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  1. 1. Indian Securities Market9821469750 1) EXECUTIVE SUMMARYIndian securities markets have undergone many changes during the last decade. ExponentialGrowth in trading volumes is pushing existing trading systems and processes to capacity andIncreasing settlement risk. With Indian market moving to a T+2 rolling settlement cycle in lineWith global markets, SEBI is continuing its efforts to increase the efficiency and transparency inIndian markets. This would result in lowering of trade costs and make Indian markets a moreAttractive destination for global investors. Indeed it has been SEBI endeavor to make the IndianMarkets, one of the most competitive and efficient markets of the world.The move from a 5 day settlement period to a two day period requires firms to streamlineTrading processes by way of a foolproof, faster, cost effective and universally acceptable modeof Communication among market participants. With changes happening in rapid succession,derivatives markets looking to expand, the settlement risk are increasing and this is pushing theneed for Straight Through Processing (STP) and making it a pre-requisite for success of smoothfunctioning of securities market with a settlement period of T + 2 or lessThe Indian securities market, considered one of the most promising emerging markets, is amongthe top eight markets of the world. The stock exchange, Mumbai, which was established in 1875as “ The native share and stockholders association”, has evolved over the years into its presentstatus as the premier Stock exchange in the country. At the present 24 stock exchanges providefacilities for trading securities, securities markets provide a common platform for transfer of thefund from the person who has excess funds to those who need them. Securities market isregulated by the securities & exchange board of India (SEBI). 1|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  2. 2. Indian Securities Market 2) INDUSTRY REVIEW2.1) Securities Market in India:IntroductionThe last decade (2000-2010) has been the most eventful period for the Indian securities marketduring which it took major strides to carve a niche for itself in the global securities markets. Themajor developments which hastened this incredible journey can broadly be observed under threecategories, viz. improved market microstructure, introduction of new products and progressivechanges in the regulatory framework.Issues and Developments in the past decade (2000-2010)Improved Market Microstructure:To reduce transaction time and bolster liquidity, various reforms were undertaken during thisdecade (2000-2010), such as introduction of automated trading system, reduction in thesettlement cycle, dematerialization etc. Further, the stock exchanges were allowed to provide aseparate trading window for block deals in November 2005 to facilitate execution of large tradeswithout impacting the market. With the advent of new technology, greater sophistication wasbrought to the Indian securities markets by introducing world class facilities like Direct MarketAccess (DMA), algorithmic trading, smart order routing system and co-location service. Thefacility of DMA was introduced for institutional investors in the year 2008 which provided themdirect access to the exchange trading system through the broker‟s infrastructure without manualintervention by the broker. Currently, around 25-30% of FII trades are routed through DMA andit is expected to increase to 40-45% by end-20111. DMA ensured direct control over orders byinstitutional investors, faster order placement and execution, more arbitrage opportunities,improved liquidity, greater transparency and lower impact cost for large order. Algorithmictrading refers to orders that are automatically placed in the market by software programmers‟,built on certain mathematical models.Smart Order Routing enables the broker‟s trading engines to systematically choose the executiondestination from out of trading platforms of different stock exchanges based on factors such as 2|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  3. 3. Indian Securities Marketprice, costs, speed, likelihood of execution and settlement, size, nature or any other considerationrelevant to the execution of the order. Finally, global exchanges introduced co-location servicesto support high frequency trading using Algorithmic trading and DMA. The details of the co-location facility at NSE have been discussed later in the chapter.On the clearing and settlement front, in July 2001, the Indian securities market made a paradigmshift from the century old account period settlement to a T+5 rolling settlement. Keeping abreastwith the dynamics of the securities market and to integrate with the world markets, in April2002, the Indian capital markets joined the league of developed markets in the world by theintroduction of the T+3 rolling settlement cycle and further to T+2 in April 2003.Dematerialization which was introduced in 1998 achieved 100% demats trading at NSE in June2002.2.2) Reforms:In the primary markets, SEBI made IPO grading compulsory for companies coming out with theIPOs of equity shares in May 2007. An IPO Grade provides an additional input to investors inarriving at an investment decision based on independent and objective analysis. In addition,SEBI introduced the process of Application Supported by Blocked. Amount (ASBA) whichensured that the application money does not move out of the account of applicant but is onlyblocked and debited to the extent of allotment. ASBA helped to overcome the earlier refundrelated concerns upon allotment and enabled investors to earn interest on the blocked amount.Besides these improvements in market microstructure, introduction of a variety of new productsprovided the much needed dynamism and impetus to the growth of the Indian securities market.2.3) Introduction of New ProductsIn the last decade, various new products were introduced in different market segments of thesecurities markets. Among them, the equity derivative products met with tremendous success,making India stand out in the global securities markets arena. India began trading derivativeswith underlying such as indices and individual stocks and later extended to other asset classes 3|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  4. 4. Indian Securities Marketlike interest rate and currency. Currency futures on USD–INR were introduced for trading andsubsequently the Indian rupee was allowed to trade against other currencies such as euro, poundsterling and the Japanese yen. To enhance retail participation and market liquidity in equityderivative segment, mini derivative contracts on Nifty and Sensex were introduced in 2008Having a minimum contract size of ` 1 lakh. SEBI also allowed trading on option contracts onNifty and Sensex with tenure of up to five years to provide liquidity at the longer end of themarket. In addition to derivatives products, a host of other products such as mutual funds, indexfunds, index and gold based ETFs and ETFs on international indices2 were introduced on theIndian stock exchanges during the last decade. Appropriate and timely changes were made to theregulatory framework to facilitate the introduction of these new Products and their success in duecourse.2.4) Regulatory FrameworkThe regulatory framework has been strengthened. The corporation and demutualization of stockexchanges was mandated through amendments in SCRA 1956 in the year 2004. In the same year,amendment to SCRA was also made to provide for clearing and settlement by a clearingcorporation. It provided that an exchange with the approval of SEBI could transfer the duties andfunctions of a clearing house to a recognized clearing corporation. In addition to the introductionof new products, an Endeavour was made to strengthen the existing products which had notgained momentum. Notable among them were the corporate bonds and interest rate futures.Simplification of corporate bond issuance norms and introduction of repos in corporate bondswere some of the measures taken to resurrect this market segments.Indian exchanges are entering into cross border agreements with overseas exchanges forintroducing their products on their trading platform. By providing an opportunity to the investorsto diversify their portfolios internationally, this could add another dimension to the Indiansecurities markets. For example: in March 2010, NSE and Chicago Mercantile Exchange (CME)had announced cross-listing arrangements. Under the cross-listing arrangements, the S&P CNX 4|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  5. 5. Indian Securities MarketNifty Index (Nifty 50), the leading Indian benchmark index representing 22 sectors of the Indianeconomy, has been made available to CME for the creation and listing of U.S. dollardenominated Nifty futures contracts for trading on CME. Keeping in view the increasedintegration of global markets, the market regulator also allowed Indian stock exchanges to extendtheir trade timings from 9:55 a.m.-3:30 p.m. to 9:00 a.m.-5:00 p.m. The securities market isendeavoring to make equity finance available for small and medium enterprises.2.5) Structure and Developments of the Indian Securities Markets during2010-11Key strengths of the Indian securities marketsThe securities markets in India have made enormous progress in developing sophisticatedinstruments and modern market mechanisms. The key strengths of the Indian capital marketinclude a fully automated trading system on all stock exchanges, a wide range of products, anintegrated platform for trading in both cash and derivatives, and a nationwide network of tradingthrough over 4,6184 corporate brokers. A significant feature of the Indian securities market is thequality of regulation. The market regulator, Securities and Exchange Board of India (SEBI) is anindependent and effective regulator. It has put in place sound regulations in respect ofintermediaries, trading mechanism, settlement cycles, risk management, derivative trading andtakeover of companies. There is a well designed disclosure based regulatory system. Informationtechnology is extensively used in the securities market. The stock exchanges in India have themost advanced and scientific risk management systems. The growing number of marketparticipants, the growth in volume of securities transactions, the reduction in transaction costs,the significant improvements in efficiency, transparency and safety, and the level of compliancewith international standards have earned for the Indian securities market a new respect in theworld.2.6)Market SegmentsThe securities market has two interdependent and inseparable segments, the new issues (primary)market and the stock (secondary) market. The primary market provides the channel for creation 5|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  6. 6. Indian Securities Marketand sale of new securities, while the secondary market deals in securities previously issued. Thesecurities issued in the primary market are issued by public limited companies or by governmentUndertakings. The resources in this kind of market are mobilized either through the public issueor through private placement route. It is a public issue if anyone can subscribe it, whereas if theissue is made available to a selected group of persons it is termed as private placement. There aretwo major types of issuers of securities, the corporate entities who issue mainly debt and equityinstruments and the government (central as well as state) who issue debt securities (datedsecurities and treasury bills). The secondary market enables participants who hold securities toadjust their holdings in response to changes in their assessment of risks and returns. Once thenew securities are issued in the primary market they are traded in the stock (secondary) market.The secondary market operates through two mediums, namely, the over-the-counter (OTC)market and the exchange-traded market. OTC markets are informal markets where trades arenegotiated. Most of the trades in the government securities are in the OTC market. All the spottrades where securities are traded for immediate delivery and payment take place in the OTCmarket. The other option is to trade using the infrastructure provided by the stock exchanges.The exchanges in India follow a systematic settlement period. All the trades taking place over atrading day (day=T) are settled together after a certain time (T+2 day). The trades executed onexchanges are cleared and settled by a clearing corporation. The clearing corporation acts as acounterparty and guarantees settlement. A variant of the secondary market is the forward market,where securities are traded for future delivery and payment. A variant of the forward market isFutures and Options market. Currently only two exchanges viz., National Stock Exchange ofIndia Ltd. (NSE) and Bombay Stock Exchange (BSE) provide trading in the equity futures &options in India.2.7 )Market ParticipantsIn every economic system, some units, individuals or institutions, are surplus units who arecalled savers, while others are deficit units, called spenders. Households are surplus units andcorporate and Government are deficit units. Through the platform of securities markets, the 6|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  7. 7. Indian Securities Marketsavings units place their surplus funds in financial claims or securities at the disposal of thespending community and in turn get benefits like interest, dividend, capital appreciation, bonusetc. These investors and issuers of financial securities constitute two important elements of thesecurities markets. The third critical element of markets is the intermediaries who act as conduitsbetween the investors and issuers.2.8) The four important elements of securities markets are the investors, the issuers, theintermediaries and regulators.i) INVESTORSAn investor is the backbone of the capital market of any economy as he is the one lending hissurplus resources for funding the setting up or expansion of companies, in return for financialgain.ii) ISSUERSPRIMARY MARKETSAn aggregate of ` 10,075,102 million (US $ 223,197 million) were raised by the government andcorporate sector during 2009-10 as against `6,588,920 million (US $ 129,321 million) in 2008-09, an increase of 52.91%. Private placement accounted for 93.07% of the domestic totalresource mobilization by the Corporate Sector. Resource mobilization through euro issuesescalated significantly by 233.48% to `159,670 million (US $ 3,537 million) in 2009-10.iii) INTERMEDIARIESThe term “market intermediary” refers to those who are in the business of managing individualportfolios, executing orders, dealing in or distributing securities and providing informationrelevant to the trading of securities. The market mediators play an important role in the stockexchanges; they put together the demands of the buyers with the offers of the security sellers. Alarge variety and number of intermediaries provide intermediation services in the Indian 7|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  8. 8. Indian Securities Marketsecurities markets. The market intermediary has a close relationship with the investor with whoseprotection the regulator is primarily tasked. As a consequence a large portion of the regulation ofa securities industry is directed towards the market intermediary. Regulations address entrycriteria, capital and prudential requirements, ongoing supervision and discipline of entrants, andthe consequences of default and failure. One of the issue concerning brokers is the need toencourage them to corporatize. Currently, 46.10%5 of the brokers are corporates. Corporatisationof their business would help them compete with global players in capital markets at home andabroad. Corporatization brings better standards of governance and better transparency henceincreasing the confidence level of customers.iv) REGULATORSThe absence of conditions of perfect competition in the securities market makes the role ofregulator extremely important. The regulator ensures that the market participants behave in adesired manner so that securities markets continue to be a major source of finance for corporateand government and the interest of investors are protected. The responsibility for regulating thesecurities market is shared by Department of Economic Affairs (DEA), Ministry of CorporateAffairs (MCA), Reserve Bank of India (RBI) and SEBI. The orders of SEBI under the securitieslaws are appealable before a Securities Appellate Tribunal (SAT). Most of the powers under theSCRA are exercisable by DEA while a few others by SEBI. The powers of the DEA under theSCRA are also concurrently exercised by SEBI. The powers in respect of the contracts for saleand purchase of securities, gold related securities, money market securities and securities derivedfrom these securities and ready forward contracts in debt securities are exercised concurrently byRBI. The SEBI Act and the Depositories Act are mostly administered by SEBI. The rules underthe securities laws are framed by government and regulations by SEBI. All these rules areadministered by SEBI. The powers under the Companies Act relating to issue and transfer ofsecurities and non-payment of dividend are administered by SEBI in case of listed companiesand companies proposing to get their securities listed. The SROs ensure compliance with theirown rules as well as with the rules relevant for them under the securities laws. 8|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  9. 9. Indian Securities Market2.9) REGULATORY FRAMEWORKAt present, the five main Acts governing the securities markets are (a) the SEBI Act, 1992; (b)the Companies Act, 1956, which sets the code of conduct for the corporate sector in relation toissuance, allotment and transfer of securities, and disclosures to be made in public issues; (c) theSecurities Contracts (Regulation) Act, 1956, which provides for regulation of transactions insecurities through control over stock exchanges (d) the Depositories Act, 1996 which providesfor electronic maintenance and transfer of ownership of demat shares and (e) Prevention ofMoney Laundering Act, 2002.LEGISLATIONSSEBI Act, 1992: The SEBI Act, 1992 was enacted to empower SEBI with statutory powersfor (a) protecting the interests of investors in securities, (b) promoting the development of thesecurities market, and (c) regulating the securities market. Its regulatory jurisdiction extends overcorporate in the issuance of capital and transfer of securities, in addition to all intermediaries andpersons associated with securities market. It can conduct enquiries, audits and inspection of allconcerned and adjudicate offences under the Act. It has powers to register and regulate allmarket intermediaries and also to penalize them in case of violations of the provisions of the Act,Rules and Regulations made there under. SEBI hasfull autonomy and authority to regulate and develop an orderly securities market.Depositories Act, 1996: The Depositories Act, 1996 provides for the establishment ofdepositories in securities with the objective of ensuring free transferability of securities withspeed, accuracy and security by (a) making securities of public limited companies freelytransferable subject to certain exceptions; (b) dematerializing the securities in the depositorymode; and (c) providing for maintenance of ownership records in a book entry form. In order tostreamline the settlement process, the Act envisages transfer of ownership of securities 9|PageSTERLING INSTITUTE OF MANAGEMENT STUDIES
  10. 10. Indian Securities Marketelectronically by book entry without making the securities move from person to person. The Acthas made the securities of all public limited companies freely transferable, restricting thecompany‟s right to use discretion in effecting the transfer of securities, and the transfer deedand other procedural requirements under the Companies Act have been dispensed with.Companies Act, 1956: It deals with issue, allotment and transfer of securities and variousaspects relating to company management. It provides for standard of disclosure in public issuesof capital, particularly in the fields of company management and projects, information aboutother listed companies under the same management, and management perception of risk factors.It also regulates underwriting, the use of premium and discounts on issues, rights and bonusissues, payment of interest and dividends, supply of annual report and other information.Secondary MarketExchanges in the country offer screen based trading system. There were 9,772 trading membersregistered with SEBI as at end March 2010. The market capitalization has grown over the periodindicating more companies using the trading platform of the stock exchange. The All-Indiamarket capitalization was around ` 61,704,205 million (US $ 1,366,952 million) at the end ofMarch 2010. The market capitalization ratio is defined as market capitalization of stocks dividedby GDP. It is used as a measure to denote the importance of equity markets relative to the GDP.It is of economic significance since market is positively correlated with the ability to mobilizecapital and diversify risk. The All- IndiaMarket capitalization ratio increased to 94.20% in 2009-10 from 55.40% in 2008-09 At end ofMarch 2010, NSE Market Capitalization ratio fell to 76.28% during 2009-10 while BSE MarketCapitalization ratio was 78.26%.Cash MarketDuring 2009-10, the trading volumes on the equity segment of Exchanges increased significantlyby 43.26% y-o-y to ` 55,184,700 million (US $ 1,222,523 million) from `38,520,970 million (US$ 756,054 million) in 2008-09. The turnover during April 2010 – September 2010 in the equitymarkets was ` 23,547,240 crore US $ 522,807 million. 10 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  11. 11. Indian Securities MarketGovernment SecuritiesThe aggregate trading volumes in central and state government dated securities on SGL was `9,018,385 crore in 2009-10 as compared with ` 6,645,488 crore in 2008-09. (Table 1-4)Derivatives MarketThe number of instruments available in derivatives market has gone up over the years. To beginwith, SEBI had only approved trading in index futures contracts based on Nifty 50 Index andBSE-30 (Sensex) Index. This was followed by approval for trading in options based on theseindices and options on individual securities. In 2008, the currency futures on USD-INR wereintroduced for trading and in year 2010, currency options on USD-INR were allowed for trading.The total exchange traded equity derivatives in Indian stock markets witnessed a turnover of `176,638,990 million (US $ 39,21,825 million) during 2009-10 as against ` 110,227,501 million(US $ 3,335,698million) during the preceding fiscal year. Trading in currency futures increasedfrom ` 1,622,724 million (US $ 31,849 million) in 2008-09 to ` 17,826,080 million (US $394,907 million) in 2009-10.Institutional InvestmentsDuring the last decade, foreign institutional investment flows grew multifold and by the year2009-10, the net investments by FIIs rose to ` 1, 42,658 million (US $ 30,253 million) while thenet investments by mutual funds rose to ` 1,700,760 million (US $ 37,677 million). 11 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  12. 12. Indian Securities Market 3 ) COMPANY REVIEWThe IIFL (India Infoline) group, comprising the holding company, India Infoline Ltd (NSE:INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indianfinancial services space. IIFL offers advice and execution platform for the entire range offinancial services covering products ranging from Equities and derivatives, Commodities, Wealthmanagement, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, Gobonds and other small savings instruments. IIFL recently received an in-principle approval forSecurities Trading and Clearing memberships from Singapore Exchange (SGX) paving the wayfor IIFL to become the first Indian brokerage to get a membership of the SGX. IIFL also receivedmembership of the Colombo Stock Exchange becoming the first foreign broker to enter SriLanka. IIFL owns and manages the website, www.indiainfoline.com, which is one of India‟sleading online destinations for personal finance, stock markets, economy and business.IIFL has been awarded the „Best Broker, India‟ by Finance Asia and the „Most improvedbrokerage, India‟ in the Asia Money polls. India Infoline was also adjudged as „Fastest GrowingEquity Broking House - Large firms‟ by Dun & Bradstreet. A forerunner in the field of equityresearch, IIFL‟s research is acknowledged by none other than Forbes as „Best of the Web‟ and„…a must read for investors in Asia‟. Its research is available not just over the Internet but also oninternational wire services like Bloomberg, Thomson First Call and Internet Securities where it isamongst one of the most read Indian brokers.A network of over 2,500 business locations spread over more than 500 cities and towns acrossIndia facilitates the smooth acquisition and servicing of a large customer base. All our offices areconnected with the corporate office in Mumbai with cutting edge networking technology. Thegroup caters to a customer base of about a million customers, over a variety of mediums viz.online, over the phone and at our branches. 12 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  13. 13. Indian Securities Market3.1)SWOT ANALYSISi)Strengths• Original research• Integrated technology platform• “One Stop” shop• Pan - India distribution network• “India Infoline.com” and “5paisa.com” have developed into branch .ii)Weaknesses• Lack of a banking arm to complete the bank-broker-depository chain• Insignificant presence in institutional Segmentiii) Opportunities• Changing demographics with higher disposable income and increasingly complex financialinstruments will drive demand for investment advisory services• Rapid penetration of Internet and computers means that technology enabled financial serviceswill gain market shareiv)Threats• Economic slowdown• Volatile movement in indices and events like May 17, 2004• Stock markets falls will have a cascading effect on our mutual fund mobilization• Increase/decrease in interest rates can affect our debt/ income fund mobilizations• Future changes in personal taxation rules can impact insurance sales 13 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  14. 14. Indian Securities Market• Increasing competition from large and particularly foreign players3.2)TRADING DEPARTMENT:India infoline is one of the broker who is acting as wholesalers and as a broker, it is the duty of itto provide service of collecting funds and securities from the retail investors and send it toclearing house and vice versa. According to SEBI investor has to open trading account fortrading in shares. Client can open an account in any depository.Trading department is divided into three parts: Pre-trading (A/c opening, Deposits, ect.) Trading (Dealing room, Sauda punching, conformation) Post-trading (Payout process, Bills, Pay-in-process, Contract note)3.3)MARKETING DEPARTMENT:The main aim of marketing activities at India infoline is that the customer should get enoughguidance to join the company and how he can get the best service than any other stockbroker.Marketing Mix:Products: Equities and derivatives, Commodities, Wealth management, Asset management,Insurance, Fixed deposits, Loans, Investment Banking, Go bonds and other small savingsinstruments.Price: it depends on the type of product like in equity INDIA INFOLINE is one broking firmwhich charges one of the cheapest brokerage charge in the industry. 14 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  15. 15. Indian Securities MarketPromotion: INDIA INFOLINE LTD uses all form of promotional activities like print, media,door to door promotional activities.4) RESEARCH TOPIC: SCREEN BASED TRADING SYSTEM (SBTS).4.1 Introduction: Technology has been the backbone of the Exchange. Providing the services to theinvestor community and the market participants using technology at the cheapest possible costhas been its main thrust. NSE chose to harness technology in creating a new market design. Itbelieves that technology provides the necessary impetus for the organization to retain itscompetitive edge and ensure timeliness and satisfaction in customer service. In recognition of thefact that technology will continue to redefine the shape of the securities industry, NSE stresseson innovation and sustained investment in technology to remain ahead of competition. NSE isthe first exchange in the world to use satellite communication technology for trading.. Its tradingsystem, called National Exchange for Automated Trading (NEAT), is a state of-the-art clientserver based application. At the server end, all trading information is stored in an in-memorydatabase to achieve minimum response time and maximum system availability for users. Technology has been used to carry the trading platform from the trading hall of stockexchanges to the premises of brokers. NSE carried the trading platform further to the PCs at theresidence of investors through the Internet. This made a huge difference in terms of equal accessto investors in a geographically vast country like India. NSE has a main computer which is connected through Very Small Aperture Terminal (VSAT)installed at NSE office. The main computer runs on a fault tolerant STRATUS mainframecomputer at the exchange. Brokers have terminals installed at their premises which are connectedthrough VSATs/leased lines/modems. 15 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  16. 16. Indian Securities Market4.2 Advantages of the Screen-Based Trading System (SBTS) It electronically matches orders on a strict price/time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational efficiency. It allows faster incorporation of price sensitive information into prevailing prices, thus increasing the informational efficiency of markets. It enables market participants, irrespective of their geographical locations, to trade with one another simultaneously, improving the depth and liquidity of the market. It provides full anonymity by accepting orders, big or small, from members without revealing their identity, thus providing equal access to everybody. It also provides a perfect audit trail, which helps to resolve disputes by logging in the trade execution process in entirety. 16 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  17. 17. Indian Securities Market4.3 Trading NetworkAn investor informs a broker to place an order on his behalf. The broker enters the order throughhis personal computer, which runs under Windows NT and sends signal to the Satellite viaVSAT/leased line/modem. The signal is directed to a mainframe computer at NSE via VSAT atNSEs office. A message relating to the order activity is broadcast to the respective member. Theorder confirmation message is immediately displayed on the PC of the broker. This ordermatches with the existing passive order(s), otherwise it waits for the active orders to enter thesystem. On order matching, a message is broadcast to the respective member. The trading systemoperates on a strict price time priority. All orders received on the system are sorted with the bestpriced order getting the first priority for matching i.e., the best buy orders match with the bestsell order. Similar priced orders are sorted on time priority basis, i.e. the one that came in earlygets priority over the later one. Orders are matched automatically by the computer keeping thesystem transparent, objective and fair. Where an order does not find a match, it remains in thesystem and is displayed to the whole market, till a fresh order comes in or the earlier order iscancelled or modified. The trading system provides tremendous flexibility to the users in termsof kinds of orders that can be placed on the system. Several time-related (immediate or cancel),price-related (buy/sell limit and stop loss orders) or volume related (disclosed quantity)conditions can be easily built into an order. The trading system also provides complete market 17 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  18. 18. Indian Securities Marketinformation on-line. The market screen at any point of time provides complete information ontotal order depth in a security, the five best buys and sells available in the market, the quantitytraded during the day in that security, the high and the low, the last traded price etc. Investors canalso know the fate of the orders almost as soon as they are placed with the trading members.Thus, the National Exchange for Automated Trading (NEAT) system provides an OpenElectronic Consolidated Limit Order Book (OECLOB). Limit orders are orders to buy or sellshares at a stated quantity and price. If the price-quantity conditions do not match, the limit orderwill not be executed. The term „limit order book‟ refers to the fact that only limit orders arestored in the book and all market orders are crossed against the limit orders sitting in the book.Since the order book is visible to all market participants, it is termed as an „Open Book‟.4.4) NEAT SYSTEMNSE is the first exchange in the world to use satellite communication technology for trading. Itstrading system, called National Exchange for Automated Trading (NEAT), is a state of-the-artclient server based application. At the server end all trading information is stored in an inmemory database to achieve minimum response time and maximum system availability forusers. It has uptime record of 99.7%. For all trades entered into NEAT system, there is uniformresponse time of less than one second. The NEAT system supports an order driven market,wherein orders match on the basis of time and price priority. All quantity fields are in units andprices are quoted in Indian Rupees. The regular lot size and tick size for various securities tradedis notified by the Exchange from time to time.4.5 Market Phases:The trading system is normally made available for trading on all days except Saturdays, Sundaysand other holidays. Holidays are declared by the Exchange from time to time. A trading daytypically consists of a number of discrete stages as below:(i) Opening: The trading member can carry out the following activities after login to the NEATsystem and before the market opens for trading:(a) Set up Market Watch (the securities which the user would like to view on the screen) 18 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  19. 19. Indian Securities Market(b) View Inquiry screens At the point of time when the market is opening for trading, the tradingmember cannot login to the system. A message „Market status is changing. Cannot logon forsometime‟ is displayed. If the member is already logged in, he cannot perform trading activitiestill market is opened.(ii) Pre-open: The pre-open session is for duration of 15 minutes i.e. from 9:00 am to 9:15am.The pre-open session is comprised of Order collection period and order matching period. Theorder collection period of 8* minutes shall be provided for order entry, modification andcancellation. (*- System driven random closure between 7th and 8th minute). During this periodorders can be entered, modified and cancelled. The information like Indicative equilibrium /opening price of scrip, total buy and sell quantity of the scrip is disseminated on the NEATTerminal to the members on real time basis. Indicative NIFTY Index value & % change ofindicative equilibrium price to previous close price are computed based on the orders in orderbook and are disseminated during pre-open session. Order matching period starts immediatelyafter completion of order collection period. Orders is matched at a single (equilibrium) pricewhich will be open price. The order matching happens in the following sequence: Eligible limit orders are matched with eligible limit orders Residual eligible limit orders are matched with market orders Market orders are matched with market order 19 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  20. 20. Indian Securities MarketDuring order matching period order modification, order cancellation, trade modification andtrade cancellation is not allowed. The trade confirmations are disseminated to respectivemembers on their trading terminals before the start of normal market. After completion of ordermatching there is a silent period to facilitate the transition from pre-open session to the normalmarket. All outstanding orders are moved to the normal market retaining the original time stamp.Limit orders are at limit price and market orders are at the discovered equilibrium price. In asituation where no equilibrium price is discovered in the pre-open session, all market orders aremoved to normal market at previous day‟s close price or adjusted close price / base pricefollowing price time priority. Accordingly, Normal Market / Odd lot Market and Retail DebtMarket opens for trading after closure of pre-open session i.e. 9:15 am. Block Trading session isavailable for the next 35 minutes from the open of Normal Market. The opening price isdetermined based on the principle of demand supply mechanism. The equilibrium price is theprice at which the maximum volume is executable. In case more than one price meets the saidcriteria, the equilibrium price is the price at which there is minimum unmatched order quantity.In case more than one price has same minimum order unmatched quantity, the equilibrium priceis the price closest to the previous day‟s closing price. In case the previous day‟s closing price isthe mid-value of pair of prices which are closest to it, then the previous day‟s closing price itselfwill be taken as the equilibrium price. In case of corporate action, previous day‟s closing price isadjusted to the closing price or the base price. Both limit and market orders are reckoned forcomputation of equilibrium price. The equilibrium price determined in pre-open session isconsidered as open price for the day. In case if only market orders exists both in the buy and sellside, then order is matched at previous days close price or adjusted close price / base price.Previous day‟s close or adjusted close pric e / base price is the opening price. In case if no priceis discovered in pre-open session, the price of first trade in the normal market is the open price.(iii) Normal Market Open Phase: The open period indicates the commencement of tradingactivity. To signify the start of trading, a message is sent to all the trader workstations. Themarket open time for different markets is notified by the Exchange to all the trading members.Order entry is allowed when all the securities have been opened. During this phase, orders arematched on a continuous basis. Trading in all the instruments is allowed unless they are 20 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  21. 21. Indian Securities Marketspecifically prohibited by the Exchange. The activities that are allowed at this stage are Inquiry,Order Entry, Order Modification, Order Cancellation (including quick order cancellation), OrderMatching and Trade Cancellation.(iv) Market Close: When the market closes, trading in all instruments for that market comes toan end. A message to this effect is sent to all trading members. No further orders are accepted,but the user is permitted to perform activities like inquiries and trade cancellation.(v) Post-Close Market: This closing session is available only in Normal Market Segment. Itstimings are from 3.50 PM to 4.00 PM. Only market price orders are allowed. Special Terms,Stop Loss and Disclosed Quantity Orders, Index Orders are not allowed. The trades areconsidered as Normal Market trades. Securities not traded in the normal market session are notallowed to participate in the Closing Session.(vi) Surcon: Surveillance and Control (SURCON) is that period after market close during which,the users have inquiry access only. After the end of SURCON period, the system processes thedata for making the system available for the next trading day. When the system starts processingdata, the interactive connection with the NEAT system is lost and the message to that effect isdisplayed at the trader workstation. 21 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  22. 22. Indian Securities Market4.6 NEAT ScreenThe trader workstation screen of the trading member is divided into the following windows:(i) Title bar: It displays trading system name i.e. NEAT, the trading member name the user id,user type, the date and the current time.(ii) Ticker Window: The ticker displays information of all trades in the system as and when ittakes place. The user has the option of selecting the securities that should appear in the ticker.Securities in ticker can be selected for each market type. On the extreme right hand of the tickeris the on-line index window that displays the current index value of NSE indices namely S&PCNX Nifty, S&P CNX Defty, CNX Nifty Junior, S&P CNX500, CNX Midcap, CNX IT, BankNifty, CNX 100 and Nifty Midcap 50, CNX Realty, CNX MNC, CNX FMCG, CNX Energy,CNX Infra, CNX Pharma, CNX PSU Bank, CNX PSE and CNX Service and India VIX. Theuser can scroll within these indices and view the index values respectively. Index point change 22 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  23. 23. Indian Securities MarketWith reference to the previous close is displayed along with the current index value. Thedifference between the previous close index value and the current index value becomes zerowhen the Nifty closing index is computed for the day. The ticker window displays securitiescapital market segments. The ticker selection facility is confined to the securities of capitalmarket segment only. The first ticker window, by default, displays all the derivatives contractstraded in the Futures and Options segment.(iii) Tool Bar: The toolbar has functional buttons which can be used with the mousefor quick access to various functions such as Buy Order Entry, Sell Order Entry,Market By Price (MBP), Previous Trades (PT), Outstanding Order (OO), Activity Log (AL),Order Status (OS), Market Watch (MW), Snap Quote (SQ), Market Movement (MM), MarketInquiry (MI), Auction Inquiry (AI), Order Modification (OM), Order Cancellation (OCXL),Security List, Net Position, Online Backup, Supplementary Menu, Index Inquiry, IndexBroadcast and Help. All these functions are also accessible through the keyboard.(iv) Market Watch Window: The ‘market watch window is the main area of focus for a tradingmember. This screen allows continuous monitoring of the securities that are of specific interestto the user. It displays trading information for the selected securities.(v) Inquiry Window: This screen enables the user to view information such as Market by Order(MBO), Market By Price (MBP), Previous Trades (PT), Outstanding Orders (OO), Activity Log(AL), Order Status (OS), Market Movement (MM), Market Inquiry (MI), Net Position, OnlineBackup, Index Inquiry, Indices Broadcast, Most Active Securities and so on. Relevantinformation for the selected security can be viewed.(vi) Snap Quote: The snap quote feature allows a trading member to get instantaneous marketinformation on any desired security. This is normally used for securities that are not already setin the Market Watch window. The information presented is the same as that of the Marker Watchwindow. 23 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  24. 24. Indian Securities Market(vii) Order/Trade Window: This window enables the user to enter/modify/cancel orders and tosend request for trade cancellation and modification.(viii) Message Window: This enables the user to view messages broadcast by the exchange suchas corporate actions, any market news, auctions related information etc. and other messages likeorder confirmation, order modification, order cancellation, orders which have resulted in quantityfreezes/price freezes and the exchange action on them, trade confirmation, tradecancellation/modification requests and exchange action on them, name and time when the userlogs in/logs off from the system, messages specific to the trading member, etc. These messagesappear as and when the event takes place in a chronological order. Invoking an Inquiry ScreenAll Inquiry screens have a selection where the security viewed can be selected. The screen showsthe details of the security selected for that inquiry. The details for each inquiry screen arediscussed below:4.7) Market WatchThe Market Watch window is the third window from the top of the screen that is always visibleto the user. The Market Watch is the focal area for users. The purpose of Market Watch is tosetup and view trading details of securities that are of interest to users. For each security in theMarket Watch, market information is dynamically updated.Following are the key features of Market Watch Screen:(i) Market Information Displayed: The one line market information displayed in the marketwatch screen is for current best price orders available in the Regular Lot book. For each securitythe following information is displayed:(a) The corporate action indicator “Ex/Cum"(b) The total buy order quantity available at best buy price(c) Best buy price(d) Best sell price 24 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  25. 25. Indian Securities Market(e) Total sell order quantity available at best sell price(f) The last traded price(g) The last trade price change indicator and(h) The no delivery period indicator "ND"(I) the Percentage change from previous day‟s closing price‟If the security is suspended, SUSPENDED‟ appears in front of the security. If aQuestion mark (?) appears on the extreme right hand corner for a security, itIndicates that the information being displayed is not the latest and the system willDynamically update it.(ii) Information Update: In the Market Watch screen, changes in the best priceand quantities are highlighted on a dynamic basis (in all pages of Market Watch). ForExample, if the best price changes as a result of a new order in the market, the newDetails are immediately displayed. The changed details are highlighted with a changeOf color for a few seconds to signify that a change has occurred. The blue colorIndicates that price/quantities have increased, while the red color indicates that thePrice/quantities have decreased.If the last traded price is higher than the previous last traded price then the indicator„+‟ appears or if the last traded price is lower than the previous last traded price thenthe indicator „-‟ appears. If there is no change in the last traded price, no indicator isDisplayed.The list of securities that are available for trading on Capital Market segment isAvailable in the Security List box. The user has the option to setup securities directlyFrom the Security List without typing a single character on the market watch screen.This is a quick facility to setup securities. If the user tries to setup a security which isAlready present in the market watch one gets a message that the security is alreadySetup. The user also has the option to add and delete the security set up in theMarket watch screen as many times as one desires. The user can print the contents 25 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  26. 26. Indian Securities MarketOf the Market Watch setup by the user. The user can either print the Market WatchOn display or the Full Market Watch.(iii) Market Watch Download: A user has to set up securities after the firstDownload of the software. After setting up the market watch, it is suggested that theUser should log out normally. This will help the user to save the freshly set upMarket watches securities in a file. If at any given time, when the user has freshly setUp a few securities and encounters an abnormal exit, the newly set up securities areNot saved and the user may have to repeat the process of setting up securities. TheMarket Watch setup is carried over to subsequent days, thus averting the need to setup the Market Watch on daily basis. During the logon stage, the relevant Market Watch detailsare downloaded from the trading system. The message displayed is `Market Watch download isin progress. The time taken for the Market Watch download depends on the number of securitiesset up.(iv) Setting up Securities: One of the best features of this software is that the user has the facilityto set up 500 securities in the market watch. The user can view up to 30 securities in one page ofthe market watch screen.(v) Easy Navigation: The details of the current position in the Market Watch defaults in the orderentry screen and the inquiry selection screen. It is therefore possible to do quick order entries andinquiries using this feature. The default details can also be overwritten.(vi) Corporate Actions Indication: An indicator for corporate actions for a security is anotherfeature in market watch. The indicators are as follows:XD - ex-dividendXB - ex-bonusXI - ex-interestXR - ex-rightsCD - c u m-dividend 26 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  27. 27. Indian Securities MarketCR - c u m-rightsCB - cum-bonusCI - c u m-interestC* – In case of more than one of CD, CR, CB, CIX* - In case of more than one of XD, XR, XB, XI. 27 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  28. 28. Indian Securities Market 5 )LITERATURE REVIEW During my stint with INDIA INFOLINE LTD as a intern gave me a lot of knowledgeabout stock market like, what is nifty? What is BSE? How trading takes place on stockexchange? It also gave me brief knowledge that how securities market are important for anyeconomy. How securities market help corporate world, public as well as private enter prizesraise funds through securities market. Also during my internship period i went through thehistory of our stock market and how it got transformed after NSE came into existence in the year1993. According to me the most significant and the turning point in Indian securities market wasthe introduction of screen based trading system in the year 1994 by national stock exchange.which resulted in increased retail participation, increased market capitalization and a completeoverhaul of Indian securities market. For my research topic SBTS. I referred various books,interacted with experts and surfed various internet sites. 28 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  29. 29. Indian Securities Market6) RESEARCH OBJECTIVE:Objective behind a broad research on “SCREEN BASED TRADING SYSTEM” was to get abrief knowledge about the technology which brought a revolution in Indian securities market.Because prior to introduction of SBTS trading in securities use to take place on open outcrysystem. Under the system, brokers assemble at a central location usually the exchange tradingring, and trade with each other. This was time consuming, inefficient and imposed limits ontrading volumes and trading hours. Screen based trading system was readily accepted by marketparticipants and in the very first year of its operation, NSE became the leading stock exchange inthe country. Research on SBTS made me realize that how application of technology can change aslow and sluggish market into one of the fastest and widely accepted market in the world.Because of SBTS and many other fundamental changes in Indian securities market NSE isranked 8th largest stock market in the world today. I researched on this topic to understand thesystem so that I could apply this knowledge of SBTS to gain competitive advantage in mycareer. 29 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  30. 30. Indian Securities Market 7) RESEARCH METHODOLOGY: Research is a procedure of logical and systematic application of the fundamentals ofscience to the general and overall questions of a study and scientific technique by which provideprecise tools, specific procedures and technical, rather than philosophical means for getting andordering the data prior to their logical analysis and manipulations. Different type of researchdesign is available depending upon the nature of research project, availability of able manpowerand circumstances. The study about “ANALYSIS OF SCREEN BASED TRADING SYSTEM” is exploratory as well as descriptive in nature .Discussion with experts, internet, surfing, and journals were studied to explore more about the concerned objective and better understanding of the topic.The data collected for this research (SCREEN BASED TRADING SYSTEM) includes bothPrimaries as well as Secondary data. Primary data: It includes those data which are collected by interacting with experts of the research fields, practical experience of your research topic like interacting with people and finding it out their perception, knowledge and thinking about the research topic. In this research topic I have collected primary data by regularly interacting with my company guide MR. ARVIND JAIN and also regular interaction with clients of our branch. Secondary data: It includes those data which are collected by reading journals in magazines, news papers etc. It also includes data collected through regular monitoring of web sites related to research topic, reading books written by experts on research topic. 30 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  31. 31. Indian Securities Market8) DATA ANALYSIS AND INTERPRETATION:Key performance indicators of securities market (2000-2010)Parameters Compound Annual Growth Rate(2000-01 to 2009-10)Resource Mobilization in Primary Markets 17.15%All-India Market Capitalization 23.15%All-India Equity Market Turnover* 19.94%All-India Equity derivatives turnover 132.19%Net Investments by Foreign Institutional Investors 30.53%Returns on Nifty 50 13.13% 31 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  32. 32. Indian Securities Market 32 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  33. 33. Indian Securities Market 33 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  34. 34. Indian Securities Market8.1 INTERPRETATION OF THE ABOVE DATA: As we could see from the first chart that the resource mobilized in primary market in last decade (2000-01 to 2009-10). Both from corporate securities as well as government securities increased dramatically due to series of changes in rules and regulation, amendments in various act regulating securities market. From the first chart we could see that the total resource mobilized in the year 2000-01 was some were near US $ 50000 MN and it reached US $ 225000 MN. In second chart we could analyze that the equity market turnover and the ratio of market capitalization has increased tremendously due to increased FII‟S and Retail participation also disinvestment of many profit making public sector unit has contributed towards this increase. In the year 2001-02 the market cap and equity turnover was US $ 200000 MN which got increased to US $ 1400000 MN. The third chart represents the growth of equity derivative which was introduced by NSE in the year 2000. This segment of equity derivative trading has achieved enormous amount of success in last 10 years. This could be seen from the above data the total turnover which was US $ 861 MN in the year 2000-01 increased up to US $ 4000000 MN. As said by MR. Warren buffet that smart investor invests in derivative segment. The forth chart shows the participation of FII‟S and mutual fund units in Indian securities market. Both the FII‟S and the Mutual fund has shown tremendous interest in Indian markets apart from the year 2008-09 when investment by FII‟S went into negative zone of some were near US $ 10000MN. The fifth chart shows the movement of NIFTY (National stock exchange) over the last decade. It shows that NIFTY was some near 1800 points in the year 2000-01 but it has continuously moved upward in last 10 years which shows the confidence of investors in Indian securities market. Except in the year 2008-09 when the world economy was in recession and it affected the Indian market also which dragged the nifty near 2500 points. But due to strong fundamentals of Indian market it again reached to 6000 points in the year 2009- 10. 34 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  35. 35. Indian Securities Market 9) RECOMMENDATION & SUGGESTIONS: Though SCREEN BASED TRADING SYSTEM opened the market for retail investorsfor direct participation but still as per the recent survey of Forbes magazines 70 percent of theretail investors in India still trade through intermediaries like brokers instead of using screenbased trading system. There may be various reasons for this but the major reason stated in Forbesmagazines article was lack of knowledge about how to use the screen based trading system. So my suggestions would be that NSE should start a week or say a 15 day course whichteaches the participants about how to use the screen based trading system practically. I suggestedpractically because a theoretical study of how to use Screen based trading systems is alreadyprovided in the course offered by NSE in its NCFM course of capital dealers module but apractical course would prepare a investors more efficiently than a theoretical study. 35 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  36. 36. Indian Securities Market9.1 CONCLUSION: Indian securities market is very huge and it has strong fundamentals which attractsinvestor from all over the world which we have already studied in this topic with the data of lastdecade. This growth is a result of strong rules & regulators like RBI, SEBI, MCA (ministry ofcorporate affairs), and Department of economics affairs. Laws like Depository act 1996, SEBIact 1992, and Securities contract (regulation) act 1956 are some laws which have transformed thesecurities market from an underperformer to a star performer. These rules & regulators havecreated a sense of responsibility in issuers, intermediaries and investors towards the Indiansecurities market.Also introduction of SCREEN BASED TRADING SYSTEM (SBTS) has played its part inmaking Indian market one of the most attractive and fastest growing markets in the world. Dueto this system now a day‟s even FII‟S (foreign institutional investors) have DMA (direct marketaccess) to Indian securities market which makes it possible for them to regularly monitor theirinvestment. So all an all we could say that Indian markets have transformed itself very well inlast decade and there is still a lot of scope available to improve Indian securities market whichcan help it to become the most preferred destination of the investors around the world. 36 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  37. 37. Indian Securities Market 10) Limitations of the study: SBTS is broad and very complicated software. Over the years NSE has tried its level bestto make it users friendly. In my study i have tried to place emphasis on how to use NEAT(national exchange for automated trading) efficiently. But still apart from trying to learn how touse this software conveniently and how SBTS software can increase the market participation ofretail investors. My study and its information are broadly based on the urban data were theavailability of broadband is not a big issue. but when we compare it with the unavailability ofbroadband, company services like portfolio management services provided by companies in ruralareas, lack of knowledge about how to use SBTS totally changes the scenario which i havepresented in my study. 37 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  38. 38. Indian Securities Market11) IMPLICATIONS OF THE PROJECT FOR THE COMPANY:In this project the research topic places an emphasis and light on how SCREEN BASEDTRADING SYSTEM brought a revolution in Indian securities market. But still many retailinvestors lack knowledge of how to use SBTS. Many new and old investors are willing to changetheir brokers on the basis of better services. So the company (INDIA INFOLINE LTD.) cancreate its own knowledge building training based on screen based trading system which wouldattract a lot of traditional investors in its client based folds. The company can also use this reportas a basis to train the new participants or the employees to increase their basic knowledge aboutSCREEN BASED TRADING SYSTEM. 38 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  39. 39. Indian Securities Market12) SCOPE FOR THE FUTURE STUDY: There is a huge scope for future study given SBTS regularly goes through changes whichwould make it more users friendly and it is available in urban as well as rural through constantinnovation. Like when we talk about MARKET WATCH WINDOW which allows a user toview its specific listed security can also be divided into more than one part were one could seefuture &option separately, equity trading separately, gold & silver ETF‟S seprately.etc. This isjust an example there is an enormous scope available in SBTS which would make it aninteresting topic for study in future. 39 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES
  40. 40. Indian Securities Market13) BIBLIOGRAPHY/REFERENCES:www.nseindia.comwww.sebi.gov.inTHE TIMES OF INDIAECONOMICS TIMESBUSINESS STANDARDSNCFM CAPITAL MARKET (DEALORS) MODULEFINANCIAL SERVICES IN INDIA. PAGE:403ELECTRONIC EXCHANGES: THE GLOBAL TRANSFORMATION FROM PITS TO BITSPAGE: 231. 40 | P a g eSTERLING INSTITUTE OF MANAGEMENT STUDIES

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