Capital market

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Capital market

  1. 1. CAPITAL MARKET REFORMS IN INDIA <ul><li>Dr.Balwinder Singh </li></ul><ul><li>Reader, Deptt of CBM </li></ul><ul><li>G.N.D.U, Amritsar </li></ul><ul><li>[email_address] </li></ul>
  2. 2. Changing Times <ul><li>Simple to Complex </li></ul><ul><li>Supply > Demand </li></ul><ul><li>Information Technology </li></ul><ul><li>One world </li></ul><ul><li>New Type of Industry </li></ul><ul><li>Job Profile Changing </li></ul><ul><li>Security to Performance </li></ul><ul><li>Eligibility of Jobs- </li></ul><ul><li>Not Qualification but Uniqueness </li></ul>
  3. 3. Capital Market <ul><li>Legislations </li></ul><ul><ul><li>Capital Issues (Control) Act,1947 </li></ul></ul><ul><ul><li>SEBI Act, 1992 </li></ul></ul><ul><ul><li>Securities Contract (Regulation) Act,1956 </li></ul></ul><ul><ul><li>Depositories Act, 1996 </li></ul></ul><ul><ul><li>Companies Act, 1956 </li></ul></ul><ul><li>Regulators </li></ul><ul><ul><li>DEA, DCA, RBI and SEBI </li></ul></ul><ul><li>Instruments </li></ul><ul><ul><li>Traditional </li></ul></ul><ul><ul><li>Modern-Derivatives, Exchange Traded Funds, Euro Issues etc. </li></ul></ul><ul><li>Services </li></ul><ul><ul><li>Underwriting, Merchant Banking, Custodial Services </li></ul></ul><ul><li>Intermediaries </li></ul><ul><li>Underwriter, Broker, Banker, Registrar, Advisors etc. </li></ul>
  4. 4. Structure of Capital Market in India <ul><li>Market Segments </li></ul><ul><ul><li>Primary and Secondary </li></ul></ul><ul><li>Regulators </li></ul><ul><ul><li>SEBI, RBI, DCA, DEA </li></ul></ul><ul><li>Legislations </li></ul><ul><ul><li>Capital Issues (Control) Act,1947 </li></ul></ul><ul><ul><li>SEBI Act, 1992; Depositories Act,1996 </li></ul></ul><ul><ul><li>Securities Contract Regulation Act 1956 </li></ul></ul><ul><ul><li>Companies Act, 1956 </li></ul></ul><ul><li>Participants </li></ul><ul><ul><li>Issuers, Intermediaries, Investors </li></ul></ul>
  5. 7. Broad Structure of Secondary Market as on March 31,2003
  6. 8. Capital Market Reforms <ul><li>Objectives </li></ul><ul><ul><li>Improving Market Efficiency </li></ul></ul><ul><ul><li>Enhancing Transparency </li></ul></ul><ul><ul><li>Preventing Unfair Trade Practices </li></ul></ul><ul><ul><li>Integration with International Markets </li></ul></ul><ul><li>Actions </li></ul><ul><ul><li>Liberalise </li></ul></ul><ul><ul><li>Regulate </li></ul></ul><ul><ul><li>Develop </li></ul></ul>
  7. 9. Capital Market Reforms <ul><li>SEBI ACT,1992 </li></ul><ul><ul><li>Protect-Promote-Regulate </li></ul></ul><ul><li>Disclosure and Investor Protection Guidelines (DIP) </li></ul><ul><li>Free Pricing </li></ul><ul><li>Book Building </li></ul><ul><li>Screen Based Trading </li></ul><ul><li>Internet Trading-Mobile Trading </li></ul>
  8. 10. Capital Market Reforms <ul><li>Trading Cycle </li></ul><ul><ul><li>T+5, T+3, T+2, T+1 </li></ul></ul><ul><li>Derivatives Trading (June 2000) </li></ul><ul><li>Demutalisation and Corporatisation </li></ul><ul><ul><li>Ownership-Management-Trading Membership </li></ul></ul><ul><li>Depositories </li></ul><ul><ul><li>NSDL and CDSL </li></ul></ul><ul><li>Risk Management </li></ul><ul><ul><li>Capital Adequacy, Margin, monitoring, Trade/Settlement Guarantee Fund </li></ul></ul><ul><li>Investor Protection and Education </li></ul>
  9. 11. Capital Market Reforms <ul><li>Globalisation </li></ul><ul><ul><li>ADR, GDR, FCCBs, ECBs, FIIs, IDRs </li></ul></ul><ul><li>Miscellaneous </li></ul><ul><ul><li>e-IPOs, </li></ul></ul><ul><ul><li>ESOPs, </li></ul></ul><ul><ul><li>Buy back, </li></ul></ul><ul><ul><li>Private Placement, </li></ul></ul><ul><ul><li>Bought out Deals, </li></ul></ul><ul><ul><li>OTCEI, NSE, ICSEI, </li></ul></ul><ul><ul><li>Regional Stock Exchanges </li></ul></ul>
  10. 12. THANKS <ul><li>Dr.Balwinder Singh </li></ul><ul><li>Reader, Deptt of CBM </li></ul><ul><li>G.N.D.U, Amritsar </li></ul><ul><li>[email_address] </li></ul>

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