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SEBI

BULLETIN
DECEMBER 2015

VOL. 13

NUMBER 12

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Securities and Exchange Board of India

SECURITIES AND EXCHANGE BOARD OF INDIA

EDITORIAL COMMITTEE

Mr. Ananta Barua

Mr. J. Ranganayakulu

Mr. S. V. Murali Dhar Rao

Dr. Anil Kumar Sharma

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

Contents
Page
CAPITAL MARKET REVIEW

1113

GLOBAL MARKIET REVIEW - DECEMBER 2015

1125

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET

1147

PRESS RELEASES

1149

1.
2.
3.

SEBI to participate in 35th India International Trade Fair 2015, at New Delhi
SEBI signs Memorandum of Understanding on bilateral cooperation with the
Bangladesh Securities and Exchange Commission
SEBI Board Meeting

1149
1149
1150

POLICY DEVELOPMENTS

1153

A.

1153
1153
1153

Circulars
1.
Format for Voting Results
2.
Format for quarterly holding pattern, disclosure norms for corporate governance
report and manner for compliance with two-way fungibility of Indian Depository
Receipts (IDRs)
3.
Format for Business Responsibility Report (BRR)
4.
Streamlining the Process of Public Issue of Equity Shares and Convertibles
5.
Annual System Audit, Business Continuity Plan(BCP) and Disaster Recovery (DR)
6.
Investor Grievance Redressal System and Arbitration Mechanism
7.
Timelines for Compliance with various provisions of Securities Laws by
Commodity Derivatives Exchanges
8.
Issue of No Objection Certicate for release of 1% of issue amount
9.
Non-compliance with certain provisions of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and Standard Operating Procedure for
suspension and revocation of trading of specied securities
10. Disclosure of holding of specied securities and Holding of specied securities
in dematerialized form
11. Manner of achieving minimum public shareholding
12. Formats for publishing nancial results
13. Schemes of Arrangement by Listed Entities and (ii) Relaxation under
Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957

1153
1154
1155
1156
1157
1159
1160

1161
1163
1163
1165

REGULATORY ACTIONS TAKEN BY SEBI

1166

TABLES

1181

PUBLICATIONS

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SEBI BULLETIN

2015

CAPITAL MARKET REVIEW


I
Trends in Primary Market
A. Public and Rights Issues
During November 2015, three companies accessed the
primary market and mobilised `311 crore compared
to `7,715 crore mobilised through 10 issues in
October 2015, showing a decrease of 96 percent from
the previous month. There were two public issues and
one Rights issues during the month. Among the public
issues, IPOs garnered ` one crore.
During 2015-16 so far, 63 companies have accessed

the capital market and raised `22,492 crore compared


to `10,784 crore raised through 59 issues during the
corresponding period of 2014-15 (Exhibit 1). There
were 54 public issues which raised `13,862 crore and
nine rights issues which raised `8,631 crore during
Apr-Nov 2015. Among the public issues, there were
44 IPOs and ten public debt issues.

Exhibit 1: Primary Market Trends (Public & Rights Issues)


Nov-15

a.

Oct-15

2015-16$

2014-15$

Items

No. of
Issues

Amount
(` crore)

No. of
Issues

Amount
(` crore)

No. of
Issues

Amount
(` crore)

No. of
Issues

Amount
(` crore)

Public Issues

231

6,924

54

13,862

48

7,979

(i)

230

2,200

10

4,232

18

6,912

IPOs

4,724

44

9,629

30

1,067

FPOs

Rights Issues

80

791

8,631

11

2,805

Total Equity Issues a(ii)+b

81

5,515

53

18,260

41

3,872

Grand Total (a+b)

311

10

7,715

63

22,492

59

10,784

Debt

(ii) Equity, of which

b.

Notes: 1. IPOs - Initial Public Offers, FPOs - Follow on Public Offers


2. Amount raised through debt issues for the last two months are provisional.
3. $ indicates as on last day of November of the respective year.
Source: SEBI

B. Private Placement
1.
QIPs Listed at BSE and NSE
QIP is an alternative mode of resource raising available
for listed companies to raise funds from domestic
market. In a QIP, a listed issuer issues equity shares or
non-convertible debt instruments along with warrants
and convertible securities other than warrants to
Qualified Institutions Buyers only. In November

2015, `409 crore was raised through one QIP issues as


compared to nil amount raised in October 2015. The
cumulative amount mobilised through QIP allotments
route during 2015-16, so far, stood at `13,067 crore
(Details in Table 10).

2.
Preferential Allotments Listed at BSE and NSE
Preferential allotment also serves as an alternative
mechanism of resource mobilization wherein a listed
issuer issues shares or convertible securities, to a
select group of persons. There were 29 preferential
allotments (`4,903 crore) listed at BSE and NSE

during November 2015 as compared to 23 preferential


allotments (`16,382 crore) in October 2015. The
cumulative amount mobilised through preferential
allotments route during 2015-16, so far, stood at
`42,160 crore through 240 issues (Details in Table 11).
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3.
Private Placement of Corporate Debt
Private placement mechanism dominates the resource
mobilization through corporate bonds. In November
2015, `24,618 crore was raised through private placement
route in the corporate bond market and no amount
was raised through public issue route. The cumulative
amount mobilised through private placement of
corporate debt during 2015-16, so far, stood at `3,11,269
crore (Details in Table 12 and Exhibit 1A).

2015

Further in November 2015, the total amount


mobilised through public issue and private placement
of debt and equity combined stood at `30,242 crore
as against `68,028 crore in October 2015. In 201516 (Apr-Nov), `3,88,988 crore was raised through
primary market via public issues and private
placement of debt and equity.

Exhibit 1A: Total Resources Mobilised by Corporate Sector (Amount in `crore)


Month
1
2014-15
2015-16$

Public &
Rights
2
9,789
18,260

Equity Issues
Private
Placements
3
57,362
55,228

Total
(2+3)
4
67,151
73,488

Public
5
9,413
4,232

Debt Issues
Private
Placements
6
4,04,136
3,11,268

Total
(5+6)
7
4,13,492
3,15,500

Total Resource
Mobilisation
(4+7)
8
4,80,643
3,88,988
1,05,924

Apr-15

8,890

11,517

20,407

710

84,807

85,517

May-15

493

6,133

6,626

20,692

20,692

27,318

Jun-15

439

3,013

3,452

36,125

36,125

39,577

Jul-15

719

5,482

6,201

164

27,920

28,084

34,285

Aug-15

1,913

2,019

3,932

228

46,564

46,792

50,724

Sep-15

210

5,369

5,579

700

26,612

27,312

32,891

Oct-15

5,515

16,382

21,897

2,200

43,931

46,131

68,028

Nov-15

81

5,313

5,394

230

24,618

24,848

30,242

Notes: 1. Private placement of Equity includes, amount raised through preferential allotments, QIP and IPP mechanism,
2. Public Equity Issues includes IPO, FPO & Rights issues of common equity shares.
3. $ indicates as on last day of November 2015.
Source: SEBI

II. Resource Mobilisation by Mutual Funds


In November 2015, there was net outflow from
mutual funds amounting to `31,196 crore. While
net outflow from private sector mutual funds was
`21,041 crore, that from public sector mutual funds
was `10,155 crore. During April-November 2015, the
total amount raised by all mutual funds was `1,84,263
crore, of which, the share of private sector was 75 per
cent and public sector mutual funds was 25 percent.
Of the total amount mobilized in 2015-16 so far, debt

funds accounted for 55.3 percent, followed growth/


equity funds 36.0 percent and 7.2 percent by balanced
schemes. Further, the FoF schemes and GETFs have
registered net outflows during April-November 2015
period. The cumulative net assets under management
by all mutual funds decreased by 2.2 per cent to
` 12,95,131 crore as on November 30, 2015 from
`13,24,165 crore as on October 31, 2015 (Details in
Table 64 & 66).Trends in the Secondary Market

III. Trends in the Secondary Market


touched their respective intraday highs of 26,824.3 and
8336.3 on November 02, 2015 and November 04, 2015
respectively. Sensex touched intraday low of 25,451.4
and Nifty at 7714.2 on November 16, 2015.

During November 2015, the benchmark indices,


S&P BSE Sensex and CNX Nifty fell by 1.9 and 1.6
percent to close at 26,145.7 and 7,935.3 respectively
on November 30, 2015 (Figure 1). Sensex and Nifty

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2015

Figure 1: Movement of Sensex and Nifty

recorded at the end of October 2015. The P/E ratios of


S&P BSE Sensex and CNX Nifty were 20.6 and 21.5,
respectively at the end of November 2015 compared
to 21.4 and 22.1 a month ago (Exhibit 2).

Reflecting the downtrend in market movements,


the market capitalisation of BSE and NSE fell by
0.6 percent and 0.2 percent to ` 98,88,227 crore and
`96,75,669 crore, respectively, at the end of November
2015 from `98,33,359 crore and `96,54,114 crore,
Exhibit 2: The Basic Indicators in Cash Segment
2015-16$

Oct-15

Nov-15

27,957

26,146

26,656.8

26,145.7

-1.9

8,607

7,935

8,065.8

7,935.3

-1.6

1,01,49,290

98,88,227

98,33,359

98,88,227

0.6

99,30,122

96,75,669

96,54,114

96,75,669

0.2

8,54,845

4,95,840

58,143

50,799

-12.6

43,29,655

28,47,352

3,33,801

3,07,150

-8.0

S&P BSE Sensex

19.5

20.6

21.4

20.6

-3.8

CNX Nifty
No. of Listed companies

22.7

21.5

22.1

21.5

-2.8

BSE

5624.0

5806.0

5788.0

5806.0

0.3

NSE

1733.0

1786.0

1781.0

1786.0

0.3

1
A.

Indices
S&P BSE Sensex

B.

CNX Nifty
Market Capitalisation
BSE

C.

NSE
Gross Turnover
BSE

NSE
D. P/E Ratio

E.

Percentage change
over previous month
6

2014-15

$ indicates as on last day of November of the respective year.


Source: BSE, NSE

from `3,33,801 crore in October 2015. The gross


turnover at the cash market segments at BSE and NSE
during April-November 2015 was `4,95,840 crore and
`28,47,352 crore respectively.

The monthly turnover of BSE (cash segment)


decreased by 12.6 percent to `50,799 crore in November
2015 from `58,143 crore in October 2015. The
monthly turnover of NSE (cash segment) decreased
by 8.0 percent to `3,07,150 crore in November 2015
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2015

Figure 2: Trends in Average Daily value of Sensex and BSE Turnover

Figure 3: Trends in Average Daily Values of Nifty and NSE Turnover

CNX PSE Index (3.2 percent) and CNX Nifty Junior


index (2.4 percent). During November 2015, the daily
volatility of BSE Metal index was the highest at 2.3
percent, followed by BSE Bankex index (2.0 percent)
and BSE Capital Goods index, (1.7 percent). At
NSE, among all the indices, daily volatility of CNX
Bank Nifty index was the highest at 1.9 percent,
followed by CNX Finance (1.8 percent) and CNX
Infrastructure index (1.7 percent) during November
2015 (Exhibit 3).

There was a widespread loss in majority of sectoral


and other indices during November 2015. At the
end of November 2015, of the 15 indices (each at
BSE and NSE), 12 recorded negative return at BSE
and 10 indices at NSE closed negative. Among BSE
indices, BSE Metal index decreased the most by 8.2
percent, followed by BSE Capital Goods index (6.4
percent) and BSE PSU index (3.2 percent). Among
NSE indices, in November 2015, CNX Infrastructure
index decreased the most by 4.3 percent, followed by

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2015

Exhibit 3: Performance of Indices at BSE and NSE during November 2015 (Percent)
BSE
Index
1
BSE Sensex
BSE 100
BSE 200
BSE 500
BSE Small Cap
BSE FMCG
BSE Consumer Durables
BSE Capital Goods
BSE Bankex
BSE Teck
BSE Oil & Gas
BSE Metal
BSE Auto
BSE PSU
BSE Healthcare

Change over
Previous month
2
-1.9
-1.4
-1.1
-0.8
2.8
0.8
5.0
-2.4
0.7
-2.8
2.9
-2.6
4.4
1.5
-9.8

Volatility
3
0.8
0.7
0.7
0.7
0.8
0.9
0.9
1.0
1.0
1.0
1.2
1.0
0.9
0.8
1.1

Index
4
CNX Nifty
CNX Nifty Junior
CNX 500
CNX Mid-cap
CNX 100
CNX Defty
CNX IT
Bank Nifty
Nifty Mid-cap 50
CNX Infrastructure
CNX PSE
CNX Finance
CNX Pharma
CNX MNC
CNX Media

NSE
Change over
Previous month
5
-1.6
-0.6
-1.0
0.1
-1.5
-4.0
-2.4
0.4
3.0
-2.2
0.5
-1.3
-12.7
-2.0
1.1

Volatility
6
0.8
0.8
0.7
0.8
0.7
0.8
1.0
1.0
1.0
0.8
0.9
0.9
1.2
0.8
1.4

Source: BSE and NSE

IV. Trends in Depository Accounts


The total number of investor accounts was 142.1
lakh at NSDL and 102.9 lakh at CDSL at the end
of November 2015. In November 2015, the number
of investor accounts at NSDL and CDSL increased
by 0.2 percent and 0.8 percent, respectively, over

the previous month. A comparison with November


2014 showed there was an increase in the number of
investor accounts to the extent of 4.9 percent at NSDL
and 11.2 percent at CDSL (Details in Table 70).

V.
Trends in Derivatives Segment
A. Equity Derivatives
India is one of the vibrant markets for exchange traded
equity derivatives in the world. The trading volumes in
the equity derivative market surpassed that of the cash
segment turnover by 12.4 times in November 2015.
The monthly total turnover in equity derivative market
at NSE decreased by 1.9 percent to `43,47,054 crore
in November 2015 from `44,29,629 crore in October
2015 (Figure 4). The index options segment has been
the clear leader in the product-wise turnover of the
futures and options segment in the NSE. In November

2015, the turnover in the index options category was


73.6 percent of the total turnover in the F&O segment
of the NSE. During November 2015, index futures,
stock futures and stock options recorded decrease in
turnover over the previous month, while index options
segment registered increase in turnover as compared
to previous month. The open interest in value terms
in equity derivative segment of NSE increased by 3.6
percent to `1,81,087 crore as on November 30, 2015
from `1,74,768 crore as on October 31, 2015.

Figure 4: Trends of Equity Derivatives Segment at NSE (`crore)

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2015

to previous month. The open interest in value terms


in equity derivative segment of BSE increased by 11.5
percent to `272 crore as on November 30, 2015 from
`244 crore as on October 31, 2015.
In November 2015, NSE had 97.6 percent share in
total equity derivatives turnover in India while BSEs
share was 2.4 percent. In terms of open interest (in
value terms), NSE had 99.85 percent share while BSE
had 0.15 percent share (Exhibit 4).

The monthly total turnover in equity derivative segment


of BSE decreased by 67.3 percent to `1,05,526 crore in
November 2015 from `3,22,277 crore in October 2015.
While index options comprised 96.3 percent of BSEs
equity derivative turnover, stock options constituted
3.3 percent. During November 2015, index futures,
index options and stock futures recorded decrease in
turnover over the previous month, while stock options
segment registered growth in turnover as compared
Exhibit 4: Trends in Equity Derivatives Market
NSE
Particular

Nov-15

1
2
A. Turnover (` crore)
(i) Index Futures
2,89,439
(ii) Options on Index
Put
14,47,834
Call
17,49,524
(iii) Stock Futures
5,97,633
(iv) Options on Stock
Put
86,405
Call
1,76,221
Total
43,47,054
B. No. of Contracts
(i) Index Futures
51,39,901
(ii) Options on Index
Put
2,52,28,432
Call
2,92,69,261
(iii) Stock Futures
1,18,76,912
(iv) Options on Stock
Put
17,40,663
Call
33,15,699
Total
7,65,70,868
C. Open Interest in terms of Value ( ` crore)
(i) Index Futures
19,452
(ii) Options on Index
Put
43,654
Call
47,431
(iii) Stock Futures
61,986
(iv) Options on Stock
Put
3,100
Call
5,464
Total
1,81,087
D. Open Interest in terms of No of Contracts
(i) Index Futures
3,35,105
(ii) Options on Index
Put
7,41,448
Call
8,03,973
(iii) Stock Futures
12,30,246
(iv) Options on Stock
Put
61,430
Call
1,07,460
Total
32,79,662

Oct-15
3

BSE
Percentage
Change Over
Month
4

Nov-15

Oct-15

Percentage
Change Over
Month
7

3,35,582

-13.8

405

958

-57.7

15,34,880
16,45,579
6,27,671

-5.7
6.3
-4.8

22,410
79,201
16

2,74,380
44,410
52

-91.8
78.3
-68.7

96,745
1,89,173
44,29,629

-10.7
-6.8
-1.9

1,650
1,843
1,05,526

1,061
1,416
3,22,277

55.5
30.1
-67.3

1,15,02,566

-55.3

7,790

22,040

-64.7

6,61,38,404
6,71,66,048
2,07,17,819

-61.9
-56.4
-42.7

4,40,825
14,88,080
332

69,46,843
10,51,513
2,638

-93.7
41.5
-87.4

35,40,218
64,45,041
17,55,10,096

-50.8
-48.6
-56.4

30,652
37,518
20,05,197

36,781
49,309
81,09,124

-16.7
-23.9
-75.3

21,475

-9.4

218

222

-1.8

39,718
46,746
58,206

9.9
1.5
6.5

19
19
2

9
9
2

104.7
107.2
7.1

3,129
5,496
1,74,768

-0.9
-0.6
3.6

9
4
272

1
0
244

1,271.9
1,234.4
11.5

3,65,066

-8.2

4,171

4,166

0.1

6,62,522
7,80,520
11,51,650

11.9
3.0
6.8

368
364
43

174
170
40

111.5
114.1
7.5

62,544
1,10,489
31,32,791

-1.8
-2.7
4.7

204
79
5,229

12
7
4,569

1,600.0
1,028.6
14.4

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B. VIX Futures at NSE


NSE introduced futures contracts on India VIX in
Futures & Options segment of NSE w.e.f. February
26, 2014. India VIX is Indias first volatility Index
which is a key measure of market expectations of nearterm. The contract symbol is INDIAVIX and 3 weekly
futures contract were made available for trading. The

2015

contracts shall expire on every Tuesday. The tick size


is 0.25 and lot size is 550. During November 2015,
eleven VIX futures contracts with total value of `0.9
crore were traded at F&O segment of NSE (Figure 5).
The open interest in INDIAVIX contracts was zero at
the end of November 2015.

Figure 5: Trends in VIX futures at NSE

C. Currency Derivatives at NSE, MSEI and BSE


During November 2015, the monthly turnover of
currency derivatives at NSE decreased by 6.2 percent to
`3,35,711 crore from `3,57,978 crore in October 2015.
The turnover of currency derivatives at BSE decreased
by 3.5 percent to `1,80,138 crore in November 2015

from `1,86,708 crore in October 2015. At MSEI, the


monthly turnover of currency derivatives decreased
by 13.8 percent to `19,275 crore in November 2015
from `22,351 crore in October 2015 (Figure 6) (Details
in Table 42, 43 and 44).

Figure 6: Trends of Currency Derivatives at NSE, MSEI and BSE (`crore)

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D.

SEBI BULLETIN

2015

Interest Rate Derivatives at NSE, BSE and MSEI

During November 2015, the monthly turnover of


currency derivatives at NSE decreased by 6.2 percent to
`3,35,711 crore from `3,57,978 crore in October 2015.
The turnover of currency derivatives at BSE decreased
by 3.5 percent to `1,80,138 crore in November 2015

from `1,86,708 crore in October 2015. At MSEI, the


monthly turnover of currency derivatives decreased by
13.8 percent to `19,275 crore in November 2015 from
`22,351 crore in October 2015 (Figure 6) (Details in
Table 42, 43 and 44)

Figure 7: Trends of Interest Rate Derivatives at NSE, BSE and MSEI (` crore)

VI. Commodities Futures Markets


During November 2015, the benchmark index
MCXCOMDEX and NCDEX Dhaanya decreased
by 5.6 percent and 1.3 percent respectively to close
at 2651.4 and 2869.3 respectively on November 30,
2015 (Figure 8). MCXCOMDEX touched an intraday

high of 2821.5 on November 4, 2015 while touching


an in intraday low of 2570.5 on November 23, 2015.
NCDEX Dhaanya touched an intraday high of 2958.9
on November 6, 2015 and an intraday low of 2826.5
on November 24, 2015. (Details in Table 74 & 75)

Figure 8: Movement of Commodity Futures Market Indices

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MCXCOMDEX recorded a volatility of 0.8 percent


during November 2015 while NCDEX Dhaanya
recorded a volatility of 1.0 percent. The volatility and

2015

return of commodity futures market indices is shown


in the Exhibit 5 below:

Exhibit 5: Performance of Indices at MCX and NCDEX during November 2015 (Percent)
MCX

NCDEX

Index

Change over
Previous month

Volatility

Index

Change over
Previous month

Volatility

MCXCOMDEX

-5.6

0.8

-1.3

1.0

MCX Metal

-5.9

0.8

MCX Energy

-7.3

1.8

MCX Agri

-0.5

0.6

Dhaanya

The total turnover at NMCE declined from `1,817


crore in October 2015 to `1,605 crore in November
2015 indicating a 11.7 percent decrease. The entire
turnover at the exchange is contributed by the
agricultural commodities.
The total turnover in agricultural commodities at
all the three exchanges stood at `81,643 crore while
that of the non - agricultural commodities stood at
`3,97,199 crore. The total turnover of agricultural
commodities was the highest at NCDEX (`73,238
crore) followed by MCX (`6,800 crore) and NMCE
(`1,605 crore). The total turnover of non- agricultural
commodities was the highest at MCX (`3,94,874
crore) followed by NCDEX (`2,325 crore).
(Details in Table 78, 79 & 80)

The total turnover in the commodities segment


at MCX was `4,01,674 crore in November 2015
registering a decline of 14.3 percent from `4,68,663
crore registered in October 2015. The turnover of
Bullion stood at 34.0 percent of the total turnover
while that of the Energy segment was at 35.1 percent.
Agricultural commodities had a share of 1.7 percent in
the total turnover at MCX while the contribution of
metals was 29.2 percent.
The total turnover at NCDEX decreased from
`1,08,477 crore in October 2015 to `75,562 crore in
November 2015 indicating a decrease of 30.3 percent.
The contribution of agricultural commodities in the
total turnover stood at 96.9 percent while that of the
Bullion segment stood at 3.1 percent.

Figure 9: Turnover of Agricultural Commodities Futures at Exchanges (`crore)

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Figure 10: Turnover of Non- Agricultural Commodities Futures at Exchanges (`crore)

Hapur the monthly turnover was recorded at `899


crore in November 2015 against `1,319 crore in
October 2015, with only the contracts on mustard
seed being currently being traded at the exchange.

Rajkot Commodity Exchange Ltd. recorded a turnover


of `158 crore in November 2015 as against `219 crore
in October 2015, with only castor seed contracts being
traded at the exchange. At Chamber of Commerce,
VII. Trading in Corporate Debt Market

reported in November 2015 with a traded value of


`56,900 crore compared to 4,637 trades with value of
`79,015 crore in October 2015 (Figure 11) (Details in
Table 13).

During November 2015, 1,132 trades with a traded


value of `14,672 crore was reported on BSE compared
to 1,784 trades with a traded value of `22,528 crore
reported in October 2015.At NSE, 3,263 trades were

Figure 11: Trends in Reported Turnover of Corporate Bonds (` crore)

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VIII. Trends in Institutional Investment


The institutional investment was positive in Indian

2015

markets in November 2015.

A. Trends in Investment by Mutual Funds


The total net investment in the secondary market by
mutual funds was `37,387 crore in November 2015
compared to `27,947 crore in October 2015. They
invested `6,548 crore in equity in November 2015
compared to `2,935 crore in October 2015. In the
debt segment, mutual funds invested `30,839 crore in
November 2015 as against `25,011 crore in October
2015 (Figure 12). During 2015-16 (April-November),
the total net investment by mutual funds was
`2,79,458 crore of which `2,20,933 crore was in debt

and `58,525 crore in equity.


As on November 30, 2015 there were a total of 2,191
mutual fund schemes of which income/debt oriented
schemes were 1,618 (73.8 percent), growth/equity
oriented schemes were 463 (21.1 percent), exchange
traded funds were 53 schemes (2.4 percent), balanced
schemes were 26 (1.2 percent) and fund of funds
investing overseas schemes were 31 (1.4 percent).
(Details in Table 67 & 68)

Figure 12: Trends in Mutual Funds Investment (`crore)

B.

Trends in Investment by Foreign Portfolio Investors (FPIs)


from the debt segment.
The assets under custody of FPIs at the end of
November 2015 stands at `23,08,769 crore, out of
which the value of offshore derivative instruments
including ODIs on derivatives is `2,54,600 crore,
constituting 11.0 percent of the total asset under
custody of FPIs. (Details in Table 60, 61 & 62)

In November 2015, FPIs recorded net outflows


amounting to `10,826 crore. There was a net outflow
in equity segment of `7,074 crore while debt segment
witnessed a net outflow of `3,752 crore (Figure 13).
During 2015-16 (April-November 2015), the total
net outflows by FPIs in the Indian stock market was
`7,009 crore, comprising of a net outflow of `15,849
crore in the equity segment and inflow of `8,842 crore

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Figure 13: Trends in FPIs Investment (`crore)

IX. Trends in Portfolio Management Services


PMS (5.5 percent).
In terms of number of clients, discretionary services
category leads with total of 50,890 clients, out of
56,739 clients in PMS industry, followed by nondiscretionary category with 3,570 clients and advisory
category with 2,279 clients. (Details in Table 69)

Total assets under management (AUM) of portfolio


management services (PMS) industry has increased by
1.6 percent to `9,94,588 crore in November 2015 from
`9,94,588 crore in October 2015. As on November
30, 2015, AUM of discretionary PMS constitute
76.1 percent of the total AUM of PMS followed by
advisory PMS (18.4 percent) and non-discretionary

X. Trends in Substantial Acquisition of Shares and Takeovers


In November 2015, seven open offers with offer value
five open offers with offer value of `1,677 crore in
of `157 crore were made to the shareholders as against
October 2015. (Details in Table 4)

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2015

GLOBAL MARKET REVIEW - DECEMBER 2015


Snapshots
United States:
The US economy expanded by 2.1per cent (Q-o-Q) (in
annualised terms) in Q3 2015 compared to a growth rate of
3.9per cent in Q2 2015. Consumer prices in the US increased
0.5per cent (Y-o-Y) in November 2015 compared to 0.2per
cent in October 2015. The unemployment rate fell to 4.8per
cent in November 2015.
United Kingdom
The UK economy advanced 2.3per cent (Y-o-Y) in Q3 2015,
slowing from a 2.4per cent expansion in Q2 2015. CPI inflation
remained increased marginally to 0.1per cent (Y-o-Y) from -0.1
per cent in previous month. The unemployment rate decreased
to 5.2per cent in three months to October 2015.
Japan:
The Japan economy expanded 1per cent (Y-o-Y) in Q3 2015,
same as in Q2 2015. Consumer prices in the Japan were flat
(Y-o-Y) in September 2015, slowing down from 0.2per cent in
August 2015. Unemployment rate in Japan was 3.4per cent in
September 2015, the same as in previous month.
Euro Zone:
The Eurozone economy expanded 1.6per cent (Y-o-Y) in Q3
2015, slightly higher than 1.5per cent in Q2 of 2015. During
October 2015, annual inflation in Euro Area increased to
0.2per cent (Y-o-Y) compared to 0.1per cent in previous
month. Unemployment rate in the EA19 decreased slightly
to 10.7per cent in October 2015 from 10.8 per cent in previous
month.
BRIC Nations:
Real GDP of Brazil contracted further by 4.5per cent (Y-o-Y)
in Q3 2015, compared to -2.6 per cent in Q2 2015. Annual
CPI inflation grew to 10.5per cent in November 2015.
Unemployment increased marginally to 7.9per cent in October
2015.
Real GDP of Russia contracted by 4.1per cent (Y-o-Y) in Q3 of
2015. Annual CPI inflation decreased marginally to 15per cent
in November 2015. Unemployment rate in Russia increased
to 5.5per cent in October 2015 from 5.2per cent in previous
month.
Indias real GDP grew by 7.4per cent (Y-o-Y) in Q3 of
2015(new series). IIP grew by 9.8per cent (Y-o-Y) in October
2015, strongest since 2011. Consumer prices grew by 5.4per
cent (Y-o-Y) in November of 2015, compared to 5per cent in
October 2015.
During Q3 2015, real GDP of China grew by 6.9per cent
(Y-o-Y), slightly down from 7per cent in Q2 2015. In October
2015, the annual CPI inflation increased to 1.5per cent from
1.3per cent in previous month.

1125

Introduction:
1.1. Global equity markets remained lacklustre
in November 2015 with MSCI World Index
returning -0.7 per cent returns. Focus remained
on the prospect of a US rate rise as US dollar
strengthened further against all the major
currencies ahead of FOMC meeting on December
16, 2015. Eurozone equities outperformed other
regions, supported by expectations that the
European Central Bank would announce further
monetary policy easing in December. Emerging
markets lagged their developed counterparts as
the stronger US dollar weighed on emerging
market currencies. Renewed commodity price
weakness had a negative impact on several
markets. In fixed income markets, the diverging
outlook for monetary policy saw US sovereign
yields rise while those in the eurozone declined.
1.2. The US economy expanded by 2.1 per cent
(Q-o-Q) (in annualised terms) in Q3 2015
compared to a growth rate of 3.9 per cent in Q2
on account of downturn in private inventory
investment. The British economy advanced 2.3
per cent year-on-year (Y-o-Y) in the third quarter
of 2015, slowing down marginally from a 2.4 per
cent expansion in the second quarter of 2015.
Revised data confirmed that the Japan avoided a
recession in Q3 as investment was stronger than
previously reported. Japans real GDP grew
by 1.0per cent (Q-o-Q) (in annualised terms)
in Q3 as compared to 0.8per cent contraction
estimated in the first estimate. Euro area real
GDP increased by 1.6 per cent (Y-o-Y) in the
third quarter of 2015, following a rise of 1.5 per
cent in the previous quarter.
1.3. Relative to last year, growth in advanced
economies is expected to pick up slightly, while
it is projected to decline in emerging market
and developing economies. With declining
commodity prices, depreciating emerging
market currencies, and increasing financial
market volatility, downside risks to the outlook
have risen, particularly for emerging market
and developing economies. Global activity is
projected to gather some pace in 2016.

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2.
Major Recent Developments Across the Globe:
2.1. Us Federal Reserve hikes interest rate first time
since 2006:
2.1.1 US Federal Open Market Committee (FOMC),
in its meeting on December 16, 2015, raised the
range of its benchmark interest rate (Federal
Fund Rate) by a 25 bps to between 0.25 per
cent and 0.50 per cent from present 0 per cent
to 0.25 per cent range, the first increase since
June 29, 2006. Equity markets in the U.S. and
Asia rallied strongly as committee signalled the
gradual increases in the federal funds rate. The
Dow Jones industrial average gained 1.3 per cent
on December 16, 2015 while the bond yield on
the 10-year Treasury note rose slightly to 2.29
per cent.
2.1.2 The committee in its statement said that the
US economic activity has been expanding at

2015

a moderate pace. Household spending and


business fixed investment have been increasing
at solid rates in recent months, and the housing
sector has improved further. Federal reserve
expect GDP growth of 2.1 per cent this year,
unchanged from their September estimate.
Growth in 2016 is expected to be 2.4 per cent ,
slightly higher than the previous forecast of 2.3
per cent .The unemployment rate is expected to
remain at its current level of 5 per cent this year,
and fall to 4.7 per cent in 2016. Inflation has
continued to run below the Committees 2 per
cent longer-run objective. Inflation is expected
to rise to 2 per cent over the medium term as
the transitory effects of declines in energy and
import prices dissipate and the labor market
strengthens further.

Chart 1A: US Benchmark Interest Rate (lower bound) history

Source: Bloomberg

agencies and European institutions worth 60


billion per month for 18 months beginning
March 2015.It further cut the bank deposit rate
to -0.3 per cent from -0.2 per cent. The market
however reacted negatively as investors expected
further expansion of QE in terms of amount
of bonds bought per month. Major European
markets like Germany, France, Italy fell in the
range of 2-4 per cent intraday.

2.2. ECB extends Quantitative Easing, cuts deposit


rates: - European Central Bank (ECB), on
December 3 2015, extended the Quantitative
Easing program for another six months, till
March 2017, rather than originally announced
plans of ending QE in September 2016 in order
to provide more stimulus to European Economy.
Earlier on January 22, 2015 ECB had announced
expanded asset purchase programme of buying
euro-area bonds from central governments,

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2015

Yuan will have about an 11 per cent weightage


in the SDR.
2.4 Chinas Yuan falls to 4 and 1/2 years Low
2.4.1 On December 17, 2015, the Chinese currency
Renminbi, or the Yuan, weakened further by 0.16
per cent to 6.4837 against the U.S. dollar, for the
10 the consecutive day since December 4, 2015.
While recent data show the Chinese economy
is stabilizing, trade is still a reason for concern
after exports fell for a fifth month in November
amid tepid global demand. Afters IMFs decision
of inclusion of CNY in reserve currency basket
on November 30, 2015, the Chinese Yuan has
depreciated by more than 1.3per cent against
USD.

2.3. Chinas Yuan enters reserve currency basket:


2.3.1 The International Monetary Fund (IMF) on
November 30, 2015 announced its decision to add
the Chinese Yuan to its reserve currency basket,
known as Special Drawing Rights (SDR). In a
statement, IMF Managing Director Christine
Lagarde noted the Yuans inclusion is a clear
representation of the reforms taking place in
China. The continuation and deepening of
these efforts will bring about a more robust
international monetary and financial system,
which in turn will support the growth and
stability of China and the global economy. The
addition of the Yuan, or Renminbi, will take
effect in October 2016. It will join the Euro, Yen,
Pound and Dollar in the reserves basket. The

Chart 1B: Chinese Yuan at 4-1/2 years Low

Source: Bloomberg

the United States, the Oil is expected to remain


under pressure for quite some time.
2.5.2 On December 4, 2015, the Organization of
Petroleum Exporting Countries (OPEC) in
its meeting in Vienna had decided to leave
production level unchanged at current actual
level (around 31.7 million barrels per day),
higher than the official target of 30 million
barrels per day. Guided by its biggest producer
Saudi Arabia, OPEC has increased output in an
oversupplied market in a bid to force higher-

2.5

Oil Falls To 7 Years Low as Supply of Crude


Swells:2.5.1 Oil prices extended their freefall on December
11, 2015, flirting with 11-year lows, after the
International Energy Agency (IEA) warned that
global oversupply of crude could worsen next
year. Data from the U.S. Energy Information
Administration showed crude inventories has
increased to 4.8 million barrels. With production
around the world remaining at or near record
highs and new supplies looming from Iran and
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2015

$36.33 intraday, 13 cents above the $36.20 low set


in December 2008. Below that level, it would be at
its lowest since July 2004, when oil was rebounding
from single-digits lows hit during the 1998 financial
crisis. Similarly, Crude Oil also traded at 7 year
low when near month crude oil futures traded at
NYMEX fell to $34.53 on December 14, 2015. The
history of Crude Oil WTI and Crude Oil Brent
is given below in the chart.

cost producers to scale back their operations.


Meanwhile majority of OPEC members had
requested Saudi Arabia to cut back the OPECs
output target level below 30 million barrels per
day (mb/d). Venezuela had proposed for a 5 per
cent cut in the groups production, which was
rejected as Iran joined the ranks of members
refusing to accept any curbs.
2.5.3 On December 14, 2015, Brent Oil Futures fell to

Chart 1C: Crude Oil & Brent Oil at 7 years low

Source: Bloomberg

3.
The World Economy:
3.1. IMF, in its October 2015 World Economic
Outlook (WEO) update, has reduced the global
growth projections by 0.2 percentage points for
both 2015 and 2016 to 3.1 per cent and 3.6 per
cent respectively. IMF has revised (upwards)
its growth projections for United States by
0.1 percentage points to 2.6 per cent in 2015,
while reduced the U.S. growth forecast by
0.2 percentage points to 2.8 per cent in 2016.
Among other major advance economies, IMF

has projected the growth in United Kingdom


at 2.5 per cent, Germany at 1.5 per cent, France
at 1.2 per cent, Canada at 1.0 per cent and in
Japan at 0.6 per cent, during the year 2015. In
major emerging economies, during 2015, the
GDP growth in India is projected at 7.3 per cent,
China at 6.8 per cent, Mexico at 2.3 per cent,
South Africa at 1.4 per cent, Brazil at -3.0 per
cent and Russia at -3.8 per cent (Exhibit 1).

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2015

Exhibit 1: Overview of the World Economic Outlook Projections: October 2015

World Output 2
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies 2
Emerging Market and
Developing Economies
Emerging and Developing Asia
ASEAN-5 4
Emerging and Developing Europe
BRICS Nations
Brazil
Russia
India 3
China
South Africa

Year over Year


Q4 over Q4
Difference from July
Projections
Estimates
Projections
2015 WEO Update1
2015
2016
2015
2016
2014
2015
2016
3.1
3.6
-0.2
-0.2
3.0
3.6
3.3
2.0
2.2
-0.1
-0.2
2.0
2.3
1.8
2.6
2.8
0.1
-0.2
2.5
2.5
2.8
1.5
1.6
0.0
-0.1
0.9
1.5
1.7
1.5
1.6
-0.1
-0.1
1.5
1.6
1.6
1.2
1.5
0.0
0.0
0.1
1.5
1.5
0.8
1.3
0.1
0.1
-0.4
1.2
1.5
3.1
2.5
0.0
0.0
2.0
3.2
2.2
0.6
1.0
-0.2
-0.2
-0.8
1.3
1.3
2.5
2.2
0.1
0.0
3.4
2.2
2.2
1.0
1.7
-0.5
-0.4
2.5
0.5
2.0
2.3
2.7
-0.4
-0.4
2.6
2.5
2.6

2013

2014

3.4
1.4
2.2
-0.4
0.2
0.7
1.7
1.2
1.6
1.7
2.0
2.2

3.4
1.8
2.4
0.8
1.6
0.2
0.4
1.4
-0.1
2.9
2.4
2.8

5.0

4.6

4.0

4.5

-0.2

-0.2

4.7

4.0

4.8

7.0
5.1
2.9

6.8
4.6
2.8

6.5
4.6
3.0

6.4
4.9
3.0

-0.1
-0.1
0.1

0.0
-0.2
0.1

6.8
4.8
2.6

6.4
4.4
3.2

6.4
5.2
4.2

2.7
1.3
6.9
7.7
2.2

0.1
0.6
7.3
7.4
1.5

-3.0
-3.8
7.3
6.8
1.4

-1.0
-0.6
7.5
6.3
1.3

-1.5
-0.4
-0.2
0.0
-0.6

-1.7
-0.8
0.0
0.0
-0.8

0.2
0.3
7.6
7.1
1.3

-4.4
-4.6
7.3
6.7
0.7

1.3
0.0
7.5
6.3
1.7

Note: Real effective exchange rates are assumed to remain constant at the levels prevailing during July 27August 24, 2015. Economies are
listed on the basis of economic size. The aggregated quarterly data are seasonally adjusted. Data for Lithuania are included in the euro
area aggregates but were excluded in the April 2015 World Economic Outlook (WEO).
1. Difference based on rounded figures for both the current, July 2015 WEO Update, and April 2015 World Economic Outlook
forecasts.
2. Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
3. For India, data and forecasts are presented on a fiscal year basis and GDP from 2011 onward is based on GDP at market prices
with FY2011/12 as a base year.
4. Indonesia, Malaysia, Philippines, Thailand, Vietnam
Source: IMF

Exhibit 2: Major Macroeconomic Indicators

Other
Ems

BRIC

Developed
Countries

Country / Region
United States
United Kingdom
Germany
France
Eurozone
Japan
Hong Kong
Brazil
Russia
India
China
South Korea
Indonesia
Turkey

Quarterly Growth Real GDP


YOY
QOQ
2.2
Q3
2.1*
Q3
2.3
Q3
0.5
Q3
1.7
Q3
0.3
Q3
1.2
Q3
0.3
Q3
1.6
Q3
0.3
Q3
1.6
Q3
0.3
Q3
2.3
Q3
0.9
Q3
-4.5
Q3
-1.7
Q3
-4.1
Q3
-0.6
Q3
7.4
Q3
NA
NA
6.9
Q3
NA
NA
2.7
Q3
1.3
Q3
4.7
Q3
3.2
Q3
4.0
Q2
1.3
Q2

Annual CPI
Inflation
0.5
Nov-15
0.1
Nov-15
0.4
Nov-15
0.0
Nov-15
0.2
Nov-15
0.3
Oct-15
2.4
Oct-15
10.5
Nov-15
15.0
Nov-15
6.3
Oct-15
1.5
Nov-15
1.0
Nov-15
4.9
Nov-15
8.1
Nov-15

Note: (Q3) represents third quarter of 2015. (*) represents figure in annualised terms.
Source: Bloomberg

1129

Unemployment
Rate
4.8
Nov-15
5.4
Sep-15
4.5
Oct-15
10.5
Oct-15
10.7
Oct-15
3.1
Oct-15
3.3
Sep-15
7.9
Oct-15
5.5
Oct-15
NA
NA
4.1
Sep-15
3.1
Nov-15
6.2
Aug-15
10.3
Sep-15

Benchmark
Interest Rate
0.25
0.50
0.05
0.05
0.05
0.08
0.50
14.25
11.00
6.75
4.35
1.50
7.50
7.50

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Chart 1: Year-on-Year real GDP growth rates of major countries/ region (per cent)

Source: Bloomberg

Chart 2: Year-on-Year Consumer Price Inflation (per cent)

Source: Bloomberg

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2015

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2015

at an annual rate of 2.1 per cent (revised estimate,


earlier estimate was 1.5 per cent) in the third quarter
of 2015, after increasing 3.9 per cent in the second
quarter of 2015. The consumer prices increased by
0.2 per cent (Y-o-Y) in October 2015 after remaining
flat in September 2015. Manufacturing sector PMI
declined while Service Sector PMI increased during
November 2015.

United States:
3.2. The Real gross domestic product (GDP) of
USA increased at an annual rate of 2.1 per cent
(Q-o-Q) (in annualise terms) in the third quarter
of 2015, after increasing 3.9 per cent in the second
quarter of 2015. In the advance estimate, the
increase in real GDP was 1.5 per cent (Q-o-Q)
(in annualise terms). The deceleration in real
GDP in the third quarter primarily reflected
a downturn in private inventory investment
and decelerations in exports, in personal
consumption expenditures (PCE), in nonresidential fixed investment, in state and local
government spending, and in residential fixed
investment. Businesses accumulated only $56.8
billion worth of inventory, the smallest since
the first quarter of 2014 and sharply lower from
$113.5 billion in Q2 2015. Consumer spending,
which accounts for more than two-thirds of U.S.
economic activity, grew at a 3.0 per cent rate,
down from the 3.2 per cent rate estimated last
month.
3.3 During November 2015, the final seasonally
adjusted Markit U.S. Manufacturing Purchasing
Managers Index (PMI) fell to 25 months low
as output, new orders and employment all
expanded at slower rates while average cost
burdens decreased for the third month. The
Markit US manufacturing PMI fell to 52.8 in
November 2015, lower than 54.1 in October
2015 (PMI above 50 mark indicates an expansion
in business activity). However, Markit U.S.
Services PMI improved to 56.5 in October 2015
from 54.8 in October 2015.
3.4. As per data released by the Bureau of Labor
Statistics, the annual consumer price inflation
rose to 0.2 per cent (Y-o-Y) in October 2015 as
compared to 0 per cent in previous month. On
a monthly basis, consumer prices also rose 0.2
per cent, the biggest gain in four months as cost
of most goods and services including gasoline
increased. Unemployment rate in the US was
recorded at 5 per cent in November 2015, the
same as in the previous month and the lowest in
more than seven years.
3.5. Observations: The U.S. economy grew at a
healthier pace in the third quarter than initially
thought, suggesting resilience that could help give
the Federal Reserve confidence to raise interest rates
in December 2015. The US real GDP has increased

United Kingdom:
3.6. As per the preliminary estimate of real GDP,
released by the Office for National Statistics,
U.K., the British economy advanced 2.3 per cent
(Y-o-Y) in the third quarter of 2015, slowing
down marginally from a 2.4 per cent expansion
in the second quarter of 2015, albeit, lowest since
the fourth quarter of 2013. During the same
period in last year (Q3 2014), economy grew by
3.0 per cent. On a quarter-on-quarter basis, the
economy expanded 0.5 per cent, below market
expectations of a 0.6 per cent increase.
3.7. The Markit UK manufacturing PMI in November
2015 fell to 52.7 from 55.2 in previous month..
On the other hand, the Markit UK services
PMI in November 2015 rose to 55.9 from 54.9
in October 2015. It is the highest figure in four
months due to a strength in new business while
employment slowed, backlogs rose marginally
and price pressures remained weak.
3.8. As regards the price situation, The UKs inflation
rate as measured by the Consumer Prices Index
went up 0.1 per cent (Y-o-Y) in November 2015,
due to falling fuel, food and drink prices.
3.9. Bank of Englands Monetary Policy Committee
at its meeting on December 12, 2015, maintained
the official Bank Rate paid on commercial
bank reserves unchanged at 0.5 per cent and
decided to continue the stock of asset purchases,
financed by the issuance of central bank reserves
at 375 billion. The unemployment rate of the
economically active population in UK declined
to 5.2 per cent in August-October 2015 period,
lowest since January 2006, compared to 5.3 per
cent in previous period.
3.10. Observations: UK showed moderate economic
growth during the third quarter of 2015. The
preliminary estimate of real GDP grew by 2.3
per cent, lowest since Q4 2013. Price pressures
remained on the downside during October, as
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2015

highest figure in four months, as food cost rose


further while prices of fuel dropped at a slower
pace.
3.14. In its Monetary Policy meeting held on October
30, 2015, Bank of Japan kept its pledge to
conduct money market operations so that the
monetary base will increase at an annual pace
of around 80 trillion yen. Policymakers also
decided to purchase exchange-traded funds
(ETFs) and Japan real estate investment trusts
(J-REITs) so that their amounts outstanding will
increase at an annual paces of about 3 trillion
yen and about 90 billion yen respectively. As
for Commercial Paper and corporate bonds, the
Bank will maintain their amounts outstanding at
about 2.2 trillion yen and about 3.2 trillion yen
respectively. The unemployment rate in Japan
remained fell to 3.1 per cent in November 2015
compared to previous month.
3.15. Observations: The GDP in Japan advanced 0.3 per
cent on quarter in the three months to September
of 2015, compared to an initial estimate of a 0.2
per cent contraction. Capital expenditure increased
while inventories shrank less than expected, final
figures showed. On an annualized basis, the
economy advanced 1 per cent, compared to an
initial 0.8 per cent contraction and well above
market expectations of a 0.1 per cent increase. CPI
inflation and Interest rate were 0 per cent while
unemployment rate remained stable at 3.1 per cent
during November 2015.

highlighted by a further decrease in average input


costs and an associated reduction in factory gate
selling prices, Annual CPI inflation remained in
negative territory by 0.1 per cent, on account of
ongoing reductions in global commodity prices. The
unemployment rate reaches 7 years low of 5.3 per
cent in September 2015.
Japan:
3.11. Real GDP of Japan was revised upwards to a
positive growth rate, which allowed Japans
economy to avoid what was believed to be a
technical recession as of the first preliminary
estimate. Japans real GDP grew at an annualized
rate of 1.0per cent (Q-o-Q) in Q3 2015, revised
upward from 0.8 per cent contraction as per first
estimate for Q3 of 2015, compared to contraction
of 0.5per cent in Q2 2015. The bright spot was the
upward revision to private capital investment,
which was originally reported to have declined
5per cent but grew 2.3per cent as of the second
preliminary estimate. GDP of world third largest
economy rose by 1.6per cent (Y-o-Y) during Q3
of 2015 compared to 1per cent (Y-o-Y) during
Q2 of 2015 .
3.12. During November 2015, growth in manufacturing
sector hit one-year high on account of increase
in employment and buying activity. Seasonally
adjusted Markit Japan Manufacturing PMI
grew to 52.6 in November 2015 from 52.4 in
previous month, indicating improvement in
manufacturing sector business activity (PMI
above 50 mark indicates an expansion in business
activity). New export orders also picked up to
the fastest since June 2015, supported by strong
international demand. Both buying activity and
employment showed a solid growth. Inflationary
pressures strengthened in November as reports
of higher raw material costs stemming from the
falling yen/dollar rate continued to drive up
cost burdens. However, service sector business
activity slowed down during November 2015.
Markit Japanese Services PMI fell to 51.6 in
November 2015 from 52.2 in previous month.
3.13. According to the estimates by Statistics Bureau
and the Director-General for Policy Planning of
Japan, Consumer prices in Japan rose by 0.3 per
cent (Y-o-Y) in October of 2015, after showing
no growth in the previous month. It was the

Euro Area (EA19):


3.16. The Eurozone or the Euro area is a monetary
union of 19 of the 28 European Union (EU)
member states which have adopted the euro as
their common currency. The Eurozone consists
of Austria, Belgium, Cyprus, Estonia, Finland,
France, Germany, Greece, Ireland, Italy, Latvia,
Lithuania, Luxembourg, Malta, Netherlands,
Portugal, Slovakia, Slovenia, and Spain.
3.17. The Gross Domestic Product (GDP) in the Euro
Area expanded 1.60 per cent (Y-o-Y) in the third
quarter of 2015 over the same quarter of the
previous year, slightly higher than 1.5 per cent in
the previous period but below market forecasts.
The real GDP of Germany and France grew by
1.7 per cent and 1.2 per cent (Y-o-Y) respectively
during Q3 of 2015.
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2015

Brazil contracted by 1.7 per cent (Q-o-Q) in the


third quarter of 2015 as compared to 2.1 per cent
(Q-o-Q) contraction in Q2 of 2015. Agriculture
sector contracted by 2 per cent while services
sector output fell by 2.9 per cent during Q3
of 2015 (Y-o-Y). Further, industrial sector and
manufacturing sector contracted by 6.7 per cent
and 11.3 per cent respectively during Q3 of 2015
(Y-o-Y).
3.23. Brazils annual inflation rate (IPCA) increased
from 9.93 per cent in October 2015 to 10.48 per
cent in November 2015, the biggest rise since
November of 2003 when the inflation hit 11.02
per cent. The country is struggling with high
inflation since mid-2014 after the government
imposed several tax increases aiming at balancing
overall budget while its currency Brazilian Real
fell around 46 per cent against the USD in the
first 11 months of the year. Brazils inflation
is way above the official target of 4.5 per cent.
Evaluating the macroeconomic outlook and
perspectives for inflation, Brazils Central Bank,
in its November 2015 meeting, has kept the
benchmark Selic rate unchanged at 14.25 per
cent, the highest in nine years, as policymakers
struggle to curb rising inflation amid economic
contraction. Brazils unemployment rate
increased to 7.9 per cent in October 2015 from
7.6 per cent in September 2015.

3.18. Euro Area manufacturing and services sector


continued to expand further during November
2015. Markit Euro Area Manufacturing PMI
increased to 52.8, strongest in 19 months, in
November 2015, compared to 52.3 in previous
month. Further, Markit Euro Area Services PMI
increased to 54.2 in November 2015 from 54.1 in
October 2015.
3.19. As per the estimate released by Eurostat, annual
inflation in Euro Area remained unchanged at
0.1 per cent in November 2015. The inflation
rate has been below the ECBs 2 per cent target
since January of 2013. The highest annual rates
were recorded in Belgium (+1.4 per cent), Malta
(+1.3 per cent) and Sweden (+0.8 per cent). By
contrast, the lowest annual rates were registered
in Cyprus (-1.5 per cent), Bulgaria, Romania
and Slovenia (all -0.9 per cent). Compared with
October 2015, annual inflation rose in fifteen
Member States, remained stable in two and fell
in ten.
3.20. The seasonally-adjusted unemployment rate in
the Eurozone decreased slightly to 10.7 per cent
in October 2015 compared with 10.8 per cent in
previous month and from 11.5 per cent reported
in November of 2014. Among Member States,
the lowest unemployment rates in October were
recorded in Germany (4.5 per cent), the Czech
Republic (4.7 per cent)) and Malta (5.1 per cent),
and the highest in Greece (24.6 per cent in August
2015) and Spain (21.6 per cent).
3.21. Observations: Euro Area economy continues to
grow at a moderate pace as economy stabilises after
strong recovery since Q4 of 2013. In its latest policy
meeting, ECBs President Mario Draghi in their
efforts to provide more monetary stimulus extended
its 60bn asset purchase program further by six
more month. The flat inflation rate , however,
remains the concerns for the policy makers. The
unemployment rate is decreasing consistently over
past 12 months while both manufacturing and
services PMI shows stable growth outlook.

China:
324. The worlds second largest economy expanded
by 6.9 per cent (Y-o-Y) in the July-September
quarter, slowing from a 7 per cent increase
in the previous quarter, according to Chinas
National Bureau of Statistics. As per World
Bank estimates, the growth in China is expected
to increase to 7.1 per cent in 2016 and to 6.9
per cent by 2017. The International Monetary
Fund (IMF) has revised growth forecast for
China to 6.8 per cent in 2015 and 6.3 per cent in
2016. The Caixin China General manufacturing
Purchasing Manager Index (PMI) increased to
48.6 in November 2015 after reaching 48 months
low of 47 in September 2015. While the reading
was the highest since April, it remained below
50 for the ninth straight month. The Caixin
Purchasing Managers Index for services dropped
to 51.2 in November 2015 from 52 in October
2015.

Brazil:
3.22. The Brazilian economy shrank 4.5 per cent
(Y-o-Y) in Q3 of 2015, sixth consecutive
contraction and the worst since 1996 as
compared to contraction of 3 per cent (Y-o-Y)
in Q2 of 2015. During Q3 of 2015, The GDP of
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2015

repo rate on hold at 11 per cent in December


2015, recognizing growing inflation risks
while the risks of economic cooling remained.
However, policymakers signalled rate cuts in
the next meetings, if inflation slows down in
line with forecasts and on condition inflation
risks recede. In December 2014, the Russian
central bank had increased the interest rate to
record 17 per cent to stem the falling currency.
The unemployment rate in Russia unexpectedly
increased to 5.5 per cent in October 2015 from
5.2 per cent in September 2015.

3.25. Chinas activity data was stronger than expected


in November 2015, with factory output growth
picking up to a five-month high, signalling the
steady growth in the Chinese Economy. The
Factory output grew an annual 6.2 per cent
in November, compared to 5.6 per cent in
October 2015 while retail sales grew at 11.2 per
cent compared to 11 per cent in October 2015.
Fixed assets investment , one of the key driver
of economic growth, grew at 10.2 per cent in the
first 11 month of 2015.
3.26. As regards price situation, the annual Consumer
Price Inflation in China marginally decreased to
1.5 per cent in November 2015 from 1.6 per cent
in October 2015.The food prices went up by 2.3
per cent, while the non-food prices increased 1.1
per cent. On a monthly basis, consumer prices
remained unchanged, following a 0.3 per cent
drop in October 2015.

4.
Review of Global Financial Markets:
4.1. During November 2015, Global equities showed
mixed returns as the focus remained on the
prospect of a US rate rise. Emerging markets
lagged their developed counterparts as the
stronger US dollar weighed on emerging market
currencies. Eurozone equities outperformed
other regions because of the expectations that the
European Central Bank would announce further
monetary policy easing in coming months.

Russia:
3.27. Quarterly real GDP of Russia contracted by 4.1
per cent (Y-o-Y) during third quarter of 2015
following 4.6 per cent drop in previous period.
In 2014, the Russian economy grew at 0.6 per
cent. According to World Bank estimates,
Russian GDP will fall to 2.7 per cent in 2015,
before reaching 0.7 per cent in 2016, and 2.5 per
cent in 2017.
3.28. The Central Bank of Russia said in its Guidelines
for the Single State Monetary Policy for 20162018 that if oil prices continue to stay below $40
per barrel, the GDP could fall by 5 per cent or
more in 2016 while inflation would stay within
7 to 9 per cent.
3.29. As regards price situation, the annual CPI
inflation rate decreased from 15.6 per cent in
October 2015 to 15 per cent in November
2015. On a monthly basis, inflation went up to
0.8 per cent, from 0.7 per cent in the previous
month. The Bank of Russia has set a target of
reducing the inflation to 4 per cent in 2017. The
Central Bank of Russia has kept its key one-week

Stock Market:
4.2. US stocks recorded modest gains during
November 2015. Stocks of Germany posted
gains as the unemployment figures fell to its
lowest level. Japanese stocks advanced as the
two important indicators industrial output and
retail sales grew in the month of November.
Russian stocks rallied as oil prices stabilized
and the economy showed signs of recovery.
Indian stocks shed during the concerned period.
Mexican stocks also declined slightly. Brazilian
and Mexican stocks fell for the period under
review.
4.3. MSCI World Index, which is a leading indicator
for tracking the overall performance of stock
markets in developed markets witnessed a
decrease of -0.67 per cent. Further, the MSCI
Emerging Market Index also registered a fall of
-3.96 per cent during November 2015. (Chart 3).

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2015

Chart 3: Movement in MSCI World and Emerging Market Index

Source: Bloomberg

Bond Market:
4.4. The Merrill Lynch Eurozone Government bond
index >5 years posted a gain of 0.53 per cent in
November 2015, bringing the return for the year
to date to +3.65 per cent. Bond markets rallied
through the month as market expectations grew
about further monetary easing by the ECB. 10
year government bond yield of Germany, Spain
and UK declined by 8.5 per cent, 9 per cent and
5 per cent respectively in November 2015.

4.5. 10 year government bond yields of US rose by 3


per cent to 2.2 per cent at the end of November
2015.
4.6. Among emerging market economies, bond yield
of 10 year government bond of Brazil, Russia,
China and India fell modest by 2 per cent, 1.1 per
cent, 1.9 per cent and 1.4 per cent, respectively to
close at 16.1 per cent, 10.3 per cent, 7.8 per cent
and 3.1 per cent, respectively.

Chart 4: Movement in 10 year bond yield of major countries

Source: Bloomberg

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Currency Market:
4.7. In November 2015, US Dollar strengthened
further against the major currencies as the U.S.
economy showed signs of sustaining recovery and
partly also because of expectation of impending
interest rate hike by US federal reserve.
4.8. Major emerging markets and developed markets
currency depreciated during November 2015.
Russian Ruble, Brazilian Real, Chinese Yuan and
Indian Rupee depreciated by 3.9 per cent, 0.3 per
cent, 1.3 per cent and 2.1 per cent, respectively
against USD. GBP, Euro and Yen depreciated
by 2.5 per cent, 4.2 per cent and 2.1 per cent,
respectively against USD in November 2015 as
compared to the previous month.

2015

4.9. Since the beginning of January 2013 till November


2015, Brazilian Real and Russian Ruble have
depreciated significantly by 89 per cent and 117
per cent, respectively against USD. During the
same period, Indian Rupees & Japanese Yen
depreciated by 22 per cent and 42 per cent,
respectively against USD. Euro depreciated by
25 per cent against USD while British Pound
depreciated marginally by 7 per cent against
USD. In spite of recent devaluation, Chinese
Yuan depreciated just by 2.5 per cent against
USD compared to beginning of the January 2013.
(Exchange rate represents the closing price of the
interbank foreign currency trade).

Chart 5: Movement of major currencies against US Dollar ($)

Source: Bloomberg

Trend in Market Indices:


4.10. Major stock indices all over the world exhibited
mixed trends during November 2015. Amongst
the developed markets Dax of Germany, Nikkei
225 of Japan and CAC 40 of France continued
to grow for the second consecutive month by
(4.90 per cent), (3.48 per cent) and (1.22 per
cent) respectively. On the contrary, a fall was
registered by Straits Times of Singapore (-4.75
per cent)followed by Hang Seng of Hong Kong
(-2.84 per cent) and All Ordinaries of Australia
(-1.33 per cent) during the period under review.

4.11. As regards the emerging market indices,


Budapest Stock Exchange of Hungary witnessed
an increase of 10.26 per cent followed by
Shanghai SE Composite IX of China (1.86 per
cent ) and Russian Traded of Russia (0.55 per
cent ) during the period under consideration. On
the contrary, the fall in indices was witnessed by
Hermes of Egypt by -17.89 per cent followed by
IGBC General of Colombia (-8.19 per cent) and
Karachi 30 of Pakistan (-7.15 per cent) during
November 2015.
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Chart 6: Trend in Major Developed Market Indices

Source: Bloomberg

Chart 7: Trend in Market Indices of BRIC Nations

Source: Bloomberg

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2015

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2015

Market Capitalisation:
4.12. Market capitalisation of major countries in the
world, at the end of November 2015, is given
in table A6 and is illustrated in Chart 8. There
was a mix trend in market capitalisation of the
developed and developing markets. Market
capitalisation of Japan, USA, Germany and
China amongst others recovered smartly to
register a gain after registering the fall in the
initial couple of weeks.
4.13. Among major developed markets, the market
capitalisation of Japan rose highest by 2.7 per
cent, followed by Germany (0.4 per cent) and
USA (0.1 per cent) during November 2015.
On the contrary, the market capitalisation of
Singapore, UK, France and Hong Kong declined
by 5.3 per cent, 2.9 per cent, 2.4 per cent and 2.3

per cent respectively. NYSE Euronext (US) and


London Stock Exchange (UK) market cap stood
at USD 24.06 Trillion & USD 3.48 Trillion
respectively at the end of November 2015.
4.14. As regards the major emerging markets, market
capitalisation of China rose highest by 8.6 per cent
followed by Argentina (6 per cent), Hungary (4.6
per cent) and Malaysia (1.6 per cent) respectively
while that of Colombia, South Africa, Egypt
and Chile declined by 13 per cent, 11.8 per
cent, 6.5 per cent and 6.3 per cent respectively.
Market Capitalisation of Chinas Shanghai Stock
Exchange increased by 8.6 per cent to USD 6.6
Trillion, while that of Indias NSE declined by
1.2 per cent to USD 1.49 Trillion, at the end of
November 2015.
Chart 8: Trend in Market Capitalisation of Major Exchanges (US$ Trillion)

Source: Bloomberg

Derivative Market:
4.15. Among the major stock exchanges covered in
the review (Table A4 & A5), during November
2015, the monthly notional turnover of index
futures in CME Group was at USD 3,757 billion
followed by EUREX (USD 1,483 billion) and
Osaka Stock Exchange (USD 671 billion). Korea
Exchange of South Korea recorded the monthly
turnover of USD 3,206 billion in stock futures
followed by CME Group (USD 1,386 billion)
and Eurex (USD 1,040 billion).
4.16. In the case of Stock Index Options, Korea
Exchange of South Korea recorded highest

volume (30 billion contracts) in terms of


monthly contracts traded on the major world
exchanges followed by Chicago Board Options
Exchange (CBOE) (29 billion contracts), Eurex (
24.9 billion contracts) and TAIFEX (18.9 billion
contracts) in November 2015. In case of Stock
Options, NYSE Liffe (US) witnessed the highest
volume of 41.7 billion contracts traded followed
by BM&FBOVESPA (40.7 billion contracts),
Chicago Board Options Exchange (31 billion
contracts) and International Securities Exchange
(25.4 billion contracts) in November 2015.
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5.
Review of Indian Economy
5.1. The Ministry of Statistics and Programme
Implementation released quarterly estimates of
GDP for Q2 of 2015-16. As per the estimates,
growth in GDP at constant prices (2011-12)
during Q2 of 2015-16 increased to 7.4 per cent
as compared to 7.0 per cent in Q1 of 2015-16,
owing to strong growth in manufacturing, trade,
hotels, transport and communication services.
Agriculture sectors growth has been estimated
at 2.2 per cent in Q2 of 2015-16 as against 1.9

2015

per cent in Q1 of 2015-16. Manufacturing and


Services sector are estimated to grow at 9.3 per
cent and 10.6 per cent, respectively during Q2 of
2015-16.
5.2. GVA (Gross Value Added) growth was registered
at 7.4 per cent as compared to 7.1 per cent in the
previous quarter. IMF, in its World Economic
Outlook, has estimated Indias GDP growth to
be 7.3 per cent and 7.5 per cent in the years 2015
and 2016, respectively.

Exhibit 3: Quarterly Estimates of GVA (Y-o-Y) (at 2011-12 prices)


2014-15

2015-16

2013-14
(NS)

2014-15
(PE)

Q1

Q2

Q3

Q4

Q1

Q2

3.7

0.2

2.6

2.1

-1.1

-1.4

1.9

2.2

Mining & Quarrying

5.4

2.4

4.3

1.4

1.5

2.3

4.0

3.2

Manufacturing

5.3

7.1

8.4

7.9

3.6

8.4

7.2

9.3

Electricity, Gas, Water Supply& Other Utility Services

4.8

7.9

10.1

8.7

8.7

4.2

3.2

6.7

2.5

4.8

6.5

8.7

3.1

1.4

6.9

2.6

Trade, Hotel, Transport, Communication and


services related to broadcasting

11.1

10.7

12.1

8.9

7.4

14.1

12.8

10.6

Financial, Real Estate & Professional Services

7.9

11.5

9.3

13.5

13.3

10.2

8.9

9.7

Public Administration, Defence and Other services

7.9

7.2

2.8

7.1

19.7

0.1

2.7

4.7

Gross Value Added at Basic Price

6.6

7.2

7.4

8.4

6.8

6.1

7.1

7.4

GDP

6.9

7.3

6.7

8.4

6.6

7.5

7.0

7.4

Items
1.

Agriculture & allied activities

2.

Industry

3.

Services
Construction

Source: CSO
NS- New Series Estimates; PE- Provisional Estimates

5.3. The Nikkei Purchasing Managers Index (PMI)


decreased to a twenty five month low of 50.4
in November 2015 from 50.7 in October
2015. It pointed towards continued, although
weaker, marginal improvement in the health
of manufacturing sector during the month.
Similarly, Nikkei India Composite Output
Index decreased from 52.6 in October 2015
to 50.2 in November 2015, highlighting littlechange in the level of private sector activity in
India.
5.4. Indias fiscal deficit during April-October 2015

reached Rs. 4.11 trillion (USD 61.67 billion)


during April-October or 74 per cent of the fullyear budget target. The deficit was 89.6 per cent
of the full-year target during the same period
a year ago. In the Union Budget 2014-15, the
government kept a fiscal deficit target of 4.1 per
cent of GDP. The Union budget 2015-16 has
set Indias fiscal deficit target for the 2015-16 at
3.9 per cent of GDP (Rs. 5,55,649 lakh crore)
which would gradually come down to 3 per
cent by 2017-18, one year later than previously
expected.

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Index of Industrial Production


5.5. Indias General Index of Industrial Production
(IIP) growth rocketed to a five year high
of 9.8 per cent in October 2015 compared
with 3.8 per cent in September 2015. The
jump has been attributed to robust growth in
consumer products and capital goods during
the festive season. The manufacturing sector,
a key indicator of economic activity, grew
10.6 per cent year-on-year in October. The
growth in the consumer durables segment
was a whopping 42.2 per cent in October
over the same month last year. While, the
consumer goods category saw a growth of 18.4
per cent and consumer non-durables rose by
4.7 per cent. The cumulative growth for the
period April-October 2015 is recorded at 4.8
per cent.

2015

Inflation
5.6. Indias Consumer Price Index (CPI) Inflation
increased to a fourteen month high of 5.41 per
cent in the month of November 2015 from 5.0
per cent in the month of October 2015. The
food inflation rose to 6.07 per cent from 5.25 per
cent. Inflation measured by the wholesale price
index fell 1.9 per cent in November compared
to a decline of 3.8 per cent in October. Food
inflation rose 5.2 per cent in November, picking
up from 2.4 per cent increase in October. Of this,
prices of pulses, onions and vegetables showed
the biggest spike with pulse prices shooting up
by 58.17 per cent in November on year, while
onion prices rose by 53 per cent and that of
vegetables 14 per cent. Reserve Bank of India did
not alter the Repo rate in its Monetary Policy
statement announced on December 1, 2015.

Chart 9: Inflation as measured by WPI and CPI (in per cent)

Source: CSO, RBI, Office of Economic Advisor

Trade Exports and Imports


5.7. Indias exports remained in the negative territory
and contracted for the twelfth consecutive month
in November 2015 and dipped by around 24.43
per cent to USD 20.01 billion. Imports declined
30.26 per cent to USD 29.79 billion, yielding
a trade deficit of USD 9.78 billion marginally
up from USD 9.76 billion in the previous
month. Oil imports during November stood at

USD 6.44 billion, down 45 per cent from USD


11.70 billion in the corresponding period last
year. Non-oil imports declined 25 per cent to
USD 23.3 billion. The overall trade deficit has
narrowed to USD 87.54 billion, cumulatively for
months leading upto November in the current
financial year. The corresponding figure for the
previous year was USD 102 billion.

Foreign Exchange Reserves


5.8. Since April 2015, Forex reserves have increased
considerably by about USD 10 billion. The

reserves were recorded at USD 351.6 billion as


on November 27, 2015. (Exhibit 4)

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2015

Exhibit 4: Foreign Exchange Reserves (USD billion)

Total Reserves
Foreign Currency Assets
Gold
SDRs
Reserve Position in the
IMF

Nov 27, Oct 30, Oct 2, Aug 28, July 31, June May 29, May 1, April 3, Feb 27, Jan 30,
2015
2015
2015
2015
2015 26, 2015 2015
2015
2015
2015
2015
351.6 353.6 350.8 351.9 353.5 355.2 352.4 351.9 343.1 338.1 327.9
327.7 330.1 327.3 328.3 329.8 330.5 327.8 327.2 318.6 312.2 303.3
18.7
18.2
18.2
18.3
18.3
19.3
19.3
19.3
19.0
20.2
19.4
3.9
4.0
4.0
4.1
4.0
4.1
4.0
4.1
4.0
4.1
4.1
1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.6

1.1

Source: RBI

6.
Annex Tables:
Table A1: Trend in major International Indices
Country

Index

As on
March*,
2014

As on
March *,
2015

As on
October*,
2015

As on
November*,
2015

Australia

All Ordinaries

5402.99

5861.92

5288.56

5218.19

France

CAC 40

4391.50

5033.64

4897.66

4957.60

Germany

Dax

9555.91

11966.17

10850.14

11382.23

Hong Kong HSI

Hang Seng

22151.06

24900.89

22640.04

21996.42

Japan NIKKEI

Nikkei 225

14827.83

19206.99

19083.10

19747.47

Singapore STI

Straits Times

3188.62

3447.01

2998.35

2855.94

UK

FTSE 100

6598.37

6773.04

6361.09

6356.09

USA DOW JONES

Dow Jones Industrial Average

16457.66

17776.12

17663.54

17719.92

USA NASDAQ Composite

Nasdaq Composite

4198.99

4900.89

5053.75

5108.67

India (BSE)

S&P BSE Sensex

22386.27

27957.49

26656.83

26145.67

India (NSE)

CNX Nifty

6704.20

8491.00

8065.80

7935.25

Brazil

Bovespa

50414.92

51150.16

45868.82

45120.36

Chile

Stock Market Select

3772.76

3916.92

3827.99

3655.30

China

Shanghai SE Composite IX

2033.31

3747.90

3382.56

3445.41

Colombia

IGBC General

13827.01

9998.85

9154.37

8404.57

Egypt

Hermes

785.68

828.83

673.70

553.19

Hungary

Budapest Stock Exchange

17529.99

19689.16

21557.44

23768.60

Indonesia

Jakatra Composite

4768.28

5518.68

4455.18

4446.46

Malaysia

FTSE Bursa Malaysia KLCI

1849.21

1830.78

1665.71

1672.16

Mexico

Bolsa

40461.60

43724.78

44542.76

43418.55

Pakistan

Karachi 30

19170.92

19232.27

20417.39

18957.19

Russia

Russian Traded

1723.97

1222.80

1152.84

1159.23

South Africa

FTSE/JSE Africa All Share

47770.92

52181.95

53793.74

51607.83

Taiwan

Taiwan Taiex

8849.28

9586.44

8554.31

8320.61

Thailand

Stock Exchange of Thai

1376.26

1505.94

1394.94

1359.70

Turkey

ISE National 100

69736.34

80846.03

79409.00

75232.79

*Indices are as on last trading day of the month


Source: Bloomberg

1141

DECEMBER

SEBI BULLETIN

2015

Table A2: Volatility and P/E Ratio of Major International Indices


Country

Index

Volatility (per cent)

P/E Ratio

Oct-15

Nov-15

Oct-15

Nov-15

Developed Markets
Australia

All Ordinaries

0.86

1.03

24.76

25.27

France

CAC 40

1.17

1.06

22.53

22.34

Germany

Dax

1.19

1.07

23.34

24.35

Hong Kong HSI

Hang Seng

1.27

1.26

9.95

9.67

Japan NIKKEI

Nikkei 225

1.15

0.94

19.77

20.58

Singapore STI

Straits Times

1.03

0.73

13.89

13.23

UK

FTSE 100

0.88

0.83

28.99

28.91

USA DOW JONES

Dow Jones Industrial Average

0.76

0.73

15.79

15.83

USA NASDAQ Composite

Nasdaq Composite

0.94

0.81

29.71

31.22

Emerging Markets
India (BSE)

S&P Sensex

0.75

0.75

21.37

20.76

India (NSE)

CNX Nifty

0.71

0.76

22.06

20.81

Argentina

Indice Bolsa General

2.41

2.02

21.93

23.27

Brazil

Bovespa

1.61

1.80

26.07

26.94

Chile

Stock Market Select

0.6

0.71

16.15

15.90

China

Shanghai SE Composite IX

1.61

1.84

17.7

18.07

Colombia

IGBC General

0.86

1.23

NA

NA

Egypt

Hermes

0.96

1.68

16.67

11.95

Hungary

Budapest Stock Exchange

0.9

0.85

17.48

22.10

Indonesia

Jakatra Composite

1.56

1.02

24.72

26.01

Malaysia

FTSE Bursa Malaysia KLCI

0.67

0.45

17.25

17.71

Mexico

Bolsa

0.57

0.93

31.35

30.55

Pakistan

Karachi 30

0.75

0.76

9.71

9.13

Russia

Russian Traded

2.19

2.14

8.96

10.55

South Korea

Kospi Index

0.55

0.87

17.39

13.39

South Africa

FTSE/JSE Africa All Share

0.8

0.92

27.89

42.67

Taiwan

Taiwan Taiex

0.71

1.07

13.35

13.26

Thailand

Stock Exchange of Thai

0.78

0.62

16.44

17.69

Turkey

ISE National 100

1.12

1.78

11.83

11.44

Note: PE ratio for S&P BSE Sensex and CNX Nifty have been obtained from BSE, NSE respectively
NA.: Not Available
Source: Bloomberg, BSE, NSE

1142

DECEMBER

SEBI BULLETIN

2015

Table A3: Investment Flows- New Capital raised by Shares and Bonds in the Major Exchanges (US$ million)
Stock Exchange
1
Amman Stock Exchange

Oct-15

Nov-15

Equities

Bonds

Total

Equities

Bonds

Total

13

389

1,347

389

1,360

5,334

5,089

NA

NA

5,334

5,089

360

360

477

3,256

NA

NA

477

3,256

Bolsa de Comercio de Buenos Aires

4,169

7,042

4,174

7,042

Borsa Istanbul

142

4,865

4,865

147

Bursa Malaysia

153

1,669

NA

NA

153

1,669

5,362

6,988

NA

NA

5,362

6,988

371

493

NA

NA

371

493

9,291

5,817

554

6,337

9,845

12,154

Indonesia Stock Exchange

252

2,069

NA

NA

252

2,069

Japan Exchange Group

208

3,106

3,313

2,217

489

3,616

3,200

5,833

3,690

Kazakhstan Stock Exchange

NA

NA

691

489

691

489

Korea Exchange

542

782

36,028

41,976

36,570

42,758

Luxembourg Stock Exchange

85,124

70,279

85,124

70,279

Moscow Exchange

5,872

3,024

5,872

3,024

761

1,007

NA

NA

761

1,007

5,015

5,015

9,971

6,404

NA

NA

9,971

6,404

302

3,089

80

302

3,169

41

160

4,547

2,605

4,588

2,765

363

301

NA

NA

363

301

Shanghai Stock Exchange

2,215

9,286

NA

NA

2,215

9,286

Shenzhen Stock Exchange

3,796

11,496

1,245

3,671

5,041

15,167

Singapore Exchange

29

156

9,460

9,880

9,489

10,036

SIX Swiss Exchange

477

4,978

3,487

5,455

3,487

Stock Exchange of Thailand

314

148

704

314

852

Taipei Exchange

120

144

5,106

1,697

5,226

1,840

Taiwan Stock Exchange Corp.

79

30

1,997

2,075

30

Tel-Aviv Stock Exchange

17

52

2,159

1,404

2,175

1,456

TMX Group

1,730

2,941

76

1,806

2,941

Wiener Borse

80

54

2,874

3,039

2,954

3,093

Australian Securities Exchange


BM&FBOVESPA
BME Spanish Exchanges

Euronext
Hochiminh Stock Exchange
Hong Kong Exchanges and Clearing

Johannesburg Stock Exchange

Nasdaq - US
NASDAQ OMX Nordic Exchange
NYSE
NZX Limited
Oslo Bors
Philippine Stock Exchange

NA: Not Available


Source: World Federation of Exchanges

1143

DECEMBER

SEBI BULLETIN

2015

Table A4: Monthly Turnover in Derivatives (Stock options and Stock futures) in major Stock Exchanges
Nov-15
Stock options
Exchange
Number of
contracts traded

Stock futures

Notional
turnover
(USD Million)

Number of
contracts traded

Notional
turnover
(USD Million)

Americas
BM&FBOVESPA

40,693,888

13,462

3,665,154

NA

31,049,016

NA

NA

NA

NA

NA

24,081

21

25,377,163

NA

NA

NA

36,141

500

41,714,989

11,189

NA

NA

6 006 059

10 690.8

57 938

64.6

Osaka Stock Exchange

54 091

NA

NA

NA

Hong Kong Exchanges

4 873 518

10 935.9

24 521

70.7

198 339

NA

12 461 569

6 951.4

13 740

27.4

864 164

4 661.4

NA

NA

1 061 086

NA

Buenos Aires SE
Chicago Board Options Exchange
Colombia SE
International Securities Exchange
MexDer
NYSE Liffe (US)

Asia - Pacific
ASX Derivatives Trading

Korea Exchange
TAIFEX
Thailand Futures Exchange

Europe - Africa - Middle East


Athens Derivatives Exchange

1,512

92,149

53

1,193,645

1,262

179,175

136

15,784

59

EUREX

13,637,845

65,167

4,076,302

21,637

Euronext

4,522,028

12,533

214

425,759

14

799,783

658

Moscow Exchange

1,102,780

191

28,240,078

4,893

OMX Nordic Exchange

2,203,450

3,332

453,171

429

376,437

217

101,891

59

72,926

287

NA

NA

BME Spanish Exchanges


Budapest SE

Johannesburg SE

Oslo Brs
Tel Aviv SE
NA: Not Available
Source: World Federation of Exchanges

1144

DECEMBER

SEBI BULLETIN

2015

Table A5: Monthly Turnover in Derivatives (Index options and Index futures) in major Stock Exchanges
Nov-15
Stock index options
Exchange
Number of
contracts traded

Stock index futures

Notional
turnover
(USD Million)

Number of
contracts traded

Notional
turnover
(USD Million)

Americas
BM&FBOVESPA

118,642

22,979

8,158,998

33,747

NA

NA

3,481,215

NA

Chicago Board Options Exchange

29,000,970

NA

NA

NA

CME Group

10,022,875

1,386,040

37,269,939

3,757,520

293,100

NA

NA

NA

3,879

101

87,299

1,622

1 001 980

36 522.1

765

28.3

40 454

3 750.8

691 792

63 486.6

Bursa Malaysia Derivatives

332

NA

222 351

4 265.3

China Financial Futures Exchange

NA

NA

777 742

136 452.0

Osaka Stock Exchange

2 630 662

NA

19 723 897

671 327.0

Hong Kong Exchanges

1 920 429

162 205.0

6 647 733

573 914.0

30 020 158

3 206 220.0

2 502 992

267 700.0

428 871

NA

11 680 839

NA

18 952 824

247 796.0

5 550 420

201 551.0

22 923

NA

1 913 598

NA

CBOE Future Exchange

International Securities Exchange


MexDer

Asia - Pacific
ASX Derivatives Trading
ASX SFE Derivatives Trading

Korea Exchange
Singapore Exchange
TAIFEX
Thailand Futures Exchange

Europe - Africa - Middle East


Athens Derivatives Exchange

5 869

6.3

74 494

79.0

271 327

2 942.7

781 181

63 299.8

2 055

73.2

604 453

12 602.6

0.0

19 188

14.8

24 905 700

1 040 480.0

27 669 263

1 483 430.0

Euronext

892 955

44 422.0

3 323 389

210 446.0

Johannesburg SE

257 396

154.7

906 704

22 481.1

2 191 758

3 106.6

19 704 038

31 154.4

822 390

13 995.4

2 992 933

51 580.9

41 109

23.7

222 634

128.4

3 459 268

NA

1 141

NA

BME Spanish Exchanges


Borsa Istanbul
Budapest SE
EUREX

Moscow Exchange
OMX Nordic Exchange
Oslo Brs
Tel Aviv SE
NA: Not Available
Source: World Federation of Exchanges

1145

DECEMBER

SEBI BULLETIN

2015

Table A6: Market Capitalisation of major Stock Exchanges (US$ Million)


Stock Exchange
1

Mar-15
2

Australia
France
Germany
Hong Kong
Japan
Singapore
UK
USA

1,231,172
2,014,318
1,964,510
4,526,483
4,852,326
566,432
3,626,328
24,614,866

India
Argentina
Brazil
Chile
China
Colombia
Egypt
Hungary
Indonesia
Malaysia
Mexico
Pakistan
Russia
South Korea
South Africa
Taiwan
Thailand
Turkey

1,628,771
70,546
670,273
232,904
6,486,554
122,976
71,709
15,458
425,078
450,790
438,251
68,009
432,731
1,267,330
514,851
1,011,646
428,678
221,896

Oct-15
3
Developed Market
1,053,583
2,015,277
1,839,925
4,147,715
4,884,613
486,662
3,593,715
24,027,524
Emerging Markets
1,508,520
71,288
503,921
201,518
6,133,775
98,549
59,695
16,270
342,258
368,606
389,708
70,621
457,670
1,254,052
445,973
877,829
363,761
195,136

Nov-15
4

M-o-M change(per cent)


5

1,044,705
1,966,497
1,852,147
4,053,957
5,015,777
460,955
3,488,202
24,061,765

(0.8)
(2.4)
0.7
(2.3)
2.7
(5.3)
(2.9)
0.1

1,490,395
75,556
494,383
188,871
6,661,877
85,712
55,792
17,022
339,275
375,213
379,182
66,758
455,302
1,220,035
393,517
856,771
352,399
189,055

(1.2)
6.0
(1.9)
(6.3)
8.6
(13.0)
(6.5)
4.6
(0.9)
1.8
(2.7)
(5.5)
(0.5)
(2.7)
(11.8)
(2.4)
(3.1)
(3.1)

M-o-M: Month on Month.


Source: Bloomberg

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

16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.

OECD database
Bureau of Economic Analysis (US)
Bureau of Labor Statistics (US)
The Conference Board (US)
The Federal Reserve System (US)
Institute for Supply Management (US)
Office for National Statistics (UK)
Bank of England (UK)
The Cabinet Office (Japan)
Statistics Bureau, Director-General for Policy Planning
(Statistical Standards) (Japan)
Bank of Japan
Eurostat (EA18 and EU27)
European Central Bank (EA18)
Instituto Brasileiro de Geografia e Estatstica (Brazilian
Institute of Geography and Statistics)
Banco Central do Brasil (Central Bank of Brazil)

1146

Federal State Statistics Service (Russian Federation)


The Central Bank of the Russian Federation
The Central Statistical Office (India)
Office of the Economic Adviser to the Government of India
The Reserve Bank of India
National Bureau of Statistics of China
Peoples Bank of China
Markit Financial Information Services
World Federation of Exchanges
Bloomberg
The Bombay Stock Exchange
The National Stock Exchange
The Bank of Korea
Bank Indonesia
Central Bank of The Republic of Turkey
IMF

DECEMBER

SEBI BULLETIN

2015

HIGHLIGHTS OF DEVELOPMENTS IN
INTERNATIONAL SECURITIES MARKET
1.

ESAs consult on PRIIPs key information for


EU retail investors
The Joint Committee of the European Supervisory
Authorities (ESAs) EBA, EIOPA and ESMA
launched its Joint Consultation Paper on PRIIPs Key
Information Documents to gather stakeholder views
on proposed rules on the content and presentation of
the Key Information Documents (KID).
The KID, once finalised and implemented, aims to
provide EU retail investors with consumer friendly
information to enable retail investors to understand
and compare packaged retail and insurance-based
investment products (PRIIPs) across the EU, whether
offered by banking, insurance or securities firms.

3.

CPMI-IOSCO consultative paper Guidance


on cyber resilience for financial market
infrastructures
The Committee on Payments and Market
Infrastructures (CPMI) and the Board of the
International Organization of Securities Commissions
(IOSCO) released the consultative paper Guidance on
cyber resilience for financial market infrastructures
(the Cyber Guidance).
Financial market infrastructures (FMIs) play a critical
role in promoting the stability of the financial system.
Thus, the cyber risks faced by FMIs and their level of
readiness to effectively deal with worst case scenarios
have been considered top priorities by industry leaders
and authorities alike. The Cyber Guidance aims to
add momentum to and instil international consistency
in the industrys ongoing efforts to enhance FMIs
ability to pre-empt cyber attacks, respond rapidly and
effectively to them, and achieve faster and safer target
recovery objectives if they succeed.

Source: https://www.esma.europa.eu/sites/default/files/
library/2015/11/jc-2015-078_20151109_esas_consult_
on_priips_key_information_for_retail_investors.pdf

2.

SEC Proposes Rules to Enhance Transparency


and Oversight of Alternative Trading Systems
The Securities and Exchange Commission has
announced that it has voted to propose rules to enhance
operational transparency and regulatory oversight of
alternative trading systems (ATSs) that trade stocks
listed on a national securities exchange (NMS stocks),
including dark pools. According to SEC, Investors
and other market participants need more and better
information about how alternative trading systems
work,. The proposed changes would represent a
critical step forward in delivering greater transparency
to investors and enhancing equity market structure.
The proposal would require an NMS stock ATS to file
detailed disclosures on newly proposed Form ATS-N
about its operations and the activities of its brokerdealer operator and its affiliates. These disclosures
would include information regarding trading by the
broker-dealer operator and its affiliates on the ATS,
the types of orders and market data used on the ATS,
and the ATS execution and priority procedures.

Source: h t t p s : / / w w w . i o s c o . o r g / l i b r a r y / p u b d o c s / p d f /
IOSCOPD513.pdf

4.

IOSCO Publishes final report on Standards for


the Custody of CIS Assets
The Board of the International Organization of
Securities Commissions (IOSCO) published its final
report on Standards for the Custody of Collective
Investment Schemes Assets (CIS Assets). The report
seeks to clarify, modernize and further develop
international guidance for the custody of CIS assets
consistent with IOSCOs core Objectives and
Principles of Securities Regulation, June 2010 (IOSCO
Principles).
It sets out eight standards divided into two sections
aimed at identifying the core issues that should be kept
under review by the regulatory framework to ensure
investors assets are effectively protected.
Source: h t t p s : / / w w w . i o s c o . o r g / l i b r a r y / p u b d o c s / p d f /
IOSCOPD512.pdf

Source: http://www.sec.gov/news/pressrelease/2015-261.html

1147

DECEMBER

SEBI BULLETIN

IOSCO reports on Transparency of Firms that


Audit Public Companies
The Board of the International Organization of
Securities Commissions (IOSCO) published the
final report Transparency of Firms that Audit
Public Companies. The report addresses audit firm
transparency reporting, which considers the practices
employed by audit firms to be transparent in their own
reporting to investors and other stakeholders about the
firm itself, notably, with respect to firm governance
and elements of their system of quality control for their
financial statement audits. Transparency reporting can
foster internal introspection and discipline within audit

2015

5.

firms and may encourage audit firms to sharpen their


focus on audit quality, which would be of benefit to
investors and other stakeholders. In comparing audit
firms competing for an audit engagement, audit firm
transparency reporting can aid those responsible for
selecting a public companys auditor in their decision
making process by providing information on a firms
audit quality.
Source: h t t p s : / / w w w . i o s c o . o r g / l i b r a r y / p u b d o c s / p d f /
IOSCOPD511.pdf

1148

DECEMBER

SEBI BULLETIN

2015

PRESS RELEASES
(BSEC) signed a Memorandum of Understanding
(MoU) on bilateral cooperation and technical assistance
at Dhaka, Bangladesh on November 22, 2015.
The MoU was signed by Shri U.K. Sinha, Chairman,
SEBI and Dr. M. Khairul Hossain, Chairman, BSEC
in the presence of the Honble Prime Minister of
Bangladesh, Ms. Sheikh Hasina and the Honble
Finance Minister of Bangladesh, Mr. AbulMaal A.
Muhith.
On this occasion, the Honble Prime Minister, Ms.
Sheikh Hasina said that with the signing of the MoU,
door has opened up between the two countries in the
capital market, one of the main streams of the economy.
She further emphasized that the MoU will create an
opportunity for strengthening the Bangladesh capital
market utilizing the experience of SEBI.
Shri Sinha stated that SEBI has been actively engaging
with the securities market regulators in the SAARC
region. He also mentioned about the continuing cooperation between SEBI and BSEC and noted that
the MoU will further facilitate training and technical
assistance program between the two jurisdictions
besides strengthening relations.
Dr. Hossain said that the presence of Honble Prime
Minister in the ceremony indicated the governments
attention towards the development of capital market.
He particularly appreciated the contribution of
SEBI for the cooperation and support to Bangladesh
Securities and Exchange Commission with respect to its
becoming signatory to the multilateral Memorandum
of understanding of International Organization of
Securities Commissions (IOSCO). He also recalled the
assistance received by BSEC from SEBI for its various
reform initiatives in recent years.
The MoU, inter alia, seeks to promote further
development of economic links and cooperation
between the two signatories and aims at enhancing
investor protection and creating conditions for an
effective development of securities markets in the two
countries
In the past, SEBI has signed 20 bilateral MoUs with a
number of countries. India and Bangladesh both are
signatories to the multilateral MoU of International
Organization of Securities Commissions (IOSCO).

I.

SEBI to participate in 35th India International


Trade Fair 2015, at New Delhi.
As part of its endeavor to showcase the well regulated
securities market of India, as well as spreading the
message of financial literacy and investor awareness,
SEBI had set up a Pavilion BHARAT KAA SHARE
BAZAAR in the 35th India International Trade
Fair 2015 (14-27 November 2015), New Delhi in
association with market institutions/associations viz.,
NSE, BSE, NSDL, CDSL, AMFI, NCDEX, MCX and
NISM. Shri U K Sinha, Chairman SEBI inaugurated
the Pavilion on 14th November, 2015 in Hall No.18,
Pragati Maidan, New Delhi.
In its efforts in spreading financial literacy and
investor education, SEBI in recent years has conducted
over 30,000 such workshops all over the country.
Important investor friendly reforms undertaken in
recent years towards strengthening investor protection
and enhancing fairness, transparency and integrity of
the securities market in India include opening of Local
Offices in major States, starting an investor helpline in
14 languages, computerized online grievance redressal
system SCORES, sending end of day alerts by
SMS / email regarding transactions entered on their
behalf, expanding the number of investor grievance
and redressal arbitration centers in multiple towns,
etc. Recently, Forward Markets Commission, the
erstwhile regulator of commodity derivatives market
in India, got merged into SEBI following the decision
of Government of India in this regard.
The main focus of the exhibition was to showcase
the well regulated Indian Securities market and its
various products and to spread investor education
and awareness including cautioning the public at large
against illegal money mobilization schemes through
variety of activities such as talk shows by market
experts, quizzes, skits, display of major investor
friendly policies & facilities and live demo of SEBI
Complaints Redress System (SCORES).
Ref: PR No. 261/2015 dated November, 06, 2015

II.

SEBI signs Memorandum of Understanding


on bilateral cooperation with the Bangladesh
Securities and Exchange Commission.
Securities and Exchange Board of India (SEBI) and
the Bangladesh Securities and Exchange Commission

Ref: PR No. 270/2015 dated November, 23, 2015

1149

DECEMBER

SEBI BULLETIN

III. SEBI Board Meeting


The SEBI Board met in Mumbai on November 30,
2015 and took the following decisions:
1)
Listing of Stock Exchanges
The Board took note of representations received
for listing of stock exchanges and considered
the proposal to facilitate the same by placing
certain safeguards and procedures with respect
to shareholding norms, fit and proper criteria,
and other issues of conflict of interest; thereby
ensuring compliance with the ownership and
governance norms as provided in Securities
Contracts (Regulation) (Stock Exchanges and
Clearing Corporations) Regulations, 2012.
The Board approved the listing of stock
exchanges subject to the following measures
proposed towards ensuring compliance with
the SECC Regulations, 2012, by a listed stock
exchange:
i.
Towards maintaining of 51 percentage
of shareholding of Public Category and
ensuring that holding of trading members/
associates/ agents does not exceed 49
percent, a mechanism be put in place
providing for approval of the listed stock
exchange as and when holding of trading
members/associates/agents reaches a limit
of 45 percent.
ii.
Towards ensuring compliance that every
shareholder be Fit & Proper, each applicant
shall be required to make declaration to
this effect at the time of making application
during IPO/OFS. SEBI will also issue
necessary procedures to ensure compliance
of the provisions post listing.
iii. The shareholding threshold of 2 percent, 5
percent or 15 percent as the case may be,
shall be monitored through Depository
mechanism.
iv. In order to effectively implement the
provisions of listing of its associates on
listed stock exchanges, the definition of
associates is being appropriately amended.
v.
Stock Exchanges shall be classified as
infrastructure Company under SEBI
(ICDR) Regulations, 2009.
The aforesaid measures shall, mutatis mutandis,
apply on the listing of Depository.

2)

3)

1150

2015

Committee on Clearing Corporations


Based on the decision of the Board taken at
its meeting held on August 24, 2015, public
comments were sought on the Report of the
Committee on Clearing Corporations headed by
Shri. K.V. Kamath.
The Board considered the recommendations of
the Committee and public comments received
thereon. After deliberation, the Board broadly
accepted the recommendations of the Committee
relating to:
(a) Viability of introducing a single Clearing
Corporation (CC) or interoperability
between different CCs
The Committee had, inter alia,
recommended against the idea of a single
Clearing Corporation (CC) and felt that
the question of interoperability of CCs can
be looked into at a future date
(b) Transfer of profits every year by the
recognized Stock exchanges to the fund of
recognized CC
As per recommendation, the stock
exchange need not transfer 25% of its
profit to core SGF of CC considering the
sufficient availability of SGF.
(c) Transfer of profits by depositories to their
Investor Protection Fund.
The Committee recommended that 5%
of profit from depository operations be
transferred.
In addition, the Board, while considering
the suggestion regarding the nature of
eligible investment instruments, approved
that apart from government securities
and fixed deposits, liquid schemes of debt
mutual funds may also be made eligible
for investment by recognized CCs and
be included in their liquid assets, subject
to appropriate investment limits for such
investments and any other conditions as
may be specified by SEBI.
Consultation paper for disclosure requirements
for issuance and listing Green Bonds
The Board considered and approved the proposal
for initiation of public consultation process
for disclosure requirements for issuance and
listing of Green Bonds, which are in line with

DECEMBER

4)

5)

6)

SEBI BULLETIN

the requirements as provided in Green Bond


Principles as recommended by International
Capital Market Association (ICMA).
The issuance and listing of Green Bonds in India
does not require any amendment to the SEBI
(Issue and Listing of Debt Securities) Regulations,
2008 (ILDS Regulations). The issue, listing and
disclosure requirements as prescribed under the
ILDS Regulations will continue to be applicable,
like any regular corporate bond issuance.
Proposal for seeking approval for initiation of
public consultation process on introduction of
Primary Market Debt offering through private
placement on electronic Book
The Board considered and approved the proposal
for initiation of public consultation process on
introduction of Primary Market Debt Offering
through private placement on electronic Book.
The key benefits of such an electronic platform,
inter-alia, are improvement in efficiency and
transparency of the price discovery mechanism
vis--vis the extant over-the-telephone market
coupled with possible reduction of cost and time
taken for such issuances.
It is proposed that such an electronic book may
be created by entities to be named as Electronic
Book Providers (EBPs).Entities such as stock
exchanges, depositories and Merchant Bankers
with net worth above Rs.100 crore may apply to
SEBI for setting up EBPs.
Forfeiture of partly paid-up shares - Exemption
from Takeover Regulations
The Board approved the proposal to amend SEBI
(SAST) Regulations, 2011 for providing general
exemption from open offer obligations arising
due to passive increase in voting rights as a result
of expiry of call notice period and forfeiture of
shares
Deemed Public Issues
Post April 01, 2014, any offer or allotment of
securities shall be considered as public issue if the
number of offerees/allottees exceeds 200 persons
in a financial year under the Companies Act,
2013 as against the cap of 49 persons provided in
the Companies Act, 1956.
The Board has approved that in respect of the
cases involving issuance of securities to more
than 49 persons but up to 200 persons in a

7)

8)

1151

2015

financial year, the companies may avoid penal


action if they had provided the investors with
an option to surrender the securities and get
the refund amount at a price not less than the
amount of subscription money paid along
with 15% interest p.a. thereon. The exit may
be provided by the company itself or by the
promoters or by such persons as arranged by
the company / promoters. The companies may
adjust the amounts already paid to the allottees
either as interest / dividend or otherwise from
the amount of refund to be paid to the investors.
In case of transfer of securities by the original
allottees, option for refund may be provided to
the current holders of the securities.
The refunds made by the company following the
option for refund exercised by investors would
be certified by independent practicing Chartered
Accountants / practicing Company Secretaries /
practicing Cost Accountants.
The proposal has taken into account the interest
of investors while recognizing their right to stay
invested in case they feel it is beneficial to them.
Business Responsibility Reporting by Listed
Entities
SEBI has, vide circular dated August 13, 2012,
mandated Business Responsibility Reporting
(BRR) requirement for top 100 listed entities
based on market capitalization in their annual
reports. The key principles which are required
to be reported by the entities include the areas
such as environment, social, governance,
stakeholders relationships, etc.
SEBI Board has now approved that present
applicability of BRR be extended to top
five hundred listed entities based on market
capitalization as on March 31st of every year.
As a green initiative, the business responsibility
reports can be given on the websites of the
companies providing website link for the same
in their annual reports.
Exit opportunity to dissenting shareholders
The Board approved the proposal to initiate
public consultation process regarding exit
opportunity to dissenting shareholders under
Companies Act, 2013 in case of change in objects
or varying the term of contracts referred to in
the prospectus.

DECEMBER
9)

10)

SEBI BULLETIN

2015

that the condition of no trading for preceding


one year may be relaxed and the small
companies, whose trading of equity shares
during the twelve calendar months is less than
10% of the total number of shares of such
company, would also be eligible for simplified
procedure of delisting.
However, to protect the interest of investors, the
exit price shall not be less than the floor price
determined for the purpose of Reverse Book
Building for not frequently traded securities in
terms of Delisting Regulations read with SEBI
Takeover Regulations.

Public issuance of convertible securities


The Board approved the proposal to initiate
public consultation process for revival of public
issuance of convertible securities by listed entities.
Delisting of Small Companies
Delisting Regulations provide for simplified
procedure of delisting for small companies and
exempt them from the requirements of Chapter
IV of the Delisting Regulations subject to certain
conditions. Currently, one of such conditions is
that the shares of the company have not been
traded for the preceding one year.
Based on suggestion receive from Investor
Association, Board has approved the proposal

Ref: PR No. 283/2015 dated November, 30, 2015

1152

DECEMBER

SEBI BULLETIN

2015

POLICY DEVELOPMENTS
A.
I.
1.

2.

3.

Circulars
Format for Voting Results
Regulation 44(3) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015
(hereinafter referred to as Listing Regulations),
has prescribed that the listed entity shall submit
to the stock exchange, within forty eight hours
of conclusion of its General Meeting, details
regarding the voting results in the format
specified by the Board.
Accordingly, a format for voting results to be
furnished by the listed entities has been specified
alongwith the circular (format is available on the
SEBI website).
The Stock Exchanges are advised to bring the
provisions of this circular to the notice of listed
entities and also to disseminate the same on its
website. This circular shall come into force with
effect from December 01, 2015.

3.

4.

Source: CIR/CFD/CMD/8/2015 November 4, 2015.

II.

1.

2.

Format for quarterly holding pattern, disclosure


norms for corporate governance report and
manner for compliance with two-way fungibility
of Indian Depository Receipts (IDRs)
In terms of sub regulation (1) of regulation 69 of
Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations), listed
entity shall file with the stock exchange the
Indian Depository Receipt (IDR) holding pattern
on a quarterly basis within fifteen days of end
of the quarter in the format specified by SEBI.
Accordingly, the listed entity that has issued
IDRs shall file the holding pattern with the stock
exchanges as specified (format is available on the
SEBI website).
Further, sub regulation (1) of regulation 72 of
Listing Regulations requires the listed entity
to comply with the corporate governance
provisions as applicable in its home country and
other jurisdictions in which its equity shares
are listed and sub regulation (2) of regulation
72 requires such a listed entity to submit to
the stock exchange, a comparative analysis
of the corporate governance provisions that

5.

are applicable in its home country and in the


other jurisdictions in which its equity shares
are listed alongwith the compliance of the same
vis-a-vis the corporate governance requirements
applicable under regulation 17 to regulation 27,
to other listed entities.
To give effect to sub regulation (2) of regulation
72, listed entities shall be guided by the formats
prescribed under SEBI Circular CIR/ CFD/
CMD/ 5 /2015 dated September 24, 2015. The
listed entity shall include an additional column
confirming whether the requirement in the row
item, originating from the Listing Regulations,
is applicable in its home country and other
jurisdictions in which its equity shares are
listed. Such reports shall follow the periodicity
applicable in its home country and other
jurisdictions in which its equity shares are listed.
Such information furnished by the listed entity
to the stock exchanges in terms of sub regulation
(1) of regulation 69 and sub regulation (2) of
regulation 72 shall also be disclosed on the
website of the such listed entity.
Further, sub regulation (3) of regulation 76 of
Listing Regulations specifies that IDRs shall have
two-way fungibility in the manner specified by
the Board from time to time. Accordingly, the
listed entity shall be guided by the procedure for
partial two-way fungibility within the available
headroom as specified in the Annexure I issued
alongwith the circular (available on the SEBI
website).

Source: CIR/CFD/CMD/9/2015 November 04, 2015.

III. Format for Business Responsibility Report


(BRR)
1.
At a time and age when enterprises are
increasingly seen as critical components of the
social system, they are accountable not merely
to their shareholders from a revenue and
profitability perspective but also to the larger
society which is also its stakeholder. Hence,
adoption of responsible business practices in the
interest of the social set up and the environment
are as vital as their financial and operational
performance. This is all the more relevant for
1153

DECEMBER

2.

3.

4.

SEBI BULLETIN

listed entities which, considering the fact that


they have accessed funds from the public, have
an element of public interest involved, and
are obligated to make exhaustive continuous
disclosures on a regular basis. Ministry of
Corporate Affairs, Government of India, in July
2011, came out with the National Voluntary
Guidelines on Social, Environmental and
Economic Responsibilities of Business. These
guidelines contain comprehensive principles to
be adopted by companies as part of their business
practices and a structured business responsibility
reporting format requiring certain specified
disclosures, demonstrating the steps taken by
companies to implement the said principles. SEBI
had introduced requirements with respect to
BRR vide circular No. CIR/CFD/DIL/8/2012
dated August 13, 2012.
Pursuant to notification of Securities and
Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015
(Listing Regulations), the aforesaid circular
dated August 13, 2012 was rescinded. As per
clause (f) of sub regulation (2) of regulation
34 of Listing Regulations, the annual report
shall contain a business responsibility report
describing the initiatives taken by the listed
entity from an environmental, social and
governance perspective, in the format as specified
by the Board. Accordingly, listed entities shall be
guided by the format as specified in the Annexure
I issued alongwith the circular (available on the
SEBI website).
Certain key principles to assess the fulfilment
of listed entities and a description of the core
elements under these principles are detailed in
the Annexure II issued alongwith the circular
(available on the SEBI website).
Those listed entities which have been submitting
sustainability reports to overseas regulatory
agencies/stakeholders based on internationally
accepted reporting frameworks need not
prepare a separate report for the purpose of
these guidelines but only furnish the same to
their stakeholders alongwith the details of the
framework under which their BR Report has
been prepared and a mapping of the principles
contained in these guidelines to the disclosures
made in their sustainability reports.

IV.
1.

2.
2.1.

2.2.

2.3.

2.4.

Source: CIR/CFD/CMD/10/2015 November 04, 2015.

1154

2015

Streamlining the Process of Public Issue of


Equity Shares and Convertibles
As a part of the continuing endeavor to streamline
the process of public issue of equity shares and
convertibles, it has been decided, in consultation
with the market participants
i.
to reduce the time taken for listing after
the closure of issue to six working days as
against the present requirement of twelve
working days, and
ii.
to broad-base the reach of investors by
substantially enhancing the points for
submission of applications.
iii. In this regard, necessary amendments to
the SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009 have
already been notified.
The operational details to implement the above
are outlined below:
All the investors applying in a public issue shall
use only Application Supported by Blocked
Amount (ASBA) facility for making payment
i.e. just writing their bank account numbers and
authorising the banks to make payment in case
of allotment by signing the application forms,
thus obviating the need of writing the cheques.
In addition to the Self Certified Syndicate Banks
(SCSBs), Syndicate Members and Registered
Brokers of Stock Exchanges, the Registrars to
an Issue and Share Transfer Agents (RTAs) and
Depository Participants (DPs) registered with
SEBI are now permitted to accept application
forms (both physical as well as online) in public
issues.
The RTAs and DPs shall provide their contact
details, where the application forms shall be
collected by them, to the recognized stock
exchanges by November 30, 2015 as per the
format specified in the Annexure-A issued
alongwith the circular(available on website) and
the same shall be disclosed by the stock exchanges
on their websites. RTAs and DPs shall regularly
update the said details by furnishing current
information to the stock exchanges which shall
be disclosed by the stock exchanges.
Processing of Applications by Intermediaries
Intermediaries accepting the application forms
shall be responsible for uploading the bid
alongwith other relevant details in application

DECEMBER

SEBI BULLETIN
7.

forms on the electronic bidding system of


stock exchange(s) and submitting the form to
SCSBs for blocking of funds (except in case of
SCSBs, where blocking of funds will be done by
respective SCSBs only). They shall undertake the
various activities in accordance with indicative
timelines as specified in this circular.
2.5. All applications shall be stamped and thereby
acknowledged by the intermediary at the time of
receipt.
Alerts by Stock Exchanges
2.6. Similar to the systems prevalent in case of
secondary market transactions, the stock
exchanges shall develop the systems to facilitate
the investors to view the status of their public
issue applications on their websites and sending
the details of applications and allotments through
SMS and E-mail alerts to the investors.
Timelines
2.7. The revised indicative timelines for various
activities are specified in the Annexure- B issued
alongwith the circular (available on website).
2.8. All intermediaries shall co-ordinate with one
another to ensure completion of listing of shares
and commencement of trading by T+6.
Other Requirements
2.9. Amount of commission payable to RTA / DP
shall be determined on the basis of applications
which have been considered eligible for the
purpose of allotment. In order to determine to
which RTA / DP the commission is payable
to, the terminal from which the bid has been
uploaded will be taken into account.
2.10. The details of commission and processing fees
payable to each intermediary and the timelines
for payment shall be disclosed in the offer
document and this shall be implemented strictly.
3.
The intermediaries shall provide guidance to
their investors on making applications in public
issues.
4.
The merchant bankers shall ensure that
appropriate disclosures are made in offer
documents in accordance with this circular.
5.
All intermediaries are advised to take necessary
steps to ensure compliance with this circular.
6.
The responsibilities of various intermediaries
and indicative timelines, prescribed vide the
previous circulars, shall stand modified to the
extent stated under this circular:

2015

This circular is being issued in exercise of the


powers under section 11 read with section 11A
of the Securities and Exchange Board of India
Act, 1992.

Source: CIR/CFD/POLICYCELL/11/2015 November 10, 2015

V.
1.

2.

3.

1155

Annual System Audit, Business Continuity Plan


(BCP) and Disaster Recovery (DR)
Pursuant to Section 131 of the Finance Act,
2015 and Central Government notification
F.No. 1/9/SM/2015 dated August 28, 2015,
all recognized associations under the Forward
Contracts (Regulation) Act, 1952 are deemed to be
recognized stock exchanges under the Securities
Contracts (Regulation) Act, 1956 with effect
from September 28, 2015. This circular applies
to National Commodity Derivatives Exchanges
(Exchanges) as defined in the Securities Contracts
(Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2015.
While
technological
developments
and
innovations bring efficiency to the markets,
they may also pose certain risks to the stability
and integrity of the markets, if not identified
and managed effectively. Further, any events of
disaster will disrupt trading systems adversely,
thereby impacting the market integrity and
the confidence of investors. Exchanges should
therefore have robust Business Continuity Plan
(BCP) and Disaster Recovery (DR) to ensure
continuity of operations.
In view of above, the guidelines relating to
Annual System Audit, BCP and DR are as
follows:
A. Annual System Audit.
I.
The exchanges shall conduct annual system
audit as per the prescribed audit framework
which includes, audit process, auditor
selection norms, Terms of Reference
(TOR) and audit report guidelines in
accordance with SEBI circular no. CIR/
MRD/DMS/13/2011dated November 29,
2011.
II. First Annual System Audit of Exchanges
shall be conducted on or before June
30, 2016 for the year 2015-16 as per
the provisions of the above mentioned
circular. The Systems Audit Report and
compliance status should be placed before

DECEMBER

5.

SEBI BULLETIN
2.

the governing board of the exchange and


communicated to SEBI alongwith their
comments.
B. Business Continuity Plan (BCP) and
Disaster Recovery (DR).
I.
The exchanges shall have BCP& DR
policy in place and implement the broad
guidelines regarding the setting up of
Disaster Recovery Site (DRS) and Near
Site (NS), Configuration of DRS/NS with
Primary Data Centre (PDC), DR drills /
Testing, BCP DR policy document as per
the provisions of SEBI circular no. CIR/
MRD/DMS/12/2012 dated April 13,
2012 read with circular no. CIR/MRD/
DMS/17/2012 dated June 22, 2012.
II. The exchanges having DRS / NS shall align
their entire set up in accordance with the
provisions as mentioned in the circulars at
Point B(I) on or before April 01, 2016.
III. The exchanges which do not have DRS /
NS presently shall set up DRS/NS on or
before September 30, 2016 in accordance
with the provisions as mentioned in the
circulars at Point B (I).
IV. The exchanges shall submit their BCP DR
policy alongwith detailed plan of action for
implementation to SEBI on or before April
01, 2016.
All the provisions of this circular shall be
implemented by national commodity derivatives
exchanges, unless otherwise approved by SEBI.

This circular is issued with an objective to


streamline and strengthen the framework of
investor redressal and arbitration mechanism at
commodity derivatives exchanges in line with
the securities market. The provisions of this
circulars are as under :
A.
i.

ii.

B.
i.

Source: CIR/CDMRD/DEICE/01/2015 November 16, 2015.

VI. Investor Grievance Redressal System and


Arbitration Mechanism.
1.
Pursuant to Section 131 of the Finance Act,
2015 and Central Government notification
F. No. 1/9/SM/2015 dated August 28, 2015,
all recognized associations under the Forward
Contracts (Regulation) Act, 1952 are deemed
to be recognized stock exchanges under the
Securities Contracts (Regulation) Act, 1956 with
effect from September 28, 2015. This circular
applies to National Commodity Derivatives
Exchanges as defined in the Securities Contracts
(Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2015.

ii.

1156

2015

Investor Service Centre(ISC)/ Investor


Grievances Redressal Committee (IGRC) :
The national commodity derivative
exchanges shall set up investor service
centers (ISC) for the benefit of the public/
investors in accordance with the circular
CIR/MRD/DSA/03/2012 dated January
20, 2012.
The national commodity derivatives
exchanges shall constitute IGRC in
accordance with the SEBI circular no CIR/
MRD/DSA/03/2012 dated January 20,
2012 and shall perform all such functions
and responsibilities as stated in the SEBI
circular no CIR/MRD/ICC/30/2013
dated September 26, 2013.
Arbitration Committee / Panel and
Appellate Arbitration:
The national commodity derivatives
exchanges shall maintain panel of
arbitrators, code of conduct for arbitrators,
arbitration process, appellate arbitration,
place of arbitration (nearest address
provided by the client in the KYC form),
implementation of arbitration award in
favour of clients, records and disclosures
as per the provisions of SEBI Circulars No
CIR/MRD/DSA/24/2010 dated August
11,2010,
CIR/MRD/DSA/04/2012date
January 20, 2012 and CIR/MRD/
ICC/20/2013 dated July 05, 2013.
The national commodity derivatives
exchanges shall make applicable the
arbitration fees to each parties to the
arbitration in accordance with the SEBI
Circular No CIR/MRD/DSA/29/2010
dated August 31, 2010 read with CIR/
MRD/ICC/29/2012dated November 07,
2012 and CIR/MRD/ICC/29/2013 dated
September 26, 2013.

DECEMBER

SEBI BULLETIN
3.

C.

3.

4.

5.

Automatic Process and Common Pool of


arbitrators :
i.
The national commodity derivatives
exchanges shall pool all arbitrators of their
exchange in the common pool across all
national commodity derivatives exchanges,
facilitate automatic selection of arbitrators
from the common pool and shall also
follow all other provisions mentioned in
the SEBI Circular CIR/MRD/ICC/8/2013
dated March 18, 2013.
All the provisions of this circular shall be
implemented by national commodity derivatives
exchanges latest by April 1, 2016, unless
otherwise approved by SEBI.
The norms specified by Forward Markets
Commission shall continue to be in force to the
extent not modified or repealed by this circular.
The implementation of this circular should be
reported by the national commodity derivatives
exchange to SEBI on monthly basis.

4.

5.

Source: CIR/CDMRD/DIECE/02/2015 November 16, 2015.

VII. Timelines for Compliance with various


provisions of Securities Laws by Commodity
Derivatives Exchanges.
1.
Pursuant to Section 131 of the Finance Act,
2015 and Central Government Notification S.O.
2362 (E) dated August 28, 2015, all recognized
associations (commodity derivatives exchanges)
under the Forward Contracts (Regulation) Act,
1952 (FCRA) are deemed to be recognized
stock exchanges under the Securities Contracts
(Regulation) Act, 1956 (SCRA) with effect
from September 28, 2015.
2.
Section 131 of the Finance Act, 2015 also
stipulates that SEBI may provide such deemed
exchanges, adequate time to comply with the
provisions of SCRA and any regulations, rules,
guidelines or like instruments made under
SCRA. Accordingly, commodity derivatives
exchanges shall comply with the provisions
of SCRA, applicable provisions of Securities
Contracts (Regulation) (Stock Exchanges and
Clearing Corporations) Regulations, 2012,
(SECC Regulations) and SEBI circular CIR/
MRD/DSA/33/2012 dated December 13, 2012,
on procedural norms on recognition, ownership
and Governance for Stock Exchanges and
Clearing Corporation (SECC Circular).

6.

7.

8.

1157

2015

The timelines provided in this circular shall


be reckoned from the date of recognized
associations under FCRA having been deemed
to be recognized stock exchanges under SCRA,
i.e. September 28, 2015.
Corporatization and Demutualization:
Regional commodity derivatives exchanges shall
corporatize and demutualize within a period of
three years in accordance with the provisions
contained in section 4B of SCRA. In this regard,
regional commodity derivatives exchanges
shall submit a scheme for corporatization and
demutualization for SEBI approval within a
period of two years, as per the procedure laid
down in section 4B of SCRA.
Clearing and Settlement:
Commodity derivatives exchanges shall transfer
the functions of clearing and settlement of trade
to a separate clearing corporation within three
years. Till then, the exchanges may continue
with the existing arrangement for clearing and
settlement of trades.
Validity of recognition of Commodity Derivative
Exchanges:
Validity of recognition of commodity derivatives
exchanges under SCRA shall be taken to be the
same as the validity of their recognition under
FCRA. Further, the renewal of recognition, if
any, will be as per SCRA and SECC Regulations.
The conditions required to be continuously
complied with by recognized stock exchanges
as given in Regulation 7(3) of SECC Regulations
shall be complied with by national commodity
derivative exchanges within one year and by
regional commodity derivatives exchanges
within three years.
However, commodity derivatives exchanges shall
immediately put in place adequate surveillance
system to monitor positions, prices and volumes
etc. so as to ensure market integrity till online
real-time surveillance systems are set up and
operationalised.
Conditions required to be continuously complied
with by recognized clearing corporations given
in Regulation 7(4) of SECC Regulations, to
the extent applicable, shall be complied with
by national commodity derivatives exchanges
within one year and by regional commodity
derivatives exchanges within three years.

DECEMBER

9.

10.

11.

12.

13.

SEBI BULLETIN
14.

Regulatory Fee:
Commodity derivatives exchanges shall pay
the regulatory fee in terms of Securities and
Exchange Board of India (Regulatory Fee on
Stock Exchanges) Regulations, 2006.
Networth Requirements:
Commodity derivatives exchanges shall comply
with Regulation 14(1) of SECC Regulations as
specified below:
a)
Any national commodity derivatives
exchange having a networth of less than
INR 100 crore, shall achieve a minimum
networth of INR 100 crores by May 5,
2017. Further, it shall submit a plan duly
approved by its shareholders to SEBI
for achieving the networth in terms of
Regulation 14 of SECC Regulations,
within six months.
b) Any regional commodity derivatives
exchange having networth of less than
INR 100 crore, shall achieve a minimum
networth of INR 100 crores within three
years. Further, it shall submit a plan duly
approved by its shareholders to SEBI
for achieving the networth in terms of
regulation 14 of SECC Regulations, within
six months.
It may be stated that commodity derivative
exchanges shall not distribute profits in any
manner to its shareholders until the requisite
networth of INR 100 crores is achieved in terms
of Regulation 14(4) of SECC Regulations.
It may also be stated that commodity derivatives
exchanges shall submit audited networth
certificate from the statutory auditor on an
yearly basis by the thirtieth day of September
every year for the preceding financial year in
terms of Regulation 14(5) of SECC Regulations.
The networth certificate for the financial year
ended on 31st March, 2015 shall be submitted by
31st December, 2015.
Ownership:
National commodity derivatives exchanges shall
comply with the shareholdings limits specified
under SECC Regulations, 2012 by May 5, 2019.
As per clause 5 of SECC Circular, they shall
put in place a monitoring mechanism to ensure
compliance with the shareholding restrictions
specified in SECC Regulations.

15.

16.

17.

18.

19.

20.

1158

2015

Shareholdings of existing shareholders of


national commodity derivatives exchanges,
whose shareholdings were approved by Forward
Markets Commission (FMC), shall not require
fresh approval from SEBI. However, any fresh
holdings will be governed by the provisions of
Regulation 19 of SECC Regulations and SECC
Circular.
Regulations 20 to 22 of SECC Regulations shall
be applicable to national commodity derivative
exchange with immediate effect. The format for
submitting shareholding pattern to SEBI is being
specified in the annexure issued alongwith the
circular (available on the SEBI website).
Regional Commodity Derivatives Exchanges shall
comply with the provisions specified in Chapter
IV of SECC Regulations within three years.
Governance:
Provisions of Regulations 23 to 26 shall be
applicable to national commodity derivatives
exchanges, subject to the following:
a)
Existing Independent Directors on the
boards of national commodity derivatives
exchanges shall be deemed to be Public
Interest Directors (PIDs) under SECC
Regulations,
b) All existing directors on the governing
boards of national commodity derivatives
exchanges who are not in compliance with
SECC Regulations may be allowed to
continue for one year or till completion of
their term, whichever is earlier.
c)
All new appointments on the governing
boards of national commodity derivatives
exchanges shall be governed by the
provisions of SECC Regulations and SECC
Circular.
National Commodity Derivatives Exchanges
shall comply with the provisions of Regulation
27 of SECC Regulations within one year.
Regional Commodity Derivatives Exchanges
shall comply with the provisions of Regulations
23 to 27 of SECC Regulations within three years.
Segregation of Regulatory Departments:
Commodity derivatives exchanges shall segregate
their regulatory departments (as indicated in
SECC Circular) from other departments in the
manner specified in Part C of Schedule II of
SECC Regulations within six months.

DECEMBER

21.

22.

23.

24.

25.

26.

27.

28.

SEBI BULLETIN

Oversight Committees:
Commodity derivative exchanges shall comply
with the requirements of Regulation 29 read
with Regulation 44D (1) (b) of SECC Regulations
within three months. National commodity
derivatives exchanges shall constitute an oversight
committee for Product design, chaired by a
Public Interest Director, within three months.
Advisory Committee and other Statutory
Committees:
National commodity derivatives exchanges
shall constitute Advisory committees in line
with Regulation 30 of SECC Regulations, 2012
and statutory committees as specified in SECC
Circular within one year.
Regional commodity derivatives exchanges shall
constitute Advisory committees in line with
Regulation 30 of SECC Regulations, 2012 and
statutory committees as pre specified scribed in
SECC Circular within three years.
Risk Management Committee:
Till the functions of clearing and settlement are
transferred to a separate clearing corporation,
commodity derivatives exchanges shall comply
with provisions of Regulation 31 of SECC
Regulations relating to risk management
committee. This committee shall be constituted.
Appointment of Compliance Officer:
All commodity derivative exchanges shall appoint
a compliance officer in terms of Regulation 32 of
SECC Regulations.
Transfer of Penalties:
National commodity derivative exchanges shall
credit all settlement related penalties to their
settlement guarantee fund (SGF) and other
penalties to Investor Protection Fund (IPF).
Regional Commodity Derivatives Exchanges
shall credit all penalties to their SGF. On
creation of IPF, regional commodity derivatives
exchanges shall credit penalties other than
settlement related to their IPF.
Disclosure and Corporate Governance Norms:
Regulation 35 of SECC Regulations shall be
applicable to national commodity derivative
exchanges immediately. Regional commodity
derivatives exchanges shall comply with this
Regulation within three years.

29.

30.

31.

32.

33.

34.

2015

General Obligations:
Till the functions of clearing and settlement are
transferred to a separate clearing corporation,
commodity derivative exchanges shall comply
with the provisions of Regulation 39 of SECC
Regulations on Fund to guarantee settlement of
trades.
The provisions of Regulations 41, 42, 43, 44
and 44A of SECC Regulations to a recognized
stock exchange shall be applicable to commodity
derivatives exchanges. Additionally, the
provisions of Regulations 41, 42, 43, 44 and 44A
of SECC Regulations in so far as they pertain
to a recognized clearing corporation shall be
applicable to commodity derivatives exchanges
till the functions of clearing and settlement are
transferred to a separate clearing corporation.
Till the functions of clearing and settlement are
transferred to a separate clearing corporation,
commodity derivative exchanges shall have
right to recover dues from its trading/clearing
members arising from the discharge of their
clearing and settlement functions from the
collaterals, deposits and the assets of the trading/
clearing members in line with Regulation 44B of
SECC Regulations.
Regulation 44C and 44D of SECC Regulations
shall be applicable to commodity derivatives
exchanges.
Listing:
Regulation 45 of SECC Regulations shall be
applicable to commodity derivatives exchanges.
Dematerialization of Securities:
National commodity derivative exchanges
shall comply with Regulation 46 of SECC
Regulations with respect to holding securities
in dematerialized form within six months, and
regional commodity derivatives exchanges shall
comply with the same within three years.

Source: CIR/CDMRD/DEA/03/2015 November 26, 2015.

VIII. Issue of No Objection Certificate for release of


1% of issue amount.
1.
As per the extant Listing Agreement with the
Stock Exchanges, Issuer Company deposits 1%
of the issue amount of the securities offered to
the public and/or to the holders of the existing
securities of the company, as the case may be,
1159

DECEMBER

2.

3.

SEBI BULLETIN
2.

with the designated stock exchange. SEBI, vide


circular no. OIAE/Cir-1/2009 dated November
25, 2009, had laid down the procedure for issuance
of No Objection Certificate to the designated
stock exchange for release of the amount to the
issuer company.
On Listing Agreements being novated and
SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 taking effect
from December 01, 2015,an issuer company
shall deposit the 1% security deposit in terms
of the respective Regulations related to issuance
of capital. Therefore, Circular no. OIAE/
Cir-1/2009 dated November 25, 2009, shall be
partially modified w.e.f. December 01, 2015 as:
(a) In para 1 of the Circular the phrase
as per the Listing Agreement with
the Stock Exchanges shall be replaced
by as per provisions of SEBI (Issue of
Capital and Disclosure Requirements)
Regulations, 2009, SEBI (Issue and Listing
of Debt Securities) Regulations, 2008, SEBI
(Issue and Listing of Non-Convertible
Redeemable Preference Shares) Regulations,
2013 and SEBI (Public Offer and Listing of
Securitised Debt Instruments) Regulations,
2008.
(b) In para 5(b) of the Circular the words
Listing Agreement shall stand deleted.
This Circular is issued in exercise of powers
conferred under Section 11(1) of the Securities
and Exchange Board of India Act, 1992 to
protect the interests of investors in securities and
to promote the development of, and to regulate
the securities market.

3.

4.

5.

Source: CIR/OIAE/001/2015 November 30,2015.

6.

IX. Non-compliance with certain provisions of


SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Standard
Operating Procedure for suspension and
revocation of trading of specified securities.
1.
In terms of sub regulation (1) of regulation 97 of
Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations),
recognized Stock Exchanges shall monitor
compliance by listed entities with the provisions
of the regulations.

7.

1160

2015

Sub regulations (1) and (2) of regulation 98 of


Listing Regulations inter alia specify liability
of a listed entity or any other person for
contravention and actions which can be taken by
the respective stock exchange and the revocation
of such actions, in the manner specified by SEBI.
Accordingly, recognized stock exchanges shall
use imposition of fines as action of first resort
in case of such non compliances and invoke
suspension of trading in case of subsequent
and consecutive defaults. Accordingly, in order
to maintain consistency and uniformity of
approach the recognized stock exchanges shall
follow the following procedure:
a)
Uniform fine structure for non-compliance
with Listing Regulations regarding nonsubmission of certain periodic reports as
specified in Annexure -I issued along with
the circular (available on website).
b) Standard Operating Procedure (SOP) for
suspension and revocation of suspension
of trading of specified securities as specified
in Annexure II issued along with the
circular (available on website).
In order to ensure effective enforcement of the
Listing Regulations, the depositories, on receipt
of intimation from concerned recognized stock
exchange, shall freeze or unfreeze, as the case
may be, the entire shareholding of the promoter
and promoter group in such entity.
The recognized stock exchanges shall disclose
on their website the action/s taken against the
listed entities for non-compliance(s); including
the details of respective requirement, amount of
fine, period of suspension, freezing of shares, etc.
Recognized stock exchanges may, having regard
to the interests of investors and securities
market, take appropriate action in line with the
principles and procedures laid down in Annexure
- I and II issued along with the circular and any
deviation therefore should not dilute the spirit
of the policy contained therein. Any deviation
shall be on justifiable reasons to be recorded in
writing. The above actions are without prejudice
to power of SEBI to take action under securities
laws for above violations.
The Stock Exchanges are advised to bring the
provisions of this circular to the notice of listed
entities and also to disseminate the same on its

DECEMBER

8.

SEBI BULLETIN
ii.

website. This circular shall come into force with


effect from December 01, 2015.
This circular is issued under regulations 97,
98, 99 and 102 read with regulation 101(2) of
Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements)
Regulations, 2015.

Source: CIR/CFD/CMD/12/2015 November 30, 2015.

X.

1.

2.

2015

Disclosure of holding of specified securities


and Holding of specified securities in
dematerialized form.
Regulation 31 of Securities and Exchange Board
of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing
Regulations), deals with the disclosure of
shareholding pattern and manner of maintaining
shareholding in dematerialized format.
Manner of representation of holding of
specified securities.
a.
The holding of specified securities shall be
divided into the following 3 categories viz.
Promoter and Promoter Group, Public
and Non Promoter Non Public.
b.
Promoter and Promoter Group shall
have the same meaning as defined
under Securities and Exchange Board of
India (Issue of Capital and Disclosure
Requirements) Regulations, 2009.
c.
The details of the shareholding of the
promoters and promoter group must be
accompanied with PAN Number (first
holder in case of joint holding). Further,
the shareholding of the promoter and
promoter group is to be consolidated on
the basis of the PAN and folio number to
avoid multiple disclosures of shareholding
of the same person.
d.
In the disclosure of Public Shareholding:
i.
For disclosure under category
Institution, the shareholder should
fall under the category Qualified
Institutional Buyer as defined under
Securities and Exchange Board of
India (Issue of Capital and Disclosure
Requirements) Regulations, 2009.

3.

1161

All other Public Shareholding shall be


displayed under Categories Central
Government/State Government(s)/
President of India or NonInstitutions.
iii. Names of the shareholders holding
1% or more than 1% of shares of
listed entity is to be disclosed.
iv. Names of the shareholders who are
persons acting in concert, if available,
shall be disclosed separately.
e.
Shares against which Depository Receipts
have been issued:
i.
As
per
Securities
Contracts
(Regulation) Rules, 1957 and
Depository Receipts Scheme, 2014,
the shares of a listed entity underlying
the depository receipts shall form
part of the public shareholding of
the company only if the holder of
such depository receipts has the right
to issue voting instruction and such
depository receipts are listed on an
international exchange.
ii.
Accordingly, the underlying shares,
against which depository receipts
have been issued, held by any person
belonging to Promoter and Promoter
Group, shall be disclosed under
category Promoter and Promoter
Group. The shares which are held
by persons other than Promoter
and Promoter Group and satisfying
the above conditions would be
classified under the category Public
Shareholding.
iii. The underlying shares, against which
depository receipts have been issued,
of a listed entity not satisfying the
conditions at para (i) above which are
held by Public Shareholders shall be
classified under category Non Public
Non Promoter shareholding.
The listed entity shall ensure that shareholding
of employee trusts and schemes are shown
separately in relevant categories in terms of SEBI
(Share Based Employee Benefits) Regulations,
2014.

DECEMBER
4.

5.

SEBI BULLETIN

Manner of calculation of shareholding


a.
The categories as defined at para 2(a) above:
i.
Promoter and Promoter Group (A)
ii.
Public (including shares underlying
DRs which fulfil the conditions
laid down in Rule 2(e) of Securities
Contracts (Regulation) Rules, 1957)
(B).
iii. Non Promoter Non Public (C)
1.
Shares held by DR Holders
(which
dont
fulfil
the
conditions laid down in Rule
2(e) of Securities Contracts
(Regulation) Rules, 1957) (C1)
2.
Shares held by Employee
Benefit Trust under Securities
and Exchange Board of India
(Share
Based
Employee
Benefits) Regulations, 2014 (C2)
b.
Total Shareholding for the purpose of
calculating the public shareholding shall
be calculated as (A+B+C2) in line with
requirements of Depository Receipts
Scheme, 2014, Securities Contracts
(Regulation) Rules, 1957 as amended up
to February 25, 2015 and Securities and
Exchange Board of India (Share Based
Employee Benefits) Regulations, 2014.
c.
Percentage of promoter Shareholding shall
be calculated as A/(A+B+C2) * 100.
d.
Percentage of public Shareholding shall be
calculated as B/(A+B+C2) * 100.
Formats: The format for disclosure of holding
of specified securities has been specified in
the Annexure I issued alongwith the circular
(available on website).
a.
Summary statement showing holding
of specified securities of the listed entity
should be as per the format given in Table-I
attached with the circular (available on
website).
b.
Statement showing holding of specified
securities of the Promoter and Promoter
Group should be as per the format given
in Table-II attached with the circular
(available on website).
c.
Statement showing holding of specified
securities of the public shareholders should
be as per the format given in the Table-III

6.

1162

2015

attached with the circular (available on


website).
d.
Statement showing holding of specified
securities of the Non Promoter- Non
Public shareholder should be as per the
format given in the Table-IV attached with
the circular (available on website).
Holding of specified securities in dematerialized
form:
a.
Regulation 31(2) of Listing Regulations
mandates the Listed Entities to ensure
that 100% of shareholding of promoter(s)
and promoter group is in dematerialized
form and the same is maintained on a
continuous basis in the manner specified by
the Board. The listed entity shall take into
consideration the following exemptions
while arriving at compliance with 100%
promoter(s) holding in dematerialized
form:i.
promoter(s) shares which were sold
in physical mode and have not been
lodged for transfer with the listed
entity ;
ii.
matters that are sub-judice before
any Court/Tribunal, concerning
shareholding of promoters/promoter
group either in part or in entirety; or
iii. shares that cannot be converted into
dematerialized form due to death of
any promoter(s);
b.
For availing such exemption under Para
6(a) - (i) to (iii) above, Listed Entity shall
approach Stock Exchange(s) along with
necessary documentary evidence.
c.
In case any such exemption has been
granted to the Listed Entity the same must
be stated in summary statement and given
separately and information should be given
separately in Annexure issued alongwith
the circular (available on website).
d.
Further, at least 50% of non-promoter
holding shall be held in dematerialized
form. The listed entity shall take necessary
steps for achieving the same.
e.
While computing the requirement of
minimum 50% shareholding of nonpromoters in dematerialized form in a
company, the government holding in nonpromoter category may be excluded.

DECEMBER
7.

8.

9.

10.

SEBI BULLETIN

Display of holding of specified securities on


website of Stock Exchange(s).
a.
If the Listed Entity confirms that any
particular instrument is not issued or there
are no encumbered/pledged shares and
locked-in shares, respective columns will
not be displayed by the Stock Exchange(s)
on their website. The declaration given by
the Listed Entity in this regard would be
displayed by Stock Exchange(s).
b.
The Stock Exchange(s) shall also ensure
that PAN numbers so disclosed in different
tables are not displayed on the website of
Stock Exchange(s).
The Depositories shall provide the shareholding
data to listed entities in the requisite categorization
as prescribed in the Circular.
The Stock Exchanges are advised to bring the
provisions of this circular to the notice of the
listed entities and also to disseminate the same on
its website. This circular shall come into force on
December 01, 2015.
This Circular is issued in exercise of the powers
conferred under Section 11 and Section 11A of
the Securities and Exchange Board of India Act,
1992 read with Regulation 31 and Regulation
101(2) of the Listing Regulations, 2015.

3.

Source: CIR/CFD/CMD/13/2015 November 30, 2015

4.
XI. Manner of achieving minimum public
shareholding.
1.
Regulation 38 of Securities and Exchange Board
of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 provides that
the listed entity shall comply with minimum
public shareholding requirements in the manner
as specified by the Board from time to time.
2.
In order to achieve the minimum level of public
shareholding specified in Rule 19(2)(b) and/or
Rule 19A of the Securities Contracts (Regulation)
Rules, 1957, the Listed Entity shall adopt any of
the following methods :i.
Issuance of shares to public through
prospectus;
ii.
Offer for sale of shares held by promoters
to public through prospectus;
iii. Sale of shares held by promoters through
the secondary market in terms of SEBI

2015

circular CIR/MRD/DP/05/2012 dated


February 1, 2012;
iv. Institutional Placement Programme (IPP)
in terms of Chapter VIIIA of SEBI (Issue
of Capital and Disclosure Requirements)
Regulations, 2009;
v.
Rights Issue to public shareholders, with
promoter/promoter group shareholders
forgoing their entitlement to equity shares,
that may arise from such issue;
vi. Bonus Issues to public shareholders, with
promoter/promoter group shareholders
forgoing their entitlement to equity shares,
that may arise from such issue;
vii. Any other method as may be approved
by SEBI on a case to case basis. For this
purpose, the listed entities may approach
SEBI with appropriate details. SEBI would
endeavor to communicate its decision
within 30 days from the date of receipt
of the proposal or the date of receipt of
additional information as sought from the
company.
The Stock Exchanges are advised to bring the
provisions of this circular to the notice of the
listed entities and also to disseminate the same on
its website. This circular shall come into force on
December 01, 2015.
This Circular is issued in exercise of the powers
conferred under Section 11 and Section 11A of
the Securities and Exchange Board of India Act,
1992 read with Regulation 38 and Regulation
101(2) of Securities and Exchange Board of
India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

Source: CIR/CFD/CMD/14/2015 November 30, 2015

XII. Formats for publishing financial results.


1.
In order to enable investors to make wellinformed investment decisions, timely, adequate
and accurate disclosure of financial results on a
periodical basis is critical. At the same time, to
ensure comparability, uniformity and parity in
disclosures made by listed entities across stock
exchanges is essential.
2.
Towards this end, Regulation 33 of the
SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter
1163

DECEMBER

3.

SEBI BULLETIN
f)

referred to as the listing Regulations, 2015),


has prescribed various disclosures to be filed
under various provisions contained therein in
the formats as may be specified by the Board.
Formats:
a)
The quarterly financial results shall be
presented in the format prescribed in
Annexure I and for companies other than
banks is prescribed in Annexure II for
banks and are issued along with the circular
(available on website).
b) Manufacturing, trading and service
companies, which propose to follow
functional (secondary) classification of
expenditure in the annual profit and loss
account, shall furnish quarterly financial
results in the alternative format prescribed
at Annexure III issued along with the
circular and is available on website. The
alternative format shall be used only if such
format is used consistently from the first
quarter of the financial year.
c)
If the company has more than one reportable
primary segment in terms of Accounting
Standard (AS) 17/ Indian Accounting
Standard (Ind AS) 108 mandated under
Section 133 of the Companies Act, 2013
read with rules framed thereunder or issued
by ICAI, it shall also submit quarterly and
annual segment information as part of
financial results in the format as specified
in Annexure IV issued along with the
circular (available on website).
d)
Limited review reports shall be given
by auditors in the format prescribed in
Annexure V for companies other than
banks (including those using the alternative
format of financial results) and in the
format given in Annexure VI for banks
issued along with the circular (available on
website).
e)
In case of audited financial reports, the
audit report shall be given by the auditors
in the format given in Annexure VII for
companies other than banks (including
those using the alternative format of
financial results) and in the format given in
Annexure VIII for banks issued along with
the circular and is available on website..

4.

5.

6.

1164

2015

Half-Yearly Statement of Assets and


Liabilities shall be in the format specified
in Annexure IX issued along with the
circular (available on website) drawn from
Schedule III of the Companies Act, 2013 or
its equivalent formats in other statutes, as
applicable.
g)
The Form A (for audit report with
unmodified opinion) and Form B (for audit
report with modified opinion) shall be
filed in the format specified in Annexure X
issued along with the circular (available on
website).
h) The financial results published in the
newspapers in terms of Regulation 47(1)
(b) shall be in the format prescribed
in Annexure XI issued along with the
circular(available on website).
While preparation of the financial results, the
following shall be noted:a.
Annual audited financial results shall be
in the format as is applicable to quarterly
financial results. However, columns and
figures relating to the last quarter, year
to date results and corresponding three
months in previous year may not be
disclosed.
b.
The applicable Accounting Standards are
those standards mandated under Section
133 of the Companies Act, 2013 read with
the relevant rules issued thereunder/issued
by ICAI as applicable.
c.
The classification / disclosure of items in
the financial results shall be in accordance
with the Schedule III of the Companies
Act, 2013 or its equivalent formats in other
statutes, as applicable.
Companies adopting the Ind AS in terms of
Companies (Indian Accounting Standards) Rules,
2015 notified by the Ministry of Corporate
Affairs on February 16, 2015 while publishing
quarterly/annual financial results under
Regulation 33 of the Listing Regulations, 2015,
shall ensure that the comparatives filed along
with such quarterly/annual financial results are
also Ind AS compliant.
The Stock Exchanges are advised to bring the
provisions of this circular to the notice of listed
entities and also to disseminate the same on its

DECEMBER

7.

SEBI BULLETIN

website. This circular shall come into force with


effect from December 01, 2015.
This Circular is being issued in exercise of powers
conferred under Section 11 and Section 11A of
the Securities and Exchange Board of India Act,
1992 read with Regulation 33, Regulation 47 and
Regulation 101(2) of the Listing Regulations,
2015.

2.

Source: CIR/CFD/CMD/15/2015 November 30, 2015.

XIII. Schemes of Arrangement by Listed Entities


and (ii) Relaxation under Sub-rule (7) of rule 19
of the Securities Contracts (Regulation) Rules,
1957.
1.
SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter
referred to as listing regulations) place
obligations with respect to Scheme of
Arrangement on Listed Entities and Stock
Exchange(s) in Regulation 11, 37 and 94.
Sub-rule (7) of rule 19 of the Securities Contracts
(Regulation) Rules, 1957 (hereinafter referred

3.

to as the SCRR) provides that Securities


and Exchange Board of India (SEBI) may, at
its own discretion or on the recommendation
of a recognised stock exchange, waive or relax
the strict enforcement of any or all of the
requirements with respect to listing prescribed
by these rules.
Thus the additional requirements in order to
achieve the intent of regulations 11, 37 and 94
and for availing exemption under sub-rule (7)
of rule 19 of SCRR, if applicable are specified
in the Annexure-I issued along with the
circular(available on website).
Applicability: The Circular shall come into force
w.e.f. December 01, 2015. The Schemes already
submitted to the stock exchange in terms of Part
A of SEBI Circular CIR/CFD/DIL/5/2013
dated February 04, 2013 read with CIR/CFD/
DIL/8/2013 dated May 21, 2013, shall be
governed by the requirements specified in these
circulars.

Source: CIR/CFD/CMD/16/2015 November 30, 2015

1165

2015

DECEMBER

SEBI BULLETIN

2015

REGULATORY ACTIONS TAKEN BY SEBI

SEBI vide its order dated 30th Nov, 2015 in exercise


of the powers conferred under Section 15-I of
the SEBI Act, 1992 read with Rule 5 of the SEBI
Rules, 1995 imposed the following monetary
penalties on Mr. Jayesh Shah, Mr. Tushar Shah
and Mr. Parag Shah for violating the Regulations
3(a) (b) (c) , 4(1) , 4(2)(e) of SEBI (Prohibition of
Fraudulent and Unfair Trade Practices Relating
to Securities Market), Regulations, 2003 in the
matter of M/s. Platinum Corporation Limited:
S.
No

Name
No. of
of the
shares
Noticee offloaded

Jayesh
Shah

Tushar 40,00,000 24,00,000 ` 72,00,000


Shah
(40,00,000 (Rupees
x 0.6)
Seventy Two
Lakhs Only)
Parag
Shah

40,00,000 24,00,000 ` 72,00,000


(40,00,000 (Rupees
x 0.6)
Seventy Two
Lakhs Only)

Acquisition / Period
of Violation

40,00,000 24,00,000 ` 72,00,000


(40,00,000 (Rupees
x 0.6)
Seventy Two
Lakhs Only)`

4
TOTAL

Penalty
imposed - 3
times of the
profit made
(in `)

Approx.
profit
made
(in `)

penalty of ` 16,00,000(Rupees Sixteen Lakh only)


on Shri Nagad Sarwar, and ` 5,00,000 (Rupees
Five Lakh only) on Shri Altaf Ahmed G Nagad,
for violation of Regulation 3 and Regulation
4(2) of SEBI (Prohibition of Fraudulent and
Unfair Trade Practices Relating to the Securities
Market) Regulations, 2003 in the matter of M/s.
Vamshi Rubber Ltd.
SEBI vide its order dated 30th Nov, 2015 in exercise
of the powers conferred under section 15H (ii)
of the SEBI Act, 1992 , imposed the following
monetary penalties to be paid jointly and
severally on Dr. Sunil Gupta, Ms Rupal Gupta,
Dr Sunil Gupta (HUF), M/s. Suncare Traders
Ltd., Mr. Sharad Gupta, Mr Mayur Parikh, Mr
Ashok C Gandhi, M/s. Karan Holdings Pvt. Ltd.
and M/s. Anik Holdings Pvt. Ltd., for violating
Regulation 11(1) read with Regulation 14(1) of
the SEBI (Substantial Acquisition of Shares and
Takeover) Regulations, 1997 in the matter of
M/s. Bloom Dekor Limited.

` 2,16,00,000
(Rupees
Two Crores
Sixteen Lakhs
Only)

SEBI vide its order dated 30th Nov, 2015 in


exercise of the powers conferred under section
15HB of the SEBI Act, 1992 imposed a monetary
penalty of ` 35,00,000 (Rupees Thirty Five Lakh
only) on M/s. Kisan Ratilal Choksey Shares and
Securities Pvt. Ltd. forviolating the provisions
of SEBI Circular no. MIRSD/SE/Cir/19/2009
dated December 03, 2009 and clauses A(2) and
A(5) of Code of Conduct for stock Brokers
specified under Schedule II read with Regulation
7 of SEBI (Stock Broker and Sub Broker)
Regulations,1992.
SEBI vide its order dated 27th Nov. 2015 in
exercise of the power conferred under section
15HA of the SEBI Act, 1992 imposed a monetary

Acquisition of 3,25,000
shares (10.85%) on
24.04.1997

` 5,00,000/- (Rupees
Five Lakh Only)

Acquisition of a total of
64,210 shares (2.14%) in
1997-98

` 5,00,000/- (Rupees
Five Lakh Only)

Acquisition of 2,29,800
shares (7.12%) in 1998

` 5,00,000/- (Rupees
Five Lakh Only)

Acquisition of 4,07,700
(12.54%) shares in
12
months
from
21.12.1998

` 5,00,000/- (Rupees
Five Lakh Only)

Total

1166

Penalty (`)

` 20,00,000/-(Rupees
Twenty Lakh Only)

SEBI vide its order dated 27th Nov.2015 in exercise


of the power conferred under section 15 A (b) of
the SEBI Act, 1992 imposed a monetary penalty
of ` 15,00,000 (Rupees Fifteen Lakh only) on the
Noticee viz. M/s. United Breweries (Holding)
Ltd. for violating regulation 31 (1), 31(2) read
with 31 (3) of the SAST (Substantial Acquisition
of Shares and Takeovers) Regulations, 2011 in
the matter of M/s. United Spirits Limited.

DECEMBER

SEBI BULLETIN

SEBI vide its order dated 30th November, 2015 in


exercise of the powers conferred under Section
15I (2) of the SEBI Act, 1992 read with Rule 5
of the Adjudication Rules, imposed following
monetary penalties on Shri Sourabh H. Bora,
Ms. Rakhi S Bora and Shri Sourabh H Bora in
the matter of M/s. Mahan Industries Limited:
Penalty Amount

Violation

` 2,50,000 (Rupees
Two Lakh Fifty
Thousand
Only)
to be paid jointly
and severally by the
noticees

Under section 15A(b) of


SEBI Act for violation of
Regulation 7(1) of SEBI
(Substantial Acquisition
of Shares and Takeovers)
Regulations, 1997 read
with Regulation 35 of SEBI
(Substantial Acquisition
of Shares and Takeovers)
Regulations, 2011.

` 2,00,000 (Rupees
Two Lakh Only) to
be paid by each of
the noticees

Under section 15A(a) of


SEBI Act for violation of
section 11C(3) of SEBI
Act, 1992.

` 2,00,000 (Rupees
Two Lakh Only) to
be paid by each of
the noticees

Under section 15A(a) of


SEBI Act for violation of
section 11C(5) of SEBI
Act, 1992.

Total

` 14,50,000 (` Fourteen
lakh Fifty Thousand only)

SEBI vide its order dated 27th Nov. 2015 in exercise


of the power conferred under Section 15A(b) of
the SEBI Act, 1992 imposed a monetary penalty
of ` 4,00,000 (Rupees Four Lakh Only) on Shri
Arvind Kumar Sarafand 12 other noticeesfor
violating the provisions of Regulation 13 (4) read
with 13 (5) of the Prohibition of Insider Trading
(PIT) Regulations, 1992 in the matter of M/s.
Arcotech Limited.
SEBI vide its order dated 23rd Nov. 2015 in
exercise of the power conferred under Section
15 I of the SEBI Act read with Rule 5 of the
Adjudication Rules 1995, imposed a monetary
penalty of ` 3,00,000( Rupees Three Lakh only)
on the Noticee M/s. Tricom Fruit Products
Limited (formerly known as M/s Rids Securities
Ltd) for violation of the provisions of Section
15C of the SEBI Act, 1992 for failure to redress
the three investors complaints pending against
them in the SEBI Complaints Redress System
(SCORES)and submit the Action Taken
Report (ATR) within the stipulated time period
prescribed by SEBI.
1167

2015

SEBI, vide its order dated 17th November, 2015 in


exercise of the power conferred under Section 15
HB of the SEBI Act, 1992 imposed a penalty of
`1,50,000 (Rupees One Lakh and Fifty Thousand)
only on M/s. Vinal Investments Limited for not
obtaining SCORES authentication in terms of
the SEBI circular dated April 17, 2013 and not
resolving investor grievances pending against it.
SEBI, vide its order dated 4th November, 2015 in
exercise of the powers conferred under section
19 of the SEBI Act, 1992 read with sections 11
and 11B issued the following directives in the
matter of M/s. En-Aromatic & Petro Chemicals
Limited:
a.
The Company M/s. En Aromatic & Petro
Chemicals Limited and its five directors
viz. Mr. Kishan Pal Singh, Mr. Chhotelal
Shukla, Mr.Vishwa Bandhu Vashistha,
Mr. Deenanath Maurya and Mr. Mukesh
Kumar Khare jointly and severally, shall
forthwith refund the money collected
by the Company through the issuance
of Redeemable Cumulative Preference
Shares (which have been found to be
issued in contravention of the public issue
norms stipulated under the Companies
Act, 1956), to the investors including the
money collected from investors, till date,
pending allotment of RCPS, if any, with
an interest of 15% per annum compounded
at half yearly intervals, from the date when
the repayments became due (in terms
of Section 73(2) of the Companies Act,
1956) to the investors till the date of actual
payment.
b.
The Company/ its present management is
permitted to sell the assets of the Company
only for the sole purpose of making the
refunds as directed above and deposit the
proceeds in an Escrow Account opened
with a nationalised Bank.
c.
The Company/ its present management
are also directed to provide a full inventory
of all their assets and properties and details
of all their bank accounts, demat accounts
and holdings of shares/ securities, if held in
physical form.
d.
The Company is directed not to, directly
or indirectly, access the capital market
by issuing prospectus, offer document

DECEMBER

SEBI BULLETIN

or advertisement soliciting money from


the public and is further restrained
and prohibited from buying, selling or
otherwise dealing in the securities market,
directly or indirectly in whatsoever
manner, from the date of this Order till
the expiry of four years from the date of
completion of refunds to investors, made
to the satisfaction of SEBI, as directed
above.
e.
The abovementioned five directors are
restrained from accessing the securities
market and are further prohibited from
buying, selling or otherwise dealing in
securities, directly or indirectly, with
immediate effect. They are also restrained
from associating themselves with any listed
public company and any public company
which intends to raise money from
the public, with immediate effect. This
restraint shall continue to be in force for a
further period of four years on completion
of the repayments, as directed above.
SEBI, vide its order dated 4th November, 2015 in
exercise of the powers conferred under Section
19 of the SEBI Act, 1992 and Sections 11(1),
11B and 11(4) and Regulation 65 of the SEBI
(Collective Investment Schemes) Regulations,
1999, issued the following directives in the matter
of M/s. Servehit Housing and Infrastructure
India Limited:
a.
M/s. Servehit Housing and Infrastructure
India Limited and its five directorsviz. Mr.
Sukhmander Singh, Mr.Rajender Kumar,
Mr. Balbir Singh Saini, Mr. Satish Kumar
and Mr.Surjeet Kumar shall abstain from
collecting any money from the investors
or launch or carry out any Collective
Investment Schemes including the scheme
which have been identified as a Collective
Investment Scheme in this Order.
b.
M/s. Servehit Housing and Infrastructure
India Limited and its three directors viz.
Mr. Sukhmander Singh, Mr. Balbir Singh
Saini and Mr. Surjeet Kumar shall wind
up the existing Collective Investment
Schemes and refund the money collected
by the said company under the schemes
with returns which are due to its investors
as per the terms of offer within a period

1168

2015

of three months from the date of this


Order and thereafter within a period of
fifteen days, submit a winding up and
repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the
trail of funds claimed to be refunded, bank
account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
c.
M/s. Servehit Housing and Infrastructure
India Limited and its abovementioned
three directors shall not alienate or dispose
off or sell any of the assets of M/s. Servehit
Housing and Infrastructure India Limited
except for the purpose of making refunds
to its investors as directed above.
d.
M/s. Servehit Housing and Infrastructure
India Limited and all its abovementioned
five directors are directed to provide a full
inventory of all their assets and properties
and details of all their bank accounts, demat
accounts and holdings of shares/ securities,
if held in physical form.
e.
M/s. Servehit Housing and Infrastructure
India Limited and its abovementioned five
directors are restrained from accessing the
securities market and are prohibited from
buying, selling or otherwise dealing in
securities market for a period of four years.
SEBI, vide its order dated 4th November, 2015 in
exercise of the powers conferred under Section 19
of the SEBI Act, 1992 and Sections 11(1), 11B and
11(4) and Regulation 65 of the SEBI (Collective
Investment Schemes) Regulations, 1999, issued
the following directives in the matter of M/s.
Dhanolty Developers Limited:
a.
M/s. Dhanolty Developers Limited and
its seven directors/ promoters viz. Mr.
Sanjay Walia, Mr. Siddharth Walia, Ms.
Anita Malik, Ms. Raksha Kumari, Mr. Shiv
Pratap Singh, Ms. Shefali Walia and Mr.
Pankaj Bakshi shall abstain from collecting
any money from the investors or launch
or carry out any Collective Investment
Schemes including the scheme which have
been identified as a Collective Investment
Scheme in this Order.
b.
M/s. Dhanolty Developers Limited and
its abovementioned directors/promoters

DECEMBER

SEBI BULLETIN

shall wind up the existing Collective


Investment Schemes and refund the money
collected by the said company under the
schemes with returns which are due to its
investors as per the terms of offer within
a period of three months from the date of
this Order and thereafter within a period
of fifteen days, submit a winding up and
repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the
trail of funds claimed to be refunded, bank
account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
c.
M/s. Dhanolty Developers Limited and
its abovementioned directors/promoters
shall not alienate or dispose off or sell any
of the assets of M/s. Dhanolty Developers
Limited except for the purpose of making
refunds to its investors as directed above.
d.
M/s. Dhanolty Developers Limited and its
abovementioned directors/ promoters are
also directed to provide a full inventory of
all their assets and properties and details
of all their bank accounts, demat accounts
and holdings of shares/ securities, if held in
physical form.
e.
M/s. Dhanolty Developers Limited and
its abovementioned directors/ promoters
are restrained from accessing the securities
market and are prohibited from buying,
selling or otherwise dealing in securities
market for a period of four years.
SEBI, vide its order dated 6th November, 2015 in
exercise of the powers conferred under Section 19
of the SEBI Act, 1992 read with Sections 11 and
11B and Regulation 65 of the SEBI (Collective
Investment Scheme) Regulation, 1999, issued the
following directives in the matter of M/s. Yatra
Art Fund:
a.
M/s. Yatra Art Fund shall abstain from
collecting any money from the investors
or launch or carry out any Collective
Investment Schemes including the scheme
which have been identified as a Collective
Investment Scheme in this Order.
b.
M/s. Yatra Art Fund is directed to refund
the entire monies collected by it under its
scheme to all the investors alongwith the

1169

2015

returns at the rate of 10% per annum, within


a period of three months from the date of
this Order and thereafter, within a period
of fifteen days, submit a winding up and
repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the
trail of funds claimed to be refunded, bank
account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
c.
M/s. Yatra Art Fund is restrained from
accessing the securities market and
are prohibited from buying, selling or
otherwise dealing in securities market for
a period of four years.
d.
M/s. Yatra Art Fund is also directed to
immediately submit the complete and
detailed inventory of the assets owned by
it.
SEBI, vide its order dated 9th November, 2015 in
exercise of the powers conferred under Section
19 of the SEBI Act, 1992 and Sections 11(1),
11(B) and 11(4) and Regulation 65 of the SEBI
(Collective Investment Schemes) Regulations,
1999 issued following directives in the matter
of M/s. Nicer Green Housing Developments
Limited :
a.
M/s. Nicer Green Housing Developments
Limited and its four directors viz. Mr. Pipal
Singh Sidhu, Mr. Ranjit, Ms. Surinder Kaur
and Mr. Karanjit Singh shall abstain from
collecting any money from the investors
or launch or carry out any Collective
Investment Schemes including the scheme
have been identified as a Collective
Investment Scheme in this Order.
b.
M/s. Nicer Green Housing Developments
Limited and its abovementioned directors
shall wind up the existing Collective
Investment Schemes and refund the money
collected by the said company under the
schemes with returns which are due to its
investors as per the terms of offer within
a period of three months from the date of
this Order and thereafter within a period
of fifteen days, submit a winding up and
repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the

DECEMBER

SEBI BULLETIN

trail of funds claimed to be refunded, bank


account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
c.
M/s. Nicer Green Housing Developments
Limited and its abovementioned directors
shall not alienate or dispose off or sell any
of the assets of M/s. Nicer Green Housing
Developments Limited except for the
purpose of making refunds to its investors
as directed above.
d.
M/s. Nicer Green Housing Developments
Limited and its abovementioned directors
are also directed to provide a full inventory
of all their assets and properties and details
of all their bank accounts, demat accounts
and holdings of shares/ securities, if held in
physical form.
e.
M/s. Nicer Green Housing Developments
Limited and its abovementioned directors
are restrained from accessing the securities
market and are prohibited from buying,
selling or otherwise dealing in securities
market, directly or indirectly, in any
manner and launching any scheme for
mobilization of funds in any manner for a
period of four years.
SEBI, vide its order dated 9th November, 2015 in
exercise of the powers conferred under Section
19 of the SEBI Act, 1992 and Sections 11(1),
11(B) and 11(4) and Regulation 65 of the SEBI
(Collective Investment Schemes) Regulations,
1999 issued following directives in the matter of
M/s. Sunshine Global Agro Limited:
a.
M/s. Sunshine Global Agro Limited and
its eight directors viz. Mr.Lekh Narayan
Chand, Mr. Mokarram Mohammad, Mr.
Mohammad Ahteshamul Haq, Mr. Anand
Kumar Jha, Mr.Wasim Kham, Mr.Ashif
Kham, Mr. Mohammad Faisal and Mr.
Bibeka Nand Mandal shall abstain from
collecting any money from the investors
or launch or carry out any Collective
Investment Schemes including the scheme
have been identified as a Collective
Investment Scheme in this Order.
b.
M/s. Sunshine Global Agro Limited and
its five directors viz. Mr. Lekh Narayan
Chand, Mr. Mokarram Mohammad,

1170

2015

Mr. Mohammad Ahteshamul Haq, Mr.


Mohammad Faisal and Mr. Bibeka Nand
Mandal shall wind up the existing Collective
Investment Schemes and refund the money
collected by the said company under the
schemes with returns which are due to its
investors as per the terms of offer within
a period of three months from the date of
this Order and thereafter within a period
of fifteen days, submit a winding up and
repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the
trail of funds claimed to be refunded, bank
account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
c.
M/s. Sunshine Global Agro Limited and
its abovementioned five directors shall
not alienate or dispose off or sell any of
the assets of M/s. Sunshine Global Agro
Limited except for the purpose of making
refunds to its investors as directed above.
d.
M/s. Sunshine Global Agro Limited and
its abovementioned five directors and past
directors viz. Mr. Anand Kumar Jha, Mr.
Wasim Khan and Mr. Ashif Khan are also
directed to provide a full inventory of all
their assets and properties and details of all
their bank accounts, demat accounts and
holdings of shares/ securities, if held in
physical form.
e.
M/s. Sunshine Global Agro Limited and
its six directors viz. Mr. Lekh Narayan
Chand, Mr. Mokarram Mohammad, Mr.
Mohammad Ahteshamul Haq, Mr. Anand
Kumar Jha, Mr.Wasim Kham and Mr.
Ashif Kham are restrained from accessing
the securities market and are prohibited
from buying, selling or otherwise dealing
in securities market for a period of four
years.
SEBI, vide its order dated 9th November, 2015 in
exercise of the powers conferred under Section
19 of the SEBI Act, 1992 and sections 11(1), 11(4),
11A and 11B read with regulations 107 of the SEBI
(Issue of Capital and Disclosure Requirements)
Regulations, 2009, issued following directives in
the matter of M/s. Aapna Pariwar Agro Farming
Developers India Limited :

DECEMBER
a.

b.

c.

d.

e.

f.

SEBI BULLETIN

2015

g.

The Company M/s. Aapna Pariwar Agro


Farming Developers India Limited and
its three directors viz. Mr. Rejaul Karim,
Mr. Partha Gope Mazumder and Mr.
Swaminath Singha are restrained from
mobilizing funds through the issue of
equity shares or through the issuance of
equity shares or through any other form
of securities, to the public and/ or invite
subscription, in any manner whatsoever,
either directly or indirectly till further
directions.
M/s. Aapna Pariwar Agro Farming
Developers India Limited and its
abovementioned directors, are prohibited
from issuing prospectus or any offer
document or issue advertisement for
soliciting money from the public for
the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders.
M/s. Aapna Pariwar Agro Farming
Developers India Limited and its
abovementioned directors shall not dispose
off any of the properties or alienate the
assets of the Company or dispose off any
of their properties or alienate their assets.
M/s. Aapna Pariwar Agro Farming
Developers India Limited and its
abovementioned directors shall not divert
any funds raised from public at large
through the issuance of the impugned
equity shares, kept in its bank accounts
and/or in the custody of the company
without prior permission of SEBI until
further orders.
M/s. Aapna Pariwar Agro Farming
Developers India Limited and its
abovementioned directors are restrained
from accessing the securities market and
are further prohibited from buying, selling
or otherwise dealing in securities in any
manner whatsoever, either directly or
indirectly, till further directions.
M/s. Aapna Pariwar Agro Farming
Developers India Limited and its
abovementioned directors, shall co-operate
with SEBI and shall furnish documents, as
may be required.

1171

M/s. Aapna Pariwar Agro Farming


Developers India Limited and its
abovementioned directors, are also directed
to provide a full inventory of all their assets
and properties and details of all their bank
accounts, demat accounts and holdings of
shares/securities, if held in physical form.
SEBI, vide its order dated 9th November, 2015 in
exercise of the powers conferred under Section
11(1), 11(4) and 11B read with section 19 of the
SEBI Act, pending inquiry/investigation and
passing of final order in the matter of Radford
Global Limited restrained the following 15
persons from accessing the securities market and
buying, selling or dealing in securities, either
directly or indirectly, in any manner, till further
directions:
Sr. No.

Name

AnupManilal Shah (Huf)

Artiben S Kansara

BharatkumarJayantilal Shah

Dina Satishkumar Mehta

Hari Mohan Khandelwal

Hasumati Ghanshyam Mandlia

Kanaiyalal Manilal Gandhi

ManishaJayesh Shah

Mansukhbhai Jagabhai Tanti

10

Pragna Patel

11

Rajeev Garg

12

Ramila Gandhi

13

Rekhaben Lakhabhai Sagparia

14

Sunil Mohanlal Kansara

15

Veena Mohandas Valbhani

SEBI, vide its order dated 9th November, 2015 in


exercise of the powers conferred under section
19 read with provisions of section 11(1), section
11(2) (j) of the SEBI Act, 1992 and sections 4, 5
and 12A of the Securities Contracts (Regulation)
Act, 1956 direct the exit of Vadodara Stock
Exchange Limited as a stock exchange and also
direct it to:a.
comply with its tax obligations under the
Income Tax Act, 1961;
b.
comply with the undertakings given by it
to SEBI;

DECEMBER

SEBI BULLETIN
e.

c.

comply
with
other
consequential
conditions of the Exit Circular;
d.
change its name and in case, after exit as a
stock exchange, it continues as a corporate
entity under the Companies Act, 2013,
it shall not use the expression stock
exchange or any variant in its name or in
the name of its subsidiary so as to avoid any
representation of present or past affiliation
with the stock exchange;
e.
provide required information to the
Ministry of Corporate Affairs on
identifying any vanishing company which
was listed on Vadodara Stock Exchange
Limited for inclusion in the list of vanishing
companies maintained by the Ministry of
Corporate Affairs.
SEBI, vide its order dated 9th November, 2015 in
exercise of the powers conferred under section
19 read with sections 11(1), 11(4), 11B and 11D
of the SEBI Act, 1992, issued the following
directions in the matter of M/s. Blue Chip
Corporation Pvt. Ltd:
a.
The financial assets of M/s. Blue Chip
Corporation Pvt. Ltd. and its seven
directors viz. Mr.Nitin Rajaram Narke,
Mr.Pravin B. Darawade, Ms. Bhavana
Chadha, M/s Milestone Investment, M/s
NitinNarke Investment, M/s Blue Cheap
Investment and M/s Blue Chip Investment
are impounded till further directions.
They are further directed not to dispose
off or alienate any of their assets, whether
movable or immovable, or any interest or
investment or charge in any of such assets
except for the purpose provided herein.
b.
The banks and depositories are directed
that no debits shall be made in their bank
accounts/demat accounts, held jointly or
severally, except after confirmation from
the concerned stock exchange in this
regard.
c.
The
concerned
stock
exchanges,
depositories and the banks are directed
to ensure that all the above directions are
strictly enforced.
d.
The aforesaid entities are directed to
provide the complete details of amounts
collected from investors and amount due
to each of them.

1172

2015

The aforesaid entities are directed to


provide a full inventory of all their assets
whether movable or immovable, or any
interest or investment or charge in any of
such assets, including details of all their
bank and demat accounts immediately but
not later than seven working days from the
date of receipt of these directions.
f.
The aforesaid entities are restrained from
accessing the securities market and are
further prohibited from buying, selling
or otherwise dealing in securities, either
directly or indirectly, or being associated
with the securities market in any manner
whatsoever, with immediate effect, till
further directions.
g.
The aforesaid entities shall cease and desist
from undertaking any activity in the
securities market, directly or indirectly,
in any manner whatsoever till further
directions.
h.
M/s. Blue Chip Corporation Pvt. Ltd and
its abovementioned seven directors are
prohibited from mobilizing funds in any
manner or pooling funds from public and
from offering any unregistered service, in
whatever form.
i.
The above mentioned seven directors are
directed to immediately withdraw and
remove all advertisements, representations,
literatures,
brochures,
materials,
publications, documents, websites, etc. and
any unregistered activity in the securities
market.
j.
M/s. Blue Chip Corporation Pvt. Ltd. and
its abovementioned seven directors are
prohibited from transferring the funds/
deposits from their bank account, which
were mobilised from the clients or other
investors or from disposing of or alienating
any asset that has been created from the
funds/deposits received from their clients
or other investors for purposes other than
refund as directed above.
SEBI, vide its order dated 10th November,
2015 in exercise of the powers conferred under
Sections 11, 11(4), 11A and 11B of the SEBI Act
read with Section 19 of the SEBI Act read with
the SEBI Debt Securities Regulations and the

DECEMBER

SEBI BULLETIN

SEBI Debenture Trustees Regulations, issued


the following directives in the matter of M/s.
Vasundhara Realcon Limited:
a.
M/s. Vasundhara Realcon Ltd. (VRL)
shall cease to mobilize any fresh funds
from investors through the Offer of
Non-convertible Secured Redeemable
Debentures or through the issuance of
equity shares or any other securities, to
the public and/or invite subscription, in
any manner whatsoever, either directly or
indirectly till further directions;
b.
M/s. VRL and its four directors, viz., Mr.
Sandip Parui, Mr. Ashis Sarkar, Mr. Sahab
Uddin Khan and Mr. Gauranga Roy are
prohibited from issuing prospectus or any
offer document or issue advertisement
for soliciting money from the public
for the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders.
c.
M/s. VRL and its abovementioned
directors, are restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions.
d.
M/s. VRL and its abovementioned
directors shall provide a full inventory of
all its assets and properties.
e.
M/s. VRL and its abovementioned
directors shall not dispose off any of the
properties or alienate or encumber any of
the assets owned/acquired by that company
through the Offer of NCDs, without prior
permission from SEBI.
f.
M/s.VRL and its abovementioned
directors shall not divert any funds raised
from public at large through the Offer of
NCDs, which are kept in bank account(s)
and/or in the custody of VRL.
g.
M/s.VRL and its abovementioned directors
shall furnish complete and relevant
information in respect of the Offer of
NCDs (as sought by SEBI vide letter dated
December 12, 2013), within fourteen days
from the date of receipt of this Order.
h.
M/s. VRL shall provide to SEBI all
information regarding repayments made

1173

2015

to the holders of Secured and Unsecured


Redeemable Non-Convertible Debentures
including name of the debenture holder,
address, amount mobilized, number of
Secured Redeemable Non-Convertible
Debentures issued, promised maturity
amount with date of maturity, amount
refunded and date thereof.
i.
The Debenture Trustee, viz. M/s.
Vasundhara Realcon Debenture Trust
represented by trustees, Mr. Chinmoy
Ghatak and Ms. Priyabrata Roy is
prohibited from continuing with its
present assignment as a debenture trustee in
respect of the Offer of NCDs of VRL and
also from taking up any new assignment or
involvement in any new issue of debentures,
etc. in a similar capacity, from the date of
this Order till further directions.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter
of M/s. Bharat Krishi Samridhi Industries Ltd.
(BKSIL):
i.
The past Director of M/s. BKSIL, viz.
Shri Basir Uddin Khan is prohibited from
issuing prospectus or any offer document
or issue advertisement for soliciting money
from the public for the issue of securities,
in any manner whatsoever, either directly
or indirectly, till further orders;
ii.
The abovementioned past Director of M/s.
BKSIL is restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Director of M/s.
BKSIL shall provide a full inventory of all
his assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Ravi Kiran Realty India Ltd. (RKRIL):
i.
The past Director of M/s. RKRIL, viz. Shri
Animesh Chowdhury is prohibited from
issuing prospectus or any offer document

DECEMBER

SEBI BULLETIN

or issue advertisement for soliciting money


from the public for the issue of securities,
in any manner whatsoever, either directly
or indirectly, till further orders;
ii.
The abovementioned past Director of M/s.
RKRIL is restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Director of M/s.
RKRIL shall provide a full inventory of all
his assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Rising Agrotech Ltd. (RAL):
i.
The past Director of M/s. RAL, viz. Ms.
Lina Kayal is prohibited from issuing
prospectus or any offer document or issue
advertisement for soliciting money from
the public for the issue of securities, in
any manner whatsoever, either directly or
indirectly, till further orders;
ii.
The abovementioned past Director of
M/s. RAL is restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Director of M/s.
RAL shall provide a full inventory of all
his assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Sunplant Forging Limited (SFL):
i.
The past Director of M/s. (SFL), viz. Shri
Ameet Singh is prohibited from issuing
prospectus or any offer document or issue
advertisement for soliciting money from
the public for the issue of securities, in
any manner whatsoever, either directly or
indirectly, till further orders;
ii.
The abovementioned past Director of
M/s. SFL is restrained from accessing the
securities market and further prohibited

1174

2015

from buying, selling or otherwise dealing


in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Director of M/s.
SFL shall provide a full inventory of all his
assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Falkon Industries India Limited (FIIL):
i.
The past Director of M/s. FIIL, viz. Shri
Akmal Sekh is prohibited from issuing
prospectus or any offer document or issue
advertisement for soliciting money from
the public for the issue of securities, in
any manner whatsoever, either directly or
indirectly, till further orders;
ii.
The abovementioned past Director of
M/s. FIIL is restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Director of M/s.
FIIL shall provide a full inventory of all his
assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Magnox Infra project Ltd.(MIL):
i.
The past six Directors of M/s. MIL,
viz. Shri Manoj Kumar Pradhan, Shri
Bhimsen Soren, Shri Rasmiranjan Swain,
Shri Jyotiranjan Panda, Shri Anil Kumar
Senapati and Shri Amrit Bhunia are
prohibited from issuing prospectus or any
offer document or issue advertisement
for soliciting money from the public
for the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders;
ii.
The abovementioned past Directors of
M/s. MIL are restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;

DECEMBER

SEBI BULLETIN

iii.

The abovementioned past Directors of


M/s. MIL shall provide a full inventory of
all their assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Managlam Agro Product Limited (MAPL):
i.
The past three Directors of M/s.
MAPL, viz. Smt. Runa Mazumder, Smt.
Nabanita Sikder and Smt. Runa Sikder
are prohibited from issuing prospectus or
any offer document or issue advertisement
for soliciting money from the public
for the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders;
ii.
The abovementioned past Directors of
M/s. MAPL are restrained from accessing
the securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Directors of
M/s. MAPL shall provide a full inventory
of all their assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter
of M/s. MBK Business Development (India)
Limited (MBK) :
i.
The past three Directors of M/s. MBK,
viz. Shri Saikat Brahmachari, Shri
Tanmoy Kundu and Shri Sadhan Chandra
Brahmachari are prohibited from issuing
prospectus or any offer document or issue
advertisement for soliciting money from
the public for the issue of securities, in
any manner whatsoever, either directly or
indirectly, till further orders;
ii.
The abovementioned past Directors of
M/s. MBK are restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Directors of
M/s. MBK shall provide a full inventory of
all their assets and properties.

1175

2015

SEBI vide its order dated 20th Nov. 2015 in


exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Sun Plant Business Limited (SBL) :
i.
The past two Directors of M/s. SBL,
viz. Shri Girija Shankar Kumar and Shri
Awdhesh Kumar Singh are prohibited from
issuing prospectus or any offer document
or issue advertisement for soliciting money
from the public for the issue of securities,
in any manner whatsoever, either directly
or indirectly, till further orders;
ii.
The abovementioned past Directors of
M/s. SBL are restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Directors of
M/s. SBL shall provide a full inventory of
all their assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Sun Plant Construction Limited (SCL) :
i.
The past three Directors of M/s. SCL,
viz. Shri Yoganand Prasad, Shri Ameet
Singh and Shri Girija Shankar Kumar are
prohibited from issuing prospectus or any
offer document or issue advertisement
for soliciting money from the public
for the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders;
ii.
The abovementioned past Directors of
M/s. SCL are restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iii. The abovementioned past Directors of
M/s. SCL shall provide a full inventory of
all their assets and properties.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act, 1992
issued the following directives in the matter of
M/s. Kerala Housing Finance Ltd. (KHFL):

DECEMBER

SEBI BULLETIN

i.

M/s. KHFL shall forthwith cease to


mobilize fresh funds from investors
through the Offer of NCDs or through
the issuance of equity shares or any other
securities, to the public and/or invite
subscription, in any manner whatsoever,
either directly or indirectly till further
directions;
ii.
M/s. KHFL and its ten Directors/
Promoters, viz. Shri G. Unnikrishnan
Nair, Shri N. Krishnan Nair, Smt. Komala
Unnikrishnan, Shri G. Sureshkumar, Shri
P. Parameshwaran, Shri B. Ajithkumar,
Shri Shajan P. G., Shri R. Sukumaran, Shri
S. Sureshkumar and Adv. B Manmadhan,
are prohibited from issuing prospectus or
any offer document or issue advertisement
for soliciting money from the public
for the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders;
iii. M/s. KHFL and its abovementioned
Directors/Promoters,
are
restrained
from accessing the securities market and
further prohibited from buying, selling or
otherwise dealing in the securities market,
either directly or indirectly, till further
directions;
iv. M/s. KHFL shall provide a full inventory
of all its assets and properties;
v.
M/s. KHFLs abovementioned Directors/
Promoters shall provide a full inventory of
all their assets and properties;
vi. M/s. KHFL and its abovementioned
Directors/Promoters shall not dispose
off any of the properties or alienate
or encumber any of the assets owned/
acquired by that company through the
Offer of NCDs, without prior permission
from SEBI;
vii. M/s. KHFL and its abovementioned
Directors/Promoters shall not divert any
funds raised from public at large through
the Offer of NCDs, which are kept in bank
account(s) and/or in the custody of KHFL;
viii. The Debenture Trustees, viz. Shri K
Jayaprasad, Adv. Shri K Radhakrishnan,
Shri Jose Philip, Shri V Ayyappan Nair
and M/s Bittu Abraham & Associates,
are prohibited from continuing with their

1176

2015

assignment as debenture trustee in respect


of the Offer of NCDs of M/s. KHFL and
also from taking up any new assignment or
involvement in any new issue of debentures,
etc. in a similar capacity, from the date of
this Order till further directions.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under section
19 of the SEBI Act, 1992 and sections 11(1), 11(4)
and 11Band regulation 65 of the SEBI (Collective
Investment Schemes) Regulations, 1999, issued
the following directives in the matter of M/s.
JSR Diaries Limited:
i.
M/s. JSR Dairies Limited and its five
Directors (past and present), viz. Mr. Rajesh
Khera, Mr. Rajesh Niranjan, Mr.Lalit
Kumar Arora, Mr.Parveen Kumar andMr.
Om Parkash Khurana shall abstain from
collecting any money from the investors
or launch or carry out any Collective
Investment Schemes including the schemes
which have been identified as a Collective
Investment Scheme in this order.
ii.
M/s. JSR Dairies Limited and its three
Directors viz.Mr. Rajesh Niranjan,
Mr.Lalit Kumar Arora and Mr. Om
Parkash Khurana shall wind up the existing
Collective Investment Schemes and refund
the money collected by the said company
under the schemes with returns which are
due to its investors as per the terms of offer
within a period of three months from the
date of this order and thereafter within a
period of fifteen days, submit a winding up
and repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the
trail of funds claimed to be refunded, bank
account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
iii. M/s. JSR Dairies Limited and its
abovementioned three Directors shall not
alienate or dispose off or sell any of the
assets of the aforesaid company except
for the purpose of making refunds to its
investors, as directed above.
iv. M/s. JSR Dairies Limited and its
abovementioned five Directors (past and
present) are directed to immediately submit

DECEMBER

SEBI BULLETIN
vi.

the complete and detailed inventory of all


their assets and properties and details of
all their bank accounts, demat accounts
and holdings of shares/securities, if held in
physical form.
v.
M/s. JSR Dairies Limited and its four
Directors (past and present) viz. Mr. Rajesh
Khera, Mr. Rajesh Niranjan, Mr. Lalit
Kumar Arora and Mr. Parveen Kumar
are restrained from accessing the securities
market and are prohibited from buying,
selling or otherwise dealing in securities
market for a period of four years.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act read with
Section 19 issued the following directives in the
matter of M/s. United Cosmetic Manufacturing
(I) Ltd. (UCM(I)L and its directors:
i.
M/s. UCM(I)L shall not mobilize any fresh
funds from investors through the Offer of
Redeemable Preference Shares or through
the issuance of equity shares or any other
securities, to the public and/or invite
subscription, in any manner whatsoever,
either directly or indirectly till further
directions;
ii.
M/s. UCM (I)L and its seven directors,
viz. Mr. Samir Chattopadhyay Kumar,
Mr. NirapadaMaiti, Mr. AmalPatra, Mr.
Kartik Jana, Mr. Balwant Kumar Singh,
Ms. Debashree Bhowmik and Mr. Rajib
Bhattacharya are prohibited from issuing
prospectus or any offer document or issue
advertisement for soliciting money from
the public for the issue of securities, in
any manner whatsoever, either directly or
indirectly, till further orders;
iii. M/s. UCM(I)L and its abovementioned
Directors, are restrained from accessing the
securities market and further prohibited
from buying, selling or otherwise dealing
in the securities market, either directly or
indirectly, till further directions;
iv. M/s. UCM(I)L shall provide a full
inventory of all its assets and properties;
v.
M/s. UCM(I)L s abovementioned
Directors shall provide a full inventory of
all their assets and properties;

1177

2015

M/s. UCM(I)L and its abovementioned


Directors shall not dispose off any of
the properties or alienate or encumber
any of the assets owned/acquired by
that company through the Offer of
Redeemable Preference Shares, without
prior permission from SEBI;
vii. M/s. UCM (I)L and its abovementioned
Directors shall not divert any funds raised
from public at large through the Offer
of Redeemable Preference Shares, which
are kept in bank account(s) and/or in the
custody of M/s. UCM(I)L.
viii. M/s. UCM(I)L and its abovementioned
Directors shall furnish complete and
relevant information in respect of the
Offer of Redeemable Preference Shares (as
sought by SEBI letter dated December 17,
2014), within fourteen days from the date
of receipt of this order.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under section
19 of the SEBI Act, 1992 read with sections 11
and 11B restrained and prohibited M/s. Stellar
Drug Limited from accessing the securities
market and from buying, selling or dealing in
securities, directly or indirectly, in whatsoever
manner, till it obtains SCORES authentication
in terms of the SEBI circular dated August 13,
2012 and resolves all the investor grievances
pending against it. The aforesaid direction is
without prejudice to any other action that may
be taken against the company and its directors in
accordance with law.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under section
19 of the SEBI Act, 1992 read with sections 11
and 11B restrained and prohibited M/s. Pinky
Chemicals Limited from accessing the securities
market and from buying, selling or dealing in
securities, directly or indirectly, in whatsoever
manner, till it obtains SCORES authentication
in terms of the SEBI circular dated August 13,
2012 and resolves all the investor grievances
pending against it. The aforesaid direction is
without prejudice to any other action that may
be taken against the company and its directors in
accordance with law.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections

DECEMBER

SEBI BULLETIN

11(1), 11(4), 11A and 11B of the SEBI Act, 1992


read with Section 19 and Regulation 107 read
with Regulation 111 of the SEBI (Issue of Capital
and Disclosure Requirements) Regulations, 2009,
issued the following directives in the matter
of M/s. Hellos Corporation Limited and M/s.
Hellos Chemical Limited:
i.
The Companies M/s. Helios Corporation
Limited and M/s. Helios Chemical Limited
are restrained from mobilizing funds
through the issue of optionally convertible
debentures (Sun Bonds) or through any
other form of securities, to the public
and/ or invite subscription, in any manner
whatsoever, either directly or indirectly till
further directions.
ii.
The Companies and their respective
promoters/ directors/ past directors viz.
Mr. Sanjay Kumar Singh, Mr. Rajeev
Kumar Sharma, Mr. Kaushal Kishor
Singh, Mr. Basant Kumar Singh, Mr.
Sanjeet Kumar Sharma, Mr.Anjani Kumar,
Mr. Virendra Prasad Sinha, Mr. Govind
Madhava Jha, Mr. Satyendra Singh,
Ms.Prema Kumari, Mr. Devendra Prasad
Singh, Mr. Rakesh Kumar, Ms. Manju
Pathak, Mr. Surendra Nath Singh and Ms.
Krishna Devi are prohibited from issuing
prospectus or any offer document or issue
advertisement for soliciting money from
the public for the issue of securities, in
any manner whatsoever, either directly or
indirectly, till further orders.
iii. The Companies and their respective
promoters and directors/ past directors
are prohibited from issuing prospectus or
any offer document or issue advertisement
for soliciting money from the public
for the issue of securities, in any manner
whatsoever, either directly or indirectly,
till further orders.
iv. The Companies and their respective
promoters and directors/ past directors
shall not dispose off any of the properties
or alienate the assets of the Company
or dispose off any of their properties or
alienate their assets.
v.
The Companies and their respective
promoters and directors/ past directors
shall not divert any funds raised from

1178

2015

public at large through the issuance of the


impugned equity shares, kept in its bank
accounts and/ or in the custody of the
Company without prior permission of
SEBI until further orders.
vi. The Companies and their respective
promoters and directors/ past directors
are restrained from accessing the securities
market and are further prohibited from
buying, selling or otherwise dealing in
securities in any manner whatsoever,
either directly or indirectly, till further
directions.
vii. The Company and their respective
promoters and directors/ past directors
shall cooperate with SEBI and shall furnish
all the documents that they have been or
shall be required to furnish.
viii. The Companies and their respective
promoters and directors/ past directors are
also directed to provide a full inventory of
all their assets and properties and details
of all their bank accounts, demat accounts
and holdings of shares/ securities, if held in
physical form.
SEBI vide its order dated 20th Nov. 2015 in
exercise of the powers conferred under Sections
11, 11(4), 11A and 11B of the SEBI Act read with
Section 19 issued the following directives in the
matter of M/s. Suncity Infracon Corporation
India Limited:
i.
M/s. SICIL shall not mobilize any fresh
funds from investors through the Offer of
Redeemable Preference Shares or through
the issuance of equity shares or any other
securities, to the public and/or invite
subscription, in any manner whatsoever,
either directly or indirectly till further
directions;
ii.
M/s. SICIL and its present three Directors,
viz. Shri Subrata Das, Shri Apu Saha and
Shri Prashanta Das are prohibited from
issuing prospectus or any offer document
or issue advertisement for soliciting money
from the public for the issue of securities,
in any manner whatsoever, either directly
or indirectly, till further orders;
iii. The past Directors of M/s. SICIL, viz. Shri
Abhijit Dhar, Shri Sajal Bhowmick and
Shri Rajesh Kumar Das are prohibited from

DECEMBER

SEBI BULLETIN

issuing prospectus or any offer document


or issue advertisement for soliciting money
from the public for the issue of securities,
in any manner whatsoever, either directly
or indirectly, till further orders;
iv. M/s. SICIL and its abovementioned past
and present Directors, are restrained
from accessing the securities market and
further prohibited from buying, selling or
otherwise dealing in the securities market,
either directly or indirectly, till further
directions;
v.
M/s. SICIL shall provide a full inventory
of all its assets and properties;
vi. M/s. SICILs abovementioned past and
present Directors shall provide a full
inventory of all their assets and properties;
vii. M/s. SICIL and its abovementioned
present Directors shall not dispose off any
of the properties or alienate or encumber
any of the assets owned/acquired by
that company through the Offer of
Redeemable Preference Shares, without
prior permission from SEBI;
viii. M/s. SICIL and its abovementioned present
Directors shall not divert any funds raised
from public at large through the Offer
of Redeemable Preference Shares, which
are kept in bank account(s) and/or in the
custody of M/s. SICIL;
ix. M/s. SICIL and its abovementioned
Directors shall furnish complete and
relevant information in respect of the
Offer of Redeemable Preference Shares (as
sought by SEBI letters dated June 13, 2014
and July 2, 2014), within fourteen days
from the date of receipt of this Order.
SEBI vide its order dated 20th Nov. 2015, in
exercise of the powers conferred under section 19
read with sections 11(1), 11(4)(d) and 11B of the
SEBI Act, 1992, ordered to impound the alleged
unlawful gains of a sum of ` 10,41,005 (alleged
gain of ` 6,01,937 + interest of ` 4,39,068 from
10/09/2009 to 10/11/2015), jointly and severally
from the noticees viz. Mr. Amit Jaiswal and Ms.
Mansi in the matter of M/s. Jagran Prakashan
Limited:
i.
The Banks and Depositories are directed
that no debits shall be made, without

1179

2015

permission of SEBI, in respect of the


bank accounts and demat accounts, held
jointly or severally, by all the persons/
entities indicated above. The Banks and the
Depositories are directed to ensure that all
the above directions are strictly enforced.
However, credits, if any, into the accounts
maybe allowed.
ii.
The above persons/entities are also
directed not to dispose off or alienate any
of their assets/properties/securities, till
such time the amounts mentioned above
are credited to an escrow account {Escrow
Account in Compliance with SEBI Order
dated November 20, 2015 A/c (in the
name of the respective persons/entities)}
created specifically for the purpose in a
Nationalized Bank. The escrow account/s
shall create a lien in favour of SEBI and
the monies kept therein shall not be
released without permission from SEBI.
On production of proof by any of the
persons, mentioned above, that the said
money is deposited in the escrow account,
SEBI shall communicate to the Banks and
Depositories to defreeze the accounts.
iii. Further, the above persons/entities are
directed to provide, within seven days of
this order, a full inventory of all their assets
and properties and details of all their bank
accounts, demat accounts and holdings of
shares/securities, if held in physical form
and details of companies in which they
hold substantial or controlling interest.
SEBI vide its order dated 23rd Nov. 2015 in
exercise of the powers conferred under section
19 of the SEBI Act read with sections 11 and
11B restrained and prohibited M/s. Alexcon
Foamcast Limited from accessing the securities
market and from buying, selling or dealing in
securities, directly or indirectly, in whatsoever
manner, till it obtains SCORES authentication
in terms of the SEBI circular dated August 13,
2012 and resolves all the investor grievances
pending against it.
SEBI vide its order dated 24th Nov. 2015 in
exercise of the powers conferred under Section
19 read with Sections 11(1), 11(4)(d) and 11(B)
of the SEBI Act, 1992, ordered to impound the
alleged unlawful gains of ` 1,84,68,558 [i.e. alleged

DECEMBER

SEBI BULLETIN
a.

gain of ` 98,11,689 + interest of ` 86,56,869


(from July 18, 2008 to November 24, 2015)]
made by noticees Mr. Arun Jain and ` 19,69,471
[i.e. alleged gain of ` 10,46,312 + interest of
` 9,23,159 (from July 18, 2008 to November 24,
2015)] made by Mr. R. Srikanth in the matter of
M/s. Polaris Software Lab Limited;
i.
The Banks and Depositories are directed
that no debits shall be made, without
permission of SEBI, in respect of the bank
accounts and demat accounts, held jointly
or severally, by the abovementioned
persons/ entities. The Banks andthe
Depositories are directed to ensure that all
the above directions are strictly enforced.
However, credits, if any, into the accounts
may be allowed.
ii.
The abovementioned persons/ entities are
also directed not to dispose off or alienate
any of their assets/ properties/ securities,
till such time the amounts mentioned above
are credited to an escrow account [Escrow
Account in Compliance with SEBI Order
dated November 24, 2015 A/c (in the
name of the respective persons/ entities)]
created specifically for the purpose in a
Nationalized Bank. The escrow account/s
shall create a lien in favour of SEBI and the
monies kept therein shall not be released
without permission from SEBI. On
production of proof by any of the persons,
the said money is deposited in the escrow
account, SEBI shall communicate to the
Banks and Depositories to defreeze the
accounts.
iii. Further, the abovementioned persons/
entities are directed to provide, within
seven days of this order, a full inventory
of all their assets and properties and details
of all their bank accounts, demat accounts
and holdings of shares/securities, if held in
physical form and details of companies in
which they hold substantial or controlling
interest.
SEBI vide its order dated 30th Nov. 2015 in
exercise of the powers conferred under Section
19 of the SEBI Act, 1992 and Sections 11(1), 11B
and 11(4) Regulation 65 of the SEBI (Collective
Investment Schemes) Regulations, 1999, issued
the following directives in the matter of M/s.
Karmbhoomi Real Estate Limited:

b.

c.

d.

e.

1180

2015
M/s. Karmbhoomi Real Estate Limited
and its present and past directors viz. Mr.
Sardar Singh, Mr. Manoj Kumar Sengar,
Mr. Mahipal Singh, Mr. Devendra Pal
Singh and Mr. Nirmal Kumar Singh shall
abstain from collecting any money from
the investors or launch or carry out any
Collective Investment Schemes including
the schemes which have been identified as
a Collective Investment Schemes in this
Order.
M/s. Karmbhoomi Real Estate Limited and
its present directors viz. Mr. Sardar Singh,
Mr. Manoj Kumar Sengar and Mr. Mahipal
Singh shall wind up the existing Collective
Investment Schemes and refund the money
collected by the said company under the
schemes with returns which are due to its
investors as per the terms of offer within
a period of three months from the date of
this order and thereafter within a period
of fifteen days, submit a winding up and
repayment report to SEBI in accordance
with the SEBI (Collective Investment
Schemes) Regulations, 1999, including the
trail of funds claimed to be refunded, bank
account statements indicating refund to the
investors and receipt from the investors
acknowledging such refunds.
M/s. Karmbhoomi Real Estate Limited,
its promoters and present directors, Mr.
Sardar Singh, Mr. Manoj Kumar Sengar
and Mr. Mahipal Singh shall not alienate
or dispose off or sell any of the assets of
the Company except for the purpose of
making refunds to its investors as directed
above.
M/s. Karmbhoomi Real Estate Limited
and its abovementioned present and past
directors are also directed to provide a full
inventory of all their assets and properties
and details of all their bank accounts, demat
accounts and holdings of shares/securities,
if held in physical form.
M/s. Karmbhoomi Real Estate Limited
and its abovementioned present and past
directors are restrained from accessing the
securities market and are prohibited from
buying, selling or otherwise dealing in
securities market for a period of four years.

DECEMBER

SEBI BULLETIN

Tables
Table 1: SEBI Registered Market Intermediaries/Institutions
Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during November 2015
Table 3: Open Offers under SEBI Takeover Code closed during November 2015
Table 4: Substantial Acquisition of Shares and Takeovers
Table 5: Capital Raised from the Primary Market through though Public and Rights Issues
Table 6: Issues Listed on SME Platform
Table 7: Industry-wise Classification of Capital Raised through Public and Rights Issues
Table 8: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues
Table 9: Size-wise Classification of Capital Raised through Public and Rights Issues
Table 10: Capital Raised by Listed Companies from the Primary Market through QIPs
Table 11: Preferential Allotments Listed at BSE and NSE
Table 12: Private Placement of Corporate Debt Reported to BSE and NSE
Table 13: Trading in the Corporate Debt Market
Table 14: Ratings Assigned for Long-term Corporate Debt Securities (Maturity 1 year)
Table 15: Review of Accepted Ratings of Corporate Debt Securities (Maturity 1 year)
Table 16: Distribution of Turnover on Cash Segments of Exchanges (` crore)
Table 17: Trends in Cash Segment of BSE
Table 18: Trends in Cash Segment of NSE
Table 19: Daily trends in Cash Segment of BSE during November 2015
Table 20: Daily trends in Cash Segment of NSE during November 2015
Table 21: Turnover and Market Capitalisation at BSE and NSE during November 2015 (` crore)
Table 22: City-wise Distribution of Turnover on Cash Segments of BSE and NSE
Table 23: Category-wise Share of Turnover in Cash Segment of BSE
Table 24: Category-wise Share of Turnover in Cash Segment of NSE
Table 25: Component Stocks: S&P BSE Sensex during November 2015
Table 26: Component Stocks: CNX Nifty Index during November 2015
Table 27: Advances/Declines in Cash Segment of BSE and NSE
Table 28: Trading Frequency in Cash Segment of BSE and NSE
Table 29: Daily Volatility of Major Indices (percent)
Table 30: Percentage Share of Top N Securities/Members in Turnover of Cash Segment (percent)
Table 31: Settlement Statistics for Cash Segment of BSE
Table 32: Settlement Statistics for Cash Segment of NSE
Table 33: Trends in Equity Derivatives Segment at BSE (Turnover in Notional Value)
Table 34: Trends in Equity Derivatives Segment at NSE
Table 35: Equity Derivatives Trading at BSE during November 2015
Table 36: Equity Derivatives Trading at NSE during November 2015
Table 37: Settlement Statistics in Equity Derivatives Segment at BSE and NSE (` crore)
Table 38: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSE
Table 39: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE
Table 40: Instrument-wise Turnover in Index Derivatives at BSE
Table 41: Instrument-wise Turnover in Index Derivatives at NSE
Table 42: Trends in Currency Derivatives Segment at NSE
Table 43: Trends in Currency Derivatives Segment at MSEI
Table 44: Trends in Currency Derivatives Segment at BSE
Table 45: Daily Trends of Currency Derivatives Trading at NSE during November 2015
Table 46: Daily Trends of Currency Derivatives Trading at MSEI during November 2015
Table 47: Daily Trends of Currency Derivatives trading at BSE during November 2015

1181

2015

DECEMBER

SEBI BULLETIN

2015

Table 48: Settlement Statistics of Currency Derivatives Segment (` crore)


Table 49: Instrument-wise Turnover in Currency Derivatives of NSE
Table 50: Instrument-wise Turnover in Currency Derivative Segment of MSEI
Table 51: Instrument-wise Turnover in Currency Derivative Segment of BSE
Table 52: Maturity-wise Turnover in Currency Derivative Segment of NSE (` crore)
Table 53: Maturity-wise Turnover in Currency Derivative Segment of MSEI (` crore)
Table 54: Maturity-wise Turnover in Currency Derivative Segment of BSE (` crore)
Table 55: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEI
Table 56: Daily Trends of Interest Rate Futures trading at BSE during November 2015
Table 57: Daily Trends of Interest Rate Futures trading at NSE during November 2015
Table 58: Daily Trends of Interest Rate Futures trading at MSEI during November 2015
Table 59: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI (` crore)
Table 60: Trends in Foreign Portfolio Investment
Table 61: Daily Trends in Foreign Portfolio Investment during November 2015
Table 62: Notional Value of Offshore Derivative Instruments (ODIs) Vs Assets Under Custody (AUC) of FPIs/Deemed FPIs (` crore)
Table 63: Assets under the Custody of Custodians
Table 64: Trends in Resource Mobilization by Mutual Funds (` crore)
Table 65: Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended (` crore)
Table 66: Scheme-wise Resource Mobilisation and Assets under Management by Mutual Funds (` crore)
Table 67: Number of Schemes and Folios by Investment Objective
Table 68: Trends in Transactions on Stock Exchanges by Mutual Funds (` crore)
Table 69: Asset Under Management by Portfolio Manager
Table 70: Progress Report of NSDL & CDSl as on End of November 2015 (Listed Companies)
Table 71: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)
Table 72: Depository Statistics for November 2015
Table 73: National Commoditiy Exchanges - Permitted Commodities
Table 74: Trends in MCXCOMDEX of MCX
Table 75: Trends in Dhaanya of NCDEX
Table 76: Daily trends in MCXCOMDEX during November 2015
Table 77: Daily trends in Dhaanya during November 2015
Table 78: Trends in Commodity Futures at MCX
Table 79: Trends in Commodity Futures at NCDEX
Table 80: Trends in Commodity Futures at NMCE
Table 81: Daily trends of Commodity Futures Trading at MCX during November 2015
Table 82: Daily trends of Commodity Futures Trading at NCDEX during November 2015
Table 83: Daily trends of Commodity Futures Trading at NMCE during November 2015
Table 84: Commodity-wise Share in Turnover at MCX (percent)
Table 85: Commodity-wise Share in Turnover at NCDEX (percent)
Table 86: Category-wise Percentage Share of Turnover & Open Interest at MCX
Table 87: Category-wise Percentage Share of Turnover & Open Interest at NCDEX
Table 88: Category-wise Percentage Share of Turnover & Open Interest at NMCE
Table 89: Macro Economic Indicators
N.B.:
1. Na = Not Applicable
2. NA: Not Available
3. 1 crore = 10 million = 100 lakh.
4. The total provided in the Annexure and Statistical Tables November not always match with the sum total of the break-ups due to
decimal differences.
5. The data for the current month is provisional.

1182

DECEMBER

SEBI BULLETIN

2015

Table 1: SEBI Registered Market Intermediaries/Institutions


Market Intermediaries

2014-15

Stock Exchanges (Cash Market)

2015-16$

15

Stock Exchanges (Equity Derivatives Market)

Stock Exchanges (Currency Derivatives Market)

Na

12

Brokers (Cash Segment)*

6,147

3,187

Corporate Brokers (Cash Segment)*

3,757

2,771

Brokers (Equity Derivatives Market)

2,990

2,772

Brokers (Currency Derivatives Market)

2,406

1,985

Stok Exchanges (Commodities Derivatives Market)

Brokers (Debt Segment)


Sub-brokers (Cash Segment) *

42,351

36,848

Foreign Portfolio Investors (FPIs)

1,444

3,257

Deemed FPIs

6,772

5,327

19

19

Custodians
Depositories

Depository Participants of NSDL & CDSL

854

855

Merchant Bankers

197

192

Bankers to an Issue

60

62

Underwriters

32

32

Credit Rating Agencies

KYC Registration Agency (KRA)

72

73

Venture Capital Funds

201

200

Foreign Venture Capital Investors

204

212

Alternative Investment Funds

135

182

Portfolio Managers

188

200

47

47

Debenture Trustees

Registrars to an Issue & Share Transfer Agents

Mutual Funds
Investment Advisors

271

359

26

222

Collective Investment Management Company

Approved Intermediaries (Stock Lending Schemes)

STP (Centralised Hub)

STP Service Providers

Reasearch Analysts

Notes: 1. The Hyderabad Securities and Enterprises Ltd (erstwhile Hyderabad Stock Exchange), Coimbatore Stock Exchange
Ltd, Saurashtra Kutch Stock Exchange Ltd ,Mangalore Stock Exchange, Inter-Connected Stock Exchange of India Ltd,
Cochin Stock Exchange Ltd, Bangalore Stock Exchange Ltd , Ludhiana Stock exchange Ltd, Gauhati Stock Exchange Ltd,
Bhubaneswar Stock Exchange Ltd, Jaipur Stock Exchange Ltd, OTC Exchange of India , Pune Stock Exchange Ltd, Madras
Stock Exchange Ltd, U.P.Stock Exchange Ltd, Madhya Pradesh Stock Exchange Ltd and Vadodara Stock Exchange Ltd have
been granted exit by SEBI vide orders dated January 25, 2013, April 3, 2013, April 5, 2013, March 3, 2014, December 08, 2014,
December 23, 2014, December 26, 2014, December 30, 2014, January 27, 2015, February 09, 2015, March 23, 2015, March 31, 2015,
April 13, 2015, May 14, 2015, June 09, 2015 and November 09, 2015 respectively.
2. SEBI vide order dated September 3, 2007 refused to renew the recognition granted to Magadh Stock Exchange Ltd.
3. Stock brokers and Sub-brokers of Inter connected Stock exchange, Cochin Stock Exchange, Bangalore Stock Exchange, and
Ludhiana Stock Exchange, which were granted exit, are excluded.
4. SEBI has withdrawn the recognition granted to Delhi Stock Exchange Limited dated November 19, 2014.
5. Pursuant to Section 131 of Finance Act, 2015 and Central Government notication F.No. 1/9/SM/2015 dated 28th August, 2015
all recognized associations (Commodity derivatives exchanges) under the Forward Contracts (Regulation) Act, 1952 (FCRA)
as on September 28, 2015 are deemed to be recognized stock Exchanges under the Securities Contracts (Regulation) Act, 1956
(SCRA).
6. *Stock brokers/sub-brokers pertaining to active stock exchanges.
$ indicates as on November 30, 2015.
Source: SEBI, NSDL.

1183

DECEMBER

SEBI BULLETIN

2015

Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during November 2015
Name of the Issuer/
Company

S.No.

Date of
Opening

Type of
Issue

Type of
Instrument

No. of
Shares
Issued

Face
Value
(`)

Premium
Value
(`)

Issue
Price
(`)

Size of
Issue
(` crore)

Ashima Ltd

18-Nov-15

Rights

Equity

8,00,85,089

10

10

80

Navigant Corporate
Advisors Limited

30-Nov-15

IPO (OFS) (SME)

Equity

8,50,000

10

20

Note: 1. All the issues are compiled from the Prospectus of Issuer Companies filed with SEBI.
Source: SEBI.

Table 3: Open Offers under SEBI Takeover Code closed during November 2015
S.No.

Target Company

Acquirer

Offer
Opening
Date

Offer
Closing
Date

Offer Size
Percent of
No. of
Equity
Shares
Capital

Offer
Price
(`) per share

TASTY BITE EATABLES LTD

KAGOME CO LTD

10/27/2015

11/9/2015

661490

26

662.4

ARUN VARUN TRADE AND


INVESTMENT LTD

MR GAUTAM BHANDARI AND


MR JAYANTILAL BHANDARI

10/28/2015

11/10/2015

104000

26

783.0

IIFL HOLDINGS LTD

FIH MAURITIUS INVESTMENTS


LTD

10/29/2015

11/13/2015

83128852

26

195.0

ONESOURCE TECHMEDIA
LTD

MR FAYAZ USMAN FAHEED

11/2/2015

11/17/2015

1688050

26

6.0

BRAND REALTY SERVICES


LTD

MR KAMAL MANCHANDA

11/4/2015

11/23/2015

600880

20

30.0

KREBS BIOCHEMICALS &


INDUSTRIES LTD

IPCA LABORATORIES LTD

11/9/2015

11/24/2015

3573515

26

54.0

MATRU-SMRITI TRADERS LTD MR ABHISHEK BANSAL

11/9/2015

11/24/2015

443722

25

110.0

Source: SEBI.

Table 4: Substantial Acquisition of Shares and Takeovers


Open Offers
Objectives
Year/
Month

Change in Control
of Management
No. of
offers

Total

Consolidation of
Holdings

Amount
(` crore)

No. of
offers

Substantial
Acquisition

Amount
(` crore)

No. of
offers

Amount
(` crore)

No. of
offers

Amount
(` crore)

2014-15

51

5,442

11,449

350

60

17,241

2015-16$

36

788

2,050

45

2,842

Apr-15

90

398

489

May-15

18

18

Jun-15

233

19

10

253

Jul-15

Aug-15

243

244

Sep-15

0.3

Oct-15

47

1,629

1,677

Nov-15

150

157

$ indicates as on November 30, 2015.


Source: SEBI.

1184

10

Sep-15

Oct-15

Nov-15

311

7,715

910

2,141

884

439

493

9,600

22,492

19,202

Amount
(` crore)

11

10

54

70

No. of
issues

231

6,924

748

2,141

784

439

493

2,102

13,862

12,453

Amount
(` crore)

Public

18

No. of
issues

80

791

162

100

7,498

8,631

6,750

Amount
(` crore)

Rights

19

42

No. of
issues

310

2,991

862

228

264

8,208

12,863

15,892

Amount
(` crore)

Listed

10

44

46

4,724

48

1,913

619

439

493

1,392

9,629

3,311

Amount
(` crore)

IPOs

No. of
issues

Issue-type

No. of
issues

80

92

49

Amount
(` crore)

At Par

12

49

55

No. of
issues

5,515

205

1,913

719

432

493

8,890

18,168

8,740

Amount
(` crore)

At Premium

Equities

No. of
issues

1,000

Amount
(` crore)

CCPS/FCDs*

Instrument-wise

10

24

No. of
issues

230

2,200

700

228

164

710

4,232

9,413

Amount
(` crore)

Debt

Notes: 1. The total provides category-wise total of any of the three sub-categories viz. public plus rights or issuer-type(listed plus IPOs) or instrument-wise(equities plus
CCPS/FCDs plus debt).
2. Amount for public debt issue for last two months is provisional.
3. All the Issues are compiled from the Prospectus of Issuer Companies led with SEBI.
4. * CCPS: Compulsory Convertible Preference Shares, FCDs: Fully Convertible Debentures.
5. Equity public issues also includes issues listed on SME platform.
$ indicates as on November 30, 2015.
Source: SEBI.

10

14

Aug-15

May-15

Apr-15

Jul-15

63

2015-16$

Jun-15

88

No. of
issues

2014-15

Year/
Month

Total

Category-wise

Table 5: Capital Raised from the Primary Market through though Public and Rights Issues

DECEMBER
SEBI BULLETIN

1185

2015

DECEMBER

SEBI BULLETIN

2015

Table 6: Issues Listed on SME Platform


Total
Year/ Month
No. of issue

Amount (` crore)

2014-15

39

278

2015-16$

29

241

Apr-15

May-15

Jun-15

39

Jul-15

69

Aug-15

21

Sep-15

10

48

Oct-15

58

Nov-15

$ indicates as on November 30, 2015.


Source: SEBI

Table 7: Industry-wise Classication of Capital Raised through Public and Rights Issues
2014-15
Industry

No. of
issue

2015-16$
Amount
(` crore)

No. of
issue

Nov-15
Amount
(` crore)

No. of
issue

Amount
(` crore)

Banking/FIs

901

Cement & Construction

2,035

997

Chemical

70

Electronics

33

Engineering

525

373

Entertainment

884

21

30

9,728

2,174

230

Food Processing

25

400

Health Care

Information Technology

137

Paper & Pulp

Plastic

104

Power

2,100

Printing

Telecommunication

175

Finance

Textile

388

88

80

Others

26

4,357

33

16,154

Total

88

19,202

63

22,491

311

$ indicates as on November 30, 2015.


Source: SEBI.

1186

63

10

14

10

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

311

7,715

910

2,141

883

439

493

9,600

22,492

19,202

Amount
(` crore)

1187

13

53

70

No. of
issue
11,099

81

5,515

210

1,913

719

439

493

8,890

18,260

10

18

No. of
issue

Sector-wise

Amount
(` crore)

Private

230

2,200

700

228

164

710

4,232

8,102

Amount
(` crore)

Public

18

No. of
issue

4,409

705

493

600

6,212

3,629

Amount
(` crore)

Northern

Nov-15

Total

311

7,715

910

2,141

883

439

493

9,600

22,492

19,202

Amount
(` crore)

18

23

No. of
issue

18

17

51

75

Amount
(` crore)

< 5 crore

11

No. of
issue

22

33

89

Amount
(` crore)

5crore - < 10crore

11

No. of
issue

11

16

58

17

103

227

Amount
(` crore)

10 crore - < 50 crore

No. of
issue
519

35

35

5,551

No. of
issue

80

108

159

70

417

109

Amount
(` crore)

81

1,356

87

1,483

167

429

7,822

11,426

50 crore - < 100 crore

167

410

584

Amount
(` crore)

Western
No. of
issue

Region-wise

Amount
(` crore)

Eastern

28

41

No. of
issue

230

7,607

700

2,050

814

400

488

9,600

21,888

18,702

Amount
(` crore)

230

1,950

111

658

552

768

4,272

8,993

Amount
(` crore)

100 crore

15

27

No. of
issue

Southern

SEBI BULLETIN

$ indicates as on November 30, 2015.


Source: SEBI.

10

Jul-15

Oct-15

Jun-15

10

May-15

14

Apr-15

Sep-15

63

2015-16$

Aug-15

88

No. of
issue

2014-15

Year/
Month

Table 9: Size-wise Classification of Capital Raised through Public and Rights Issues

$ indicates as on November 30, 2015.


Source: SEBI.

88

2015-16$

No. of
issue

2014-15

Year/
Month

Total

Table 8: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 10: Capital Raised by Listed Companies from the Primary Market through QIPs
NSE
Year/Month

No. of
issues

BSE
Amount
(` crore)

No. of
issues

Common
Amount
(` crore)

No. of
issues

Total

Amount
(` crore)

No. of
issues

Amount
(` crore)

2014-15

725

2,326

41 1

26,051

51 1

29,102

2015-16$

1,494

12

11,573

19

13,067

Apr-15

1,032

1,032

May-15

401

325

726

Jun-15

1,507

1,507
4,824

Jul-15

62

4,762

Aug-15

231

231

Sep-15

4,338

4,338

Oct-15

Nov-15

409

409

Notes:
1. The above data includes both no. of issues and Amount raised on conversion of convertible securities issued on QIP basis.
2. 1 Includes one issue of Institutional Placement Programme (Issue Size of `418.3 crore).
$ indicates as on November 30, 2015.
Source: BSE and NSE.

Table 11: Preferential Allotments Listed at BSE and NSE


NSE
Year/ Month

No. of
issues

BSE
Amount
(` crore)

No. of
issues

Amount
(` crore)

No. of
issues

Common
Amount
(` crore)

Total
No. of
issues

Amount
(` crore)

2014-15

206

4,407

75

5,984

186

19,569

419

28,260

2015-16$

100

1,185

15

845

125

40,129

240

42,160

Apr-15

12

49

54

23

10,382

37

10,485

May-15

78

24

22

5,305

30

5,407

Jun-15

20

110

15

16

1,381

38

1,506

Jul-15

19

166

23

10

469

31

658

Aug-15

10

87

1,701

18

1,788

Sep-15

16

151

389

17

491

34

1,031

Oct-15

421

15

15,962

23

16,382

Nov-15

124

341

14

4,439

29

4,903

$ indicates as on November 30, 2015.


Source: BSE and NSE.

Table 12: Private Placement of Corporate Debt Reported to BSE and NSE
NSE
Year/ Month
2014-15

No. of
issues

BSE
Amount
(` crore)

No. of
issues

Common
Amount
(` crore)

No. of
issues

Total

Amount
(` crore)

Amount
(` crore)

1,094

1,69,726

1,386

1,17,949

2015-16$

928

1,34,296

1,063

1,06,572

Apr-15

175

37,968

186

31,282

May-15

134

9,349

113

8,193

Jun-15

170

20,184

109

11,692

4,250

283

36,125

Jul-15

150

15,059

170

9,401

3,460

325

27,920

Aug-15

109

15,565

153

16,186

10

14,814

272

46,564

Sep-15

64

7,872

124

8,264

11

10,476

199

26,612

Oct-15

77

18,782

128

14,614

10,535

214

43,931

Nov-15

49

9,518

80

6,940

8,160

133

24,618

$ indicates as on November 30, 2015.


Source: SEBI

1188

131

No. of
issues

1,16,461

2,611

4,04,137

64

70,401

2,055

3,11,269

17

15,556

378

84,807

3,150

251

20,692

1,291
1,198
1,784
1,132

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

BSE

14,672

22,528

16,916

18,762

18,471

18,102

18,934

19,360

1,47,745

2,04,506

Traded Value
(` crore)

3,263

4,637

4,471

4,312

4,509

4,613

4,519

5,051

35,375

58,073

No. of Trades

NSE

1189

12

25

11

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

8,350

75,888

1,70,025

31,501

44,143

1,04,264

1,01,682

3,14,195

8,50,047

7,14,360

Amount
(` crore)

$ indicates as on November 30, 2015.


Source: Credit Rating Agencies.

15

15

Jun-15

15

11

May-15

111

2015-16$

Apr-15

201

No. of issue

Highest Safety (AAA)

2014-15

Period

Grade

11

24

27

40

38

24

22

12

198

354

No. of issue

7,956

10,815

12,343

18,633

10,998

34,502

10,998

10,929

1,17,174

2,53,555

Amount
(` crore)

High Safety (AA)

14

12

24

30

21

18

132

246

No. of issue

503

1,147

930

7,965

5,049

5,181

3,481

1,426

25,682

52,227

Amount
(` crore)

Adequate Safety (A)

Investment Grade

22

11

16

77

292

No. of issue

30

380

848

523

1,227

682

208

257

4,154

28,655

Amount
(` crore)

Moderate Safety (BBB)

56,900

79,015

68,898

69,803

64,378

65,002

61,135

74,699

5,39,829

8,86,788

Traded Value
(` crore)

Table 14: Ratings Assigned for Long-term Corporate Debt Securities (Maturity 1 year)

$ indicates as on November 30, 2015.


Source: SEBI

1,552
1,376

Jun-15

1,518
1,453

May-15

11,304

Apr-15

17,710

2015-16$

No. of Trades

2014-15

Year/ Month

Table 13: Trading in the Corporate Debt Market

55

703

No. of issue

777

1,087

1,140

609

383

186

1,624

342

6,149

30,711

Amount
(` crore)

Non-Investment Grade

No. of Trades

Total

29

65

95

92

101

83

66

42

573

1,796

17,616

89,316

1,85,286

59,231

61,800

1,44,815

1,20,114

3,27,148

10,05,327

10,79,508

Amount
(` crore)

Traded Value
(` crore)

No. of issue

MSEI

DECEMBER
SEBI BULLETIN
2015

48

42

46

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

1,914

2,119

5,929

12,999

31,187

24,724

13,668

985

91,612

1,87,443

Amount
(` crore)

16

11

83

23

15

39

186

206

No. of
issue

20,129

15,087

39,868

4,997

17,042

8,790

3,173

3,955

92,912

1,03,203

Amount
(` crore)

Downgraded

81

81

568

195

113

265

41

65

1,328

1,930

No. of
issue

1190
43,29,655

NSE

$ indicates as on November 30, 2015.


Source: Exchanges.

0.3

8,54,845

2014-15

MSEI

Calcutta

BSE

Ahmedabad

Stock Exchanges

2,57,983

2,57,821

13,41,821

3,25,509

4,92,891

8,00,730

6,14,414

6,70,671

45,03,856

59,47,139

Amount
(` crore)

Reaffirmed

Table 16: Distribution of Turnover on Cash Segments of Exchanges

$ indicates as on November 30, 2015.


Source: Credit Rating Agencies.

12

38

Jun-15

77

May-15

267

2015-16$

Apr-15

464

No. of
issue

Upgraded

2014-15

Period

Grade

150

4,95,840

2015-16$

1,280

10

1,400

500

1,300

1,580

6,740

11,530

60,743

Amount
(` crore)

28,47,352

11

20

50

No. of
issue

Rating Watch

Table 15: Review of Accepted Ratings of Corporate Debt Securities (Maturity 1 year)

13

69

56

39

47

41

24

17

293

451

No. of
issue

1,357

48,184

8,216

4,004

12,329

8,983

4,092

6,059

91,868

65,843

Amount
(` crore)

Withdrawn/ Suspended

3,07,150

50,799

Nov-15

116

208

752

292

223

335

192

92

2,094

3,101

No. of
issue

3,48,009

5,54,749

8,44,807

6,42,087

6,81,670

47,91,777

63,64,371

Amount
(` crore)

(` crore)

2,82,663

3,23,222

13,97,233

Total

DECEMBER
SEBI BULLETIN
2015

5,763

5,788

5,806

Sep-15

Oct-15

Nov-15

64

64

83

93

93

93

93

93

64

93

2,898

2,791

2,758

2,755

2,984

2,801

2,785

2,808

2,898

2,818

19

20

20

21

23

22

20

19

164

243

No. of
Trading
Days

286

311

275

393

375

292

326

539

2,796

7,111

No. of
Trades
(Lakh)

64,993

61,305

48,260

73,699

70,990

55,677

48,327

65,250

4,88,502

8,56,755

Traded
Quantity
(Lakh)

1191

1,541

1,534

1,535

1,574

1,521

1,517

1,519

1,518

1,541

1,514

19

20

20

21

23

22

20

19

164

243

No. of
Trading
Days

1,316

1,463

1,497

1,862

1,743

1,525

1,453

1,506

12,364

18,328

No. of
Trades
(Lakh)

1,63,708

1,79,060

1,64,107

2,15,821

1,96,777

1,77,774

1,52,936

1,62,663

14,12,845

23,61,779

Traded
Quantity
(Lakh)

3,07,150

3,33,801

3,28,412

4,19,932

3,83,484

3,33,289

3,61,935

3,79,349

28,47,352

43,29,655

Turnover
(` crore)

17,741

18,668

19,795

18,798

18,759

20,695

18,586

12,516

17,731

12,021

64,993

61,305

48,260

73,699

70,990

55,677

48,327

65,250

4,88,502

8,56,755

16,166

16,690

16,421

19,997

16,673

15,150

18,097

19,966

17,362

17,818

23,336

22,816

21,943

22,549

22,007

21,851

24,918

25,190

23,029

23,623

1,63,708

1,79,060

1,64,107

2,15,821

1,96,777

1,77,774

1,52,936

1,62,663

14,12,845

23,61,779

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

2,674

2,907

2,721

3,515

3,055

2,744

3,030

3,548

3,023

3,518

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

3,07,150

3,33,801

3,28,412

4,19,932

3,83,484

3,33,289

3,61,935

379,349

28,47,352

43,29,655

Demat
Turnover
(` crore)

50,799

58,143

54,426

73,822

70,254

60,370

60,605

67,421

4,95,840

8,54,842

96,75,669

96,54,114

94,91,609

95,29,070

1,01,68,561

98,49,076

1,00,20,665

96,86,324

96,75,669

99,30,122

Market
Capitalisation
(` crore)

98,88,227

98,33,359

96,48,122

98,27,930

1,04,79,396

1,01,43,511

1,03,26,686

99,68,015

98,88,227

1,01,49,290

Demat
Market
Turnover Capitalisation
(` crore)
(` crore)

25,451

26,169

24,834

25,298

27,416

26,307

26,424

26,898

24,834

22,198

Low

26,146

26,657

26,155

26,283

28,115

27,781

27,828

27,011

26,146

27,957

Close

8,116

8,336

8,055

8,622

8,655

8,467

8,490

8,845

8,845

9,119

High

7,714

7,931

7,540

7,667

8,315

7,940

7,997

8,145

7,540

6,639

Low

7,935

8,066

7,949

7,971

8,533

8,369

8,434

8,182

7,935

8,491

Close

CNX Nifty Index

26,824

27,618

26,472

28,418

28,578

27,969

28,071

29,095

29,095

30,025

High

S&P BSE Sensex

SEBI BULLETIN

Note: 1. Demat turnover includes turnover of all securities which are available for trading in Demat mode.
2. Market capitalisation pertains to the number of companies traded.
$ indicates as on November 30, 2015.
Source: NSE

1,786

Aug-15

Nov-15

1,772

Jul-15

1,779

1,756

Jun-15

1,781

1,750

May-15

Oct-15

1,749

Apr-15

Sep-15

1,786

1,740

2015-16$

1,733

No. of
No. of
No. of
Companies Companies Companies
Listed
Permitted
Traded

2014-15

Year/
Month

Table 18: Trends in Cash Segment of NSE

50,799

58,143

54,426

73,822

70,254

60,370

60,605

67,421

4,95,840

8,54,845

Turnover
(` crore)

Note: 1. * Excludes Mutual Fund Schemes from Feb 2013.


2. Market capitalisation pertains to the number of companies traded.
$ indicates as on November 30, 2015.
Source: BSE .

5,725

Jun-15

5,752

5,688

May-15

Aug-15

5,672

Apr-15

Jul-15

5,806

5,650

2015-16$

5,624

No. of
No. of
No. of
Companies Companies companies
Listed Permitted* traded

2014-15

Year/
Month

Table 17: Trends in Cash Segment of BSE

DECEMBER
2015

1192

2,844

2,881

2,851

2,898

24-Nov-15

26-Nov-15

27-Nov-15

30-Nov-15

Source: BSE

2,822

23-Nov-15

13-Nov-15

2,866

2,726

11-Nov-15

20-Nov-15

2,456

10-Nov-15

2,873

2,718

9-Nov-15

19-Nov-15

2,725

6-Nov-15

2,825

2,792

5-Nov-15

18-Nov-15

2,793

4-Nov-15

2,838

2,844

3-Nov-15

17-Nov-15

2,807

2-Nov-15

2,780

2,797

Date

16-Nov-15

No. of
Companies
Traded

17.1

17.0

17.3

17.1

16.2

17.5

14.6

15.8

15.2

15.6

14.2

4.7

14.9

15.8

14.4

13.6

14.9

15.2

15.3

No. of
Trades
(Lakh)

3,409.3

3,523.8

3,269.7

3,058.9

2,917.4

3,415.1

2,881.6

4,596.9

2,986.8

3,170.0

2,468.3

870.5

2,498.9

2,525.8

2,180.4

10,320.2

5,574.2

2,661.9

2,662.9

Traded
Quantity
(Lakh)

2,831.9

2,721.0

2,854.7

2,738.0

2,774.2

2,940.1

2,553.7

2,930.8

2,519.8

2,669.5

2,631.5

696.9

2,857.2

2,904.0

2,538.6

3,704.2

2,779.8

2,583.2

2,569.9

Turnover
(` crore)

165.6

159.9

165.1

160.0

171.4

168.4

175.5

185.0

165.7

171.3

184.9

148.3

191.2

183.9

176.9

271.8

187.1

169.5

168.5

Average
Trade Size
(`)

3,409.3

3,523.8

3,269.7

3,058.9

2,917.4

3,415.1

2,881.6

4,596.9

2,986.8

3,170.0

2,468.3

870.5

2,498.9

2,525.8

2,180.4

10,320.2

5,574.2

2,661.9

2,662.9

Demat
Securities
Traded
(Lakh)

2,831.9

2,721.0

2,854.7

2,738.0

2,774.2

2,940.1

2,553.7

2,930.8

2,519.8

2,669.5

2,631.5

696.9

2,857.2

2,904.0

2,538.6

3,704.2

2,779.8

2,583.2

2,569.9

Demat
Turnover
(` crore)

Table 19: Daily trends in Cash Segment of BSE during November 2015

9,888,227

9,884,586

9,842,984

9,786,514

9,788,014

9,777,960

9,738,837

9,623,929

9,710,070

9,643,849

9,609,923

9,703,605

9,618,000

9,738,401

9,741,973

9,738,606

9,850,631

9,861,261

9,828,603

Market
Capitalisation
(` crore)

26,231

26,185

26,016

25,902

25,958

26,059

25,885

25,890

25,948

25,866

25,724

25,945

26,094

26,193

26,439

26,558

26,800

26,732

26,824

High

26,089

25,937

25,770

25,704

25,747

25,770

25,603

25,453

25,733

25,451

25,541

25,853

25,709

25,657

26,190

26,243

26,510

26,514

26,378

Low

S&P BSE Sensex

26,146

26,128

25,959

25,776

25,819

25,868

25,842

25,483

25,864

25,760

25,611

25,867

25,743

26,121

26,265

26,304

26,553

26,591

26,559

Close

8,108

8,094

8,043

8,019

8,028

8,046

7,989

7,979

7,985

7,967

7,930

7,989

8,042

8,075

8,132

8,186

8,254

8,237

8,203

High

8,072

8,027

7,983

7,969

7,974

7,962

7,903

7,857

7,922

7,853

7,867

7,965

7,909

7,899

8,054

8,080

8,173

8,171

8,126

Low

S&P BSE 100

8,082

8,079

8,029

7,982

7,994

7,996

7,978

7,866

7,964

7,938

7,898

7,969

7,920

8,052

8,080

8,094

8,184

8,195

8,182

Close

DECEMBER
SEBI BULLETIN
2015

1193

1,474

1,461

1,480

1,476

1,470

1,469

1,464

1,411

1,473

1,482

1,476

1,484

1,477

1,490

1,501

1,489

1,490

1,493

1,488

2-Nov-15

3-Nov-15

4-Nov-15

5-Nov-15

6-Nov-15

9-Nov-15

10-Nov-15

11-Nov-15

13-Nov-15

16-Nov-15

17-Nov-15

18-Nov-15

19-Nov-15

20-Nov-15

23-Nov-15

24-Nov-15

26-Nov-15

27-Nov-15

30-Nov-15

Source: NSE.

No. of
Companies
Traded

Date

92.8

69.4

82.0

71.5

66.5

74.0

68.0

68.4

70.8

71.2

81.4

13.1

69.9

73.4

69.5

63.5

67.3

70.8

72.8

No. of
Trades
(Lakh)

14,019.8

10,741.3

12,390.7

9,022.9

7,353.8

9,228.8

7,855.2

9,781.9

8,736.1

8,673.6

7,913.6

1,892.5

8,347.4

8,537.1

8,208.1

7,346.3

7,405.0

8,026.8

8,227.3

Traded
Quantity
(Lakh)

29,535.0

16,236.0

23,314.7

15,851.8

14,461.9

17,019.7

15,315.6

14,458.0

15,312.9

15,285.6

17,259.8

2,787.9

17,286.7

17,640.3

16,443.2

14,053.5

14,578.0

14,992.7

15,316.5

Turnover
(` crore)

31,843.5

23,384.0

28,448.1

22,182.3

21,749.7

22,999.2

22,530.6

21,150.0

21,634.4

21,455.5

21,214.4

21,261.9

24,736.0

24,017.3

23,656.6

22,124.1

21,653.0

21,186.6

21,028.5

Average
Trade Size
(`)

14,019.8

10,741.3

12,390.7

9,022.9

7,353.8

9,228.8

7,855.2

9,781.9

8,736.1

8,673.6

7,913.6

1,892.5

8,347.4

8,537.1

8,208.1

7,346.3

7,405.0

8,026.8

8,227.3

Demat
Securities
Traded
(Lakh)

29,535.0

16,236.0

23,314.7

15,851.8

14,461.9

17,019.7

15,315.6

14,458.0

15,312.9

15,285.6

17,259.8

2,787.9

17,286.7

17,640.3

16,443.2

14,053.5

14,578.0

14,992.7

15,316.5

Demat
Turnover
(` crore)

Table 20: Daily trends in Cash Segment of NSE during November 2015

96,75,669

96,81,140

96,34,716

95,80,886

95,84,358

95,81,059

95,39,872

94,26,395

95,12,593

94,61,890

94,39,489

95,26,977

94,43,769

95,67,243

95,60,008

95,51,635

96,67,762

96,80,928

96,51,476

Market
Capitalisation
(` crore)

7966

7959

7897

7870

7878

7907

7855

7843

7860

7839

7775

7848

7885

7938

8003

8031

8116

8100

8061

High

7923

7879

7832

7813

7825

7818

7765

7725

7793

7714

7731

7819

7773

7772

7926

7944

8027

8032

7996

Low

CNX Nifty Index

7935

7943

7884

7832

7849

7857

7843

7732

7838

7807

7762

7825

7783

7915

7954

7955

8040

8061

8051

Close

19723

19781

19709

19679

19663

19600

19413

19357

19289

19286

19392

19525

19661

19759

19665

19882

19991

19900

19785

High

19596

19626

19618

19575

19543

19413

19248

19147

19173

19104

19151

19463

19274

19172

19468

19595

19879

19807

19611

Low

19617

19682

19628

19608

19577

19535

19398

19183

19276

19163

19269

19510

19311

19680

19562

19629

19893

19880

19768

Close

CNX Nifty Junior Index

DECEMBER
SEBI BULLETIN
2015

347

349

549

612

593

515

161

501

473

449

523

544

425

417

341

586

407

534

3-Nov-15

4-Nov-15

5-Nov-15

6-Nov-15

9-Nov-15

10-Nov-15

11-Nov-15

13-Nov-15

16-Nov-15

17-Nov-15

18-Nov-15

1194

19-Nov-15

20-Nov-15

23-Nov-15

24-Nov-15

26-Nov-15

27-Nov-15

30-Nov-15

967

806

1,059

736

793

885

929

1,082

761

932

1,101

248

956

1,093

1,172

1,011

860

733

784

S&P
BSE
100

2,832

2,721

2,855

2,738

2,774

2,940

2,554

2,931

2,520

2,670

2,632

697

2,857

2,904

2,539

3,704

2,780

2,583

2,570

Total

BSE

18.9

15.0

20.5

12.5

15.0

14.5

21.3

17.8

17.8

17.7

19.0

23.1

18.0

20.4

24.1

14.8

12.5

13.5

15.6

A#

6,686

6,099

7,298

7,410

6,112

6,367

6,871

7,732

1,123

7,153

9,376

8,772

6,001

5,696

5,956

6,553

CNX
Nifty

7,069

34.2 15,369

29.6

37.1 11,054

26.9

28.6

30.1

36.4

36.9

30.2

34.9

41.8

35.6

33.5

37.6

46.2

27.3

31.0

28.4

30.5

B#

Total

2,788

4,647 29,535

2,187 16,236

3,378 23,315

2,387 15,852

2,207 14,462

2,303 17,020

2,288 15,316

2,105 14,458

2,200 15,313

2,468 15,286

3,345 17,260

258

2,591 17,287

2,548 17,640

2,601 16,443

2,342 14,054

2,687 14,578

2,350 14,993

2,141 15,317

CNX
Nifty
Junior

NSE

52.0

43.5

47.4

42.2

42.2

42.9

48.4

42.3

41.6

45.0

44.8

40.3

41.4

53.2

53.3

42.7

39.1

39.7

42.8

C#

15.7

13.5

14.5

15.1

15.3

13.5

14.9

14.6

14.4

16.1

19.4

9.3

15.0

14.4

15.8

16.7

18.4

15.7

14.0

D#

23,07,083

23,05,542

22,90,579

22,74,441

22,78,288

22,82,625

22,80,281

22,48,567

22,82,271

22,73,061

22,59,863

22,82,490

22,71,575

23,04,942

23,17,635

23,21,072

23,43,019

23,46,343

23,43,569

S&P BSE
Sensex

33,23,040

33,21,725

33,01,332

32,81,958

32,86,989

32,87,471

32,80,215

32,34,247

32,74,681

32,63,953

32,46,688

32,75,805

32,55,528

33,09,824

33,21,183

33,27,238

33,64,178

33,68,497

33,63,152

S&P BSE
100
Total

98,88,227

98,84,586

98,42,984

97,86,514

97,88,014

97,77,960

97,38,837

96,23,929

97,10,070

96,43,849

96,09,923

97,03,605

96,18,000

97,38,401

97,41,973

97,38,606

98,50,631

98,61,261

98,28,603

BSE

23.3

23.3

23.3

23.2

23.3

23.3

23.4

23.4

23.5

23.6

23.5

23.5

23.6

23.7

23.8

23.8

23.8

23.8

23.8

E#

CNX
Nifty

33.6 28,31,438

33.6 28,34,097

33.5 28,13,076

33.5 27,94,444

33.6 28,00,755

33.6 28,03,360

33.7 27,98,428

33.6 27,58,835

33.7 27,96,568

33.8 27,85,538

33.8 27,69,708

33.8 27,92,091

33.8 27,77,231

34.0 28,24,290

34.1 28,36,001

34.2 28,36,413

34.2 28,66,633

34.2 28,73,944

34.2 28,70,419

F#

Market Capitalisation

Total

5,55,834 96,75,669

5,57,682 96,81,140

5,56,146 96,34,716

5,55,584 95,80,886

5,54,714 95,84,358

5,53,512 95,81,059

5,49,636 95,39,872

5,43,538 94,26,395

5,46,177 95,12,593

5,42,989 94,61,890

5,45,980 94,39,489

5,52,807 95,26,977

5,47,180 94,43,769

5,57,626 95,67,243

5,54,434 95,60,008

5,56,349 95,51,635

5,63,831 96,67,762

5,63,444 96,80,928

5,60,279 96,51,476

CNX Nifty
Junior

NSE

29.3

29.3

29.2

29.2

29.2

29.3

29.3

29.3

29.4

29.4

29.3

29.3

29.4

29.5

29.7

29.7

29.7

29.7

29.7

G#

5.7

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.7

5.7

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

H#

SEBI BULLETIN

Notes: 1. S&P BSE Sensex, S&P BSE 100, CNX Nifty & CNX Nifty Junior have free oat market capitlisation.
A# = percentage share of Sensex securities in total BSE turnover .
E# = percentage share of Sensex securirities in total BSE Market Capitalisation .
B# = percentage share of BSE-100 Index securities in total BSE turnover.
F# = percentage share of BSE-100 Index securities in total BSE Market Capitalisation.
C# = percentage share of CNX Nifty securities in total NSE turnover.
G# = percentage share of CNX Nifty securities in total NSE Market Capitalisation.
D# = percentage share of CNX Nifty Junior securities in total NSE turnover .
H# = percentage share of CNX Nifty Junior securities in total NSE Market Capitalisation.
Source: BSE and NSE.

401

S&P
BSE
Sensex

2-Nov-15

Date

Turnover

Table 21: Turnover and Market Capitalisation at BSE and NSE during November 2015 (` crore)

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 22: City-wise Distribution of Turnover on Cash Segments of BSE and NSE
(Percentage share in Turnover)
S.No.

City

BSE

Stock Exchange/City

NSE

2014-15

Nov-15

2014-15

Nov-15

Ahmedabad

5.5

4.2

3.5

2.8

Bangalore

0.3

0.4

1.7

3.8

Baroda

0.7

1.3

0.4

0.3

Bhubaneshwar

0.0

0.0

0.0

0.0

Chennai

0.6

1.0

1.4

1.3

Cochin

0.2

0.2

1.4

1.1

Coimbatore

0.0

0.1

0.2

0.1

Delhi

4.4

3.5

9.4

8.0

Guwahati

0.1

0.1

0.0

0.0

10

Hyderabad

0.3

0.5

4.5

3.9

11

Indore

0.5

0.5

0.5

0.4

12

Jaipur

0.9

0.9

0.5

0.6

13

Kanpur

0.7

0.5

0.1

0.2

14

Kolkata

6.8

7.7

6.6

5.5

15

Ludhiana

0.1

0.1

0.1

0.1

16

Mangalore

0.0

0.0

0.0

0.0

17

Mumbai

56.9

48.6

59.2

59.7

18

Patna

0.1

0.1

0.0

0.0

19

Pune

0.5

0.5

0.2

0.2

20

Rajkot

3.3

2.7

1.0

1.3

21

Others
Total

18.1
100.0

27.1
100.0

9.2
100.0

10.8
100.1

Notes:
1. The city-wise distribution of turnover is based on the cities uploaded in the UCC database of the Exchange for clientele trades and
members registered office city for proprietary trades.
Source: BSE and NSE.

Table 23: Category-wise Share of Turnover in Cash Segment of BSE


Percentage Share in Turnover
Month
Proprietary

FII

Mutual Funds

Jan-15

19.3

22.0

2.6

0.1

56.1

Feb-15

20.7

19.6

2.5

0.1

57.2

Mar-15

17.9

21.5

2.9

0.3

57.4

Apr-15

17.8

23.8

2.9

0.1

55.4

May-15

17.2

26.2

3.0

0.0

53.6

Jun-15

17.6

21.8

3.3

0.0

57.3

Jul-15

18.4

15.6

2.8

0.0

63.3

Aug-15

19.6

14.8

2.8

0.1

62.8

Sep-15

19.3

18.4

4.0

0.0

58.3

Oct-15

19.3

12.1

4.1

0.4

64.0

Nov-15

20.2

11.7

2.9

0.2

64.9

Source: BSE.

1195

Banks

Others

DECEMBER

SEBI BULLETIN

2015

Table 24: Category-wise Share of Turnover in Cash Segment of NSE


Month

Proprietary

FII

19.6
21.2
20.2
22.2
19.2
20.2
20.6
21.8
22.5
21.3
20.5

21.5
20.0
23.1
21.1
27.8
23.6
20.9
23.5
23.2
21.4
22.8

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Percentage Share in Turnover


Mutual Funds
4.5
4.6
4.6
4.6
5.1
5.7
4.9
5.2
5.3
5.5
5.6

Banks

Others

0.6
0.6
0.5
0.4
0.5
0.5
0.6
0.6
0.5
0.5
0.4

53.8
53.7
51.6
51.8
47.5
50.0
53.1
48.9
38.5
51.2
50.6

Source: NSE.

Table 25: Component Stocks: S&P BSE Sensex during November 2015
S.No.

Name of Security

Issued
Capital
(` crore)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

INFOSYS LTD
HDFC BANK
ITC LTD.
HDFC
RELIANCE
ICICI BANK
TCS LTD.
LARSEN & TOU
TATA MOTORS
SUN PHARMA.
AXIS BANK
STATE BANK
MAH & MAH
MARUTISUZUK
HIND UNI LT
BHARTI ARTL
LUPIN LTD.
ONGC CORPN
COAL INDIA
DR.REDDY'S
WIPRO LTD.
BAJAJ AUTO
HEROMOTOCO
CIPLA LTD.
NTPC LTD
GAIL (I) LTD
BHEL
TATA STEEL
VEDL
HINDALCO

1,148.5
504.1
802.9
315.6
3,239.1
1,161.8
197.0
186.2
574.9
240.6
475.6
776.3
310.6
151.0
216.4
1,998.7
90.1
4,277.8
6,316.4
85.3
494.0
289.4
39.9
160.6
8,245.5
1,268.5
489.5
971.2
296.5
206.5

Free Float
Market
Capitalisation
(` crore)
217,509.5
210,771.9
192,641.6
191,877.1
159,838.4
159,107.1
120,454.9
112,488.4
80,671.7
79,119.4
79,079.6
77,693.3
62,839.9
60,831.3
57,799.4
46,799.6
42,703.9
42,095.6
41,776.4
39,764.6
36,771.0
33,749.8
32,920.9
32,583.6
27,003.9
17,142.5
15,889.0
15,416.5
9,877.9
9,864.6

Weightage
(Percent)

Beta

R2

Daily
Volatility
(Percent)

Monthly
Return
(Percent)

Impact Cost
(Percent)

9.4
9.1
8.4
8.3
6.9
6.9
5.2
4.9
3.5
3.4
3.4
3.4
2.7
2.6
2.5
2.0
1.9
1.8
1.8
1.7
1.6
1.5
1.4
1.4
1.2
0.7
0.7
0.7
0.4
0.4

0.6
0.9
0.8
1.3
1.1
1.2
0.5
1.2
1.3
0.8
1.4
1.3
1.0
0.8
0.5
0.7
0.7
1.1
0.7
0.7
0.6
0.8
0.7
1.1
0.9
1.1
1.2
1.5
1.7
1.3

0.0
0.6
0.2
0.5
0.5
0.0
0.2
0.5
0.4
0.1
0.5
0.5
0.3
0.3
0.1
0.1
0.2
0.3
0.2
0.1
0.2
0.2
0.2
0.4
0.3
0.3
0.3
0.4
0.3
0.3

6.5
1.2
1.7
1.9
1.7
10.4
1.3
1.7
2.3
2.3
2.1
2.0
1.8
1.4
1.6
1.9
1.9
2.0
1.8
2.1
1.5
1.7
1.5
1.8
1.7
2.1
2.2
2.4
3.2
2.5

-4.2
-1.9
2.5
-3.2
2.1
-1.0
-5.3
-2.6
10.1
-17.8
-1.3
5.6
15.6
2.9
0.9
-4.1
-7.0
-5.5
3.4
-27.2
-0.1
-2.7
4.6
-6.6
-1.3
18.3
-11.8
-6.8
-10.0
-8.3

0.1
0.1
0.1
0.0
0.0
0.1
0.0
0.0
0.1
0.1
0.0
0.0
0.1
0.0
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1

Notes: 1. Beta & R2 are calculated for the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected as
compared to the effect on the market as a whole.
2. The coefcient of determination (R2) measures the strength of relationship between two variables the return on a security
versus that of the market.
3. Volatility is the standard deviation of the daily returns for the trailing 12 months.
4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price,
multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2.
5. The above is calculated for a month for the portfolio size of ` 5 lakh. It is calculated for the current month.
Source: BSE.

1196

DECEMBER

SEBI BULLETIN

2015

Table 26: Component Stocks: CNX Nifty Index during November 2015
S.No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Name of Security
AUROPHARMA
IBULHSGFIN
IOC
INFRATEL
EICHERMOT
BRITANNIA
TITAN
MCDOWELL-N
GODREJCP
DABUR
DIVISLAB
LICHSGFIN
HINDPETRO
GLENMARK
CUMMINSIND
ASHOKLEY
MOTHERSUMI
COLPAL
SRTRANSFIN
UPL
BAJAJFINSV
MARICO
SIEMENS
BHARATFORG
CONCOR
BAJAJHLDNG
FEDERALBNK
APOLLOHOSP
SUNDARMFIN
JSWSTEEL
MRF
PFC
RECLTD
OFSS
RCOM
NMDC
TATACHEM
GLAXO
PETRONET
EXIDEIND
GSKCONS
M&MFIN
UBL
RELINFRA
TATAGLOBAL
OIL
RELCAPITAL
SAIL
CANBK
BANKINDIA

Issued
Capital
(` crore)
583,964,550.0
838,469,864.0
24,279,524,820.0
18,966,670,690.0
271,423,830.0
239,951,630.0
887,786,160.0
1,307,949,680.0
340,532,966.0
1,757,089,420.0
530,937,160.0
1,009,326,000.0
3,386,272,500.0
282,156,156.0
554,400,000.0
2,845,876,634.0
1,322,879,040.0
271,985,634.0
2,268,827,360.0
857,208,548.0
795,773,465.0
645,085,599.0
712,240,510.0
465,588,632.0
1,949,741,910.0
1,112,935,100.0
3,436,756,200.0
695,625,795.0
1,111,038,600.0
2,417,220,440.0
42,411,430.0
13,200,407,040.0
9,874,590,000.0
423,972,360.0
12,444,898,725.0
3,964,716,000.0
2,547,562,780.0
847,030,170.0
7,500,000,440.0
850,000,000.0
420,555,380.0
1,137,529,920.0
264,405,149.0
2,629,900,000.0
631,129,729.0
6,011,359,550.0
2,526,328,000.0
41,305,252,890.0
5,429,910,540.0
7,919,131,700.0

Free Float
Market
Capitalisation
(` crore)
21,791.4
20,994.0
20,708.1
20,640.2
20,475.1
17,276.1
15,912.6
15,795.3
15,348.9
15,285.1
14,632.7
14,597.2
13,907.9
13,748.6
13,466.6
13,357.8
13,167.9
12,938.8
12,690.1
12,508.9
11,677.3
10,995.6
11,021.5
10,544.8
10,355.8
10,205.2
10,086.9
10,027.1
9,916.9
9,497.5
9,504.6
9,067.7
9,083.7
8,294.1
7,602.8
7,527.3
7,364.7
6,980.1
7,027.5
6,821.4
6,794.0
6,357.5
6,351.6
6,119.1
5,692.2
5,323.3
4,931.8
4,719.7
3,893.2
2,806.3

Weightage
(Percent)

Beta

R2

Daily
Volatility
(Percent)

Monthly
Return
(Percent)

Impact
Cost
(Percent)

3.9
3.8
3.7
3.7
3.7
3.1
2.9
2.8
2.8
2.8
2.6
2.6
2.5
2.5
2.4
2.4
2.4
2.3
2.3
2.3
2.1
2.0
2.0
1.9
1.9
1.8
1.8
1.8
1.8
1.7
1.7
1.6
1.6
1.5
1.4
1.4
1.3
1.3
1.3
1.2
1.2
1.1
1.1
1.1
1.0
1.0
0.9
0.9
0.7
0.5

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

0.3
0.2
0.2
0.0
0.3
0.1
0.1
0.1
0.1
0.1
0.2
0.4
0.2
0.2
0.2
0.3
0.2
0.1
0.1
0.2
0.1
0.1
0.4
0.3
0.1
0.0
0.3
0.2
0.1
0.3
0.4
0.4
0.3
0.1
0.3
0.1
0.4
0.1
0.1
0.2
0.1
0.2
0.2
0.4
0.4
0.2
0.4
0.3
0.4
0.4

1.8
3.2
1.3
2.3
2.2
1.6
1.4
2.8
2.6
1.2
1.5
1.6
2.3
1.3
1.3
2.2
3.2
1.1
2.1
2.0
1.1
1.7
1.3
1.5
1.4
0.6
1.8
1.8
1.6
1.7
1.5
2.3
2.9
1.3
4.1
1.6
1.2
1.1
2.6
1.2
1.2
1.8
2.3
2.5
1.7
1.8
1.9
1.8
1.5
1.5

-3.1
-4.7
5.3
-1.1
-5.7
-9.6
9.1
-0.9
-2.7
1.0
-0.3
1.0
9.3
-1.1
-7.7
1.0
17.6
1.6
-7.3
-9.6
-2.0
9.2
-6.7
-1.0
4.9
2.9
8.2
0.2
-2.1
-0.9
-2.2
-11.1
-6.4
-1.6
0.7
-5.3
2.6
-0.4
20.7
-0.6
-2.5
2.5
1.1
14.0
3.1
-7.0
3.7
-14.3
-1.7
-0.1

0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.1
0.0
0.1
0.1
0.1
0.0
0.2
0.0
0.0
0.0
0.1
0.1
0.1
0.1
0.0
0.1
0.0
0.0
0.1
0.1
0.1
0.0
0.1
0.0
0.0
0.1
0.0
0.0

Notes: 1. Beta & R2 are calculated for the the trailing 12 months. Beta measures the degree to which any portfolio of stocks is
affected as compared to the effect on the market as a whole.
2. The coefcient of determination (R2) measures the strength of relationship between two variables the return on a security
versus that of the market.
3. Volatility is the standard deviation of the daily returns for the the trailing 12 months.
4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price,
multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2.
5. The above is calculated for a month for the portfolio size of `5 lakh. It is calculated for the current month.
Source: NSE.

1197

DECEMBER

SEBI BULLETIN

2015

Table 27: Advances/Declines in Cash Segment of BSE and NSE


BSE
Month
Jan-15

Advances

Declines

1,733

1,728

NSE
Advance /
Decline Ratio
1.0

Advances
977

Declines
576

Advance /
Decline Ratio
1.7

Feb-15

1,433

2,159

0.7

593

913

0.6

Mar-15

1,112

2,487

0.5

593

1,042

0.6

Apr-15

1,926

1,600

1.2

898

625

1.4

May-15

1,226

2,267

0.5

402

1,114

0.4

Jun-15

1,102

2,387

0.5

404

1,113

0.4

Jul-15

2,425

1,105

2.2

1,210

310

3.9

Aug-15

1,867

1,738

1.1

773

751

1.0

Sep-15

730

2,755

0.3

201

1,335

0.2

Oct-15

2,473

1,020

2.4

1,278

258

5.0

Nov-15

1,674

1,808

0.9

662

882

0.8

Note: Advance/Decline is calculated based on the average price methodology.


Source: BSE and NSE

Table 28: Trading Frequency in Cash Segment of BSE and NSE


BSE

NSE

Month

No. of Companies
Listed

No. of companies
Traded

Percent of Traded
to Listed

No. of Companies
Listed

No. of companies
Traded

Percent of Traded
to Listed

Jan-15

5,575

2,960

53.1

1,718

1,549

90.2

Feb-15

5,596

2,854

51.0

1,719

1,503

87.4

Mar-15

5,624

2,818

50.1

1,733

1,514

87.4

Apr-15

5,650

2,808

49.7

1,740

1,518

87.2

May-15

5,672

2,785

49.1

1,749

1,519

86.8

Jun-15

5,688

2,801

49.2

1,750

1,517

86.7

Jul-15

5,725

2,984

52.1

1,756

1,521

86.6

Aug-15

5,752

2,755

47.9

1,772

1,574

88.8

Sep-15

5,763

2,758

47.9

1,779

1,535

86.3

Oct-15

5,788

2,791

48.2

1,781

1,534

86.1

Nov-15

5,806

2,898

49.9

1,786

1,541

86.3

Note: At NSE, number of companies traded also includes the number of companies not available for trading but permitted to trade
only in the first week of every month.
Source: BSE and NSE

1198

DECEMBER

SEBI BULLETIN

2015

Table 29: Daily Volatility of Major Indices (percent)


(Percent)
Year/Month

S&P BSE Sensex

S&P BSE 100 Index

S&P BSE 500

CNX Nifty

CNX Nifty Junior

CNX 500

2014-15

0.9

0.9

0.9

0.9

1.1

0.9

2015-16$

1.1

1.2

1.2

1.1

1.2

1.1

Apr-15

0.9

0.9

0.9

0.8

1.0

0.8

May-15

1.1

1.1

1.1

1.1

1.5

1.1

Jun-15

1.0

1.0

1.0

0.9

1.0

0.9

Jul-15

0.9

1.0

1.0

0.8

0.8

0.8

Aug-15

1.6

1.7

1.8

1.5

2.2

1.7

Sep-15

1.3

1.3

1.2

1.1

1.2

1.1

Oct-15

0.5

0.6

0.6

0.7

0.6

0.6

Nov-15

0.5

0.8

0.7

0.7

0.8

0.7

Note: Volatility is calculated as the standard deviation of the natural log of daily returns in indices for the respective period.
$ indicates as on November 30, 2015.
Source: BSE and NSE.

Table 30: Percentage Share of Top N Securities/Members in Turnover of Cash Segment (percent)
Year/Month
Top

BSE
5

10

25

NSE
50

100

10

25

50

100

77.4

Securities
2014-15

13.4

18.6

30.3

42.3

57.5

12.5

21.9

40.6

59.3

2015-16$

11.0

17.3

30.7

43.5

58.9

11.0

19.4

36.2

53.2

71.8

Apr-15

16.7

23.0

36.6

50.0

64.4

18.5

27.7

44.2

58.6

75.1

May-15

16.4

23.2

37.4

51.5

66.9

12.5

21.9

41.5

58.6

77.5

Jun-15

14.7

22.8

37.9

51.5

67.6

13.2

23.0

39.9

56.4

75.5

Jul-15

11.7

17.5

29.2

41.2

55.4

10.9

19.4

34.5

49.3

67.9

Aug-15

9.9

16.1

28.7

41.8

58.4

11.0

19.4

36.2

53.2

71.8

Sep-15

13.5

21.1

37.4

51.8

68.3

12.5

21.9

39.8

57.6

77.0

Oct-15

12.9

18.8

31.5

44.2

59.1

13.1

21.8

38.2

53.8

72.1

Nov-15

12.6

18.9

31.9

44.8

58.7

13.6

23.1

40.7

55.2

73.3

2014-15

17.7

28.4

47.4

64.1

77.9

14.7

25.4

45.4

63.5

79.4

2015-16$

21.8

31.8

51.2

66.3

79.4

18.4

30.1

52.1

69.0

82.2

Apr-15

19.5

32.0

52.2

67.7

80.4

20.6

32.3

53.7

69.4

82.5

May-15

22.1

34.2

55.0

69.7

81.3

18.7

31.2

54.6

70.7

83.4

Jun-15

26.4

36.2

55.0

68.6

80.5

17.8

29.2

52.0

68.7

81.8

Jul-15

20.2

30.5

48.9

64.0

78.0

16.8

27.2

48.8

66.0

80.1

Aug-15

26.6

36.8

54.1

67.9

80.3

18.4

30.1

52.1

69.0

82.2

Sep-15

24.0

34.6

54.2

69.1

81.9

19.9

32.3

52.7

69.5

82.7

Oct-15

21.6

31.7

49.5

64.5

79.0

17.0

27.6

48.8

66.6

81.1

Nov-15

22.2

31.6

50.3

64.8

78.7

16.1

27.4

50.4

67.4

81.6

Members

Notes: 1. Data for Top N scrips has been compiled for all markets except Auction market & Retail Debt Market and includes series
EQ, BE,BT, BL and IL.
$ indicates as on November 30, 2015.
Source: BSE and NSE

1199

286

64,993

61,304

48,261

73,701

70,989

55,679

48,330

65,252

4,88,509

8,60,695

4,32,112

32,815

27,383

22,264

33,726

33,679

25,678

23,548

36,552

2,35,644

50.5

44.7

46.1

45.8

47.4

46.1

48.7

56.0

48.2

50.2

50,799

58,143

54,426

73,822

70,254

60,370

60,605

67,421

4,95,840

8,58,895

Value
Settled
(` crore)

14,931

17,509

18,917

24,243

23,913

21,683

21,877

23,903

1,66,976

2,99,835

Delivered
Value
(` crore)

1200

1,313

1,56,629

1,76,934

1,58,420

2,19,788

1,89,232

1,81,627

1,47,969

1,60,312

13,90,911

44,44,676

Quantity
Settled
(Lakh)

27.4

26.3
28.2

44,239

27.6

28.8

29.2

29.1

30.7

31.0

28.8

46,569

43,795

63,304

55,200

52,800

45,494

49,683

4,01,086

12,19,594

3,00,308

3,32,080

3,27,141

4,21,685

3,67,727

3,67,299

3,33,999

3,67,382

28,17,621

82,14,629

Value
Settled
(` crore)

32,815

27,277

22,264

33,725

33,669

25,677

23,548

36,497

2,35,472

4,32,017

Delivered
Quantity
in
Demat
Mode
(Lakh)

100.0

99.6

100.0

100.0

100.0

100.0

100.0

99.9

99.9

100.0

14,931

17,508

18,917

24,242

23,907

21,683

21,877

23,874

1,66,938

2,99,818

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.9

100.0

100.0

46

50

71

72

93

53

56

62

503

878

0.1

0.2

0.3

0.0

0.3

0.2

0.2

0.2

1.6

0.2

89,424

94,445

96,542

1,24,857

1,08,896

1,15,501

1,02,359

1,23,383

8,55,406

24,22,737

29.5

29.8

28.4

29.5

29.6

29.6

31.4

30.6

33.6

30.4

44,157

46,506

43,704

63,222

55,113

52,712

45,268

49,574

4,00,254

12,18,107

100

100

100

100

100

100

100

100

100

99.8

89,352

94,388

96,467

1,24,757

1,08,815

1,15,394

1,02,257

1,23,312

8,54,741

24,17,161

99.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.9

83

63

92

83

87

87

226

110

830

1,678

0.2

0.1

0.2

0.1

0.2

0.2

0.5

0.2

1.7

0.1

24,536

25,526

31,317

36,938

32,064

35,510

35,190

47,298

2,68,379

6,94,577

Funds
Pay-in
(` crore)

4,906

6,125

8,669

7,987

8,631

10,313

9,587

9,458

65,676

1,11,528

108

107

107

107

106

105

105

104

108

3,264

89,424

94,445

96,542

1,24,857

1,08,896

1,15,501

1,02,359

1,23,383

8,55,406

24,22,737

159

154

153

153

149

149

129

125

159

125

Settlement
Securities
Guarantee
Pay-in
Fund
(` crore)
(` crore)

14,931

17,509

18,917

24,243

23,913

21,683

21,877

23,903

1,66,976

2,99,835

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

Percent
Percent
Percent
Percent
Delivered of Demat Delivered of Demat
Short
of
of Short
Delivered
Quantity Delivered Value in Delivered Delivery
Delivered
Delivery
in Demat Quantity Demat
Value to (Auctioned
Value
Value to
to
(` crore)
Mode
to Total
Mode
Total
quantity)
Total
Delivery
(Lakh)
Delivered (` crore) Delivered (Lakh)
Quantity
Turnover
Quantity
Value

29.4

30.1

34.8

32.8

34.0

35.9

36.1

35.5

33.7

34.9

Percent
of
Delivered
Value to
Total
Turnover

SEBI BULLETIN

$ indicates as on November 30, 2015.


Source: NSE.

Nov-15

1,711

Jul-15

1,475

1,570

Jun-15

Oct-15

1,430

May-15

1,864

1,489

Apr-15

1,497

12,348

2015-16$

Sep-15

34,961

2014-15

Aug-15

No. of
Trades
(Lakh)

Year/
Month

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

Table 32: Settlement Statistics for Cash Segment of NSE

$ indicates as on November 30, 2015.


Source: BSE.

311

Nov-15

Jul-15

Oct-15

374

Jun-15

393

292

May-15

275

326

Apr-15

Sep-15

539

2015-16$

Aug-15

7,146

2,796

2014-15

No. of
Trades
(Lakh)

Year/
Month

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

Table 31: Settlement Statistics for Cash Segment of BSE

DECEMBER
2015

20

19

Oct-15

Nov-15

Stock Futures

7,790

22,040

20,747

19,761

26,905

50,411

53,420

63,480

2,64,554

12,27,926

405

958

799

818

1,129

2,053

2,202

2,665

11,028

48,632

332

2,638

4,742

5,371

6,283

10,419

11,378

9,018

50,181

3,05,714

16

52

93

144

168

246

286

260

1,265

9,794

1201

14,88,080

10,51,513

33,94,077

95,81,623

1,67,80,276

95,07,409

51,59,682

51,49,065

5,21,11,725

20

19

Nov-15

Stock Futures
Call

Index Options
Put

4,40,825

69,46,843

24,51,200

50,74,511

22,410

2,74,380

89,611

2,09,210

5,88,603

2,13,509

1,69,596

1,62,023

Call

37,518

49,309

69,293

1,26,803

2,12,540

1,98,110

1,22,338

78,778

894,689

Put

30,652

36,781

26,344

1,62,391

4,17,703

3,40,627

1,79,572

86,126

12,80,196

27,00,450

Stock Options

1,843

1,416

1,901

3,421

6,069

5,512

3,588

2,313

26,063

93,854

1,650

1,061

628

4,544

10,803

9,248

5,418

2,904

6,30,200

3,98,924

3,88,216

1,05,526

3,22,277

2,27,665

6,26,775

272

244

63

43

230

231

259

512

272

1,001

Open Interest at
the end of month

5,229

4,569

1,609

1,022

5,768

6,022

6,373

13,886

5,229

26,719

51,39,901 2,89,439 1,18,76,912 5,97,633 2,92,69,261 17,49,524 2,52,28,432 14,47,834 33,15,699 1,76,221

1,15,02,566 3,35,582 2,07,17,819 6,27,671 6,71,66,048 16,45,579 6,61,38,404 15,34,880 64,45,041 1,89,173

1,84,92,427 4,58,217 2,24,54,408 5,70,325 8,83,63,485 19,90,521 8,58,39,253 17,93,281 54,94,359 1,48,033

1,71,67,226 4,35,123 2,70,86,931 7,34,924 10,17,69,994 23,33,608 9,48,32,542 20,57,355 77,42,394 2,24,715

1,47,89,002 3,91,736 2,58,41,503 7,19,881 9,36,22,788 21,96,365 9,29,55,897 20,74,041 74,01,276 2,15,683

1,58,54,676 4,03,910 2,36,88,366 6,12,250 9,68,28,143 22,11,374 9,36,79,801 20,30,599 60,38,427 1,60,449

1,47,55,189 3,76,624 2,38,11,852 6,28,531 8,94,87,844 20,45,005 8,81,02,966 19,07,518 58,47,902 1,62,059

1,46,79,503 3,85,464 2,17,04,444 6,76,410 10,17,80,061 23,53,554 9,00,01,816 20,00,402 56,66,759 1,89,341

79,939 23,92,95,164 54,98,521 70,78,851 1,77,908

80,989 22,51,29,677 52,00,725 68,50,443 1,72,697

94,592 23,68,22,287 56,99,763 64,68,279 1,63,771

17,40,663

35,40,218

29,35,869

86,405 7,65,70,868 43,47,054 32,79,662 1,81,087

96,745 17,55,10,096 44,29,629 31,32,791 1,74,768

71,841 22,35,79,801 50,32,218 68,61,288 1,82,312

40,95,032 1,12,948 25,26,94,119 58,98,674 76,83,569 1,86,690

38,77,022 1,07,868 23,84,87,488 57,05,573 69,14,820 1,81,914

32,05,751

31,23,924

29,89,704

11,23,80,490 30,76,095 17,71,82,235 51,67,624 66,82,87,624 1,65,25,530 63,67,79,111 1,48,45,909 4,79,51,857 14,65,673 2,55,08,183 7,31,326 166,80,89,500 4,18,12,156 32,79,662 1,81,087

12,93,14,318 41,09,471 23,76,04,741 82,91,766 70,14,16,670 2,07,71,439 67,72,26,193 1,91,51,224 6,12,04,473 22,43,382 3,02,74,736 10,39,170 183,70,41,131 5,56,06,453 68,37,326 1,79,344

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

Total

20,05,197

81,09,124

59,66,403

1,49,70,460

3,17,40,117 13,27,202

1,54,23,676

97,29,507

93,30,991

9,72,75,475 40,26,784

81,233 50,54,78,869 2,03,62,741


36,255

Open Interest at
the end of month

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

Total

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

Index Futures

79,201

44,410

1,34,633

4,08,639

Put

SEBI BULLETIN

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


$ indicates as on November 30, 2015.
Source: NSE.

20

Oct-15

22

Jun-15

Sep-15

20

May-15

23

19

Apr-15

21

164

2015-16$

Aug-15

243

2014-15

Jul-15

No. of
Trading
Days

53,16,700

42,03,117

7,20,430 1,42,96,410

3,99,633

2,17,833

39,44,524

22,22,830 4,26,74,130 17,29,343


2,18,051

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

Call

24,42,03,156 1,01,12,605 25,40,31,531 1,00,16,621 3,010,092

Table 34: Trends in Equity Derivatives Segment at NSE

Year/
Month

Put
No. of
Contracts

Index Options
Turnover
(` crore)

Call

No. of Turnover No. of Turnover


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

Index Futures

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


$ indicates as on November 30, 2015.
Source: BSE.

20

22

Jun-15

Sep-15

20

May-15

23

19

Apr-15

21

164

2015-16$

Aug-15

243

2014-15

Jul-15

No. of
Trading
Days

Year/
Month

Table 33: Trends in Equity Derivatives Segment at BSE (Turnover in Notional Value)

DECEMBER
2015

Stock Futures
Calls

Index Options
Puts

Calls

Stock Options
Puts

Total Turnover

180

6-Nov-15

1202

132

128

176

203

210

116

116

4,360

204

448

13-Nov-15

16-Nov-15

17-Nov-15

18-Nov-15

19-Nov-15

20-Nov-15

23-Nov-15

24-Nov-15

26-Nov-15

27-Nov-15

30-Nov-15

24

11

227

11

10

25

16

18

23

51

54

10

50

13

15

14

13

16

10

14

60,972

80,897

51,845

2,39,630

1,43,571

36,157

28,434

1,11,830

1,22,859

94,070

91,284

80,605

15,885

46,796

68,668

63,721

57,924

70,388

22,544

3,332

4,358

2,763

12,654

7,618

1,919

1,512

5,839

6,507

4,979

4,793

4,253

840

2,499

3,674

3,444

3,145

3,840

1,234

622

153

28,620

69,211

37,858

70,520

57,200

63,131

412

1,722

404

20,237

256

240

479

38,654

13,737

37,369

33

1,445

3,510

1,911

3,549

2,877

3,185

21

88

21

1,027

13

13

25

2,013

721

1,951

472

3,067

2,780

1,091

3,364

3,988

3,474

922

1,039

715

1,081

938

296

2,239

1,548

3,190

1,820

1,421

4,073

23

158

148

56

162

194

165

47

48

37

51

46

15

109

74

151

97

62

198

1,256

1,945

2,714

2,635

925

1,959

3,016

1,707

661

2,632

914

310

1,217

1,049

2,665

1,229

661

1,276

1,881

69

104

139

139

49

109

152

93

37

139

48

20

65

59

143

68

37

76

106

85,839

85,417

3,17,057

1,87,598

1,11,716

91,327

1,79,115

1,26,208

95,588

96,864

83,360

36,777

50,703

71,626

70,245

99,944

86,370

65,321

64,122

4,618

4,472

16,588

9,838

5,718

4,677

9,234

6,679

5,060

5,077

4,393

1,903

2,696

3,826

3,772

5,341

4,669

3,462

3,504

5,229

4,848

8,437

5,773

5,528

5,408

9,698

5,994

5,113

5,238

5,022

4,827

6,167

4,784

4,785

7,670

5,013

4,800

4,865

272

252

440

297

285

280

498

304

265

270

257

250

314

249

251

403

265

255

258

Notes: 1. Index Futures, Index Options, Stock Options and Stock Futures were introduced in October 2000, October 2001, October 2001 & November 2001, respectively.
2. Open interest value is computed as Underlying close price* Quantity.
3. Notional Turnover = (Strike Price + Premium) * Quantity.
Source : BSE.

42

494

11-Nov-15

115

303

5-Nov-15

179

161

4-Nov-15

10-Nov-15

56

9-Nov-15

167

3-Nov-15

Value
(` crore)

Open Interest at
the end of the day

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

2-Nov-15

Date

Index Futures

Table 35: Equity Derivatives Trading at BSE during November 2015

DECEMBER
SEBI BULLETIN
2015

1203

2,06,307

2,09,836

2,53,342

2,58,321

3,58,687

2,67,420

39,889

2,04,938

2,74,190

2,44,373

3,11,773

2,97,766

3,79,982

3,68,543

3,80,431

4,25,990

2,63,576

1,83,358

4-Nov-15

5-Nov-15

6-Nov-15

9-Nov-15

10-Nov-15

11-Nov-15

13-Nov-15

16-Nov-15

17-Nov-15

18-Nov-15

19-Nov-15

20-Nov-15

23-Nov-15

24-Nov-15

26-Nov-15

27-Nov-15

30-Nov-15

Calls

Index Options

7,50,999

5,64,640

5,19,519

4,93,800

4,72,327

4,65,055

83,617

4,86,875

5,67,351

5,87,792

4,45,912

4,40,084

4,24,688

4,74,770

10,435

14,821
5,26,257

4,85,820

24,133 15,41,282

21,487 13,87,280

20,897 11,58,844

21,289

16,702

17,315

13,665

15,281

11,319

2,223

14,952

20,180

14,623

14,326

12,018

11,748

12,025

28,051

24,805

77,138

69,337

57,633

37,749

28,266

25,750

24,657

23,393

23,237

4,206

24,241

28,471

28,970

22,785

22,992

21,864

24,087

6,70,902

9,66,806

31,46,234

25,34,081

19,88,929

25,49,755

20,46,763

20,73,776

16,33,081

16,04,512

12,32,366

1,75,685

16,37,500

21,36,843

13,31,134

11,22,161

7,95,903

8,00,636

8,22,194

41,165

58,858

1,84,243

1,49,072

1,17,459

1,50,781

1,20,740

1,22,572

97,154

94,991

73,595

10,585

98,697

1,29,396

81,553

69,058

49,156

49,517

50,929

5,80,430

8,93,095

33,25,219

23,05,744

18,51,371

23,76,467

17,63,012

17,08,417

12,71,741

12,71,025

9,16,453

1,14,615

11,73,018

15,79,298

10,29,797

9,35,599

6,87,564

6,48,915

7,96,652

Calls

Stock Options
Puts

33,320

50,936

1,91,682

1,32,647

1,06,206

1,36,365

1,00,445

97,263

72,664

72,235

52,101

6,594

67,390

90,359

59,300

54,101

40,096

37,717

46,414

1,27,918

1,28,100

2,63,127

2,03,239

1,90,709

2,38,228

1,99,956

2,06,383

1,82,246

1,86,986

1,81,989

30,109

1,95,450

2,06,805

2,20,302

1,50,580

1,39,046

1,24,566

1,39,960

7,363

6,953

13,886

10,698

9,979

12,307

10,362

10,732

9,532

9,724

9,653

1,612

10,391

11,014

11,527

8,294

7,853

6,797

7,544

56,742

59,119

1,54,188

1,05,582

1,04,300

1,24,207

1,17,038

1,05,964

85,855

88,172

94,964

13,651

99,660

1,08,641

1,29,582

85,881

68,843

61,768

76,506

2,928

2,935

7,778

5,349

5,238

6,157

5,739

5,215

4,202

4,308

4,693

675

4,908

5,379

6,207

4,294

3,543

3,097

3,760

Turnover No. of Turnover No. of Turnover


(` crore) Contracts (` crore) Contracts (` crore)

Puts

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

Stock Futures

21,45,607

27,96,516

88,56,040

69,16,357

56,62,696

64,19,638

49,89,175

49,25,832

39,11,096

38,97,212

30,95,765

4,57,566

38,59,923

49,57,625

35,56,928

29,93,475

23,41,276

22,66,880

25,21,261

No. of
Contracts

Open Interest at
the end of the day

1,23,262 32,79,662

1,59,308 31,44,808

4,98,860 28,96,629

3,88,591 45,63,202

3,17,413 45,27,575

3,64,648 43,88,082

2,82,254 43,73,029

2,78,846 43,66,354

2,21,874 42,19,247

2,19,931 41,64,556

1,74,598 40,96,766

25,895 40,42,595

2,20,580 40,07,273

2,84,800 38,57,820

2,02,179 38,16,193

1,72,858 36,72,824

1,35,658 35,06,943

1,30,741 34,17,346

1,44,759 33,07,376

1,81,087

1,73,403

1,58,239

2,48,537

2,47,033

2,39,237

2,37,863

2,34,314

2,29,567

2,25,907

2,20,708

2,19,436

2,15,930

2,11,255

2,09,831

2,02,023

1,95,234

1,90,598

1,84,274

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

Total Turnover

Notes: 1. Index Futures, Index Options, Stock Options and Stock Futures were introduced in September 2000, September 2001, September 2001 and November 2001,
respectively.
2. Open interest value is computed as Underlying close price*Quantity.
3. Notional Value of Outstanding Contracts for OPTSTK - Open Interest * Close price of Underlying security.
4. Notional Value of Outstanding Contracts for OPTIDX - Open Interest * Close price CNX Nifty.
5. Notional Turnover = (Strike Price + Premium) * Quantity.
Source : NSE.

2,11,179

3-Nov-15

No. of
Contracts

2-Nov-15

Date

Index Futures

Table 36: Equity Derivatives Trading at NSE during November 2015

DECEMBER
SEBI BULLETIN
2015

39

Jun-15

25

Oct-15

Nov-15

21

Final
Settlement

1204

228

195

235

395

715

1,444

1,470

959

5,641

36,301

Premium
Settlement

49

Exercise
Settlement

Index/Stock Options

256

219

241

409

742

1,485

1,562

1,046

5,960

37,268

Total

15

15

15

15

15

15

14

14

15

365

Settlement
Gurantee
Fund

4,473

4,199

8,075

10,287

7,208

6,935

7,853

6,451

55,482

75,766

MTM
Settlement

115

111

71

349

146

68

93

146

1,099

1,754

Final
Settlement

Index/Stock Futures

86.4

69.4

58.2

59.8

Aug-15

Sep-15

Oct-15

Nov-15

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

FII

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Mutual Funds

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Banks

Percentage Share in Turnover

40.2

41.8

30.6

13.6

8.1

2.6

3.3

3.1

13.7

3.4

11.3

Others

85.5

87.6

41.5

60.9

59.0

42.0

57.1

90.3

85.0

67.1

66.9

Pro

97

80

132

216

126

518

99

161

1,429

2,835

Exercise
Settlement

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

FII

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Mutual Funds

5,817

5,494

9,680

12,247

8,473

8,945

9,116

7,847

67,620

95,654

Total

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Banks

Percentage Share in Open Interest

1,133

1,103

1,402

1,395

993

1,424

1,071

1,089

9,609

15,299

Premium
Settlement

Index/Stock Options

NSE

14.5

12.4

58.5

39.1

41.1

58.0

42.9

9.7

15.0

32.9

33.1

Others

777

754

750

558

547

542

517

514

777

489

Settlement
Gurantee
Fund

SEBI BULLETIN

Source: BSE.

97.4

91.9

Jul-15

96.7

May-15

Jun-15

86.3

96.9

Mar-15

Apr-15

88.7

96.6

Feb-15

Pro

Jan-15

Month

Table 38: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSE

$ indicates as on November 30, 2015.


Source: BSE and NSE

22

Sep-15

26

90

May-15

14

84

Apr-15

Aug-15

304

Jul-15

897

2015-16$

MTM
Settlement

Index/Stock Futures

2014-15

Year/
Month

BSE

Table 37: Settlement Statistics in Equity Derivatives Segment at BSE and NSE (` crore)

DECEMBER
2015

Pro
51.1
51.5
50.9
47.7
51.7
51.3
50.4
50.0
50.0
49.3
48.8

FII
10.7
10.3
11.1
13.8
9.2
9.3
9.1
10.2
11.1
9.4
13.1

Percentage Share in Turnover


Mutual Funds
Banks
0.3
0.0
0.3
0.0
0.3
0.0
0.2
0.0
0.3
0.0
0.4
0.0
0.5
0.0
0.4
0.0
0.5
0.0
0.6
0.0
0.7
0.0

1205

100.0
98.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

BSE 30 SENSEX
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

BSE BANKEX

BSE OIL & GAS


INDEX
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Source: NSE.

NIFTY
86.6
84.2
83.9
86.8
86.7
85.2
85.2
85.7
82.2
83.3
85.9

CNXIT
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

BANKNIFTY
13.4
15.8
16.1
13.1
13.3
14.8
14.8
14.2
17.8
16.7
14.0

NFTYMCAP50
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

FTSE100
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

S&P500
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

MICEX
Index Futures
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

DJIA
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

FTSE/JSE
Top 40 Futures
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Percentage Share in Open Interest


FII
Mutual Funds
Banks
34.6
5.8
0.0
33.1
6.3
0.0
33.6
6.5
0.0
33.6
7.6
0.0
34..63
8.2
0.0
33.3
8.6
0.0
34.6
9.4
0.0
35.9
8.8
0.0
34.1
9.2
0.0
32.9
9.9
0.0
32.8
9.9
0.0

India VIX
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

IBOVESPA
Futures
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Others
45.7
47.1
46.3
44.3
42.6
42.4
42.6
39.8
40.5
42.0
41.9

SEBI BULLETIN

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Month

Pro
13.9
13.5
13.6
14.5
14.6
15.7
13.5
15.4
15.9
15.2
15.3

Turnover (in Percentage)


HANG SENG
BSE100
Index Futures
0.0
0.0
2.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Others
38.0
37.8
37.6
38.3
38.8
39.0
40.0
39.3
35.5
40.8
37.4

Turnover (in Percentage)


CNXPSE
CNXINFRA
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

BSE TECK
INDEX
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Table 41: Instrumentwise Turnover in Index Derivatives at NSE

Source: BSE.

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15

Month

Table 40: Instrument-wise Turnover in Index Derivatives at BSE

Source: NSE.

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Month

Table 39: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE

DECEMBER
2015

20

20

20

19

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

2,98,24,019

3,10,87,546

3,51,66,561

4,28,15,782

2,88,23,508

3,24,24,567

3,33,32,687

3,10,55,906

26,45,30,576

35,55,88,963

No. of
Contracts

2,00,810

2,07,049

2,38,260

2,85,653

1,89,031

2,12,345

2,18,201

2,00,187

17,51,536

22,47,992

Turnover
(` crore)

Currency Futures

1,05,66,198

1,45,92,078

1,20,19,700

1,30,43,254

94,19,991

1,03,80,244

93,83,506

89,39,607

8,83,44,578

7,18,56,444

No. of
Contracts

Call

70,686

96,306

80,610

86,042

60,845

67,276

60,655

56,956

5,79,376

4,48,303

Turnover
(` crore)

1206

20

19

Oct-15

Nov-15

25,66,539

31,14,256

40,55,688

50,59,012

43,02,432

54,56,291

51,58,356

54,73,546

3,51,86,120

10,01,05,414

No. of
Contracts

17,249

20,720

27,433

33,807

28,213

35,483

33,580

35,144

2,31,629

6,31,641

Turnover
(` crore)

Currency Futures

1,55,725

1,42,971

1,06,899

1,60,115

1,28,853

1,19,800

1,73,119

2,77,170

12,64,652

16,38,739

No. of
Contracts

Call

1,041

948

715

1,052

831

777

1,123

1,765

8,252

10,146

Turnover
(` crore)

1,48,909

1,04,849

1,17,647

1,43,192

1,20,637

1,44,385

1,58,860

1,64,321

11,02,800

13,24,190

No. of
Contracts

Currency Options
Put

Put

985

683

778

924

769

920

1,008

1,019

7,086

8,139

Turnover
(` crore)

64,216

54,623

53,289

75,332

32,888

32,640

40,924

41,476

3,95,387

3,27,612

Turnover
(` crore)

28,71,173

33,62,076

42,80,234

53,62,319

45,51,922

57,20,476

54,90,335

59,15,037

3,75,53,572

10,30,68,343

No. of
Contracts

5,01,06,857

5,40,30,982

5,52,21,228

6,74,20,891

4,33,85,483

4,78,99,181

4,91,23,598

4,65,77,416

41,37,65,636

48,06,64,694

No. of
Contracts

Total

19,275

22,351

28,926

35,783

29,813

37,180

35,710

37,928

2,46,967

6,49,925

Turnover
(` crore)

3,35,711

3,57,978

3,72,159

4,47,028

2,82,764

3,12,262

3,19,780

2,98,618

27,26,300

30,23,908

Turnover
(` crore)

Total

21,700

10,771

10,482

11,642

13,691

20,127

19,525

21,788

21,700

20,793

Value
(` crore)

2,56,434

3,61,081

2,18,964

2,99,812

5,61,640

5,82,372

3,59,068

4,32,543

2,56,434

3,61,160

No. of
Contracts

1,728

2,383

1,455

2,019

3,652

3,758

2,327

2,783

1,728

2,292

Value
(` crore)

Open Interest at the end of

32,20,553

16,16,045

15,58,377

17,05,226

20,83,838

31,03,419

30,17,932

33,77,620

32,20,553

32,86,590

No. of
Contracts

Open Interest at the end of

SEBI BULLETIN

$ indicates as on November 30, 2015.


Source: MSEI

20

Sep-15

22

Jun-15

23

19

May-15

20

18

Apr-15

Aug-15

161

2015-16$

Jul-15

238

No. of
Trading
Days

2014-15

Year/Month

Table 43: Trends in Currency Derivatives Segment at MSEI

97,16,640

83,51,358

80,34,967

1,15,61,855

51,41,984

50,94,370

64,07,405

65,81,903

6,08,90,482

5,32,19,287

No. of
Contracts

Currency Options

Notes: 1. Trading Value :- For Futures, Value of contract = Traded Qty*Traded Price.
2. For Options, Value of contract = Traded Qty*(Strike Price+Traded Premium)
$ indicates as on November 30, 2015.
Source: NSE.

22

23

Jun-15

18

19

May-15

161

2015-16$

Apr-15

238

2014-15

Year/Month

No. of
Trading
Days

Table 42: Trends in Currency Derivatives Segment at NSE

DECEMBER
2015

20

20

20

19

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

2,03,50,866

2,05,49,992

2,28,14,502

2,78,02,763

1,88,95,627

2,17,96,194

2,08,19,151

2,10,69,185

17,40,98,280

21,24,34,540

No. of
Contracts

34,36,090

46,77,718

44,89,521

58,68,030

79,23,900

47,06,291

64,44,406

31,73,211

4,07,19,167

3,90,99,057

No. of
Contracts

Call

22,924

30,795

30,063

38,757

51,467

30,667

41,756

20,274

2,66,702

2,49,260

Turnover
(` crore)

Put

33,39,141

33,03,619

23,07,650

78,20,958

62,97,784

67,96,143

1,06,35,581

1,17,06,754

5,22,07,630

5,76,42,446

No. of
Contracts

Currency Options

1207

23,74,918
16,98,971
13,57,463
18,80,478
12,26,333
19,25,259
13,73,595
1,77,511
9,12,884
13,99,520
11,96,948
11,68,417
14,13,267
21,00,365
23,58,326
23,41,541
25,37,240
13,37,128
10,43,855

No. of
Contracts
15,839
11,334
9,083
12,514
8,294
12,969
9,202
1,187
6,177
9,453
8,088
7,927
9,602
14,136
15,853
15,770
17,152
9,122
7,108

Traded Value
(` crore)
6,15,001
4,70,335
4,12,724
7,13,533
5,34,332
7,47,323
4,33,542
1,14,090
3,43,652
6,13,095
4,09,426
5,73,288
4,04,064
6,14,059
7,51,701
7,27,179
9,85,950
7,41,848
3,61,056

No. of
Contracts
4,084
3,127
2,742
4,744
3,560
5,003
2,905
762
2,296
4,090
2,728
3,823
2,690
4,089
5,033
4,878
6,639
5,047
2,448

7,47,581
4,59,096
2,41,882
5,09,184
2,44,818
13,05,639
3,82,620
1,38,210
2,98,176
4,77,397
3,64,418
5,50,467
4,72,872
5,51,806
8,26,093
6,56,405
6,01,338
5,40,337
3,48,301

No. of
Contracts

Currency Option
Traded Value
(`crore)

Calls

4,904
3,017
1,583
3,343
1,609
8,614
2,532
915
1,970
3,151
2,406
3,634
3,125
3,647
5,469
4,350
4,003
3,618
2,328

Traded Value
(` crore)

Puts

37,37,500
26,28,402
20,12,069
31,03,195
20,05,483
39,78,221
21,89,757
4,29,811
15,54,712
24,90,012
19,70,792
22,92,172
22,90,203
32,66,230
39,36,120
37,25,125
41,24,528
26,19,313
17,53,212

No. of
Contracts

24,827
17,478
13,408
20,600
13,462
26,586
14,639
2,863
10,443
16,695
13,222
15,383
15,417
21,872
26,356
24,997
27,793
17,787
11,884

5,244

4,730

4,172

4,767

6,060

7,099

4,939

5,813

5,244

4,161

Value
(` crore)

32,92,343
35,81,369
36,62,936
40,02,933
41,44,862
44,17,397
46,45,546
46,33,785
46,16,327
46,36,403
46,76,359
49,18,286
51,29,434
54,32,601
61,17,674
67,83,837
27,35,118
30,88,310
32,20,553

21,832
23,724
24,253
26,558
27,499
29,544
31,037
30,897
30,748
30,869
31,092
32,795
34,170
36,173
40,838
45,235
18,417
20,822
21,700

Value
(` crore)

Open Interest at the end of

7,84,111

7,24,872

6,34,015

7,18,303

9,46,600

11,11,945

7,74,450

8,92,319

7,84,111

6,64,668

No. of
Contracts

Open Interest at the end of

No. of Contracts

1,80,138

1,86,708

1,97,052

2,70,931

2,12,065

2,12,632

2,41,997

2,25,797

17,27,318

19,08,544

Turnover
(` crore)

Traded Value
(` crore)

Total Turnover

2,71,26,097

2,85,31,329

2,96,11,673

4,14,91,751

3,31,17,311

3,32,98,628

3,78,99,138

3,59,49,150

26,70,25,077

30,91,76,043

No. of
Contracts

Total

SEBI BULLETIN

Source: NSE

2-Nov-15
3-Nov-15
4-Nov-15
5-Nov-15
6-Nov-15
9-Nov-15
10-Nov-15
11-Nov-15
13-Nov-15
16-Nov-15
17-Nov-15
18-Nov-15
19-Nov-15
20-Nov-15
23-Nov-15
24-Nov-15
26-Nov-15
27-Nov-15
30-Nov-15

Date

Currency Futures

22,119

21,692

15,367

49,976

39,771

42,183

66,859

72,410

3,30,377

3,52,256

Turnover
(` crore)

Table 45: Daily Trends of Currency Derivatives Trading at NSE during November 2015

1,35,094

1,34,221

1,51,622

1,82,198

1,20,827

1,39,782

1,33,382

1,33,113

11,30,239

13,07,077

Turnover
(` crore)

Currency Futures

$ indicates as on November 30, 2015.


Source: BSE

22

23

Jun-15

18

19

May-15

161

2015-16$

Apr-15

238

2014-15

Year/Month

No. of
Trading
Days

Table 44: Trends in Currency Derivatives Segment at BSE

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 46: Daily Trends of Currency Derivatives Trading at MSEI during November 2015
Currency Options

Currency
Futures

Date

Call

Total Turnover

Put
No. of
Contracts

Open Interest at the


end of the day

No. of
Contracts

Turnover
(` crore)

No. of
Contracts

Turnover
(` crore)

Turnover
(` crore)

No. of
Contracts

Turnover
(` crore)

No. of
contracts

Value
(` crore)

2-Nov-15

1,68,762

1,130

17,305

115

1,87,070

1,251

3,41,801

2,271

3-Nov-15

1,37,440

931

337

4-Nov-15

90,099

607

2,279

15

131

1,37,908

934

3,23,585

2,150

125

92,503

623

3,27,443

2,171

5-Nov-15

1,12,315

750

24,994

166

21,012

139

1,58,321

1,056

3,65,715

2,431

6-Nov-15

1,59,659

1,072

17,862

119

9,288

62

1,86,809

1,252

3,94,590

2,619

9-Nov-15

2,450

1,003

2,31,065

1,552

12,015

80

20,436

135

2,63,516

1,768

3,66,072

10-Nov-15

92,256

618

17,674

118

20,137

134

1,30,067

870

3,98,658

2,665

11-Nov-15

14,339

96

1,568

10

480

16,387

110

4,05,957

2,706

13-Nov-15

68,785

463

2,031

14

1,700

11

72,516

488

4,04,484

2,698

16-Nov-15

1,06,068

713

2,554

17

2,522

17

1,11,144

747

4,09,706

2,728

17-Nov-15

1,08,800

731

221

9,560

62

1,18,581

795

4,11,270

2,737

18-Nov-15

1,08,297

727

2,640

18

15,857

103

1,26,794

848

4,36,632

2,914

19-Nov-15

1,85,349

1,241

7,755

52

8,860

58

2,01,964

1,351

4,76,368

3,175

20-Nov-15

1,53,926

1,030

7,731

52

8,175

54

1,69,832

1,135

5,19,440

3,461

23-Nov-15

1,19,689

810

1,233

4,428

29

1,25,350

848

5,22,354

3,488

24-Nov-15

1,78,212

1,196

8,580

57

5,641

37

1,92,433

1,291

5,38,871

3,593

26-Nov-15

3,63,112

2,439

1,823

12

2,457

16

3,67,392

2,468

5,61,892

3,756

27-Nov-15

1,02,670

695

19,156

130

10,116

68

1,31,942

893

2,54,211

1,716

30-Nov-15

65,696

447

7,967

54

6,981

47

80,644

548

2,56,434

1,728

Source: MSEI

Table 47: Daily Trends of Currency Derivatives trading at BSE during November 2015
Currency Futures
Date

No. of
Traded Value
Contracts
(` crore)

Currency Option
Total Turnover
Calls
Puts
No. of
Traded Value
No. of
Traded Value
No. of
Traded Value
Contracts
(` crore)
Contracts
(` crore)
Contracts
(` crore)

Open Interest at the


end of
No. of
Contracts

Value
(` crore)

2-Nov-15

15,15,259

9,978

2,05,971

1,365

3,10,616

2,036

20,31,846

13,379

7,90,087

5,176

3-Nov-15

11,70,980

7,716

2,29,509

1,522

1,06,202

701

15,06,691

9,938

8,53,407

5,588

4-Nov-15

10,49,625

6,913

1,81,756

1,206

87,076

579

13,18,457

8,698

8,01,332

5,257

5-Nov-15

12,49,606

8,245

2,22,346

1,475

2,58,863

1,706

17,30,815

11,425

8,90,289

5,850

6-Nov-15

8,93,417

5,906

1,61,700

1,074

1,26,748

846

11,81,865

7,826

8,72,813

5,746

9-Nov-15

12,46,800

8,312

1,69,058

1,130

2,66,072

1,761

16,81,930

11,203

10,48,933

6,961

10-Nov-15

8,47,704

5,647

1,36,872

916

1,65,859

1,103

11,50,435

7,665

11,07,070

7,348

11-Nov-15

71,940

477

18,681

125

7,589

50

98,210

652

11,02,813

7,320

13-Nov-15

6,43,611

4,274

88,392

590

97,842

647

8,29,845

5,511

10,17,366

6,732

16-Nov-15

9,76,800

6,474

1,60,400

1,069

1,31,976

873

12,69,176

8,416

9,92,162

6,568

17-Nov-15

10,75,650

7,121

1,90,598

1,268

1,85,442

1,224

14,51,690

9,613

10,39,624

6,863

18-Nov-15

9,92,901

6,592

2,33,081

1,553

2,25,143

1,490

14,51,125

9,635

12,12,566

8,020

19-Nov-15

10,29,294

6,828

2,12,840

1,416

2,20,151

1,452

14,62,285

9,696

13,15,491

8,700

20-Nov-15

12,75,039

8,456

3,24,605

2,161

2,22,678

1,482

18,22,322

12,100

13,59,243

8,988

23-Nov-15

15,00,324

9,974

2,70,635

1,804

3,95,401

2,611

21,66,360

14,390

13,70,379

9,096

24-Nov-15

14,65,543

9,751

1,34,533

900

1,27,786

848

17,27,862

11,499

13,80,855

9,170

26-Nov-15

14,42,128

9,641

1,71,674

1,158

1,67,101

1,118

17,80,903

11,917

6,80,584

4,534

27-Nov-15

11,15,389

7,493

1,79,635

1,218

1,59,376

1,076

14,54,400

9,787

7,70,475

5,148

30-Nov-15

7,88,856

5,297

1,43,804

974

77,220

515

10,09,880

6,786

7,84,111

5,244

Source: BSE.

1208

Currency Futures
Currency Options
MTM
Final
Premium Exercise
Settlement Settlement Settlement Settlement
4,802
44
591
152
4,200
100
567
236
477
16
55
18
479
3
58
15
484
1
52
16
629
1
49
11
810
14
118
76
393
11
87
19
517
5
71
39
412
49
77
42
5,589
5,103
565
556
552
690
1,018
510
632
580

Total

1209

USDINR
11,231
2,05,693
3,11,327
2,75,011
2,95,486
2,85,518
2,56,666
4,20,324
3,46,529
3,36,448
3,18,952

EURINR
11,112
7,215
11,224
10,827
10,694
13,147
12,495
12,310
11,864
9,934
7,633

GBPINR
4,222
9,238
11,498
10,753
11,408
10,647
11,455
11,779
11,129
9,811
7,858

Turnover (in `crore)


JPYINR
3,33,691
2,913
2,978
2,026
2,191
2,950
2,148
2,615
2,638
1,785
1,268

Source: MSEI

USDINR
38,532
26,657
37,744
34,776
33,039
34,437
26,121
32,751
26,552
20,332
18,239

EURINR
1,794
986
1,635
1,368
1,227
1,487
1,964
1,533
1,145
990
407

GBPINR
2,409
1,829
2,309
1,551
1,272
1,076
1,587
1,362
1,045
895
580

Turnover (`crore)
JPYINR
754
454
493
232
173
180
142
138
184
134
49

USDINR
4,73,673
5,11,791
3,50,505
4,22,103
3,45,548
5,65,778
5,44,219
2,90,570
2,13,832
3,55,092
2,52,260

USDINR
27,74,942
31,94,340
31,90,546
32,48,478
29,03,043
41,71,602
36,34,916
32,27,522
30,32,756
29,53,668
31,36,388

1,605
760
104
102
81
123
152
55
80
65

Total

Open Interest as on last day of the month


(in lots)
EURINR
GBPINR
6,169
4,948
3,400
3,635
5,791
4,499
6,010
4,104
8,604
2,576
12,136
4,059
12,744
4,286
6,155
2,947
2,848
1,942
3,779
1,986
2,214
1,835

Open Interest as on last day of the month


(in lots)
EURINR
GBPINR
45,317
24,124
43,054
45,535
51,053
35,036
67,773
51,969
58,533
41,948
65,630
49,511
54,839
51,123
61,676
43,501
49,894
40,242
40,802
33,151
41,742
34,484

7,030
4,345
545
621
427
529
650
555
568
450

Total

(` crore)

JPYINR
1,716
2,185
365
326
2,340
399
391
140
342
224
125

JPYINR
14,383
12,761
9,955
9,400
14,408
10,554
11,896
10,673
11,350
11,466
7,939

Currency Futures
Currency Options
MTM
Final
Premium Exercise
Settlement Settlement Settlement Settlement
1,940
22
5,052
16
2,131
37
2,101
77
251
7
285
2
262
2
355
1
232
0
190
5
284
1
242
2
403
7
213
27
222
5
314
14
272
3
277
15
203
12
226
10

BSE

SEBI BULLETIN

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Month

Table 50: Instrument-wise Turnover in Currency Derivative Segment of MSEI

Source: NSE.

Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Month

MSEI
Currency Futures
Currency options
MTM
Final
Premium Exercise
Settlement Settlement Settlement Settlement
1,548
13
36
8
712
12
25
11
99
3
2
0
99
1
2
0
76
0
3
2
120
0
2
0
140
2
5
5
51
1
3
1
76
1
2
1
53
3
6
2

Table 49: Instrument-wise Turnover in Currency Derivatives of NSE

$ indicates as on November 30, 2015.


Source: Respective stock exchanges

2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Year/
Month

NSE

Table 48: Settlement Statistics of Currency Derivatives Segment

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 51: Instrument-wise Turnover in Currency Derivative Segment of BSE


Open Interest as on last day of the month
(in lots)

Turnover (` crore)

Month
USDINR
Jan-15

3,16,702

Feb-15
Mar-15

EURINR

GBPINR

JPYINR

USDINR
7,19,869

EURINR

GBPINR

1,184

1,137

JPYINR

120

458

412

58

2,24,891

59

170

247

8,78,018

242

583

607

2,90,014

1,475

64

16

6,62,371

897

486

914

Apr-15

2,24,902

571

262

61

8,56,186

634

220

541

May-15

2,41,194

594

175

34

7,72,830

650

419

551

Jun-15

2,11,769

477

297

89

11,07,151

1,569

2,505

720

Jul-15

2,11,434

366

225

40

9,44,660

917

500

523

Aug-15

2,70,316

250

285

80

7,14,899

1,760

1,029

615

Sep-15

1,96,358

332

240

122

6,31,114

1,097

1,053

751

Oct-15

1,85,998

269

362

78

7,22,764

954

581

573

Nov-15

1,79,121

720

239

58

7,81,755

452

1,529

375

Source: BSE

Table 52: Maturity-wise Turnover in Currency Derivative Segment of NSE


(` crore)
Month

Currency Futures
1 Month

2 Month

3 Month

Currency Options
> 3 months

1 Month

2 Month

3 Month

> 3 months

Jan-15

2,02,095

32,426

3,452

2,546

1,11,060

8,542

125

11

Feb-15

1,35,641

28,380

4,851

2,162

48,087

5,808

129

Mar-15

1,84,677

39,452

6,209

2,652

91,503

12,519

Apr-15

1,58,643

36,396

3,611

1,536

84,202

14,101

128

May-15

1,84,537

28,875

2,744

2,045

89,744

11,415

420

Jun-15

1,72,441

34,997

3,216

1,692

83,795

15,797

325

Jul-15

1,53,524

30,968

3,054

1,484

75,208

17,461

1,063

Aug-15

2,33,188

46,331

4,178

1,955

1,37,262

22,979

1,131

Sep-15

2,05,216

28,837

2,954

1,253

1,15,393

18,493

13

Oct-15

1,77,010

27,127

1,843

1,070

1,34,950

15,825

154

Nov-15

1,70,562

27,504

1,776

968

1,18,575

16,284

43

Source: NSE.

Table 53: Maturity-wise Turnover in Currency Derivative Segment of MSEI


Month

Currency Futures

Currency Options

1 Month

2 Month

3 Month

> 3 months

Jan-15

35,320

6,200

1,259

463

Feb-15

22,574

4,602

1,536

Mar-15

31,613

6,544

Apr-15

28,251

May-15

26,943

Jun-15
Jul-15

2 Month

3 Month

81

59

107

323

865

28

493

589

2,825

118

6,212

565

116

2,675

109

5,810

526

300

1,810

273

47

28,091

5,267

1,064

1,061

1,512

94

92

22,020

5,528

597

68

1,355

134

102

Aug-15

28,121

5,212

429

45

1,670

298

Sep-15

21,740

2,838

1,206

1,649

1,208

285

Oct-15

16,860

3,717

106

38

1,420

211

Nov-15

14,199

2,926

118

2,001

25

Source: MSEI

1210

1 Month

> 3 months

1,21,979

1,21,111

Oct-15

Nov-15

13,375

11,908

10,997

16,017

14,134

15,927

12,894

16,467

15,950

11,890

14,706

595

327

361

861

788

1,172

618

801

934

2,075

1,009

3 Month

Currency Futures
2 Month

12

39

18

139

799

52

> 3 months

1211

20

19

Nov-15

6,72,179

5,94,226

6,58,922

4,14,455

1,71,968

1,80,902

1,47,142

3,00,430

31,40,224

20,33,275

No. of
Contracts

13,492

12,019

13,197

8,269

3,471

3,665

3,031

6,251

63,395

41,912

Traded Value
(` crore)

Interest Rate
Futures

28,088

30,095

22,748

16,679

31,056

32,554

40,899

34,738

28,088

80,078

No. of
Contracts

567

612

233

336

626

328

840

719

567

1,671

Value
(` crore)

Open Interest at
the end of

19,48,467

21,62,248

21,30,899

23,01,699

25,40,696

30,59,021

25,04,801

21,10,059

1,87,57,890

2,05,87,036

No. of
Contracts

39,215

43,874

42,903

46,129

51,304

62,055

51,663

43,899

3,81,043

4,21,558

Traded Value
(` crore)

Interest Rate Futures

NSE

2,49,622

2,44,540

2,39,166

2,08,718

2,00,407

1,89,288

2,12,416

1,99,805

2,49,622

3,38,372

No. of
Contracts

7,071

5,004

4,946

4,879

4,193

4,036

3,798

4,381

4,136

5,004

69,683

1,07,292

51,487

74,828

1,68,496

1,46,270

1,03,438

2,09,107

9,30,601

4,95,869

1,403

2,182

1,040

1,512

3,394

2,969

2,137

4,351

18,988

10,312

No. of
Traded Value
Contracts
(` crore)

71

277

12,444

12,862

11,949

78,648

43,385

24,098

> 3 months

56,017

22,370

19,787

11,521

13,250

28,987

21,563

26,641

62,690

22,370

449

400

234

268

583

434

551

1,298

449

1,170

Value
(` crore)

Open Interest at
the end of
No. of
Contracts

MSEI

105

722

3,507

15,444

10,388

11,996

20,034

30,279

18,228

22,212

Interest Rate Futures

4,106

6,616

8,029

3,894

11,937

5,011

2,724

3,528

15,370

30,078

11,625

3 Month

Currency Options
2 Month

Value
(` crore)

Open Interest at
the end of

40,831

45,149

37,394

81,259

63,579

45,006

81,032

57,171

29,933

27,868

1,02,618

1 Month

(` crore)

SEBI BULLETIN

$ indicates as on November 30, 2015.


Source: BSE, NSE and MSEI

20

Oct-15

22

Jun-15

Sep-15

19

May-15

23

18

Apr-15

20

161

2015-16$

Aug-15

238

2014-15

Jul-15

No. of
Trading
Days

Year/
Month

BSE

Table 55: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEI

Source: BSE

1,65,315

1,05,901

Jul-15

1,40,255

1,22,642

Jun-15

Sep-15

1,19,851

May-15

Aug-15

1,20,315

1,15,841

Apr-15

91,043

Feb-15

Mar-15

1,41,370

1 Month

Jan-15

Month

Table 54: Maturity-wise Turnover in Currency Derivative Segment of BSE

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 56: Daily Trends of Interest Rate Futures trading at BSE during November 2015
Open Interest

Date

No. of Contracts traded

Turnover
(` crore)

No. of contracts

Value (` crore)

02-Nov-15

40,079

806

30,714

624

03-Nov-15

41,888

843

30,441

619

04-Nov-15

35,819

720

30,172

613

05-Nov-15

43,554

875

30,595

620

06-Nov-15

50,833

1,020

32,018

649

09-Nov-15

37,366

747

31,129

629

10-Nov-15

54,656

1,094

34,712

702

11-Nov-15

681

14

34,934

706

13-Nov-15

26,945

541

37,432

758

16-Nov-15

36,277

729

31,727

644

17-Nov-15

19,722

396

34,589

700

18-Nov-15

43,344

870

39,743

804

19-Nov-15

21,600

434

40,650

823

20-Nov-15

39,267

787

40,485

818

23-Nov-15

30,097

602

43,149

870

24-Nov-15

54,385

1,096

49,058

990

26-Nov-15

56,529

1,138

26,863

544

27-Nov-15

20,027

400

26,959

544

30-Nov-15

19,110

381

28,088

567

Source: BSE

Table 57: Daily Trends of Interest Rate Futures trading at NSE during November 2015
Date

No. of Contracts traded

Open Interest

Turnover
(` crore)

No. of contracts

Value
(` crore)

02-Nov-15

77,071

1,557

2,47,540

5,011

03-Nov-15

78,693

1,590

2,47,716

5,008

04-Nov-15

1,03,438

2,083

2,58,245

5,218

05-Nov-15

97,589

1,972

2,57,304

5,187

06-Nov-15

1,12,235

2,260

2,66,964

5,384

09-Nov-15

98,107

1,969

2,69,088

5,410

10-Nov-15

81,724

1,639

2,65,069

5,342

11-Nov-15

1,531

31

2,65,220

5,342

13-Nov-15

57,725

1,161

2,64,493

5,343

16-Nov-15

65,731

1,325

2,63,712

5,327

17-Nov-15

46,168

932

2,68,316

5,415

18-Nov-15

67,043

1,349

2,70,878

5,465

19-Nov-15

1,11,503

2,242

2,75,818

5,566

20-Nov-15

1,38,123

2,773

2,78,834

5,617

23-Nov-15

1,52,392

3,068

2,87,860

5,790

24-Nov-15

2,68,017

5,386

3,05,694

6,157

26-Nov-15

2,58,950

5,228

2,30,871

4,647

27-Nov-15

79,132

1,585

2,48,460

4,984

30-Nov-15

53,295

1,065

2,49,622

5,004

Source: NSE

1212

DECEMBER

SEBI BULLETIN

2015

Table 58: Daily Trends of Interest Rate Futures trading at MSEI during November 2015
Date

No. of Contracts traded

02-Nov-15
03-Nov-15
04-Nov-15
05-Nov-15
06-Nov-15
09-Nov-15
10-Nov-15
11-Nov-15
13-Nov-15
16-Nov-15
17-Nov-15
18-Nov-15
19-Nov-15
20-Nov-15
23-Nov-15
24-Nov-15
26-Nov-15
27-Nov-15
30-Nov-15

Turnover (` crore)

113
129
51
218
201
327
114
3
2,814
3,102
28
66
2,513
39
7,645
41,464
6,524
2,973
1,359

2
3
1
4
4
7
2
0
57
62
1
1
50
1
158
833
131
59
27

Open Interest
No. of contracts
19,761
19,762
19,753
19,894
19,895
19,881
19,883
19,883
22,141
23,783
23,783
23,782
26,282
26,282
30,781
37,050
37,730
22,368
22,370

Value (` crore)
401
400
399
402
402
400
401
401
447
480
480
480
530
529
621
747
761
450
449

Source: MSEI

Table 59: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI
(` crore)
Year/ Month
2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

BSE
Physical Delivery
MTM Settlement
Settlement
55.8
1.5
199.7
6.5
36.3
2.2
26.2
0.9
54.0
1.1
19.6
0.1
21.0
0.7
13.4
0.1
11.8
0.6
17.5
0.7

NSE
Physical Delivery
MTM Settlement
Settlement
187.3
3.0
748.6
11.8
107.9
3.8
86.2
1.5
151.2
1.4
60.4
0.3
92.4
1.7
88.0
0.2
62.3
1.7
100.2
1.1

MSEI
Physical Delivery
MTM Settlement
Settlement
58.9
0.0
133.7
0.0
23.2
0.0
27.4
0.0
30.6
0.0
15.3
0.0
14.5
0.0
5.3
0.0
6.5
0.0
11.0
0.0

$ indicates as on November 30, 2015.


Source: NSE, BSE and MSEI

Table 60: Trends in Foreign Portfolio Investment


Year/Month
2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Gross Purchase
(` crore)
15,21,346
9,23,676
1,36,238
1,21,140
1,43,320
1,08,598
1,11,844
1,00,345
1,21,075
81,117

Gross Sales
(` crore)
12,43,887
9,30,684
1,20,905
1,35,412
1,44,928
1,03,275
1,29,368
1,06,128
98,724
91,943

Net Investment
(` crore)
2,77,460
-7,008
15,333
-14,272
-1,608
5,323
-17,524
-5,784
22,350
-10,826

$ indicates as on November 30, 2015.


Source: NSDL, CDSL

1213

Net Investment
(US $ mn.)
45,698
-917
2,441
-2,235
-250
842
-2,645
-874
3,444
-1,641

Cumulative Net
Investment (US $ mn.)
226,103
225,194
228,551
226,317
226,067
226,909
224,264
223,391
226,834
225,194

Gross
Purchase
(` crore)
3,413
3,466
3,192
3,529
3,856
4,475
3,901
3,579
5,564
3,382
3,544
3,003
3,484
3,283
3,143
3,258
5,989
2,820
66,879
4,776
3,472
3,565
3,462
4,847
2,894
4,607
4,292
6,401
4,330
3,939
3,723
3,792
3,378
3,170
3,769
6,256
3,279
73,953

Net
Investment
(` crore)
-1,363
-7
-373
67
-992
1,581
-706
-713
-837
-947
-395
-721
-307
-96
-28
-511
-268
-458
-7,074

Equity

Gross Sales
(` crore)

Net
Investment
(US $ mn.)
-209
-1
-57
10
-151
240
-106
-108
-127
-143
-60
-109
-47
-14
-4
-77
-40
-69
-1,071

Gross
Purchase
(` crore)
323
660
1,421
970
1,293
287
224
2,681
963
588
398
496
747
775
381
583
1,092
356
14,238
607
2,115
1,808
574
1,251
587
691
539
788
2,216
611
931
898
448
855
1,010
1,161
901
17,990

Net
Investment
(` crore)
-283
-1,456
-387
396
42
-301
-466
2,142
175
-1,628
-213
-436
-151
327
-475
-426
-69
-545
-3,752

Debt
Gross Sales
(` crore)

Net
Investment
(US $ mn)
-43
-222
-59
60
6
-46
-70
323
27
-246
-32
-66
-23
50
-72
-64
-10
-82
-570

Gross
Purchase
(` crore)
3,737
4,125
4,613
4,499
5,149
4,761
4,125
6,259
6,527
3,971
3,942
3,498
4,232
4,058
3,523
3,841
7,080
3,176
81,117
5,383
5,588
5,373
4,036
6,099
3,481
5,297
4,831
7,190
6,546
4,550
4,655
4,690
3,826
4,025
4,779
7,417
4,179
91,943

Net
Investment
(` crore)
-1,646
-1,463
-760
463
-950
1,280
-1,172
1,428
-662
-2,575
-608
-1,156
-458
232
-502
-938
-336
-1,003
-10,826

Total
Gross Sales
(` crore)

Net
Investment
(US $ mn.)
-252
-223
-116
71
-145
195
-177
215
-100
-389
-92
-175
-69
35
-76
-141
-51
-150
-1,641

1214
2,72,078
2,54,600
2,68,168
2,84,826
2,75,436
2,72,053
2,53,310
2,53,875
2,58,287
2,54,600

Year/ Month

2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

2,11,605
1,91,190
2,06,374
2,13,163
2,08,578
2,05,444
1,88,027
1,86,849
1,92,630
1,91,190

Notional value of ODIs on


Equity & Debt excluding
Derivatives

24,11,810
23,08,769
23,55,308
24,13,049
23,86,457
24,53,014
23,13,548
23,03,513
23,44,179
23,08,769

Assets Under Custody of


FPIs/Deemed FPIs

Notional value of ODIs on


Equity, Debt & Derivatives as
% of Assets Under Custody of
FPIs/Deemed FPIs
11.3
11.0
11.4
11.8
11.5
11.1
10.9
11.0
11.0
11.0

Notional value of ODIs on Equity


& Debt excluding Derivatives as %
of Assets Under Custody of FPIs/
Deemed FPIs
8.8
8.3
8.8
8.8
8.7
8.4
8.1
8.1
8.2
8.3

(` crore)

SEBI BULLETIN

Notes: 1. Figures are compiled based on reports submitted by FPIs/deemed FPIs issuing ODIs.
2. Column 4 Figures are compiled on the basis of reports submitted by custodians & does not includes positions taken by FPIs/deemed FPIs in derivatives.
3. The total value of ODIs excludes the unhedged positions & portfolio hedging positions taken by the FPIs/deemed FPIs issuing ODIs.
$ indicates as on November 30, 2015.
Source: SEBI.

Notional value of ODIs on


Equity, Debt & Derivatives

Table 62: Notional Value of Offshore Derivative Instruments (ODIs) Vs Assets Under Custody (AUC) of FPIs/Deemed FPIs

Note: The data presented above is compiled on the basis of reports submitted to depositories by custodians on 30-Nov-2015 and constitutes trades conducted by deemed
FPIs/FPIs on and upto the previous trading day(s).
Source: NSDL, CDSL

2-Nov-15
3-Nov-15
4-Nov-15
5-Nov-15
6-Nov-15
9-Nov-15
10-Nov-15
13-Nov-15
16-Nov-15
17-Nov-15
18-Nov-15
19-Nov-15
20-Nov-15
23-Nov-15
24-Nov-15
26-Nov-15
27-Nov-15
30-Nov-15
Total

Date

Table 61: Daily Trends in Foreign Portfolio Investment during November 2015

DECEMBER
2015

OCBs

NRIs

Mutual Funds

Corporates

Banks

Insurance
Companies

Local Pension
Funds

Financial
Institutions

62
63
62
62
63
63
63
63
63
63

2,54,124
2,45,225
2,47,417
2,50,666
2,49,776
2,59,125
2,40,479
2,42,686
2,48,720
2,45,225

1,286
1,379
1,281
1,299
1,310
1,325
1,334
1,353
1,375
1,379

4,55,033
4,60,058
4,45,954
4,61,223
4,55,303
4,78,237
4,60,007
4,58,342
4,61,298
4,60,058

177
188
177
178
178
179
180
181
187
188

52,184
54,640
51,994
52,582
52,517
52,692
52,610
52,561
53,858
54,640

26
24
24
24
24
24
24
24
24
24

1,784
1,962
1,704
1,775
1,871
1,959
1,845
1,869
1,938
1,962

322
390
325
332
341
334
353
370
379
390

2,093
2,705
2,204
2,281
2,357
2,731
2,652
2,759
2,649
2,705

1,962
1,968
1,951
1,960
1,969
1,959
1,953
1,956
1,978
1,968

9,58,332
11,05,408
10,30,014
10,62,408
10,40,629
11,08,667
10,78,928
10,20,296
10,88,513
11,05,408

439
458
444
450
455
451
459
460
461
458

62,502
56,835
59,199
55,773
55,711
57,899
56,399
55,070
55,721
56,835

117
116
117
117
117
117
118
118
118
116

1,74,169
2,36,892
1,83,686
1,90,357
1,85,346
1,86,993
2,18,442
2,15,471
2,22,013
2,36,892

473
484
473
468
468
509
522
523
483
484

12,16,122
12,23,034
12,15,577
12,43,976
12,41,439
12,54,921
12,10,686
12,06,426
1,220,473
1,223,034

101
104
101
101
104
104
104
104
104
104

1,33,988
1,60,147
1,37,109
1,40,012
1,42,570
1,47,762
1,51,076
1,54,480
1,57,391
1,60,147

32
31
32
32
31
31
31
31
31
31

85,897
78,543
86,256
85,314
83,489
82,223
75,610
76,898
78,504
78,543

24,11,810
23,08,769
23,55,308
24,13,049
23,86,457
24,53,013
23,13,548
23,03,513
23,44,179
23,08,769

Foreign
Venture Capital
Investments

8,319
8,662
8,333
8,369
8,409
8,458
8,471
8,544
8,606
8,662

FDI
Investments

Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)
(` crore)

Foreign
Depositories

No.

FPIs

7,788
10,772
8,005
8,320
8,751
9,234
9,457
9,714
9,870
10,772

No.
3,79,681
4,06,286
3,80,305
3,86,249
3,82,716
3,86,122
4,00,104
3,93,679
4,02,238
4,06,286

61,87,719
63,40,504
61,96,727
63,45,664
62,80,182
64,72,346
62,62,387
61,84,050
63,37,495
63,40,504

Amount
(` crore)

Total

21,104
24,639
21,325
21,712
22,220
22,788
23,069
23,441
23,679
24,639

Amount
No.
(` crore)

Others

1215

Pvt. Sector
91,43,962
71,59,304
8,66,379
8,71,462
10,91,867
11,85,641
9,13,537
8,13,316
7,81,344
6,35,757

Total
1,10,86,260
87,33,403
10,54,225
10,51,573
13,08,834
14,03,507
11,00,226
10,17,147
9,96,407
8,01,484

Pvt. Sector
90,40,262
70,21,165
7,79,347
8,78,050
11,06,555
10,88,326
9,51,153
8,77,833
6,83,103
6,56,798

Redemption
Public Sector
19,42,710
15,27,974
1,64,309
1,73,279
2,27,365
1,96,121
1,95,823
2,16,455
1,78,740
1,75,882
Total
1,09,82,972
85,49,139
9,43,656
10,51,329
13,33,920
12,84,447
11,46,976
10,94,289
8,61,842
8,32,680

2014-15
Purchase
1,10,26,222
57,545
2,493
1,10,86,260

$ indicates as on November 30, 2015.


Source: SEBI.

Sale
1,08,70,940
1,05,075
6,958
1,09,82,972

Net
1,55,282
-47,529
-4,465
1,03,288

Sale
85,06,820
40,694
1,626
85,49,139

2015-16$
Purchase
87,12,957
20,261
184
87,33,402

Net
2,06,137
-20,432
-1,442
1,84,263

Sale
8,32,166
465
49
8,32,680

Nov-15
Purchase
8,00,194
1,287
3
8,01,484

Net Inflow/Outflow
Pvt. Sector
Public Sector
1,03,700
-413
1,38,138
46,124
87,032
23,536
-6,588
6,832
-14,688
-10,398
97,315
21,745
-37,616
-9,134
-64,518
-12,624
98,241
36,323
-21,041
-10,155

Net
-31,972
822
-46
-31,196

Total
1,03,288
1,84,263
1,10,568
244
-25,086
1,19,060
-46,750
-77,142
1,34,565
-31,196

(` crore)

Assets at the end


of period
11,39,216
1,48,628
7,287
12,95,131

(` crore)

Assets at the
End of Period
10,82,757
12,95,131
11,86,364
12,03,547
11,73,294
13,17,267
12,55,506
11,87,313
13,24,165
12,95,131

SEBI BULLETIN

Open-ended
Close-ended
Interval
Total

Scheme

Table 65: Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended

$ indicates as on November 30, 2015.


Source: SEBI.

2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Year/ Month

Gross Mobilisation
Public Sector
19,42,297
15,74,099
1,87,845
1,80,111
2,16,967
2,17,866
1,86,689
2,03,831
2,15,063
1,65,727

Table 64: Trends in Resource Mobilization by Mutual Funds

Notes: 1. With the commencement of FPI Regime from June 1, 2014, the erstwhile FIIs, Sub Accounts and QFIs are merged into a new investor class termed as Foreign
Portfolio Investors (FPIs).
2. Others include Portfolio manager, partnership firm, trusts, depository receipts, AIFs, FCCB, HUFs, Brokers etc.
$ indicates as on November 30, 2015.
Source: Custodians.

Period
2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Client

Table 63: Assets under the Custody of Custodians

DECEMBER
2015

1216

9,781
7,711
4,876
0
188
71,030
2,908
68,121
9,826
776
-1,475
2,251
-900
1,03,288

1,03,95,484 1,04,05,265
5,421
13,133
4,88,627
4,93,502
0
0
0
188
77,142
1,48,171
5,434
8,343
71,708
1,39,829
5,591
15,417
9,198
9,974
1,593
118
7,605
9,856
1,509
609
1,09,82,972 1,10,86,260

Net
22,556

Purchase
1,09,12,088

1,08,89,532

Sale

910
0
0
906
0
4
92
16
76
0
0
0
0
0
1,002

364
52
45
267
0
0
342
39
303
25
48
14
34
31
810

0
0
72
0
0
0
0
0
0
0
0
0
0
72

72
52
45
1,245
0
4
434
55
379
25
48
14
34
31
1,884

1,346

No. of Schemes
Open Closed Interval Total
9,80,059 14,982

72,12,187 373

Total

58,480
2,624
40,573
0
230
66,313
2,367
63,946
13,333
3,033
-529
3,562
-322
1,84,263

1,01,906

Net

2,36,485
17,699
5,79,118
0
1,486
4,02,672
40,603
3,62,069
38,559
17,027
5,830
11,197
2,085
12,95,131

8,34,789

Assets at
the end of
Period

0
0
1154
0
7
113
16
97
0
0
0
0
0
1,274

1,161

0
0
84
0
0
0
0
0
0
0
0
0
0
84

84

No. of Folios
Closed Interval

7,51,588
675
33,378
0
0
12,310
557
11,754
1,329
2,181
2
2,179
22
8,01,484

7,85,641

Purchase

67,31,026 10,00,868 12,260

Open

2015-16$

7,93,647
755
30,903
0
0
5,932
251
5,682
337
1,038
43
995
67
8,32,680

8,25,305

Sale

Nov-15

77,44,154

Total

-42,059
-80
2,475
0
0
6,378
306
6,072
992
1,143
-40
1,184
-45
-31,196

-39,663

Net

(` crore)

54
347633
0
0
347633
48
69729
0
0
69729
1509
6313664 1000820 12260
7326744
0
0
0
0
0
7
0
48
0
48
463 3,28,47,242 15,20,431
0 3,43,67,673
55 61,63,612 6,12,140
0 67,75,752
408 2,66,83,630 9,08,291
0 2,75,91,921
26
22,84,307
0
0 22,84,307
53
7,08,700
0
0
7,08,700
13
4,53,630
0
0
4,53,630
40
2,55,070
0
0
2,55,070
31
1,32,611
0
0
1,32,611
2,191 4,27,03,886 25,21,299 12,260 4,52,37,445

1,618

No. of Schemes
Open Closed Interval Total

3,11,644
0
0
3,11,644 54
65,225
0
0
65,225 48
58,40,277 9,80,030 14,982 68,35,289 271
0
0
0
0
0
0
29
0
29
0
3,02,33,444 14,58,175
0 3,16,91,619 350
58,54,422 6,37,858
0 64,92,280 39
2,43,79,022 8,20,317
0 2,51,99,339 311
19,90,516
0
0
19,90,516 26
6,99,729
0
0
6,99,729 53
4,65,765
0
0
4,65,765 13
2,33,964
0
0
2,33,964 40
1,46,155
0
0
1,46,155 31
3,92,86,990 24,38,234 14,982 4,17,40,206 833

62,17,146

Open

2014-15

82,25,454
7,900
3,55,522
0
230
1,16,692
4,739
1,11,953
16,633
10,765
22
10,742
206
87,33,402

85,89,106

Purchase

2015-16$

SEBI BULLETIN

Note: Data for No. of Schemes also includes serial plans.


$ indicates as on November 30, 2015.
Source: SEBI.

A. Income/Debt Oriented Schemes


(i+ii+iii+iv)
i. Liquid/Money Market
ii. Gilt
iii. Debt (other than assured return)
iv. Debt (assured return)
v. Infrastructure Development
B. Growth/Equity Oriented Schemes (i+ii)
i. ELSS
ii. Others
C. Balanced Schemes
D. Exchange Traded Fund (i+ii)
i. Gold ETF
ii. Other ETFs
E. Fund of Funds Investing Overseas
Total (A+B+C+D+E)

Type

81,66,974
5,277
3,14,950
0
0
50,379
2,372
48,007
3,300
7,732
551
7,181
528
85,49,139

84,87,200

Sale

No. of Folios
Closed Interval

1,62,562
14,614
5,15,772
0
1,179
3,45,139
39,470
3,05,669
26,368
14,715
6,655
8,060
2,408
10,82,757

6,94,128

Assets at
the end of
Period

Table 67: Number of Schemes and Folios by Investment Objective

$ indicates as on November 30, 2015.


Source: SEBI.

A. Income/Debt Oriented Schemes


(i+ii+iii+iv)
i. Liquid/Money Market
ii. Gilt
iii.
Debt (other than assured return)
iv.
Debt (assured return)
v. Infrastructure Development
B. Growth/Equity Oriented Schemes (i+ii)
i. ELSS
ii. Others
C. Balanced Schemes
D. Exchange Traded Fund (i+ii)
i. Gold ETF
ii. Other ETFs
E. Fund of Funds Investing Overseas
Total (A+B+C+D+E)

Type

2014-15

Table 66: Scheme-wise Resource Mobilisation and Assets under Management by Mutual Funds

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 68: Trends in Transactions on Stock Exchanges by Mutual Funds


(` crore)
Equity

Debt

Total

Gross
Purchase

Gross
Sales

Net
Purchase/
Sales

2014-15

2,31,409

1,90,687

40,722

17,17,155

11,30,138

5,87,018

19,48,565

13,20,825

6,27,741

2015-16$

1,89,443

1,30,919

58,525

9,21,461

7,00,529

2,20,933

11,10,903

8,31,447

2,79,458

Apr-15

24,367

15,123

9,244

1,41,787

1,19,137

22,650

1,66,154

1,34,261

31,894

May-15

21,701

17,524

4,177

1,04,974

87,586

17,389

1,26,675

1,05,110

21,566

Jun-15

25,608

15,283

10,326

1,46,832

92,177

54,655

1,72,440

1,07,460

64,980

Jul-15

23,108

17,666

5,442

1,06,552

77,058

29,494

1,29,659

94,724

34,936

Aug-15

28,256

17,723

10,533

1,18,362

94,100

24,262

1,46,618

1,11,823

34,795

Sep-15

23,398

14,078

9,320

1,14,333

97,699

16,634

1,37,732

1,11,777

25,955

Oct-15

21,691

18,756

2,935

93,852

68,842

25,011

1,15,544

87,598

27,947

Nov-15

21,314

14,766

6,548

94,768

63,929

30,839

1,16,082

78,695

37,387

Year/ Month

Gross
Purchase

Net
Purchase/
Sales

Gross
Sales

Gross
Purchase

Net
Purchase/
Sales

Gross
Sales

$ indicates as on November 30, 2015.


Source: SEBI

Table 69: Asset Under Management by Portfolio Manager


Year/Month
Particulars
No. of Clients

2014-15
Discretionary
40,558

NonDiscretionary
3,297

Oct-15
Advisory
2,851

Discretionary

NonDiscretionary

49,812

3,502

Nov-15
Advisory
2,272

Discretionary

NonDiscretionary

50,890

3,570

Advisory
2,279

AUM
(` in crore)
Listed Equity
Unlisted Equity
Plain Debt
Structured Debt

40,829

8,651

45,492

9,687

46,915

9,947

1,129

42

1,113

56

1,018

42

6,27,716

33,730

6,87,977

39,026

6,96,267

39,694

137

500

77

427

77

410

180,124
Equity Derivative
Mutual Fund
Others
Total
Total of all Services

1,76,210

1,85,780*

153

-4

186

-2

192

-3

5,866

4,901

6,138

5,190

6,205

5,284

23,473

136

19,008

308

18,683

261

54,692

7,69,357#

55,637

6,99,304

47,957

7,59,991

9,27,385

9,94,588

Notes: 1. *Value of Assets for which Advisory Services are being given.
2. #Of the above AUM `6,86,128 crore is contributed by funds from EPFO/PFs.
3. The above data is based on the monthly reports received from portfolio managers
$ indicates as on November 30, 2015.
Source: SEBI.

1217

10,10,774

crore

`crore

`crore

Number

percent

Average Quantity of shares settled daily


(quantity of shares settled during the
month (divided by 30))

1218

Value of shares settled during the


month in dematerialized form

Average Value of shares settled daily


(value of shares settled during the
month (divided by 30))

Training Programmes conducted for


representatives of Corporates, DPs and
Brokers

The ratio of dematerialized equity


shares to the total outstanding shares
(market value)
85.1

4,611

1,38,338

22

653

1,02,34,576

44,226

84,81,749

40,638

142.1

271

6,093

Nov-15

85.2

12

5,275

1,58,252

23

679

1,01,97,803

43,625

84,61,919

40,110

141.8

269

6,086

Oct-15

84.1

12

5,378

1,61,342

24

735

98,89,404

39,923

84,54,080

37,012

135.5

273

5,825

Nov-14

0.8

-50.0

-14.3

-14.3

-11.1

-11.1

3.5

10.8

0.3

9.8

4.9

-33.3

-0.7

4.6

%
Change
during the
year

-0.9

-50.0

-12.6

-12.6

-3.8

-3.8

0.4

1.4

0.2

1.3

0.2

0.0

0.7

0.1

%
Change
during the
month

13.0

19

1,291

38,718

15

448

12,80,969

12,708

12,30,011

12,203

102.9

577

6,321

Nov-15

CDSL

13.1

112

1,332

39,954

16

492

12,77,086

12,681

12,26,000

12,129

102.2

578

6,312

Oct-15

13.8

387

1,495

44,865

20

600

13,65,809

11,121

13,24,835

10,836

92.6

574

6,043

Nov-14

-5.4

-95.1

-13.7

-13.7

-25.3

-25.3

-6.2

14.3

-7.2

12.6

11.2

0.0

0.5

4.6

%
Change
during the
year

-0.2

-83.0

-3.1

-3.1

-8.9

-8.9

0.3

0.2

0.3

0.6

0.8

0.0

-0.2

0.1

%
Change
during the
month

SEBI BULLETIN

Notes: 1. Shares includes only equity shares.


2. Securities include common equity shares, preference shares, debenture, MF units, etc.
3. No. of days taken for calculating Daily Average is 30 days instead of Actual settlement days.
4. Quantity and value of shares mentioned are single sided. 5. #Source for listed securities information: Issuer/ NSE/BSE.
Source: NSDL and CDSL.

crore

`crore

Quantity of shares settled during the


month

Value of Securities dematerialized

crore

`crore

Value of Shares dematerialized

Quantity of Securities dematerialized

crore

Quantity of Shares dematerialized

Number

Number of Stock Exchanges


(connected)
Lakh

Number

Number of Depository Participants


(registered)

Number of Investors Accounts

Number

Unit

Number of companies signed up


to make their shares available for
dematerialization

Parameter

NSDL

Table 70: Progress Report of NSDL & CDSl as on End of November 2015 (Listed Companies)

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 71: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)
NSDL
Year/
Month

Companies
Live

DPs
Live

DPs
Locations

2014-15

13,992

273

15,960

2015-16$

15,003

271

Apr-15

14,200

May-15

CDSL

Demat
Quantity
(million securities)

Demat
Demat Value
Quantity
(` crore)
(million securities)

Demat Value
(` crore)

Companies
Live

DPs
Live

DPs
Locations

9,27,357

1,17,48,315

9,399

574

11,877

2,06,012

13,94,264

19,166

1,02,32,118

1,17,50,473

9,772

577

16,156

2,19,989

13,74,782

273

16,849

9,37,777

1,15,19,700

9,452

574

11,944

2,08,782

13,94,833

14,319

273

16,900

9,53,758

1,18,12,484

9,503

574

12,050

2,09,355

14,61,124

Jun-15

14,449

271

17,137

9,63,076

1,17,04,162

9,549

573

12,183

2,11,178

14,21,673

Jul-15

14,571

270

17,265

9,74,878

1,19,82,064

9,608

574

12,278

2,12,725

14,44,187

Aug-15

14,687

269

17,640

9,86,539

1,15,22,199

9,663

576

12,456

2,14,333

13,32,854

Sep-15

14,809

270

17,711

9,95,870

1,15,06,522

9,714

578

12,561

2,17,269

13,19,167

Oct-15

14,913

269

18,460

1,10,17,201

1,16,84,461

9,742

578

16,116

2,19,295

13,69,155

Nov-15

15,003

271

19,166

1,02,32,118

1,17,50,473

9,772

577

16,156

2,19,989

13,74,782

Notes : 1. For CDSL, the current and historical data of Companies Live has been revised to exclude MF schemes count.
2. The Companies Live figure includes only the number of mutual fund companies and not the mutual fund schemes.
3. DPs Locations represents the total live (main DPs and branch DPs as well as non-live (back office connected collection
centres).
$ indicates as on November 30, 2015.
Source: NSDL and CDSL.

Table 72: Depository Statistics for November 2015


Debt
Particulars

Equity

Others

Total

Unit
Listed

Unlisted

Listed

Unlisted

Listed

Unlisted

Listed

Unlisted

NSDL
Issuers(debt)/ Companies(equity), who have issued
the active instument

Number

671

811

6,093

6,855

55

2,714

6,819

10,380

Active Instruments

Number

10,219

3,875

12,197

7,305

6,553

24,520

28,969

35,700

97,496 1,73,009 40,63,798 46,96,412 2,61,325

9,40,077

Dematerialised Quantity
Dematerialised Value

Lakh

` crore 17,18,894 2,05,725 84,81,749 4,43,718

Quantity settled during the month

Lakh

342

Value Settled during the month

`crore

1,58,451

33,934

44,22,619 58,09,498

8,66,453 1,02,34,576 15,15,896

65,323

12,905

300

78,570

302

8,805 1,38,338

1,185

51

2,97,973

8,855

CDSL
Issuers(debt)/ Companies(equity), who have issued
the active instument

Number

499

224

6,321

2,079

2,682

353

9,502

2,656

Active Instruments

Number

19,818

4,248

8,603

2,521

36,231

5,520

64,652

12,289

Lakh

1,745

15,692 12,20,325 7,79,998

48,748

1,33,382

12,70,818

9,29,072

` crore

37,713

18,475 12,30,011

59,982

13,245

15,357

12,80,969

93,813

Dematerialised Quantity
Dematerialised Value
Quantity settled during the month
Value Settled during the month

Lakh
` crore

448

24

472

402

38,718

1,365

40,485

Note: The categories included in Others are Preference Shares, Mutual Fund Units, Warrants, PTCs, Treasury Bills, CPs, CDs and
Government Securities.
Source: NSDL and CDSL.

1219

DECEMBER

SEBI BULLETIN

2015

Table 73: National Commoditiy Exchanges - Permitted Commodities


Agriculture

Metals other than


bullion

Bullion

Energy

No. of Permitted Commodities

21

No. of Commodities in which contracts have been floated

21

No. of Permitted Commodities

No. of Commodities in which contracts have been floated

No. of Permitted Commodities

13

No. of Commodities in which contracts have been floated

13

No. of Permitted Commodities

No. of Commodities in which contracts have been floated

Exchanges
NCDEX

MCX

NMCE

Regional Exchanges

Note: 1. In Regional Exchanges, data pertaining to Rajkot Commodity Exchange and The Chamber of Commerce, Hapur is considered.
Source: Exchanges

Table 74: Trends in MCXCOMDEX of MCX


MCXCOMDEX
Year/ Month
Open

High

Low

2014-15

3,925

4,046

2,775

Close
2,915

2015-16$

2,915

3,290

2,570

2,651

Apr-15

2,915

3,208

2,898

3,190

May-15

3,190

3,290

3,124

3,182

Jun-15

3,182

3,209

3,077

3,095

Jun-15

3,095

3,095

2,771

2,778

Aug-15

2,778

2,881

2,641

2,872

Sep-15

2,872

2,880

2,772

2,792

Oct-15

2,792

2,918

2,768

2,808

Nov-15

2,808

2,821

2,570

2,651

$ indicates as on Nov 30, 2015


Source: MCX

Table 75: Trends in Dhaanya of NCDEX


Dhaanya
Year/ Month
Open

High

Low

Close

2014-15

2,604

2,785

2,379

2,479

2015-16$

2,481

3,043

2,479

2,869

Apr-15

2,481

2,811

2,479

2,740

May-15

2,741

2,904

2,739

2,871

Jun-15

2,871

2,916

2,597

2,671

Jun-15

2,674

2,770

2,664

2,693

Aug-15

2,692

2,790

2,606

2,784

Sep-15

2,784

2,853

2,677

2,765

Oct-15

2,763

3,043

2,763

2,907

Nov-15

2,907

2,959

2,827

2,869

$ indicates as on Nov 30, 2015


Source: NCDEX

1220

DECEMBER

SEBI BULLETIN

2015

Table 76: Daily trends in MCXCOMDEX during November 2015


MCXCOMDEX

Date
Open

High

Low

Close

2-Nov-15

2,808

2,810

2,791

2,795

3-Nov-15

2,795

2,813

2,792

2,810

4-Nov-15

2,810

2,821

2,775

2,778

5-Nov-15

2,778

2,785

2,766

2,777

6-Nov-15

2,777

2,777

2,743

2,748

9-Nov-15

2,748

2,768

2,734

2,736

10-Nov-15

2,736

2,736

2,713

2,730

11-Nov-15

2,730

2,730

2,707

2,711

12-Nov-15

2,711

2,711

2,664

2,668

13-Nov-15

2,668

2,677

2,647

2,650

16-Nov-15

2,650

2,673

2,623

2,640

17-Nov-15

2,640

2,646

2,615

2,618

18-Nov-15

2,618

2,637

2,601

2,607

19-Nov-15

2,607

2,620

2,596

2,609

20-Nov-15

2,620

2,640

2,598

2,612

23-Nov-15

2,622

2,622

2,570

2,606

24-Nov-15

2,617

2,656

2,612

2,652

25-Nov-15

2,663

2,663

2,636

2,657

26-Nov-15

2,668

2,705

2,668

2,690

27-Nov-15

2,690

2,690

2,660

2,661

30-Nov-15

2,661

2,665

2,647

2,651

Source: MCX

Table 77: Daily trends in Dhaanya during November 2015


Dhaanya

Date
Open

High

Low

Close

2-Nov-15

2,907

2,915

2,873

2,878

3-Nov-15

2,876

2,923

2,875

2,920

4-Nov-15

2,921

2,941

2,920

2,923

5-Nov-15

2,921

2,956

2,900

2,941

6-Nov-15

2,941

2,959

2,935

2,935

9-Nov-15

2,936

2,936

2,890

2,891

10-Nov-15

2,898

2,910

2,891

2,904

11-Nov-15

2,911

2,919

2,904

2,915

12-Nov-15

2,920

2,924

2,912

2,914

13-Nov-15

2,918

2,920

2,869

2,871

16-Nov-15

2,877

2,951

2,876

2,936

17-Nov-15

2,936

2,958

2,922

2,925

18-Nov-15

2,925

2,945

2,919

2,935

19-Nov-15

2,933

2,942

2,928

2,937

20-Nov-15

2,935

2,937

2,902

2,908

23-Nov-15

2,906

2,913

2,859

2,863

24-Nov-15

2,865

2,872

2,827

2,838

25-Nov-15

2,836

2,840

2,833

2,835

26-Nov-15

2,837

2,880

2,837

2,869

27-Nov-15

2,868

2,884

2,855

2,864

30-Nov-15

2,868

2,887

2,862

2,869

Source: NCDEX

1221

21

21

Oct-15

Nov-15

828

1,219

1,201

1,160

831

986

1,041

1,027

8,294

13,504

200,936

261,209

251,441

275,023

268,379

371,247

291,848

345,568

22,65,651

33,71,516

Volume
(Lots)

Agriculture

6,800

9,191

8,551

9,240

9,412

13,713

10,340

12,185

79,432

1,10,268

Turnover
(` crore)

7,524

8,025

8,032

8,171

8,179

6,775

6,057

5,632

58,397

62,083

Volume
('000
tonnes)

5,388,108

5,521,156

5,808,508

5,920,453

6,275,928

5,068,372

4,453,300

4,533,552

4,29,69,377

4,73,52,037

Volume
(Lots)

Metals

117,315

128,315

135,429

138,686

148,937

126,373

119,948

115,100

10,30,103

12,74,213

Turnover
(` crore)

16

21

20

24

21

21

20

21

163

240

Volume
('000
tonnes)

2,880,794

3,748,426

3,657,202

4,112,385

3,697,529

3,333,552

3,451,247

3,557,038

2,84,38,173

4,62,94,585

Volume
(Lots)

Bullion

136,700

170,688

171,118

192,301

178,924

155,803

164,589

158,291

13,28,414

21,53,427

Turnover
(` crore)

56,401

61,054

67,644

67,696

58,668

47,630

50,380

56,247

4,65,720

4,04,556

Volume
('000
tonnes)*

8,932,201

10,002,914

10,372,551

9,909,995

8,927,950

7,615,773

7,137,785

8,032,678

7,09,31,847

5,15,57,804

Volume
(Lots)

Energy

140,859

160,469

167,417

158,007

164,472

159,378

162,674

159,482

12,72,757

16,45,799

Turnover
(` crore)

64,769

70,319

76,897

77,051

67,699

55,412

57,498

62,927

5,32,573

4,80,383

Volume
('000
tonnes)

17,402,039

19,533,705

20,089,702

20,217,856

19,169,786

16,388,944

15,334,180

16,468,836

14,46,05,048

14,85,75,942

Volume
(Lots)

Total

401,674

468,663

482,515

498,233

501,744

455,267

457,552

445,058

37,10,706

779

708

576

578

665

524

507

584

779

Open
Turnover Interest
(` crore) ('000
tonnes)
51,83,707
561

409,857

373,615

378,822

304,923

401,258

391,455

305,865

317,263

4,09,857

3,11,143

Open
Interest
(Lots)

9,514

9,596

9,385

8,496

10,328

10,893

9,429

9,845

9,514

8,715

Value
(` crore)

Open interest at the end


of the month

1222
Turnover
(` crore)
8,70,863
7,55,351
92,598
1,04,670
1,12,328
91,245
85,181
88,819
1,07,272
73,238

No of
contracts

2,70,99,591
2,14,28,177
26,54,507
27,17,470
30,20,259
26,54,457
25,01,685
25,92,666
31,00,082
21,87,051

Bullion

Energy

Volume
Volume
Volume
Volume
No of Turnover
No of Turnover
No of Turnover
('000
('000
('000
('000
contracts (` crore)
contracts (` crore)
contracts (` crore)
tonnes)
tonnes)
tonnes)
tonnes)
1,622
200
7
1.4
1,96,738 32,708
107
7,868
485
1,94,366
0
0
0
0.6
75,535 15,837
0
0
0
1,59,276
0
0
0
0.1
9,852
1,731
0
0
0
19,480
0
0
0
0.1
10,638
2,039
0
0
0
20,829
0
0
0
0.1
13,541
2,733
0
0
0
22,896
0
0
0
0.1
12,863
2,605
0
0
0
19,804
0
0
0
0.1
9,461
1,969
0
0
0
18,586
0
0
0
0.0
4,900
1,230
0
0
0
19,071
0
0
0
0.0
4,661
1,205
0
0
0
22,544
0
0
0
0.0
9,619
2,325
0
0
0
16,067

Metals

2,73,04,397
2,15,03,712
26,64,359
27,28,108
30,33,800
26,67,320
25,11,146
25,97,566
31,04,743
21,96,670

No of
contracts

Total

9,04,063
7,71,187
94,329
1,06,709
1,15,061
93,850
87,150
90,048
1,08,477
75,562

Turnover
(` crore)

Open interest
at the end of
the month
Volume Value
('000
(`
tonnes) crore)
1,433 6,087
1,561 6,947
1,490 7,192
1,607 8,179
1,698 8,087
1,606 7,460
1,606 7,636
1,503 7,098
1,646 7,610
1,561 6,947

SEBI BULLETIN

Notes: 1. The following commodities are considered in each category:


Agriculture: Bajra, Barley, CastorSeed, Chana, Cotton Cake, Cottonseed, Chilli, Coriander, Cotton, Crude palm oil, Guargum, Guarseed, Gur, Jeera, Kapas,
Rapeseed Mustardseed, Shankar kapas, Sugar, Soyabean, Rened Soyaoil Turmeric, Wheat, Maize; Metals: Copper, Steel; Bullion: Gold, Silver; Energy: Brent
Crude Oil, Crude Oil.
$ indicates as on Nov 30, 2015
Source: NCDEX

No. of
Year/
Trading
Volume
Month
days
('000
tonnes)
2014-15
255
1,94,255
2015-16$
172
1,59,275
Apr-15
21
19,480
May-15
21
20,828
Jun-15
22
22,895
Jul-15
23
19,804
Aug-15
21
18,586
Sep-15
22
19,071
Oct-15
21
22,544
Nov-15
21
16,067

Agriculture

Table 79: Trends in Commodity Futures at NCDEX

Notes: 1. The following commodities are considered in each category: Agriculture: Cardamom, Cotton, Crude Palm Oil, Guarseed, Guargum, Kapas, Kapas Khalli, Mentha
Oil, Potato; Metals: Aluminium, Copper, Lead, Nickel, Zinc and their variants; Bullion: Gold, Silver and their variants; Energy: Brent Crude Oil, Crude Oil, Crude
Oil Mini, Natural Gas.
2. *Natural Gas volumes are in mm BTU and is not included for computing the Total Volume and Total Open Interest in 000 tonnes
$ indicates as on Nov 30, 2015
Source: MCX

22

Sep-15

22

Jun-15

23

21

May-15

21

21

Apr-15

Aug-15

172

2015-16$

Jul-15

255

2014-15

Year/
Month

No. of
Trading
Volume
days
('000
tonnes)

Table 78: Trends in Commodity Futures at MCX

DECEMBER
2015

246
163
19
19
22
23
21
20
20
19

2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

15,76,654
5,72,879
106,579
73,580
95,555
88,368
64,576
58,599
47,154
38,468

Volume (Lots)

Agriculture
Turnover
(` crore)
36,040
21,014
2,584
2,594
3,728
3,607
2,658
2,420
1,817
1,605

1223

Volume
('000
tonnes)
35
76
72
50
44
32
26
16
8
26
42
37
36
36
37
37
35
16
56
54
58

46
26
45
49
48
31
31
31
29
26

Value (` crore)

Agriculture

Metals

Bullion

Energy

SEBI BULLETIN

Source: MCX

2-Nov-15
3-Nov-15
4-Nov-15
5-Nov-15
6-Nov-15
9-Nov-15
10-Nov-15
11-Nov-15
12-Nov-15
13-Nov-15
16-Nov-15
17-Nov-15
18-Nov-15
19-Nov-15
20-Nov-15
23-Nov-15
24-Nov-15
25-Nov-15
26-Nov-15
27-Nov-15
30-Nov-15

Date

Total

3,072
1,806
2,869
2,992
2,697
1,801
1,920
2,068
1,962
1,806

Open Interest (Lots)

Open interest at the end of the month

Open interest at the end of


the month
Volume
Volume
Volume
Volume
Volume
Volume Turnover
Volume Turnover
Volume Turnover
Volume Turnover
Volume Turnover
Volume Turnover
('000
('000
('000
('000
('000
(Lots) (` crore)
(Lots) (` crore)
(Lots) (` crore)
(Lots) (` crore)
(Lots) (` crore)
(Lots) (` crore)
tonnes)
tonnes)
tonnes)
tonnes)
tonnes)
8,423
288
266
1,83,629
4,244
0.8
1,29,614
5,897
2,609 4,37,202
6,856
2,911
7,58,868 17,286
671
3,53,415
9,148
13,232
464
299
2,24,063
5,038
0.8
1,55,693
9,285
2,967 4,91,493
8,019
3,344
8,84,481 22,806
684
3,69,923
9,281
14,336
490
343
2,53,020
5,669
0.8
1,49,173
7,417
3,430 5,52,443
9,013
3,846
9,68,972 22,589
668
3,78,707
9,544
10,933
360
363
2,82,396
6,282
0.7
1,36,900
7,172
2,229 4,03,768
6,592
2,643
8,33,997 20,407
679
3,98,307 10,020
8,775
303
399
2,67,067
6,198
0.8
1,48,513
8,178
2,438 4,06,670
6,736
2,882
8,31,025 21,415
717
4,13,429 10,022
8,606
304
250
1,71,912
3,962
0.6
1,19,625
5,631
2,320 3,87,342
6,116
2,603
6,87,485 16,013
731
4,20,226
9,921
7,489
259
362
2,44,775
5,621
0.8
1,34,952
5,753
2,308 3,67,040
5,970
2,697
7,54,256 17,603
729
4,28,708 10,240
3,274
115
52
35,467
785
0.1
22,197
1,020
462
82,891
1,293
530
1,43,829 3,213
768
4,41,653 10,444
1,243
49
204
1,48,320
3,302
0.6
1,10,804
5,148
2,213 3,27,325
5,323
2,426
5,87,692 13,822
841
4,50,873 10,378
7,140
230
208
1,59,880
3,432
0.6
1,13,859
5,114
2,557 4,20,609
6,430
2,791
7,01,488 15,206
899
4,55,457 10,386
7,566
254
325
2,29,960
5,129
0.8
1,48,812
7,504
3,379 5,35,581
8,118
3,746
9,21,919 21,005
842
4,51,043 10,447
11,827
379
378
2,80,177
5,977
0.8
1,47,451
7,797
3,479 5,35,499
8,294
3,895
9,74,954 22,448
860
4,53,638 10,448
8,606
276
378
2,65,906
5,686
0.6
1,20,755
5,625
3,508 5,25,609
8,063
3,922
9,20,876 19,650
899
4,64,403 10,465
10,138
351
426
2,82,642
6,154
0.8
1,64,326
7,756
3,176 4,97,508
7,529
3,638
9,54,614 21,790
850
4,59,642 10,252
15,559
511
657
4,17,884
9,333
0.9
1,61,916
7,473
2,480 4,09,780
6,436
3,176 10,05,139 23,753
680
4,28,092 10,191
12,268
400
424
3,13,714
6,331
0.9
1,74,946
7,232
4,126 6,20,126
9,697
4,588 11,21,054 23,660
679
4,17,398
9,942
12,675
414
522
3,86,879
7,915
0.8
1,45,451
6,419
3,339 5,14,420
8,072
3,897 10,59,425 22,820
663
3,89,402
9,494
2,032
79
229
1,79,911
3,590
0.5
88,680
3,799
2,252 3,48,376
5,512
2,498
6,18,999 12,981
677
3,90,898
9,575
12,163
409
493
3,55,135
7,661
0.7
1,26,662
5,040
2,124 3,17,251
5,027
2,674
8,11,211 18,136
732
3,84,122
9,479
12,693
429
479
3,50,263
7,494
1.0
1,79,253
8,722
2,231 3,32,092
5,247
2,765
8,74,301 21,892
738
3,99,992
9,891
11,958
436
467
3,55,108
7,513
1.1
2,01,212
8,717
2,772 4,19,176
6,514
3,298
9,87,454 23,180
779
4,09,857
9,514

Table 81: Daily trends of Commodity Futures Trading at MCX during November 2015

$ indicates as on Nov 30, 2015


Source: NMCE

No.of Trading days

Year/ Month

Table 80: Trends in Commodity Futures at NMCE

DECEMBER
2015

1224

138,927

127,977

117,424

113,019

145,648

117,489

29,722

6,491

121,291

115,054

97,264

129,912

95,360

111,121

119,936

134,938

8,009

109,437

112,215

117,804

1,080

964

925

873

1,026

794

201

35

867

858

722

1,048

756

765

931

961

53

769

780

785

3-Nov-15

4-Nov-15

5-Nov-15

6-Nov-15

9-Nov-15

10-Nov-15

11-Nov-15

12-Nov-15

13-Nov-15

16-Nov-15

17-Nov-15

18-Nov-15

19-Nov-15

20-Nov-15

23-Nov-15

24-Nov-15

25-Nov-15

26-Nov-15

27-Nov-15

30-Nov-15

Source: NCDEX

118,013

3,420

3,415

3,369

292

4,290

4,111

3,299

3,275

4,605

3,400

3,926

3,952

167

978

3,703

4,756

4,110

4,376

4,575

5,069

4,149

Volume Turnover
(Lots) (` crore)

873

Volume
('000
tonnes)

2-Nov-15

Date

Agriculture

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Volume
('000
tonnes)

Volume Turnover
(Lots) (` crore)

Metals

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Volume
('000
tonnes)

294

518

75

52

839

1,194

1,203

200

182

351

278

121

250

101

276

211

505

441

873

1,501

154

69

123

18

13

194

284

301

49

43

84

67

29

59

25

67

52

122

107

212

367

39

Volume Turnover
(Lots) (` crore)

Bullion

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

785

780

769

53

961

931

765

756

1,048

722

858

867

35

201

794

1,026

873

925

964

1,080

873

Volume
Volume
Volume Turnover
('000
('000
(Lots) (` crore)
tonnes)
tonnes)

Energy

Table 82: Daily trends of Commodity Futures Trading at NCDEX during November 2015

1,18,098

1,12,733

1,09,512

8,061

1,35,777

1,21,130

1,12,324

95,560

1,30,094

97,615

1,15,332

1,21,412

6,741

29,823

1,17,765

1,45,859

1,13,524

1,17,865

1,28,850

1,40,428

1,18,167

3,489

3,538

3,387

305

4,485

4,394

3,600

3,324

4,648

3,484

3,992

3,981

227

1,003

3,770

4,808

4,232

4,483

4,788

5,436

4,188

Volume Turnover
(Lots) (` crore)

Total

1,561

1,560

1,556

1,528

1,526

1,559

1,584

1,594

1,573

1,564

1,566

1,638

1,677

1,677

1,666

1,686

1,662

1,650

1,662

1,659

1,651

2,16,799

2,17,455

2,17,145

2,14,772

2,15,207

2,18,321

2,22,247

2,23,237

2,21,067

2,21,214

2,21,582

2,31,171

2,36,485

2,36,515

2,35,147

2,39,113

2,37,979

2,35,917

2,37,159

2,37,004

2,35,495

6,947

6,978

7,001

6,792

6,777

7,064

7,375

7,416

7,376

7,332

7,349

7,598

7,882

7,885

7,841

7,920

7,874

7,832

7,901

7,828

7,586

Volume
Volume Turnover
('000
(Lots) (` crore)
tonnes)

Open interest at the end of


the month

DECEMBER
SEBI BULLETIN
2015

DECEMBER

SEBI BULLETIN

2015

Table 83: Daily trends of Commodity Futures Trading at NMCE during November 2015
Date
02 Nov 2015
03 Nov 2015
04 Nov 2015
05 Nov 2015
06 Nov 2015
09 Nov 2015
10 Nov 2015
11 Nov 2015
13 Nov 2015
16 Nov 2015
17 Nov 2015
18 Nov 2015
19 Nov 2015
20 Nov 2015
23 Nov 2015
24 Nov 2015
26 Nov 2015
27 Nov 2015
30 Nov 2015

Volume (Lots)
2,269
2,928
2,536
2,428
2,350
1,897
1,869
733
1,503
2,156
1,693
1,984
2,171
1,981
1,638
1,794
2,144
2,236
2,158

Agriculture
Turnover (` crore)
92
124
104
114
98
65
76
26
62
87
62
88
96
83
74
77
88
95
93

Open interest at the end of the month


Volume (Lots)
Turnover (` crore)
1,955
30
1,920
30
1,904
28
1,951
30
1,900
28
1,858
27
1,721
26
1,788
24
1,745
25
1,674
25
1,761
27
1,716
25
1,775
27
1,767
25
1,679
23
1,627
22
1,765
26
1,845
27
1,806
26

Source: NMCE

Table 84: Commodity-wise Share in Turnover at MCX


(percent)
Year/ Month
2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Agriculture
2.13
2.14
2.74
2.26
3.01
1.88
1.85
1.77
1.96
1.69

Percentage Share in Turnover


Metals
Bullion
24.58
41.54
27.76
35.80
25.86
35.57
26.22
35.97
27.76
34.22
29.68
35.66
27.84
38.60
28.07
35.46
27.38
36.42
29.21
34.03

Energy
31.75
34.30
35.83
35.55
35.01
32.78
31.71
34.70
34.24
35.07

$ indicates as on Nov 30, 2015


Source: MCX

Table 85: Commodity-wise Share in Turnover at NCDEX


(percent)
Year/ Month
2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Agriculture
96.33
97.95
98.16
98.09
97.62
97.22
97.74
98.63
98.89
96.92

Percentage Share in Turnover


Metals
Bullion
0.00
3.62
0.00
2.05
0.00
1.84
0.00
1.91
0.00
2.38
0.00
2.78
0.00
2.26
0.00
1.37
0.00
1.11
0.00
3.08

$ indicates as on Nov 30, 2015


Source: NCDEX

1225

Energy
0.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Turnover
Agriculture Commodities
Pro
Client
Hedgers
41.6
58.4
NA
46.3
53.7
NA
47.8
52.2
NA
45.4
54.6
NA
46.2
53.8
NA
48.4
51.6
NA
47.2
52.8
NA
43.1
56.9
NA
45.5
54.5
NA
40.2
59.8
NA
Non-Agriculture Commodities
Pro
Client
Hedgers
33.0
67.0
NA
24.1
75.9
NA
25.8
74.2
NA
23.3
76.7
NA
23.6
76.4
NA
23.6
76.4
NA
26.4
73.6
NA
23.8
76.2
NA
22.3
77.7
NA
21.8
78.2
NA

Open Interest at the end of month


Agriculture Commodities
Non-Agriculture Commodities
Pro
Client
Hedgers
Pro
Client
Hedgers
20.6
79.4
NA
33.7
66.3
NA
20.6
79.4
NA
29.9
70.1
NA
20.8
79.2
NA
35.7
64.3
NA
20.6
79.4
NA
34.4
65.6
NA
18.1
81.9
NA
35.3
64.7
NA
18.8
81.2
NA
34.0
66.0
NA
20.8
79.2
NA
36.5
63.5
NA
19.8
80.2
NA
30.9
69.1
NA
20.6
79.4
NA
29.9
70.1
NA
18.7
81.3
NA
32.5
67.5
NA

1226
85.9
83.7
85.4
86.1
86.1
77.7
89.5
71.1

14.1
16.3
14.6
13.9
13.9
22.3
10.5
28.9

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

27.7
27.5
27.0
27.8
27.5
24.4
23.1
24.1

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0
0
0
0
0
0
0
0

0
0

0
0
0
0
0
0
0
0

0
0

4.2
4.0
4.8
3.9
0.0
5.2
5.1
5.6

37.0
52.2
47.1
58.8
59.0
36.7
38.0
33.9

55.4
38.0

63.0
47.8
52.9
41.2
41.0
63.3
62.0
66.1

44.6
62.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0

3.2
1.7
1.2
1.2
1.8
1.6
0.9
0.7

4.3
1.8

96.8
98.3
98.8
98.8
98.2
98.4
99.1
99.3

95.7
98.2

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0

0
0
0
0
0
0
0
0

0
0

0
0
0
0
0
0
0
0

0
0

0
0
0
0
0
0
0
0

0
0

Open Interest at the end of month


Agriculture Commodities
Non-Agriculture Commodities
Pro
Client
Hedgers
Pro
Client
Hedgers

68.1
68.5
68.2
68.2
68.1
70.5
71.8
70.3

4.1
5.1

SEBI BULLETIN

0
0
0
0
0
0

0
0

0.0
0.0

Turnover
Agriculture Commodities
Non-Agriculture Commodities
Pro
Client
Hedgers
Pro
Client
Hedgers

2014-15
5.3
94.7
2015-16$
4.1
95.9
Apr-15
4.5
95.5
May-15
2.7
97.3
Jun-15
2.1
97.9
Jul-15
2.8
97.2
Aug-15
6.1
93.9
Sep-15
7.8
92.2
Oct-15
8.1
91.9
Nov-15
4.1
95.9
$ indicates as on November 30, 2015.
Source: NMCE

Year/ Month

Table 88: Category-wise Percentage Share of Turnover & Open Interest at NMCE

0.1
0.2
0.3
0.6
0.3
0.2
0.2
0.9

67.7
71.8

47.8
49.1
49.1
46.8
48.4
49.2
51.4
54.4

0.0
0.0

52.1
50.7
50.6
52.6
51.3
50.6
48.4
44.8

26.0
14.9

28.2
23.1

74.0
85.1

53.1
48.9

46.2
50.8

0.7
0.3

Open Interest at the end of month (` crore)


Agriculture Commodities
Non-Agriculture Commodities
Pro
Client
Hedgers
Pro
Client
Hedgers

Turnover (` crore)
Agriculture Commodities
Non-Agriculture Commodities
Pro
Client
Hedgers
Pro
Client
Hedgers

$ indicates as on November 30, 2015.


Source: NCDEX

2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Year/ Month

Table 87: Category-wise Percentage Share of Turnover & Open Interest at NCDEX

Notes: 1. All trades executed under client codes other than *OWN* (proprietary account) is treated as client trades and is computed at client Level.
2. All Commodities falling under the category Energy, Bullion and Metals are treated as Non-Agri wheresas all other commodities are treated as Agri.
3. Profile of participants as hedgers or otherwise is not available with the Exchange
$ indicates as on November 30, 2015.
Source: MCX

2014-15
2015-16$
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Year/ Month

Table 86: Category-wise Percentage Share of Turnover & Open Interest at MCX

DECEMBER
2015

DECEMBER

SEBI BULLETIN

2015

Table 89: Macro Economic Indicators


I.

GDP at constant prices (2011-12 prices) for 2014-15 (` crore)*

II.

Gross Saving as a percent of Gross national Disposable Income at current market prices in 2013-14

30.0

III.

Gross Capital Formation as a percent of GDP at current market prices in 2013-14

32.3

IV.

Monetary and Banking Indicators


Cash Reserve Ratio (percent)

September
2015

October
2015

November
2015

4.0

4.0

4.0

7.25

7.25

7.25

6.75

6.75

1,09,43,220

1,09,99,870

1,12,20,050

1,12,27,440

1,12,50,590

Aggregate Deposit (` crore)

88,83,320

89,59,700

91,63,820

91,40,030

91,24,760

Bank Credit (` crore)

66,56,090

66,66,250

68,30,240

68,03,970

68,67,930

Call Money Rate (Weighted Average)

7.1

7.0

7.1

6.8

6.8

91-Day-Treasury Bill (Primary Yield)

7.5

7.4

7.4

7.1

7.1

9.7-10.0

9.7-10.0

9.7-10.0

9.3-9.7

9.3-9.7

8.3

8.0

8.0

7.9

7.9

4,53,738

4,93,754

3,82,838

3,91,944

3,57,949

Market Cap-BSE

1,04,79,396

98,27,930

96,48,122

98,33,359

98,88,227

Market Cap-NSE

1,01,68,561

95,29,070

94,91,609

96,54,114

96,75,669

5,319

-16,877

-6,475

6,650

-7,074

353,461

351,920

350,806

353,637

351,616

Re/ Dollar

64.0

66.3

65.6

65.2

66.8

Re/Euro

70.2

74.5

73.1

71.7

70.7

7.1

6.6

6.4

6.6

6.5

2,39,000

2,95,000

3,51,000

4,11,000

4,56,000

Wholesale Price Index (2004-05=100)

177.6

176.5

176.6

176.7

177.6

Consumer Price Index (2012 =100)

123.6

124.8

125.4

126.1

126.6

Interest Rate

Base rate (percent)


Term Deposit Rate > 1 year (Maximum)
Capital Market Indicators (`crore)
Turnover (BSE+NSE)

Net FPI Investment in Equity


VII.

August
2015
4.0

Money Supply (M3) (` crore)

VI.

July
2015
4.0

Repo Rate (percent)

V.

1,06,56,925

Exchange Rate and Reserves


Forex Reserves (USD million)

Forward Premia of USD 6-month


VIII. Public Borrowing and Ination
Govt. Market Borrowing-Gross (` crore) 2015-16

IX.

X.

Index of Industrial Production (y-o-y) percent (Base year 2004-05 = 100)


General

180.5

176.6

178.4

181.3

NA

Mining

117.7

119.8

118.8

130.0

NA

Manufacturing

190.9

184.8

187.2

188.1

NA

Electricity

190.3

194.4

195.7

201.6

NA

Exports

23,137

21,266

21,845

21,353

20,014

Imports

35,950

33,744

32,324

31,120

29,796

Trade Balance

-12,812

-12,478

-10,479

-9,767

-9,782

External Sector Indicators (USD million)

Notes: 1. * Advance estimates; Data as per the new series released by MOSPI
2. CPI Data ia being released on Base 2012=100 from January 2015 by MOSPI
Source : RBI, MOSPI, Ministry of Commerce & Industry.

1227

DECEMBER

SEBI BULLETIN

2015

PUBLICATIONS
1.

Annual Report : 2014-15

2.

Handbook of Statistics on Indian Securities Market, 2014

Interested persons may contact Publication Division, Department of Economic and Policy Analysis of SEBI to
obtain a copy of Annual Report/Handbook of Statistics at the following address:
Publication Division
Department of Economic and Policy Analysis
Securities and Exchange Board of India
Plot No. C4-A, G Block,
Bandra Kurla Complex,
Bandra (E), Mumbai-400051
Tel no. +91-2226449000
Fax no. +91-2226449021

1228

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