Markettrendanalysisofnationalstockexchangeofindia

_______________________________________________________Introduction to the Topic
INTRODUCTION TO THE TOPIC
Market Trend Analysis of a Company:

Analysis in terms of finance helps to find out the basic and critical factors affecting the economy of company, market and nation. It can be practiced at major through two methods: Fundamental and Technical. 1. Fundamental Analysis: Fundamental analysis is the e amination of the underlying forces that affect the interests of the economy, industry, and company. It tries to forecast the future mo!ement of the capital market using signals from the economy, industry, and company. The presumption behind fundamental analysis is that a thri!ing economy fosters industrial growth which leads to de!elopment of companies. Fundamental analysis can be done by studying three prospects of capital market: a. b. c. "conomic Analysis Industry Analysis #ompany Analysis
Fundamental analysis is influenced by the other psychological factors such as perception, sentiment and so on, of in!estors. The pro y for the measure of this psychological factor is the past share price of company itself. Thus, an in!estor can not fully depend upon fundamental analysis for the decision of money in!estment and hence technical tools are used for better information and assurance of type of in!estment.
...1...
_______________________________________________________Introduction to the Topic
$.
Technical Analysis: A study of past share price beha!ior to predict the future trend is termed as technical analysis. Technical analysis is fre%uently used as a supplement to fundamental analysis. Technical analysis is based on the economic premise that forces of demand and supply determine the pattern of market price and the !olume of trading in a share. Tools for technical analysis are listed here below: a. b. c. d. e. f. #harts &'ine, (ar, #andlestick, )oint and figure chart* +ow Theory "lliot ,a!e Theory Flow of Funds -arket .tructure -arket Indicators
...2...
_____________________________________________________Rationale behind the Topic
Rationale behind the topic
As the tremendous growth of Indian economy continues in the world, capital market comes into limelight. All the major and minor companies are thri!ing to get into Indian markets. The stock market plays an important role in defining the Indian economy. ,ith the tremendous boom in stocks from past few years, there has been much hype about the stock e change in country. I came across some of the stock e changes but as /." being the largest in country in terms of !olume of transactions encouraged me to get a profound knowledge of its history, records, trading and working with due respect to the Indian #apital -arket. The method of analysis used in this project is based on pre!ious data a!ailable using technical tools and fundamental interpretation.
...3...
__________________________________________________Objective, Scope & Limitations
Objective, Scope & LIMITATIONS
Ob ecti!e and "cope of the study

The objecti!e of the study is to aget in0depth knowledge of /ational .tock " change with reference to Indian #apital -arket by using Technical analysis method and tools using data and findings a!ailable. Following points ha!e been co!ered in the project: 1istory of .tock -arket 2 /." /." Indices 3!er!iew of capital markets in India Findings 2 Analysis of growth in /." on !arious grounds 'isting )rocedures #onclusion 2 .uggestions
...#...
__________________________________________________Objective, Scope & Limitations
$imitations in the topic

Follo%in& limitations %ere encountered %hile preparin& this pro ect: 1. $imited 'ata: ( This project is done based on the data collected by the source of secondary medium. This method is howe!er not much helpful as it fails to pro!ide the essential facts and findings necessary for e act interpretation and analysis. There were limitations for primary data collection because of inaccesibility and confidentiality of documents of company. $. $imited period: ( This project is based on the data a!ailable of limited period of time e.g. not more than that of one financial period of company. ,hich is certainly not helpful to make this project report accurate in terms of !arious comaprisions and growth analysis. 4. $imited area: 0 Also it was difficult to collect the data regarding the competitors and their financial information. -oreo!er, the topic chosen is !ery wide in terms of actual completion as there are !arious methods a!ailable for carrying out the analysis of a company. ,hereas, data and area for the project are a!aliable which make the situation contradictionary and limits the scope. 5. Type of data used: 0 This project is completely based on secondary data collected from !arious sources like internet, maga6ines, newpapers and books etc.
...)...
_________________________________________________________Research Methodology
RESEARCH METHODOLOGY
*esearch
7esearch in common parlance refers to a search for knowledge. 3ne can also define research as scientific and systematic search for pertinent information on a specific topic. In fact, a research is an art of scientific in!estigation. .ome people consider research as a mo!ement from the known to the unknown. It is actually a !oyage of disco!ery. ,e all possess the !ita confronts us, we wonder and our in%uisiti!eness makes probe and attend full and fuller understanding of the unknown. This in%uisiti!eness is the mother of all knowledge and the method which may employed for obtaining the knowledge of whate!er the unknown can be termed as 87esearch9.
Meanin& of *esearch
7esearch in common parlance refers to a search for knowledge. 7esearch can also be defined as scientific and system search for pertinent information on specific topic. ,e can also say research as an art of scientific in!estigation.
...+...
*esearch Methodolo&y
$. Applied :s Analytical 5. ;uantitati!e :s ;ualitati!e <. #onceptual :s "mpirical
=a> 'escripti!e ,s Analytical: +escripti!e 7esearch includes sur!eys and facts finding en%uiries of different kinds. The major purpose of +escripti!e 7esearch is description of the state of affairs, as it e ists at present. In Analytical 7esearch the researcher has to use facts or information already a!ailable, and analy6e these to make a critical e!olution of the material. =b> Applied ,s Analytical: Applied 7esearch aims at finding a solution for an immediate problem facing society or an industrial?business organi6ation. In analytical research, on the other hand, the researcher has to use facts or information already a!ailable and analy6e these to make a critical e!aluation of the material. =c> Applied ,s. Fundamental: Applied 7esearch aims at finding a solution for an immediate problem facing society or an industrial?business organi6ation whereas a fundamental research is mainly concerned with generali6ation and with the formation of the theory. =d> -uantitati!e ,s -ualitati!e: ;uantitati!e 7esearch is bases on the measurement of %uantity or amount. It is applicable to the phenomenon that can be e pressed in terms of the %uantity. ;ualitati!e 7esearch is especially important in the beha!ioral sciences where the aim is to disco!er the underline moti!es of human beha!iors. =e> Conceptual ,s .mpirical: #onceptual 7esearch is related to some abstract idea=s>. It is generally used by philosophers and thinkers to de!elop new concept or to interpret e isting ones. "mpirical 7esearch relies on e perience or obser!ation alone often without due regard for system and theory. It is a
.../...
1. +escripti!e :s Analytical 4. Applied :s Fundamental
data based research, coming up with conclusions, which are capable of being !erified, by obser!ation or e periment.
"ome Other Types of *esearch

There may be other types of research such as Time 7esearch or #ongitudinal 7esearch from the point of time. 'aboratory 7esearch or .imulation 7esearch, 1istorical 7esearch, " ploratory 7esearches are some of the other types of research.
Tools 0sed For 'ata Collection

The tools used for this project is secondary data collection which in!ol!es information from the internet, maga6ines, newspapers and !arious media sources etc.
...1...
___________________________________________________ istorical & In!ormative "ata
HISTORICAL & INFORMATIVE DATA
The "tock Market

8A stock market is a public market for trading of company stock and deri!ati!es at an agreed price@ these are securities listed on a stock e change as well as those only traded pri!ately.9 The si6e of the world stock market was estimated at about A4B.B trillion C. at beginning of 3ctober $DDE. The total world deri!ati!es market has been estimated at about AFG1 trillion face or nominal !alue, 11 times the si6e of the entire world economy. The !alue of the deri!ati!es market, because it is stated in terms of notional !alues, cannot be directly compared to a stock or a fi ed income security, which traditionally refers to an actual !alue. -oreo!er, the !ast majority of deri!ati!es HcancelI each other out =i.e. a deri!ati!e Hbet on the e!ent occurring is offset by a comparable deri!ati!e HbetI on the e!ent not occurring.>. -any such relati!ely illi%uid securities are !alued as marked to model, rather than an actual market price. The stocks are listed and traded on stock e changes which are entities of a corporation or mutual organi6ation speciali6ed in the business of bringing buyers and sellers of the organi6ations to a listing of stocks and securities together. The stock market in the Cnited .tates is /J." while in #anada@ it is the Toronto .tock " change. -ajor "uropean e amples of stock e changes include the 'ondon .tock " change, )aris (ourse, and the +eutsche (orse. Asian e amples include the Tokyo .tock " change, the 1ong Kong .tock " change, and (ombay .tock " change. In 'atin America, there are such e changes as the (-2F (o!espa and the (-:.
...2...
)articipants in the stock market range from small indi!idual stock in!estors to large hedge fund traders, who can be based anywhere. Their orders usually end up with a professional at a stock e change, who e ecutes the order. .ome e changes are physical locations where transactions are carried out on a trading floor, by a method known as open outcry. This type of auction is used in stock e changes and commodity e changes where traders may enter 8!erbal9 bids and offer simultaneously. The other type pf stock e change is a !irtual kind, composed of a network of computers where trades are made electronically !ia traders. Actual traders are based on an auction market model where a potential buyer bids a specific price for a stock and a potential seller asks a specific price for the stock. =(uying or selling at market means you will accept any ask price or bid price for the stock, respecti!ely.> ,hen the bid and ask prices match, a sale takes place, on a first0 come0first0ser!ed basis if there are multiple bidders or askers at a gi!en price. The purpose of a stock e change is to facilitate the e change of securities between buyers and sellers, thus pro!iding a marketplace =!irtual or real>. The e change pro!ide real0time trading information on the listed securities, facilitating price disco!ery.
3istory of "tock Markets

1istorian Fernand (raudel suggests that in #airo in the 11th century -uslim and Lewish merchants had already set up e!er form of trade association and had knowledge of e!ery method of credit and payment, dispro!ing the belief that these were in!ented later by Italians. In the 1$th century in France the courratiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. In the late 14 th century (ruges commodity traders gathered inside the house of a man called !an der beruse, and in 14DG they became the 8(rugse (eruse9, institutionali6ing what had been, until then an informal meeting. The idea %uickly spread around Flanders and neighboring countries and 8(eur6en9 soon opened in Mhent and Amsterdam.
...14...
In the middle of the 14th century :enetian bankers began to trading go!ernment securities. In14<1, the :enetian go!ernment outlawed spreading rumors intended to lower the price of go!ernment funds, bankers in )isa, :erona, Menoa, and Florence also began trading in go!ernment securities during the 15th century. This was only possible because these were independent city states not ruled by a duke but a council of influential citi6ens. The +utch later started joint stock companies, which let shareholders in!est in business !entures and get a share of their profits N or losses. In 1BD$, the +utch "ast India #ompany issued shares on the Amsterdam .tock " change. It was the first company to issue stocks and bonds.
"tock Market in 5ndia

The first organi6ed stock market in India was started in (ombay when the /ati!e .hare .tock (rokersI Association known as (ombay .tock " change =(."> was formed by the brokers in (ombay. (." was AsiaIs oldest stock e change. In 1EG5, the Ahemdabad .tock " change was started to facilitate dealings in shares of te tile mills there. The #alcultta .tock " change was started in 1GDE to pro!ide a market for shares of plantations and jute mills. The .econd ,orld ,ar saw great speculati!e acti!ity in the country and the number of stock e change rose from F in 1G4G to $1 in 1G5<. (esides, these organi6ed e changes, there were a number of unorgani6ed and unrecogni6ed e changes known as Kerb markets which functioned under a set of usages and con!entions and did not ha!e any set of rules which could enforced in courts of law. There were also illegal 8+abba9 markets in which stocks and shares were also bought and sold. Cnder the .ecurities #ontracts =7egulation> Act of 1G<B, the Mo!ernment of India has so far recogni6ed $4 stock e changes. (ombay is the premier e change in the country. ,ith the setting up of /ational .tock " change, all regional stock e changes ha!e lost rele!ance.
...11...
5mportance of "tock Market

The stock market is one of the most important sources for companies to raise money. This allows businesses to be publicly traded, or raise additional capital for e pansion by selling shares of ownership of the company in a public market. The li%uidity that an e change pro!ides affords in!estors the ability to %uickly and easily sell securities. This ia an attracti!e feature of in!esting in stocks, compared to other less li%uid in!estments such as real estate. 1istory has shown that the price of shares and other assets is an important part of the dynamics of economic acti!ity, and can influence or be an indicator of social mood. An economy where the stock market is on the rise considered to be an up and coming economy. 7ising share prices, for instance, tend to be associated with increased business in!estment and !ice !ersa. .hare prices also affect the wealth of households and their consumption. Therefore, central banks tend to keep an eye on the control and beha!ior of the stock market and, in general, on the smooth operation of financial system functions. " changes also act as the clearinghouse for each transaction, meaning that they collect and deli!er the shares, and guarantee payment to the seller of a security. This eliminates the risk to an indi!idual buyer or seller that the counterparty could default on the transactions. The smooth functioning of all these acti!ities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and ser!ices as well as employment. In this way the financial system contributes to increased prosperity. An important aspect of modern financial markets, howe!er, including the stock markets, is absolute discretion.
...12...
6usiness Transaction in "tock Market

A typical in!estment transaction in a stock e change will consist of four stages: 7 8lacin& an order %ith a broker: A client places his order with a stock broker who alone is entitled to transact business in a stock e change either to buy or to sell the shares of a company at fi ed prices or at best market prices. 7 .9ecution of the order: The broker or his authori6ed clerk will e ecute the order and the same will appear in the .tock " change +aily 3fficial 'ist which will include the number and price of shares which e changed hands. 7 *eportin& the deal to the client: As soon as the deal is transacted, the brokers send a contract note to the client gi!ing details of the security bought or sold, the price, the brokerIs commission, etc. 7 "ettlement of transaction: there are two methods of settlement of transactions. In the case of ready deli!ery =or cash> transactions, payment has to be made immediately on the transfer of the securities for within a period of one to se!en days. In the case of forward deli!ery, there is a system of carry0o!er i.e. post0ponement of deli!ery or payment in!ol!ing a payment by one to another. This system of carry0o!er pro!ides great scope for speculation in the forward market.
...13...
Functions of "tock Market

.tock market plays a !ery important role in de!eloping the economy of a country. .ome of the major functions are discussed here below: Measure of "afety and Fair 'ealin&: The stock e changes operate under a regulatory framework which are appro!ed by the central go!ernment, and meant to ensure that a reasonable measure of safety is pro!ided to in!estors and transactions take place in competiti!e conditions which are fair to all concerned. Act of Ma&ic: -ost of the in!estors are interested in short0term to medium N term in!estments. The re%uirements of companies are, howe!er, long0term in nature N they re%uire e%uity capital on a more or less permanent basis and debenture capital for 4 to 1< years. Thanks to the negotiability and transferability of securities through the stock market it is possible for companies to obtain their long0term re%uirements from in!estors with short0 term and medium0term hori6ons. ,hile one in!estor is substituted by another when a security is transacted, the company is assured of a!ailability of funds. Flo% of Capital to the Most 8rofitable Channels: #ompanies which ha!e more profitable in!estment opportunities are normally able to raise substantial funds through the stock market, whereas companies which do not ha!e such opportunities are normally not able to do so. As a result, the stock market facilitates the direction of the flow of the capital to the most profitable channels. 5nducement to Companies to *aise their "tandard of 8erformance: ,hen the e%uity capital of a company is listed on a stock e change, the performance of the company is reflected in the market price of the e%uity stock, which is readily a!ailable for public consumption. )ut differently, the companyIs performance is more H!isibleI in the eyes of the public. .uch a public e posure normally induces companies to raise their standard of performance. :uidance on Cost of Capital: The market !alues of the securities of company sre re%uired for computing its cost of capital. .uch !alues can be obtained from stock market %uotations. 1ence the stock market offers
...1#...
guidance on cost of capital.
...1)...
______________________________________________Overvie# o! $apital Mar%et in India
OVERVIEW OF Capital MARKET IN INDIA:
#apital market is the market for long0term funds, just as the money market is the market for short0term funds. It refers to all facilities and the institutional arrangements for borrowing and lending term funds =medium0term and long0term funds>.The supply of funds for the capital market comes largely from indi!idual sa!ers, corporate sa!ings, banks, insurance companies, speciali6ed financing agencies and the go!ernment. The Indian #apital -arket is broadly di!ided into the Milt0edged -arket and the Industrial .ecurities -arket. The Milt0edged market refers to the market for go!ernment and semi0go!ernment securities, backed by 7eser!e (ank of India. The Industrial .ecurities -arket refers to the market for shares and debentures of old and new companies. Two other segments : +FIs =+e!elopment Financial Institutions> and FIs =Financial Intermediaries> also compose the capital market of India. Further categori6ation is pictured here below:
...1+...
#A)ITA' -A7K"T I/ I/+IA

:o!ernment "ecurities ;:ill(ed&ed market< 5ndustrial "ecurities Market 'e!elopment Financial 5nstitutions ;'F5s< Financial 5ntermediaries
/ew Issue -arket
3ld Issues -arket &.tock " change* .F#s -utual Funds I+(I II(I CTI :enture #apital #ompanies 3thers
IF#I
I#I#I -erchant (anks
'easing #ompanies
Capital Markets of 5ndia ="tock .9chan&es in 5ndia

8In terms of the legal structure, the stock e change which are recogni6ed under the securities contracts =regulation> Act in India, could be separated into two broad groups0 $D stock e changes which are set up as companies, either limited by guarantees or by shares, and 4 stock e changes which are functioning as Associations of persons =A3)> !i6. (.", A." and Indore stock e change. The $D stock e change which are a!ailable in India are as follows: (anglore, (hubhaneshwar, Kolkata, #ochin, +elhi, 1yderabad, #oimbatore, Cttar )radesh, 'udhiana, -adras, -agadha, :adodra, Muwahati, )une, 3T#"I, Ahmedabad, (se, -adhya )radesh. 3f these, the stock e changes of Ahmedabad, (anglore, Kolkata, +elhi, 1yderabad, -adhya )radesh, -adras, Muwahati were gi!en permanent recognition by central go!ernment of India at the time of setting up these stock e changes. Apart from the /.", all stock e changes whether established as corporate bodies or Association of )ersons =A3)Is> are non0profit organi6ations.9 =report of committee on corporati6ation and demutuali6ation of stock e changes.> 3f these $4 stock e changes in the country, $D are regional stock e changes and the remaining three with All India jurisdiction are /.", (." and 3T#"I. .eparate modules are co!ered with regards to the structure and functioning and systems?procedure followed in /." and (.".
...1/...
"ecurity and .9chan&e 6oard of 5ndia ;".65<

It is a board =autonomous body> created by the go!ernment of India in 1GEE and gi!en statutory form in 1GG$ with ."(I acts 1GG$. Its head office is in -umbai, and other offices in #hennai, Kolkata and +elhi. ."(I is the regulator of securities markets in India. In 1GGE, the .ecurities and " change (oard of India =."(I> was established by the go!ernment of India throught an e ecuti!e resolution, and subse%uently upgraded as a fully autonomous body =a statutory board> in the year 1GG$ with the passing of the .ecurities and " change (oard of India act =."(I Act> on 4D th Lanuary 1GG$. In place of go!ernment control, a statutory and autonomous regulatory board with defined responsibilities, to co!er both de!elopment and regulation of market, independent powers has been set up. )arado ically this is a positi!e outcome of the securities scam of 1GGD0G1. The basic objecti!es of the board were defined as: To protect the interests of in!estors in securities@ To promote the de!elopment of securities market@ To regulate the securities market and@ For matters connected therewith or incidental thereto.
."(I has introduced: #omprehensi!e regulatory measures )rescribed registration norms "ligibility criteria The code obligations #ode of conduct for different intermediaries like, bankers to issue, merchant bankers, brokers and sub0brokers, registrars, portfolio managers, credit rating
...11...
agencies, underwriters and others It had frames bye0laws 7isk identification and risk management systems for clearing houses of stock e changes, sur!eillance system etc. All this has made dealing in securities both safe and transparent to the end in!estor. Another significant e!ent is the appro!al of trading in stock indices =like .2) #/O /ifty 2 ."/."O> in $DDD a market inde is a con!enient and effecti!e product because of the following reasons: It acts as a barometer for market beha!ior It is used to benchmark portfolio performance It is used in benchmark instruments like inde futures and inde options It can be used for passi!e fund management as in case of inde funds.
O!er the Counter .9chan&e of 5ndia ;OCT.5<

3T#"I was incorporated in 3ctober 1GGD as a section $< company under the companies Act 1G<B and is recogni6ed as a stock e change under section 5 of the securities contracts regulation act,1G<B. The object of the 3#T"I is 8 To pro!ide an alternate market for the securities of smaller companies, public0sector companies, closely0held companies desirous listing etc. It has been promoted jointly by CTI, I#I#I, I+(I,.(I #apital -arkets 'td, IF#I, MI# and #anbank Financial .er!ices 'td. The e change was set up with a multi0tier securities e change model to aid enterprising promoters in raising finance for new project in cost effecti!e manner to pro!ide in!estors with a transparent and efficient mode of trading. 3T#"I is intended to pro!ide easy marketability and better li%uidity of securities to an in!estor. (esides, it also facilitate transfer of shares listed here.
...12...
-odeled along the lines of /A.+A; market, 3T#"I introduces many no!el concepts to the Indian #apital -arket such as screen based nation wide trading, sponsorship of companies, markets making and scrip less trading. As a measure of success of these efforts , the e change today has 11< listings and has assisted in pro!iding capital for enterprises that has gone to build successful brand for themsel!es like :I), .onara tiles 2 (rilliant mineral water etc.
6ombay "tock .9chan&e ;6".<

The (." is the oldest stock e change in Asia with rich heritage. )opularly known as (.", it was established as 8The nati!e share and stock brokersI association9 in1EF<. It is the first stock e change in country to obtain permanent recognition in 1G<B from the go!ernment of India under the securities contracts =regulation> act, 1G<B. the e changes pi!otal and pre0eminent role in the de!elopment of Indian capital market is widely recogni6ed and its inde , ."/."O, is tracked worldwide. "arlier an association of persons =A3)>, the e change is now a demutuali6ed and corporati6ed entity incorporated under the pro!isions of the companies act, 1G<B, pursuant to (." =corporati6ation and demutuali6ation> scheme, $DD<notified by .ecurities and " change (oard of India, ."(I. (ombay stock e change limited recei!ed its #ertificate of Incorporation on Eth August, $DD< and #ertificate of #ommencement on 1$th August, $DD<. The 8+C" +AT"9 for taking o!er the business and operations of the (." was fi ed for 1Gth August, $DD<, under the scheme. The e change has succeeded the business and operations of (." ongoing concern basis and its recognition as an e change has been continued by ."(I. The e change has a nation0wide reach with the presence of 51F cities and town of India. The systems and processes of the e change are designed to safeguard the market integrity and enhance transparency in operations. +uring the year $DD50$DD<, the trading !olumes on the e change showed robust growth.
...24...
*e&ional "tock .9chan&es

,ith the automation of all stock e changes and the e pansion of trading terminals of (." and /." across the country, in!estors ha!e an easy access to the securities market. The nationwide reach of two stock e change has affected the market structure in two ways: First, the business of other stock e changes has declines significantly, as in!estors ha!e preferred to trade in (." and /." as they pro!ide deeper marketsa. .econdly, with the declining of trading !olumes in other stock e changes, the issuers feel that hardly any purpose is ser!ed by remaining listed in the regional stock e change, which was introduced in the days of manual trading and open octroi system to encourage mobili6ation of resources and de!elopment of e%uity cult across the country, has thus lost its rele!ance in the days of automated trading. It is therefore widely felt that the concept of regional stock e change needs to be abolished, similar recommendations ha!e been made the committee on delisting of shares and the committee on demutuali6ation of stock e changes set up by ."(I.
5nterconnected "tock .9chan&e of 5ndia ;5C".<

Inter0connected stock e changes of India limited =I#."> has been promoted by 15 regional stock e changes to pro!ide cost0effecti!e trading linkage?connecti!ity to all members of the participating e changes, with the objecti!e of widening the market for the securities listed on these e changes, inter0connecti!ity of stock e changes is a mechanism to enable a trader or dealer =trading member directly enrolled by I#."> to deal with another trader or dealer through his own local trader work station located in his office. I#." is a national0le!el stock e change and pro!ides trading, clearing, settlement, risk management and sur!eillance support to its traders and dealers. I#." aims to address the needs of small companies and retail in!estors with the guiding principle of optimi6ing the e isting infrastructure and harnessing the potential of regional markets, so as to transform these into a li%uid and !ibrant market through the use of state0of0the0art technology and networking.
...21...
The mission of I#." is to "ndea!or to consolidate the small, fragmented and less li%uid markets into a national0le!el, li%uid market by using the state0of0the0art infrastructure and support systems. Their objecti!e is to create a single trading national le!el solution with access to multiple markets for pro!iding high cost0 effecti!e ser!ice to millions of in!estors across the country. To create a li%uid and !ibrant national market for all listed companies in general and small capital companies in particular. 3ptimally utili6e the e isting infrastructure and other resources of participating stock e changes, which are under0utili6ed now. )ro!ide a le!el playing field to small traders and dealers by offering an opportunity to participate in a national market ha!ing in!estment0oriented business. 7educe transaction cost@ pro!ide clearing and settlement facilities to the traders and dealers across the country at their doorstep in a decentrali6ed mode. .preads demat trading across the country. The participating e changes of I#." ha!e in all about 5<oo stockbrokers, out of which more than $DD ha!e been currently registered as traders on I#.". In order to le!erage its infrastructure and to e pand it nationwide reach, I#." has also appointed around 5<D dealers across FD cities other than the participating e change centers. These dealers are administrati!ely supported through the regional officers of I." at +elhi=/orth>, Kolkata="ast>, #oimbatore =.outh> and /agpur =#entral>, besides -umbai=,est>. The I#." has also floated a wholly0owned subsidery, I." securities 2 .er!ices 'imited =I..>, which has taken up corporate membership of the national stock e change of India lt. =/."> in both capital market and futures 2 options segments and stock e change, -umbai in the e%uities segment, so that traders and dealers of I#." can access other markets in addition to the I#." market and their local market. I#." thus pro!ides the in!estors in smaller cities a one0step solution for cost0effecti!e trading and settlement in securities. P Thus, the abo!e was the re!iew of other capital markets in I/+IA.
...22...
_______________________________________________&ational Stoc% '(change o! India
NATIONAL STOCK EXCHANGE OF INDIA
The >ational "tock .9chan&e of 5ndia $imited ;>".< is a -umbai0based stock e change. It is largest stock e change in India in terms of daily turno!er and number of trades, both for e%uities and deri!ati!es trading. /." has a market capitali6ation of around 7s. 5F.D1.G$4 crore=F August $DDG> and is e pected to become the biggest stock e change in India in terms of market capitali6ation by $DDG end. Though a number of other e changes e ist, /." and the (ombay .tock " change are the two most significant stock e changes in India and between them are responsible for the !ast majority of share transactions. The /."Is key inde is the .2) #/O /ifty, known as the /ifty, an inde of fifty major stocks weighted by market capitali6ation. /." us mutually0owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities. There are at least $ foreign in!estors /J." "urone t and Moldman .achs who ha!e taken a stake in the /.". As of $DDB, the /." :.AT terminals, $FGG in total, co!er more than 1<DD cities across India. In 3ctober $DDF, the e%uity market capitali6ation of the companies listed on the /." was C.A 1.5B trillion, making it the second largest stock e change in .outh Asia. /." is the third largest stock e change in terms of the number of trades in e%uities. It is the second fastest growing stock e change in the world with a recorded growth of 1B.BQ.
...23...
Ori&ins
The /ational .tock " change of India was promoted by leading financial institutions at the behest of the Mo!ernment of India, and was incorporated in /o!ember 1GG$ as a ta Rpaying company. In April 1GG4, it was recogni6ed as a stock e change under the .ecurities #ontracts =7egulation> Act, 1G<B. /." commenced operations in the ,holesale +ebt -arket =,+-> segment in Lune 1GG5. The #apital -arket ="%uities> segment of the /." commenced operations in /o!ember 1GG5, while operations in the +eri!ati!es segment commenced in Lune $DDD.
5nno!ations
/." has remained in the forefront of moderni6ation of IndiaIs capital and financial markets, and its pioneering efforts include: (eing the first national, anonymous, electronic limit order book ='3(> e change to trade securities in India. .ince the success of the /.", e istent market and new market structures ha!e followed the /." model. .etting up the first clearing #orporation 8/ational .ecurities #learing #orporation 'td.9 in India. /.##' was a landmark in pro!iding inno!ation on all spot e%uity market =and later, deri!ati!e market> trades in India. #o0promoting and setting up of /ational .ecurities +epository 'imited, first depository in India. .etting up of .2) #/O /ifty. /." pioneered commencement of Internet Trading in February $DDD, which led to the wide populari6ation of the /." in the broker community. (eing th first e change that, in 1GGB, proposed e change traded deri!ati!es, particularly on an e%uity inde , in India. After four years of policy and regulatory debate and formulation, the /." was permitted to start trading e%uity deri!ati!es. (eing the first and the only e change to trade M3'+ "TFs =e change traded funds> in India. /." has also launched the /."0#/(#0T:1E media centre in association with #/(#0T:1E.
...2#...
It is the one of the most important stock e changes in the world.
Markets
#urrently, /." has the following major segments of the capital market: 1. "%uity Futures and 3ptions 7etail +ebt -arket ,holesale +ebt -arket .?uities: /." started trading in the e%uities segment =capital market segment> on /o!ember 4, 1GG5 and within a short span of 1 year became the largest e change in India in terms of !olumes transacted. Trading !olumes in the e%uity segment ha!e grown rapidly with a!erage daily turno!er increasing from 7s. 1F crores during 1GG50G< to 7s. ,$<4 crores during $DD<0$DD<. +uring the year $DDE0$DDG, /." reported a turno!er of 7s. 1,<BG,<<B crores in the e%uities segment.+uring the year $DDG01D, /." reported a turno!er of 7s.4,E1$,D4$ crores in the e%uities segment.The e%uity segment pro!ides you with an insight into the e%uities segment of /." and also pro!ides real0time %uotes and statistics of the e%uities market. $. Futures and Options: The deri!ati!es trading on /." commenced on Lune 1$, $DDD with futures trading on .2) #/O /ifty inde . .ubse%uently, the product base has been increased to include trading in futures and options on .2) #/O /ifty inde , #/O IT inde , (ank /ifty inde and single securities =1EE stocks as stipulated by."(I> and futures on interest rate. This segment has been considerable growth since inception.In the global market, /." ranks first=1st> in the world in terms of number of contracts traded in the single stock futures, second =$nd> in Asia in terms of number of contracts in the single stock futures, second =$nd> in Asia in terms of number of contracts traded in e%uity deri!ati!es instrument. 4. *etail 'ebt Market: ,ith the !iew to encourage wider participation of all classes of in!estors across the country =including retail in!estors> in
...2)...
go!ernment securites, the go!ernment, 7(I and ."(I ha!e introduced trading in go!ernment securities for retail in!estors. Trading in this retail debt market segment =7+-> on /." has been introduced w.e.f. Lanuary 1B, $DD4. Trading shall take place in the e isting capital market segment of the e change. 5. @holesale 'ebt Market: The wholesale market segment deals in fi ed income securities and is fast gaining ground in an en!ironment that has largely focused on e%uities. The wholesale debt market =,+-> segment of the e change commenced operations on Lune 4D, 1GG5. This pro!ided the first formal screen0based trading facilities for a !ariety of debt instruments including go!ernment securities, treasury bills and bonds issued by public sector undertakings?corporate?banks like floating rate bonds state go!ernment loans units of mutual funds and securiti6ed debt by banks, financial institution, corporate bodies, trusts and others. /." became the first stock e change to get appro!al for interest rate futures as recommended by ."(I07(I committee, on 41st August $DDG. a future contract based on FQ 1D year M3I bond =/3TI3/A'> was launched with %uarterly maturities.
...2+...
The Or&anisation
The /ational .tock " change of India 'imited has genesis in the report of the 1igh )owered .tudy Mroup on "stablishment of /ew .tock " changes. It recommended promotion of a /ational .tock " change by financial institutions =FIs> to pro!ide access to in!estors from all across the country on an e%ual footing. (ased on the recommendations, /." was promoted by leading Financial Institutions at the behest of the Mo!ernment of India and was incorporated in /o!ember 1GG$ as a ta 0paying company unlike other stock e changes in the country. The /ational .tock " change =/."> operates a nation0wide, electronic market, offering trading in #apital -arket, +eri!ati!es -arket and #urrency +eri!ati!es segments including e%uities, e%uities based deri!ati!es, #urrency futures and options, e%uity based "TFs, Mold "TF and 7etail Mo!ernment .ecurities. Today /." network stretches to more than 1,<DD locations in the country and supports more than $, 4D,DDD terminals. ,ith more than 1D asset classes in offering, /." has taken many initiati!es to strengthen the securities industry and pro!ides se!eral new products like -ini /ifty, 'ong +ated 3ptions and -utual Fund .er!ice .ystem. 7esponding to market needs, /." has introduced ser!ices like +-A, FIO capabilities, co0location facility and mobile trading to cater to the e!ol!ing need of the market and !arious categories of market participants. /." has made its global presence felt with cross0listing arrangements, including license agreements co!ering benchmark inde es for C... and Indian e%uities with #-" Mroup and has also signed a -emorandum of Cnderstanding =-3C> with .ingapore " change =.MO> to cooperate in the de!elopment of a market for India0 linked products and ser!ices to be listed on .MO. The two e changes also will look into a bilateral securities trading link to enable in!estors in one country to seamlessly trade on the other countryIs e change. /." is committed to operate a market ecosystem which is transparent and at the same time offers high le!els of safety, integrity and corporate go!ernance, pro!iding e!er growing trading 2 in!estment opportunities for in!estors.
...2/...
5ndices
/." has also set up an inde following: An Inde is used to gi!e information about the price mo!ements of products in the financial, commodities or any other markets. Financial inde es are constructed to measure price mo!ements of stocks, bonds, T0bills and other forms of in!estments. .tock market inde es are meant to capture the o!erall beha!iour of e%uity markets. A stock market inde is created by selecting a group of stocks that are representati!e of the whole market or a specified sector or segment of the market. An Inde calculated with reference to a base period and a base inde !alue. .tock market inde es are useful for a !ariety of reasons. .ome of them are: They pro!ide a historical comparison of returns on money in!ested in the stock market against other forms of in!estments such as gold or debt. They can be used as a standard against which to compare the performance of an e%uity fund. It is a lead indicator of the performance of the o!erall economy or a sector of the economy .tock inde es reflect highly up to date information -odern financial applications such as Inde Funds, Inde Futures, Inde is ser!ices firm known as India inde ser!ices and products limited =II.'> and has launched se!eral stock indices including the
3ptions play an important role in financial in!estments and risk management
Ma or 5ndices of >".
...21...
.2) #/O /IFTJ #/O /IFTJ LC/I37 #/O 1DD=R.2) #/O /IFTJ S#/O /IFTJ LC/I37> #/O IT (A/K /IFTJ .2) #/O +"FTJ #/O -I+#A) /IFTJ -I+#A) <D
#/O midcap introduced on 1E Luly $DD< replacing #/O midcap $DD.
"A8 C>B >5FTC

.2) #/O /ifty is a well di!ersified <D stock inde accounting for $4 sectors of the economy. It is used for a !ariety of purposes such as benchmarking fund portfolios,
inde based deri!ati!es and inde funds.

.2) #/O /ifty is owned and managed by India Inde .er!ices and )roducts
'td. =II.'>, which is a joint !enture between /." and #7I.I'. II.' is IndiaTs first
speciali6ed company focused upon the inde as a core product. II.' has -arketing and licensing agreement with .tandard 2 )oorTs =.2)>, who are world leaders in inde ser!ices. The total traded !alue for the last si months of all /ifty stocks is
appro imately 5EQ of the traded !alue of all stocks on the /." /ifty stocks represent about <BQ of the Free Float -arket #apitali6ation as on .ep 4D, $D1D.
Impact cost of the .2) #/O /ifty for a portfolio si6e of 7s.<D lakhs is
D.DBQ. .2) #/O /ifty is professionally maintained and is ideal for deri!ati!es trading
C>B >5FTC D0>5O*

...22...
The ne t rung of li%uid securities after .2) #/O /ifty is the #/O /ifty Lunior. It may be useful to think of the .2) #/O /ifty and the #/O /ifty Lunior as making up the 1DD most li%uid stocks in India. As with the .2) #/O /ifty, stocks in the #/O /ifty Lunior are filtered for li%uidity, so they are the most li%uid of the stocks e cluded from the .2) #/O /ifty. The maintenance of the .2) #/O /ifty and the #/O /ifty Lunior are synchroni6ed so that the two indices will always be disjoint sets@ i.e. a stock will ne!er appear in both indices at the same time. 1ence it is always meaningful to pool the .2) #/O /ifty and the #/O /ifty Lunior into a composite 1DD stock inde or portfolio. #/O /ifty Lunior represents about 11 Q of the Free Float -arket #apitali6ation as on .ep 4D, $D1D. The traded !alue for the last si months of all Lunior /ifty stocks is
appro imately 15Q of the traded !alue of all stocks on the /." Impact cost for #/O /ifty Lunior for a portfolio si6e of 7s.$< lakhs is D.DGQ.
C>B 144
#/O 1DD is a di!ersified 1DD stock inde accounting for 4< sector of the economy. #/O 1DD is owned and managed by India Inde .er!ices 2 )roducts 'td. =II.'>. ,hich is a joint !enture between #7I.I' 2 /.". II.' is IndiaIs first speciali6ed company focused upon the inde as a core products. II.' has a licensing 2 marketing agreement with .tandard 2 )oorIs =.2)>, who are leaderIs in inde ser!ices. #/O 1DD represents about BFQ of the Free Float market capitali6ation as on .ep 4D, $D1D. The a!erage traded !alue for the last si months of all #/O1DD stocks is appro imately B1 Q of the traded !alue of all stocks on the /.".
"A8 C>B )44

The .2) #/O <DD is IndiaIs first broad based benchmark of the Indian capital
...34...
market. The .2) #/O <DD represents about GDQ of the Free Float -arket #apitali6ation and about EFQ of the total turno!er on the /." as on .ept 4D, $D1D. The .2) #/O <DD companies are disaggregated into F$ industry indices !i6. .2) #/O Industry Indices. Industry weightages in the inde reflect the industry weightages in the market. For e.g. if the banking sector has a <Q weightage in the uni!erse of stocks traded on /.", banking stocks in the inde would also ha!e an appro . representation of <Q in the inde .
"A8 C>B '.FTC

Almost e!ery institutional in!estor and off0shore fund enterprise with an e%uity e posure in India would like to ha!e an instrument for measuring returns on their e%uity in!estment in dollar terms. To facilitate this, a new inde the .2) #/O +efty0 +ollar +enominated .2) #/O /ifty has been de!eloped. .2) #/O +efty is .2) #/O /ifty, measured in dollars.
"alient Features
)erformance indicator to foreign institutional in!estors, off0shore funds, etc. )ro!ides an effecti!e tool for hedging Indian e%uity e posure. Impact cost of the .2) #/O /ifty for a portfolio si6e of 7s.<D 'akhs is D.DBQ )ro!ides fund managers an instrument for measuring returns on their e%uity in!estment in dollar terms.
...31...
Calculation of "A8 C>B 'efty #omputations are done using the .2) #/O /ifty inde calculated on the /"AT trading system of /." and I/70C.+ e change rate that is based on the real time polled data feed.
. 2 ) #/O /ifty at time t U " change rate as on base date " change rate at time t
. 2 ) #/O +efty =
Calculation of closin& !alue of "A8 C>B 'efty

#losing !alue of .2) #/O +efty is computed by considering a!erage of I/70C.+ polled data !alues =e change rate> of last 4D minutes of the market.
#losing !alue of . 2 ) #/O +efty
= #losing !alue of . 2 ) #/O /ifty U " change rate as on base date A!erage of e change rate of last 4D minutes of the market
"pecifications of "A8 C>B 'efty

(ase date: D4 /o!ember 1GG< (ase .2) #/O +efty Inde :alue: 1DDD .2) #/O /ifty :alue as on (ase date: 1DDD " change rate as on base date: 45.B< Adjustment factor as on (ase date:1.DD
C>B M5'CA8
The medium capitalised segment of the stock market is being increasingly percei!ed as an attracti!e in!estment segment with high growth potential. The primary objecti!e of the #/O -idcap Inde is to capture the mo!ement and be a benchmark of the midcap segment of the market.
Method of Computation
...32...
#/O -idcap is computed using free float market capitali6ationU weighted method w.e.f. February $B, $D1D, wherein the le!el of the inde reflects the free float market !alue of all the stocks in the inde relati!e to a particular base period. The method also takes into account constituent changes in the inde and importantly corporate actions such as stock splits, rights, etc without affecting the inde !alue.
6ase 'ate and ,alue

The #/O -idcap Inde has a base date of Lan 1, $DD4 and a base !alue of 1DDD #riteria for .election of #onstituent .tocks The constituents and the criteria for the selection judge the effecti!eness of the inde . .election of the inde set is based on the following criteria : All the stocks, which constitute more than <Q market capitali6ation of the uni!erse =after sorting the securities in descending order of market capitali6ation>, shall be e cluded in order to reduce the skewness in the weightages of the stocks in the uni!erse. After step =a>, the weightages of the remaining stocks in the uni!erse is determined again. After step =b>, the cumulati!e weightage is calculated. After step =c> companies which form part of the cumulati!e percentage in ascending order unto first F< percent =i.e. upto to F5.GG percent> of the re!ised uni!erse shall be ignored. After, step =d>, all the constituents of .2) #/O /ifty shall be ignored. From the uni!erse of companies remaining after step =e> i.e. F<th percent and abo!e, first 1DD companies in terms of highest market capitali6ation, shall constitute the #/O -idcap Inde mentioned below. subject to fulfillment of the criteria
Tradin& 5nterest
...33...
All constituents of the #/O -idcap Inde must ha!e a minimum listing record of B months. In addition, all candidates for the Inde are also e!aluated for trading interest, in terms of !olumes and trading fre%uency.
Financial 8erformance
All companies in the #/O -idcap Inde ha!e a minimum track record of three years of operations with a positi!e net worth.
Others
A company which comes out with a I)3 will be eligible for inclusion in the inde , if it fulfills the normal eligibility criteria for the inde for a 4 month period instead of a B month period. U#/O -idcap Inde was computed using market capitali6ation weighted
method from the launch date till February $<, $D1D.
>5FTC M5'CA8 )4
The medium capitali6ed segment of the stock market is being increasingly percei!ed as an attracti!e in!estment segment with high growth potential. The primary objecti!e of the /ifty -idcap <D Inde is to capture the mo!ement of the midcap segment of the market. It can also be used for inde 0based deri!ati!es trading.
Method of computation
/ifty -idcap <D is computed using free float market capitalisation weighted method, wherein the le!el of the inde reflects the total market !alue of all the stocks in the inde relati!e to a particular base period. The method also takes into account constituent changes in the inde and importantly corporate actions such as stock splits, rights, etc without affecting the inde !alue.
6ase 'ate and ,alue

The /ifty -idcap <D Inde has a base date of Lan 1, $DD5 and a base !alue of 1DDD.
Criteria for "election of Constituent "tocks

The constituents and the criteria for the selection judge the effecti!eness of the inde .
...3#...
.election of the inde set is, inter alia, based on the following criteria: .tocks with a!erage market capitali6ation ranging from 7s.1DDD #rore to 7s.<DDD #rore at the time of selection. .tocks which are not part of the deri!ati!es segment are e cluded. .tocks which are forming part of the .2) #/O /IFTJ inde are e cluded.
Other statistics
/ifty -idcap <D stocks represent about B Q of the free float market capitali6ation as on .eptember 4D, $D1D. The traded !olume for the last si months of all /ifty -idcap <D stocks is appro imately 1DQ of the traded !olume of all stocks on the /.". P /ifty -idcap <D Inde was computed using market capitali6ation weighted method from the launch date till February $<, $D1D
...3)...
Other 5ndices
#/O IT Inde #/O (ank Inde #/O F-#M Inde #/O )." Inde #/O -/# Inde #/O .er!ice .ector Inde .2) #/O Industry Indices #ustomised Indices #/O "nergy Inde #/O )harma Inde #/O Infrastructure Inde #/O ).C (A/K Inde #/O 7ealty Inde .2) #/O /ifty .hariah ? .2) #/O <DD .hariah .2) ".M India Inde
...3+...
$istin&
'isting means admission of securities of an issuer to trading pri!ileges on a stock e change through a formal agreement. The prime objecti!e of admission to dealings on the e change is to pro!ide li%uidity and marketability to securities, as also to pro!ide a mechanism for effecti!e management of trading. 'isting on /." pro!ides %ualifying companies with the broadest access to in!estors, to greatest market depth and li%uidity, cost0effecti!e access to capital, the highest !isibility, the fairest pricing and in!estor benefits. /." trading terminals are now situated in !arious cities and towns across the length and breadth of India. .ecurities listed on the e changes are re%uired to fulfill the eligibility criteria for listing. :arious types of securities of a company are traded under a uni%ue symbol and different series. /." plays an important role in helping an Indian economyIs access e%uity capital, by pro!iding a li%uid and well0regulated market. /." had about 141G companies listed presenting the length, breadth and di!ersity of the Indian economy which includes from hi0tech to hea!y industry, software, refinery, public sector units, infrastructure, and financial ser!ices. 'isting on /." raises a companyIs profile among in!estors in India and abroad. Trade data is distributed worldwide through !arious news0!ending agencies. -ore importantly, each and e!ery /." listed company is re%uired to satisfy stringent financial, public distribution and management re%uirements. 1igh listing standards foster in!estor confidence and also bring credibility into the markets. /." lists securities in its capital market =e%uities> segment and its wholesale debt market segment.
...3/...
$istin& Criteria
The e change has laid down criteria for listing of new issues by companies. I)3Is by knowledge based issuers, companies listed on other e changes, and companies formed by amalgamation? restructuring, etc. in conformity with the securities contracts=regulation> rules, 1G<F and directions of the central go!ernment and the securities and e change board of India =."(I>. Following are the certain listing criteria in /.": The company should ha!e the minimum paid0up capital and market capitali6ation. )roject appraisal by the concerned authority. #ompany?)romoterIs track record, etc. The issuers of securities are re%uires to adhere to pro!isions of the securities contracts =regulation> Act, 1G<B, the securities and e change board of India Act, 1GG$. They are also re%uired to follow rules, circulars, notifications, guideline, etc. prescribed there under.
$istin& 8rocedure and 'ocumentation

An issuer has to take !arious steps prior to making an application for listing its securities on the /.". These steps are essential to ensure the compliance of certain re%uirements by the issuer before listing its securities on the /.". The !arious steps to be taken include: Initial discussions Appro!al of -emorandum and Articles of Association Appro!al of draft prospectus .ubmission of application Fulfilling listing conditions and re%uirements
...31...
In case the company fulfills the criteria, the following information and documentations are re%uired for further processing: 1. $. 4. 5. <. A brief note on the promoters and management #ompany profile #opies of annual report for last 4 years #opies of the draft offer document -emorandum 2 Articles of Association
The main entry norms for companies making a public issue =I)3 or F)3> are summari6ed as under following norms:
.ntry Form 5 ;.> 5<

The company shall meet the following re%uirements: /et tangible assets of atleast 7s.4 crores for full 4 years. +istributable profits in atleast three years. /et worth of atleast 7s. 1 #rore in three years. If change in name, atleast <DQ re!enue for proceeding 1 year should be from the new acti!ity. The issue si6e does not e ceed < times the pre0issue worth To pro!ide sufficient fle ibility and also to ensure that genuine companies do not suffer on account of rigidity of the parameters. ."(I has pro!ided two other alternati!e routes to company not satisfying any of the abo!e conditions, for accessing the primary market, as under:
.ntry >orm 55 ;.> 55<

Issue shall be through book building issue route, with atleast <DQ to be mandatory allotted to the %ualified institutional buyers =;I(s>. The minimum post0issue face !alue capital shall be7s. 1D crore or there shall be a compulsory market0making for atleast $ years.
...32...
.ntry >orm 555;.> 555<:

The 8project9 is appraised and participated to the e tent of 1<Q by FIIIs? scheduled commercial banks of which atleast 1DQ comes from the appraiser=s>. The minimum post0issue face !alue capital shall be 7s. 1D crore or there shall be a compulsory market0making for atleast $ years. In addition to satisfying the aforesaid eligibility norms, the company shall also satisfy the criteria of ha!ing atleast 1DDD prospecti!e allotees in its issue.
6enefits of $istin& on >".

The benefits of listing on /." are enumerated as below: /." pro!ides a trading platform that e tends across the length and breadth of the country listing on /." thus, enables to reach and ser!ice in!estors across the country. /." being the largest stock e change in terms of trading !olumes, the securities trade at low impact cost and are highly li%uid. This in turn reduces the cost of cost of trading to the in!estor. The trading system of the /." pro!ides un0parallel le!el of trade and post0 trade information. The best < buy and sell orders are displayed on the trading system and the total number of securities a!ailable for buying and selling is also displayed?this helps the in!estors to know the depth of the market. Further, corporate announcements, results, corporate actions etc. Are also on the trading system. Thus, reducing the scope for price manipulation or misuse. The facility of making initial public offers =I)3Is>, using /."Is network and software, results in significant reduction in cost and time of issues. /."Is website www.nseindia.com pro!ides a link to the web0sites of the companies that are listed on the /.", so that !isitors interested in any company can !isit that companyIs web0site from the /." site.'isted companies are pro!ided with monthly trade statistics for the securities of the company listed on the e change.
...#4...
___________________________________________________________)indings & *nalysis
FINDINGS & ANALYSIS
>". M5$."TO>."
>". Milestones
/o!ember 1GG$ April 1GG4 -ay 1GG4 Lune 1GG5 /o!ember 1GG5 -arch 1GG< April 1GG< Lune 1GG< Luly 1GG< 3ctober 1GG< April 1GGB April 1GGB Lune 1GGB /o!ember 1GGB /o!ember 1GGB +ecember 1GGB +ecember 1GGB +ecember 1GGB February 1GGF /o!ember 1GGF -ay 1GGE -ay 1GGE Luly 1GGE August 1GGE February 1GGG April 1GGG 3ctober 1GGG Lanuary $DDD February $DDD Lune $DDD .eptember $DDD Incorporation 7ecognition as a stock e change Formulation of business plan ,holesale +ebt -arket segment goes li!e #apital -arket ="%uities> segment goes li!e "stablishment of In!estor Mrie!ance #ell "stablishment of /.##', the first #learing #orporation Introduction of centralised insurance co!er for all trading members "stablishment of In!estor )rotection Fund (ecame largest stock e change in the country #ommencement of clearing and settlement by /.##' 'aunch of .2) #/O /ifty "stablishment of .ettlement Muarantee Fund .etting up of /ational .ecurities +epository 'imited, first depository in India, co0promoted by /." (est IT Csage award by #omputer .ociety of India #ommencement of trading?settlement in dematerialised securities +ata%uest award for Top IT Cser 'aunch of #/O /ifty Lunior 7egional clearing facility goes li!e (est IT Csage award by #omputer .ociety of India )romotion of joint !enture, India Inde .er!ices 2 )roducts 'imited =II.'> 'aunch of /."Ts ,eb0site: www.nse.co.in 'aunch of /."Ts #ertification )rogramme in Financial -arket #J("7 #37)37AT" 3F T1" J"A7 1GGE award 'aunch of Automated 'ending and (orrowing -echanism #1I) ,eb Award by #1I) maga6ine .etting up of /.".IT 'aunch of /." 7esearch Initiati!e #ommencement of Internet Trading #ommencement of +eri!ati!es Trading =Inde Futures> 'aunch of TVero #oupon Jield #ur!eT
...#1...
___________________________________________________________)indings & *nalysis /o!ember $DDD 'aunch of (roker )la6a by +ote International, a joint !enture between /.".IT 'td. and i0fle .olutions 'td. +ecember $DDD #ommencement of ,A) trading Lune $DD1 #ommencement of trading in Inde 3ptions Luly $DD1 #ommencement of trading in 3ptions on Indi!idual .ecurities /o!ember $DD1 #ommencement of trading in Futures on Indi!idual .ecurities +ecember $DD1 'aunch of /." :a7 for Mo!ernment .ecurities Lanuary $DD$ 'aunch of " change Traded Funds ="TFs> -ay $DD$ /." wins the ,harton0Infosys (usiness Transformation Award in the 3rgani6ation0wide Transformation category 3ctober $DD$ 'aunch of /." Mo!ernment .ecurities Inde Lanuary $DD4 #ommencement of trading in 7etail +ebt -arket Lune $DD4 'aunch of Interest 7ate Futures August $DD4 'aunch of Futures 2 options in #/OIT Inde Lune $DD5 'aunch of .T) Interoperability August $DD5 'aunch of /."Is electronic interface for listed companies -arch $DD< HIndia Inno!ation AwardI by "-)I (usiness .chool, /ew +elhi Lune $DD< 'aunch of Futures 2 options in (A/K /ifty Inde +ecember $DDB T+eri!ati!e " change of the JearT, by Asia 7isk maga6ine Lanuary $DDF 'aunch of /." N #/(# T: 1E media centre -arch $DDF /.", #7I.I' announce launch of India(ond,atch.com Lune $DDF /." launches deri!ati!es on /ifty Lunior 2 #/O 1DD 3ctober $DDF /." launches deri!ati!es on /ifty -idcap <D Lanuary $DDE Introduction of -ini /ifty deri!ati!e contracts on 1st Lanuary $DDE -arch $DDE Introduction of long term option contracts on .2) #/O /ifty Inde April $DDE 'aunch of India :IO April $DDE 'aunch of .ecurities 'ending 2 (orrowing .cheme August $DDE 'aunch of #urrency +eri!ati!es August $DDG 'aunch of Interest 7ate Futures /o!ember $DDG 'aunch of -utual Fund .er!ice .ystem +ecember $DDG #ommencement of settlement of corporate bonds February $D1D 'aunch of #urrency Futures on additional currency pairs -arch $D1D /."0 #-" Mroup 2 /." 0 .MO product cross listing agreement April $D1D Financial +eri!ati!e " change of the Jear AwardT by Asian (anker Luly 1G, $D1D #ommencement of trading of .2) #/O /ifty Futures on #-" Luly 1G, $D1D 7eal Time dissemination of India :IO. Luly $E, $D1D '3I signed with 'ondon .tock " change Mroup 3ctober 1$, $D1D Introduction of #all auction in )re0open session 3ctober $E, $D1D Introduction of "uropean .tyle .tock 3ptions 3ctober $G, $D1D Introduction of #urrency 3ptions on C.+ I/7
...#2...
___________________________________________________________)indings & *nalysis
Market Trend and Analysis 6usiness :ro%th in Capital Market "e&ment

MonthE Cear >o. of >o. of >o. of Co. tradin& "ecurities $isted days traded 1,5FD 1,54$ 1,4E1 1,$$E $55 $54 $<1 $5G 1,GBE 1,4$F 1,$B5 1,1G1 >o. of trades ;lakhs < 1B,E1B 14,B<1 11,F$F F,E5B Turno!er ;crores< A!era&e Market 'aily Capitalisation Turno!er ;crores< ;crores< 1B,G<G 11,4$< 15,15E F,E1$ B,DDG,1F4 $,EGB,1G5 5,E<E,1$$ 4,4BF,4<D
2442(14 2441(42 244/(41 244+(4/
5,14E,D$5 $,F<$,D$4 4,<<1,D4E 1,G5<,$E<
Analysis
Companies $isted: As compared to pre!ious years, there is significant growth in number of companies listed in the capital market segment of /.". >o. of "ecurities Traded: ,ith the increase, in companies listed, despite other factors influencing the market transactions, number of securities traded in also ha!e increased with the time. >o. of Trades: From the financial year $DDB0$DDF to that of $DDG0$D1D number of trades ha!e increased the double in amount signaling a positi!e growth. Total Turno!er: Total turno!er ha!e increased four times from FJ $DDB0DF to FJ $DDG01D. Market CapitaliFation: The amount of market capitali6ation has doubled in FJ $DDG01D as compared to that of FJ $DDB0$DDF.
...#3...
___________________________________________________________)indings & *nalysis
6usiness :ro%th in 'eri!ati!es "e&ment

MonthECea r 5nde9 Futures Turno!er ;crores< 4<<55DD.D 4 4G454EE.B F 4<FD111.5 D 4E$DBBF.$ F $<4G<F5 "tock Futures Turno!er ;crores< 5F41D5<.< D <1G<$5B.B 5 45FGB5$.1 $ F<5E<B4.$ 4 4E4DGBF 5nde9 Options Turno!er ;crores< 15$F$51<.1 5 ED$FGB5.$D 4F41<D1.E5 14B$11D.EE FG1GDB "tock Options Turno!er ;crores< EE41B<.B E <DBDB<.1 E $$G$$B.E 1 4<G14B.< < 1G4FG< Total Turno!er ;crores< $4551D$B.4 $ 1FBB4BB5.< F 11D1D5E$.$ D 14DGD5FF.F < F4<B$5$ A!era&e 'aily Turno!er ;crores< 11D<FD.E E F$4G$.DF 5<41D.B4 <$1<4.4D $G<54
2414(2411 2442(2414 2441(2442 244/(2441 244+(244/
Analysis
5nde9 Future Turno!er: The amount in crores on the Inde Future 3ptions of +eri!ati!e segment of /." has shown significant growth of 1.4G times from FJ $DDB0DF to that of FJ $D1D011. "tock Futures Turno!er: ,hereas, the .tock Future Turno!er has shown growth of 1.$4 times from FJ $DDB0DF to that of FJ $D1D011. 5nde9 Options Turno!er: The Inde 3ptions Turno!er has shown 1F.EG times growth from FJ $DDB0DF to FJ $D1D011. "tock Options Turno!er: ,hereas, .tock 3ptions Turno!er ahs shown growth of 5.<B times from FJ $DDB0DF to FJ $D1D011. Total Turno!er: The growth rate when e!aluated from FJ $DDB0DF to FJ $D1D011 shows a positi!e growth of 4.1E times. A!era&e 'aily Turno!er: The A!erage +aily Turno!er on +eri!ati!e .egment of /." has shown growth of 4.F< times from FJ $DDB0DF to $D1D0 11.
...##...
___________________________________________________________)indings & *nalysis
6usiness :ro%th in *etail 'ebt "e&ment

MonthECear 2414(2411 2442(2414 2441(2442 244/(2441 244+(244/ >o. of Trades $ < D D 5 Traded -uantity $D <D D D 1$,1$D Traded ,alue ;$akhs< D.D$ D.DB D.DD D.DD 14.BG
Analysis
>o. of Trades: 7etail +ebt .egment of /." has seen many ups and down in its history. (y analy6ing the a!ailable record, we can clearly see that FJ $DDB0 DF has been pro!en best trading year. 1owe!er, apart from this data, FJ $DD40 D5 in!ol!ed greatest number of trades i.e. G1$. ,hereas, in FJ $DDF0DE and FJ $DDE0DG there is not e!en a single trade shown. In FJ $DDG01D it has again reco!ered its position and maintained to perform < no. of trades. Traded -uantity: Again, FJ $DDB0$DDF in!ol!es higher amount of traded %uantity. ,hile FJ $D1D011 again show some declination in trade number and %uantity as well. Traded ,alue: In FJ $DD40D5 the Traded :alue was 5B5.51 lakhs which was highest amount till date. In FJ $DD<0DB, FJ $DDF0DE and FJ $DDE0DE 7etail +ebt .egment has seen no trade and hence 6ero traded !alue. 1owe!er, In FJ $DDB0DF, it has reco!ered its position by 14.BG lakhs. In FJ $DDG0$D1D, it again seem to reco!er back from 6ero to D.DB lakhs but showed declination in FJ $D1D0$D11 by showing only two trades and D.D$ lakhs traded !alue.
...#)...
___________________________________________________________)indings & *nalysis
6usiness :ro%th in @holesale 'ebt "e&ment

MonthECear Market Capitalisation ;crores< 4<54<G$ 41B<G$G $E5E41< $1$445B 1FE5ED1 Tradin& days >o. of Trades >et Traded ,alue ;crores< 5ED1EB.<< <B4E1<.G< 44<G<1.<$ $E$41F.D$ $1G1DB.5F A!era&e 'aily ,alue ;crores< $41G.F5 $4<G.DB 1511.<B 114E.4E EGF.GE A!era&e Trade "iFe ;crores< $F.$5 $4.5$ $D.E4 1F.5< 11.1G
2414(2411 2442(2414 2441(2442 244/(2441 244+(244/
$DF $4G $4E $5E $55
1FB$< $5DBG 1B1$G 1B1FG 1G<F<
Analysis
>o. of Trades: ,holesale +ebt segment has seen declination in number of trades from FJ $DDB0DF to that of FJ $D1D0$D11. 1owe!er, it had regained its amount in FJ $DDG0$D1D by 5,5G5 new entries as compared to 4,55B declination in FJ $DDE0DG. >et Traded ,alue: In FJ $DDG0$D1D, ,hole +ebt .egment of /." has shown highest /et Traded !alue with significant increase in number of trades. A!era&e 'aily ,alue: +espite declination in number of trades from FJ $DDB0 DF to FJ $DDE0DG, the A!erage +aily :alue has increased on opposite for positi!e factor. And is highest in FJ $DDG0$D1D. A!era&e Trade "iFe: A!erage Trade .i6e has increased with consistent rate from FJ $DDB0DF to that of FJ $D1D011. Market CapitaliFation: +espite less number of trades and lesser /et Traded !alue from FJ $DDG01D, the FJ $D1D011 has shown highest -arket capitali6ation o!er the period.
...#+...
___________________________________________________________)indings & *nalysis
8*OMOT.*"
/." has been promoted by leading financial instituitions, baks, insurance companies and other financial intermediaries as follows: Industrial +e!elopment (ank of India 'imited Industrial Finance #orporation of India 'imited 'ife Insurance #orporation of India .tate (ank of India I#I#I (ank 'imited I' 2 F. Trust #ompany 'imited .tock 1olding #orporation of India 'imited .(I #apital -arkets 'imited (ank of (aroda #anara (ank Meneral Insurance #orporation of India /ational Insurance #ompany 'imited The /ew India Assurance #ompany 'imited The 3riental Insurance #ompany 'imited Cnited India Insurance #ompany 'imited )unjab /ational (ank 3riental (ank of #ommerce Indian (ank Cnion (ank of India Infrastructure +e!elopment Finance #ompany 'imited
...#/...
__________________________________________________________________$onclusion
CONCLUSION
The /ational .tock " change =/."> is IndiaIs leading stock e change co!ering !arious cities and towns across the country. /." pro!ides a modern, fully automated screen0based trading system with national reach. The e change has bought about un0 parallel transparency, speed and efficiency, safety and market integrity. /."Is trading !olumes in the e%uity segment ha!e grown rapidly with the a!erage daily turno!er increasing from 7s. 1F crores during 1GG501GG< to 7s. B,<$4 crores during $DD<0DB. +uring the year $DD<0DB, /." reported a turno!er of 7s. 1,<BG,<<B crores in the e%uities segment. /." has played a catalytic role in reforming the Indian securities market in terms of microstructure, market practices and trading !olumes. The market today uses state0of0 the0art information technology to pro!ide an efficient and transparent trading, clearing and settlement mechanism, and had witnessed se!eral inno!ations in products and ser!ices !ia demutuali6ation of stock e change go!ernance@ screen based trading, compression of settlement cycles, demateriali6ation and electronic transfer of securities, lending and borrowing securities, professionali6ing of trading members fine0tuned risk management systems, emergence of clearing corporations to assume counterparty risks, market debt and deri!ati!e instruments and intensi!e use of information technology. In #onclusion, /." successfully utili6ed technology as a tool for obtaining complete transformation of IndiaIs security industry. As of today, around a decade after inception, e!ery aspect of the e%uity spot and deri!ati!es market India is now up to HInternational .tandardsI or ahead of them.
...#1...
__________________________________________________________________$onclusion
/." has completed 1B years of its operations on 4D Lune $D1D. The e change is credited with technology inno!ation, speeding up of the process for demateriali6ation, introduction of effecti!e risk containment measures and the introduction of deri!ati!es trading. It is a dominant stock e change accounting for BB per cent of the traded !olume in the cash segment and GG per cent of the traded !olume in the deri!ati!es segment. The /." has emerged as a technology0dri!en stock e change. It has rightly positioned itself as 8the e change with difference9. In order to maintain its leading position among e changes, it increases the number of users by trying to meet their growing and e!er0changing needs through inno!ati!e efforts. Its aim is to continuously upgrade technology systems and trading practices.
...#2...
__________________________________________________________________$onclusion
Ma or 'efects in Tradin& in 5ndian "tock .9chan&es

There are certain serious defects while working of our stock e changes, particularly the major e changes such as (ombay .tock " change =(.">: 1. $ack of 5nte&ration: There are a large number of stock e changes in the country, though (." dominates them with o!er FD per cent of all transactions in the country. There is nothing wrong in this, because in other countries too there are small e changes, with one dominating =/ew Jork ." in C.A and 'ondon ." in "ngland>. (ut the real problem in India is that there is no proper integration between all the stock e changes with too much !ariation in prices of shares in different markets. $. "pecified and >on(specified shares: Indian stock e changes follow the peculiar practice of classifying listed shares into HspecifiedI group and HunspecifiedI group. The shares in the specified group are pro!ided certain special facilities like settlement period, carry forward and clearing to promote speculation. At present, market li%uidity is limited to thee speculati!e shares only, whereas in!estors would prefer li%uidity for all shares, across a broad front. The only ad!antage of this artificial classification is that it is highly profitable to the stock e change brokers through brokerage fees on the high !olume of speculati!e business generated in these shares. 4. Mar&ins: The margins le!ied by Indian ."s on speculati!e transactions are wholly of discretionary character, !arying from share to share and from day to day, ranging from 6ero to 5D per cent. +espite a whole array of daily, carry forward and ad hoc margins, numerous defaults take place in se!eral ."ss whene!er the market crashed. In other words, the imposition of margins has failed to curb e cessi!e speculation in ."s. 5. The system of settlement and carry for%ard : It is responsible for high price fluctuations and high risk e posure to market participants. It is often responsible for e cessi!e speculation. The carry forward system is unjustifiable and unhealthy. It is e clusi!ely aimed at helping the spurious speculators. The li%uidity pro!ided by
...)4...
__________________________________________________________________$onclusion
speculators who are not interested in paying or taking deli!ery on the settlement day cannot be genuine li%uidity. Abo!e all, the carry forward system is a powerful factor behind absurdly high le!els of speculation in our stock e changes and is of no help to genuine in!estors who are always interested in the earliest possible settlement of transactions. <. 5n!estorsG interest: The trading acti!ity in our e changes has been designed and e!ol!ed to benefit only the brokers and the intersects of the genuine in!estors are generally ignored. The in!estorsI confidence in the market machinery is weak, as most of them ha!e a suspicion that they are always cheated on price by the brokers. B. @eakness of ". mana&ement: The management organi6ation and structure of Indian ."s, in general, is weak and deficient. The Mo!ernment (ody of a stock e change does not ha!e either the concern or the will to introduce necessary reforms in trading.
...)1...
__________________________________________________________________Suggestions
SUGGESTIONS
Mer&in& OTC.5 and 5C". Creatin& an effecti!e tradin& platform

(oth the inter0connected stock e change and the 3T#"I with their !ast network can merge into a single platform for trading in the securities of .-"Is =.mall and -edium "nterprises> as also in the tradable securities of 7."Is and the (.". It is interesting to note that the .ecurities and " change (oard of India =."(I> has in!ited for e pressions of interest for the creation of a separate platform for trading in the securities of small and medium enterprises =.-"Is>. -ost of the ad!anced markets of the world set up trading platform for .-"Is in the early 1GEDIs. In fact, in /A.+A;, which has emerged as the second biggest stock market of the C., was established in 1GF1. At present, more than <D alternate markets, stock e changes, boards of trade and lower tier e changes are thri!ing across the world for .-"Is. For India, it is all the more necessary to set up a trading platform, as bank finance is not easily a!ailable for .-"Is, despite e hortations by the go!ernment and the reser!e bank of India to augment the credit flow to this sector. +e!elopment of .-"Is is important, particularly because liberali6ation and globali6ation ha!e, within a short period of a decade0and0a0half, resulted in tremendous concentration of wealth in the hands of -/#Is, both foreign and home grown.
...)2...
__________________________________________________________________Suggestions
5ndone9tH a pet project of finance minister ). #hidambaram, which was inaugurated by him in Lanuary $DD<, has not li!ed up to the e pectations, of the <4< securities listed on the (." as well@ only the remaining $< are listed e clusi!ely on 7."Is. And the turno!er on Indone t, at about 7s. crore has not been significant.
$imited Tradin&
+espite the tremendous progress Indian stock e changes ha!e made in the last 1$ years, major problem that still needs to be tackled is ill0li%uidity of se!eral listed scripts in which there is no trading happening at all. There are about 5,DDD e clusi!ely listed companies on 7."Is, only scripts of <DD companies, fully comply by all the amadatory re%uirements and are tradable. "!en on the (.", of the F,F<4 listed scripts only about $,FDD are traded. In!estors in all these scripts ha!e no e it route, because of which they can not e!en book losses: under the Income0ta Act, losses can be booked only if there is a transfer. The 3#T"I e change of India which was set up in 1GG$ e clusi!ely for small cap companies could not succeed because of the introduction of rolling settlements screen0based trading, and so on without ade%uate technology support.
*eady(made 8latform
There is no need whatsoe!er for setting up a separate trading platform. There is already a ready platform created by the 14 7."Is, pro!iding for trading in all the securities listed on the 7."Is as also in the securities listed on the /." and the (." as permitted. This platform has not been successful thus far mainly because of the lack of e clusi!ity of trading and as the major 7." operators were un0willing to shift e!en apart of their trading !olumes to the I#." trading platform. -oreo!er, although the I#." was declared as regional stock e change for the state of -aharastra by ."(I, it could not succeed in getting listing of any worthwhile companies due to the lack of regulatory support.
...)3...
__________________________________________________________________Suggestions
As a result, the I#." has been reduced to the position of an 7.", trading though subsidiary on the /." and the (." with a network of ED1 traders and dealers spread across 15B centers in 1E states and two union territories. (oth the I#." and the 3T#"I with their !ast network can merge into a single platform for trading in the securities of .-"Is as also in the tradable securities of 7."Is and the (.". (esides about4<D acti!e members of the 7." can also operate on this platform. 1undreds of crores of rupees spent by the I#.", 3T#"I and their members, which otherwise would get wasted, can be utili6ed fruitfully.
Market Makers
-ere creation of a trading platform will not sol!e the problem. Incenti!es must be offered to traders on this platform. Atleast two market makers should be appointed for each script and the responsibility for the appointment should rest to the issuers. The issuers should supply each of the market makers with atleast $Q of the issued capital at the same price at which it is offered to the public. -arket must also be gi!en ade%uate credit facilities from banks, preferably at a concession rate. Fiscal concessions must also be offered to market makers in respect of the profit arising out of the market making functions. Abo!e all, the spreads between bids and offers that would be gi!en by the market makers should not be subjected to any limits. #ompetition among market makers will ensure that the spreads narrow down to reasonable le!els. Appointment of market makers has therefore failed, basically because of the regulatory restrictions on the spreads between bids and offers. (ut market making alone will not generate li%uidity in all the tradable securities. This needs to be supplemented by the call auction system. Cnder this system, all in!estors and brokers ha!e the facility to upload their buy and sell orders. At the closing time of a trading session, bids and offers which match will be e ecuted.
...)#...
__________________________________________________________________Suggestions
A few of the de!eloped markets of the world ha!e already introduced the call auction system in respect of thinly traded securities. Abolish the system of carry forward: The system of carry forward has been the most important factor for o!er0speculation in India and it has to be done away with. In fact, with one week settlement and with the adoption of system of marking to the market, the rationale of the carry forward system disappears automatically. If the stock e changes were to accept only the two suggestions of one week settlement and the abolition of the carry forward system, many of the problems of stock e changes would be o!er.
Mana&ement 5nformation "ystem

It is essential that information should be a!ailable for each stock e change about trading !olume and prices, about trading concentration in indi!idual securities, trading concentration by stock e change members etc. In other words, e!ery stock e change should introduce a well0designed management information system =-I.> capable of producing rele!ant information which could be used by the stock e change authorities for restricting and regulating market on proper lines.
:o!ernment 6ody and Mana&ement of "tock .9chan&es

Two other changes should be immediately adopted. First, the " ecuti!e +irector of a stock e change should be appointed by the Mo!ernment or by ."(I on the ad!ice of a panel of independent e perts, so as to make him independent o the control of stock brokers. The composition of M( of stock e changes should be changed to <D : <D, between broker0directors and non0broker independent brokers. This is necessary to make the go!erning body to be objecti!e and direct and control the stock e change trading from the point of the country as a whole and not e clusi!ely for the benefit of member0 brokers.
...))...
_________________________________________________________________+ibliography
Bibliography
'ata is &athered from

http:??www.nseindia.com? http:??www.google.com? http:??en.wikipedia.org
-aga6ines, /ewspapers and 3ther .econdary data resources.
6ooks referred
5ndian .conomy: .undharam* The 5ndian Financial "ystem: )earson education &(harti :. )athak* Financial Mana&ement: -cMraw 1ill #ompanies &-.J. Khan 2 ).K. Lain* 5n!estment Analysis and 8ortfolio Mana&ement: )earson education &-. 7angnathan and 7. -adhumathi* .. #hand )ublications &7uddar +att 2 K.).-.
...)+...

Markettrendanalysisofnationalstockexchangeofindia

Diunggah oleh

Informasi Dokumen

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Markettrendanalysisofnationalstockexchangeofindia

Diunggah oleh

Hak Cipta:

Format Tersedia

_______________________________________________________Introduction to the Topic

INTRODUCTION TO THE TOPIC

Market Trend Analysis of a Company:

_______________________________________________________Introduction to the Topic

_____________________________________________________Rationale behind the Topic

Rationale behind the topic

__________________________________________________Objective, Scope & Limitations

Objective, Scope & LIMITATIONS

Ob ecti!e and "cope of the study

__________________________________________________Objective, Scope & Limitations

$imitations in the topic

1. +escripti!e :s Analytical 4. Applied :s Fundamental

"ome Other Types of *esearch

Tools 0sed For 'ata Collection

___________________________________________________ istorical & In!ormative "ata

HISTORICAL & INFORMATIVE DATA

The "tock Market

___________________________________________________ istorical & In!ormative "ata

3istory of "tock Markets

___________________________________________________ istorical & In!ormative "ata

"tock Market in 5ndia

___________________________________________________ istorical & In!ormative "ata

5mportance of "tock Market

___________________________________________________ istorical & In!ormative "ata

6usiness Transaction in "tock Market

___________________________________________________ istorical & In!ormative "ata

Functions of "tock Market

___________________________________________________ istorical & In!ormative "ata

guidance on cost of capital.

______________________________________________Overvie# o! $apital Mar%et in India

OVERVIEW OF Capital MARKET IN INDIA:

______________________________________________Overvie# o! $apital Mar%et in India

#A)ITA' -A7K"T I/ I/+IA

/ew Issue -arket

I#I#I -erchant (anks

Capital Markets of 5ndia ="tock .9chan&es in 5ndia

______________________________________________Overvie# o! $apital Mar%et in India

"ecurity and .9chan&e 6oard of 5ndia ;".65<

______________________________________________Overvie# o! $apital Mar%et in India

O!er the Counter .9chan&e of 5ndia ;OCT.5<

______________________________________________Overvie# o! $apital Mar%et in India

6ombay "tock .9chan&e ;6".<

______________________________________________Overvie# o! $apital Mar%et in India

*e&ional "tock .9chan&es

5nterconnected "tock .9chan&e of 5ndia ;5C".<

______________________________________________Overvie# o! $apital Mar%et in India

_______________________________________________&ational Stoc% '(change o! India

NATIONAL STOCK EXCHANGE OF INDIA

_______________________________________________&ational Stoc% '(change o! India

_______________________________________________&ational Stoc% '(change o! India

It is the one of the most important stock e changes in the world.

_______________________________________________&ational Stoc% '(change o! India

_______________________________________________&ational Stoc% '(change o! India

_______________________________________________&ational Stoc% '(change o! India

3ptions play an important role in financial in!estments and risk management

_______________________________________________&ational Stoc% '(change o! India

#/O midcap introduced on 1E Luly $DD< replacing #/O midcap $DD.

"A8 C>B >5FTC

inde based deri!ati!es and inde funds.

C>B >5FTC D0>5O*

_______________________________________________&ational Stoc% '(change o! India

"A8 C>B )44

_______________________________________________&ational Stoc% '(change o! India