Continuum of NSE's Transformational Journey: Negotiating New Frontiers

STOCK EXCHANGE

VIKRAM LIMAYE

Continuum of NSE’s Transformational Journey: Negotiating New Frontiers

in the pre-NSE era, into a deep, liquid and vestors and traders in India and globally). transparent market that enjoyed the trust This in turn resulted in improved market and confidence of investors. Within a year liquidity, efficient price discovery and ad- after it began operations, NSE became the ditional listings. These contributions of market leader and has since sustained its NSE to the Indian securities market have leadership in equity shares turnover.*1 been widely recognised. Introduction The scale and breadth of NSE’s prod- The improvements in the qualitative ucts and services, its state-of-the-art tech- indicators of the market are also reflected nology, and the culture of being continu- in the size of the market in India, which has ally customer-centric have enabled NSE grown tremendously since the mid-1990s. to proactively deliver innovative solutions According to the World Bank data, for for emerging demands in the ecosystem. the period from 2010 to 2016, the market he National Stock Exchange of India NSE’s integrated business model and sus- capitalisation-to-GDP ratio for Indian mid- (NSE) is not only the premier stock tained leadership position across multiple dle income country-averaged about 72 T exchange in India but also one of the asset classes have, over the years, attracted percent, much higher than the 53 percent leading stock exchanges of the world. In In- a growing number of new participants (in- average of all middle-income countries. dia, it is credited with playing a key role in the modernisation and transformation of the Indian securities market. Incorporated Table 1: Value of Shares Traded: Global Ranking and Growth in 2017 in 1992, NSE commenced operations in 1994 with electronic screen-based trading to re- Rank in Value of Shares Value of Shares Traded YoY Growth in Shares Traded Exchange place the traditional open outcry prevalent Traded in 2017 (in 2016) (USD Trillion ) in 2017(%) in those times. This early adoption of tech- 1 (1) New York Stock Exchange 14.5 -16 nology ensured that participants, irrespec- 2 (2) Cboe Global Markets 12.3 -10 tive of their geographical locations, were 3 (4) Nasdaq 11.3 2 able to view a single order book and trade 4 (3) Shenzhen Stock Exchange 9.2 -21 real-time in a transparent manner. The oth- 5 (5) Shanghai Stock Exchange 7.6 1 er distinguishing feature of NSE was that it 6 (6) Japan Exchange Group 5.8 3 was perhaps the first exchange in the world 7 (7) Cboe Europe Equities 2.4 -10 that started as a demutualised exchange, 8 (10) Hong Kong Exchange 2.0 45 where the ownership and management 9 (8) Euronext 1.9 9 of the exchange were divorced from each 10 (9) Korea Exchange 1.9 14 other and also from the right to trade on it. 11 (11) Deutsche Börse Group 1.5 12 Not being managed by owners, which was 12 (12) TMX Group 1.2 6 a break from the past, meant that there was 13 (16) NSE 1.0 46 no built-in incentive for mis-governance. 14 (13) SIX Swiss Exchange 0.9 9 15 (14) Australian Stock Exchange 0.8 1 These two features of NSE transformed the Indian market, which lacked transparency Source: WFE Annual Statistics Guide 2017

Continuum of NSE’s Transformational Journey: Negotiating New Frontiers | 33 STOCK EXCHANGE

Further, although India’s performance in capital. Historically, SMEs have depended SMEs is further demonstrated by the nu- this respect fell short of the average for the heavily on debt capital from banks and merous seminars and workshops that it high-income country category (about 104 financial institutions, which have often conducts across all SME clusters to make percent for this period), there have been made them overleveraged and also vulner- entrepreneurs understand the benefits some years in the past when India has sur- able to adverse economic conditions. Rec- and obligations of going public. passed the high-income countries average, ognising this challenge, in 2012, the Secu- In recent years, start-ups have also particularly in the immediate aftermath of rities and Exchange Board of India (SEBI) come under NSE’s focus. India’s start- the global financial crisis (2009 and 2010).*2 permitted exchanges to (a) create a dedicat- up ecosystem has grown rapidly in the More recently, in 2017, NSE registered the ed platform for SMEs to access capital mar- past few years to become the world’s highest growth among major exchanges kets for raising equity capital, and (b) allow third-largest after the U.S. and China. worldwide in value of shares traded, push- SMEs’ shares to be listed and traded.*3 Only a handful of start-ups, however, ing it to rank 13th (from 16th in 2016) in In response, NSE launched EMERGE have gone public. Further, even though terms of value of shares traded (Table 1). to help SMEs raise equity capital from in- initial public offerings (IPOs) in India Recognising that there is no scope formed investors willing to invest early have generally been dominated by more for complacency, NSE has been continu- in promising companies. As of end-March traditional sectors such as financial ser- ally endeavoring to maintain its domestic 2018, 133 companies have been listed on vices, NSE expects a shift in IPOs towards leadership position, and also emerge as a EMERGE; most of them in the last two years new-economy companies in the coming stronger global player. This piece seeks (Figure 1). Together, these companies have years.*4 NSE’s EMERGE-ITP – a regulated to analyse how NSE has responded to the raised about INR 20 billion since the plat- market place which allows start-ups to list market and regulatory developments in form was launched. with or without an IPO – addresses both the past, particularly in the recent years As a segment of NSE, EMERGE en- the issues. This platform connects grow- and what new paths it is exploring to real- joys all the benefits of a well-established ing businesses to a pool of sophisticated ise its vision in the medium term. For this exchange, such as well-oiled trading ter- investors and offers them a wide vari- purpose, five key areas have been chosen: minals of the main exchange, its risk man- ety of exciting investment opportunities. listing of small and medium-sized enter- agement and surveillance systems and the This is expected to help NSE diversify its prises (SMEs) and start-ups, expanding re- existing infrastructure. While NSE’s aim is listing campaigns in the medium term to tail investor base, nurturing new markets, to create an enabling environment and at- target new categories of issuers. Towards establishing international exchange and tract more and more SMEs to tap the public this end, NSE is also in talks with SEBI to leveraging technology. markets, it has made the eligibility criteria tweak some of the conditions for listing on for SMEs to access EMERGE tighter than EMERGE-ITP to make it more attractive to those set by SEBI, mainly to strengthen a wider range of companies and investors. investor protection. Thus, only SMEs with basic minimum financial soundness and Catching Companies track record can list on EMERGE. Aside from giving opportunities Expanding Retail Young: Listing of SMEs to more and more SMEs to make public issues, NSE also envisages EMERGE as a Investor Base: and Start-ups means to expand its Main Board, as SMEs that grow beyond a certain threshold level Education and are allowed to migrate to the Main Board. Indeed, some of the companies that are Technology Are Key One of the most significant challenges fac- currently on EMERGE may one day be part ing the SMEs is inadequate access to equity of NIFTY 50. NSE’s commitment towards Indian capital markets are comparatively underpenetrated, with significant poten- Figure 1: SME listings and the Funds Raised Through This Platform tial for further growth. NSE has recognised that educating more and more investors Funds raised (rhs) No. of listed companies (lhs) INR Billion and potential investors and increasing 100 20 their awareness is a key route through 90 87 18 which the investor base can be expanded 80 16 and investor protection can be achieved. 14.4 Since July 2010, NSE has worked 70 14 in co-ordination with SEBI to conduct in- 60 12 vestor awareness programs (IAPs), which 50 10 are offered for free, with an aim to pro- 40 8 vide existing and potential investors with 31 30 6 knowledge and understanding of the fi- 20 4 nancial markets and guide them in effec- 3.6 8 tive financial planning. Over the years, the 10 2 2 3 2 0.4 0.4 0.4 0.7 IAPs have increased in frequency and have 0 0 been attracting an increasing number of 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 (FY) participants (Figure 2). The areas broadly Source: NSE covered are rights of investors, do’s and

34 | NOMURA JOURNAL OF ASIAN CAPITAL MARKETS | AUTUMN 2018 Vol.3/No.1 Figure 2: Details of the Investor Awareness Programs (lAPs) Conducted by NSE NSE has already demonstrated its capability in this direction by allowing distribution No. of participants (lhs) No. of IAPs conducted (rhs) of sovereign gold bonds on this platform. 150,000 3,000 The initiative has the potential to trans- 138,856 144,907 form the mutual fund industry to an extent 2,416 similar to the way the reforms of the early 2,271 1990s transformed equity market trading. 106,367 Meanwhile, to take advantage of 100,000 2,000 the continuing trend of rising mobile and 82,538 1,679 74,712 internet penetration in India, NSE has in- troduced a web-based and mobile trad- 1,184 1,054 ing platform (called NOW). By facilitating 50,000 1,000 trade execution through the internet, it has made trading a lot easier, particularly for retail investors. In the medium to long term, assuming that mobile and internet penetration continues to increase in India, 0 0 2013-14 2014-15 2015-16 2016-17 2017-18 (FY) this mode of trading is expected to gain

Source: NSE popularity and help induce a culture of investment in financial instruments even in areas beyond major cities. don’ts of investing, functioning of securi- funds (NSE MF II) that it created in 2013. ties market, Know Your Customer (KYC) The platform has allowed the mutual fund and products of the exchange. Educational distributors to move from paper mode to and informative booklets relating to opera- digital mode, standardise operations, in- tional and functional aspects of the market crease transparency and reduce cost and Nurturing New Markets: are distributed to investors free of charge. time taken to conclude mutual fund trans- Some of these IAPs have been targeted at actions. The convenience and transpar- Policy Sets the Stage groups such as senior citizens, police offi- ency offered through the platform have cers, hospital staff, factory staff, post office been a major attraction for new investors. employees and special women’s groups. Further, this platform has the potential to Years of efforts by NSE and others become a one-stop shop for distribution to spread investor awareness have con- of financial products (including non-ex- Right from its inception, NSE has continu- tributed to some positive developments change traded products such as corporate ally developed and launched new products in the market. In the last few years, the fixed deposits and postal products and so to meet the diverse needs of investors. A se- number of individuals participating in the on); which not only would create stronger ries of reforms in the cash equity segment capital market through mutual funds has incentives for mutual funds distributors to in India in the 1990s that strengthened the grown rapidly and further, many of these register on this platform, but also would in- market micro structure, and the progres- individuals have been investing through directly expand the retail footprint of NSE. sive liberalisation in product development Systematic Investment Plans (SIPs) route, which helps them to remain disciplined, while not having to worry about timing the Figure 3: Average Daily Contracts Traded market. The individual investor base has grown at a compound annual growth rate Index futures Stock futures Index options Stock options (CAGR) of about 16 percent over the period 9,000,000 from 2014 to 2018. Based on Association 8,000,000 of Mutual Funds in India, as of end-March 2018, there are 71 million individual inves- 7,000,000 tor accounts in mutual funds, 20 million of 6,000,000 which are SIP accounts. Finally, the investors from smaller cities (cities other than 5,000,000 the top 15 in India), have begun showing 4,000,000 increasing interest in mutual funds; in FY 2017-2018, for example, assets under man- 3,000,000 agement of investors in these smaller cities 2,000,000 have grown by 38 percent, higher than the 1,000,000 overall industry growth of 22 percent for the same period. 0 NSE envisages these positive trends to continue in the medium term and is 2000-012001-022002-032003-042004-052005-062006-072007-082008-092009-102010-112011-122012-132013-142014-152015-162016-172017-18(FY) bracing itself to take advantage of them Source: NSE through the digital platform for mutual

Continuum of NSE’s Transformational Journey: Negotiating New Frontiers | 35 STOCK EXCHANGE

that followed gave a boost to this effort. In that the integration of trading in commod- segment. In effect, it could do for the bond 1995, NSE launched the NIFTY 50 index ities and other securities shall be done market what anonymous order matching which continues to be the flagship index.*5 with effect from October 2018, paving the did for equities. The platform has not been Following regulatory approval, deriva- way for stock exchanges to introduce com- popular so far, partly because it gives access tives trading at NSE commenced with the modity derivatives trading. In the medium only to corporate bonds. NSE is working launch of futures on the NIFTY 50 index in to long term, this development is expected with regulators to bring all cash fixed-in- June 2000. A year later, in June 2001, option to provide NSE’s participants and brokers come products (such as commercial papers contracts were launched on the NIFTY 50. significant benefits in terms of capital effi- and certificates of deposits) to this platform. Futures and options on individual stocks ciency, liquidity management, and reduc- In the medium term, a large part of NSE’s were launched subsequently in the same tion in operational and compliance costs. efforts would be focused on creating ap- year. In a few years’ time, NSE could estab- propriate micro structure and conducive lish itself globally as one of the top traders Corporate bond market regulatory environment to help stimulate in equity derivative products (in terms of Despite several efforts in the past corporate bond trades to migrate from over- volume). Thus, over the years the exchange one and half decades, the corporate bond the-counter (OTC) to exchange platform. has achieved not only a diversification in market in India has remained largely the offering of products, but also signifi- underdeveloped, although some devel- cant trading volumes growth for most of opments in recent years have generated the products offered (Figure 3). some optimism. For example, several The success of equity derivatives large corporates in India have been turn- Going Global: led to the launch of a currency derivatives ing to the corporate bond route in the last segment in August 2008. Here again, the few years to raise resources, as the bank International Exchange product suite expanded over the years, finance is experiencing a severe slow- even though multiple regulators had to be down due to a twin balance sheet prob- in GIFT involved in the product approval process. lem. Corporate bonds outstanding have NSE’s well-defined product develop- risen from INR 12.9 trillion in March 2013 ment process which evolved after years of to INR 27.4 trillion in March 2018. This experimentation and expertise provides a trend is expected to continue in the me- The prime minister’s vision to create an framework that is expected to put NSE on a dium term, as the banks will take some international financial services centre in strong footing in the medium term. While years to recover from the crisis they are India that caters not only to India but the there would be continued efforts in the facing. Meanwhile, policymakers have entire world has begun to take shape with short to medium term to further develop taken a slew of measures to not only vi- the establishment of an International Fi- the currency derivatives and interest rate talize the corporate bond market, but also nancial Services Centre (IFSC) at Gujarat futures markets, signs of some exciting fu- to allow exchanges to play a key role in International Finance Tec-City (GIFT) in ture developments are already visible in developing this market, recognising the the state of Gujarat. Following the gov- some areas. need for greater transparency. One ex- ernment’s announcement of regulatory ample of the government’s support for guidelines for firms to operate in the cen- Commodity derivatives exchange platform is its announcement tre and a subsequent approval from SEBI, Commodities derivatives are per- to introduce debt exchange traded funds NSE and The National Securities Clearing haps the only major asset class that is (ETFs) to raise resources for central PSUs. Corporation Limited (NSCCL) have incor- not allowed to be traded on stock ex- Furthermore, the Reserve Bank of India porated two subsidiaries NSE IFSC Lim- change platforms in India, making it the (RBI) has recently permitted corporate ited and NSE IFSC Clearing Corporation final frontier for development of world bond repos with guaranteed settlement Limited respectively to act as an interna- class multi-asset derivatives platforms. on exchange platforms. This is expected to tional exchange and clearing corporation. Efforts are currently underway to break improve trading activity in the corporate NSE IFSC currently hosts a widely through this frontier. In 2015, the gov- bond market and would further pave the diversified portfolio of products including ernment brought the regulation of the way for implementation of credit prod- derivatives of currencies, commodities, commodity derivatives market under the ucts such as credit default swaps (CDS) on stocks and indices offered under a sin- purview of SEBI. While this undoubtedly exchange platform to manage credit risk gle platform. Since the commencement strengthened regulatory oversight, it was in corporate debt instruments. of trading in June 2017, trading volumes recognised that the market can reap the On its part, NSE recognises these at NSE IFSC have been growing, partly benefits of economies of scope and scale opportunities and has strengthened its aided by a range of initiatives including only if the commodities and securities de- commitment to develop a vibrant corpo- incentives under the exchange’s Liquid- rivative markets are integrated in terms rate bond market through its platform. A ity Enhancement Scheme, easy access to of participants, brokers and operation- number of initiatives have been taken. For a variety of participants in terms of reg- al frameworks, as in major derivatives example, NSE launched its Electronic Debt istration and membership and provision markets such as the Chicago Mercantile Bidding Platform (NSE-EBP) for issuance of of facilities such as colocation, algorith- Exchange (CME), the Eurex Exchange and debt securities on a private placement basis mic trading and other advanced trading the Singapore Exchange (SGX). In line with in July 2016, with an aim to bring efficien- infrastructure. Also, since the exchange this thinking, SEBI permitted brokerages cy and transparency in the price discovery is located in IFSC, the trades executed on in September 2017 to deal in commodities mechanism and to reduce the time and cost the exchange are exempt from security and other securities through a single enti- of these issuances. Earlier, NSE had started transaction tax, commodity transaction ty. Subsequently, SEBI also announced in an anonymous order-matching platform tax, dividend distribution tax, short-term its board meeting on 28 December, 2017 for secondary market trades in the debt and long-term capital gains tax and in-

36 | NOMURA JOURNAL OF ASIAN CAPITAL MARKETS | AUTUMN 2018 Vol.3/No.1 come tax. Further, for the success of the systems through a tradition of innova- ogies have the potential to shape the mar- international exchange, the continued tion and investment in technology. As al- kets in the foreseeable future the most. support of policymakers – the Ministry of ready stated, when it began operations in Finance, RBI and SEBI – is evidenced from 1995, NSE adopted electronic trading, also Blockchain and distributed ledger technology their prompt fine – tuning of the policies called screen-based trading system (SBTS), and regulations to address current and which replaced the open outcry system Blockchain offers some key bene- emerging issues. In the Union Budget for prevalent then in India and brought fits for capital markets, including an im- FY2018-2019, Finance Minister Mr. Arun about tremendous improvement in trans- mutable record of transactions, a shared Jaitley also proposed a unified regulator parency. In delivering transparency, SBTS view of data that is widely distributed but for IFSC GIFT, which is expected to result was complemented by a communication easily verified and a simple way to prevent in faster and more consistent decision technology that involved establishment duplicate transactions. Traditional ap- making. of Very Small Aperture Terminal (VSAT) proaches to solving the above issues have In the medium term, NSE envisages links. The combination of the two tech- always involved significant reconciliation, four major benefits to accrue to it directly nologies ensured that market participants complex procedures for establishing trust or indirectly, as the IFSC would: could trade with one another irrespec- and a need for central authorities, which tive of their geographic location and that in turn have led to high barriers to entry 1 Provide facilities and regulations orders and prices could become visible and high costs of operation. It is widely comparable to any other leading and instantly available to all participants recognised that blockchain technology international finance centres in the across the country. can address these shortcomings of the world. Companies from Asia, Africa NSE leveraged technology not traditional approaches. India is paying and Europe should be able to raise just when it began operations, but right significant attention to blockchain, even funds from this Centre. It will be the through its history. Over the years, two as it remains watchful of issues around rest of the world's gateway to India. technologies – algorithmic trading and crypto-currencies. The capital markets co-location – have had a tremendous im- regulator has set up a blockchain task 2 Enable Indian exchanges to com- pact on speed of trade execution. The force, and a number of participants in the pete on an equal footing with off- number of equity trades executed per markets have carried out pilots related to shore financial centres. This has day has risen from about 10,000 in 1995 blockchain. the potential to halt the migration to several million in 2017. Of course, ad- of trading volume from India to off- vanced technology has been used not Machine learning and artificial intelli- gence shore centres, which has been the only in trading, but in other activities as trend in the past. well, such as clearing, settlements, risk Machine learning is basically the management services, surveillance and harnessing of current compute technolo- 3 Take advantage of its geographic lo- listing, which have become imperative gies at a scale that is larger and faster than cation to provide financial services primarily because of an explosive growth before. It looks magical, but it is based to the entire world, opening with in trading volumes. These advancements on well-understood techniques and algo- the Japanese markets and closing have helped NSE maintain its competitive rithms. Availability of massive data sets with the U.S. markets and thereby, position. together with huge increases in computing serve as India’s gateway to the rest On a day-to-day basis, NSE’s elec- power are allowing machines to use ma- of the world. tronic systems deploy real-time hardware chine learning to autonomously execute and software monitoring and analytics business work flows, which was not pos- 4 Mitigate the criticism that India has with self-correction capability, predictive sible earlier. NSE believes that it can and stopped becoming the price set- behavior technology and surveillance should take advantage of progress in ma- ter for even some Indian financial of known failure points and unexpected chine learning. For example, NSE’s market instruments; indeed, in about 10 events. To avoid outages or disruptions, surveillance, whose objective is to detect years, GIFT should be able to be- NSE ensures that its systems have built market manipulation and market insta- come the price setter for at least a in redundancy and excess capacity at all bility events, can use machine learning to few of the most frequently traded times; implement regular testing proto- fine-tune traditional approaches, and also instruments in the world. cols; and adopt continuous obsolescence to detect previously undetected anomalous planning to keep its hardware and sys- behavior. tems updated. To minimise cyber security threats, NSE has implemented a security framework to prevent and detect system Leveraging Technology: intrusions and internal and external security tools. an Imperative for Moving forward, NSE has a vision to maintain its leadership position in tech- Conclusion Sustaining Growth nology by continuing to take advantage of technological progress to introduce new products and market structures, so that markets become deeper, broader, safer NSE has been the pioneer in technology and more efficient. In addition to advanc- in the exchange space, ensuring high re- es in currently used technologies, NSE Stock exchanges constitute a critical com- liability and efficient performance of its envisages that the following two technol- ponent of the capital market in any mod-

Continuum of NSE’s Transformational Journey: Negotiating New Frontiers | 37 STOCK EXCHANGE

ern economy. For the capital markets to much larger scale, leveraging technology "NSE's Draft Red Herring Prospectus." Re- play an important role in determining and focusing on better risk management trieved from https://www.sebi.gov.in/sebi_ the pace and pattern of economic devel- and regulation. Efforts towards these data/attachdocs/1483073582321.pdf opment, it is necessary to have efficient ends have already begun. NSE is positive and dynamic stock exchanges. The Indi- that under the guidance and leadership The World Bank Group. (n.d.) World Development an experience shows that the exchanges’ of SEBI, NSE can make transformational Indicators. Retrieved from https://data.wor ability to contribute to the development of changes in the years to come. ldbank.org/products/wdi the capital market depends significantly "Wanted: A vibrant corporate bond market," on exchange reforms undertaken and the Business Standard, 24 January, 2018. effectiveness of a strong securities mar- Notes ket regulator. Coinciding roughly with World Federation of Exchanges. (2018) WFE An- SEBI’s establishment, NSE was set up as *1 As per reports issued by Securities and Ex- nual Statistic Guide 2017. a modern, demutualised stock exchange change Board of India. about two and half decades ago as part of the broad based economic reforms intro- *2 The World Bank’s database on World De- duced in early 1990s, with an aim to re- velopment Indicators. https://data.world- VIKRAM LIMAYE vamp India’s capital market, which used bank.org/products/wdi to be opaque, inefficient, fragmented and not easily accessible. *3 According to SEBI regulations, companies Managing Director and CEO of the National Not only did NSE unify the earlier with post-issue paid up capital (face value) Stock Exchange of India fragmented market into a single national up to INR 250 million can raise funds and Vikram Limaye is the Managing Director order book, providing equal access to all list on the SME platform, while companies with post-issue paid up capital (face val- and CEO of the National Stock Exchange market participants in the country, but of India (NSE) which is the world’s second also it brought in unprecedented transpar- ue) between INR 100 million and INR 250 million have the option of migrating to the largest exchange in cash market trades ency and facilitated efficient price discov- Main Board and vice versa. and one of the top three exchanges in in- ery. In a very short time, it could restore dex and stock derivatives volume. public faith in the market and also become *4 Financial services companies account- the market leader. Over the years, assisted ed for about 56 percent of funds raised Prior to joining NSE, he was the Managing by the capital market regulator SEBI and through IPOs during the period January Director & CEO of IDFC, a diversified fi- NSE, India’s capital markets have made 2015 to December 2017 according to Prime nancial services conglomerate. He started tremendous progress in terms of market Database. his professional career with Arthur An- size and depth, diversification of investor dersen in Mumbai in 1987 while pursuing base and sophistication. It would be no *5 Constituent stocks of NIFTY 50 index ac- his Chartered Accountancy and worked in exaggeration to say that NSE’s journey so count for 62 percent of free float market the audit and business advisory services far has been transformational. Moving capitalisation as of 31 March, 2018. groups of Arthur Andersen, Ernst & Young forward, NSE is committed to maintain- and the consumer banking group of Citi- ing this ‘transformational’ journey in its bank before going to the U.S. in 1994 to strategy and operations. The key areas References pursue an MBA. After completing his MBA, he worked on Wall Street for eight years that NSE envisages to focus on in the me- with Credit Suisse First Boston in a vari- dium term include facilitating listing and Prime Database. (n.d.) ety of roles in investment banking, capital growth of SMEs and start-ups, nurturing markets, structured finance and credit hitherto underdeveloped markets (such Securities and Exchange Board of India. (1995- portfolio management before returning to as the corporate bond market) and devel- 96_2016-17) "Annual Report." Mumbai, India in 2004. oping new segments such as commodities, expanding retail footprint, globalising at a Securities and Exchange Board of India. (2016) He has contributed to various commit- tees of government and industry associ- ations on a range of topics surrounding infrastructure, economic policy, markets, trade, and minority affairs. He has been a speaker at domestic and international con- ferences and has been a member of international government delegations for infrastructure and foreign direct investments into India. He has also been on the boards of various corporates, educational institutions and not-for-profit organisations.

He completed his Bachelors in Commerce from HR College of Commerce & Econom- ics, a Chartered Accountancy, and an MBA in Finance and Multinational Management from the Wharton School of the University of Pennsylvania.

38 | NOMURA JOURNAL OF ASIAN CAPITAL MARKETS | AUTUMN 2018 Vol.3/No.1