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FINANCIAL SERVICES April 2010 FINANCIAL SERVICES April 2010 FINANCIAL SERVICES April 2010 FINANCIAL SERVICES April 2010 Contents Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations 2 ADVANTAGE INDIA Financial Services April 2010 Advantage India Availability of modern infrastructure and technology, i.e., electronic transfer, T+2 settlement, dematerialisation of securities, rolling settlements, etc. India has a favourable Modern The Indian financial market is demographic profile with a technology growing rapidly, with significant large segment of the population Low potential for further growth. under 30 years. Favourable penetration ( NSE is ranked 18th in terms demographic compared to of value of shares traded in the world) profile developed markets Advantage India One of the India has a strong financial regulatory India is among the fastest- fastest-growing in the Strong regulatory system, administered by Reserve growing economies economies in world, with a real GDP growth framework Bank of India (RBI) and supported by rate of 6.7 per cent in 2008–09. the world regulatory body such as Securities and Exchange Board of India (SEBI), which govern capital markets High saving rate and mutual funds, among other financial institutions. India’s high savings rate offers significant opportunity for channelising resources into the financial markets. Source: EY research 3 FINANCIAL SERVICES April 2010 Contents Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations 4 MARKET OVERVIEW Financial Services April 2010 Market overview — key segments Financial services Portfolio/asset Capital markets NBFCs and MFIs management Capital markets Retail brokerage Mutual funds NBFCs Microfinance India has more than There are more Mutual funds in More than I1,000 The microfinance 20 stock exchanges. than 8,000 brokers India had assets NBFCs are segment in India is The NSE and the BSE in addition to under management registered with the witnessing rapid are the main about 44,000 sub - to the tune of RBI. More than 80 growth. These exchanges, with the brokers registered US$165 billion per cent of the institutions reach out NSE contributing with SEBI. (INR 7,944 billion) equipment hire to the grass-root level over 70 per cent of as of December purchase segment and have fewer defaults the turnover. 2009. is financed by them. in comparison to commercial banks. Sources: SEBI annual report 2008–09; AMFI website; RBI website. NSE – National Stock Exchange BSE – Bombay Stock Exchange SEBI – Securities and Exchange Board of India MFIs – Microfinance institutions 5 MARKET OVERVIEW Financial Services April 2010 Capital markets … (1/3) Market capitalisation of Indian companies on the stock exchange has more than tripled between 2004– 05 and 2009–2010. Growth in market capitalisation of Indian companies 1,200 1,131 1,000 800 702 603 600 400 (in (in US$ billion) 330 200 112 0 2002–03 2004–05 2006–07 2008–09 2009–2010(upto Nov) • The NSE is the largest stock exchange in India, followed by the BSE. • The NSE alone contributes 70 per cent of the total turnover of Indian stock exchanges. Source: National Stock Exchange (NSE) website 6 MARKET OVERVIEW Financial Services April 2010 Capital markets … (2/3) NSE — average daily turnover NSE — number of listed companies 4.00 1600 3.38 1432 1453 3.50 1400 1228 3.00 1200 2.36 970 2.50 1000 2.00 1.63 800 1.50 600 0.94 (in (in US$ billion) 1.00 400 0.50 200 0.00 0 2004–05 2006–07 2008–09 2009–2010 ( 2004–05 2006–07 2008–09 2009–2010 ( upto Nov) upto Nov) • The NSE ranks fourth among the top stock exchanges in the world, with respect to number of trades in equity shares. • The cumulative net investments by FIIs was US$ 59 billion (INR 2,832 billion) between 1992–93 and 2008–09. • Foreign Institutional Investors (FII) investment in India in 2009 was over US$17 billion(INR 816 billion). Sources: National Stock Exchange (NSE) website; SEBI Annual Report 2008–09 7 MARKET OVERVIEW Financial Services April 2010 Capital markets … (3/3) • More than 8,500 brokers, in addition to over Branch network of top brokerage houses* 44,000 sub-brokers, are registered with the SEBI. 9000 7729 8000 6857 6812 • Market share of the top 10 brokers in India grew 7000 from 12 per cent in 2001–02 to 24 per cent as of 6000 4371 November 2009. 5000 4000 3000 • Several foreign companies are entering the retail 2000 brokerage market. 1000 0 March 2007 March 2008 March 2009 September 2009 Sources: *EY research, data compiled for seven brokerage houses – India Infoline Ltd, Motilal Oswal Financial Services Ltd, Edelweiss Capital Ltd, Emkay Global Financial Services Ltd, Religare Enterprise Ltd, Kotak Securities Ltd and Sharekhan Ltd 8 MARKET OVERVIEW Financial Services April 2010 Portfolio/Asset management — mutual funds • Gross mobilisation of resources by all mutual Mutual fund industry – Assets Under Management funds in India was US$ 1,130 billion (INR 54,263 (AUM) billion) in 2008–09 in comparison to US$ 930 180 166 billion (INR 44,643 billion) in 2007–08. 160 140 120 105 • Several large banks and financial institutions are awaiting approval from SEBI to launch asset 100 87 management services. 80 68 48 (in (in US$ billion) 60 40 20 - Mar 06 Mar 07 Mar 08 Mar 09 Dec 09 Sources: Association of Mutual Funds of India-AMFI website; SEBI Annual Report 2008-09. 9 MARKET OVERVIEW Financial Services April 2010 NBFCs — niche players, niche market • NBFCs are prominent players in the transport finance business. • More than 80 per cent of equipment leasing and hire purchase activity in India is financed by NBFCs. • These NBFCs are non-deposit companies. There are more than 11,000 NBFCs registered NBFC-ND with the RBI. Kolkata has the highest base with over 5,000 companies. • These NBFCs are public deposit companies. 340 such NBFCs are registered with the RBI. NBFC-D Some of the key NBFCs in this category include Manappuram General Finance and Leasing company, Bajaj Finance, Sriram Transport Finance, Sundaram Finance, etc. Sources: “ NBFCs, now an essential component of financial sector,” The Economic Times, dated September 24, 2009; RBI website accessed on January 20, 2010. 10 MARKET OVERVIEW Financial Services April 2010 Microfinance institutions (MFIs) • In India, most microfinance loans are between Industry size US$ 100 (INR 4,800) and US$ 415 (INR 20,000). 3 2.4 2.5 • In 2009, about 230 microfinance institutions added 8.5 million borrowers, taking the total 2 number to 22.6 million. 1.5 CAGR 1 • Microfinance institutions exist in many legal (in US$ billion) 91% forms such as trusts, societies, non-profit 0.5 0.18 companies and NBFCs. 0 2005 2009 Source: “Micro finance lenders to stop multiple loans,” Mint, dated December 17, 2009. 11 MARKET OVERVIEW Financial Services April 2010 Key players — retail brokerage Company Service offerings Online trading, equities, derivatives, commodity trading, IPO, MF distribution, India Infoline Investment Services Ltd personal finance, market and sector research, investment banking, wealth management Equity, derivatives, portfolio management, online trading, insurance, commodity Motilal Oswal Financial Services trading, mutual funds, margin funding Online trading, market and research, personal finance and corporate services, ICICIdirect.com equity, F&O, IPO, overseas trading, retirement solutions, life insurance HDFC Securities Online trading, call and trade, IPO, equity, derivatives Equities, commodity trading, personal finance, wealth management, asset Religare Enterprises Ltd management, portfolio management services, insurance solutions Sharekhan.com Equities, commodity trading, portfolio management, MF distribution, research Wealth management, e-broking, research, commodity trading, equities, Emkay Global Finance Ltd derivatives Indiabulls Securities Services Ltd Equities, research, commodities, MF distribution, derivatives Edelweiss Capital Ltd Equities, F&O, research, asset management services, investment banking Geojit BNP Paribas Financial Services Online trading, MF distribution, insurance services, PMS, IPO, property services Ltd Sources: EY research, websites of brokerage houses. Note: This is an indicative list. 12 MARKET OVERVIEW Financial Services April 2010 Key players — asset management companies (AMCs) AUM, March 2009 AUM, December 2009 Company (US$ billion) (US$ billion) Reliance Mutual Fund 16.87 25.00 HDFC Mutual Fund 12.07 20.25 Prudential ICICI Mutual Fund 10.72 17.17 Franklin Templeton Mutual Fund 3.98 6.66 Bharti AXA Mutual Fund 0.04 0.13 Kotak Mahindra Mutual Fund 3.79 8.63 DSP Blackrock Mutual Fund 3.00 4.20 • Players who have recently received approvals include Axis AMC, Motilal Oswal Financial Services and Peerless General Finance and Investment Company, among others. • Players awaiting approvals include L&T Finance, Bank of India, Bajaj Allianz, SREI Infrastructure Finance, etc. Sources: EY research, AMFI website Note: This is an indicative list. 13 MARKET OVERVIEW Financial Services April 2010 Key players — NBFCs Company Service offerings Sundaram Finance Commercial vehicle finance, equipment finance, tyre finance, car and home finance Commercial vehicle finance, construction equipment finance, working capital loan, Shriram Transport Finance engine replacement loan, freight bill discounting Consumer durable loans, loan against shares, personal loan, loan against property, Bajaj Finance two-wheeler loan, IT product loan Tata Finance Commercial vehicle finance, car finance, used vehicle finance Magma Fincorp Commercial vehicle finance,
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