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CHAPTER-2 STOCK MARKET the Financial Market Where the Existing Securities Are Traded Is Referred to As the STOCK MARKET

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CHAPTER-2 STOCK MARKET the Financial Market Where the Existing Securities Are Traded Is Referred to As the STOCK MARKET CHAPTER-2 STOCK MARKET The financial market where the existing securities are traded is referred to as the STOCK MARKET. It provides liquidity to financial instruments which are already issued in primary market. Stock exchange Stock exchanges are organized market place corporation or mutual organizations, where members of the organization gather to trade company stocks or other securities. The members may act either as agents for their customers, or as principals for their own accounts. History of Stock Exchange: The origin of stock exchange in India can be traced back to the letter half of 19th century. It started in the year 1875 where the brokers formed an informal association in Mumbai, In 1894 Ahmadabad stock exchange came in to existence and in the year 1956, Securities contract and regulation act gave power to the stock exchanges. In 1995 NSE and OTCEI was setup with screen based facility. Today we have 23 stock exchanges. Organisation and membership: Stock exchanges are an organised market place where members of the organisation gather to trade company stocks or other securities. The members may act either as agents for their own accounts. Stock exchange is an organised market for buying and selling corporate and other securities. It provides is a convenient and secured platform for transactions in different securities Governing body: Stock exchange is managed by a governing body which consists of 13 members, of which A] 6 members of the stock exchanges are elected by its member. B] Central Government nominates 3 members C] SEBI nominates 3 members D] One executive director is appointed by stock exchange. Stock exchange governing body consists of a President, a Vice President, Executive Director, Public Representatives and nominees of the government. Features of stock exchange: 'The characteristics of a stock exchange are as follows: 1. Market for Securities: It is a market where securities are bought and sold. 2. Deals in existing securities: It deals with shares and debentures already issued by the company. 3. Regulates trade in securities: It provides facilities for trade in securities to its members and brokers. 4. Allows dealings only in listed securities: Stock exchange maintains an official list of Securities that could be purchased and sold on its floor. 5. Transactions through authorised persons: The transactions take place by authorised brokers and members. 6. Association of persons: It is an association of persons or body of individuals which is registered. 7. Recognition from the centralVVN government: DEGREE It is an organised market COLLEGE which requires reorganisation from the DS,VVNDC 1 central government. 8. Working as per rules: The transactions are governed by Jules and regulations of SEBI. 9. Specific location: It is a particular market place for Securities. 10. Financial indicator. They are the development indicators of national economy. 11. Membership: It is opened to individuals and corporate. Functions of stock exchange: The stock exchange performs the following functions: 1. Continuous and ready market for securities: Stock exchange provides a continuous and ready market for purchase and sale of securities. 2. Providing quoting market price: It makes possible the determination of supply and demand on price. 3. Facilities evaluation of securities: Stock exchange enables the investors to know the true worth of holdings and helps in evaluation of industrial securities. 4. Encourages capital formation. It accelerates the process of capital formation it encourages the habit of savings. 5. Provides safety and securities in dealing: They are well defined rules and regulations stock exchanges provide safety and securities in dealings. 6. Regulates company management: Listed companies have to follow the rules and regulations of concerned stock exchanges and work under its supervision. 7. Facilitates public borrowings: stock exchange serves as a platform for marketing government securities. It enables to raise the capital. 8. Provides clearing house facilities: stock exchange provides the clearing house facility to members. The members have to pay the balance amount. 9. Facilities healthy speculation: the healthy speculation keeps the stock exchange active rather than the normal speculation. 10. Serves as a economic barometer: the stock exchange act as a barometer of the economic conditions. 11. Facilities bank lending: banks easily know the prices of quoted securities and often loan to their customers on these corporate securities. Weakness of stock exchanges in India – The following are the weakness 1. Lack of professionalism – Majority of the stock exchange lack professionalism. There is lack of education and business skill. 2. Domination of financial institutions – Indian stock exchanges are dominated by few financial institutions. 3. Domination by big operators – Some big operators dominate the stock exchange. 4. Artificial increase in priceVVN – The artificial DEGREE increase in price adversely COLLEGE affects the investing public. DS,VVNDC 2 5. Poor liquidity – The Indian stock exchange suffer from poor liquidity. 6. Less floating stock - There shares and debentures offered to sale are of small portion of total stock. 7. Speculative trading - This is another weakness where the operators in the stock exchange take the benefit of short term price fluctuations. Major recognised stock exchange in India: 1. Ahmadabad stock exchange. 2. Bombay stock exchange. 3. Bangalore stock exchange (not operating). 4. Bhubaneswar stock exchange. 5. Calcutta stock exchange 6. Cochin stock exchange. 7. Coimbatore stock exchange. 8. Delhi stock exchange. 9. Guwahati stock exchange. 10. Hyderabad stock exchange. 11. Jaipur stock exchange. 12. Ludhiana stock exchange. 13. Madras stock exchange. 14. Mangalore stock exchange. 15. Madhya Pradesh stock exchange. 16. Maghadh stock exchange. 17. Meerut stock exchange. 18. National stock exchange. 19. OTC exchange of India. 20. Pune stock exchange. 21. Saurashtra Kutch stock exchange. 22.Uttar Pradesh stock exchange. 23. Vadodara stock exchange. Online trading / Screen based trading system (SBTS]: [or] The procedure for trading online The online trading in stock exchange takes place in the manner: 1. Placing the order: The person buying or selling the security places an order. In this order he tells the name of the company whose security he is ready to buy or sell. 2. Convey the message to computer: The terminal operator receives the order from the customer and feeds it in the computer. 3. Start matching process: Computer receives the order and starts process of matching. 4. Accept the order: After matching buying and selling process order is finished. The information says at what rate and time the order has to be finalised. 5. Delivery and payment: The payment and delivery are made according to rules. Bombay stock exchange [BSE]:_ BSE is the leading and oldest stock exchange in India as well as in Asia it was established inl875 with the formation of "The native share and stock brokers association". Features of BSE: 1. It is the oldest stock exchange in Asia. 2. It has the greatest number of listed companies and more than 4900 companies are listed in BSE. 3. BSE has a wide range of securities to empower its investors and facilities smooth transactions. 4. It is the first stock exchange in the country which obtained permanent recognition (in 1956] from the government of India. 5. It provides an efficientVVN and transparent DEGREE market for trading equity. COLLEGE DS,VVNDC 3 6. BSE has always been par with the international standards. 7. It is the first stock exchange in India and second in to obtain ISO 9001-2000 certificate. 8. BSE index and SENSEX enjoy iconic structure. 9. It has nationwide reach with presence in more than 359 cities and towns. Objectives of BSE: 1. To safeguard the interest of the public. 2. To promote fair practices in the Securities transactions. 3. To promote and develop well regulated. 4. To improve and adopt new and better ways of conducting business. 5. To bring innovations in the Indian Capital market. 6. To build as a strong brand and create value for its stakeholders. 7. To promote industrial development. Advantages of BSE: 1. A company whose share is quoted in BSE enjoys good reputation. 2. The market for such shares is widened. 3. It encourages capital formation. 4. There are open market operations. 5. It assists the enterprises in raising additional funds. 6. It raises the bargaining power of the company in the event of merger and amalgamation. 7. It helps in the economic development. 8. Liquidity of the investment is increased. 9. It safeguards the interest of the investors. Advantages of listing at BSE: 1. Detailed information is available. 2. Market is widened. 3. Transfer of securities is increased. 4. Safety to deal. 5. Liquidity of shares is increased. BSE on line trading [BOLT]: It facilities online screen based trading in securities. BOLT is Operating 2500 trader work stations located over 359 cities in India. BSE deployed this system on March 14 1995. There is back end server, which acts as a communication server and a central trading engine (CTE). NATIONAL STOCK EXCHANGE [NSE]: The National Stock ExchangeVVN [NSE] isDEGREE India's leading stock exchange COLLEGE couching various cities and towns across DS,VVNDC 4 the country. NSE has played a catalytic role in reforming the Indian securities market. It was established in 1994 as a company interest and microstructure, market practices, trading valences. Genesis of NSE or the organisation: The National stock exchange of India has genesis In the report of the high powered study group on the establishment of new stock exchanges. It recommended the promotion of NSE by financial institutions to provide access to investors. National market system: There is development of national market system by the NSE. Any infrastructure in terms of Space, tele-Communications, computerisation, outline processing system, library, research facilities etc are all recommended for national market set up. Characteristics: The characteristics of national market system are: 1.
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