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Trading and market operations

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  • 1. Trading and Market Operations Prepared by Kaushal Mandalia kaushal@insightHr.co.in
  • 2. Let’s Start with Stock Market / Share Market….How Investor can earn from Share Market? Buy at lower price and sell at higher price………………. But lets check Fundamentals Share Share in Share in Market Share Business Profit If profit meets the expectation of shareholders…. Cash Demand of share Dividend Dividend Net Profit goes up…. So price of share goes upA bonus share is a free Price of share is also affected by favorable or Bonusshare given to existing unfavorable news of the company concerned. Sharesshareholders in a company (C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 3. (C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 4. (C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 5. (C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 6. Investor Psychology(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 7. Why do Equity Gives Higher Return Because equity represents portion of Business (Profit) which is growing. If you are confident that India’s Corporate Sector’s Earning and Profit will grow, Rest is immaterial Such Conceptual Understanding will not only help you in your professional career but will also help you in your routine coursework(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 8. How to EARN From Equity Market Equity RETURNS = Price GAP (Capital Earnings) + Dividend Selling Price Less Buying Price Share in Profit Advise Based Broking…. Pick fundamentally strong Minimize Loss, Maximize Gains Company based on Advise(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 9. (C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 10. Equity Market – Classification Exit Route Entry Route(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 11. Equity Market and Its Products • Equity Shares – Form of Ownership in Business and bear the Risk and Reward of Ownership. • Debentures – Issued by Companies to raise long term debt. They are typically secured by Tangible Assets – They are pure debt or quasi equity as they may be – Types of Debentures are.. • Fully Convertible Debentures : They can be fully converted to equity shares • Non Convertible Debentures : They can not be converted into equity shares • Partially Convertible Debentures : They can be partially converted into equity shares.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 12. Equity Market and Its Products • Warrants – Entitles investor to buy equity shares after a specified period of time at a given price. • Mutual Funds – People with similar investment objective come together to pool their money and then invest accordingly. – Mutual Fund Companies can invest in Debt or Equity Market based on the Investment Objective of the Fund / Scheme • Exchange Traded Funds – It is an Investment Fund traded on Stock Exchange, much like Stocks. Most ETFs are index funds that hold securities and attempt to replicate the performance of a stock market index.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 13. Derivative Market and Its Products • Derivative – A product whose value is derived from underlying asset – Underlying Asset could be Index, Stock Script, Interest Rate, Commodities or Exchange Rate • Index / Stock Future – Is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. – They are standardized exchange traded contract – Future Contract holder has right and obligation to exercise the contract.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 14. Derivative Market and Its Products • Index / Stock Option – Two Types : Call Option, Put Option – Calls (Put) give the buyer the right, but not the obligation, to buy (Sell) a given quantity of the underlying asset, at a given price on or before a given future date. • Currency Derivative – Introduced on Aug 29, 2008 at NSE in USD-INR Pair – Underlying Asset is Exchange Rate – Currency futures are traded on the USD-INR, GBP-INR, EUR-INR and JPY-INR at the NSE.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 15. Derivative Market and Its Products • Commodity Derivative – Commodity markets facilitate the trading of commodities such as gold, silver and agricultural goods • Interest Rate Futures – Based on notional 10 year coupon bearing GOI security – contracts are settled by physical delivery of deliverable grade securities using electronic book entry system of the existing depository’s like NSDL/CDSL(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 16. Debt Market and Its Products • Instruments like bonds/debentures are traded in this market • They are traded in OTC or Exchange Traded Market • Government Securities Market – The government raises short term and long term funds by issuing securities – These securities do not carry default risk as the government guarantees the payment of interest and the repayment of principal. They are therefore referred to as gilt edged securities • Corporate Bond Market – bonds issued by firms and are issued to meet their short term or long term finance needs – Corporates adopt either the public offering route or the private placement route for issuing debentures/bonds(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 17. Summary(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 18. Market Participants • Market Participants are – Investors – Issuers – Intermediaries – Regulators(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 19. Investor • Retail Investor – buy and sell securities for their personal account – includes High Net worth Individuals (HNI) which comprise of people who invest above rupees two lakh in a single transaction. • Institutional Investor – domestic Financial Institutions, Banks, Insurance Companies, Mutual Funds and FIIs(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 20. Issuers • Public Sector Undertaking and Private Companies • Banks and Other Financial Institution • Mutual Funds • Insurance Companies, Pension Funds(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 21. Intermediaries • Stock Exchange • Clearing Corporation / Agency • Trading Member / Clearing Member • Custodian • Self Clearing Member • Depository Participants(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 22. Stock Exchange • Provide a trading platform where the buyers and sellers • Trading takes place online through computer connected through VSATs & Internet • The Securities Contract (Regulation) Act, 1956 (SCRA) defines ‘Stock Exchange’ as a – body of individuals, whether incorporated or not, – constituted for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities. • It could be Regional Stock Exchange / National Stock Exchange (BSE and NSE)(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 23. Clearing Corporation • Part of Exchange or Separate Entity Performs three main activities – Clearing and settling all transactions executed in the stock market – Providing financial guarantee for all transactions executed on the exchange – Providing risk management functions (Novation) • The clearing agency determines fund/security obligations and arranges for pay-in of the same. • It collects and maintains margins, processes for shortages in funds and securities(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 24. Trading Member / Clearing Member • Trading Member – Member of Stock Exchange (Main Broker) – Following are Trading Members • Individuals (sole proprietor), Partnership Firms, Corporates and Banks • SEBI registered Custodians and Banks registered by the Exchange are eligible as Professional Clearing Members (PCMs). – Sub Broker • Sub-broker means any person not being a member of Stock Exchange who acts on behalf of a trading member as an agent or otherwise for assisting the investors in buying, selling or dealing in securities through such trading members.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 25. Trading Member / Clearing Member • Clearing Member – Those who help in clearing of Trades – They are.. • Professional Clearing Member (PCM) • Trading cum Clearing Member (TCM) • Self Clearing Member (SCM)(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 26. Trading Member / Clearing Member Any member of the equity segment of the Exchange is eligible to become trading cum clearing member of the Derivatives Segment also Self Clearing Member (SCM) Self clearing members can clear the trades done by him SCM does not have the rights to clear the trades of other members Any member of the cash segment of the Exchange is eligible to become Self-Clearing member of the Derivatives Segment(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 27. Eligibility Criteria of Trading Member • The admission as a trading member on the stock exchanges is based on the various criteria like age, capital adequacy, financial track record, education, experience and fulfillment of criteria of “fit & proper person” as laid down in the SEBI (Intermediaries) Regulations, 2008.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 28. Eligibility Criteria of Trading Member • Fit and Proper Person • SEBI Board may take into account the following eligibility criteria – Integrity, reputation and character – Absence of convictions and restraints order – Competence including financial solvency and net worth of the applicant(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 29. Depository Participants • Two Depositories in India, • Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL), • Established under the Depositories Act, for the purpose of – Facilitating dematerialization of securities and – Assisting in trading of securities in the demat form. • The Depository provides its services to clients through its agents called depository participants (DPs). • Banks, Financial Institutions and SEBI registered trading members can become DPs.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 30. Custodian • It helps register and safeguard the securities of its clients. • It helps in – Maintaining a client’s securities account – Collecting the benefits or rights accruing to the client in respect of securities – Keeping the client informed of the actions taken or to be taken by the issue of securities, having a bearing on the benefits or rights accruing to the client. • Custodians are clearing members but not trading members • They settle trades on behalf of the clients of the trading members. Once the trade is assigned to them, custodian is required to confirm whether he is going to settle that trade or not. In case the custodian fails to confirm then the onus of settling the trade falls on the trading member who has executed the trade.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 31. Regulators • They ensures that the market participants behave in a desired manner so that securities market continue to be a major source of finance for corporate and government and the interest of investors are protected • They are – Securities and Exchange Board of India (SEBI) regulates the Securities Industry – Reserve Bank of India (RBI) is the authority to regulate and monitor the Banking sector. – Insurance Regulatory and Development Authority (IRDA) regulates the Insurance sector. – Pension Fund Regulatory and Development Authority (PFRDA) regulate the pension fund sector. – Ministry of Finance (MOF) – Ministry of Corporate Affairs (MCA)(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 32. Role of SEBI • Protecting the interests of investors in securities • Regulating the business • Registering and regulating the working of stock brokers, sub– brokers etc. • Promoting and regulating self-regulatory organizations • Prohibiting fraudulent and unfair trade practices • Asking for Information from, undertaking inspection, conducting inquiries and audits of the stock exchanges, intermediaries, self– regulatory organizations, mutual funds and other persons associated with the securities market.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 33. Regulatory Framework • The four main acts governing the securities market are: – The SEBI Act, 1992 – The SC(R)A, 1956 – The Depositories Act, 1996 – The Companies Act, 1956. • Other Regulations – SEBI (Stock Broker and Sub-Brokers) Regulation, 1992 – SEBI (Prevention of Insider Trading) Regulations, 1992 – The Prevention of Money laundering Act, 2002 – SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations 2003 – SEBI (Custodian of Securities) Regulation, 1996 – SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 34. SEBI act 1992 • Primary Role – Protecting the interests of investors in securities, – Promoting the development of the securities market, and – Regulating the securities market. • Other Role – Issuance of capital and transfer of securities – Conduct enquiries, audits and inspection of all concerned – Register and regulate all market intermediaries and penalize them in case of violations – SEBI has full autonomy and authority to regulate and develop an orderly securities market.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 35. Securities Contract Act 1956 • It provides for direct and indirect control of virtually all aspects of securities trading and the running of stock exchanges and aims to prevent undesirable transactions in securities • It gives Central Government regulatory jurisdiction over – stock exchanges through a process of recognition and continued supervision – Contracts in securities, and – Listing of securities on stock exchanges. • As a condition of recognition, a stock exchange complies with conditions prescribed by Central Government(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 36. Depository Act 1996 • The Act enables the setting up of multiple depositories in the country • The Depositories Act facilitated the establishment of the two depositories in India viz., NSDL and CDSL • Only a company registered under the Companies Act, 1956 and sponsored by the specified category of institutions can set up a depository in India. • A depository can provide service of recording of allotment of securities or transfer of ownership of securities • Any person willing to avail of the services of the depository can do so by entering into an agreement with the depository through any of its Depository Participants.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 37. Companies Act 1956 – Deals with issue, allotment and transfer of securities and various aspects relating to company management. • It provides for standard of disclosure in public issues of capital, particularly in the fields of – company management and projects, – information about other listed companies under the same management, – management perception of risk factors. • It also regulates underwriting, the use of premium and discounts on issues, rights and bonus issues, payment of interest and dividends, providing annual reports and other information.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 38. Who is Broker? • Broker is an intermediary who facilitates Entry or Exit into Equity Market • They levy fees on Transactions (Buy or Sell) which is called Brokerage.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 39. What is Stock Exchange? • A Place where one can trade his/her Shares. It’s a formal or Organized BAZAAR. • Two Main Stock Exchanges – Bombay Stock Exchange (BSE) – National Stock Exchange (NSE) • National Stock Exchange is the World’s Third Largest Stock Exchange in terms of Number of Trades after NASDAQ and NYSE(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 40. Electronic Trading • Eliminates the need of physical trading floors • Fully Automated. One can trade from anywhere. • Workstations are connected to stock exchange’s central computer via VSAT (Very Small Aperture Terminus) • The orders placed by brokers reach exchange’s central computer and matched electronically. • Completely Hassle FREE.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 41. Broking Business Sales Marketing RMs Dealers PMS Research Primary Market Risk Management Operations Compliance Treasury Int Controls Legal Technology HR(C) InsightHR, www.insightHR.co.in Support Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 42. What is Index? • Weighted Average of Selected Stock Price. • Measure of Market Trends. • Comprises stocks that have large liquidity and market capitalization. • Two Main Index – BSE’s Sensex and NSE’s NIFTY • Other Examples – BSE Midcap, BSE Small Cap etc,(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 43. Order Execution.. • Select a broker and enter into broker client agreement and fill client registration form. • Get a trade confirmation through phone and ask for the contract note on the end of the day. • Contract note describes the rate, date, time at which the trade is transacted and brokerage rate. • Contract Note establishes a legally enforceable relationship between the client and the member. • Client must receive contract note within 24 hours of trade execution.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 44. Book Closure / Record Date • When shares of a joint stock company invariably change hands during trading, identifying owner of share becomes difficult. • So when a company declares dividend (Share in Profits) there has to be a cut off date for such benefits to be transferred to the share holders. This date is termed as “Book Closure Date” or “Record Date”. • It is the date after which company will not handle any transfer of shares request until the benefits are transferred. Analogy :For E.g. a company policy says, Candidate joining before 15th Sept of the year are qualified for Performance Appraisal to be conducted at the end of Financial Year.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 45. Book Closure AnnouncementSource : Moneycontrol as on 25th Feb 2011
  • 46. No Delivery Period / Ex Dividend Date / Ex Date • No Delivery Period – Once company declares record date, Exchange set up No Delivery Period – A time during which only trading is permitted and all trades are settled after the period gets over. • Ex Dividend Date – The date on or after which a security begins trading without the dividend included in the contract price. • Ex Date – The first date of the No Delivery Period. – The buyers of the shares on or after Ex Date will not get any benefits of Dividend or Bonus.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 47. Book Closure AnnouncementSource : Moneycontrol as on 25th Feb 2011
  • 48. Bonus Share • It is a free share of stock given to current shareholder in a company, based on number of shares that the shareholder already owns. • E.g Bonus 1:2 means for every one share holding by shareholder, he/she gets two shares free. • It does not increase value of the company.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 49. Bonus AnnouncementSource : Moneycontrol as on 25th Feb 2011
  • 50. Share Split • A Split is a book entry wherein the face value of the share is altered to create Volume (Larger number of shares) without calling fresh capital. • For E.g. if a company announce two way split, it means that the share of a face value of Rs 10 is now having face value of Rs 5. If you have one share of face value 10, now you have two shares of face value Rs 5 each.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 51. Buy Back • A process by which a company buys back its shares. • No of ways in which company can buy back – From existing Shareholders on proportionate basis – Thro’ tender offer from open market – Thro’ Book Building Process – From Stock exchange or – From ODD lot holders.(Odd lot is any transaction less than 100 shares are generally called Odd Lots) • A Company can not buy back thro’ negotiated deals on or off stock exchange, through spot transaction or thro’ any private arrangement, clearing and settlements.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 52. Pay in / Pay out Pay In Date Pay In Date Funds Transferred Securities transferred to Exchange to Exchange Buyer Seller Securities Transferred Funds transferred to Buyer to Seller Pay Out Date Pay Out Date Stock Exchange(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 53. Contract Notes • Contract note are documents containing details of trade done & brokerage & charges levied thereon. • Contract notes are printed & dispatch to all clients on daily basis. • For client who has email id updated in master, digital contract notes are sent on email id. 53(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 54. Short Selling • A Legal Trading Strategy. • Normal Process : First Buy and then Sale – Assumption : Price will go up in near future. • Short Selling : First Sell and then Buy. – Assumption : Price will go down in near future.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 55. Auction • Auction is conducted for those securities that members fall to deliver / short deliver during pay-in • There are three factors which give rise to auction – Short Deliveries – Un-rectified Bad Deliveries – Un-rectified company obligations • The buy / sell auction for a capital market is managed thro’ auction market • If the shares are not bought at auction, i.e. if the shares are not offered for sale, exchange squares up the transaction as per SEBI guidelines. Square-up happens at the highest price from the relevant trading period till the auction day or at 20% above the last available closing price whichever is higher.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 56. Analysis – PE Ratio Reliance Industries Ltd • PE ratio = Price per Share / Earning per Share • In other words, it indicates how much money you need to invest to get one rupee earning per share. • Lower the ratio better the investment proposition for longer term(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 57. Demat • Demat is an abbreviation of Dematerialization which is a process whereby securities like shares, debentures are converted from physical form to electronic form. • There are two depository participants – NSDL and CDSL • The Depository provides its services to investors through its agents called Depository Participants (DP’s).(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 58. Arbitrage • Its an act of buying securities in One Market and Selling in Another Market at Higher Price. • It takes advantage of a price differential existing in the prices of the same commodity or security in two or more different markets.(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)
  • 59. Thank You(C) InsightHR, www.insightHR.co.in Prepared by, Kaushal Mandalia (kaushal@insightHR.co.in, +919825300447)