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25 Years of Building Indian Capital Markets

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25 Years of Building Indian Capital Markets 25 years of Building Indian 27th Annual Report Capital Markets 2018-19 Contents 002 006 008 MD & CEO’s Corporate Milestones overview snapshot 014 018 020 Our growth in NSE: NSE: the past four Transforming Revitalising years platforms its brand identity 022 024 026 NSE: NSE: Focus NSE: Putting the on safety and Key role investor first integrity of in capital market formation 028 029 030 NSE: NSE: Board of Future- A global Directors facing leader 032 034 039 Silver jubilee Management Corporate celebrations discussion & information analysis 040 156 243 Board’s Consolidated Standalone report financial financial statements statements The year 2018-19 was a landmark for National Stock Exchange of India Limited. The Company completed 25 years of successful operations. During this period, NSE has helped transform India in various ways. By providing an electronic trading interface that replaced the traditional outcry trading method. By enhancing transaction efficiency and transparency. By providing every investor or trader with equal opportunity irrespective of background, location or transaction size. By providing a multi-asset exchange platform that global investors prefer. By providing technology robustness, translating into a high systemic uptime in line with the best global standards. By maintaining market integrity and safety through effective regulations, supervision and risk management. Helping take India confidently into the future. MD & CEO’s overview This year marks the Silver jubilee year for NSE. I am delighted to share that over the last 25 years, NSE has emerged as an institution of great national importance and has successfully played a critical role in transforming India’s capital markets. Keeping up with its past trend, NSE has completed one more year of successful growth. It gives me immense pleasure to share with you some of the key highlights for fiscal 2019. 002 | National Stock Exchange of India Limited Fiscal 2019 witnessed overall its peer group, globally. As on March NSE has always been at the forefront global slowdown particularly in the 31, 2019, NIFTY indices continued of strengthening and supporting the second half of the year. This trend with their market leadership position small and medium enterprises and largely emerged in the context of the with 20 index funds and 48 ETFs in retail investors. From conventional overhang arising from trade tensions India linked to these indices. The total manufacturing companies to new- between USA and China, sluggish Assets under Management (AUM) economy start-ups, NSE has always economic performance of some of of ETFs (equity and debt) and Index endeavoured to create a vibrant capital the significant countries in Europe Funds linked to NIFTY indices in India raising environment. NSE believes and Asia and the resultant overall was over H1 Lakh Crores with NSE’s that Small and Medium Enterprises weakening of the financial market market share of about 78%. The total (SME) are crucial not only for economic sentiment. AUM of international ETFs linked to growth, but also for employment and NIFTY indices was US$1,100 million inclusive growth. As of March 31, In the above context, it is heartening as on March 31, 2019. 2019, there are 189 SME companies to note that NSE has continued to listed on NSE Emerge (SME Platform), maintain its leadership position both Akin to its fundamental role of capital of which 62 were listed during 2018- domestically as well as globally. formation on the one hand and 19 raising more than H1,048 crores. savings mobilisation on the other, The innate strength of the Indian NSE continued to be the preferred During the year, NSE launched its economy continued to be robust with venue for capital raising. With 1,900+ commodities derivatives platform. The sustained GDP growth rate of ~7% and the Indian economy continued to retain its status as the fastest growing major economy of the world. NSE continued to enjoy a market share THE INNATE STRENGTH OF THE of about 91% in the CM segment, INDIAN ECONOMY CONTINUED almost 100% market share in the TO BE ROBUST WITH SUSTAINED Equity Derivatives segment and about GDP GROWTH RATE OF ~7% 55% in the Currency Derivatives segment. AND THE INDIAN ECONOMY CONTINUED TO RETAIN ITS I am particularly delighted that, over the years, NSE has emerged as STATUS AS THE FASTEST a prominent market infrastructure GROWING MAJOR ECONOMY OF institution in the rapidly changing THE WORLD. global market place. The business performance and recognition that NSE has garnered in all these years is beyond just the robust financial performance. Globally, while NSE was companies listed on it and having a launch is yet another milestone for ranked 2nd across all the derivatives combined market capitalization of NSE. This introduction to our existing exchanges in the world based on the nearly H149 trillion, NSE continues bouquet of asset classes gives the volume of contracts traded; it was to enjoy the status of the premier trading community the complete NSE ranked No. 1 in terms of contracts exchange of the country. During fiscal advantage to trade and clear multiple traded in index options and currency 2019, the aggregate value of Initial asset classes at one single location options and futures. In the capital Public Offerings (IPOs) and Offer leading to capital efficiency. for Sale (OFS) was around H208.33 market segment, NSE was ranked Further, NSE introduced Weekly billion. Also, fresh capital raised 2nd largest in the world based on the Options Contracts on NIFTY 50 and through Initial Public Offerings (IPOs) number of trades in the year 2018. NIFTY IT Index in Future and Options on the SME Platform was around H10 segment w.e.f. February 11, 2019. NIFTY50, our flagship index, continued billion and Public bonds saw renewed Addition of weekly options contract to evince significant traction among momentum raising H273 billion. Twenty-seventh Annual Report 2018-19 | 003 will add flexibility and support a variety successfully launched during the has its presence in the Middle East of trading strategies. Participants year. Besides, our state of the art BCP and North America. This acquisition will be able to hedge more efficiently centre in Chennai has helped reduce will help NSEIT provide globally against market movements resulting the switchover time to the BCP. Also, benchmarked cybersecurity offerings from economic data releases, split operations from the BCP site are to enterprises, including cybersecurity corporate announcements, particularly successfully functional across all the assessments, risk management, the financial results announcements or areas. security product implementation and, market events taking place in specific security monitoring and response. In July 2018, NSE Clearing Ltd entered time frames. into an agreement with Nasdaq for Two of our subsidiaries NSE IFSC NSE rebranded itself in its silver jubilee real-time clearing, risk management Limited (NSE IFSC) and NSE IFSC year. Our new identity reflects vibrancy and settlement technology. Nasdaq Clearing Corporation Limited (NICCL) and the multi-faceted nature of our will provide a state-of-the-art located at the International Financial business. architecture utilizing the Nasdaq Service Centre at GIFT City, Gujarat Financial Framework, which will have both promise and potential. With Technology is the backbone of NSE’s enable all asset classes to be cleared the right regulatory environment and core infrastructure. It is both an and settled through one system. This our commitment, they are expected enabler as well as a lever. NSE has broad based strategic partnership will to emerge as a leading Global exchange and a Clearing Corporation respectively. NICCL has recently received recognition as a third country CCP under the European Market NSE HAS ALWAYS BEEN A Infrastructure Regulation (EMIR) from European Securities Market Authority. THOUGHT LEADER AND IS During the year, NSE IFSC received KNOWN FOR INTRODUCING CFTC certification enabling investors INNOVATIVE TECHNOLOGIES. in USA to participate in NIFTY50 Index SPEED, LATENCY, RESILIENCE Futures. AND SECURITY ARE FOUR In the colocation matter, SEBI on April 30 2019 returned the IMPORTANT TENETS OF OUR Consent Application filed by NSE TECHNOLOGY. and subsequently on the same day passed orders in all the three show cause notices. In the first order, it has passed a direction on NSE inter alia to disgorge an amount of H624.89 crores along with interest at the rate of 12% per annum from April 01, always been a thought leader and take the relationship between the two 2014 till the actual date of payment is known for introducing innovative exchange groups to the next level and and certain non-monetary and technologies. Speed, latency, would benefit capital markets in the restrictive directions; in the second resilience and security are four areas of listing, corporate and market order, it passed a direction to deposit important tenets of our technology. services, data and innovations in a sum of H62.58 crores along with During the year, many initiatives products, processes and technology. interest at the rate of 12% p.a. from in these areas including projects Further, Nasdaq has also entered into September 11, 2015 till the actual surrounding enhanced customer an agreement with NSEIT Ltd to utilize date of payment along with other non- experience have been undertaken NSEIT’s capability in implementations monetary and restrictive directions to enhance the overall customer and project augmentation globally. and in the third
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