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A C K N O W L E D G E M E N T
The success of any project is never limited to individual undertaking project; it is a collective efforts of people around, that spell success. This acknowledgement is humble attempt of earnestly thanking all those who were directly or indirectly involved in this project. I would like to extend my sincere, heartfelt gratitude to our Head of the Department, Prof. Shruti Charvarkar and our internal guide Prof. Arun under whose guidance I had the privilege of working and learning and whose constant inspiration at all faces of the project lead to the successful completion of my work.
Last but not the least I express my deepest regards to all staff members, for helping me by giving me their time and providing all required facilities.
RESARCH METHODOLOGY
Method of Data Collection :-
Secondary Sources :It is the data which has already been collected by some one or an organization for some other purpose or research study .The data for study has been collected from various sources: Books Journals Magazines Internet sources
1. LIMITED RESOURCES : Limited resources are available to collect the information about the commodity trading. 2. VOLATALITY : Share market is so much volatile and it is difficult to forecast any thing about it whether you trade through online or offline. 3. ASPECTS COVERAGE : Some of the aspects may not be covered in my study.
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1.2History of Derivatives
1.3 Need of the Study
1.7Products
INTRODUCTION TO DERIVATIVES
A Derivative is a financial instrument whose value depends on other, more basic, underlying variables. The variables underlying could be prices of traded securities and stock, prices of gold or copper.
Derivatives have become increasingly important in the field of finance, Options and Futures are traded actively on many exchanges, Forward Contracts, Swap and different types of options are regularly traded outside exchanges by financial intuitions, banks and their corporate clients in what are termed as Over-The-Counter markets in other words, there is no single market place or organized exchanges.
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Hedging, which is a
volatility changes. Thus, Derivatives are a very important tool of Risk Management.
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Through this study I came to know the trading done in derivatives and their use in the stock markets.
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To understand the concept of the Derivatives and Derivative Trading. To know different types of Financial Derivatives To know the role of Derivatives Trading in India. To analyse the performance of Derivatives Trading since 2001 with special reference to Futures & Options
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The project covers the derivatives market and its instruments. For better understanding various strategies with different situations and actions have been given. It includes the data collected in the recent years and also the market in the derivatives in the recent years. This study extends to the trading of derivatives done in the National Stock Markets.
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There are various derivative products traded. They are; 1.7.1 Forwards 1.7.2 Futures 1.7.3 Options 1.7.4 Swaps A Forward Contract is a transaction in which the buyer and the seller agree upon a delivery of a specific quality and quantity of asset usually a commodity at a specified future date. The price may be agreed on in advance or in future. A
Future Contract
seller for a specified as on a fixed date in future. The contract price will vary according to the market place but it is fixed when the trade is made. The contract also has a standard specification so both parties know exactly what is being done. An
Options Contract
option) or sell (put option) a specified underlying instrument or asset at a specified price the Strike or Exercised price up until or an specified future date the Expiry date. The Price is called Premium and is paid by buyer of the option to the seller or writer of the option.
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Call option gives the holder the right to buy an underlying asset by a certain
date for a certain price. The seller is under an obligation to fulfill the contract and is paid a price of this, which is called "the call option premium or call option price". A
Put option, on the other hand gives the holder the right to sell an underlying
asset by a certain date for a certain price. The buyer is under an obligation to fulfill the contract and is paid a price for this, which is called "the put option premium or put option price". Swaps are transactions which obligates the two parties to the contract to exchange a series of cash flows at specified intervals known as payment or settlement dates. They can be regarded as portfolios of forward's contracts. A contract whereby two parties agree to exchange (swap) payments, based on some notional principle amount is called as a SWAP. In case of swap, only the payment flows are exchanged and not the principle amount I had conducted this research to find out whether investing in the Derivative Market is beneficial or not ? You will be glad to know that Derivative Market in India is the most booming now days.So the person who is ready to take risk and want to gain more should invest in the Derivative Market. On the other hand RBI has to play an important role in Derivative Market. Also SEBI must encourage investment in Derivative Market so that the investors get the benefit out of it. Sorry to say that today even educated persons are not willing to invest in Derivative Market because they have the fear of high risk. So, SEBI should take necessary steps for improvement in Derivative Market so that more investors can invest in Derivative market.
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2.2
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Index Future
Index Option
Stock Option
Stock Future
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CHAPTER 3 Contracts in Derivatives Markets in India 3.1 3.2 3.3 3.4 3.5 Forward Contracts Future Contracts Option Contracts Swap Contracts Other Types of Contracts
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3.1
FORWARD CONTRACTS
A forward contract is an agreement to buy or sell an asset on a specified date for a specified price. One of the parties to the contract assumes a long position and agrees to buy the underlying asset on a certain specified future date for a certain specified price. The other party assumes a short position and agrees to sell the asset on the same date for the same price. Other contract details like delivery date, price and quantity are negotiated bilaterally by the parties to the contract. The forward contracts are n o r m a l l y traded outside the exchanges.
This process of
standardization reaches its limit in the organized futures market. Forward contracts are often confused with futures contracts. The confusion is primarily because both serve essentially th e same economic fu nctio ns of allocating risk in the presence of future price uncertainty. However futures are a significant improvement over
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2. Margin : Although the value of a contract at time of trading should be zero, its price constantly fluctuates. This renders the owner liable to adverse changes in value, and creates a credit risk to the exchange, who always acts as counterparty. To minimize this risk, the exchange demands that contract owners post a form of collateral, commonly known as Margin requirements are waived or reduced in some cases for hedgers who have physical ownership of the covered commodity or spread traders who have offsetting contracts balancing the position. Initial Margin : is paid by both buyer and seller. It represents the loss on that contract, as determined by historical price changes, which is not likely to be exceeded on a usual day's trading. It may be 5% or 10% of total contract price. Mark to market Margin : Because a series of adverse price changes may exhaust the initial margin, a further margin, usually called variation or maintenance margin, is required by the exchange. This is calculated by the futures contract, i.e. agreeing on a price at the end of each day, called the "settlement" or mark-to-market price of the contract. To understand the original practice, consider that a futures trader, when taking a position, deposits money with the exchange, called a "margin". This is intended to protect the exchange against loss. At the end of every trading day, the contract is
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This relationship may be modified for storage costs, dividends, dividend yields, and convenience yields. Any deviation from this equality allows for arbitrage as follows In the case where the forward price is higher : 1. The arbitrageur sells the futures contract and buys the underlying today (on the spot market) with borrowed money. 2. On the delivery date, the arbitrageur hands over the underlying, and receives the agreed forward price. 3. He then repays the lender the borrowed amount plus interest. 4. The difference between the two amounts is the arbitrage profit. In the case where the forward price is lower : 1. The arbitrageur buys the futures contract and sells the underlying today (on the spot market); he invests the proceeds. 2. On the delivery date, he cashes in the matured investment, which has appreciated at the risk free rate. 3. He then receives the underlying and pays the agreed forward price using the matured investment. [If he was short the underlying, he returns it now.] 4. The difference between the two amounts is the arbitrage profit.
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Traded directly between Traded on the exchanges. two parties (not traded on the exchanges).
Contracts contracts.
are
standardized
Exists.
Exists. However, assumed by the clearing corp., which becomes the counter party to all the trades or unconditionally settlement. guarantees their
Liquidation Profile
Low, tailor
as
contracts
made
catering to the needs of the needs of the parties. Price discovery Not efficient, as markets Efficient, as markets are centralized are scattered. and all buyers and sellers come to a common platform to discover the Examples Currency market in India. price. Commodities, futures, Index Futures and Individual stock Futures in India.
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CALL OPTION:
A contract that gives its owner the right but not the obligation to buy an underlying asset-stock or any financial asset, at a specified price on or before a specified date is known as a Call option. The owner makes a profit provided he sells at a higher current price and buys at a lower future price.
PUT OPTION:
A contract that gives its owner the right but not the obligation to sell an underlying assetstock or any financial asset, at a specified price on or before a specified date is known as a Put option. The owner makes a profit provided he buys at a lower current price and sells at a higher future price. Hence, no option will be exercised if the future price does not increase. Put and calls are almost always written on equities, although occasionally preference shares, bonds and warrants become the subject of options.
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BASKETS Baskets options are option on portfolio of underlying asset. Equity Index Options are most popular form of baskets.
LEAPS Normally option contracts are for a period of 1 to 12 months. However, exchange may introduce option contracts with a maturity period of 2-3 years. These long-term option contracts are popularly known as Leaps or Long term Equity Anticipation Securities.
WARRANTS Options generally have lives of up to one year, the majority of options traded on options exchanges having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the-counter.
SWAPTIONS Swaptions are options to buy or sell a swap that will become operative at the expiry of the options. Thus a swaption is an option on a forward swap. Rather than have calls and puts, the swaptions market has receiver swaptions and payer swaptions. A receiver swaption is an option to receive fixed and pay floating. A payer swaption is an option to pay fixed and receive floating.
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CHAPTER 4 Growth & Development of Derivatives Markets in India 4.1 4.2 4.3 Indian Derivatives Market Need for Derivatives in India Today Myths & Realities of Derivatives
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GROWTH & DEVELOPMENT OF DERIVATIVES MARKET IN INDIA 4.1 INDIAN DERIVATIVES MARKET
Starting from a controlled economy, India has moved towards a world where prices fluctuate every day. The introduction of risk management instruments in India gained momentum in the last few years due to liberalisation process and Reserve Bank of Indias (RBI) efforts in creating currency forward market. Derivatives are an integral part of liberalisation process to manage risk. NSE gauging the market requirements initiated the process of setting up derivative markets in India. In July 1999, derivatives trading commenced in India Chronology of instruments 1991 Liberalisation process initiated 14 December 1995 NSE asked SEBI for permission to trade index futures. 18 November 1996 SEBI setup L.C.Gupta Committee to draft a policy 11 May 1998 7 July 1999 24 May 2000 25 May 2000 framework for index futures. L.C.Gupta Committee submitted report. RBI gave permission for OTC forward rate agreements (FRAs) and interest rate swaps. SIMEX chose Nifty for trading futures and options on an Indian index. SEBI gave permission to NSE and BSE to do index
futures trading. 9 June 2000 Trading of BSE Sensex futures commenced at BSE. 12 June 2000 Trading of Nifty futures commenced at NSE. 25 September Nifty futures trading commenced at SGX. 2000 2 June 2001 Individual Stock Options & Derivatives
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Until the advent of NSE, the Indian capital market had no access to the latest trading methods and was using traditional out-dated methods of trading. There was a huge gap between the investors aspirations of the markets and the available means of trading. The opening of Indian economy has precipitated the process of integration of Indias financial markets with the international financial markets. Introduction of risk management instruments in India has gained momentum in last few years thanks to Reserve Bank of Indias efforts in allowing forward contracts, cross currency options etc. which have developed into a very large market.
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4.3.1 Derivatives
increase
speculation
and
do
not
serve
any
economicpurpose: Numerous studies of derivatives activity have led to a broad consensus, both in the private and public sectors that derivatives provide numerous and substantial benefits to the users. Derivatives are a low-cost, effective method for users to hedge and manage their exposures to interest rates, commodity prices or exchange rates. The need for derivatives as hedging tool was felt first in the commodities market. Agricultural futures and options helped farmers and processors hedge against commodity price risk. After the fallout of Bretton wood agreement, the financial markets in the world started undergoing radical changes. This period is marked by remarkable innovations in the financial markets such as introduction of floating rates for the
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Looking at the equity market, derivatives allow corporations and institutional investors to effectively manage their portfolios of assets and liabilities through instruments like stock index futures and options. An equity fund, for example, can reduce its exposure to the stock market quickly and at a relatively low cost without selling off part of its equity assets by using stock index futures or index options.
By providing investors and issuers with a wider array of tools for managing risks and raising capital, derivatives improve the allocation of credit and the sharing of risk in the global economy, lowering the cost of capital formation and stimulating economic growth. Now that world markets for trade and finance have become more integrated, derivatives have strengthened these important linkages between global markets, increasing market liquidity and efficiency and facilitating the flow of trade and finance
4.3.2 Indian Market is not ready for Derivative Trading Often the argument put forth against derivatives trading is that the Indian capital market is not ready for derivatives trading. Here, we look into the pre-requisites, which are needed for the introduction of derivatives, and how Indian market fares
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Trade guarantee
A Strong Depository
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Speculators
Existing Approach
1) Deliver based Trading, margin trading & carry forward transactions. 2) Buy Index Futures hold till expiry.
Approach
1)Buy &Sell stocks on delivery basis 2) Buy Call &Put by paying premium
Advantages
Greater Leverage as to pay only the premium. Greater variety of strike price options at a given time.
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Arbitrageurs
Existing Approach SYSTEM Peril &Prize Approach New Peril &Prize
1) Buying Stocks in 1) Make money 1) B Group more 1) Risk free one and selling in whichever way promising as still game. another exchange. the Market moves. in weekly settlement forward transactions. 2) Cash &Carry 2) If Future Contract arbitrage continues more or less than Fair price Fair Price = Cash Price + Cost of Carry.
Hedgers
Existing Approach SYSTEM Peril &Prize Approach New Peril &Prize
1) Difficult to 1) No Leverage offload holding available risk during adverse reward dependant market conditions on market prices as circuit filters limit to curtail losses.
1)Fix price today to buy 1) Additional latter by paying premium. cost is only 2)For Long, buy ATM Put premium. Option. If market goes up, long position benefit else exercise the option. 3)Sell deep OTM call option with underlying shares, earn premium + profit with increase prcie
Advantages
Availability of Leverage
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Small Investors
Existing Approach
1) If Bullish buy stocks else sell it.
Approach
1) Buy Call/Put options based on market outlook 2) Hedge position if holding underlying stock
Advantages
Losses Protected.
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CHAPTER 5 Factors Contributing to the Growth & Development of Derivatives Markets in India
5.1 5.2
Price Volatility Globalisation of Markets Technological Advances Advances in Financial Theories Development of Derivative Markets
5.3
5.4
5.5
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subject to certain conditions (1996) (ii) allowing corporates to undertake long term foreign currency swaps that contributed to the development of the term currency swap market (1997) (iii) allowing dollar rupee options (2003) and (iv) introduction of currency futures (2008). I would like to emphasise that currency swaps allowed companies with ECBs to swap their foreign currency liabilities into rupees. However, since banks could not carry open positions the risk was allowed to be transferred to any other resident corporate. Normally such risks should be taken by corporates who have natural hedge or have potential foreign exchange earnings. currencies. This period has also witnessed several relaxations in regulations relating to forex markets and also greater liberalisation in capital account regulations leading to greater integration with the global economy. Cash settled exchange traded currency futures have made foreign currency a separate asset class that can be traded without any underlying need or exposure a n d on a leveraged basis on the recognized stock exchanges with credit risks being assumed by the central counterparty Since the commencement of trading of currency futures in all the three exchanges, the value of the trades has gone up steadily from Rs 17, 429 crores in October 2008 But often corporate assume these risks due to interest rate differentials and views on
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April05Total turnover (USD billion) Inter-bank to Merchant ratio Spot/Total Turnover (%) Forward/Total Turnover (%) Swap/Total Turnover (%) Source: RBI Mar06 4,404 2.6:1 50.5 19.0 30.5
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CHAPTER 6 Benefits , Types of National Exchanges & Reports of Developments in Derivatives Markets in India 6.1 Risk Management 6.2 Price Discovery 6.3 Operational Advantages 6.4 Market Efficiency 6.5 Ease of Speculations 6.6 Types of National Exchanges 6.7 Reports of Developments
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BENEFITS OF DERIVATIVES
Derivative markets help investors in many different ways :
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The derivative market performs a number of economic functions. The prices of derivatives converge with the prices of the underlying at the expiration of derivative contract. Thus derivatives help in discovery of future as well as current prices. An important incidental benefit that flows from derivatives trading is that it acts as a catalyst for new entrepreneurial activity.
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Headquartered in Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodity futures markets. Today MCX is offering spectacular growth opportunities and advantages to a large cross section of the participants including Producers / Processors, Traders, Corporate, Regional Trading Canters, Importers, Exporters, Cooperatives, Industry Associations, amongst others
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MCX, having a permanent recognition from the Government of India, is an independent and demutualised multi commodity Exchange. MCX, a state-of-the-art nationwide, digital Exchange, facilitates online trading, clearing and settlement operations for a commodities futures trading.
6.6.2 NMCE National Multi Commodity Exchange of India Ltd. (NMCE) was promoted by Central Warehousing Corporation (CWC), National Agricultural Cooperative Marketing Federation of India (NAFED), Gujarat Agro-Industries Corporation Limited (GAICL), Gujarat State Agricultural Marketing Board (GSAMB), National Institute of Agricultural Marketing (NIAM), and Neptune Overseas Limited (NOL). While various integral aspects of commodity economy, viz., warehousing, cooperatives, private and public sector marketing of agricultural commodities, research and training were adequately addressed in structuring the Exchange, finance was still a vital missing link. Punjab National Bank (PNB) took equity of the Exchange to establish that linkage. Even today, NMCE is the only Exchange in India to have such investment and technical support from the commodity relevant institutions. NMCE facilitates electronic derivatives trading through robust and tested trading platform, Derivative Trading Settlement System (DTSS), provided by CMC. It has robust delivery mechanism making it the most suitable for the participants in the physical commodity markets. It has also established fair and transparent rule-based procedures and demonstrated total commitment towards eliminating any conflicts of interest. It is the only Commodity Exchange in the world to have received ISO 9001:2000 certification from British Standard Institutions (BSI). NMCE was the first commodity exchange to provide trading facility through internet, through Virtual Private Network (VPN).
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Forward Markets Commission regulates NCDEX in respect of futures trading in commodities. Besides, NCDEX is subjected to various laws of the land like the Companies Act, Stamp Act, Contracts Act, Forward Commission (Regulation) Act and various other legislations, which impinge on its working. It is located in Mumbai and offers facilities to its members in more than 390 centres throughout India. The reach will gradually be expanded to more centres.
NCDEX currently facilitates trading of thirty six commodities - Cashew, Castor Seed, Chana, Chilli, Coffee, Cotton, Cotton Seed Oilcake, Crude Palm Oil, Expeller Mustard Oil, Gold, Guar gum, Guar Seeds, Gur, Jeera, Jute sacking bags, Mild Steel Ingot, Mulberry Green Cocoons, Pepper, Rapeseed - Mustard Seed ,Raw Jute, RBD
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The Present Status: Presently futures trading is permitted in all the commodities. Trading is taking place in about 78 commodities through 25 Exchanges/Associations as given in the table below:Registered Commodity Exchanges in India
No. 1. 2. 3. 4. 5. 6. 7. 8.
&
Spice
domestic
and
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in India
Muzaffarnagar Rajdhani Oils & Oilseeds Exchange Gur, Mustard seed its oil & oilcake Ltd., Delhi Bhatinda Om & Oil Exchange Ltd., Gur Bhatinda The Chamber of Commerce, Hapur Gur, Potatoes and Mustard seed The Meerut Agro Commodities Gur Exchange Ltd., Meerut The Bombay Commodity Exchange Oilseed Complex, Castor oil
Ltd., Mumbai international contracts Rajkot Seeds, Oil & Bullion Merchants Castor seed, Groundnut, its oil & Association, Rajkot cake, cottonseed, its oil & cake, cotton (kapas) and RBD palmolein. Commodity Castorseed, cottonseed, its oil and & oilcake Hessian Hessian & Sacking
The
Ahmedabad
Exchange Ltd., Calcutta The East India Cotton Association Ltd., Cotton Mumbai The Spices & Oilseeds Exchange Ltd., Turmeric Sangli. National Board of Trade, Indore Soya seed, Soyaoil and Soya meals, Rapeseed/Mustardseed its oil and oilcake and RBD Palmolien The First Commodities Exchange of Copra/coconut, its oil & oilcake India Ltd., Kochi Central India Commercial Exchange Gur and Mustard seed Ltd., Gwalior E-sugar India Ltd., Mumbai Sugar National Multi-Commodity Exchange of Several Commodities India Ltd., Ahmedabad Coffee Futures Exchange India Ltd., Coffee Bangalore Surendranagar Cotton Oil & Oilseeds, Cotton, Cottonseed, Kapas Surendranagar E-Commodities Ltd., New Delhi Sugar (trading yet to commence) National Commodity & Derivatives, Several Commodities Exchange Ltd., Mumbai Multi Commodity Exchange Ltd., Several Commodities Mumbai Bikaner commodity Exchange Ltd., Mustard seeds its oil & oilcake, Gram. Guar seed. Guar Gum Bikaner
14. 15. 16. 17. 18. 19. 20. 21. 22. 23.
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COMPANY PROFILE
A Brief about IL&FS Investsmart Limited : IL&FS Investsmart Limited (IIL) is one of Indias leading financial services organizations providing individuals and corporates with customized financial management solutions. At IIL, we believe in "Realizing your goals together". You will find in us - a trusted investment partner to help you work towards achieving your financial goals. Our institutional expertise, combined with a thorough understanding of the financial markets results in appropriate investment solutions for you. Our strong team of Relationship Managers, Customer Service Executives, Advisory Managers and Research Analysts offers efficient execution backed by in-depth research, knowledge and expertise to customers across the country.
Vision
To become a long term preffered financial to a wide base of customer whilst optimizing Stake holder value.
Mission
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Corporate action
An approach to business that reflects responsibility, transparency and ethical behaviour. Respect for Employee, Client and Stake Holder group.
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Retail Business
Retail offerings of IIL seek to cover all financial planning requirements of individuals, which includes providing Personalised Investment Management Services including planning, advisory, execution and monitoring of the full range of investment services. Broadly the retail services are divided into two broad categories. Advisory Services : Portfolio Management Services, Mutual Funds, Insurance. Trading Services : Equities, Derivatives, IPOs These services are offered across our network of over 300 offices across the country. You can also enjoy the convenience of availing these services online through our trading platform www.investsmartonline.com
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Institutional Business IILs Institutional business thrives on the strong relationships we have built among Domestic Mutual Funds, Banks, Financial Institutions, Insurance Companies and Private Sector Funds over the past few years. Efficient Execution, Quality Research and high degree of compliance with Stock Exchange Regulations and Ethical Business Standards back IILs services to institutional investors. Our Institutional Services can be broadly categorized as follows. Merchant Banking We offer financial advisory and capital-raising services to corporates. Having successfully managed IPOs, Follow-on offerings, Open Offers, Mergers, etc, IILs Merchant Banking business has been growing from strength-to-strength. Institutional Equity & Debt Combining the efforts of a top-drawer research team & dynamic sales professionals, we are committed to offer timely & proactive investing & trading strategies. We are presently empanelled with more than 100 institutions and Service Customers across geographies. Promoters IL&FS Investsmart Limited (IIL) is one of Indias leading companies in the Financial Services industry. It was promoted in 1997 by Infrastructure Leasing & Financial Services (IL&FS), one of India's leading infrastructure development and finance companies. The company is now held by HSBC, one of the worlds largest banking and financial services organisations. In India, The HSBC Group offers a range of financial services including corporate, commercial, retail and private banking, insurance, asset management, investment banking, equities and capital markets, institutional brokerage, custodial services. It also provides software development expertise and global services facilities for the HSBC Groups operations worldwide.
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Smart Chart
Smart Exposure
Increase your Market Exposure
Smart Call
Convenience to trade over the phone
Smart Secure
State-of-the-art Security Platforms
Smart Next
Sell Receivable Shares
Smart Alert
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CHAPTER 8
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RELIANCE is the most active future contracts on individual securities traded with 90090 contracts and RNRL is the next most active futures contracts with 63522 contracts being traded.
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CHAPTER 9
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After study it is clear that Derivative influence our Indian Economy up to much extent. So, SEBI should take necessary steps for improvement in Derivative Market so that more investors can invest in Derivative market. There is a need of more innovation in Derivative Market because in today scenario even educated people also fear for investing in Derivative Market Because of high risk involved in Derivatives.
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Reports: Report of the RBI-SEBI standard technical committee on exchange traded Currency Futures Regulatory Framework for Financial Derivatives in India by Dr.L.C.GUPTA Websites visited: www.nse-india.com www.bseindia.com www.sebi.gov.in www.ncdex.com www.google.com www.derivativesindia.com
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