c





 







Domestic market, on Wednesday begun trade on a positive note as crude oil prices simmer
down a bit. However, India still has additional challenges like mounting inflation and fiscal
consolidation to deal with besides unpredictable crude prices. Munish Varma, head of
global markets at Deutsche Bank India, feels that investors are cautiously optimistic on
India as there are concerns about the interest rate cycle. However, he feels that the long-
term market mood will continue to be positive.
Talking about commodity prices, he said, "Commodity prices are driven by abundant global
liquidity. And, monetary tightening in the US, Europe will be a risk to commodity prices."
According to him, the Nifty may breakout of this resistance zone of 5,600-5,700 once the
market gets capital commitments from the FIIs and investors.
°

        °Udayan
Mukherjee Mitali Mukherjee
   ! 
ÿ






 






 













!


 


 "
 







! !
!!
 


 

 






!




 #
A: I think investors generally have been consciously optimistic on India. I think there is very
little debate and it is almost the consensus view that the structural growth story of India
remains intact. However, people are concerned in the near-term on a couple of different
trances, I know it is a well flat concern, oil prices leading to higher inflation, some concerns
on the current account deficit and then some concerns regarding fiscal consolidation. But
overall mood continues to be positive, optimistic but that is for the longer-term. In the short-
term, there are these headwinds and there are these challenges that the market has to deal
with.
ÿ

 










 




 

 



 






 





$

"%"&


Nifty"









!



 







'
 







!








  #
A: No doubt, I think we will get capital commitments from investors. What remains to be
seen is the timing of that capital flow coming into the country. As you are well aware, the
year-to-date (YTD) FII outflows have been about 2 billion, last year we got almost USD 29-
30 billion of FII flows in the country. So step one ± that has to stop, outflows have to stop
and then step two would be when people start writing cheques to further the investment in
the country.
At our conference, to give you a sense of the appetite for India and the interest in India, we
are just over 500 investors registered and there were a lot of investors from around the
world from places as far as South Africa and people that have not yet put money into India
but were very keen to come down here to meet with the leading corporates and the leading
policy makers, to try and use that as a basis to performing their investment decisions for the
rest of the year. So, I am quite optimistic that capital flows will come.
ÿ
(





 





!!


 







 










 



 








! 
 







!!






 










#
A: No, I think people are concerned about the interest rate cycle. I don't think investors are
of the view that the cycle is almost over. Inflation in India continues to be an issue. I think
what we have found out having discussions over the last couple of days and extensive
discussions that people are now making a much more nuanced approach towards inflation
i.e. if you look at the inflation numbers for India and you take out food inflation, which is
largely a supply chain issue and changes in consumption pattern, we have got then energy
inflation, which has obviously escalated over the last couple of weeks, which people are
fearful of again and then you have got core inflation, which has trended down somewhat but
it is being overshadowed by what is happening on the energy side and then what is
happening on the food side. So, people aren't totally sanguine about inflation in India as yet.
We believe that there is another of 75 basis points (bps) of hike yet to come over the next
12 months. So that the people will be cautious but people also recognize that inflation is
also going to go out of hand if there is 75 bps then market is now kind of getting to the stage
where it is discounting the bulk, if not all of it. But we haven't heard people worry about
hikes of about a 150 bps, which will be a worrisome outcome, that hasn't been discussed.
That is not on the forefront of investors minds. So people are concerned about inflation. But
recognizing the fact that there is another 75 bps of hikes, perhaps,left in the cycle and that
would cap inflation for the time being.
ÿ


 

 
 !  
 


 



 



"




 




 "
 













) 

 
%!
 
*)+%+,









 "
















 #
A: It is still underway. The data points and the numbers that have come out of the
developed economies have been quite robust. I think if you look at corporate balance
sheets particularly in the US, they look very healthy. If you look at stock prices as a multiple
of free cash flow, it looks pretty healthy. So I think that tactical shift of-if not pulling money
out of EM into DM but holding back on EM investments to invest more in DM, I think that
continues for a little bit longer.
ÿ
(

 





 



 


-.
 





! 




! 



 






 

 #
/ 
!!




-.








 




 











 #
A: People are relatively bullish on the US market going into the remainder of the year and if
you look at the US market like I mentioned most corporate balance sheets are in a very
good shape, free cash flow generation or the US corporate is looking very strong as well
and people are also looking at a way of getting exposure to some EM economies through
US corporates and if you look at the example of consumables or consumer durables out of
US when discretionary spend, the likes of Coke, Pepsi, LOréal, all these entities have
exposure to EM and it is actually a way to play the consumption story in EM. You can also
make the argument that a good way to play the consumption story in EM is by investing
through these stocks. So people are looking at that carefully and we do believe that there
was more to go in the US market and we think that there is more outperformance to come
from the US in the short-term.
ÿ







!!





 



 






 0



"


c12


 


!

! 
 
 



!"









#
A: I think they will. I think there is enough appetite for that. I think it has been spaced out
well that they have not come to market just one after the other, people have interest in that
sector and if you were to ask generally for EM and in terms of which sectors investors would
favour, oil and gas ranks very higher right up there. So I don¶t foresee any issues with the
divestment calendar that the government has put out.
ÿ
/
 



 








!  

%"
!




c12"










 




 #
A: True, to be honest with you, we didn¶t have any in-depth discussions on that. So, I cannot
give you a sense of how they react to that but I have not heard that as being a major issue
as yet by the way. Also with this conference as well, generally in my interaction with
investors globally, i have not had that conveyed to me.
ÿ



-.
 "
 





 

 "




"







"

!!









-.
 




 
 

 #
A: I think in a short-term, yes, there is a lot of positive momentum in that market like you
said data has been very good, corporate balance sheets are in great shape, generating lots
of free cash flow. So yes, people are quite confident, that is our houseview as well that the
US will continue to do well over the next three-six months, those markets will perform well
and as I mentioned before, there are a fair bit of US companies that you can buy into with
high dividend yields that give you exposure to emerging markets so you can play the
consumption story in emerging markets to some domicle companies. So I think that market
will continue to do up.
ÿ




 


 


 

 






!

 

 

 


!
"





 
 




!






 "


 



 3 







 


!

"

 

!



!#
A: Bullish for the most part. Commodity prices have been heading higher, one ofcourse is
well documented is a function of the easy liquidity that has been in the system, the other is
global growth which people keep revising their estimates up for global growth and as US
recovers, as EM continues to do well and these growth numbers get revised so commodity
prices have a lot of positive momentum built into them. The only risk that you have to be
mindful of is at some point, easy monetary conditions do come to an end. The end to this
easy liquidity in the system is going to be synchronous, we think the ECB will be the first to
move rates maybe as soon as next month. If not next month, definitely at some point before
the end of Q2, Bank of England, we believe goes straight after that some point in Q3 and
then ofcourse the USA is the last one to move but as easy liquidity conditions taper off then
that is one of the risks you have to bear in mind with regards to commodity prices.
ÿ
4
 

 

 "
 








!



!



+5




 "






 

 


!



!















! 



 

 
 #
A: Investors generally are not that concerned about politics per se, what they do want is
some form of continuity in policies. So less concerned over the actual politics of what is
happening but more concerned as to whoever is in power, whoever is the decision making
bodies are, from the legislative point of view, the right policies get enacted and there is
continuity on policies, I think the political situation is well flagged, well documented, it has
been in every newspaper, I think there is potential upside from hereon with regards to that.
ÿ
4


!







"


!

 
'! "

 

 


"

!










% 













!!
 
!! 










"






 
!


!




















 
)c

 
%






#
A: At this point where you have got great long-term prospects but you have got straight
headwinds in the short-term, it makes sense for anyone that is putting money and is
probably going to go like you pointed out on a long-short way because there is a bit of
caution built in. But as some of these headwinds get dissipated or some of these challenges
get dealt with, I do expect that investors are going to go back to the traditional long only
funds, the ETFs exposure to EM and exposure to India in particular in the second half of the
year, you will see money is coming into this space, you won¶t see that in the first half as
much but in the second half you will see that directional money that you have pointed out
like the ETFs, like retail money outside of the country will be there.


†!






!"


! 



MUMBAI: The Indian rupee stayed firm on Wednesday afternoon supported by strong regional peers and on hope of big
dollar inflows through next week's auction of foreign institutional investors' (FII) debt limit.

* The Securities and Exchange Board of India (SEBI) will on March 15 auction unutilised FII limits in long-term government
and corporate debt.
* JPMorgan, in a note on Tuesday, said there may be "decent" interest from FIIs at the auction.

* Volumes in the forex market were very low due to a technical glitch in the Thomson Reuters trading system, traders said.

* At 2:28 p.m., the partially convertible rupee was at 45.0000/0100 per dollar, stronger than Tuesday's close of
45.0750/0850.

* The Thai baht hit a near two-month high against the dollar on Wednesday and the Korean won hit its highest in more than
two weeks.

* Weakness in the euro along with choppy domestic shares may limit gains in the rupee, dealers said.

* The index of the dollar against six major currencies was up 0.12 percent at 76.891 points. It had been at 76.681 points
when the rupee market closed on Tuesday.

* The one-month onshore forward premiums were trading at 26.00 points, marginally down from 26.25 points on Tuesday,
while the three- month premiums were sharply higher at 79.25 points from 76.75 points on Tuesday.

* The one-year was also higher at 276.75 points versus 275.75 points at previous close.

* The one-month offshore non-deliverable forward contracts were quoted at 45.26, weaker than the onshore spot rate.

* In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange , the
MCX-SX and on the United Stock Exchange were all at 45.1675, with the total traded volume at $2.92 billion.

ÿ
 
    
 

Ans. FII means an entity established or incorporated outside India which proposes to make investment
in India.

ÿ
 

Ans. Sub-account includes those foreign corporations, foreign individuals, and institutions, funds or
portfolios established or incorporated outside India on whose behalf investments are proposed to be
made in India by a FII.

ÿ
  

Ans. Designated Bank means any bank in India which has been authorized by the Reserve Bank of
India to act as a banker to FII.

ÿ
 ! 

Ans. Domestic Custodian means any entity registered with SEBI to carry on the activity of providing
custodial services in respect of securities.

ÿ"

  

Ans. Broad Based Fund means a fund established or incorporated outside India, which has at least
twenty investors with no single individual investor holding more than 10% shares or units of the fund.
årovided that if the fund has institutional investor(s) it shall not be necessary for th e fund to have
twenty investors.

årovided further that if the fund has an institutional investor holding more than 10% of shares or
units in the fund, then the institutional investor must itself be broad based fund.

#$%&'#(')*

ÿ+
 

 

Ans. Following entities / funds are eligible to get registered as FII:

1. åension Funds
2. Mutual Funds
3. Insurance Companies
4. Investment Trusts
5. Banks
6. University Funds
7. Endowments
8. Foundations
9. Charitable Trusts / Charitable Societies

Further, following entities proposing to invest on behalf of broad based funds, are also eligible to be
registered as FIIs:

1. Asset Management Companies

2. Institutional åortfolio Managers
3. Trustees
4. åower of Attorney Holders

ÿ,

-
 
 .&$ -- /0

Ans.

a. Applicant¶s track record, professional competence, financial soundness, experience,

general reputation of fairness and integrity. (The applicant should have been in
existence for at least one year)
b. whether the applicant is registered with and regulated by an appropriate Foreign
Regulatory Authority in the same capacity in which the application is filed with SEBI
c. Whether the applicant is a fit & proper person.

ÿ1
2
 2 . --0 2
 

 

Ans. "Form A" as prescribed in SEBI (FII) Regulations, 1995.

ÿ3
    .4 

(4

Ans.
 a. Certified copy of relevant clauses (clauses permitting the stated activities) of
Memorandum of Association, Article of Association or Article of Incorporation.
b. Audited financial statement and annual report for the last one year (period covered
should not be less than twelve months

ÿ 5
6. 22



  

Ans. US $ 5,000.

ÿ
 

 2-0

Ans. At the time of submitting the application for registration.

ÿ 
 2-0  

Ans. Demand Draft in favour of "Securities and Exchange Board of India" payable at New York

ÿ 
6.  00


 

Ans. SEBI generally takes seven working days in granting FII registration. However, in cases where
the information furnished by the applicants is incomplete, seven days shall be counted from the days
when all necessary information sought, reaches SEBI.

‘







 
 
 


 
‘

 




 

‘ 
‘
‘



 



 





  



‘

ÿ 


 -
2
 

Ans. ålease contact us for registration.

ÿ "
0-
2 

 

Ans. The FII registration is valid for 5 years. After expiry of 5 years, the registration needs to be
renewed.

ÿ +
-
2
 .

Ans. Same as initial registration. Along with "Form A" and all the relevant documents, the applicants
are required to fill in additional form (Annexure 1) while applying for renewal.

ÿ ,

 0
 .2

Ans. Yes, US $ 5,000 needs to be paid for renewal of FII registration.

ÿ 1
 -- 2


 . 

Ans. Three months before expiry of the FII registration.

ÿ 3

 557 8 9 .-
2




 
Ans. 100 % debt FIIs are debt dedicated FIIs which invest in debt securities only. The procedure for
registration of FII/sub-account, under 100% debt route is similar to that of normal funds besides a
clear statement by the applicant that it wishes to be registered as FII/sub-account under 100% debt
route.

ÿ5

-- 2
 

  

Ans. The FII registration application should be sent to:

Securities and Exchange Board of India

Division of FII & Custodian
Mittal Court "B" Wing, First Floor
224, Nariman åoint
Mumbai 400 021
India

m
 -- : /

4&
02 4 -- 2

 
      -

&;(!!);*'#$%&'#(')*

ÿ
 

 

Ans.

a. Institution or funds or portfolios established outside India, whether incorporated or

not.
b. åroprietary fund of FII.
c. Foreign Corporates
d. Foreign Individuals

ÿ
 --02
 

 

Ans. The FII should apply on the behalf of the Sub-account. Both the FII and the Sub-account are
required to sign the Sub-account application form.

ÿ
2
 2. --0 2
 

 

Ans. "Annexure B" to "Form A" (FII application form).

ÿ
    .( <

(

Ans. None

ÿ"
6. 22

 

 

Ans. US $ 1,000

ÿ+
 

 2-0
Ans. At the time of submitting the application.

ÿ,
 2-0  

Ans. Demand Draft in the name of "Securities and Exchange Board of India" payable at New York.

ÿ1
6.  00 




Ans. SEBI generally takes three working days in granting FII registration. However, in cases where the
information furnished by the applicants is incomplete, three days shall be counted from the days when
all necessary information sought, reaches SEBI.

ÿ3
0-
2 

 

Ans. The validity of sub-account registration is co-terminus with the FII registration under which it is
registered.

ÿ5
-
2
 .2 

Ans. Same as initial registration.

ÿ


 .2

Ans. Yes, US $ 1,000

ÿ
! )!8*#-


 8 

Ans. No, they are not permitted.

=)&'#$%&'#(')*=#)!$&&$&

ÿ
-

  8    

Ans. If a registered FII/sub-account undergoes name change, then the FII need to promptly inform
SEBI about the change. It should also mention the reasons for the name change and give an
undertaking that there has been no change in beneficiary ownership.

In case of name change of FII, the request should be accompanied with documents from home
regulator and registrar of the company evidencing approval of name change, and the original FII
registration certificate issued by SEBI should be sent back for necessary amendment.

ÿ
-

2

 2

  2
    


Ans. The FII to whom the Sub-account is proposed to be transferred has to send a request along with
a declaration that it is authorized to invest on behalf of the Sub-account. The transferor FII should
also submit a No-objection certificate.

ÿ"
-

2
 2  

Ans. The FII should send a request, along with no-objection certificate from existing domestic
custodian, for change in domestic custodian.

ÿ+
!  8 

   
>
Ans. Yes, the FII would be required to send a request for cancellation of its registration or registration
of its Sub-account/s clearly mentioning the name and registration number of the entity. The FII should
ensure that it / Sub-account has nil cash / securities holdings.

ÿ,
2  

 .8 /

 

Ans. The registration of the FII / Sub-account would get expired at due date and it would not be
allowed to trade in Indian securities markets. If it is not interested in renewal but has certain residual
assets, it can apply for disinvestment in terms of Circular No. FITTC/CUST/12/2001 dated June 04,
2001 and abide by the guidelines specified in this regard.

*?$&'@$*')==)#';*'$&

ÿ1
2   
  
2
    

Ans.

a. Securities in primary and secondary markets including shares, debentures and

warrants of companies, unlisted, listed or to be listed on a recognized stock exchange
in India;
b. Units of mutual funds;
c. Dated Government Securities;
d. Derivatives traded on a recognized stock exchange;
e. Commercial papers.

ÿ3

     >0   0 8 

Ans.

a. FII, on its own behalf, shall not invest in equity more than 10% of total issued capital
of an Indian company.
b. Investment on behalf of each sub-account shall not exceed 10% of total issued capital
of an India company.
c. For the sub-account registered under Foreign Companies/Individual category, the
investment limit is fixed at 5% of issued capital.

These limits are within overall limit of 24% / 49 % / or the sectoral caps a prescribed by Government
of India / Reserve Bank of India.

ÿ5

        0 8 

Ans. The FII investments in debt securities are governed by the policy if the Government of India.
Currently following limits are in effect:

 For FII investments in Government debt, currently following limits are applicable:

100 % Debt Route US $ 1.55 billion

70 : 30 Route US $ 200 million

'A  ;&B
,"

 For corporate debt the investment limit is fixed at US $ 500 million.

ÿ

    



Ans.

*
 ,5C5# 557 

Total investment in equity and equity 100% investment shall be made in

related instruments shall not be less debt security only.
than 70% of aggregate of all
investments.

ÿ
 .  





Ans.

a. In the name of FII when making investments on its own behalf

b. In the name of sub-account when making investments on behalf of Sub-account
c. In the name of "FII a/c sub-account" when making investments on behalf of Sub-
account.

$#?('?$&=)&')*A@'&

ÿ



      


Ans

' -   

 
 &

The FII position limits in a derivative contract on a particular underlying stock i.e. stock option
contracts and single stock futures contracts are:

 For stocks in which the market wide position limit is less than or equal
to Rs. 250 Cr, the FII position limit in such stock shall be 20% of the
market wide limit.
 For stocks in which the market wide position limit is greater than Rs.
250 Cr, the FII position limit in such stock shall be Rs. 50 Cr.

b. =    <-  



FII position limit in all index options contracts on a particular underlying index shall be Rs. 250
Crore or 15 % of the total open interest of the market in index options, whichever is higher
per exchange.

This limit would be applicable on open positions in all option contracts on a particular
underlying index.

c. =    <2

 
C

FII position limit in all index futures contracts on a particular underlying index shall be Rs. 250
Crore or 15 % of the total open interest of the market in index futures, whichever is higher,
per exchange.
 This limit would be applicable on open positions in all futures contracts on a particular
underlying index.

‘
 


 
!‘‘


"



# 
 "
 
 



 
 $

i. 

  

 "
 

 


 
 


 

" 

  


!‘‘%
 

 
ii. ü 

  

 "
 
 
 
 

 



 

" 

  


!‘‘%
 



 
 
&'
 

   

b. = A   



 


(2 

The notional value of gross open position of a FII in exchange traded interest rate derivative
contracts shall be:

i. US $ 100 million.
ii. In addition to the above, the FII may take exposure in exchange traded in
interest rate derivative contracts to the extent of the book value of their cash
market exposure in Government Securities.

(2 

The position limits for a Sub-account in near month exchange traded interest rate derivative
contracts shall be 
2:

Rs. 100 Cr

or

15% of total open interest in the market in exchange traded interest rate
derivative contracts.

) &6)#$$#?('?$&8=(#'!=(')#D*)'$&

ÿ
!  8 )22


8=
-
0*
Ans. Yes, FII/sub-account may issue, deal in or hold off-shore derivative instruments such as
åarticipatory Notes, Equity Linked Notes or any other similar instruments against underlying
securities, listed or proposed to be listed on any stock exchange in India.

ÿ"
 
8  =
-
0*

Ans.

a. Any entity incorporated in a jurisdiction that requires filing of constitutional and/or

other documents with a registrar of companies or comparable regulatory agency or
body under the applicable companies legislation in that jurisdiction;
b. Any entity that is regulated, authorised or supervised by a central bank, such as the
Bank of England, the Federal Reserve, the Hong Kong Monetary Authority, the
Monetary Authority of Singapore or any other similar body provided that the entity
must not only be authorised but also be regulated by the aforesaid regulatory bodies;
c. Any entity that is regulated, authorised or supervised by a securities or futures
commission, such as the Financial Services Authority (UK), the Securities and
Exchange Commission (Sub-account), the Commodities Futures Trading Commission
(Sub-account), the Securities and Futures Commission (Hong Kong or Taiwan),
Australian Securities and Investments Commission (Australia) or other securities or
futures authority or commission in any country , state or territory ;
d. Any entity that is a member of securities or futures exchanges such as the New York
Stock Exchange (Sub-account), London Stock Exchange (UK), Tokyo Stock Exchange
(Japan), NASD (Sub-account) or other similar self-regulatory securities or futures
authority or commission within any country, state or territory provided that the
aforesaid mentioned organizations which are in the nature of self regulatory
organizations are ultimately accountable to the respective securities / financial market
regulators.
e. Any individual or entity (such as fund, trust, collective investment scheme, Investment
Company or limited partnership) whose investment advisory function is managed by
an entity satisfying the criteria of (a), (b), (c) or (d) above.

ÿ+


-
 #>
  2
 8&  

=
-
0*

Ans.

a. FII/sub-account who issue/renew/cancel/redeem åNs, require to report on Monthly

basis. The report should reach SEBI by the 7th day of the following month.
b. The FII/sub-account merely investing/subscribing in/to the åarticipatory Notes/Access
åroducts/Offshore Derivative Instruments or any such type of instruments/securities
with underlying Indian market securities are required to report on quarterly basis
(Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec).
c. FIIs/sub-accounts who do not issue åNs but have trades/holds Indian securities during
the reporting quarter (Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec) require to submit 'Nil'
undertaking on a quarterly basis.
d. FIIs/sub-accounts who do not issue åNs and do not have trades/ holdings in Indian
securities during the reporting quarter. (Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec): No
reports required for that reporting quarter.

ÿ,
6. 
-
 =
-
0*

Ans.
  The format for reporting on issuance/ renewal / redemption of the åarticipatory Notes
is prescribed as per "Annexure B" in our Circular No. IMD/CUST/15/2004 dated April
02, 2004 [
 The reports should be e-mailed only to SEBI
 In case of Nil-reports, µAnnexure B¶ is not required. Instead the FII on behalf of its
Sub-account should submit the undertaking prescribed in our circular No.
IMD/CUST/9/2003 dated November 20 , 2003
 The reporting should be done in MS Excel format only

.)6
/ 2- 7).
)
†)8-9/ 2 .
c2†
c (.

Market regulator Security Exchange Board of India recently announced new rules for foreign
investments through financial instruments such as participatory notes, asking FIIs to wind up å-Notes
for investing in derivatives within 18 months.

SEBI also imposing curbs on å-Notes for investing in spot market.

In derivatives, foreign institutional investors (FIIs) and their sub-accounts cannot issue fresh å-Notes
and will have to wind up their current position in 18 months.

In spot market, FIIs will not be allowed to issue å-Notes more than 40 per cent of their assets under
custody. The reference date for calculating such assets will be September 30.

Those FIIs who have issued å-Notes of more than 40 per cent of their assets could issue such
instruments only if they cancel, redeem, or close their existing åNs. Those FIIs who have issued å-
Notes less than 40 per cent of their assets under custody can issue additional instruments at the rate
of 5 per cent of their assets.

:




†

p New norms to come into effect from tomorrow

p Unregulated pension fund, university fund, charitable fund, endowments etc to be treated as
FIIs
p No dilution of know-your-customers norms for registration of FIIs to prevent money
laundering
p FIIs to be registered on a permanent basis instead of earlier practice of renewing registration
every three years



 
1%#

å-Notes are instruments like contract notes issued by FIIs to overseas investors who cannot directly
invest in equity market as they are not registered. Out of over 1,100 FIIs registered with SEBI, only
34 have been issuing åNs.

FIIs return to India. To do what?

The Indian stock markets have had a bumpy start to 2011. The markets seem to be tracing the steps of a
cardiac monitor that has gone awry. There are several reasons for it that include higher inflation rates,
commodity prices hurting company results, higher interest rates and not to forget the infamous corruption
scandals. But a major reason for the fall has been the FIIs, who have sold shares worth Rs 50 bn in just
one month.

In a recently published interview to a leading daily, the director of Deutsche Asset Management, Mr. Bill
Barbour, has cited all of the abovementioned points as plausible reasons for FIIs selling their shares. He
has identified inflation as one of the biggest causes. The RBI is expected to raise interest rates to control
inflation, which will have a negative impact on the growth. Particularly for the companies who are already
reeling under the pressure of higher input prices thanks to the higher inflation. It's a vicious circle.

However, he also states that the current fall of over 12% has made Indian stocks attractive in terms of
valuations. So this would again attract FIIs. He has stated that the FIIs would return thanks to their strong
belief in 'India's growth story'.

So if Mr. Barbour's words are correct, 




'

c

 




 






 But what would this lead to? Higher prices. Expensive valuations. And finally
market crashes when the FIIs pull out again. Mr. Barbour is right. It is a vicious cycle and we are all stuck
in the middle of it.

Want a better option? Forget what the FIIs are doing. Look for companies with strong competitive
advantage, run by an honest management team and buy into the same at attractive valuations. We
virtually guarantee that this will bring you much better results than worrying about what the FIIs do next.

Do you agree with our views on the FII flows? Share your views with us or you can also post comments
on our Facebook page.

;; 7 




The flood of money has sent prices of all commodities skywards. To add to this, the natural calamities
and political unrest have sent prices soaring even higher. All this has led to the prices of essential
commodities especially food higher throughout the world. (
 





 




 (

!


 

-


(
c/2
c
' The Index has touched its
all time high of 231 since 1990, when the agency started monitoring the prices.
 Data source: United Nations

;<

In chaos theory, it has half-jokingly been said that a butterfly stirring the air today in Peking can transform
storm systems next month in New York. The idea encompasses economics almost as much as it does
natural sciences. The global economic system is much more integrated in the current times than ever
before. And in such a context, a butterfly (read Mr. Bernanke) playing around with interest rates
and money printing presses in the US can surely create storms in quite a many emerging economies.

But he doesn't seem to understand. Or maybe he doesn't care to understand. He 

 


c(
ÿ)
 

!
!








 

  Of
course, there are other reasons too. But the actions of a giant economic system such as the US do have
far-reaching repercussions on all other economies. Not accepting this fact is dangerous we believe.

=;

Coming back to India, the case for 'India's long term story' as we know it suffers from some serious
bottlenecks. One of them is the continuous scarcity of power. India suffers a power deficit of almost 15%.
The situation has remained like this for ages now. The worst part is that the country's power situation is
only going to get worse. While demand continues to grow, power plants are facing short-supply of coal
(which fires almost 55% of India's power plants).



. 
4 

! 



(

 






   And the
reason for this is not far to see. Domestic coal supplies, a large of which come from Coal India, are falling
short of the rising demand. In the coming financial year (FY12), supply is expected to fall short by around
20%. This would mean that power companies and other consumers of coal would have to look at greater
imports of the commodity. And this would mean higher prices of electricity and other things produced
using the black gold.

=

After a dream run in the past one year, auto companies are beginning to feel the pinch of rising costs. For
starters, commodity prices have been rising. As a result, most auto companies have witnessed a rise in
input costs which has put considerable pressure on their margins. Further, because of the competitive
nature of the industry, companies so far have chosen to absorb higher input costs for fear of losing
market share. Now, there's a possibility that the Finance Minister + 
1 
+ 3






 
'



=>



6


!!"

!







 



 This means that companies will be compelled to pass on this additional burden to
consumers. Indeed, readers would do well to recall that the government had extended a total of 4%
concession on excise duty. This was due to the recession that hit global economies in late 2008 and early
2009. The benefits boosted demand to record levels. It also saw the Indian auto industry emerge among
the fastest growing markets globally. Thus, if prices of automobiles start inching higher especially in an
environment where interest rates are also rising, auto companies could see a slowdown in growth.

<;

Meanwhile, the Indian markets are trading well below the dotted line. All sector indices are trading in the
red with realty and FMCG stocks leading the loser pack. At the time of writing, India's benchmark
index, 
6.)%.'
 




=?@
!


;> Mid-cap and Small cap stocks
are trading weak as well. Many major Asian markets like China, Hong Kong, Singapore and Taiwan are
closed today due to the Lunar holiday.

<A

India, a developed nation by 2020. If one goes purely by mathematics, that's a per capita income growth
of around 20% on a compounded basis for every Indian from here on. And we have not even taken the
population growth into account. Looks highly improbable isn't it? But not to the man who answers to the
name of A P J Abdul Kalam. The former President and also a former top defense scientist, has
exhorted  (
 



 





!



==
As
mentioned before, the target does look a little farfetched. But Kalam's every word is worth hanging on to.
He has appealed to students to continue to acquire knowledge. Besides, he has also urged them to be a
good human being. What more, he has also come up with a novel way to cure corruption. He has asked
students to ensure that their parents desist from corruption. "Corruption can be rooted out of society if
every youth takes the responsibility of forcing his parents to desist from corruption at home," he is
believed to have said. Looks like the great man has a great deal of expectations from the country's youth.

A=

Investors in emerging markets assets are already making news. And we are not just referring to some
China or India story here. Several other emerging markets as well are ensuring that the investors in
assets there can make some tall order claims. Take the case of Mexican investor 7 
.
(




:
















+'


!








6

6

8


 


 
 B That too for the second straight year!
We believe that there will be more such cases of emerging market investors topping American billionaires
in terms of yearly returns. For the upside in emerging market assets will continue to remain higher than
that in the US. Both due to corporate fundamentals and economic well being. Hence, investors need to
only make sure that they buy the right assets at the correct prices.


=A
†!

Cc    "C

..
D 
updated Feb 11, Totally agree with the views!
2011

Let DII, EPFOs, Retail investors come and make investments in strong Fundamental companies.
1

-! 
.
 Mr. Barbour's mention of the Indian Equity being stuck in a vicious is only apt -- thanks to its
updated Feb 11, capricious nature over the past few months. Albeit its a vicious circle, the real worry lies in the
2011
time period of its iteration; what I mean to say is: wild swings (up & down) in a matter of months
will dampen investors sentiments further, & raise very serious questions on the fundamentals of
our financial system.

Thank god, we still haven't lost our faith in "The Great Indian growth story" -- & very rightly so.
D 2
5
:-† / Mr Anupan Garg has missed the point completely, on trying to interpret the term 'act in unison.
updated Feb 7, What I implied was stay invested, and do not fear FIIs actions and counteractions. Who said that
2011
profit is not the motive in investing in markets. If not, why do investors invest their resources?
 One should not press the panic button, when FIIs are withdrawing, fearing crash in the market.
Markets crash because everyone tries to quit the market when prices are falling. Is that not acting
in unison, for the fear of loosing. The point that I am making is simple. Do not get panicky when
the SENSEX or NIFTY is on the decline. Because panic actions cause more decline. Stay
invested or invest more on dips and make use the opportunity.

Markest are unpredictable, and that is the beauty or the malice of stock markets. One needs to
use his/her judgement to buy or sell at the opportune time. If one is making the expected profit by
all means sell. But if one needs to sell for the fear of falling prices without making a profit, stay
invested. Profits are bound to come. It is matter of time and opportunity.

The resilience of the Indian economy and the high svaings rate help to adopt this strategy....

Vinod K Huria

856-: †/4/ It has been more than 15 years these white elephants were allowed in indian markets. What they
updated Feb 5, have invested is around 150-180 billion usd in 15 years that is around 10 b yearly at average.
2011
Domestic savings are severla folds of this amount but it will not come to equity because of this
abnormal and unwarranted volatality caused by sudden inflow and outflow of FII. To my mind the
collatteral damage to investor sentiment is enormous in comparison to inflows of FII. We must
strenghten domestic institutions who are just reactive and never proactive. It is beyond
understanding why domestic institutions are not able to lead from the fromt instead of following
like beaten man. They should be leader in price discovery and not FII. Once the domestic
instituion start delivering results the local investor confidence will return and we may not need any
FII to provide directions to our market.
/
+ 3 Yes! Dr. Abdul Kalam is right when he says that only youths can eradicate corruptions from the
updated Feb 5, root. All youths should come forward to fulfill the dream of our great leader and see that their
2011
parents desist from corruptions. What is the use of stacking money in foreign land which is not
useful for our motherland. If all the money lying out is brought here, we will not see any jobless
youth and smiles in everybody's face. Let us all join and see that his dream of seeing Developed
India by 2020 is a reality. If we do not come forward then the generation to come will curse us all.
Come let us Join and look forward for a better, Developed India. Long Live Dr. Kalam
Jai Hind

Anal Mukherjee
/6-9
9/ c
+2:/+)
looking the best stocks to accumulate, suggest best your knowledge and thanks
E2-.-c
updated Feb 4,
2011

  as rightly said companies with strong fundamentals and

updated Feb 4,
2011
strong ethics like the tata companies and some pharma companies like Lupin Cipla would
outshine .

Good governance but not by the academic economists can lead the country.they should confine
to academic institutions.
  sir,
updated Feb 4, have we not learn"t from our mistakes we continue to do the same .the FIIs will keep returning it is
2011
for us to teach them a lesson. only problem is we are busy pulling the neighbours down and so
we can never reach the top.with this indian attiude FII will continue to exploit us and we will fall a
prey to them.



 I will accept with your view on Fiis. pick good fundamental company and invest in them forget
updated Feb 4, about FIIS and indian polititions.
2011

.

 Since we seem to love the FII pouring in money and stocks going higher, why don't we factor FII
updated Feb 4, as one of the parameters like P/E, Technicals, Fundamentals, Economy, Debt, Inflation. market
2011
sentiments and FII interest. What's wrong in that?
 




7!


c F † F1 2

†


Foreign Institutional Investors (FIIs), Non-Resident Indians (NRIs), and Persons of Indian
Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India
through the portfolio investment scheme (PIS). Under this scheme, FIIs/NRIs can acquire
shares/debentures of Indian companies through the stock exchanges in India.

The ceiling for overall investment for FIIs is 24 per cent of the paid up capital of the Indian
company and 10 per centfor NRIs/PIOs. The limit is 20 per cent of the paid up capital in the
case of public sector banks, including the State Bank of India.

The ceiling of 24 per cent for FII investment can be raised up to sectoral cap/statutory ceiling,
subject to the approval of the board and the general body of the company passing a special
resolution to that effect. And the ceiling of 10 per cent for NRIs/PIOs can be raised to 24 per
cent subject to the approval of the general body of the company passing a resolution to that
effect.

The ceiling for FIIs is independent of the ceiling of 10/24 per cent for NRIs/PIOs.

The equity shares and convertible debentures of the companies within the prescribed ceilings
are available for purchase under PIS subject to:

- the total purchase of all NRIs/PIOs both, on repatriation and non-repatriation basis, being
within an overall ceiling limit of (a) 24 per cent of the company's total paid up equity capital and
(b) 24 per cent of the total paid up value of each series of convertible debenture; and

- the investment made on repatriation basis by any single NRI/PIO in the equity shares and
convertible debentures not exceeding five per cent of the paid up equity capital of the company
or five per cent of the total paid up value of each series of convertible debentures issued by the
company.


 
 





The Reserve Bank of India monitors the ceilings on FII/NRI/PIO investments in Indian
companies on a daily basis. For effective monitoring of foreign investment ceiling limits, the
Reserve Bank has fixed cut-off points that are two percentage points lower than the actual
ceilings. The cut-off point, for instance, is fixed at 8 per cent for companies in which NRIs/
PIOs can invest up to 10 per cent of the company's paid up capital. The cut-off limit for
companies with 24 per cent ceiling is 22 per cent and for companies with 30 per cent ceiling, is
28 per cent and so on. Similarly, the cut-off limit for public sector banks (including State Bank
of India) is 18 per cent.

Once the aggregate net purchases of equity shares of the company by FIIs/NRIs/PIOs reach
the cut-off point, which is 2% below the overall limit, the Reserve Bank cautions all designated
bank branches so as not to purchase any more equity shares of the respective company on
behalf of FIIs/NRIs/PIOs without prior approval of the Reserve Bank. The link offices are then
required to intimate the Reserve Bank about the total number and value of equity
shares/convertible debentures of the company they propose to buy on behalf of
FIIs/NRIs/PIOs. On receipt of such proposals, the Reserve Bank gives clearances on a first-
come-first served basis till such investments in companies reach 10 / 24 / 30 / 40/ 49 per cent
limit or the sectoral caps/statutory ceilings as applicable. On reaching the aggregate ceiling
limit, the Reserve Bank advises all designated bank branches tostop purchases on behalf of
their FIIs/NRIs/PIOs clients. The Reserve Bank also informs the general public about the
`caution¶ and the `stop purchase¶ in these companies through a press release.

The current list of companies allowed to attract investments from FIIs/NRIs/PIOs with their
respective ceilings is:

9


!


9


!










 
;>


!

† 



1 .
*

=@"
=;,

-!
=A>

1 Alembic Chemical Works Co. Ltd.

2 Amar Investments Ltd., Calcutta.
3 Anglo- India Jute Mills Co. Ltd.
4 Arvind Mills, Ahmedabad.
5 Ashima Syntex Ltd, Ahmedabad.
6 Ashoka Viniyoga Ltd.
7 Bharat Nidhi Ltd.
8 BLB Shares & Financial Services Ltd
9 BPL Ltd.
10 Burr Brown (India) Ltd
11 Camac Commercial Company Ltd.
12 Ceenik Exports (India) Ltd.
13 Cifco Finance Ltd., Mumbai.
14 Classic Financial Services & Enterprises Ltd, Calcutta.
15 CPPL Ltd, (Reliance Ind. Infrastructure Ltd) Mumbai.
16 Crest Communication Ltd.
17 CRISIL
18 DCM Ltd.
19 DCM Shriram Consolidated Ltd.
20 Dharani Sugars & Chemicals Ltd
21 Dolphin Offshore Enterprises ( I ) Ltd.
22 Emco Ltd.
23 Essar Oil Ltd.
24 Essar Shipping Ltd., B¶lore
25 Essar Steel Ltd.
26 Eveready Industries India Ltd.
27 Fabworth (I) Ltd.
28 Federal Bank Ltd.
29 Ferro Alloys Corporation Ltd., Tumsar.
30 Gammon India Ltd
31 Grasim Industries Ltd.
32 GTL Ltd.(formerly Global Tele-Systems Ltd.)
33 GTL Infrastructure Ltd
34 Hamco Mining & Smelting Ltd.
35 HCL Infosystems Ltd.
36 HEG Ltd
37 Hindustan Development Corp. Ltd, Calcutta.
38 Hindustan Nitroproducts (Gujarat) Ltd.
39 Hindustan Transmission Products Ltd., Mumbai
40 HMG Industries Ltd., Mumbai.
41 Housing Development and Infrastructure Limited
42 Indiabulls Real Estate Ltd.
43 India bulls Securities Ltd.
44 Indiabulls Financial Services Ltd
45 Indiabulls Power Limited (formerly Sophia Power Company Limited)
46 Igarashi Motors India Ltd
47 IVP Ltd
48 Jagatjit Industries Ltd,
49 Jai Parabolic Springs Ltd.
50 Jaysynth Dyechem Ltd.
51 Jindal Strips Ltd.
52 Jindal Iron & Steel Co. Ltd.
53 Jindal Saw Limited (formerly Saw Pipes Limited)
54 JJ Spectrum Silk Ltd.
55 Kartjikeya Paper & Boards Ltd.
56 K Sera Sera Productions Ltd
57 Lakhani India Ltd.
58 M.P. Agro Fertilisers Ltd., Bhopal.
59 Macleod Russel (I) Ltd.
60 Matsushita Television and Audio India Ltd.
61 Max India Ltd
62 Mazda Enterprises Ltd., Mumbai.
63 Media Video Ltd.
64 Monnet Ispat & Energy Limited
65 Multimetals Ltd., Mumbai
66 Neha International Limited.
67 National Steel Industries Ltd.
68 Nicholas Laboratories India Ltd., Mumbai.
69 Networth Stock Broking Limited
70 Nava Bharat Ventures Limited
71 O.P. Electronics Ltd., Mumbai.
72 Oriental Housing Development Finance Corp. Ltd.
73 Pabacea Biotec Ltd.
74 Padmini Technologies Ltd.
75 Pearl Polymers Ltd., New Delhi.
76 Piramal Healthcare Ltd.
77 PNB Finance & Industries Ltd
78 Rajath Leasing & Finance Ltd.
79 Rajesh Exports Limited
80 Rama Petrochemicals Ltd.
81 Rama Phosphates Ltd.
82 Reliance Industries Ltd., Mumbai.
83 Rishra Investment Ltd., Calcutta
84 Rossell Industries Ltd., Calcutta.
85 Sahu Properties Ltd
86 Sanghvi Movers Ltd
87 Saurashtra Paper & Board Mills Ltd.
88 Sayaji Hotel Ltd.
89 SB & T International Ltd
90 Sharyans Resources Ltd.
91 Shanti Gears Ltd.
92 Shibir India Ltd., Calcutta
93 Shrenuj & Company Ltd.
94 Shriram Industries Enterprises Ltd., N. Delhi.
95 Silverline Industries Ltd.
96 Sonata Software Ltd.
97 SRF Ltd.
98 Sterling Lease Finance Ltd., Mumbai.
99 Sujana Metal Products Ltd
100 Svam Software Ltd.
101 Synthetics and Chemicals Ltd., Mumbai.
102 Shrenuj & Company Limited
103 The Champdany Industries Ltd., Calcutta.
104 The Dhanalakshmi Bank Limited
105 The Dharamsi Morarji Chemical Co. Ltd .
106 The Investment Trust of India Ltd.
107 The Morarjee Goculdas Spinning & Weaving Co Ltd, Mumbai.
108 Tolani Bulk Carrier Ltd.
109 Unitech Limited.
110 Uniworth International Ltd.
111 Vaibhav Gems Ltd.
112 Valecha Engineering Ltd.
113 VisualSoft Technologies Ltd.
114 Weltermann International Ltd.
115 Woolworth (India) Ltd.
116 Yes Bank Ltd.
117 Zora Pharma Ltd.
118 M/s. Redington(India) Ltd.(w.e.f. 29.11.2010)
119 M/s. Compuage Infocom Limited (w.e.f. 4.3.2011)

-!
;&>

1 Garware Shipping Corporation Ltd.

9 .
2c
72+1/ ).

: 7:
c
D).+) 
.
/992 )
-12
<>
2c
:) †

1/ 
-1
7/1 /9
- )†
1 .

1 Asian Paints (India) Ltd

2 Capital Trust Ltd
3 Container Corporation of India
4 Divi¶s Laboratories Ltd
5 Ferro Alloys Corporation Ltd
6 Garware Polyester Ltd
7 GIVO Ltd (formerly KB & T Ltd)
8 Mahindra Gesco Developers Ltd
9 Orchid Chemicals and Pharmaceuticals Ltd
10 Penta Soft Tec(Pentafour Communications Ltd)
11 Polyplex Corporation Ltd
12 Ranbaxy Laboratories Ltd
13 Shasun Chemicals Ltd
14 Sonata Software Ltd
15 The Paper Products Ltd
16 Vikas WSP Ltd
17 Apollo Tyres Ltd.(w.e.f. June 22, 2010)

9 .
2c
72+1/ ).

: 7:
c
D).+) 
.
/992 )
-12
A>
2c
:) †

1

-!
7!


1 Adlabs Films Ltd.

2 Aftek Infosys Ltd.
3 Balaji Telefilms Ltd.
 4 Bharat Forge Ltd
5 Burr Brown (India )Ltd
6 Cipla Ltd.
7 Elbee Services Ltd
8 Glenmark Pharmaceuticals Ltd
9 Gujarat Ambuja Cements Ltd
10 HEG Ltd
11 Hero Honda Motors Ltd
12 Jindal Steel & Power Ltd
13 Jyoti Structures Ltd
14 Maars Software International Ltd
15 Mount Everest Mineral Water Ltd
16 Padmini Technologies Ltd.
17 Rajasthan Spinning & Weaving Mills Ltd
18 Rico Auto Industries Ltd.
19 Shanti Gears Ltd.
20 Silverline Technologies Ltd.
21 Suven Life Sciences Ltd.
22 The India Cements Ltd.
23 The Indian Hotels Company Ltd
24 Thiru Arooran Sugars Ltd.
25 UTV Software Communications Ltd
26 Visual Soft Technologies Ltd.
27 Ways India Ltd.

9 .
2c
72+1/ ).

: 7:
c
D).+) 
.
/992 )
-12
A@>
2c
:) †

1

-!
7!


1 Alok Industries
2 Auribindo Pharma Ltd.
3 Arvind Mills Ltd
4 Balakrishna Industries Ltd
5 Blue Dart Express Ltd
6 CRISIL
7 Digital GlobalSoft Ltd.
8 Dr. Reddy¶s Laboratories Ltd.
9 D. S. Kulkarni Developers Ltd.
10 Federal Bank Ltd.
11 Financial Technologies (I) Ltd
12 HDFC Bank Ltd
13 Himachal Futuristic Communications Ltd.
14 Hindustan Lever Ltd.
15 Hughes Software Ltd.
16 ICICI Bank Ltd.
17 Ind-Swift Laboratories Ltd.
18 Jain Irrigation Systems Ltd.
19 Karnataka Bank Ltd.
20 LIC Housing Finance Ltd.
21 Marksans Pharma Ltd.
22 Mahindra & Mahindra Ltd.
23 Mastek Ltd
24 Max India Ltd
25 McDowell & Co Ltd
26 NIIT Ltd.
27 NIIT Technologies Ltd.
28 Panacea Biotec Ltd.
29 Reliance Capital Ltd.
30 Reliance Energy Ltd.
31 Reliance Industries Ltd.
32 Reliance Petroleum Ltd.
33 SB & T International Ltd.
34 Sadbhav Engineering Limited
35 S. Kumars Nationwide Ltd
36 Soffia Software Ltd
37 Strides Arcolabs Ltd
38 Sun Pharmaceutical Industries Ltd.
39 Swaraj Mazda Ltd
40 The South Indian Bank Ltd
41 The Dhanalakshmi Bank Limited
42 SPANCO Limited
43 United Breweries Ltd
44 United Phosphorus Ltd
45 UTI Bank Ltd.
46 Vimta Labs Ltd.
47 Wockhardt Ltd.
48 Yes Bank Ltd.
49 Zeefilms Ltd.
50 Welspun India Ltd (w.e.f. 10.02.2010)
51 Dewan Housing Finance Corporation Ltd(w.e.f. 27.8.2010)

9 .
2c
72+1/ ).

: 7:
c
D).+) 
.
/992 )
-12
9 + .
c G)
6E

72+1/ ).
/.
 7/)
/8/ .
:) †
/+).
1 Amtek Auto Ltd (74%)
2 Advanta India Limited 49%
3 Amtek India Ltd (74%)
4 Ahmednagar Forgings Ltd (74%)
5 Anant Raj Industries Ltd. (40%)
6 ANG Auto Ltd (49%)
7 Apollo Hospitals (74%)
8 Aptech Ltd (74%)
9 Arshiya International Limited (49%)
10 Ansal Properties Infrastructure Limited (49%)
11 Bhagwati Banquets & Resorts Ltd.
12 Bombay Rayon Fashions Ltd (26%)
13 Bajaj Auto Finance Ltd (30%)
14 Bajaj Hindusthan Limited (74%)
15 Balrampur Chini Mills Ltd (60%)
16 Birla Power Solutions Ltd. (74%)
17 Core Projects & Technologies Ltd.(74%)
18 Cranes Software International Limited (60%)
19 Crest Communication Ltd (50%)
20 CESC Ltd. (49%)
21 CREW B.O.S. Products Ltd. -(49%)
22 DCM Ltd - (49%)
23 Development Credit Bank Ltd. - (49%)
24 Dagger-Forst Tools Ltd. - (74%)
25 Dewan Housing Finance Corporation Limited (40%)
26 Emco Ltd - (49%)
27 Escorts Ltd - (49%)
28 Era Construction (India) Ltd - (40%)
29 Fedders Lloyd Corporation Limited (74%)
Ganesh Housing Corporation Ltd.(49%)
30
(formerly Ganesh Housing Finance Corporation Ltd)
31 Gammon India Ltd - (49%)
32 Garware Offshore Services Ltd-(60%)
33 Godrej Consumer Products Ltd (35%)
34 Great Offshore Limited-(49%)
35 GTL Ltd. ± (74%)
36 GTL Infrastructure Ltd. ± (74%)
37 Housing Development Finance Corporation Ltd. ± (74%)
38 HTMT Global Solutions Ltd.-(74%)
39 Hindustan Construction Co Limited ± (49%)
40 Hindalco Industries Limited ± (40%)
41 Igarashi Motors India Ltd. - (40%)
42 Il & FS Investment Managers Ltd- 74%
43 ICSA (INDIA) Ltd. - (49%)
44 I-Flex Solutions Ltd. (60%)
45 India Nivesh Limited (49%)
46 Infrastructure Development Finance Company Limited (74%)
47 Info Edge (India) Ltd. (40%)
48 International Conveyor Limited (74%)
49 IOL Broadband Ltd. - (49%)
50 Jai Corp Ltd. -(49%)
51 Jindal Saw Limited (49%) (formerly Saw Pipes Limited )
52 Jaisal Securities Limited (50%)
53 Jaiprakash Associates Ltd. (45%)
54 JSW Steel Limited ± (49%)
55 Jupiter Bioscience Ltd. - (70%)
56 Kamdhenu Ispat Ltd. (49%)
57 Karuturi Networks limited (74%)
58 KEI Industries Ltd. - (49%)
59 Kotak Mahindra Bank Ltd (33%)
60 Laxmi Energy & Foods Ltd (Lakshmi Overseas Industries Ltd) (49%)
61 Lloyd Electric & Engineering Ltd (74%)
62 Logix Microsystems Ltd - (74%)
63 Micro Technologies (India) Limited (49%)
64 Maharashtra Seamless Limited (40%)
65 Mahindra & Mahindra Financial Services Ltd (35%)
66 McDowell Holdings Ltd -(49%)
67 Mercator Lines Ltd (70%)
68 Monnet Ispat & Energy Limited (40%)
69 Moser Baer India Ltd (74%)
70 MARG Limited (40%)
71 McLeod Russel India Limited (40%)
Network 18 Media & Investments Limited (Formerly Network 18 Fincap Ltd)
72
- 49% (FIIs/NRIs/PIO upto 40%)
73 Neha International Limited (49%)
74 Nagarjuna Construction Company Ltd. (74%)
75 Nava Bharat Ventures Limited (40%)
76 NITCO Tiles Ltd. (60%)
77 Northgate Technologies Ltd (74%)
78 Om Metals Infra projects Ltd.(49%)
79 Opto Circuits (India) Ltd (40%)
80 Paramount Communications Ltd(39%)
81 Patni computers Ltd (74%)
82 Pioneer Investcorp Limited (40%)
83 The Phoenix Mills Limited. (49%)
84 Pritish Nandy Communications Ltd (60%)
85 Provogue (India) Ltd. (49%)
86 Piramal Healthcare Limited (49%)
87 PTC India Ltd. - (60%)
88 Punjab Tractors Ltd. (64%)
89 PVR Ltd (50%)
90 Pyramid Saimira Theatre Ltd. (40%)
91 M/s. Prime Securities Limited (74%)
92 Parekh Aluminex limited (74%)
93 Precoated Steels Limited (49%)
94 Peninsula Land Limited (40%)
95 Parsvnath Developers Limited (40%)
96 Rajesh Exports Ltd (49%)
97 Rolta India Ltd (75%)
98 Sakthi Sugars Ltd (50%)
99 Sanghvi Movers Ltd.(49%)
100 Satnam Overseas Ltd (51%)
101 Satyam Computer Services Ltd (60%)
102 Shree Renuka Sugars Ltd. ± (49%)
103 Sical Logistics Ltd. (49%)
104 Sintex Indiastries Ltd. (74%)
105 Srei Infrastructure Finance Ltd (64%)
106 Subex Systems Ltd. (74%)
107 Sun Pharma Advance Research Company Ltd. (49%)
108 SSI Ltd (74%)
109 SESA GOA Limited (45%)
110 Soma Textiles & Industries Ltd. (74%)
111 Suzlon Energy Limited ±(49%)
112 Tata Motors Ltd.(35%)
113 Tata Tea Ltd (35%)
114 The Tata Power Company Ltd (35%)
115 The Jammu & Kashmir Bank Ltd. (40%)
116 Tanla Solutions Ltd. (49%)
117 Temptation Foods Ltd. -(74%)
118 Tourism Finance Corporation of India Ltd (49%)
119 Tulip IT Services Ltd. (40%)
120 Unichem Laboratories Ltd (39%)
121 United Spirits Limited (59%)
122 Vaibhav Gems Ltd (60%)
123 Vakrangee Softwares Ltd. (49%)
124 Venus Remedies Limited- (49%)
125 Voltas Limited (30%)
126 WELSPUN Gujarat Stahl Rohren Limited (49%)
127 Zicom Electronic Security System Ltd (74%)
128 S.E Investments Limited (74% - 28.01.2010)
129 KRBL Limited (49% w.e.f. ± March 15, 2010)
Su-raj Diamonds and Jewellery Limited (65% w.e.f. 27.10.2010 updated
130
from earlier limit of 49% w.e.f. ± March 30,2010)
131 M/s. Hathway Cable & Datacom Limited ± (49% w.e.f.-May 21,2010)
132 M/s.Rei Agro Limited (75% w.e.f.July 7, 2010)
133 M/s. Rural Electrification Corporation Ltd (35% w.e.f.30.9.2010).
134 Cox and Kings (India) Limited (74% w.e.f.-October 5, 2010)
135 M/s.GMR Infrastructure Limited (35% w.e.f.October 22, 2010)
135 M/s. GCV Services Limited (49% w.e.f. December 23, 2010)
136 M/s. IVRCL Assets & Holdings Limited (49% w.e.f. 7.2.2011)
137 M/s. Marico Limited (35% w.e.f.25.2.2011)
138 M/s. Compuage Infocom Limited (49% w.e.f. 4.3.2011)

9 .
2c
72+1/ ).

: 7:
c
D).+) 
.
/992 )
-12
.)72†/9

7/1F./-2†E
7) 9 8
2c
:) †
1/ 
-1
7/1 /9

1 AZTEC Software and Technology Services Ltd - (100%)

2 Dynamatic Technologies Limited -(100%)
3 Educomp Solutions Limited. ±(100%)
4 Gateway Distriparks Ltd - (100%)
5 Geodesic Information Systems Ltd- (100%)
6 Geometric Software Solutions Ltd ± (100%)
7 Gujarat NRE Coke Limited -(74%)
8 HCL Infosystems Ltd. ± (100%)
9 Hexaware Technologies Ltd ± (100%)
10 Housing Development and Infrastructure Limited ± (100%)
11 Indiabulls Real Estate Limited ±(100%)
12 Indiabulls Financial Services Ltd ± (100%)
13 Indiabulls Securities Limited - (100%)
Indiabulls Power Limited (100%)
14
(formerly Sophia Power Company Limited)
15 Infotech Enterprises Limited (100%)
16 Infosys Technologies Ltd. ± (100%)
17 IVRCL Infrastructures & Projects Ltd (100%)
18 India Infoline Ltd. (100%)
19 Mascon Global Ltd. ± (100%)
20 Mphasis BFL Ltd ± (100%)
21 Orbit Corporation Limited (100%)
22 Pentamedia Graphics Ltd.- (100%)
23 Pentasoft Technologies Ltd. ± (100%)
24 Prajay Engineers Syndicate Limited ± (100%)
25 Punj Lioyd Limited (100%)
26 IFCI Limited. (74%)
27 Reliance Communications Ltd ± (74%)
28 Sujana Metal Products Ltd - (100%)
29 Sujana Towers Limited-(100%)
30 Sujana Universal Industries Ltd - (100%)
31 Shrenuj & Company Limited- (100%)
32 Unitech Limited ± (100%)
33 Interworld Digital Limited (100%)
34 Shobha Developers Limited (100% - Feb 3, 2010)
35 Everonn Education Ltd. (100% w.e.f.June 4, 2010)
36 Redington (India) Limited (100% w.e.f. November 29, 2010)

9 .
2c
1† 
+) /
72+1/ ).

: 7:
c
F
c
D).+) 
.
/992 )

1 Jagran Prakashan -26%

2 Deccan Chronicle Holdings Ltd ± 24% (FIIs upto 14%)
3 IBN 18 Broadcast Ltd.-26%

7!





 
c







 
! 
 


7!




=A
>

1 Pantaloon Retail (India) Ltd.

2 Panyam Cements and Minerals Industries Ltd.
3 Nirlon Ltd.(Nirlon Synthetic Fibres and Chemical Ltd.) (w.e.f.14.2.2011)

7!




<
>

None

7!




A@>




None

7!

 
<?>
c







 
! 
 




!

!! 

†6 

None

7!

 
=?>
c







 
! 
 




!

!! 

†6 

None

7!

 
==>
c







 
! 







!

!! 

†6 


1 Grasim Industries Limited

2 Matra Realty Ltd.
3 Maruti Suzuki India Limited
7!

 
† F1 2


 

;
>


 

! 




1 Chandraprabhu Housing Ltd

2 Coxswain Technology Ltd (Kaveri Biotech Ltd)
3 Dev Sugars Ltd
4 Dharendra Industries Ltd
5 DSQ Biotech Ltd
6 Fintech Communications
7 IQMS Software Ltd
8 Kakatiya Cement Sugar & Industries Ltd
9 Madras Aluminium Co. Ltd.
10 Rama Phosphates Ltd
11 SGN Telecom
12 SPL Ltd.
13 Squared Biotech Ltd
14 Tai Industries Ltd.
7!

 

†







!


?>

 

! 
 




!

! 



†6

1 Codura Exports Ltd

2 Cosmo Films Ltd
3 Dalmia Cement (Bharat) Ltd
4 Deccan Cements Ltd
5 Garden Silk Mills Ltd.
6 Nexus Software Ltd
7 Polyplex Corporation Ltd
8 Premier Explosives Ltd
9 Kiitex Garments Ltd.

7!






6





!

'

! 


 






8†F/†Fc F † F1 2Fc



!

8 





Pantaloon Retail (India) Ltd.

7!






7






!

'

! 


 







8†F/†Fc F † F1 2Fc



!

8 




None

1

+

7!






 
7






!

'

! 


 







c F † F1 2Fc



!

8 



None

1

+

7!






6





!

'

! 



 






c F † F1 2Fc



!

8 




None

1

.






=>








 


 
! 


None

1

.





;?>









 
! 


c F † F1 2
 




!

! 



†6

1 Punjab National Bank

2 Union Bank of India
3 Bank of Baroda
4 Dena Bank

1

.
6





7






!

'

! 



 






8†F/†Fc F † F1 2Fc



!


8 



1 ING Vysya Bank Ltd.

2 IndusInd Bank Ltd

1

.
6





6





!

'

! 


 







8†F/†Fc F † F1 2Fc



!

8 




None
1

.
6






7






!

c 




None

1

.
6





6





!

c 




None

Further purchases are allowed only with prior permission of RBI.

No further purchases are allowed.

·





 


 

By Ravi Ranjan Prasad Mar 03 2011 , Mumbai
Tags: News
A surging foreign institutional investors¶ (FII) participation in Indian equity market for the first time seem to be showing a sign of
slowdown, as several big foreign funds including ABN Amro Investment Fund, Allianz Global Singapore, Citicorp Trustee, Deutsche
International Trust Corporation surrendered their registrations to meet new regulatory requirement.

The total number of FIIs registered with the Securities and Exchange Board of India (Sebi) dropped in past four months to 1,702 as
on March 1, 2011 against 1,741 FIIs as on October 29, 2010. The number is lower even when compared with 1,713 FIIs registered
as on March 31, 2010.

Lawyers handling FII accounts said the fall in numbers were due to the Sebi requirement notified last year that investment vehicles
which are structured as protected cell companies or segregated portfolio companies and multi-class share vehicles cannot function
as FII/sub accounts in the Indian market.

In the calendar year 2010, a record $29 billion FII money flowed into Indian equity market.

Now, several FIIs and sub-accounts have surrendered their licence during the past five months after Sebi barred foreign funds from
operating as multi class share vehicles.

Sebi had put out a list of 197 FIIs and 342 sub accounts on September 30, which had till then not complied with the new directive.

As per latest data as a direct fallout of Sebi barring foreign funds from operating as multi-class share vehicles from October 1, 2010,
out of a list of 179 non-compliant FIIs accounts, 70 FIIs have either surrendered or they applied for surrender or it expired.

Similarly, 235 sub accounts of 326 non-compliant sub accounts have been either surrendered or they applied for surrender or it
expired. FII accounts and sub accounts number had surged sharply after Sebi had tightened participatory notes route of foreign
investments in equity market in October 2007.

Raja Sujith, partner, Majmudar & Co International Lawyers said the ³Sebi circular issued in April 2010 candidly communicated its
stand point on permitted structures of FIIs/sub accounts. Investment vehicles which are structured as Protected Cell Companies or
Segregated Portfolio Companies and Multi class Share Vehicles which do not meet the stringent conditions, are barred from
operating as FII/sub accounts in the Indian market.´

He said the move ensured that no specific class of share is created to the benefit of a particular investor. Sebi has made this move
to address its apprehensions on the FII route (through the above mentioned structures) being used for round tripping, Raja told
Financial Chronicle.

Another corporate lawyer also admitted that there was significant slowdown in FII registration due to regulatory changes.

³Lot of FIIs were entering in Indian markets through tax havens. There is now lot of cohesive effort from the tax havens and RBI and
Sebi to tighten norms. We have seen FIIs and sub-accounts exiting from regulatory perspective which has also resulted in some
blips in the stock market,´ he said.

Raja of Majmudar & Co said the stringent policy by Sebi was weeding out the FII space resulting in license surrenders. ³The
genuinely interested and serious investors have or are in the process of restructuring their investment vehicle in line with the Sebi
instructions,´ he said.
c 

7




OUR SPECIAL CORRESPONDENT
 +
"
2
;?
Foreign institutional investors poured money into Coal India
Ltd¶s (CIL) initial public offering ²touted as the biggest-ever capital issue to hit
the market ² even as retail investors chose to sit on the sidelines and weigh
their options.

At the end of the day, more than a third of the public issue was subscribed with
qualified institutional bidders (QIBs) stumping up most of the bids.

Data available from the stock exchanges in the evening showed that against an
issue size of over 63.16 crore shares, the IPO received bids for nearly 21.35
crore shares, showing a subscription of 0.34 times.
CIL chairman Partha S.
Bhattacharyya (left) and divestment It was a sedate start for the coal monolith and was in sharp contrast to the mad
secretary Sumit Bose in Calcutta on scramble that the Reliance Power flotation triggered in January 2008 ² which
Monday. Picture by Kishor Roy
ranks as the biggest maiden issue till date. The Reliance Power issue was sold
Chowdhury
out within a minute and had been oversubscribed 10.64 times at the end of the
first day.

But those were heady days, just after the sensex had surged to 21000 ² and only a couple of weeks before a
tremendous crash from which the market has only now started to recover. ³There was hype and euphoria
surrounding the IPO of Reliance Power which was then the first mega power company to come out with an IPO
and, more importantly, it came from the Anil Ambani stable,´ recalls Arun Kejriwal, director of KRIS.

Kejriwal reckons that the CIL offering can see active interest from retail investors on Wednesday and Thursday.
Most market pundits, including Kejriwal, believe investors should subscribe to the IPO which is well priced with
enough room left for the stags to make a pile of cash when they flip the shares on listing.

³One should subscribe to the black diamond for an auspicious start to Diwali,´ he says, adding that investors
could look out for decent listing gains as well. CIL shares are expected to get listed on November 4, a day ahead
of muhurat trading.

Market experts feel mutual funds, insurance companies and local financial institutions will start showing interest in
the IPO tomorrow. Non-institutional investors are also expected to subscribe to the issue.

Data of bids submitted for the IPO on the NSE show that QIBs bid for 1,64,805,250 shares against 2,84,236,398
shares reserved for the category with FIIs bidding for 1,42,354,500 shares. In contrast, retail investors bid for only
1,55,69,000 shares against the 1,989,654,79 shares reserved.

The IPO will raise between Rs 14,200 crore and Rs 15,400 crore and, after the discount to retail investors, the
amount is anywhere between Rs 13,909 crore and Rs 15,151 crore.

The price band for the issue has been fixed at Rs 225 to Rs 245 per share and retail investors are entitled to a 5
per cent discount on the issue price.

While many analysts have been recommending investors to subscribe, the CIL offering has had its impact on the
secondary markets as investors have been selling other stocks to raise money so that they can invest in the IPO.

.




Confident about the success of the CIL float, the department of divestment has lined up seven more issues this
fiscal, reports our Calcutta bureau.

Smaller issues by Hindustan Copper, Power Grid Corporation, MOIL (formerly Manganese Ore India) and
Shipping Corporation will hit the markets between November and December, said Sumit Bose, secretary at the
department of divestment, who is in Calcutta for a roadshow of CIL along with company chairman and managing
director Partha S. Bhattacharyya.
 Larger floats by ONGC, Indian Oil Corporation and Steel Authority of India Ltd (SAIL) will follow.

Bhattacharyya said Coal India had decided to allot the unsubscribed portion of its IPO reserved for employees to
other categories of investors.

Meanwhile, SAIL has appointed six merchant bankers for the company¶s follow-on public offer and is in
discussions with them to finalise the timeline of the float, which is expected to raise Rs 8,000 crore in the first
phase.

SAIL chairman C.S. Verma is expecting to start the first phase in the middle of December. If the deadline is
missed, the issue will take place in January-February.

c
  

 






















c
  















 


 



 

  

   
 



 
   


  


 


  
  

! 
 "
 


 #
  









  #


$







 


 






 
#

   

 #

 %
 
&

 






c

 

 
#



  
 
  

 


























 
 

'
 
  


$! 
 "
$$



$











(c!  (

$
"
 

)

*





$+,,- c
  



 



$./0$

1 23 +




  


 


 


$

  



 #


 #
 
    


 #



#









 

  



c 
  
c

 

 



 


44,

 
 
 



  
 #

  





  % 



   

 

 

 
 
 

 
++5  

6


67
+,,8/ 

 


 !
7 

 c








"
!

 
"! 



 c
   

 
 






 
!"
 


7
8 7


2+,,8$#

#
c#
  9:+,8 %





 c


;

 



 











 

$
 # 




c

$#
  


 
 <


=&>
?5 
-5$ 



 



9:2, 

  #9:@%@,5





 

 

 









%




 





  






A 0
# 

 

%


BC'


# 

 
6&
  

$ 






 

+,,2
 








% #


 

   
 

  
 

 6
c% 

  

  


 




< 

 $ 














 

D 
 
 
 





%
  #
  





 #
  


 



%
  
 







 



 

   

 


( 







 
  

 c


#   


 
%


 






 
   ! 
 "



 




  






*+





$+,,- c
  


 


$./0$

1 23 +



>


=#


D 


#$

 




  

 
  

 







.

!



 
 

 .!( $ #
2

$
#


 


 
.


!




(%
<   





  
  


 +,, 

 <=
0=< 







9:*2 %-5 



A
  !"+,,






 

 
 



( E





$+,, 0 

  








  
 c




  







' 
  



 



;#D 

  





< 
$






+,,8 

 
  


 


 




 

 

 
 #
 




%
  
 


  



  


#
$


' 

+,,@  







 
#





 



 

 
# 


 
# 



 



% 

 


  



 




( 
# 

 


# 



 F6G

' +,,@  
#
 




 

# 



  

$



 #


#

  

 




  


 #
%
  



 



 



 
 

>+,,@  


 





 



 

c< 





  


c< 








<
D 
+,,2 


 #







#



% 










$

 #



#


 %


A


D %



 





%






  
#
#
 
 #
( 


+,,?   

 





 
  

 
  


% 
 #

 


 A 

$

 #


>
. 6! +,,*  


 
  #




 % 
c

 

  



 





 .


# #

 

7


+,,, 
  c
  

 


 c

% 
c


 
 






#
*2





$+,,- c
  



 



$./0$

1 23 +

   




  %#





 



 







 c# 
##D 









'
 



 




  
 

D   

#
/ 
# #






    

  

( $ $ A+,,@  


99
 
  #



# #








   


  

 
#





 


 




 

 
#

'

 $





 
 


  

> A$3


' +,,2 






 





  #



c





 

 
  


 


( 


 








   










 
 

 
D 









G
#$G $G#

' $+,,* 
  








 


 c%


 


9 #

#




  
 
c







 





 #


 
#


 

#


%


#


 

  
 #

 
 






   

 

   #



 

#
   #

 

7   


 



 



 
 
 %










$#   






7   

  


 <



!"

 


D  


 










  


%



  

 
 

#   

#




 



 


G



$#6







  +,, 

+,,8

 #
 






  %



 
  #


$





 

 


 
 
(7"
#












 A 




 
$
 






 

&
   %
# 











 

 
#
**





$+,,- c
  



 



$./0$

1 23 +

#
%  

#

#
 !"

 
$

 
#


A 

 
 
$



$

  $


 c


 
#


A

 

 

$ 



 
%

  








  

A%

 

 





 


  

(





#
;
 


  





#
$


' +,,@  
 




 
     
%





 
  D 

9 

$

$ 
 



A
 $

 

$


  
 $


 D 












  D



%








$






$




 $  



D







 


D






+,, +,,8%

 

 
#D




 #6 
% 


# 

 

  
 


 
# 
$



# 


  





 D  

  



 ## 6#


 

%




 

&

 


( 
 



D





%









$
 



 %
 8



    
 








<
  7 
1











 #


$







 


 


%

 #

 



  




/#





& #


 








 <


E 

 
  #




 #
$


  






 
 


$

  $

 
$



 #


#


#


    
  


(









  







 

#






 






 



 #



#





A
 $






%

 


 

 


 


   

 



=
*@





$+,,- c
  



 



$./0$

1 23 +


;

= +,,@  


  .



  
44,%


 ,-
#44
+,,,

 #


#





 6



 %
  
 
  
  
 #
#


 6 
#   

  






 






&
 
  


7



  


 
 
&
 
 

 



c
 #







+,,@



*,5



c
=
  



 
+,,@

=
5 

,

,

+,
2,

*,

@,

8,

?,

 


.

(


 


/3G7>(%.(

=
5 

"







6!  


%
#




  

 


 






  







"



 






 

# 




  

 

 



 #









+,,@




 #

+2c
+ !"$

# 




%











+,,8$

 #





45







*8





$+,,- c
  



 



$./0$

1 23 +


c
+H"( 

 


+,,@

H"=
 

,

@

,

@

+,

+@

!

A= 

(


! 
=%

  



H"=
 


6G
  
 



$+,,@


  
 

/
-,5 




  

 


 



 

 
7 

 




 #





6

   



  



 
&
 


 
  
$ 


 



 /"(<$  



#
#







 





 

 C& 
 

 %




 


  
#  
 








 % 
  D 








 
 

 
$#




 D 
 #


 

 

 
 

 



 

%

  
  
 
#




  

 


#

 

F

F
   



 


  
 








  
 



 

 




 

  D






"

= 

 #6 

#
 
#


 







 

 




 
%#  



 


 
 




 
 %



  











  

*?





$+,,- c
  



 



$./0$

1 23 +



 



%




+,5 



 

  

 




  


%
 
 
 

2,5$

  
?5
 



2,5


 

 

%
<

 


  

7 7
 7
<
 1




c,,+88,++,282,+8482


 
,-248+*++,**,@8@

0 


G ,-*-2,++?+@@4-
c

 
,@2,2,44+,-,

c

  ,@8?+8+8?-4?*2+2

 

G *@88,22+2,@-@,+

I




=
6*4+-26*-@?2+@4

"6@244?4?-@88?

H"=
 ?-8,*+++@,?+*4-

H!

 +484@*@28-2@

F,*2-*?,4?,4*

%



#6 

#D




  






 

%


 






$   !



 
   



D

 



 



 


 

 
 
!

 %

 



#


 # 
 %
2$*
@


 #

c
 #


%

 #c









%
8$
?

%

    #



 c






%
+$%
2

 
 
%
*
  

 %%
c
%
2$*
@


 

  

 



 

   
  



%




 #
 


 



  
% 
#

 





  

 

#



 
 
%

 

 
# 

 

  


 
%
2 
#

 


%
* %



 





#












%
+%


 *-





$+,,- c
  



 



$./0$

1 23 +

<1


6c
  


J
 

(


 ( 
 Kc
 K


 
,,886,,4862@,,,+44,,,-

0 


G 6,?*246,?@628,,,+444,,,?

c

 
6,,+-6,+86,8*,@+,*,@+

c

  ,8?*6,,@6*-,*+4,2

 

G ,@244,2@*2@,-4,



%
2(
 
=
 6J
#

<1


6c
  


 LM
L ( 
 Kc
 K


 
+,**6,*6,-,+4?,+4+

0 


 ??86,**62@,4-+,4,8

c

 
+*?6,,+*6,*@,8@4,+,8@4+
c

  ++6,+--+6-,+*-*,+*-2

 

 -488,*22?*?+,+++?,,,,



%
*
<

=
 B

  6 LN0

 

<1


Bc
  


(

 L$ O,

  

( A
 KAD

KD


 
6,,44622,,,,4-,,,4

0 


 6,+*-6+@8,,8@*,,,@

c

 
6,82,?-,*28,8,*2@4

c

  6,,@@*682,,2+88,,+4

 

 ,2?@@*+,+428,



%
@%


 J
 

<1


6c
  


(


 ( 
 Kc
 K

I




=
,,,8,@4+4?,,,2--+,,,2

"6,,@?4,-44*-@,+2@*,

H"=
 6,?,-6,@-@6**?,+,,+,

H!

 6,-6*@82*6*@-,+,42,

F6,?*?,?8,+?2+,+?2








*4





$+,,- c
  



 



$./0$

1 23 +

%
8(
 
=
 6J
#

<1


6c
  


 LM
L ( 
 Kc
 K

I




=
+@@+4244,2+,?@2,,?@+4

"+@-,@,,,4*,,+,4-*,,4-2?

H"=
 +@8?,,8-,+8,?4@,,?,?4@

H!

 +@-,8,,,?*,,,44,,44*

F+*886?426,8@,@+,*+,@+



%
?
<

=
 6

   LN0

 

<1


6c
  


(

 L$ O,

  

( A
 KAD

KD

I




=
,8+4-,,,2--@,,,+4

",--@*-*,+2*+,

H"=
 6,*4@@6+4*,,,2-8*,,,22

H!

 6*8@6+@@,,8@,,

F,,@-+@,4+,2@4,-*,2@--

%


   






 c

%
@$


 

 %
8


 %
?%
  

%
@
? 


 

 










 








  c

>
   

G #
  





A
 
 

P


   #6 


P% 
 
% 













 



 
  



 


 

 

  






c
(   

< 
  




 
$

 

 #




%






A
 $



 





 


  








  




   



 


 

c





# 



 




@,





$+,,- c
  



 



$./0$

1 23 +

%


 
  #


 
  
  




D 
  


##

#
 
# 


 G






 

 











%



 



 
#

    

%
 
& 








 
 








  

#



  
 
  



 












"









 


 
 %

 

























 
%
  

#

#
 

# 






 #



=



;
(>E= 0"$+,,@
 (

 c


 









44,.

$

   
=#$1 ?,2 $*@6

*?



#
$=$

$>E' $<+,,@
  

 


  

$.

 !

c
$1 +4+ $+446+4*8

! $>7$ 

$7E




7+,,26
 #


 


  



$1

$1 +- $*?68,

( $=E



+,,%



  
# 



 #


 


 $

 


! =#$1 ,8 $8*@68@4

( $G$ $!$E A=7$+,,@<  



Q%



"
 c




$=# c

 $1 -2 $?4@6

-+4

( 
$1 $>
$%
3>+,,?<  

 










 



Q
 


$
.

 

 
!  $c
  

<
D $7$ #A$>$ A$=7E'
 $=+,,2(


0 



G !
$.

 c


I


$1 2- $-?6,

< 
$$=;$0E

$=+,,8c

  #
$ 






6"





$

7

.

$

1 +?? $82?68@?

c
$7E7 $>+,,*

  



c


 


  















 









 !
"
#

 


  



$ 
 %

 



 



 &



"

'




((%

 
  

 


#&
%

 



)c
*











) !
"
#*



 


& 


(
 
  #



 ( 
  
% 
+, "

-
 &



c



 


  




 

$ 
.

&


%

#&



 




/


&
 
0

 



/"



%








/
"




%



 1




 

%
( &
  









#%
 
2$!3"
4
 !

#

(#




 
%
% 

2$!3



#
#
"

"

Ads by Google!!!!
!!!!!
!!!!! !!!!!! !! !!!!!!!! !!!!.ShareKhan-FirstStep.6
c 
.

7 
Realtime, 68 indicators, trendline alerts, drawing tools, scans, Free! www.FreeStockCharts.6
.
+ 

!
From
Leading Brokers in India Register For 2-Day Free TrialBestStockIdeas.co.in

ðc




(

&


 

 
"
,




 
#








$ 






( 
& 
%"
4






% 



  ð




 &



# %

"

4


  
# 

5
)

,# &

+5 %*


% 
6"
(



 


$ "

c &

, +7


 

5

5



/"
(

%
#&
"
(


/".
(

8


#




%

"

,&
#&
c

%


& 


5
% 

/
(







#


(

%

 %
%# 
#

"

.
%




 
 






#


//
"

"""
"







 









 !
"
#

 


  



$ 
 %

 



 



 &



"

'




((%

 
  

 


#&
%

 



)c
*











) !
"
#*



 


& 


(
 
  #



 ( 
  
% 
+, "

-
 &



c



 


  




 

$ 
.

&


%

#&



 




/


&
 
0

 



/"



%








/
"




%



 1




 

%
( &
  









#%
 
2$!3"
4
 !

#

(#




 
%
% 

2$!3



#
#
"

"

Ads by Google!!!!
!!!!!
!!!!! !!!!!! !! !!!!!!!! !!!!.ShareKhan-FirstStep.6
c 
.

7 
Realtime, 68 indicators, trendline alerts, drawing tools, scans, Free! www.FreeStockCharts.6
.
+ 

!
From
Leading Brokers in India Register For 2-Day Free TrialBestStockIdeas.co.in

ðc




(

&


 

 
"
,




 
#








$ 






( 
& 
%"
4






% 



  ð




 &



# %

"

4


  
# 

5
)

,# &

+5 %*


% 
6"
(



 


$ "

c &

, +7


 

5

5



/"
(

%
#&
"
(


/".
(

8


#




%

"

,&
#&
c

%


& 


5
% 

/
(







#


(

%

 %
%# 
#

"

.
%




 
 






#


//
"

"""
"







 









 !
"
#

 



  


$ 
 %

 



 



 &



"

'




((%

 
  

 


#&
%

 




)c
*










) !
"
#*



 


& 



(
 
  #


 ( 
  
% 
+, "

-
 &



c



 


  




 

$ 
.

&



%

#&


 




/


&
 
0

 




/"


%








/
"




%



 1




 

%
( &
  









#%
 
2$!3"
4
 !

#

(#





 
%
% 
2$!3



#
#
"

"

Ads by Google!!!!
!!!!!
!!!!! !!!!!! !! !!!!!!!! !!!!.ShareKhan-FirstStep.6
c 

.
7 
Realtime, 68 indicators, trendline alerts, drawing tools, scans, Free!www.FreeStockCharts.6

.
+ 

!
From Leading Brokers in India Register For 2-Day Free TrialBestStockIdeas.co.in

ðc




(

&


 

 
"
,




 
#








$ 





( 
& 
%"
4






% 




  ð



 &



# %

"

4


  
# 

5
)

,# &

+5 %*


% 
6"
(




 

$ "

c &

, +7


 

5

5



/"

(

%
#&
"
(

/".
(

8


#




%

"

,&
#&
c

%


& 


5
% 

/
(








#

(

%

 %
%# 
#

"

.
%




 
 






#


//
"

"""
"







 









 !
"
#

 



  


$ 
 %

 



 



 &



"

'




((%

 
  

 


#&
%

 




)c
*










) !
"
#*



 


& 



(
 
  #


 ( 
  
% 
+, "

-
 &



c



 


  




 

$ 
.

&



%

#&


 




/


&
 
0

 




/"


%








/
"




%



 1




 

%
( &
  









#%
 
2$!3"
4
 !

#

(#





 
%
% 
2$!3



#
#
"

"

Ads by Google!!!!
!!!!!
!!!!! !!!!!! !! !!!!!!!! !!!!.ShareKhan-FirstStep.6
c 

.
7 
Realtime, 68 indicators, trendline alerts, drawing tools, scans, Free!www.FreeStockCharts.6

.
+ 

!
From Leading Brokers in India Register For 2-Day Free TrialBestStockIdeas.co.in

ðc




(

&


 

 
"
,




 
#








$ 





( 
& 
%"
4






% 




  ð



 &



# %

"

4


  
# 

5
)

,# &

+5 %*


% 
6"
(




 

$ "

c &

, +7


 

5

5



/"

(

%
#&
"
(

/".
(

8


#




%

"

,&
#&
c

%


& 


5
% 

/
(








#

(

%

 %
%# 
#

"

.
%




 
 






#


//
"

"""
"



FII inflow in Indian stock markets crosses $1 bn mark in 2010

PTI,Mar 7, 2010, 02.39pm IST

NEW DELHI: Betting big on the Indian equity markets, foreign fund houseshave made a net investment of Rs 4,334 crore in
the first week of March, taking their total inflow to Rs 5,051 crore or $1.11 billion so far this year.

Till March 5, foreign institutional investors (FIIs) are gross buyer of shares worth 12,941.70 crore, while they sold equities
worth Rs 8,661.1 crore, resulting in a net investment of Rs 4334.70 crore or $942.05 million, as per the data available with
the capital markets regulator SEBI.
Pointing out that it is the positive impact of the Budget 2011, market analysts feel that in the coming days too the foreign
fund houses may keep investing in the Indian bourses, although the response to the NMDC FPO will a guiding factor.

"The FII inflows in March have been strong. This may be because of better-than-expected Budget," SMC Capitals' equity
head Jagannathan Thunuguntla said.

"The inflows may continue, however, that would be highly influenced and affected by NMDC FPO, in the coming week,
which is expected to raise about Rs 10,000 crore to Rs 12,000 crore.

"So, that is almost $2.4 billion issue size. Hence, lot of inflows will go towards that issue, impacting the flows into secondary
markets," he added.

State-run miner NMDC Ltd is coming out with its follow-on public offer, which will be open on March 10.

"FIIs are bullish about the Indian market and they are in buying spree, especially in sectors like banking and metal," said
Bonanza Portfolio VP (Equity & Institutional Sales) R L Narayanan.

In February, foreign funds invested Rs 1,216 crore in the Indian equities, reversing their pull-out trend of the first month of
the year.

In January, FIIs had withdrawn a net Rs 500.3 crore from the domestic stock markets, turning net seller for the first time
since February 2008. Till mid-February this year, FIIs were throughout selling Indian stocks.

After a lull in 2008, Indian equities once again became the favourite bet for foreign funds last year as they pumped- in nearly
Rs 88,000 crore in domestic shares in 2009.

Last year's investment of Rs 87,987 crore by FIIs is the highest ever inflow in the country in rupee terms in a single year.
 Buoyed by FII inflow during last year, the stock market barometer Sensex (of the BSE) gained over 70 per cent, one of the
best performers among the leading global bourses.

In debt segment, FIIs have poured in Rs 13,351.4 crore or $2.9 billion so far this year, as per the data with Securities and
Exchange Board of India.

After the presentation of Budget in Lok Sabha on February, the Bombay Stock Exchange benchmark index Sensex has
gained 4.55 per cent.

Ads by Google

p +
cReligare Tax Plan Invest to Save Taxwww.religaremf.com

p 6
.
+ 

!From Leading Brokers in India Register For 2-Day Free
TrialBestStockIdeas.co.in/FreeTrial
c)/-†)
/† 79).


Investors pin hopes on budget 2011


 
Sensex likely to trade in 16,000-20,000 range in 2011


Stock market correction offers value picks for long-term investors

+ 

Prove I took even Rs 1, I will resign as MP: Kalmadi

Delhi Metro Phase-III launch to be announced in Budget
Budget 2011: Overseas investors seek more clarity in Indian tax laws says Deloitte
SIP keeps you safe in volatile times
Brokers trade IIT-JEE toppers in race for credit
Shiv Sena warning film industry against hiring
1
=    


 7

=    


 
7

??

7


 
 
#
 #






 #

#


 R  
A
 R

 




 D   

A
 7




#   



# 



  
 #



 
  


   

 

 
 

  


% 
$
   
   

 #   "





.



$   







9$
















    





@



#




    

$ 


  



 
 

  



  




 

 
#  





#
 
'



 



 

##




  
A
 


A  


 
$ 
#



;



D 

%

 
  



 






 

  


  




 #






  

R $ # 
#


Scc =
S$ 


%   
#

 
 

     









%


 

  



 D




D

  

A$


  
 $






 

$

 

 


   

A 







  %



 # ; 

#


  

$#
#

  $


  

% 



#   


R



 

  #


  




     



#

 
  

0
#(    



 

7

 

c
  

c 

0

!

 

 

 

 


 

 #




  




 44



   







 #

 




$

 




 


 

 
 27

+,,@
#
8-@7=

+,,*6,@3"$7 
 


  




 

 



  

c





9<2@4 



8@@5 
R





A
 "
#

 



 #







44-644% #











  #









 44-644#
  


 
#
  



#c



  


  
 

#


 
 #



 % 









 c6
  


 









  




 
$



 




  /# 


   #$


  c # 







  


c # 



%


 
 
 c 
 $

 
#

$
 

 




  
G #
$

 





c


 
RD  
=
!
 


$

  $# 

c



++

 


 D $




  





 =
!
 
c
 

 






c



3

c=(
 

F



44+642

44264*

44*64@

44@648

44864?

44?64-

44-644

4446,,

+,,,6,

+,,6,+

+,,+6,2
+,,26,*

+,,*6,@

*+?

@***8,

*??88,

8?+,4,

?2-8+,

@4,-*@6

?+4

4?8@2

48-+@+

-+?+4,

+88-4,

**,,,,2

**8*@=    


 7

?4




 G
$ 
  
  



  

R
  





 

 



$ 6 #
  


! $## 




<

 <=





  




 
 
0





 

 


 



G$# <=
 3





$    

   

 
c  

$ 



 



 
 $

  






  

 

  
 
c 

 
  
 
c 

 

K
  
  $



#
 #  #


  

T


  #  






= 
<   

/

D  #
  






  


 






 #

 

 




  




 




! $


#
  

 #
 


#



 


 



#  <c 
G

 $.

44* % 

  






 #%



%
1

1


%
1
 

<=*2,24,,,,,

c*+2+,,,,,

7c442--,,,,,
3%+-?,2,,,,,

7 


 
5 
2*2-@

%

 
 

 





 
## 




  


 

$
 



/>

 


 
 3 #$#

  





   #%


%
1

1


( 






6

 

3%,4+@*+,,,2,@82,+-+*,,,,,,

'

   
 


 #c


7c







<=






 



 


 

 


 # 

%
1

1


( 


6

 

c

7c

,+@+,@8

,?@2**

,,24@@

,,*+?4

?--??*
?8,?+

,,,,,

,,,,,

 $


  





   


  
 


#
c
 


 



R
 < 
  



 

 
H
Q%D  



 0


484 



 
 
 
# 
  #

  

%
1

3  c6
6
 

3%  

0


(
<=

<=  

0



3%

2@*4

,8@2@-

,,?@4@

,*-44

%c


  <=

  0


(
3%
 
;


  3%  0


(
<=



; 
#








 


 



   









%#
#


  

 
'


c
 
 
 
 






  




 




U#




 


 



%


 
 





#




  

 





  6,,8*24% 






#  
0


(




 #

  c



 
 

R

   


 
%


 

 # # 

%
1

3  c6
6
 

7c  0


(
c

c  0



7c

*28@?@

,,8@2

,,28-?

,?4-2*-,

 
.

 7



E( 


% 

c

 
 #


 

 7c  0



c


;  c  0




7c
 
; 
#
$

 

c
  
 




#



  %





#

  



 
 









  


c

  #



 $

$
 


A 

  


  
 





 #

%


#   






 #



#
 #

 





 
#


  


  






 


  

$ 




 



 




  
  







 
%#

 
  



 



 





D 
# $





 

 

 








 $

 




$
D 

/







 

#







#  # 


$ 



#


 





c
$






 



#


   
c
D  

$
 #
 




 
 
 



 
 $


 




 
  
 

! $



#
 
 #
 









 #
$



 




 

c

(    

%
 




  



#
 
 
@







 

# 



%



  




#    






  #





 

 
  

%

 

  #

  c


 
 


 
$




 





  


   #  
c

 
 $

0





 #
 


 







c  #
 %




D   



   

$

 


#
#
   




# 
 

  

3 



 

   

#


 











=
 

"  
+,,*6,@7
 c



0 
 


0


$('.484 $S
(



=
 "  
7 
(
6



7 $S"  


$2*$*+*6*2-

G
  
 
"  $=!

+,,@

G
 $.44* $%

$
 $

3. 
 9





7

=#+,,@$3


h major development in our country post 1991 has been liberalization of the financial sector, especially that of capital markets. Our country today
has one of the most prominent and followed stockexchanges in the world. Further, India has also been consistently gaining prominence in various
international forums, though we still have a long way to go.
Before I actually begin with the crux of this article, let me give you a brief background. Developing countries like India are generally capital
scarce. This is because levels of income are lower in comparison to other developed countries, which in turn means savings and investments are
also lower. So how do developing nations get out of such a situation? Simple! They borrow money, like we all do when we need to buy a house
or a car. Countries can thus invest this borrowed money in various social and physical infrastructure; earn a return on them which helps them pay
off their debt, and simultaneously propel the country to a higher growth trajectory.
However, there is another way in which a country can attract foreign money. This is by way of Foreign Direct Investment (FDI) of Portfolio
Investment (better known as Institutional Investment). The difference between the two is subtle. Let¶s look into FDI first. FDI is defined as
³investment made to acquire lasting interest in enterprises operating outside of the economy of the investor.´ Examples of FDI would include
POSCO setting up a steel plant inOrissa (in-bound FDI), Tata buying hrcelor (out-bound FDI) and so on.
On the other hand, FII is used to denote an investor, who invests money in the financial markets of a country different from the one in which that
investor is incorporated. So, if you as an Indian decide to invest in the US stockmarkets, it is an out-bound foreign institutional investment.
Similarly, suppose a rich hmerican millionaire invests inthe ‘
  
 , it would be termed as in-ward FII.
If you follow financial dailies, you are bound to see headlines such as ³FIIs remained net buyers´. ³Net buyers´ implies that foreign investors
poured more money into the stock market than they took out, which is generally seen as a positive development as far as our economy is
concerned.
But are we obsessed with FIIs? Do we give them more attention than they deserve? Well, this is a very contentious issue, and addressing this is
beyond the scope of this article. But we can debate on some basic issues regarding FII flows.
For instance, take a look at the chart. On the left axis, we have measured net FII flows (inflows minus outflows), inRs. Crores. On the right axis,
we have measured the Sensex.
What does this show us? Well, for one, it shows the spectacular rise of the Sensex over the past few months! Secondly, we can see how volatile
FII flows are. It is almost impossible to predict whether FIIs will be net sellers or net buyers tomorrow! What is more important is that there is no
rigid relationship between the Sensex and FII flows. Statisticians use a measure known as the correlation coefficient, which is used to depict a
relationship between two variables mathematically. This coefficient ranges from minus 1 to plus 1. So, if we consider two variables, and the
coefficient is -1, it means that when one moves up, the other moves down in the same proportion. When it is 1, it means when one moves up or
down, the other also moves in the same manner, and when it is zero, it means there is no correlation. So when one moves up (or down), there¶s no
way to figure out how the other variable will behave.
So basically, one can compute the correlation coefficient between the Sensex and FII flows. I found it to be 0.13 over a 21 month period. This is a
very weak correlation, though it cannot be ignored entirely. But if they are so weakly correlated, then why do they grab the headlines?
Well, that¶s because we need to ³look beyond the numbers´! In any kind of market, financial or real, investor sentiment and psychology play a
crucial role. This is something that just cannot be captured in a few numbers. Now an in-depth explanation of investor psychology is not possible
here, but I can give a few examples of it. For instance, when the stock markets rise, they just seem to be rising (as you may have observed
recently)! Experts and academicians have studied the behavior of investors, and found that frenzy and greed drive investors during a bull run, and
especially when a bull run is at its full momentum, investors tend to ³follow the band-wagon´ and overlook economic fundamentals while
investing. In fact, stock market crashes too occur in similar ways. One major investor may begin selling his stocks suddenly. Looking at him,
others may panic, and they too follow suit. Such panic spreads like wild fire in the markets, and ultimately leads to a major crash. This was
similar to what happened during the times of Harshad Mehta and Ketan Parikh.
It is because of the volatile nature of investors¶ sentiments that FIIs are tracked so closely. It would not be prudent to drive away foreign investors
from investing in our country. I had mentioned the importance of foreign capital in the context of a developing economy, and that is precisely
why the government has been so keen on liberalizing the external financial sector since 1991. If one foreign investor has had a good experience
investing in our country, it builds up our reputation in the international community, and encourages more foreign investors to invest in our
economy. However, a crisis of any kind will create panic among foreign investors as well, and regaining their trust and confidence in our
economy will entail another mammoth task!


c (





.
+ 
nclude hedge funds, insurance companies, pension funds and mutual funds. The growing Indian market
had attracted the foreign investors, which are calledc 




 
*c , to Indian equity
market, and in this paper, we are trying a simple attempt to explain the impact and extent of foreign
institutional investors in Indian stock market.

What does the name FII means? It is the abbreviation of Foreign Institutional Investors. The term is used
most commonly in India to refer to outside companies investing in the financial markets of India.
International institutional investors must register with the Securities & Exchange Board of India (SEBI) to
participate in the market. One of the major market regulations pertaining to FIIs involves placing limits on
FII ownership in Indian companies. They actually evaluate the shares and deposits in a portfolio. The
major source (almost 50%) of money the FIIs invest is from the issue of Participatory Notes (P-Notes) or
what are sometimes called Offshore Derivatives.

As on September 5, there are over 1484 FIIs and 38 foreign brokers registered to Securities & Exchange
Board of India (SEBI). We are also examining whether market movement can be explained by these
investors. We often hear that whenever there is a rise in market, it is explained that it is due to foreign
investors' money and a decline in market is termed as withdrawl of money from FIIs.

After 1991, due to our liberalization process, there was large flow of foreign funds from abroad. Current
investments by FII is Rs. 2,55,464.40 Crores as compared to Rs. 2,83,468.40 Crores by the end of 31
December 2007. That implies that they had withdrawn almost 9% of money they had deposited till
December 2007. The amount was much in the months of 2008 as compared to corresponding months of
2007, and that is a reason for the volatility of the stock market. In 2008, the net buying is only Rs. 5,603
Crores compared to Rs. 36,869 Crores in 2007. From all this, we can analyze prime facia that the FII's
influence market.

A more investments by FIIs indicate that they are confident in Indian market. Usually, the mode of
operations of FIIs was taking loans from countries where interest is low (like Japan) and invest in
booming markets like India.

)--
 2
 
  
   & 


Direct Investment

Foreign companies are now permitted to have a majority stake in their Indian affiliates
except in a few restricted industries. In certain specific industries, foreigners can even
have holding up to 100 per cent.

Investment through Stock Exchanges

Foreign Institutional Investors (FII) upon registration with the Securities and Exchange
Board of India (SEBI) and the Reserve Bank of India (RBI) are allowed to operate in
Indian stock exchanges subject to the guidelines issued for the purpose by SEBI.

 -
 
>
   
 

1. åortfolio investment in primary or secondary markets will be subject to a ceiling of 30

per cent of issued share capital for the total holding of all registered FII's. In any one
company an FII holding is subject to a ceiling of 10 percent of the total issued capital.

However, in applying the ceiling of 30 per cent, the following are excluded:

p Foreign investment under a financial collaboration which is permitted up to 51 per

cent in all priority areas.
p Investment by FII's through offshore single/regional funds, GDR's and euro
convertibles.

2. Disinvestment is allowed through a broker of a Stock Exchange.

3. A registered FII is required to buy or sell only for delivery. It is not allowed to offset a
deal. It is also not allowed to sell short.
 Investment in Euro Issues/Mutual Funds floated overseas

Foreign investors can invest in Euro issues of Indian companies and in India-specific
funds floated abroad.


  

Foreign brokers upon registration with the SEBI are now allowed to route the business of
registered FIIs. Guidelines for the purpose have been issued by SEBI.

Asset Management Companies / Merchant Banking

Foreign participation in Asset Management Companies and Merchant Banking Companies

is permitted.

Top
Another report on foreign investment in financial sector
Home

0'
       53@(#5 

! 
 
    %
=
# %
&# *   # *   
#-
  8$>0  ;&')
# !

 !

 !

 ;&B  
*#E

Stock Exchange 3732.80 3812.20 (79.30) (17.56)

Primary market &
Equity 10.40 0.30 10.10 2.23
others
Sub-total 3743.30 3812.50 (69.30) (15.33)
01-MhR-2011 Stock Exchange 439.10 303.60 135.40 29.98 Rs.45.18
Primary market &
94.00 1926.00 (1832.00) (405.49)
Debt others
Sub-total 533.10 2229.70 (1696.60) (375.52)
    
Stock Exchange 2901.50 2437.70 463.90 102.81
Primary market &
Equity 4.80 1.60 3.20 0.72
others
Sub-total 2906.30 2439.20 467.10 103.53
03-MhR-2011 Stock Exchange 1579.90 668.90 911.00 201.91 Rs.45.12
Primary market &
833.30 0.30 833.10 184.64
Debt others
Sub-total 2413.30 669.20 1744.10 386.55
    
Stock Exchange 3458.20 3183.80 274.40 61.04
Primary market &
Equity 6.50 0.10 6.40 1.43
others
Sub-total 3464.70 3183.80 280.90 62.47
04-MhR-2011 Stock Exchange 960.50 330.00 630.50 140.23 Rs.44.96
Primary market &
804.80 263.80 541.00 120.32
Debt others
Sub-total 1765.30 593.80 1171.50 260.56
    
Stock Exchange 2694.60 2062.70 631.90 140.46
Primary market &
Equity 0.40 6.70 (6.40) (1.42)
others
07-MhR-2011 Rs.44.99
Sub-total 2695.00 2069.50 625.50 139.04
Stock Exchange 725.00 533.10 191.80 42.64
Debt
Primary market & 440.30 172.30 268.00 59.56
 others
Sub-total 1165.20 705.40 459.80 102.20
    
Stock Exchange 1842.70 1888.80 (46.10) (10.22)
Primary market &
Equity 49.60 0.80 48.80 10.82
others
Sub-total 1892.30 1889.60 2.70 0.60
08-MhR-2011 Stock Exchange 407.30 1055.50 (648.20) (143.64) Rs.45.13
Primary market &
380.00 0.00 380.00 84.21
Debt others
Sub-total 787.40 1055.50 (268.20) (59.43)
    
Stock Exchange 2229.60 1908.30 321.30 71.35
Primary market &
Equity 46.50 0.30 46.20 10.26
others
Sub-total 2276.10 1908.60 367.50 81.61
09-MhR-2011 Stock Exchange 740.60 253.90 486.70 108.08 Rs.45.03
Primary market &
1.20 0.20 1.00 0.22
Debt others
Sub-total 741.80 254.10 487.70 108.30
    

 
 

    

   
 



 







 
 

  



  

!" #$

m


0'
   
'
 53@(#5 

)-  

0 &
#-
  
=
  2
*
2! 
 (   !

 *
2! 
 (   

 *
2! 
 (   !



01-MhR-2011 Index Futures 142170 3816.32 100713 2711.79 420639 11208.96

Index Options 573330 15303.51 566401 15070.21 1661938 44317.1
Stock Futures 108109 2800.38 89509 2328.34 1083046 25742.09
Stock Options 20464 545.77 20146 539.23 22864 586.24
Interest Rate Futures 0 0 0 0 0 0
03-MhR-2011 Index Futures 127002 3471.4 68108 1864.98 423161 11711.26
Index Options 393053 10595.06 346674 9293.58 1723621 47591.32
Stock Futures 72236 1876.31 56457 1485.16 1088709 26955.04
Stock Options 13548 348.12 13503 357.05 24381 635.93
Interest Rate Futures 0 0 0 0 0 0
04-MhR-2011 Index Futures 87532 2421.11 80500 2220.93 416063 11521.86
Index Options 484808 13171.19 430587 11725.58 1746086 48332.99
Stock Futures 61211 1580.67 79966 2111.96 1093804 27097.37
Stock Options 17162 463.97 15278 412.52 26751 698.21
Interest Rate Futures 0 0 0 0 0 0
07-MhR-2011 Index Futures 55305 1538.03 56564 1571.78 409352 11320.29
Index Options 276599 7613.05 260217 7132.39 1747046 48381.86
Stock Futures 57987 1535.91 44708 1159.14 1088149 26896.43
Stock Options 9834 268.22 9500 255.13 28767 756.16
Interest Rate Futures 0 0 0 0 0 0
08-MhR-2011 Index Futures 52084 1417.66 122857 3340.63 402407 11010.02
Index Options 318489 8565.55 280256 7587.95 1783859 48726.95
Stock Futures 46491 1195.53 61789 1538.8 1095695 26689.04
Stock Options 12735 335.27 11685 310.94 33021 852.65
Interest Rate Futures 0 0 0 0 0 0
09-MhR-2011 Index Futures 64676 1784.44 49548 1366.26 404505 11193.62
Index Options 212923 5797.27 230606 6262.68 1804972 49823.86
 Stock Futures 32638 865.26 36357 926.5 1099272 27153.39
Stock Options 9387 242.93 10095 261.8 35607 931.84
Interest Rate Futures 0 0 0 0 0 0


   
   

   
 


m






 
 

!%

 
  

!$