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SEBI-BULLETIN-FEB-2019.Pdf SEBIBULLETIN FEBRUARY 2019 VOL. 17 NUMBER 02 ^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© Securities and Exchange Board of India SECURITIES AND EXCHANGE BOARD OF INDIA EDITORIAL COMMITTEE • Mr. P K Nagpal • Mr. Prabhakar R. Patil • Mr. Shashikumar Valsakumar • Mr. Prabhas Rath • Mr. Sahil Malik The Securities and Exchange Board of India Bulletin is issued by the Department of Economic and Policy Analysis, Securities and Exchange Board of India under the direction of an Editorial Committee. SEBI is not responsible for accuracy of data/ information/interpretations and opinions expressed in the case of signed articles/ speeches as authors are responsible for their personal views. SEBI has no objection to the material published herein being reproduced, provided an acknowledgement of the same is made. The soft copy of SEBI Bulletin is available free of cost to the subscribers/ readers, who register at [email protected] along with their complete address. A readable version of SEBI Bulletin is available at http://www.sebi.gov.in. Any comments and suggestions on any of the features/sections may be sent to [email protected] Contents Page SPEECH OF SHRI AJAY TYAGI, CHAIRMAN, SEBI AT 55TH ANNUAL 97 CONFERENCE OF THE INDIAN ECONOMETRIC SOCIETY, 2018 CAPITAL MARKET REVIEW 101 Overview OF GLOBAL FINANCIAL MARKETS 115 HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET 131 POLICY DEVELOPMENTS 135 REGULATORY ACTIONS TAKEN BY SEBI 141 TABLES 155 PUBLICATIONS 200 FEBRUARY SEBI BULLETIN 2019 55th Annual Conference of the Indian Econometric Society, 2018 Shri Ajay Tyagi, Chairman, SEBI1 1. Ladies and gentlemen, a very good morning to in the field of statistics and econometrics you. It is my pleasure to be in the midst of this to substantiate various hypotheses. Asset august gathering managers and traders use econometrics to analyse stock markets data for forecasting stock 2. It gives me immense pleasure that NISM along prices and guiding their portfolio allocation with Mumbai School of Economics and Public decisions. Policy are jointly hosting the 55th Annual Conference of the Indian Econometric Society. 8. Stock exchanges and clearing corporations make use of econometric to analyse the Background of Indian Econometric Society efficacy of price discovery in the market and 3. I am told that the Indian Econometric Society for estimating volatility and value at risk for was formed in 1960 and its first conference was effective risk management purpose. organized at the Indian Statistical Institute, 9. SEBI, on its part, is using various statistical Kolkata in January 1960. tools mainly for the purposes of event 4. Today, Indian Econometric society has analysis, pattern recognition simulations and emerged as one of the oldest and largest body of for generating alerts based on the trends of professional econometricians and quantitative certain market parameters. A process by SEBI economists with more than 2000 members is also underway to further strengthen its in- from all over India and abroad. house analytics capacity to support its market 5. The main objective of Indian Econometric surveillance and risk management functions. Society is to promote the development of Research in Capital Market econometric methodology as also to support 10. Research is an essential input for any public capacity building in the domain of econometric policy making, particularly in financial markets by organizing trainings and conferences. which are highly dynamic and ever-changing. 6. With humungous volume of data generation in Without independent research inputs, taking the current information age, there is a need for decisions is like shooting in the dark and that increasing the use of data analysis techniques, too blind-folded. including application of econometric tools, 11. Policy makers often have preconceived to analyse and identify patterns behind such biases towards the outcome of their policy data and information. Consequently, the prescriptions. Policy backed by independent role of Indian Econometric Society towards research can go a long way in mitigating such furtherance of its objective becomes even more biases, thereby leading to optimal decision relevant today. making. 7. Financial markets make extensive use of tools 12. Monitoring the effectiveness of policy decisions 1 at 55th Annual Conference of The Indian Econometric Society, 2018 on 08 January 2019 97 FEBRUARY SEBI BULLETIN 2019 in achieving the desired outcomes through sector. It has built a wide network base and policy impact analysis is another example of collaborates with Regulators, Universities the application of research in public policy and Institutions in its design and delivery making. programmes relating to securities markets. 13. Efficient price discovery is one of the essential 17. Today’s event is one more important milestone attributes of a well- functioning market. A for NISM. I compliment NISM for taking the robust market micro-structure is fundamental initiative of co-hosting the 55th edition of the to maintaining the sanctity of price discovery Indian Econometric Society Conference. and promoting market integrity. With Market Overview and Recent Policy Initiatives by changing trading techniques, the need for SEBI ongoing research on market micro-structure issues becomes quite relevant, including the 18. Let me now give an overview of some of the need for carrying out regulatory gap analysis important market trends and policy initiatives vis-a-vis the global best practices. by SEBI so as to highlight the current areas of policy focus by SEBI. NISM 19. The capital markets, globally, have been quite 14. The National Institute of Securities Markets volatile during the current financial year and (NISM) is a public trust established in 2006 are likely to remain so in coming times on by the Securities and Exchange Board of India account of various factors such as US Fed rate (SEBI) for teaching and training intermediaries hikes, volatile oil prices, intensifying trade in securities markets and promoting research. conflicts and sanctions. The Indian markets The institute carries out a wide range of have also been affected by these factors. capacity building activities at various levels 20. As a result, during the current financial year, aimed at enhancing the quality standards of FPI outflows of about Rs.90,000 Crores have and increasing the participation in securities been seen. These FPI outflows, however, have markets. been somewhat buffeted by Mutual Fund 15. The institute’s six schools and the National investments, which have witnessed net inflows Center for Financial Education are working of more than Rs. 81,000 Crores during the in synergy towards professionalizing securities same period. markets. The major activities by these schools 21. The performance of Indian capital market are: certification of associated persons in compares favorably with the other major Indian securities market, conducting national global markets on various parameters such and international training programmes and as indices returns, volatility and currency workshops for various stakeholders, and movements. During the current Financial offering regular academic programmes to Year (upto December 31, 2018) - students and working professionals interested • Return of NIFTY has moved up by in acquiring securities market focused about 6.4%, as compared to negative certificates and diplomas. return of most of the stock indices of 16. Over years, NISM has evolved to become other countries such as USA (-1.34%), an effective outreach centre for the financial UK (- 4.65%), Japan (-6.42%), Hong Kong 98 FEBRUARY SEBI BULLETIN 2019 (-14.11%), South Korea (-16.49%) and side bank credit for financing, several policy China (- 21.16%). measures have been taken by the Government • The volatility in Indian equity market and Regulators to develop a vibrant corporate at 12% is among the lowest compared to bond market. major developed and emerging markets 26. Some important measures in this regard like UK (13%), US (18%), China (19%), include: Japan (19%), South Korea (14%), Hong • Framework for allowing banks to Kong (19%) and Brazil (22%). provide Partial Credit Enhancement for • Indian rupee saw a depreciation of around enhancing creditworthiness of corporate - 6.92% against the US Dollar, which is bonds; lower as compared to the depreciation in • Information Repositories developed by Korean Won (- 5.4%) and the Japanese Yen Exchanges and Depositories to provide (- 3.56 %) and has fared better than that consolidated information on primary of other jurisdictions like UK (- 10.2%), issuance and secondary market trades in China (-9.53%) and Brazil (- 17.28%). corporate bonds; 22. The objective of capital market is efficient • Electronic Book Building mechanism mobilization and allocation of financial for providing enhanced transparency resources. Capital market in India, both debt in issuance of debt securities on private and equity, has become increasingly important placement basis; over time for India’s growth story. • Enhanced standards for Credit Rating 23. During the last 5 years, India’s nominal GDP Agencies for timely monitoring of credit grew by over 67%. Over the same time period, quality of bonds; while outstanding bank credit increased by 63%, outstanding corporate bonds increased • Specifications related to International by over 120%, i.e., from Rs. 12.6 trillion to Securities Identification Number (ISINs) over Rs 28 trillion. Financing through equity, for debt securities to encourage liquidity during the same time period, was over Rs. 6.5 and reduce fragmentation of issues; trillion. • Tri-Party Repo trading on Exchanges to 24. Recent measures to facilitate financing from enhance liquidity and price discovery in Equity Market include: corporate bonds; • Reduction in average time taken by • Time taken for listing of public issue of SEBI to issue observations on draft offer bonds reduced from 12 days to 6 days; documents from about three months to and about two months. • Doing away with the requirement of 1% • Allowing payment mechanism using UPI security deposit for public issue of debt to curtail the post issue timeline for listing securities. from existing T+6 to T+3.
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