284

5 BAG Films & Media Ltd. 13-02-07 14-Jan-07 Warrants Promoter 1 4,600,000 10.72 4.931

6 Blue Chip Tex Industries Ltd 28-04-95 8-Apr-95 Equity shares Promoter/Non- 26 730,100 14.63 1.068
promoter
7 Blue Coast Hotels and Resorts Ltd 18-Aug-08 19-Jul-08 Equity Shares Non-promoter 2 2,312,162 185.00 42.775

8 Cable Corporation of India Ltd 23-Sep-08 24-Aug-08 Equity Shares Promoter 2 2,000,000 30.00 6.000

9 Gandhinagar Hotels Ltd. 10-Oct-07 10-Sep-07 Warrants Promoter/Non- 10 525,000 27.31 1.434
promoter
10 The Great Eastern Shipping Company Ltd 26-Jul-07 26-Jun-07 Warrants Non-promoter 1 10,000 312.73 0.313

11 Gujarat Terce Laboratories Ltd 15-May-08 15-Apr-08 Equity Shares Promoter/Non- 7 1,025,000 10.00 1.025
promoter
12 IOL Chemicals & Pharmaceuticals Ltd 23-Jul-07 23-Jun-07 Warrants Promoter 1 1,330,500 41.85 5.568

13 IOL Chemicals & Pharmaceuticals Ltd 22-Oct-07 22-Sep-07 Warrants Non-promoter 1 1,100,000 68.24 7.506

14 Jhunjhunwala Vanaspati Ltd. 29-Sep-07 30-Aug-07 Equity shares Non-promoter 1 403,100 76.28 3.075

15 Kirloskar Ferrous Industries Ltd 2-Jan-07 3-Dec-06 Warrants Non-promoter 2 290 35.00 0.001

16 Mac Charles ( India) Ltd 26-Dec-00 26-Nov-00 Equity Shares Promoter 1 100,000 23.28 0.233

17 Mayur Uniquoters Ltd 3-Aug-07 4-Jul-07 Warrants Promoter/Non- 2 206,600 38.00 0.785
promoter
18 National Plastic Technologies Ltd. 30-Sep-08 31-Aug-08 Equity shares Promoter 1 410,000 11.81 0.484

19 Sah Petroleums Ltd 17-Nov-08 18-Oct-08 Equity Shares Promoter 1 12,000,000 26.65 31.980

20 Salzer Electronics Ltd. 28-Mar-07 26-Feb-07 Warrants Promoter/Non- 2 249,192 96.12 2.395
promoter
21 Shakti Pumps (India) Ltd 11-Nov-06 12-Oct-06 Warrants Promoter/Non- 2 851,000 112.29 9.556
promoter
22 Shilpa Medicare Ltd. 22-Jan-07 23-Dec-06 Warrants Promoter 4 750,000 76.04 5.703

23 Shiva Fertilizers Ltd. 4-Mar-08 3-Feb-08 Equity shares Promoter/Non- 7 993,000 24.16 2.399
promoter
Shree Krishna Paper Mills & Industries
24 26-Sep-08 27-Aug-08 Equity shares Non-promoter 1 1,400,000 15.86 2.220
Ltd
25 Sujana Universal Industries Ltd. 23-Jul-08 23-Jun-08 Debentures Non-promoter 1 4,979,253 24.10 12.000

26 Sunteck Realty Ltd. 29-Nov-06 30-Oct-06 Warrants Promoter 1 400,000 78.50 3.140

27 Vijay Shanthi Builders Ltd. 18-Dec-06 18-Nov-06 Warrants Promoter 2 630,000 56.00 3.528

28 Western India Shipyard Ltd 31-Oct-08 1-Oct-08 Equity shares Non-promoter 1 3,720,500 12.39 4.610

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

058
 January SEBI BULLETIN 2009

Annexure 1C(ii) : Shares Listed at NSE under Preferential Basis during December 2008

Sr. Company Name Date of Relevant Instrument Category of No. of No. of Issue Issue Size
No. Shareholders Date (Warrants / Allottee Allottees Securities Price (Rs.crore)
Meeting PCDs / Equity Issued (Rs.)
shares)
1 2 3 4 5 6 7 8 9 10

1 Ansal Housing and Construction Ltd. 20-Dec-07 20-Nov-07 Warrants Promoter 4 711300 208.00 14.795

2 Arihant Foundations & Housing Ltd 23-Oct-07 24-Sep-07 Warrants Promoter 2 50000 460.00 2.300

3 Blue Coast Hotels and Resorts Ltd. 18-Aug-08 19-Jul-08 Equity shares Non-promoter 1 1150000 185.00 21.275

4 Blue Coast Hotels and Resorts Ltd. 18-Aug-08 19-Jul-08 Equity shares Non-promoter 1 1162162 185.00 21.500

5 The Great Eastern Shipping Co. Ltd. 26-Jul-07 26-Jun-07 Warrants Non-promoter 1 10000 312.75 0.313

6 Hikal Ltd. 30-Jul-08 30-Jun-08 Equity shares Non-promoter 1 1360000 474.00 64.464

7 IFB Agro Industries Ltd 29-Aug-08 30-Jul-08 Equity shares Promoter 1 300000 67.00 2.010

8 IFB Industries Ltd. 06-Aug-08 07-Jul-08 Equity shares Promoter 1 1850000 47.00 8.695

9 Ind-Swift Laboratories Ltd. 23-Feb-07 23-Jan-07 Warrants Promoter 1 322000 70.00 2.254

10 JIK Industries Ltd. BIFR NA Equity shares Promoter 1 5102010 10.00 5.102

11 Karuturi Global Ltd. * 02-Jun-07 01-May-07 Warrants Promoter 4 47000000 16.50 77.550

12 Rohit Ferro-Tech Ltd. 09-Oct-07 09-Sep-07 Warrants Non-promoter 3 2545000 43.00 10.944

13 Sah Petroleums Ltd. 17-Nov-08 18-Oct-08 Equity shares Promoter 1 12000000 26.65 31.980

14 Suryajyoti Spinning Mills Ltd. 20-Sep-08 21-Aug-08 Equity shares Non-promoter 1 1300200 50.00 6.501

15 Vijay Shanthi Builders Ltd. 18-Dec-06 17-Nov-06 Warrants Promoter 2 630000 56.00 3.528

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

059
 January SEBI BULLETIN 2009

Annexure 2 : Rating Assigned to IPOs during December 2008

Name of the Credit Rating Rating Size of Issue

Company Agencies Assigned (Rs. crore)
1 2 3 4

Edserv Softsystems Ltd. CARE 1/5 23.46

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

060
 January SEBI BULLETIN 2009

Annexure 3A : Open Offers under SEBI Takeover Code during December 2008

Sl. Target Company Acquirer Offer Offer Offer Size Offer

No. Opening Closing Price
No. of % of
Date Date (Rs.)
Shares Equity
Capital

1 2 3 4 5 6 7 8

1 Indusvista Ventures Ltd. (Formerly Finaventure Advisory Services

14-Nov-08 03-Dec-08 713098 20 25.50
Aridhi Hi-Tech Industries Ltd) (India) Pvt Ltd.
2 Shaktiman Constructions Ltd
Shri Ashok Bhanwarlal Chhajer
(Formerly Shaktiman Mercantile Co. 19-Nov-08 08-Dec-08 49800 20 12.00
And Smt. Sangeeta
Ltd.)

3 Melstar Information Technologies Ltd Godavari Corporation Private Ltd. 19-Nov-08 08-Dec-08 2856628 20 15.00

Mr Pawan Kumar Chandak &

4 Pushkar Banijya Ltd 19-Nov-08 08-Dec-08 995800 20 84.00
Pacs

5 Monotona Securities Ltd (Formerly

M/S. Pan Infosystems Private Ltd. 26-Nov-08 15-Dec-08 74800 20 40.00
Palladium Trading & Agencies Ltd)

6 Avon Organics Ltd. Arch Pharmalabs Ltd. 03-Dec-08 22-Dec-08 4500000 20 21.85

7 Natraj Financial And Services Ltd

Balaji Bullions & Commodities
(Formerly Natraj Commercial 10-Dec-08 29-Dec-08 900000 20 41.00
(I) P. Ltd & Others
Enterprises Ltd)

061
 January SEBI BULLETIN 2009

Annexure 3B: Buyback Documents Filed with SEBI during December 2008

Sl. Company Mode of Buyback Maximum Maximum Date of Date of Date of

No Price Considerati Filing Opening Closing
Payable on Payable of Public of Offer of Offer
( Per Share) (Rs. lakh) Notice / PA

1 2 3 4 5 6 7 8
1 Godrej Consumer Products Ltd. Open market through Stock
Exchange 150 1490 1-Dec-08 4-Dec-08 40141

2 The Supreme Industries Ltd. Open market through Stock

Exchange 125 2457.2 1-Dec-08 8-Dec-08 40142

3 Jindal Poly Films Ltd. Open market through Stock

Exchange 350 15000 2-Dec-08 10-Dec-08 40053

4 E.I.D. Parry (India) Ltd. Open market through Stock

Exchange 160 4684 3-Dec-08 15-Dec-08 40114

5 India Infoline Ltd. Open market through Stock

Exchange 43.2 9891 8-Dec-08 18-Dec-08 40145

6 Bosch Ltd. Open market through Stock

Exchange 4500 63920 8-Dec-08 15-Dec-08 40109

7 Supreme Petrochem Ltd. Open market through Stock

Exchange 14 1050 18-Dec-08 24-Dec-08 40151

8 Binani Metals Ltd. Tender Offer 4500 105.75 23-Dec-08 3-Feb-09 39876

9 Nava Bharat Ventures Ltd. Open market through Stock

Exchange 170 5000 23-Dec-08 6-Jan-09 40158

062
 January SEBI BULLETIN 2009

Table 1: SEBI Registered Market Intermediaries/Institutions

As on March 31 As on As on
November December
Market Intermediaries 2005 2006 2007 2008 30, 31,
2008 2008

1 2 3 4 5 6 7
Stock Exchanges (Cash Market) 22 22 21 19 19 19
Stock Exchanges (Derivatives Market) 2 2 2 2 2 2
Brokers (Cash Segment)* 9,128 9,335 9,443 9,487 9,594 9,609
Corporate Brokers (Cash Segment) 3,773 3,961 4,110 4,190 4,275 4,286
Brokers (Derivative) 994 1,120 1,258 1,442 1,546 1,557
Brokers (Currency Futures) NA NA NA NA 959 1,029
Sub-brokers (Cash Segment) 13,684 23,479 27,541 44,074 56,179 56,585
Foreign Institutional Investors 685 882 996 1,319 1,581 1,594
Sub-accounts 1,889 2,488 2,922 3,964 4,824 4,872
Custodians 11 11 15 15 16 16
Depositories 2 2 2 2 2 2
Depository Participants 477 526 593 654 683 696
Merchant Bankers 128 130 152 155 132 132
Bankers to an Issue 59 60 47 50 52 52
Underwriters 59 57 45 35 20 20
Debenture Trustees 35 32 30 28 29 29
Credit Rating Agencies 4 4 4 5 5 5
Venture Capital Funds 50 80 90 106 130 131
Foreign Venture Capital Investors 14 39 78 97 100 116
Registrars to an Issue & Share Transfer Agents 83 83 82 76 70 70
Portfolio Managers 84 132 158 205 229 230
Mutual Funds 39 38 40 40 43 43
Collective Investment Schemes 0 0 0 0 0 0
Approved Intermediaries (Stock Lending Schemes) 3 3 3 2 2 3
STP (Centralised Hub) 1 1 1 1
STP Service Providers 4 2 2 2

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

063
 Table 2: Capital Raised from the Primary Market through Public and Rights Issues
(Rs. crore)
Category-wise Issuer-type Instrument-wise
January

Total Equities
Year/Month Public Rights Listed IPOs CCPS Bonds Others
At Par At Premium

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

2004-05 60 28,256 34 24,640 26 3,616 37 14,507 23 13,749 6 420 49 23,968 0 0 5 3,867 0 0

2005-06 139 27,382 103 23,294 36 4,088 60 16,446 79 10,936 10 372 128 27,000 0 0 0 0 1 10

2006-07 124 33,508 85 29,796 39 3,710 47 5,002 77 28,504 2 12 119 32,889 0 0 2 356 1 249

2007-08 124 87,029 92 54,511 32 32,518 39 44,434 85 42,595 7 387 113 79,352 2 5,687 2 1,603 0 0

2008-09 (Apr-Dec) 41 14,056 20 2,059 21 11,998 21 11,997 20 2,059 4 78 36 13,530 0 0 1 448 0 0

Apr-08 2 439 1 14 1 425 1 425 1 14 0 0 2 439 0 0 0 0 0 0

May-08 4 307 4 307 0 0 0 0 4 307 0 0 4 307 0 0 0 0 0 0

Jun-08 9 1,285 8 1,272 1 13 1 13 8 1,272 1 14 8 1,271 0 0 0 0 0 0

Jul-08 5 296 2 128 3 168 3 168 2 128 0 0 5 296 0 0 0 0 0 0

064
Aug-08 5 368 2 262 3 106 3 106 2 262 1 15 4 353 0 0 0 0 0 0

Sep-08 8 9,715 2 49 6 9,666 6 9,666 2 49 1 7 6 9,259 0 0 1 448 0 0

SEBI BULLETIN

Oct-08 3 129 1 26 2 102 2 102 1 26 1 42 2 87 0 0 0 0 0 0

Nov-08 2 148 0 0 2 148 2 148 0 0 0 0 2 148 0 0 0 0 0 0

Dec-08 3 1,370 0 0 3 1,370 3 1,370 0 0 0 0 3 1,370 0 0 0 0 0 0

2009
 January SEBI BULLETIN 2009

Table 3 : Capital raised from the Primary Market through QIPs

NSE BSE Total

Month No Amount No Amount No Amount
(Rs. crore) (Rs. crore) (Rs. crore)
1 2 3 4 5 6 7

2006-07 21 4,530 25 4,963 25 4,963

2007-08 34 24,679 36 25,525 36 25,525

2008-09 (Apr-Dec) 2 189 1 75 2 189

Apr-08 0 0.00 0 0 0 0

May-08 0 0.00 0 0 0 0

Jun-08 0 0.00 0 0 0 0

Jul-08 0 0.00 0 0 0 0

Aug-08 1 75.00 1 75 1 75

Sep-08 0 0.00 0 0 0 0

Oct-08 0 0.00 0 0 0 0

Nov-08 0 0.00 0 0 0 0

Dec-08 1 114 0 0 1 114

Source : BSE , NSE

065
 January SEBI BULLETIN 2009

Table 4: Industry-wise Classification of Capital Raised through Public and Rights Issues
(Rs.crore)
2008-09
2006-07 2007-08 Nov - 2008 Dec - 2008
(Apr-Dec)
Industry
No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11
Banking/FIs 5 2,190 6 30,955 0 0 0 0 0 0

Cement & Construction 13 2,747 27 18,905 3 80 0 0 0 0

Chemical 5 147 8 661 3 58 0 0 0 0

Electronics 9 480 4 684 0 0 0 0 0 0

Engineering 2 465 5 378 0 0 0 0 0 0

Entertainment 8 1,219 2 403 2 1,156 0 0 1 1140

Finance 9 2,765 7 1,773 1 448 0 0 0 0

Food Processing 9 634 2 100 0 0 0 0 0 0

Health Care 2 208 3 542 3 144 0 0 0 0

Information Technology 12 2,077 10 691 1 42 0 0 0 0

Paper & Pulp 1 15 1 35 0 0 0 0 0 0

Plastic 3 106 5 211 0 0 0 0 0 0

Power 1 30 4 13,709 2 959 0 0 0 0

Printing 2 121 0 0 0 0 0 0 0 0

Telecommunication 3 2,994 2 1,000 2 100 0 0 0 0

Textile 15 1,064 7 442 4 260 0 0 1 30

Others * 25 16,246 31 16,541 20 10,809 2 148 1 200

Total 124 33,508 124 87,029 41 14,056 2 148 3 1,370

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

066
 Table 5: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues
(Rs.crore)
Sector-wise Region-wise
January

Year/ Total
Private* Public Northern Eastern Western Southern
Month
No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2004-05 60 28,256 55 17,162 5 11,094 8 8,725 7 204 34 17,951 11 1,377

2005-06 139 27,382 131 20,199 8 7,183 30 5,389 13 1,495 56 14,963 40 5,535

2006-07 124 33,508 122 31,728 2 1,779 28 3,673 5 165 55 22,964 36 6,706

2007-08 124 87,029 120 67,311 4 19,718 22 16,526 11 1,093 55 64,139 36 5,270

2008-09 (Apr-Dec) 41 14,056 41 14,056 0 0 5 1,402 4 303 19 10,734 13 1,616

Apr-08 2 439 2 439 0 0 0 0 0 0 0 0 2 439

May-08 4 307 4 307 0 0 0 0 0 0 2 201 2 106

067
Jun-08 9 1,285 9 1,285 0 0 1 22 1 13 4 332 3 918

Jul-08 5 296 5 296 0 0 2 110 0 0 1 128 2 58

SEBI BULLETIN

Aug-08 5 368 5 368 0 0 0 0 2 230 2 135 1 3

Sep-08 8 9,715 8 9,715 0 0 0 0 0 0 7 9,690 1 25

Oct-08 3 129 3 129 0 0 0 0 1 60 0 0 2 68

Nov-08 2 148 2 148 0 0 1 130 0 0 1 18 0 0

Dec-08 3 1,370 3 1,370 0 0 1 1,140 0 0 2 230 0 0

* Joint sector issues, if any, have been clubbed with private sector for the respective period.
2009
 January SEBI BULLETIN 2009

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

Total < 5 cr. ≥ 5cr. - < 10cr. ≥ 10 cr. - < 50 cr. ≥ 50 cr. - < 100 cr. ≥ 100 cr.
Year/
Month
No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11 12 13

2004-05 60 28,256 2 3 5 44 17 461 11 723 25 27,025

2005-06 139 27,382 6 20 4 32 47 1,325 33 2,189 49 23,815

2006-07 124 33,508 3 10 6 45 40 1,129 31 2,386 44 29,938

2007-08 124 87,029 4 16 1 6 33 920 25 1,669 61 84,418

2008-09 ( Apr-Dec) 41 14,056 1 3 1 7 18 455 9 1,222 12 12,368

Apr-08 2 439 0 0 0 0 1 14 0 0 1 425

May-08 4 307 0 0 0 0 1 26 2 142 1 140

Jun-08 9 1,285 0 0 0 0 5 136 1 69 3 1,081

Jul-08 5 296 0 0 0 0 3 82 1 86 1 128

Aug-08 5 368 1 3 0 0 1 15 1 87 2 262

Sep-08 8 9,715 0 0 1 7 3 66 1 448 3 9,194

Oct-08 3 129 0 0 0 0 2 68 1 60 0 0

Nov-08 2 148 0 0 0 0 1 18 1 130 0 0

Dec-08 3 1,370 0 0 0 0 1 30 1 200 1 1,140

068
 January SEBI BULLETIN 2009

Table 7: Distribution of Turnover on Cash Segments of Exchanges

(Rs.crore)
2008-09
Stock Exchanges 2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08
(Apr-Dec)
1 2 3 4 5 6 7 8
Ahmedabad 0 0 0 0 0 0 0

Bangalore 0 0 0 0 0 0 0

Bhubaneshwar 0 0 0 0 0 0 0

BSE 5,18,715 8,16,074 9,56,185 15,78,857 9,05,445 63,694 80,866

Calcutta 2,715 2,800 694 446.00 NA NA NA

Cochin 0 0 0 0 0 0 0

Coimbatore 0 0 0 0 0 0 0

Delhi 0 0 0 0 0 0 0

Gauhati 0 0 0 0 0 0 0

Hyderabad 14 89 92 0 0 0 0

ISE 0 0 0 0 0 0 0

Jaipur 0 0 0 0 0 0 0

Ludhiana 0 0 0 0 0 0 0

Madhya Pradesh 0 0 0 0 0 0 0

Madras 27 5 2 0 0 0 0

Magadh (Patna) 0 91 0 0 0 0 0

NSE 11,40,072 15,69,558 19,45,287 35,51,038 22,08,183 1,73,123 2,12,956

OTCEI 0.01 0.01 0 0 0 0 0

Pune 0.3 0 0 0 0 0 0

SKSE 0 0 0 0 0 0 0

Uttar Pradesh 5,343 1,486 799 475 NA NA 3

Vadodara 0 0 0 0 0 0

N.A: Not Available

Source: Various Exchanges

069
 Table 8: Cash Segment of BSE

Month/ No. of No. of No. of No. of No. of No. of Traded Turnover Average Average Demat Demat Market BSE Sensex # BSE 100 Index ##
January

Year Comp- Comp- Scrips Trading Scrips Trades Quantity (Rs. cr.) Daily Trade Securities Turnover Capi-
anies anies Listed * Days Traded (Lakh) (Lakh) High Low Close High Low Close
Turnover Size Traded (Rs. cr.) talisation
Listed * Permi- (Rs. cr.) (Rs.) (Lakh) (Rs. cr.) *
tted *
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
2004-05 4,731 36 6,897 253 2,382 2,374 4,77,171 5,18,715 2,050 21,849 4,31,307 4,51,080 16,98,428 6954.86 4227.50 6492.82 3756.07 2226.36 3481.86

2005-06 4,781 42 7,311 251 2,548 2,640 6,64,455 8,16,074 3,251 30,911 6,45,061 7,90,446 30,22,190 11356.95 6140.97 11279.96 5943.32 3302.80 5904.17

2006-07 4,821 60 7,561 249 2,641 3,462 5,60,777 9,56,185 3,840 27,618 5,58,068 9,52,025 35,45,041 14326.00 8799.00 13072.00 7276.00 4472.00 6587.00

2007-08 4,887 63 7,681 251 2,709 5,303 9,86,010 15,78,857 6,290 29,771 9,84,081 15,74,729 51,38,014 21206.77 12425.52 15644.44 11655.91 6270.97 8232.82

(2008-09) 4,921 66 7,727 184 2,565 4,209 5,61,953 9,05,445 4,921 21,510 5,61,682 9,05,242 31,44,767 17735.70 7697.39 9647.31 9432.50 3949.13 4988.04
Apr to Dec
Apr-08 0 64 7,793 20 2,773 475 67,672 1,15,454 5,773 24,316 67,628 1,15,470 57,94,292 17480.74 15297.96 17287.31 9312.29 8062.58 9199.46

May-08 4,901 64 7,867 20 2,771 488 72,891 1,21,670 6,084 24,949 72,843 1,21,707 54,28,878 17735.70 16196.02 16415.57 9432.50 8584.50 8683.27

Jun-08 4,909 64 7,899 21 2,697 478 60,944 1,13,605 5,410 23,750 60,899 1,13,556 43,75,021 16632.72 13405.54 13461.60 8780.18 7004.44 7029.74

Jul-08 4,917 64 7,913 23 2,701 557 75,115 1,23,916 5,388 22,241 75,109 1,23,902 47,32,544 15130.09 12514.02 14355.75 7880.04 6536.94 7488.48

070
Aug-08 4,924 66 7,702 20 2,758 446 60,455 99,924 4,996 22,383 60,415 99,872 47,78,864 15579.78 14002.43 14564.53 8138.57 7332.72 7621.40
SEBI BULLETIN

Sep-08 4,926 66 7,685 21 2,699 451 54,883 1,08,090 5,147 23,947 54,861 1,08,086 41,65,387 15107.01 12153.55 12860.43 7892.81 6331.94 6691.57

Oct-08 4,927 66 7,705 20 2,599 431 52,032 78,227 3,911 18,158 52,020 78,208 29,97,259 13203.86 7697.39 9788.06 6853.72 3949.13 4953.98

Nov-08 4,928 66 7,737 18 2,414 398 50,354 63,694 3,539 15,984 50,325 63,618 28,18,964 10945.41 8316.39 9092.72 5556.23 4263.12 4600.45

Dec-08 4,921 66 7,727 21 2,565 484 67,607 80,866 3,851 16,698 67,582 80,823 31,44,767 10188.54 8467.43 9647.31 5230.68 4309.85 4988.04
* At the end of the period.
# BSE Sensex commenced from January 2 1986.
## BSE-100 Index commenced from April 3 1984.
Source: BSE
2009
 Table 9: Cash Segment of NSE

Month/ No. of No. of No. of No. of No. of No. of Traded Turnover Average Average Demat Demat Market S&P CNX Nifty Index # CNX Nifty Junior Index ##
January
Year Comp- Comp- Comp- Trading Comp- Trades Quantity (Rs.cr.) Daily Trade Size Securities Turnover Capita-
anies anies anies anies High Low Close High Low Close
Days (Lakh) (Lakh) Turnover (Rs.) Traded (Rs. cr.) lisation
Listed* Permi- Available Traded (Rs. cr.) (Lakh) (Rs. cr.) *
tted * for
Trad-
ing* @
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
2004-05 970 1 839 255 856 4,508 7,97,685 11,40,072 4,471 25,283 7,97,685 11,40,072 15,85,585 2183.45 1292.20 2035.65 4705.25 2493.70 4275.15
2005-06 1,069 - 929 251 928 6,089 8,44,486 15,69,558 6,253 25,044 8,44,486 15,69,558 28,13,201 3433.85 1896.30 3402.55 6437.40 3998.80 6412.10
2006-07 1,228 - 1,084 249 1,114 7,847 8,55,456 19,45,287 7,812 24,790 8,55,456 19,45,287 33,67,350 4245.00 2596.00 3822.00 7567.00 4464.00 6878.00
2007-08 1,381 -- 1,236 251 1,244 11,727 14,98,469 35,51,038 14,148 30,280 14,98,469 35,51,038 48,58,122 6357.10 3617.00 4734.50 13209.35 6559.55 7975.75
2008-09 1,428 -- 1,283 184 1,270 10,378 10,39,622 22,08,183 12,001 21,277 10,39,622 22,08,183 29,16,768 5298.85 2252.75 2959.15 9541.00 3603.20 4555.70
(Apr-Dec)
Apr-08 1,390 -- 1,244 20 1,240 1,079 1,14,280 2,71,227 13,561 25,142 1,14,280 2,71,227 54,42,780 5230.75 4628.75 5165.90 9272.25 7699.35 9170.95
May-08 1,398 -- 1,252 20 1,246 1,071 1,15,014 2,77,923 13,896 25,960 1,15,014 2,77,923 50,98,873 5298.85 4801.90 4870.10 9541.00 8075.50 8221.35
Jun-08 1,407 -- 1,262 21 1,256 1,115 1,08,548 2,64,428 12,592 23,717 1,08,548 2,64,428 41,03,651 4908.80 4021.70 4040.55 8305.15 6201.05 6233.20
Jul-08 1,417 -- 1,272 23 1,267 1,337 1,34,285 2,95,816 12,862 22,129 1,34,285 2,95,816 44,32,427 4539.45 3790.20 4332.95 7363.20 5756.85 6936.80

071
Aug-08 1,422 -- 1,278 20 1,274 1,067 1,04,352 2,34,251 11,713 21,962 1,04,352 2,34,251 44,72,461 4649.85 4201.85 4360.00 7177.15 6799.55 7138.30
Sep-08 1,424 -- 1,278 21 1,275 1,132 1,02,202 2,62,261 12,489 23,160 1,02,202 2,62,261 39,00,185 4558.00 3715.05 3921.20 7400.25 5633.10 6043.15
Oct-08 1,431 -- 1,282 20 1,277 1,178 1,09,299 2,16,198 10,810 18,355 1,09,299 2,16,198 28,20,388 4000.50 2252.75 2885.60 6203.65 3603.20 4291.30
SEBI BULLETIN

Nov-08 1,430 -- 1,286 18 1,282 1,099 1,06,848 1,73,123 9,618 15,758 1,06,848 1,73,123 26,53,281 3240.55 2502.90 2755.10 4937.65 3706.70 3848.85
Dec-08 1,428 -- 1,283 21 1,282 1,302 1,44,793 2,12,956 10,141 16,359 1,44,793 2,12,956 29,16,768 3110.45 2570.70 2959.15 4695.30 3675.50 4555.70
* At the end of the period.
@ Excludes suspended companies.
# S&P CNX Nifty index commenced from November 3, 1995.
## CNX Nifty Junior commenced from November 4, 1996.
Source: NSE
2009
 Table 10: Trends in Cash Segment of BSE, December 2008

Date No. of No. of No. of No. of No. of Traded Turn- Average Demat Demat Market SENSEX # BSE-100 Index ##
Comp- Comp- Scrips Scrips Trades Quantity over Trade Secu- Turn- Capitalisati
January

anies anies Listed Traded (Lakh) (Lakh) (Rs. Cr.) Size rities over High Low Close High Low Close
on
Listed* Per- (Rs.) Traded (Rs. Cr.) (Rs. Cr.)*
mitted* (Lakh)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
1-Dec-08 4,928 66 7,735 2,497 18 2,174 2,922 15,916 2,173 2,919 27,65,131 9326.68 8803.34 8839.87 4722.81 4471.58 4487.56
2-Dec-08 4,926 66 7,728 2,482 18 2,109 2,603 14,603 2,109 2,599 27,38,933 8785.04 8467.43 8739.24 4463.76 4309.85 4443.50
3-Dec-08 4,926 66 7,729 2,502 19 2,257 2,955 15,329 2,256 2,949 27,53,688 8854.81 8601.41 8747.43 4500.23 4390.14 4456.31
4-Dec-08 4,926 66 7,730 2,535 23 3,002 3,748 16,146 3,002 3,741 28,66,841 9245.06 8726.71 9229.75 4690.66 4450.67 4682.67
5-Dec-08 4,927 66 7,731 2,525 24 2,908 3,756 15,935 2,907 3,755 28,08,999 9340.69 8914.38 8965.20 4747.04 4546.25 4565.56
8-Dec-08 4,927 66 7,735 2,509 20 2,470 3,243 16,414 2,470 3,243 28,58,311 9432.11 9095.70 9162.62 4783.37 4626.31 4656.68
10-Dec-08 4,927 66 7,736 2,547 24 3,114 4,181 17,340 3,114 4,180 29,71,228 9678.70 9280.16 9654.90 4898.00 4709.00 4886.95
11-Dec-08 4,927 66 7,739 2,586 27 3,858 4,638 17,228 3,858 4,638 29,83,206 9746.01 9441.97 9645.46 4935.97 4791.82 4894.49
12-Dec-08 4,926 66 7,746 2,503 26 4,008 4,487 17,249 4,008 4,487 29,98,385 9745.51 9281.89 9690.07 4941.88 4716.59 4915.48
15-Dec-08 4,926 66 7,751 2,592 25 4,002 4,381 17,324 4,002 4,382 30,77,981 9948.33 9749.29 9832.39 5064.90 4971.49 5013.93
16-Dec-08 4,926 66 7,751 2,596 25 3,780 4,150 16,491 3,779 4,150 31,62,371 10009.21 9790.31 9976.98 5116.49 4994.31 5102.59
17-Dec-08 4,926 66 7,754 2,614 28 4,201 4,894 17,487 4,201 4,893 30,84,986 10073.10 9682.91 9715.29 5158.08 4945.60 4960.98

072
18-Dec-08 4,926 66 7,760 2,567 28 3,943 5,096 18,147 3,941 5,087 31,90,950 10110.34 9633.04 10076.43 5165.02 4919.18 5149.66
19-Dec-08 4,921 66 7,718 2,615 28 4,201 5,067 18,279 4,201 5,067 32,23,779 10188.54 9987.42 10099.91 5224.05 5120.16 5181.94
SEBI BULLETIN

22-Dec-08 4,921 66 7,721 2,636 23 3,463 3,861 16,591 3,462 3,861 32,05,285 10173.34 9894.01 9928.35 5230.68 5086.77 5108.12
23-Dec-08 4,921 66 7,721 2,576 21 2,908 3,378 16,111 2,906 3,375 31,36,822 9838.38 9643.56 9686.75 5072.97 4956.61 4976.59
24-Dec-08 4,921 66 7,723 2,530 20 2,822 3,190 15,790 2,821 3,189 30,99,350 9653.42 9502.53 9568.72 4961.73 4894.59 4925.05
26-Dec-08 4,921 66 7,723 2,552 20 2,637 3,175 15,892 2,635 3,168 30,42,779 9706.38 9294.98 9328.92 5002.86 4798.74 4817.69
29-Dec-08 4,921 66 7,723 2,486 22 2,752 3,412 15,764 2,752 3,411 30,96,110 9550.40 9162.66 9533.52 4933.93 4743.44 4925.28
30-Dec-08 4,921 66 7,723 2,557 22 3,535 3,984 17,812 3,522 3,983 31,48,381 9785.04 9494.70 9716.16 5047.91 4903.45 5016.49
31-Dec-08 4,921 66 7,727 2,565 23 3,464 3,746 16,590 3,463 3,746 31,44,767 9825.90 9587.92 9647.31 5073.13 4958.40 4988.04
* At the end of the period.
# SENSEX commenced from January 2, 1986.
## BSE-100 Index commenced from April 3, 1984.
Source: BSE
2009
 Table 11: Trends in Cash Segment of NSE, December 2008

Month/Year No. of No. of Traded Turn- Average Demat Demat Market S&P CNX Nifty Index # CNX Nifty Junior Index ##
January

Secu- Trades Quan- over Trade Secu- Turn- Capita-

(Rs. High Low Close High Low Close
rities (Lakh) tity Size rities over lisation
Traded (Lakh) crore) (Rs.) Traded (Rs. cr.) (Rs. cr.)*
(Lakh)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1-Dec-2008 1,232 52.47 4,962 8,392 15,993 4,962 8,392 25,99,774 2832.85 2669.50 2682.90 3960.95 3795.30 3808.30
2-Dec-2008 1,237 50.86 4,681 7,608 14,958 4,681 7,608 25,74,500 2672.90 2570.70 2657.80 3832.20 3675.50 3814.50
3-Dec-2008 1,229 54.31 5,284 8,286 15,256 5,284 8,286 25,89,193 2693.65 2611.95 2656.45 3917.80 3834.20 3907.35
4-Dec-2008 1,239 63.02 6,788 9,713 15,413 6,788 9,713 27,01,769 2793.80 2646.35 2788.00 4118.55 3909.20 4099.25
5-Dec-2008 1,234 63.07 6,730 9,731 15,430 6,730 9,731 26,40,849 2821.15 2701.35 2714.40 4189.40 4027.60 4036.00
8-Dec-2008 1,245 54.49 5,834 9,419 17,285 5,834 9,419 26,87,859 2861.55 2714.70 2784.00 4184.30 4048.70 4066.05
10-Dec-2008 1,243 66.29 7,270 11,520 17,378 7,270 11,520 28,00,548 2940.15 2785.70 2928.25 4216.95 4087.65 4203.25
11-Dec-2008 1,235 72.14 8,474 12,075 16,739 8,474 12,075 28,11,695 2945.30 2861.55 2920.15 4313.95 4185.70 4288.60
12-Dec-2008 1,242 68.18 8,059 11,186 16,407 8,059 11,186 28,25,682 2936.80 2812.55 2921.35 4350.50 4145.55 4323.85
15-Dec-2008 1,244 65.66 8,184 11,078 16,870 8,184 11,078 28,96,248 3012.10 2917.90 2981.20 4471.75 4380.90 4400.85

073
16-Dec-2008 1,254 65.90 7,760 11,116 16,869 7,760 11,116 29,67,535 3052.55 2963.30 3041.75 4519.00 4379.40 4505.40
17-Dec-2008 1,250 72.03 8,443 12,872 17,870 8,443 12,872 28,80,418 3076.20 2943.50 2954.35 4559.80 4342.60 4354.10
SEBI BULLETIN

18-Dec-2008 1,244 74.28 8,575 13,363 17,990 8,575 13,363 29,74,985 3072.55 2922.65 3060.75 4540.90 4318.40 4524.50
19-Dec-2008 1,250 73.77 8,786 13,246 17,956 8,786 13,246 30,03,275 3106.80 3036.30 3077.50 4628.40 4508.75 4603.10
22-Dec-2008 1,248 62.72 7,216 10,149 16,181 7,216 10,149 29,72,329 3110.45 3027.80 3039.30 4695.30 4546.45 4576.70
23-Dec-2008 1,254 57.50 6,343 9,026 15,697 6,343 9,026 28,99,150 3040.00 2957.05 2968.65 4554.20 4386.80 4403.80
24-Dec-2008 1,235 56.45 6,777 9,914 17,561 6,777 9,914 28,62,040 2968.00 2900.45 2916.85 4434.25 4333.70 4403.90
26-Dec-2008 1,233 52.19 5,294 7,248 13,887 5,294 7,248 28,09,207 2960.95 2844.80 2857.25 4485.95 4301.45 4325.25
29-Dec-2008 1,233 58.48 6,102 9,062 15,496 6,102 9,062 28,67,510 2931.80 2812.90 2922.20 4468.70 4269.80 4452.00
30-Dec-2008 1,238 59.37 6,480 9,005 15,167 6,480 9,005 29,24,255 2999.15 2899.75 2979.50 4579.60 4451.85 4558.00
31-Dec-2008 1,241 58.60 6,750 8,947 15,268 6,750 8,947 29,16,768 3002.65 2937.35 2959.15 4634.15 4535.55 4555.70
* At the end of the period.
# S&P CNX Nifty Index commenced from November 3, 1995.
## CNX Nifty Junior commenced from November 4, 1996.
Source: NSE
2009
 Table 12: Turnover and Market Capitalisation at BSE and NSE, December 2008
(Rs. crore)
Turnover Market Capitalisation
NSE
January

BSE NSE BSE

Date BSE BSE Total A# B# S&P CNX Total C# D# BSE BSE 100 Total E# F# S&P CNX Total G# H#
Sensex 100 CNX Nifty Sensex CNX Nifty
Nifty Junior

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
1-Dec-08 1,610 2,536 2,922 55.08 86.78 6,122 1,071 8,392 72.95 12.76 1,338,036 20,93,311 27,65,131 48.39 75.70 16,61,496 2,43,065 25,99,774 63.91 9.35
2-Dec-08 1,494 2,315 2,603 57.38 88.93 5,651 914 7,608 74.28 12.01 1,326,840 20,72,312 27,38,933 48.44 75.66 16,45,963 2,43,462 25,74,500 63.93 9.46
3-Dec-08 1,701 2,557 2,955 57.56 86.52 5,913 1,088 8,286 71.36 13.12 1,325,546 20,79,230 27,53,688 48.14 75.51 16,45,135 2,49,386 25,89,193 63.54 9.63
4-Dec-08 1,983 3,164 3,748 52.91 84.42 6,539 1,552 9,713 67.32 15.98 1,394,883 21,76,256 28,66,841 48.66 75.91 17,26,593 2,61,636 27,01,769 63.91 9.68
5-Dec-08 1,919 3,161 3,756 51.09 84.16 6,449 1,506 9,731 66.27 15.48 1,355,913 21,23,045 28,08,999 48.27 75.58 16,80,999 2,57,599 26,40,849 63.65 9.75
8-Dec-08 1,765 2,753 3,243 54.43 84.89 6,952 1,157 9,419 73.81 12.29 1,388,596 21,69,294 28,58,311 48.58 75.89 17,24,105 2,59,517 26,87,859 64.14 9.66
10-Dec-08 2,321 3,642 4,181 55.51 87.12 8,131 1,612 11,520 70.58 13.99 1,461,716 22,70,779 29,71,228 49.20 76.43 18,13,443 2,68,273 28,00,548 64.75 9.58
11-Dec-08 2,250 3,946 4,638 48.52 85.07 7,845 2,134 12,075 64.97 17.67 1,457,234 22,73,069 29,83,206 48.85 76.20 18,08,445 2,73,720 28,11,695 64.32 9.74
12-Dec-08 2,104 3,709 4,487 46.88 82.66 7,103 2,222 11,186 63.50 19.86 1,458,539 22,77,144 29,98,385 48.64 75.95 18,09,186 2,75,971 28,25,682 64.03 9.77
15-Dec-08 2,008 3,528 4,381 45.84 80.51 7,133 1,873 11,078 64.39 16.91 1,480,438 23,34,558 30,77,981 48.10 75.85 18,46,234 2,80,886 28,96,248 63.75 9.70
16-Dec-08 1,763 3,269 4,150 42.48 78.78 6,893 1,788 11,116 62.01 16.09 1,509,163 23,99,920 31,62,371 47.72 75.89 18,83,735 2,87,559 29,67,535 63.48 9.69
17-Dec-08 2,299 3,966 4,894 46.98 81.05 8,568 2,022 12,872 66.56 15.71 1,469,467 23,41,841 30,84,986 47.63 75.91 18,29,582 2,77,903 28,80,418 63.52 9.65
18-Dec-08 2,504 4,345 5,096 49.14 85.27 9,042 2,181 13,363 67.66 16.32 1,523,536 24,35,252 31,90,950 47.75 76.32 18,95,473 2,88,778 29,74,985 63.71 9.71
19-Dec-08 2,106 4,049 5,067 41.57 79.92 8,345 2,436 13,246 63.00 18.39 1,528,062 24,58,408 32,23,779 47.40 76.26 19,05,867 2,93,796 30,03,275 63.46 9.78

074
22-Dec-08 1,472 3,189 3,861 38.13 82.61 6,101 2,098 10,149 60.12 20.67 1,508,400 24,40,028 32,05,285 47.06 76.13 18,82,186 2,92,112 29,72,329 63.32 9.83
23-Dec-08 1,543 2,963 3,378 45.69 87.70 5,705 1,809 9,026 63.21 20.04 1,474,768 23,87,707 31,36,822 47.01 76.12 18,38,449 2,81,076 28,99,150 63.41 9.70
24-Dec-08 1,620 2,777 3,190 50.80 87.07 6,976 1,452 9,914 70.36 14.64 1,451,163 23,56,037 30,99,350 46.82 76.02 18,06,400 2,81,082 28,62,040 63.12 9.82
SEBI BULLETIN

26-Dec-08 1,522 2,725 3,175 47.93 85.83 4,559 1,351 7,248 62.90 18.65 1,416,907 23,06,486 30,42,779 46.57 75.80 17,69,485 2,76,063 28,09,207 62.99 9.83
29-Dec-08 1,824 3,032 3,412 53.46 88.86 6,368 1,464 9,062 70.27 16.15 1,444,772 23,52,114 30,96,110 46.66 75.97 18,09,714 2,88,746 28,67,510 63.11 10.07
30-Dec-08 1,798 3,117 3,984 45.13 78.24 5,819 1,573 9,005 64.62 17.47 1,473,214 23,90,362 31,48,381 46.79 75.92 18,45,218 2,95,619 29,24,255 63.10 10.11
31-Dec-08 1,857 3,080 3,746 49.58 82.21 5,708 1,513 8,947 63.80 16.91 1,463,165 23,79,501 31,44,767 46.53 75.67 18,32,610 2,95,471 29,16,768 62.83 10.13

A# = % age share of Sensex securities in total BSE turnover
B# = % age share of BSE-100 Index securities in total BSE turnover
C# = % age share of S&P CNX Nifty securities in total NSE turnover
D# = % age share of CNX Nifty Junior securities in total NSE turnover
Source: BSE, NSE
E# = % age share of Sensex securirities in total BSE Market Capitalisation
F# = % age share of BSE-100 Index securities in total BSE Market Capitalisation
G# = % age share of S&P CNX Nifty securities in total NSE Market Capitalisation
H# = % age share of CNX Nifty Junior securities in total NSE Market Capitalisation
2009
 January SEBI BULLETIN 2009

Table 13: Component Stocks: BSE Sensex, December 2008

Sr. Name of Security Issued Market Weightage Beta R2 Daily Monthly Impact
No. Capital Capita- (%) Volatility Return Cost (%)
(Rs. cr.) lisation (%) (%)
(Rs. cr.)
1 2 3 4 5 6 7 8 9 10
1 ACC LTD 188 4,932 0.72 0.66 0.36 3.16 17.64 0.60
2 BHEL 490 23,342 3.41 1.02 0.60 3.77 0.08 0.11
3 BHARTI ARTL 1,898 47,509 6.95 0.84 0.54 3.28 6.56 0.13
4 DLF LIMITED* 341 7,202 1.05 1.48 0.63 5.35 42.19 0.15
5 GRASIM IND. 92 8,374 1.22 0.71 0.43 3.11 36.96 0.71
6 HDFC BANK 425 36,049 5.27 0.98 0.61 3.58 8.39 0.17
7 HINDALCO 170 6,162 0.90 1.16 0.56 4.47 (2.64) 0.35
8 HIND UNI LT 218 27,269 3.99 0.51 0.33 2.56 5.95 0.23
9 HDFC 284 35,966 5.26 1.19 0.67 4.19 1.62 0.14
10 ICICI BANK 1,113 49,893 7.30 1.51 0.76 4.94 27.59 0.11
11 INFOSYS TECH 286 54,397 7.95 0.72 0.45 3.06 (9.89) 0.16
12 ITC LTD. 377 45,255 6.62 0.57 0.39 2.63 (1.18) 0.28
13 JAIPRA 237 5,895 0.86 1.72 0.66 6.08 48.08 0.25
14 LARSEN & TOU 117 40,793 5.96 1.06 0.69 3.66 6.53 0.12
15 MAH & MAH 259 5,330 0.78 0.91 0.43 3.98 (2.41) 1.11
16 MARUTISUZUK 144 7,513 1.10 0.67 0.37 3.15 (2.94) 0.34
17 NTPC LTD 8,245 22,386 3.27 0.89 0.58 3.36 13.41 0.12
18 ONGC CORPN 2,139 28,560 4.18 0.84 0.54 3.26 (3.98) 0.16
19 RANBAXY LAB. 210 4,245 0.62 0.62 0.20 3.96 20.88 0.52
20 REL COM LTD 1,032 16,417 2.40 1.33 0.58 4.99 16.24 0.14
21 RELIANCE 1,574 96,808 14.16 1.15 0.75 3.79 8.72 0.07
22 REL INFRA 228 8,604 1.26 1.68 0.70 5.78 15.33 0.13
23 SATYAM COM 135 10,892 1.59 0.82 0.28 4.42 (29.98) 0.23
24 STATE BANK 635 36,810 5.38 0.99 0.61 3.63 18.53 0.07
25 STERLITE IN 142 7,389 1.08 1.21 0.53 4.77 10.04 0.27
26 TCS LTD. 98 11,697 1.71 0.86 0.47 3.61 (14.33) 0.29
27 TATA MOTORS 450 4,650 0.68 0.98 0.50 3.97 16.65 0.52
28 TATA POWER 221 11,597 1.70 1.02 0.51 4.12 11.84 0.37
29 TATA STEEL 731 11,100 1.62 1.24 0.58 4.65 43.66 0.13
30 WIPRO LTD. 293 6,836 1.00 0.92 0.53 3.62 (4.01) 0.53
Total - 6,83,873 100.00 - - - - -
Figures in parentheses are negative.
* Beta & R2 are calculated for the period January, 2008 to December 2008. Beta measures the degree to which any portfolio of stocks
is affected as compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of
relationship between two variables the return on a security versus that of the market.

* Volatility is the standard deviation of the daily returns for the period January 01, 2008 to December 31, 2008.
* Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by
100. Hence ideal price is calculated as (best buy + best sell)/2. It is calculated for a month for the portfolio size of Rs. 5 lakh. It is
calculated for the period It is calculated for the period December 01, 2008 to December 31, 2008.
Source: BSE

075
 January SEBI BULLETIN 2009

Table 14: Component Stocks : S&P CNX Nifty Index, December 2008
Sl. Name of Security Issued Market Weightage Beta R2 Daily Monthly Impact Cost
No. Capital Capitalisation (%) Volatility Return (%)
(Rs. cr.) (Rs. cr.) (%) (%)
1 2 3 4 5 6 7 8 9 10
1 ABB 42 9,616 0.52 0.90 0.59 2.62 3.57 0.12
2 ACC 188 9,011 0.49 0.69 0.38 4.11 18.38 0.11
3 AMBUJACEM 305 10,666 0.58 0.79 0.40 5.21 34.20 0.18
4 BHARTIARTL 1,898 1,35,817 7.41 0.88 0.55 2.77 6.62 0.11
5 BHEL 490 66,702 3.64 1.05 0.59 3.26 0.22 0.09
6 BPCL 362 13,598 0.74 0.66 0.24 3.58 5.88 0.11
7 CAIRN 1,897 32,632 1.78 1.02 0.40 4.06 21.46 0.13
8 CIPLA 155 14,504 0.79 0.56 0.37 2.18 (6.77) 0.10
9 DLF 341 48,043 2.62 1.52 0.64 7.01 42.21 0.13
10 RPOWER 2,397 28,750 1.57 1.05 0.24 3.33 8.55 0.14
11 GAIL 1,268 26,162 1.43 0.88 0.52 3.52 5.12 0.14
12 GRASIM 92 11,183 0.61 0.76 0.48 4.07 37.65 0.12
13 HCLTECH 134 7,718 0.42 1.00 0.41 6.23 (16.15) 0.12
14 HDFC 284 42,280 2.31 1.16 0.59 3.52 1.15 0.09
15 HDFCBANK 425 42,444 2.32 0.99 0.58 2.59 8.19 0.09
16 HEROHONDA 40 16,048 0.88 0.41 0.19 1.65 0.00 0.08
17 HINDALCO 170 8,741 0.48 1.23 0.58 3.18 (2.93) 0.14
18 HINDUNILVR 218 54,552 2.98 0.55 0.34 1.58 5.88 0.08
19 ICICIBANK 1,113 49,865 2.72 1.48 0.71 4.35 27.43 0.10
20 IDEA 3,100 16,322 0.89 0.99 0.45 4.18 12.38 0.17
21 INFOSYSTCH 286 63,875 3.49 0.71 0.41 2.58 (10.32) 0.08
22 ITC 377 64,757 3.53 0.61 0.41 1.87 (1.09) 0.09
23 LT 117 45,287 2.47 1.07 0.66 3.31 6.39 0.09
24 M&M 259 7,098 0.39 0.92 0.42 5.12 (2.24) 0.14
25 MARUTI 144 15,029 0.82 0.67 0.36 2.87 (2.50) 0.10
26 NATIONALUM 644 12,206 0.67 0.92 0.28 4.47 9.16 0.19
27 NTPC 8,245 1,48,913 8.13 0.98 0.66 2.20 13.26 0.11
28 ONGC 2,139 1,42,684 7.79 0.90 0.59 2.88 (3.85) 0.12
29 PNB 315 16,607 0.91 0.92 0.52 2.35 18.25 0.10
30 POWERGRID 4,209 34,997 1.91 1.00 0.59 2.32 12.29 0.14
31 RANBAXY 210 10,608 0.58 0.63 0.20 2.48 21.21 0.12
32 RCOM 1,032 46,895 2.56 1.36 0.59 5.17 16.21 0.12
33 RELINFRA 231 13,379 0.73 1.76 0.72 5.78 14.99 0.10
34 RELIANCE 1,574 1,94,010 10.59 1.17 0.76 3.82 8.66 0.10
35 RPL 4,500 39,240 2.14 1.15 0.64 4.50 19.04 0.13
36 SAIL 4,130 32,011 1.75 1.25 0.58 6.22 16.28 0.15
37 SATYAMCOMP 135 11,510 0.63 0.81 0.28 8.79 (29.68) 0.11
38 SBIN 635 81,823 4.46 1.01 0.59 3.12 18.40 0.09
39 SIEMENS 67 9,675 0.53 0.90 0.42 3.20 27.96 0.14
40 STER 142 18,428 1.01 1.24 0.53 4.98 9.75 0.12
41 SUNPHARMA 104 22,040 1.20 0.30 0.08 2.08 (1.66) 0.10
42 SUZLON 300 9,334 0.51 1.42 0.46 5.44 49.58 0.14
43 TATACOMM 285 14,300 0.78 1.01 0.42 4.65 27.23 0.12
44 TATAMOTORS 450 7,192 0.39 1.00 0.50 5.38 16.76 0.12
45 TATAPOWER 221 16,585 0.91 1.09 0.53 2.77 12.06 0.10
46 TATASTEEL 731 15,872 0.87 1.28 0.59 5.01 43.46 0.11
47 TCS 98 46,768 2.55 0.87 0.45 3.39 (14.57) 0.13
48 UNITECH 325 6,599 0.36 1.69 0.46 7.33 75.59 0.18
49 WIPRO 293 34,163 1.86 0.92 0.49 3.75 (3.81) 0.15
50 ZEEL 43 6,070 0.33 0.69 0.32 3.18 28.30 0.15
Total - 18,32,610 100.00- - --- - -
Notes:
* Beta & R2 are calculated for the period 01-January-2008 to 31-December-2008. Beta measures the degree to which any portfolio of stocks is affected as
compared to the effect on the market as a whole. The coefficient of determination (R2) measures the strength of relationship between two variables the
return on a security versus that of the market.
2. Volatility is the Std. deviation of the daily returns for the period 01-December-2008 to 31-December-2008. Last day of trading was 31-December-2008.
3. Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 Lakhs. Impact Cost for S&P CNX Nifty is the weightage average impact cost.
Source: NSE

076
 January SEBI BULLETIN 2009

Table 15: Volatility* of Major Indices

(Per cent)
Month/Year BSE Sensex BSE 100 Dollex-200 S&P CNX CNX Nifty S&P CNX
Index Nifty Junior Defty
1 2 3 4 5 6 7

2004-05 1.48 1.50 1.73 1.61 1.83 1.70

2005-06 1.03 0.98 0.99 1.04 1.13 1.44

2006-07 1.75 1.76 1.86 1.77 2.05 1.89

2007-08 1.93 2.04 2.20 2.02 2.41 2.20

2008-09 (Apr-Dec) 2.88 2.81 3.08 2.86 2.92 3.12

Apr-08 1.40 1.30 1.32 1.29 1.41 1.34

May-08 1.31 1.30 1.32 1.20 1.71 1.27

Jun-08 1.93 1.96 2.04 1.89 2.41 1.91

Jul-08 3.30 3.24 3.48 2.97 3.68 3.28

Aug-08 1.73 1.68 1.84 1.61 2.02 1.79

Sep-08 2.50 2.36 2.64 2.32 2.48 2.89

Oct-08 5.19 5.07 5.34 5.03 4.83 5.35

Nov-08 3.85 3.60 4.25 3.83 3.19 4.63

Dec-08 2.53 2.43 2.84 2.16 2.30 2.92

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

077
 January SEBI BULLETIN 2009

Table 16: City-wise Distribution of Turnover on Cash Segments of BSE and NSE
(Percentage share in Turnover)
Sl. Stock Exchange/ BSE NSE
No. City
2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08 2004-05 2005-06 2006-07 2007-08 Nov-08 Dec-08

1 2 3 4 5 6 7 8 9 10 11 12 13 14
1 Ahmedabad 3.14 2.91 3.00 3.42 5.32 5.88 2.91 3.00 2.90 3.38 7.39 7.51
2 Bangalore 0.74 0.94 0.71 0.56 0.51 0.46 1.67 1.65 1.33 0.80 0.62 0.70
3 Baroda 0.02 0.03 0.05 0.31 0.18 0.20 0.71 0.77 0.89 0.80 0.66 0.61
4 Bhubaneshwar 0.02 0.02 0.01 0.01 0.00 0.00 0.02 0.02 0.02 0.01 0.00 0.00
5 Chennai 0.40 0.53 0.52 0.49 0.40 0.37 2.88 2.77 2.18 1.90 2.10 2.20
6 Cochin 0.12 0.18 0.17 0.22 0.27 0.27 0.64 0.61 0.54 0.51 0.83 0.93
7 Coimbatore 0.06 0.04 0.03 0.03 0.02 0.02 0.46 0.44 0.25 0.20 0.39 0.43
8 Delhi 3.05 3.79 3.24 3.21 2.77 3.23 14.92 13.37 13.54 14.67 15.11 15.59
9 Guwahati 0.06 0.06 0.03 0.03 0.07 0.05 0.02 0.02 0.03 0.02 0.52 0.01
10 Hyderabad 0.20 0.36 0.36 0.37 0.25 0.27 2.25 1.91 1.21 1.26 1.89 2.05
11 Indore 0.46 0.53 0.54 0.56 0.58 0.55 0.98 0.83 0.78 0.65 0.40 0.46
12 Jaipur 0.74 0.77 0.73 0.75 0.85 0.93 1.17 1.15 0.88 0.74 0.49 0.51
13 Kanpur 0.44 0.34 0.37 0.36 0.34 0.32 0.40 0.21 0.17 0.10 0.07 0.06
14 Kolkata 0.96 1.38 1.08 0.97 0.65 0.69 12.46 11.39 10.59 10.96 9.05 9.18
15 Ludhiana 0.34 0.25 0.18 0.19 0.06 0.06 0.43 0.32 0.22 0.20 0.18 0.18
16 Mangalore 0.07 0.06 0.05 0.03 0.03 0.03 0.08 0.06 0.06 0.04 0.04 0.04
17 Mumbai 75.33 75.05 76.34 75.79 71.54 70.10 47.39 52.43 57.06 57.66 53.26 51.69
18 Patna 0.07 0.10 0.09 0.07 0.04 0.06 0.10 0.08 0.06 0.04 0.03 0.03
19 Pune 0.63 0.73 0.81 0.74 0.76 0.68 0.75 0.56 0.41 0.29 0.19 0.21
20 Rajkot 1.71 1.25 1.25 1.82 4.37 4.54 0.32 0.31 0.36 0.75 1.45 1.37
21 Others 11.44 10.68 10.44 10.07 10.97 11.28 9.44 8.10 6.54 5.01 5.33 6.25
Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Source: BSE, NSE

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 January SEBI BULLETIN 2009

Table 17: Advances/Declines in Cash Segment of BSE and NSE (No. of Securities)

Month/Date BSE NSE

Advances Declines Advance/ Advances Declines Advance/
Decline Ratio Decline Ratio
1 2 3 4 5 6 7
Apr-06 2041 669 3.1 464 440 1.1
May-06 1496 1234 1.2 387 533 0.7
Jun-06 161 2557 0.1 416 495 0.8
Jul-06 850 1858 0.5 403 500 0.8
Aug-06 1972 734 2.7 418 492 0.8
Sep-06 1822 917 2.0 418 492 0.8
Oct-06 1925 792 2.4 452 479 0.9
Nov-06 1293 1448 0.9 423 490 0.9
Dec-06 1457 1304 1.1 466 563 0.8
Jan-07 2304 484 4.8 423 490 0.9
Feb-07 1060 1741 0.6 397 622 0.6
Mar-07 254 2571 0.1 462 567 0.8
Apr-07 1825 1002 1.8 556 493 1.1
May-07 1682 1142 1.5 510 553 0.9
Jun-07 1460 1385 1.1 507 569 0.9
Jul-07 1944 925 2.1 508 592 0.9
Aug-07 1157 1745 0.7 544 573 0.9
Sep-07 2395 524 4.6 585 549 1.1
Oct-07 1185 1734 0.7 439 500 0.9
Nov-07 1793 1134 1.6 576 576 1.0
Dec-07 2705 249 10.9 720 460 1.6
Jan-08 1714 1250 1.4 439 500 0.9
Feb-08 161 2809 0.1 550 639 0.9
Mar-08 193 2759 0.1 467 737 0.6
Apr-08 2101 833 2.5 675 525 1.3
May-08 1753 1182 1.5 495 708 0.7
Jun-08 986 1584 0.6 440 769 0.6
Jul-08 421 2553 0.2 607 605 1.0
Aug-08 2227 743 3.0 572 644 0.9
Sep-08 610 2375 0.3 435 790 0.6
Oct-08 188 2715 0.1 436 795 1.1
Nov-08 211 2669 0.1 483 726 0.7
Dec-08 1062 1853 0.6 656 541 1.2
1-Dec-08 1037 1294 0.8 522 662 0.8
2-Dec-08 878 1452 0.6 383 813 0.5
3-Dec-08 1292 1054 1.2 676 496 1.4
4-Dec-08 1608 775 2.1 921 272 3.4
5-Dec-08 1118 1250 0.9 515 672 0.8
8-Dec-08 1359 997 1.4 712 480 1.5
10-Dec-08 1483 880 1.7 817 364 2.2
11-Dec-08 1490 918 1.6 801 382 2.1
12-Dec-08 1513 838 1.8 819 382 2.1
15-Dec-08 1889 547 3.5 1040 179 5.8
16-Dec-08 1836 621 3.0 969 249 3.9
17-Dec-08 918 1561 0.6 337 888 0.4
18-Dec-08 1426 980 1.5 785 416 1.9
19-Dec-08 1447 1006 1.4 718 482 1.5
22-Dec-08 1234 1250 1.0 538 668 0.8
23-Dec-08 680 1755 0.4 211 1011 0.2
24-Dec-08 865 1505 0.6 358 828 0.4
26-Dec-08 817 1597 0.5 340 855 0.4
29-Dec-08 1225 1106 1.1 672 516 1.3
30-Dec-08 1596 806 2.0 892 300 3.0
31-Dec-08 1451 930 1.6 746 446 1.7
Source: BSE, NSE

079
 January SEBI BULLETIN 2009

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

Month/Year BSE NSE

Scrips Listed* Scrips Traded % of Traded to Companies Companies % of Traded to
Listed Available for Traded Listed
Trading*
1 2 3 4 5 6 7
Apr-06 7,336 2,425 33.06 944 935 99
May-06 7,408 2,460 33.21 952 943 99
Jun-06 7,490 2,459 32.83 962 950 99
Jul-06 7,466 2,500 33.49 956 950 99
Aug-06 7,407 2,590 34.97 958 949 99
Sep-06 7,505 2,567 34.20 969 968 100
Oct-06 7,484 2,575 34.41 981 973 99
Nov-06 7,412 2,620 35.35 991 982 99
Dec-06 7,500 2,692 35.89 1,016 1,009 99
Jan-07 7,553 2,689 35.60 1,040 1,035 100
Feb-07 7,596 2,602 34.25 1,063 1,057 99
Mar-07 7,561 2,641 34.93 1,084 1,081 78
Apr-07 7,591 2,567 33.82 1,104 1,088 99
May-07 7,635 2,674 35.02 1,126 1,113 99
Jun-07 7,707 2,728 35.40 1,143 1,130 99
Jul-07 7,753 2,749 35.46 1,150 1,140 99
Aug-07 7,806 2,775 35.55 1,170 1,166 100
Sep-07 7,803 2,741 35.13 1,173 1,116 95
Oct-07 7,683 2,778 36.29 1,180 1,176 100
Nov-07 7,732 2,833 36.64 1,180 1,173 99
Dec-07 7,706 2,904 37.68 1,207 1,202 100
Jan-08 7,799 2,839 36.40 1,216 1,210 100
Feb-08 7,811 2,792 35.74 1,227 1,226 100
Mar-08 7,757 2,746 35.39 1,236 1,229 99
Apr-08 7,740 2,740 35.40 1,244 1,240 100
May-08 7,867 2,771 35.22 1,252 1,246 100
Jun-08 7,885 2,716 34.45 1,262 1,256 100
Jul-08 7,913 2,701 34.13 1,272 1,267 100
Aug-08 7,702 2,758 35.81 1,278 1,274 100
Sep-08 7,685 2,699 35.12 1,278 1,275 100
Oct-08 7,705 2,599 33.73 1,282 1,277 100
Nov-08 7,737 2,414 31.20 1,286 1,282 100
Dec-08 7,727 2,565 33.20 1,283 1,282 100
1-Dec-08 7,735 2,497 32.28 N.A.
2-Dec-08 7,728 2,482 32.12
3-Dec-08 7,729 2,502 32.37
4-Dec-08 7,730 2,535 32.79
5-Dec-08 7,731 2,525 32.66
8-Dec-08 7,735 2,509 32.44
10-Dec-08 7,736 2,547 32.92
11-Dec-08 7,739 2,586 33.42
12-Dec-08 7,746 2,503 32.31
15-Dec-08 7,751 2,592 33.44
16-Dec-08 7,751 2,596 33.49
17-Dec-08 7,754 2,614 33.71
18-Dec-08 7,760 2,567 33.08
19-Dec-08 7,718 2,615 33.88
22-Dec-08 7,721 2,636 34.14
23-Dec-08 7,721 2,576 33.36
24-Dec-08 7,723 2,530 32.76
26-Dec-08 7,723 2,552 33.04
29-Dec-08 7,723 2,486 32.19
30-Dec-08 7,723 2,557 33.11
31-Dec-08 7,727 2,565 33.20

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

080
 January SEBI BULLETIN 2009

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

Month/Year BSE NSE

Top 5 10 25 50 100 5 10 25 50 100

Securities
1 2 3 4 5 6 7 8 9 10 11
2004-05 25.48 39.11 52.61 64.23 75.29 25.88 41.65 57.98 72.40 84.26
2005-06 16.78 23.75 35.55 45.55 57.71 22.15 31.35 46.39 59.22 73.12
2006-07 15.31 23.86 40.20 55.01 70.05 18.49 28.44 48.57 66.57 82.24
2007-08 16.17 25.68 41.76 55.84 70.44 18.37 28.93 48.16 65.02 81.01
2008-09 (So far)
Apr-08 18.98 28.61 47.46 63.40 77.75 17.99 30.29 51.88 70.09 85.00
May-08 16.39 26.55 45.94 63.39 76.94 15.74 27.00 50.27 69.61 84.41
Jun-08 20.91 30.49 50.82 68.24 82.02 20.85 32.29 55.78 74.96 88.09
Jul-08 23.11 34.43 53.86 71.98 84.97 21.35 34.50 58.51 77.35 89.42
Aug-08 22.53 34.00 54.17 70.33 81.97 20.33 32.12 55.16 73.83 86.79
Sep-08 21.96 34.02 53.89 71.33 83.33 23.79 36.44 58.76 77.76 89.77
Oct-08 26.42 37.26 59.11 75.38 86.03 27.02 41.30 64.57 81.92 92.39
Nov-08 26.24 39.28 63.16 79.03 88.62 26.56 40.70 66.11 83.42 93.66
Dec-08 25.25 41.69 66.78 79.79 88.79 24.89 39.39 68.04 83.02 92.86
Members
2004-05 14.46 22.84 38.65 53.44 72.14 13.52 20.20 34.97 49.01 65.09
2005-06 14.83 24.02 39.21 54.94 72.13 14.62 25.57 38.17 52.75 68.45
2006-07 15.10 24.01 40.41 56.37 73.57 15.63 25.49 43.63 57.59 72.04
2007-08 14.38 22.77 39.46 55.74 73.56 15.03 25.82 44.78 60.35 74.39
2008-09 (So far)
Apr-08 14.48 21.82 38.59 55.23 73.74 14.45 24.70 45.39 61.73 75.59
May-08 14.28 21.76 38.50 54.54 73.21 14.07 24.99 45.35 61.69 76.00
Jun-08 14.34 22.26 38.94 55.65 73.88 13.69 24.88 45.95 62.59 76.34
Jul-08 15.29 23.15 40.08 57.34 75.05 13.49 24.44 45.04 62.09 76.39
Aug-08 14.24 21.69 38.73 55.46 73.23 13.77 24.18 43.33 60.30 75.05
Sep-08 15.75 23.53 40.61 58.44 75.87 12.61 23.63 45.05 62.48 77.01
Oct-08 14.20 22.45 40.41 58.08 75.36 13.09 24.07 45.39 63.51 77.84
Nov-08 14.93 23.02 39.87 57.25 74.89 13.43 23.41 43.09 61.88 76.33
Dec-08 15.72 24.09 40.83 57.35 74.98 14.33 23.70 42.52 59.92 75.63
Source: BSE, NSE

081
 Table 20: Settlement Statistics for Cash Segment of BSE

Month/ No. of Traded Deli- % of Turn- Deli- % of Deli- % of Delivered % of Short % of Unrec- % of Funds Secu- Trade
January

Year Trades Quantity vered Delivered over vered Delivered vered Demat Value Demat Delivery Short tified Bad Unre- Pay-in rities Guara-
(Lakh) (Lakh) Quantity Quantity (Rs. cr.) Value Value Quan- Delivered in Delivered (Auc- Delivery Delivery ctified (Rs. cr.) Pay-in ntee
(Lakh) to Traded (Rs. cr.) to Total tity in Quantity Demat Value tioned to (Auc- Bad (Rs.cr.) Fund
Quantity Turnover Demat to Total Mode to Total quantity) Delivery tioned Delivery (Rs. cr.)*
Mode Delivered (Rs.cr.) Delivered (Lakh) quantity) to
(Lakh) Quantity Value (Lakh) Delivery

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
2004-05 2,374 4,77,171 1,87,519 39.30 5,18,716 1,40,056 27.00 1,87,347 99.91 1,39,527 99.62 1,552 0.83 0.87 0.00 48,391 1,39,999 1,165

2005-06 2,643 6,64,467 3,00,653 45.25 8,16,074 2,71,227 33.24 3,00,497 99.95 2,70,986 99.91 2,518 0.84 1.36 0.00 73,156 2,71,227 3,297

2006-07 3,462 5,60,780 2,29,685 40.96 9,56,185 2,97,660 31.13 2,29,573 99.95 2,96,920 99.75 1,312 0.57 0.46 0.00 85,868 2,97,660 2,735

2007-08 5,303 9,86,009 3,61,628 36.68 15,78,857 4,76,196 30.16 3,61,542 99.98 4,75,809 99.92 2,242 0.62 0.25 0.00 1,44,376 4,76,196 4,399

2008-09 4,209 5,61,953 1,50,274 26.74 9,05,445 1,94,132 21.44 1,49,748 99.65 1,93,976 99.92 592 0.40 0.07 0.00 70,449 1,94,132 3,825
(Apr-Dec)
Apr-08 475 67,672 18,178 26.86 1,15,454 25,603 22.18 18,165 99.93 25,590 99.95 86 0.48 0.00 0.00 8,110 25,603 4,500

May-08 488 72,892 18,125 24.87 1,21,670 26,058 21.42 18,097 99.85 26,002 99.79 104 0.57 0.01 0.00 7,902 26,058 4,473

Jun-08 478 60,943 15,797 25.92 1,13,605 24,578 21.63 15,794 99.98 24,554 99.90 59 0.37 0.03 0.00 8,742 24,578 4,362

082
Jul-08 557 75,114 17,232 22.94 1,23,916 23,364 18.85 17,230 99.99 23,343 99.91 59 0.34 0.00 0.00 7,940 23,364 4,449

Aug-08 446 60,454 16,287 26.94 99,924 21,824 21.84 16,286 99.99 21,811 99.94 56 0.35 0.00 0.00 7,695 21,824 4,567

Sep-08 451 54,882 17,629 32.12 1,08,090 27,604 25.54 17,403 98.72 27,596 99.97 74 0.43 0.00 0.00 11,584 27,604 4,178
SEBI BULLETIN

Oct-08 431 52,032 17,428 33.49 78,227 19,328 24.71 17,178 98.56 19,324 99.98 66 0.39 0.00 0.00 8,447 19,328 3,832

Nov-08 398 50,354 13,450 26.71 63,694 12,104 19.00 13,449 99.99 12,093 99.91 35 0.26 0.00 0.00 4,781 12,104 3,726

Dec-08 484 67,608 16,147 23.88 80,866 13,669 16.90 16,146 100.00 13,662 99.95 52 0.32 0.02 0.00 5,249 13,669 3,825
Source: BSE
2009
 Table 21: Settlement Statistics for Cash Segment of NSE

Month/ No. of Traded Delivered % of Turnover Delivered % of Delivered % of Delivered % of Short % of Unrec- % of Funds Securities Settle-
January

Year Trades Quantity Quantity Delivered (Rs. cr.) Value Delivered Quantity Demat Value in Demat Delivery Short tified Bad Unrectifie Pay-in Pay-in ment
(Lakh) (Lakh) (Lakh) Quantity (Rs. cr.) Value to in Demat Delivered Demat Delivered (Auc- Delivery Delivery d Bad (Rs.cr.) (Rs. cr.) Guarantee
to Traded Total Mode Quantity Mode Value to tioned to (Auc- Delivery Fund
Quantity Turnover (Lakh) to Total (Rs. cr.) Total quantity) Delivery tioned to (Rs. cr.)*
Delivered Delivered (Lakh) quantity) Delivery
Quantity Value (Lakh)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
2004-05 4,494 7,87,996 2,01,405 25.56 11,40,969 2,76,120 24.20 2,01,405 100.00 2,76,120 100.00 868 0.43 0.00 0.00 97,241 276,120 N.A.
2005-06 6,000 8,18,438 2,26,346 27.66 15,16,839 4,07,976 26.90 2,26,346 100.00 4,07,976 100.00 894 0.39 0.00 0.00 1,31,426 4,07,976 N.A.
2006-07 7,857 8,50,515 2,38,571 28.05 19,40,094 5,43,533 28.02 2,38,571 100.00 5,43,533 100.00 769 0.32 0.00 0.00 1,73,188 5,43,950 N.A
2007-08 11,645 14,81,229 3,66,974 24.77 35,19,919 9,70,618 27.58 3,66,974 100.00 9,70,618 100.00 997 0.27 0.00 0.00 3,09,543 9,70,618 N.A
2008-09 10,369 10,35,429 2,27,444 21.97 22,12,036 5,05,209 22.84 2,27,444 100.00 5,05,209 100.00 460 0.20 0.00 0.00 1,84,121 5,05,209
(Apr-Dec)
Apr-08 1,069 1,11,364 24,864 22.33 2,62,423 63,383 24.15 24,864 100.00 63,383 100.00 55 0.22 0.00 0.00 19,339 63,383 N.A
May-08 1,079 1,15,499 25,326 21.93 2,78,962 68,799 24.66 25,326 100.00 68,799 100.00 54 0.21 0.00 0.00 21,745 68,799 N.A
Jun-08 1,122 1,10,685 23,815 21.52 2,72,697 64,217 23.55 23,815 100.00 64,217 100.00 55 0.23 0.00 0.00 22,216 64,217 N.A
Jul-08 1,329 1,31,998 25,256 19.13 2,90,699 61,311 21.09 25,256 100.00 61,311 100.00 55 0.22 0.00 0.00 21,015 61,311 N.A

083
Aug-08 1,082 1,06,909 22,779 21.31 2,38,279 54,369 22.82 22,779 100.00 54,369 100.00 43 0.19 0.00 0.00 17,862 54,369 N.A
Sep-08 1,054 95,556 24,030 25.15 2,47,189 60,934 24.65 24,030 100.00 60,934 100.00 44 0.18 0.00 0.00 26,208 60,934 N.A
SEBI BULLETIN

Oct-08 1,226 111,157 28,588 25.72 2,30,192 54,585 23.71 28,588 100.00 54,585 100.00 67 0.23 0.00 0.00 25,889 54,585 N.A
Nov-08 1,119 109,968 24,685 22.45 1,78,208 36,811 20.66 24,685 100.00 36,811 100.00 40 0.16 0.00 0.00 14,772 36,811 N.A
Dec-08 1,290 142,294 28,101 19.75 2,13,387 40,800 19.12 28,101 100.00 40,800 100.00 47 0.17 0.00 0.00 15,075 40,800 N.A
* Balance at the end of period.
Source: NSE
2009
 Table 22: Derivatives Segment at BSE

Month/ No. of Index Options Stock Options Open Interest at

the end of
January
Year Trading Index Futures Stock Futures Total
Call Put Call Put November 2008
Days
No. of Turnover No. of Turnover No. of Notional No. of Notional No. of Notional No. of Notional No. of Turn- No. of Turn-
Contracts (Rs. cr.) Con- (Rs. cr.) Con- Turn- Con- Turn- Con- Turn- Con- Turnover Contracts over Con- over
tracts tracts over tracts over tracts over tracts (Rs. cr.) (Rs. cr.) tracts (Rs. cr.)
(Rs. cr.) (Rs. cr.) (Rs. cr.)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
2004-05 253 4,49,630 13,600 6,725 213 48,065 1,471 27,210 827 72 2 17 0 5,31,719 16,112 0 0
2005-06 251 89 5 12 1 100 3 0 0 2 0 0 0 103 6 0 0
2006-07 250 16,38,779 55,491 1,42,433 3,515 2 0 0 0 5 0 1 0 15,45,169 59,006 408 13
2007-08 251 71,57,078 2,34,660 2,95,117 7,609 951 31 210 8 9 0 6 0 74,53,371 2,42,309 3,175 74
2008-09 184 5,13,323 12,228 300 9 251 6 122 3 0 0 0 0 5,13,996 12,245 97 1
(Apr-Dec)
Apr-08 20 1,66,161 4,051 73 2 251 6 122 3 0 0 0 0 1,66,607 4,063 2,428 63
May-08 20 1,98,098 5,049 48 1 0 0 0 0 0 0 0 0 1,98,146 5,051 765 19
Jun-08 21 59,901 1,359 61 2 0 0 0 0 0 0 0 0 59,962 1,360 1,048 21
Jul-08 23 37,754 765 48 1 0 0 0 0 0 0 0 0 37,802 766 127 3
Aug-08 20 16,725 372 28 1 0 0 0 0 0 0 0 0 16,753 373 328 7

084
Sep-08 21 17,476 370 26 1 0 0 0 0 0 0 0 0 17,502 371 561 11
Oct-08 20 11,690 182 16 0 0 0 0 0 0 0 0 0 11,706 183 142 2
SEBI BULLETIN

Nov-08 18 3,387 49 0 0 0 0 0 0 0 0 0 0 3,387 49 109 1

Dec-08 21 2,131 30 0 0 0 0 0 0 0 0 0 0 2,131 30 97 1

Note: 1. Notional Turnover = (Strike Price + Premium) * Quantity.

2. Index Futures, Index Options, Stock Options and Stock Futures were introduced in June 2000, June 2001, July 2001 and November 2001, respectively.
Source: BSE
2009
 Table 23: Derivatives Segment at NSE

Month/ Year No. of Index Options Stock Options

Interest Open Interest at the
January
Trading Index Futures Stock Futures Total
Days Rate Futures Call Put Call Put end of

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

2004-05 253 2,16,35,449 7,72,174 4,70,43,066 14,84,067 0 0 18,70,647 69373 14,22,911 52581 39,46,979 1,32,066 10,98,133 36792 7,70,17,185 25,47,053 5,92,646 21,052

2005-06 251 5,85,37,886 15,13,791 8,09,05,493 27,91,721 0 0 64,13,467 1,68,632 65,21,649 1,69,837 41,65,996 1,43,752 10,74,780 36518 15,76,19,271 48,24,250 10,28,003 38,469

2006-07 249 8,14,87,424 25,39,575 10,49,55,401 38,30,972 0 0 1,26,32,349 3,98,219 1,25,25,089 3,93,693 43,94,292 1,61,902 8,89,018 31909 21,68,83,573 73,56,271 17,91,549 38,670

2007-08 251 15,65,98,579 38,20,667 20,35,87,952 75,48,563 0 0 2,66,67,882 6,68,816 2,86,98,156 6,93,295 80,02,713 3,08,443 14,57,918 50693 42,50,13,200 1,30,90,478 22,82,671 48,900
2008-09 184 15,64,84,642 28,53,615 17,14,22,782 27,89,329 0 0 7,42,54,295 14,68,296 6,36,95,192 12,04,236 70,33,642 1,29,252 21,56,896 35,334 47,50,47,449 84,80,063 29,75,642 38,481
(Apr-Dec)
Apr-08 20 1,20,63,172 2,80,100 1,56,01,531 3,36,901 0 0 26,72,588 67,954 26,92,643 65,611 5,73,744 13,139 1,26,146 2,725 3,37,29,824 7,66,431 26,67,554 63,806

May-08 20 1,11,61,427 2,67,641 1,66,93,260 3,80,161 0 0 22,43,173 58,115 28,35,787 70,951 7,40,079 17,239 1,66,329 3,801 3,38,40,055 7,97,908 27,87,562 62,438

Jun-08 21 1,79,41,870 3,77,939 1,91,54,946 3,75,987 0 0 60,56,056 1,39,919 75,08,380 1,68,790 7,40,229 17,009 1,99,648 4,421 5,16,01,129 10,84,064 32,13,051 59,398

Jul-08 23 2,04,23,139 3,95,380 2,22,32,227 3,82,601 0 0 91,44,707 1,98,174 77,44,997 1,59,035 9,44,602 19,354 3,07,688 5,630 6,07,97,360 11,60,174 26,35,124 51,805

Aug-08 20 1,44,33,984 3,00,449 1,75,94,216 3,24,011 0 0 75,68,163 1,74,797 62,67,479 1,37,305 8,20,895 16,880 2,08,806 4,003 4,68,93,543 9,57,445 31,79,345 62,805

085
Sep-08 21 1,93,32,343 3,80,198 2,00,76,138 3,32,728 0 0 1,21,61,148 2,68,033 92,37,282 1,93,589 10,35,531 18,688 2,69,124 4,636 6,21,11,566 11,97,872 33,32,844 57,612

Oct-08 20 2,16,49,445 3,24,962 1,98,58,409 2,39,264 0 0 1,29,67,476 2,31,565 77,69,905 1,32,945 6,89,231 9,951 2,00,362 2,960 6,31,34,828 9,41,646 27,99,151 35,982

Nov-08 18 1,94,71,367 2,56,950 1,79,49,270 1,87,211 0 0 1,02,96,361 1,58,042 96,24,563 1,34,092 5,61,864 6,429 2,41,953 2,632 5,81,45,378 7,45,356 27,41,259 33,151
SEBI BULLETIN

Dec-08 21 2,00,07,895 2,69,997 2,22,62,785 2,30,466 0 0 1,11,44,623 1,71,697 1,00,14,156 1,41,919 9,27,467 10,562 4,36,840 4,526 6,47,93,766 8,29,166 29,75,642 38,481

Note:
Notional Value of Outstanding Contracts for FUTSTK - Open Interest * Close price of stock future
Notional Value of Outstanding Contracts for OPTIDX - Open Interest * Close price S&P CNX Nifty
Notional Value of Outstanding Contracts for OPTSTK - Open Interest * Close price of Underlying security
Notional Turnover = (Strike Price + Premium) * Quantity.
Source: NSE
2009
 Table 24: Derivatives Trading at NSE, December 2008
(Rs.crore)
Date Index Options Stock Options
Interest Rate Open Interest at the
January
Index Futures Stock Futures Total Turnover
Futures Calls Puts Calls Puts end of the day
No. of Turn- No. of Turnover No. of Turnover No. of Turn- No. of Turn- No. of Turnover No. of Turnover No. of Turnover No. of Value
Contracts over Contracts (Rs. Con- (Rs. Contracts over Con- over Con- (Rs. Con- (Rs. Contracts (Rs. contracts (Rs.
(Rs. crores.) tracts crores) (Rs. tracts (Rs. tracts crores) tracts crores) crores) crores)
crores.) crores) crores.)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
1-Dec-08 9,33,001 11,969 7,37,864 7,364 0 0 4,60,570 7,064 3,87,893 5,322 27,267 307 11,871 129 25,58,466 32,155 28,99,724 34,250
2-Dec-08 9,84,552 11,893 8,04,707 7,773 0 0 5,20,709 7,654 4,32,738 5,697 28,769 312 14,580 142 27,86,055 33,471 29,73,208 34,763
3-Dec-08 9,70,593 11,787 8,34,014 8,103 0 0 5,21,428 7,615 4,26,421 5,594 31,230 367 15,092 140 27,98,778 33,606 30,89,008 36,207
4-Dec-08 8,97,780 11,304 9,77,469 9,094 0 0 5,22,362 7,719 4,03,994 5,364 45,495 452 20,771 191 28,67,871 34,124 32,89,997 40,605
5-Dec-08 9,75,827 12,349 9,88,643 9,411 0 0 5,40,093 8,084 4,67,294 6,283 39,387 392 19,392 191 30,30,636 36,709 32,88,246 39,637
8-Dec-08 9,88,891 12,949 8,64,948 9,008 0 0 6,75,968 10,211 4,61,049 6,212 39,381 456 20,135 215 30,50,372 39,051 35,35,639 43,968
10-Dec-08 10,33,254 13,893 9,86,466 9,817 0 0 6,82,413 10,485 6,29,879 8,626 46,280 505 28,212 271 34,06,504 43,598 38,18,545 49,768
11-Dec-08 9,42,024 12,693 11,07,143 10,990 0 0 5,26,278 8,149 4,23,277 5,909 55,686 600 25,907 266 30,80,315 38,606 38,67,495 50,477
12-Dec-08 10,64,562 14,136 10,82,695 10,891 0 0 5,12,805 7,833 5,27,737 7,330 54,317 608 27,043 280 32,69,159 41,078 39,55,863 51,628
15-Dec-08 8,28,641 11,461 10,09,116 10,568 0 0 4,93,193 7,717 5,02,077 7,094 49,844 579 22,708 227 29,05,579 37,646 40,22,424 53,671
16-Dec-08 8,61,407 12,045 9,97,927 10,549 0 0 5,01,219 7,853 5,53,819 7,937 46,143 557 21,737 232 29,82,252 39,173 41,46,956 56,484
17-Dec-08 11,29,470 15,864 12,75,936 13,719 0 0 6,09,122 9,532 6,46,075 9,446 46,121 554 23,526 244 37,30,250 49,360 41,90,434 55,546
18-Dec-08 12,37,329 17,490 14,69,346 15,977 0 0 6,55,937 10,227 6,78,021 9,881 57,944 699 31,045 333 41,29,622 54,607 43,78,366 60,154

086
19-Dec-08 11,07,385 16,075 14,76,299 15,973 0 0 5,90,875 9,371 5,72,121 8,524 46,938 535 17,711 192 38,11,329 50,670 44,44,943 61,503
22-Dec-08 10,38,615 15,088 14,36,665 15,905 0 0 4,98,596 7,918 5,14,655 7,744 41,189 466 20,145 200 35,49,865 47,321 44,91,725 61,627
23-Dec-08 11,49,524 16,306 14,96,490 15,769 0 0 6,34,690 9,825 5,76,043 8,550 39,420 433 24,254 249 39,20,421 51,132 44,73,716 59,830
SEBI BULLETIN

24-Dec-08 9,35,595 13,124 14,85,481 15,901 0 0 5,39,561 8,192 4,90,576 7,298 45,489 538 26,475 303 35,23,177 45,356 24,85,752 31,461
26-Dec-08 5,48,479 7,331 6,58,805 7,023 0 0 3,06,164 4,862 2,89,551 4,200 45,354 570 14,993 168 18,63,346 24,154 26,46,240 32,890
29-Dec-08 8,16,829 10,881 8,77,900 8,759 0 0 5,06,067 7,909 3,51,810 4,983 54,806 615 17,721 179 26,25,133 33,326 28,26,161 35,945
30-Dec-08 8,43,523 11,519 8,62,268 9,051 0 0 4,50,863 7,163 3,85,875 5,543 42,968 511 17,776 203 26,03,273 33,989 29,24,896 37,979
31-Dec-08 7,20,614 9,839 8,32,603 8,820 0 0 3,95,710 6,313 2,93,251 4,382 43,439 507 15,746 172 23,01,363 30,033 29,75,642 38,481

Notional Value of Outstanding Contracts for OPTSTK - Open Interest * Close price of Underlying security. Notional Value of Outstanding Contracts for OPTIDX - Open Interest * Close price S&P CNX Nifty.
Notional Turnover = (Strike Price + Premium) * Quantity.
Index Futures, Index Options, Stock Options and Stock Futures were introduced in June 2000, June 2001, July 2001 and November 2001, respectively.
Open interest value is computed as Underlying close price*Quantity.
Source: NSE
2009
 Table 25: Settlement Statistics in Derivatives Segment at BSE and NSE
(Rs.crore)
BSE NSE
January

Index/Stock Futures Index/Stock Options Settlement

Month/ Year Settlement Index/Stock Futures Index/Stock Options
Gurantee
Total Gurantee Total
MTM Final Premium Exercise MTM Final Premium Exercise Fund*
Fund* (SGF)
Settlement Settlement Settlement Settlement Settlement Settlement Settlement Settlement

1 2 3 4 5 6 7 8 9 10 11 12 13

2004-05 19 1 147 3 169 51 13,024 228 941 456 14,649 N.A.

2005-06 0 0 0 0 0 44 25,586 598 1,521 818 28,522 N.A.

2006-07 0 0 0 0 0 0 61,314 798 3,194 1,189 66,494 N.A.

2007-08 420 10 0 0 431 1,942 1,44,655 1,312 6,760 3,792 1,56,519 N.A.

2008-09 (Apr-Dec)

Apr-08 19 0 0 0 19 181 5,392 67 786 164 6,408 N.A.

May-08 31 1 0 0 32 177 5,602 204 604 191 6,600 N.A.

087
Jun-08 14 1 0 0 14 154 9,183 137 1,126 342 10,788 N.A.

Jul-08 20 0 0 0 20 149 11,070 60 1,016 209 12,354 N.A.

SEBI BULLETIN

Aug-08 5 0 0 0 5 141 4,845 129 742 146 5,862 N.A.

Sep-08 9 0 0 0 9 26 7,120 226 921 179 8,446 N.A.

Oct-08 9 0 0 0 9 127 9,409 54 1,384 1,419 12,267 N.A.

Nov-08 2 0 0 0 2 109 5,782 46 786 160 6,774 N.A.

Dec-08 1 0 0 0 1 36 4,301 152 771 582 5,805 N.A.

* Balances at the end of the period

* includes members collateral and Settlement Guarantee Fund
Source: BSE, NSE
2009
 January SEBI BULLETIN 2009

Table 26: Trends in Trading in the Corporate Debt Market

BSE NSE FIMMDA Total

Month/Year
No. of No. of Traded No. of No. of Traded No. of Traded No. of No. of Traded
Secu- Trades Value Secu- Trades Value Trades Value Secu- Trades Value
rities (Rs. rities (Rs. (Rs. rities (Rs.
Traded crore) Traded crore) crore) Traded crore)
1 2 3 4 5 6 7 8 9 10 11 12

2007-08 1,646 27,697 41,187 2,016 3,789 31,453 4,089 23,479 3,662 32,217 75,737

2008-09 1,451 2,72,406 25,663 1,393 2,652 26,571 5,649 26,762 2,844 2,80,707 78,996
(Apr-Dec)
Apr-08 140 1,912 2,690 128 214 2,768 714 4,615 268 2,840 10,073

May-08 182 1,804 4,207 156 256 2,134 780 3,715 338 2,840 10,056

Jun-08 228 2,067 3,587 233 397 3,294 884 3,299 461 3,348 10,180

Jul-08 121 1,462 1,401 120 180 2,226 638 2,910 241 2,280 6,536

Aug-08 126 3,012 1,211 53 73 865 590 2,174 179 3,675 4,250

Sep-08 182 42,243 2,652 120 187 2,552 738 4,373 302 43,168 9,577

Oct-08 129 75,925 2,517 139 244 2,554 741 2,731 268 76,910 7,803

Nov-08 132 70,671 1,611 107 147 1,859 508 2,066 239 71,326 5,536

Dec-08 211 73,310 5,787 337 954 8,319 56 880 548 74,320 14,985

Note: Data is aggregation of transactions in trading and reporting platform.

Source: BSE, NSE

088
 Table 27: Trading Statistics of Currency Futures Segment

Month/ Year BSE NSE MCX

January

No. of Traded Avg Open Interest at No. of Traded Avg Open Interest at No. of Traded Avg Open Interest at
Con- Value Daily the end of Contracts Value Daily the end of Contracts Value Daily the end of
tracts (Rs. Cr) Trd (Rs. Cr) Trd (Rs. Cr) Trd
No. of Traded No. of Traded No. of Traded
Value Con- Value Con- Value
Value Value Con- Value
(Rs.Cr) tracts (Rs.Cr) tracts (Rs.Cr) tracts
(Rs. Cr.) (Rs. Cr.) (Rs. Cr.)

Aug-08 0 0 0.00 0 0.00 65,798 291.05 * 16,332 72.12 0 0 0.00 0 0.00

Sep-08 0 0 0.00 0 0.00 12,58,099 5,763.02 261.96 90,871 428.36 0 0 0.00 0 0.00

Oct-08 1,61,732 766 38.31 316 1.56 22,75,261 11,141.93 557.10 1,70,202 851.27 11,19,968 5,521 324.78 60,055 299.94

Nov-08 11,500 57 3.15 236 1.18 32,33,679 15,969.00 887.17 1,46,262 736.75 30,54,640 15,114 839.68 55,711 280.60

Dec-08 5,587 28 1.32 1 0.00 46,81,593 22,839.98 1,087.62 1,77,520 866.57 47,01,492 22,937 1,092.22 1,19,233 582.06

2008-09 (Aug-Dec) 1,78,819 851 - 1 0.00 1,15,14,430 56,004.98 691.42 1,77,520 866.57 88,76,100 43,572 778.07 1,19,233 582.06

* Trading in Currency Futures commenced on 29th August 2008 at NSE

Source: BSE, NSE, MCX

089
SEBI BULLETIN
2009
 January SEBI BULLETIN 2009

Table 28: Daily Trends of Currency Futures Segment, December 2008

Month/ BSE NSE MCX

Year (Day
No. of Traded Open Interest No. of Traded Open Interest No. of Traded Open Interest
wise)
Contracts Value at the end of Contracts Value at the end of Con- Value at the end of
Traded (Rs. Cr) tracts
No. of Traded Traded (Rs. Cr) No. of Traded (Rs. Cr) No. of Traded
Contracts Value Con- Value Traded Contracts Value
(Rs. Cr.) tracts (Rs. Cr.) (Rs. Cr.)
1-Dec-08 787 3.96 621 3.14 2,02,748 1,022.95 1,48,879 753.85 1,92,221 970.10 71,325 361.10
2-Dec-08 328 1.66 731 3.68 1,96,118 993.85 1,60,822 811.95 2,23,556 1,132.47 65,418 330.32
3-Dec-08 533 2.67 619 3.11 1,98,472 996.11 1,72,308 866.67 2,10,881 1,058.71 84,771 426.21
4-Dec-08 1,124 5.62 416 2.08 2,24,803 1,123.40 1,65,559 828.10 2,45,739 1,227.43 77,989 390.05
5-Dec-08 1,042 5.19 416 2.07 2,07,853 1,035.97 1,67,582 835.15 1,72,783 861.33 69,279 345.36
8-Dec-08 510 2.52 566 2.80 2,20,649 1,091.39 1,71,495 851.89 1,95,063 965.07 67,815 336.86
10-Dec-08 395 1.94 589 2.90 2,66,666 1,312.23 1,72,851 849.80 2,82,280 1,388.66 67,752 333.06
11-Dec-08 159 0.77 619 3.00 2,35,789 1,147.07 1,68,081 815.37 2,38,890 1,161.78 83,547 405.25
12-Dec-08 253 1.24 620 3.03 2,33,242 1,136.46 1,64,986 805.01 2,66,892 1,300.14 86,017 419.58
15-Dec-08 13 0.06 622 2.99 2,51,763 1,211.72 1,53,307 739.64 2,07,426 998.75 77,369 373.18
16-Dec-08 0 - 622 2.98 1,60,488 770.27 1,49,147 716.93 1,82,876 877.76 84,031 403.83
17-Dec-08 253 1.20 625 2.96 2,58,366 1,228.52 1,49,667 714.82 2,38,945 1,135.92 70,332 335.85
18-Dec-08 79 0.37 629 2.96 2,20,655 1,043.02 1,43,249 674.77 2,31,864 1,095.10 78,167 368.11
19-Dec-08 0 - 629 2.97 1,87,940 887.90 1,56,399 742.52 1,81,196 855.98 84,326 400.15
22-Dec-08 8 0.04 621 2.95 1,72,241 821.99 1,52,703 735.13 2,12,495 1,015.34 98,563 474.18
23-Dec-08 7 0.03 614 2.98 2,29,563 1,117.88 1,66,457 814.67 2,19,912 1,071.44 1,14,673 560.99
24-Dec-08 1 0.00 613 3.01 2,95,192 1,437.60 1,89,353 914.53 2,99,152 1,455.20 1,13,090 546.29
26-Dec-08 2 0.01 612 2.93 2,59,739 1,252.77 1,83,981 893.26 2,53,547 1,222.13 1,06,914 519.25
29-Dec-08 92 0.45 612 2.98 2,73,862 1,334.00 1,67,068 813.17 2,83,906 1,383.36 1,36,805 666.17
30-Dec-08 1 0.00 1 0.00 1,86,592 907.26 1,68,751 820.18 1,97,764 961.50 1,07,723 523.56
31-Dec-08 0 - 1 0.00 1,98,852 967.65 1,77,520 866.57 1,64,104 798.42 1,19,233 582.06

Source: BSE, NSE, MCX

090
 January SEBI BULLETIN 2009

Table 29: Settlement Statistics of Currency Futures Segment

(Rs. crore)
BSE NSE MCX

Currency Futures Currency Futures Currency Futures

Month/Year
MTM Final MTM Final MTM Final
Settlement Settlement Settlement Settlement Settlement Settlement

Aug-08 - 0 0.22 * - -

Sep-08 - - 22.86 0.77 - -

Oct-08 5.45 0.12 52.33 0.04 14.21 0.03

Nov-08 0.49 0.00 58.56 0.95 26.13 0.89

Dec-08 0.47 0.05 58.00 1.14 35.85 0.73

2008-09 (Aug-Dec) 6.41 0.18 191.97 2.90 76.19 1.64

* Trading in Currency Futures commenced on 29th August 2008 at NSE

Source: BSE, NSE, MCX

091
 January SEBI BULLETIN 2009

Table 30: Trends in Foreign Institutional Investment

(Rs. crore)
Period Gross Gross Net Investment Net Investment** Cumulative Net
Purchases Sales (Rs. cr.) (US $ mn.) Investment**
(Rs. cr.) (Rs. cr.) (US $ mn.)

1 2 3 4 5 6

2004-05 2,16,953 1,71,072 45,881 10,172 35,926

2005-06 3,46,978 3,05,512 41,467 9,332 45,260

2006-07 5,20,508 4,89,667 30,840 6,708 51,967

2007-08 9,48,020 8,81,842 66,179 16,040 68,007

2008-09 5,09,835 5,43,189 -33,353 -8,268 59,737

(Apr-Dec)
Apr-08 62,329 62,956 -627 -155 67,850

May-08 58,966 64,141 -5,174 -1,283 66,567

Jun-08 63,154 74,248 -11,095 -2,751 63,817

Jul-08 69,646 67,864 1,782 442 64,259

Aug-08 50,140 50,094 46 12 64,270

Sep-08 73,515 78,590 -5,074 -1,258 63,012

Oct-08 52,287 69,492 -17,205 -4,265 58,747

Nov-08 39,489 37,871 1,617 401 59,148

Dec-08 40,311 37,934 2,377 589 59,737

** Net Investment in US $ mn at the prevailing exchange rate.

Discrepancies in total figures, if any, are due to rounding off.

092
 January SEBI BULLETIN 2009

Table 31: Daily Trends in Foreign Institutional Investment, December 2008

(Rs. crore)

Equity Debt Total

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

1 2 3 4 5 6 7 8 9 10 11 12 13

01-Dec-08 2158 1738 419 104 286 0 286 71 2443 1738 705 175

02-Dec-08 1663 1509 154 38 322 574 -251 -62 1986 2083 -97 -24

03-Dec-08 856 1176 -320 -79 402 166 236 58 1258 1342 -84 -21

04-Dec-08 876 1362 -487 -121 175 194 -19 -5 1050 1556 -506 -125

05-Dec-08 1780 1331 448 111 898 256 642 159 2677 1587 1090 270

08-Dec-08 1182 1131 51 13 152 316 -164 -41 1334 1447 -113 -28

10-Dec-08 1725 1264 460 114 194 35 159 39 1918 1299 619 153

11-Dec-08 2603 1615 988 245 102 555 -453 -112 2706 2170 535 133

12-Dec-08 2079 1745 333 83 592 961 -369 -92 2671 2707 -36 -9

15-Dec-08 1527 1633 -106 -26 877 240 637 158 2404 1873 530 131

16-Dec-08 1799 1559 239 59 113 162 -48 -12 1912 1721 191 47

17-Dec-08 1685 1657 28 7 157 419 -262 -65 1842 2076 -234 -58

18-Dec-08 2288 2397 -109 -27 305 697 -392 -97 2593 3094 -501 -124

19-Dec-08 2140 2194 -54 -13 777 164 613 152 2916 2358 558 138

22-Dec-08 2243 1780 463 115 174 62 113 28 2418 1842 576 143

23-Dec-08 943 1167 -224 -56 602 935 -333 -83 1545 2102 -557 -138

24-Dec-08 646 917 -271 -67 154 135 19 5 800 1053 -253 -63

26-Dec-08 1095 1214 -119 -29 952 175 777 193 2047 1389 658 163

29-Dec-08 357 616 -259 -64 59 804 -745 -185 416 1420 -1004 -249

30-Dec-08 830 841 -10 -3 97 185 -88 -22 927 1025 -98 -24

31-Dec-08 882 758 124 31 1567 1295 272 67 2450 2053 397 98

Total 31357 29608 1750 434 8956 8329 627 155 40311 37934 2377 589

* 1 USD = 40.34 INR

093
 Table 32: Trends in Resource Mobilisation by Mutual Funds
(Rs. crore)
Assets at
Gross Mobilisation Redemption* Net Inflow/Outflow
January

the
Period
Pvt. Public Pvt. Public Pvt. Public End of
UTI Total UTI Total UTI Total
Sector Sector Sector Sector Sector Sector Period
1 2 3 4 5 6 7 8 9 10 11 12 13 14
2004-05 7,36,463 56,589 46,656 8,39,708 7,28,864 59,266 49,378 8,37,508 7,600 -2,677 -2,722 2,200 1,49,600

2005-06 9,14,703 1,10,319 73,127 10,98,149 8,71,727 1,03,940 69,704 10,45,370 42,977 6,379 3,424 52,779 2,31,862

2006-07 15,99,873 1,96,340 1,42,280 19,38,493 15,20,836 1,88,719 1,34,954 18,44,508 79,038 7,621 7,326 93,985 3,26,292

2007-08 37,80,753 3,46,126 3,37,498 44,64,376 36,47,449 3,35,448 3,27,678 43,10,575 1,33,304 10,677 9,820 1,53,802 5,05,152
2008-09 30,83,578 4,61,170 2,76,913 38,21,661 31,23,520 4,49,400 2,79,183 38,52,104 -39,943 11,770 -2,259 -30,432 4,13,365
(Apr-Dec)
Apr-08 4,29,878 48,760 38,468 5,17,106 3,71,957 39,145 34,525 4,45,626 57,921 9,615 3,944 71,480 5,95,010

May-08 3,44,223 48,620 40,610 4,33,452 3,51,251 41,146 34,864 4,27,262 -7,028 7,473 5,745 6,191 5,88,643

Jun-08 3,74,834 45,261 30,829 4,50,924 4,01,462 51,913 36,781 4,90,157 -26,629 -6,652 -5,952 -39,233 5,21,899

Jul-08 3,84,888 59,174 27,222 4,71,284 3,75,743 55,548 30,293 4,61,584 9,145 3,626 -3,072 9,700 5,40,623

094
Aug-08 3,29,628 49,196 27,270 4,06,095 3,27,730 50,201 28,173 4,06,104 1,898 -1,005 -903 -10 5,44,535

Sept-08 3,66,026 53,870 23,765 4,43,662 4,04,001 57,852 27,459 4,89,312 -37,975 -3,982 -3,693 -45,650 4,83,270
SEBI BULLETIN

Oct-08 2,77,288 38,783 23,549 3,39,620 3,18,370 44,080 23,976 3,86,427 -41,083 -5,298 -416 -46,796 3,94,711

Nov-08 2,56,772 48,370 26,782 3,31,925 2,51,858 43,763 22,516 3,18,136 4,914 4,608 4,267 13,789 4,05,112

Dec-08 3,20,041 69,135 38,417 4,27,593 3,21,148 65,751 40,596 4,27,495 -1,107 3,384 -2,179 98 4,13,365

* Includes repurchases as well as redemption.

Notes : 1. Erstwhile UTI has been divided into UTI Mutual Fund (registered with SEBI) and the Specified Undertaking of UTI (not registered with SEBI). Above data
contains information only of UTI Mutual Fund.
2. Net assets pertaining to Funds of Funds Schemes is not included in the above data.
2009
 Table 33 A: Type-wise Resource Mobilisation by Mutual Funds : Open-ended and Close-ended
(Rs.crore)
2006-07 2007-08 2008-09 December 2008* Net
January

(Apr-Dec) Assets as
Scheme
on Dec
Sale Purchase Net Sale Purchase Net Sale Purchase Net Sale Purchase Net 31, 2008*

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Open-ended 18,00,158 17,76,258 23,900 43,37,042 42,03,588 1,33,454 36,63,700 36,47,263 16,437 4,26,601 4,06,584 20,017 3,11,585

Close-ended 1,38,335 68,250 70,085 1,27,335 1,06,987 20,348 1,05,349 1,33,687 -28,339 527 12,143 -11,616 95,523

Interval - - - - - - 52,623 71,153 -18,530 465 8,768 -8,302 6,256

Total 19,38,493 18,44,508 93,985 44,64,377 43,10,575 1,53,802 38,21,671 38,52,103 -30,432 4,27,594 4,27,495 98 4,13,365

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

095
SEBI BULLETIN
2009
 Table 33 B: Scheme-wise Resource Mobilisation by Mutual Funds
(Rs. Crore)
2008-09
2006-07 2007-08 December 2008*
January

Scheme (Apr-Dec)
Sale Purchase Net Sale Purchase Net Sale Purchase Net Sale Purchase Net
1 2 3 4 5 6 7 8 9 10 11 12 13
A. Income/Debt Oriented Schemes (i+ii+iii+iv) 18,39,668 17,75,601 64,068 43,17,263 42,13,396 1,03,867 37,85,344 38,19,945 -34,601 4,25,570 4,24,422 1,149
i. Liquid/Money Market 16,26,790 16,21,805 4,985 34,32,737 34,17,761 14,976 28,98,002 29,06,609 -8,607 3,35,397 3,39,739 -4,342
ii. Gilt 1,853 2,816 -964 3,180 2,746 434 10,605 7,806 2,799 3,170 2,182 988
iii. Debt (other than assured return) 2,11,026 1,50,980 60,046 8,81,346 7,92,889 88,457 8,76,737 9,05,530 -28,793 87,003 82,500 4,503
iv. Debt (assured return) 0 0 0 0 0 0 0 0 0 0 0 0
B. Growth/Equity Oriented Schemes (i+ii) 94,351 66,145 28,206 1,26,286 79,353 46,933 27,030 23,943 3,087 2,146 2,712 -352
i. ELSS 4,669 216 4,453 6,448 297 6,151 2,076 242 1,834 213 27 187
ii. Others 89,683 65,929 23,753 1,19,839 79,056 40,782 24,955 23,702 1,253 1,535 2,074 -539
C. Balanced Schemes 4,473 2,762 1,711 11,488 5,720 5,768 2,313 2,170 142 120 149 -28
D. Exchange Traded Fund (i+ii) - - - 9,339 12,106 -2,767 5,383 5,414 -30 447 731 -642
i. Gold ETF - - - 433 156 276 232 101 130 0 30 -30

096
ii. Other ETFs - - - 8,906 11,950 -3,043 5,152 5,313 -161 104 716 -612
E. Funds of Funds Investing Overseas - - - - - - 1,601 631 970 50 78 -29
SEBI BULLETIN

Total (A+B+C+D+E) 19,38,493 18,44,508 93,985 44,64,376 43,10,575 1,53,802 38,21,671 38,52,103 -30,432 4,27,594 4,27,495 98

*Net assets pertaining to Fund of Funds Schemes is not included in the above data.
2009
 January SEBI BULLETIN 2009

Table 34: Trends in Transactions on Stock Exchanges by Mutual Funds

(Rs. crore)

Equity Debt Total

Period Gross Gross Net Gross Gross Net Gross Gross Net
Purchase Sales Purchase/ Purchase Sales Purchase/ Purchase Sales Purchase/
Sales Sales Sales
1 2 3 4 5 6 7 8 9 10

2004-05 45,045 44,597 448 62,186 45,199 16,987 1,07,232 89,796 17,435

2005-06 1,00,436 86,133 14,303 1,09,770 72,969 36,801 2,10,206 1,59,102 51,104

2006-07 1,35,948 1,26,886 9,062 1,53,733 1,01,189 52,543 2,89,681 2,28,075 61,606

2007-08 2,17,578 2,01,274 16,306 2,98,605 2,24,816 73,790 5,16,183 4,26,090 90,095

2008-09 (Apr-Dec) 1,16,034 1,08,166 7,868 2,27,648 1,98,387 29,260 3,43,681 3,06,553 37,128

Apr-08 13,407 13,518 -111 36,801 20,363 16,438 50,208 33,881 16,327

May-08 13,470 13,406 64 30,920 25,002 5,918 44,390 38,408 5,982

Jun-08 14,811 11,632 3,179 24,287 21,023 3,264 39,098 32,655 6,443

Jul-08 17,189 15,777 1,413 23,529 17,740 5,789 40,718 33,517 7,202

Aug-08 10,660 11,029 -369 23,387 15,923 7,464 34,047 26,952 7,095

Sep-08 14,656 12,364 2,292 29,332 22,915 6,417 43,988 35,279 8,709

Oct-08 13,177 11,746 1,432 15,621 41,703 -26,082 28,799 53,448 -24,650

Nov-08 8,454 8,826 -373 13,883 17,482 -3,599 22,337 26,308 -3,971

Dec-08 10,210 9,870 341 29,887 16,237 13,650 40,098 26,106 13,991

097
 January SEBI BULLETIN 2009

Table 35: Substantial Acquisition of Shares and Takeovers

(Rs. crore)
Automatic
Open Offers
Exemption
Objectives Total
Year
Change in Control Consolidation of Substantial
of Management Holdings Acquisition No. Amount
No. Amount
No. Amount No. Amount No. Amount
1 2 3 4 5 6 7 8 9 10 11
2004-05 35 3,503 12 165 14 964 61 4,632 212 6,958

2005-06 78 3,252 9 119 15 709 102 4,078 245 17,132

2006-07 66 6,771 15 4,498 6 83 87 11,352 223 18,608

2007-08 78 11,657 28 13,254 8 3,796 114 28,706 232 6,458

2008-09 (Apr-Dec) 71 2,507 11 594 3 167 83 3,268 180 8,197

Apr-08 9 144 2 16 0 0 11 160 44 3,495

May-08 4 15 1 8 1 96 6 119 18 309

Jun-08 14 492 3 317 0 0 17 809 21 382

Jul-08 7 674 2 175 0 0 9 849 23 299

Aug-08 5 26 0 0 1 29 6 55 20 190

Sep-08 8 256 0 0 0 0 6 256 13 76

Oct-08 9 687 1 49 1 42 11 778 14 1202

Nov-08 7 13 1 3 0 0 8 16 14 2215

Dec-08 8 200 1 26 0 0 9 226 13 29

098
 January SEBI BULLETIN 2009

Table 36: Progress of Dematerialisation at NSDL and CDSL

NSDL CDSL

At the end Companies DPs Live DPs Demat Demat Companies DPs Live DPs Demat Demat
of the period Live Locations Quantity Value Live Locations Quantity Value
(Nos) (million (Rs.crore) (Nos) (million (Rs.crore)
shares) shares)
1 2 3 4 5 6 7 8 9 10 11

2004-05 5,536 216 2,819 1,28,663 14,47,663 5,068 271 1,530 19,080 1,20,959

2005-06 6,022 223 3,017 1,74,722 24,78,941 5,479 315 2,577 27,220 2,35,829

2006-07 6,483 240 5,599 2,02,701 31,42,645 5,589 365 4,178 31,250 2,83,136

2007-08 7,354 251 7,204 2,36,897 43,76,953 5,943 420 6,372 49,820 5,90,039

2008-09 (Apr-Dec)

Apr-08 7,383 253 7,264 2,40,307 48,04,591 5,970 423 6,430 52,800 6,99,115

May-08 7,441 256 7,350 2,42,477 46,02,244 5,995 430 6,464 53,640 6,45,154

Jun-08 7,530 258 7,556 2,50,343 39,12,542 6,025 433 6,498 63,100 5,46,428

Jul-08 7,597 262 7,718 2,51,215 40,99,134 6,046 440 6,474 64,410 6,26,959

Aug-08 7,633 266 7,778 2,53,927 47,66,900 6,082 447 6,526 65,750 6,43,187

Sep-08 7,708 266 7,945 2,68,723 41,74,400 6,111 448 6,573 66,960 5,81,866

Oct-08 7,722 266 8,136 2,71,893 30,33,000 6,125 449 6,628 67,700 4,36,537

Nov-08 7,755 266 8,201 2,76,034 28,45,700 6,143 453 6,862 68,430 4,12,142

Dec-08 7,760 268 8,552 2,74,895 31,67,300 6,154 455 6,886 69,090 4,90,779

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

099
 Table 37 : Assets under the Custody of Custodians
(Rs. crore)
Client Foreign
FIIs/SAs Mutual Funds NRIs OCBs Brokers Corporates Banks Others Total
January

Depositories

Period No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

2004-05 1,852 2,36,257 639 1,26,286 2,649 1,481 130 1,466 5 35 678 22,289 16 24,531 37 47,780 27,870 2,08,461 33,876 6,68,585
2005-06 2,491 4,53,636 831 2,04,518 2,975 1,633 129 1,616 6 35 683 37,630 56 31,872 47 84,048 28,274 3,54,125 35,492 11,69,113
2006-07 3,070 5,47,010 1,220 2,90,378 741 1,056 79 1,198 5 0 339 25,656 64 24,522 12 1,00,361 3,369 4,10,429 8,897 14,00,610
2007-08 3,977 7,36,753 1,784 4,69,776 877 606 56 1,238 4 5 309 36,975 67 29,983 11 1,39,918 4,068 6,26,958 10,301 20,42,212
2008-09 (Apr-Dec)

Apr-08 4,073 8,14,865 1,814 5,25,684 906 1,088 57 1,272 3 5 440 39,516 67 27,609 12 1,65,632 4,845 6,93,550 12,217 22,69,221
May-08 4,144 7,68,594 1,856 5,24,176 921 1,018 57 1,224 3 5 442 39,496 67 28,041 12 1,58,613 4,905 6,79,010 12,407 22,00,178
Jun-08 4,240 6,12,268 1,905 4,80,997 933 839 57 1,025 3 5 454 37,073 67 25,863 12 1,28,144 4,983 6,08,050 12,654 18,94,264
Jul-08 4,332 6,47,439 1,977 4,96,376 943 864 55 1,069 1 5 457 35,401 69 26,063 12 1,30,549 5,096 6,94,042 12,942 20,31,809
Aug-08 4,154 6,60,144 1,936 5,11,857 951 891 59 1,150 1 5 439 37,635 66 26,201 12 1,34,337 5,008 6,78,493 12,626 20,50,713

100
Sept 08 4,528 5,73,641 2,157 4,76,271 964 870 59 1,018 1 5 463 35,706 68 25,129 13 1,12,707 6,221 7,43,070 14,474 19,68,415
Oct-08 4,539 4,15,109 2,236 3,73,747 980 683 59 686 1 5 475 33,064 68 27,248 13 83,052 8,374 6,40,484 16,745 15,74,078
SEBI BULLETIN

Nov-08 3,842 3,86,365 1,865 3,55,647 814 578 58 564 1 5 414 24,999 67 27,434 13 71,479 5,414 6,09,357 12,488 14,76,428
Dec-08 3,832 4,17,476 1,810 3,70,434 833 528 59 665 1 5 414 19,244 70 19,032 13 76,599 5,666 1,04,709 12,723 10,08,692
Source:Various Custodians
2009
 Table 38: Ratings Assigned for Long-term Corporate Debt Securities (Maturity ≥ 1 year)

Investment Grade
January
Grade
Non-Investment
Highest Adequate Moderate Safety Total
High Safety (AA) Grade
Safety (AAA) Safety (A) (BBB)

Period No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11 12 13

2004-05 278 1,59,788 110 48,602 58 8,191 35 4,139 9 688 490 2,18,707

2005-06 261 2,79,968 147 62,316 45 28,957 21 1,200 4 144 478 3,82,585

2006-07 312 2,66,863 144 53,766 53 5,905 33 9,014 2 75 544 3,35,623

2007-08 335 4,54,164 257 1,20,199 167 35,661 63 9,478 27 1,603 845 6,20,785

2008-09 229 4,09,539 271 1,00,572 219 39,838 332 36,781 159 12,159 1,210 5,98,889
(Apr-Dec)
Apr-08 25 1,28,919 38 24,606 20 5,485 18 5,500 10 690 111 1,65199

May-08 26 1,01,621 28 6,181 35 4,782 34 1,676 9 829 132 1,15,089

101
Jun-08 19 12,257 27 17,157 20 2,498 21 859 12 931 99 33,702
SEBI BULLETIN

Jul-08 30 16,221 22 2,515 19 1,589 32 3,027 10 238 113 23,590

Aug-08 20 12,758 31 12,142 26 4,178 39 10,528 22 3056 138 42,662

Sep-08 29 21,560 34 7,020 24 3,678 38 3,018 19 700 144 35,975

Oct-08 29 16,594 28 8,783 16 8,260 39 2,220 12 388 124 36,246

Nov-08 19 40,771 26 7,348 29 4,922 34 3,005 19 2,013 127 58,060

Dec-08 32 58,838 37 14,821 30 4446 77 6948 46 3314 222 88,367

Source: Credit Rating Agencies

2009
 Table 39: Review of Accepted Ratings of Corporate Debt Securities (Maturity ≥ 1 year)
(Rs. crore)
Grade Upgraded Downgraded Reaffirmed Rating Watch Withdrawn/ Not Meaningful Total
January

Suspended Category

Period No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2004-05 81 22,199 60 9582 887 7,93,540 21 4,720 153 12,278 8 116 1,210 8,40,427

2005-06 68 51,827 43 6852 870 13,39,016 21 2,319 177 33,792 3 287 1,182 14,34,093

2006-07 32 6,533 41 5,050 854 11,41,734 39 11,364 127 19,335 11 5,991 1,104 11,90,005

2007-08 62 8,762 73 31,490 1031 18,05,468 51 40,602 172 25,188 0 0 1389 19,11,509

2008-09 23 3,605 136 93,483 1,090 17,78,073 31 84,461 232 34,269 0 0 1,512 19,93,890
(Apr-Dec)
Apr-08 1 150 6 10,639 47 1,48,109 1 0 11 1,655 0 0 66 1,60,553

May-08 2 151 3 132 30 2,38,198 1 100 34 7,969 0 0 70 2,46,550

May-08 2 151 3 132 30 2,38,198 1 100 34 7,969 0 0 70 2,46,550

102
Jun-08 2 150 8 641 49 1,44,889 1 1,500 13 822 0 0 73 1,48,002

Jul-08 3 284 2 1,530 100 69,861 0 0 28 2,879 0 0 133 74,554

SEBI BULLETIN

Aug-08 0 0 13 3,654 199 1,54,451 0 0 16 3,031 0 0 228 1,61,136

Sep-08 5 872 12 1,849 263 1,11,963 14 16,773 9 1,433 0 0 303 1,32,890

Oct-08 4 1,075 5 865 111 2,37,570 6 28,176 16 4,069 0 0 142 2,71,754

Nov-08 0 0 30 24,875 84 1,06,319 4 26,267 26 2,169 0 0 144 1,59,629

Dec-08 4 772 54 49,165 177 3,28,516 3 11,545 45 2,273 0 0 283 3,92,272

Source: Credit Rating Agencies
2009
 January SEBI BULLETIN 2009

Table 40: Macro Economic Indicators

I. GDP at Market Prices ( 2007-08 Advance Estimate) (Rs.crore) 47,13,148

II. Gross Domestic Saving as a % of GDP at market prices (2006-07 Quick Estimates) 34.8
III. Gross Domestic Capital Formation as a % of GDP at market prices 35.9
(2006-07 Quick Estimates)
IV. Monetary and Banking Indicators[i] August September October November December
2008 2008 2008 2008 2008
Cash Reserve Ratio (%) 8.75 9.00 6.50 5.50 5.50
Bank Rate (%) 6.00 6.00 6.00 6.00 6.00
Money Supply (M3) (Rs.crore)* 42,15,293 42,71,086 43,38,172 43,80,915 44,30,231
Aggregate Deposit (Rs.crore)* 33,91,461 34,42,138 34,86,221 36,49,506 35,69,352
Bank Credit (Rs.crore)* 24,58,334 25,42,467 26,15,041 26,32,700 26,44,528
V. Interest Rate[ii]
Call Money Rate( lending / borrowing )-Max 10.04 15.25 10.29 8.10 6.60
91-Day-Treasury Bill[iii] 9.03 8.85 7.43 6.70 5.48
PLR (Maximum) (%) 14.00 14.00 14.00 13.25 13.25
Deposit Rate (Maximum) (%) 10.00 10.00 10.50 9.00 10.00
VI. Capital Market Indicators
Turnover (BSE+NSE) (Rs.crore) 3,34,175 3,70,352 2,94,425 2,36,816 80,866
Market Cap-BSE (Rs.crore) 47,78,864 41,65,387 29,97,259 28,18,964 31,44,766
Market Cap-NSE (Rs.crore) 44,72,461 39,00,185 28,20,388 26,53,281 29,16,768
Net FII Investment in Equity (Rs.crore) -1,212 -8278 -15347 -2,598 2,377
VII. Exchange Rate and Reserves[iv]
Forex Reserves (Rs.crore) 12,80,950 13,31,166 12,01,920 12,21,778 12,47,495
Re/ Dollar 44.37 46.88 49.24 49.69 48.45
Re/Euro 63.41 64.99 62.83 63.46 68.22
6- months Inter Bank Forward Premia of US Dollar 2.84 0.62 2.21 2.52 2.37
VIII. Public Borrowing and Inflation
Govt. Market Borrowing (Rs. crore)* 88,000 1,06,000 1,06,000* 1,45,000 1,55,000
Wholesale Price Index (Base 1993-94) 213.9 241.4 241.4** 233.7 229.5
IX. Index of Industrial Production (y-o-y)% (Base year 1993-94 = 100)
General 264 274.7 261.5 267.2 QE
Mining 160.2 162.8 174.4 175.0 QE
Manufacturing 283.1 296.4 276.9 285.7 QE
Electricity 221.6 219.3 231.2 217.5 QE
X. External Sector Indicators
Exports (Rs.crore) 68,721 62,641 62,387 56,374
Imports (Rs.crore) 1,28,582 1,11,085 1,13,659 1,05,697
Trade Balance (Rs.crore) -59,861 -48,444 -51,272 -49,323

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

103
 Table 41: Daily Return and Volatility: Select World Stock Indices
(Percent)
USA UK France Australia Hong Kong Singapore Malaysia
January

DOW JONES FTSE 100 CAC AS 30 HSI STI KLCI

Calender Year
Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2005 0.02 0.65 0.06 0.55 0.08 0.69 0.06 0.59 0.02 0.73 0.05 0.61 0.00 0.49

2006 0.06 0.62 0.04 0.79 0.06 0.93 0.07 0.80 0.12 0.91 0.10 0.86 0.08 0.53

2007 0.02 0.92 0.15 1.10 -0.14 1.07 0.05 1.04 0.13 1.66 0.06 1.36 0.11 1.04

2008
-0.16 2.38 -0.14 2.35 -0.30 2.87 -0.22 2.07 -0.26 3.23 -0.26 2.17 -0.20 1.38
(Jan '08- Dec '08)

104
Daily Return and Volatility: Select World Stock Indices
(Percent)
SEBI BULLETIN

Brazil Mexico South Africa Japan India India

IBOV MEXBOL JALSH NKY BSE SENSEX S&P CNX NIFTY
Calender Year
Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility Return Volatility

1 16 17 18 19 20 21 22 23 24 25 26 27

2005 0.11 1.57 0.12 1.05 0.14 0.83 0.14 0.82 0.14 1.08 0.12 1.11

2006 0.12 1.53 0.16 1.45 0.13 1.39 0.03 1.25 0.15 1.63 0.13 1.65

2007 0.14 1.73 0.04 1.36 0.06 1.20 -0.05 1.17 0.16 1.54 0.18 1.60

2008
-0.21 3.30 -0.10 2.29 -0.11 2.28 -0.21 2.92 -0.30 2.85 -0.29 2.80
(Jan ‘08 - Dec ‘08)
Source: Basic data are taken from Bloomberg L.P.
2009
January SEBI BULLETIN 2009

PUBLICATIONS
1. Annual Reports: 2007-08, 2006-07, 2005-06, 2004-05, 2003-04.
2. Handbook of Statistics on Indian Securities Market, 2008.

Interested persons may contact the Research Department of SEBI to obtain a copy of
Annual Report / Handbook of Statistics at the following address:

Research Department
Securities and Exchange Board of India
Plot No. C4-A, ‘G’ Block, Bandra Kurla Complex,
Bandra (E).
Mumbai - 400051

Tel No. +91-22-26449000,

Fax No. +91-22-26449013, 40459013

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