National Stock Exchange 1 National Stock Exchange of 11

Genesis

NSE was incorporated in 1992 and was given recognition as a stock exchange in April 1993. It started operations in June 1994, with trading on the Wholesale Debt Market Segment. Subsequently it launched the Capital Market Segment in November 1994 as a trading platform for equities and the Futures and Options Segment in June 2000 for various derivative instruments.

NSE has been able to take the stock market to the doorsteps of the investors. The technology has been harnessed to deliver the services to the investors across the country at the cheapest possible cost. It provides nation-wide screen-based automated trading system with a high degree of transparency and equal access to investors irrespective of geographical location. The high level of information dissemination through on-line system has helped in integrating retail investors on a nation-wide basis. The standards set by the exchange in terms of market practices, products, technology and service standards have become industry benchmarks and are being replicated by other market participants.

Within a very short span of time, NSE has been able to achieve all the objectives for which it was set up. It has been playing a leading role as a change agent in transforming the Indian Capital Markets to its present form.

For over a decade it has been playing the role of a catalytic agent in reforming the markets in terms of market microstructure and in evolving the best market practices keeping in mind the stake holders. The Exchange is set up on a demutualised model wherein the ownership, management and trading rights are in the hands of three different sets of people. This has completely eliminated any conflict of interest. This has helped NSE to aggressively pursue policies and practices within a public interest framework. NSE's nationwide, automated trading system has helped in shifting the trading platform from the trading hall in the premises of the exchange to the computer terminals at the premises of the trading members located at different geographical locations in the country and subsequently to the personal computers in the homes of investors and even to hand held portable devices for the mobile investors. It has been encouraging corporatisation of membership in securities market. It has also proved to be instrumental in ushering in scrip-less trading and providing settlement guarantee for all trades executed on the Exchange. Settlement risks have also been eliminated with NSE's innovative endeavors in the area of clearing and settlement viz., establishment of the clearing corporation (NSCCL), setting up a settlement guarantee fund (SGF), reduction of settlement cycle, implementing on-line, real-time risk management systems, dematerialisation and electronic transfer of securities to name few of them. In order to take care of investor's interest, it has also created an investor protection fund that would help investors who have incurred financial damages due to default of brokers.

1 Ownership and Management

The NSE is owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries. It is managed by professionals, who do not directly or indirectly trade on the Exchange. The trading rights are with trading members who offer their services to the investors. The Board of NSE comprises of senior executives from promoter institutions and eminent professionals, without having any representation from trading members.

While the Board deals with the broad policy issues, the Executive Committees (ECs), which include trading members, formed under the Articles of Association and the Rules of NSE for different market segments, set out rules and parameters to manage the day-to-day affairs of the Exchange. The ECs have constituted several committees, like Committee on Trade Related Issues (COTI), Committee on Settlement Issues (COSI) etc., comprising mostly of trading members, to receive inputs from the market participants and implement suggestions which are in the best interest of the investors and the market. The day-to-day management of the Exchange is delegated to the Managing Director and CEO who is supported by a team of professional staff. Therefore, though the role of trading members at NSE is to the extent of providing only trading services to the investors, the Exchange involves trading members in the process of consultation and participation in vital inputs towards decision making.

Tables 1-1 to 1-3 gives the composition of ownership (shareholders), the composition of its Board of Directors and the Executive Committees.

Market Segments and Products

NSE provides a trading platform for of all types of securities for investors under one roof – Equity, Corporate Debt, Central and State Government Securities, T-Bills, Commercial Paper (CPs), Certificate of Deposits (CDs), Warrants, Mutual Funds (MFs) units, Exchange Traded Funds (ETFs), Derivatives like Index Futures, Index Options, Stock Futures, Stock Options. The Exchange provides trading in 3 different segments viz., Wholesale Debt Market (WDM) segment, Capital Market (CM) segment and the Futures & Options (F&O) segment

The Wholesale Debt Market segment provides the trading platform for trading of a wide range of debt securities which includes State and Central Government securities, T-Bills, PSU Bonds, Corporate debentures, CPs, CDs etc. However, along with these financial instruments, NSE has also launched various products e.g. FIMMDA-NSE MIBID/MIBOR owing to the market need. A reference rate is said to be an accurate measure of the market price. In the fixed income market, it is the interest rate that the market respects and closely matches. In response to this, NSE started computing and disseminating the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-Bank Offer Rate (MIBOR). Owing to the robust methodology of computation of these rates and its extensive use, this product

2 has become very popular among the market participants. Keeping in mind the requirements of the banking industry, FIs, MFs, insurance companies, who have substantial investments in sovereign papers, NSE also started the dissemination of its yet another product, the ‘Zero Coupon Yield Curve’. This helps in valuation of sovereign securities across all maturities irrespective of its liquidity in the market. The increased activity in the government securities market in India and simultaneous emergence of MFs (Gilt MFs) had given rise to the need for a well defined bond index to measure the returns in the bond market. NSE constructed such an index, the ‘NSE Government Securities Index’. This index provides a benchmark for portfolio management by various investment managers and gilt funds.

The Capital Market segment offers a fully automated screen based trading system, known as the National Exchange for Automated Trading (NEAT) system. This operates on a price/ time priority basis and enables members from across the country to trade with enormous ease and efficiency. Various types of securities e.g. equity shares, warrants, debentures etc. are traded on this system. The average daily turnover in the CM Segment of the Exchange during 2006-07 was nearly Rs. 7,812 crs. (US $ 1,792 million).

Futures & Options segment of NSE provides trading in derivatives instruments like Index Futures, Index Options, Stock Options, Stock Futures and Futures on interest rates. Though only seven years into its operations, the futures and options segment of NSE has made a mark for itself globally. In the Futures and Options segment, trading in S&P CNX Nifty Index, CNX IT index, Bank Nifty Index, CNX Nifty Junior, CNX 100 index and 188 single stocks are available. The average daily turnover in the F&O Segment of the Exchange during 2006-07 was nearly Rs. 29,543 cr. (US $ 6,778 million).

The statistical details of these segments are presented below:

Market Segments - Selected Indicators

Segment At end of March 2007 2006-07 No. of No. of Market Trading Trading Members Securities/ Capitalisation Volume Volume Contracts (Rs. crore) (Rs. crore) (US $ Available million)

CM 1,002 1,084a 3,367,350 1,945,287 446,269 WDM 63 3,252 1,784,801 219,106 50,265 F&O 845 13,041b -- 7,356,271c 1,687,605

Total 1,009d 17,377 5,152,151 9,520,664 2,184,140 a Excludes suspended securities. b Includes 3 Nifty futures, 3 CNX IT Futures, 3 bank nifty, 334 nifty index options,462 stock futures, 360 CNX IT options ,458 bank index options, 11,400 stock option and 18 interest rate futures contracts c Includes notional turnover [(Strike Price + Premium) × Quantity] in case of index options and stock options. d Do not add up to total because of multiple membership.

3 The year 2006-07 witnessed a total trading volume of Rs. 9,520,664 crore (US $ 2,184,140 million) as against Rs. 6,869,332 crore (US $ 1,575,896 million) in the preceding year.

Achievements/Milestones

Month/Year Event November 1992 Incorporation April 1993 Recognition as a stock exchange. June 1994 WDM segment goes live. November 1994 CM segment goes live through VSAT. March 1995 Establishment of Investor Grievance Cell. April 1995 Establishment of NSCCL, the first Clearing Corporation. July 1995 Establishment of Investor Protection Fund. October 1995 Became largest stock exchange in the country. April 1996 Commencement of clearing and settlement by NSCCL. April 1996 Launch of S&P CNX Nifty. June 1996 Establishment of Settlement Guarantee Fund. November 1996 Setting up of National Securities Depository Ltd., first depository in India, co-promoted by NSE. November 1996 'Best IT Usage' award by Computer Society of India. December 1996 Commencement of trading/settlement in dematerialised securities. December 1996 Dataquest award for 'Top IT User'. December 1996 Launch of CNX Nifty Junior. November 1997 'Best IT Usage' award by Computer Society of India. May 1998 Promotion of joint venture, India Index Services & Products Limited (IISL) (along with CRISIL) for index services. May 1998 Launch of NSE's Web-site : www.nseindia.com. July 1998 Launch of 'NSE's Certification Programme in Financial Markets'. (NCFM) August 1998 'CYBER CORPORATE OF THE YEAR 1998' award. April 1999 'CHIP Web Award' by CHIP magazine. October 1999 Setting up of NSE.IT Ltd. January 2000 Launch of NSE Research Initiative. February 2000 Internet Trading in CM segment. June 2000 Commencement of Derivatives Trading (in Index Futures). September 2000 Launch of Zero Coupon Yield Curve. June 2001 Commencement of Trading in Index Options July 2001 Commencement of Trading in Options on Individual Securities November 2001 Commencement of Trading in Futures on Individual Securities December 2001 Launch of NSE VAR for Government Securities Contd...

4 Contd... Month/Year Event January 2002 Launch of Exchange Traded Funds (ETFs). May 2002 NSE wins the Wharton-Infosys business Transformation Award in the organization-wide transformation category October 2002 Launch of Government Securities Index January 2003 Launch of Retail Debt of Government Securities August 2003 Launch of Futures and Options on CNX IT Index June 2004 Launch of STP Interoperability August 2004 Launch of NSE electronic interface for listed companies June 2005 Launch of Futures & Options on BANK Nifty Index August 2006 Setting up of NSE Infotech Services Ltd. December 2006 'Derivative Exchange of the Year', by Asia Risk magazine January 2007 Launch of NSE - CNBC TV 18 media centre March 2007 Launch of Gold BeES- Exchange Traded Fund (ETF). June 2007 Launch of Futures & Options on CNX 100 and CNX Nifty Junior index.

Developments during the year. The year 2006-2007 witnessed significant achievements in the strides of NSE. It started off with NSE earning the award of the 'Derivatives Exchange of the Year' by Asia Risk Magazine in December 2006. In the month of January 2006 ,The Hon'ble Finance Minister Shri. P Chidambaram inaugurated the NSE-TV18 media centre. The objective of this joint initiative of NSE and TV18 to set up a media centre was to bring real time linkages between markets, corporates and the investing community, live from NSE. The Finance Minister sited the numerous advantages of the media center stating that it would bring the market closer to the investors and would improve the level of communication between the companies their managements and their shareholders. Further this would also be beneficial to researchers, regulators and policy makers in informed policy making. Launch of Gold ETF's : On March 19, 2007 the first gold ETF in India - Gold BeEs was listed on the Exchange by Benchmark Asset Management company. Subsequently on April 17, 2007 UTI- Gold Exchange traded fund was listed on the Exchange. Trading in Index Futures and Options was extended to the indices CNX 100 and CNX Nifty Junior on June 1, 2007. In recent times, the market has shown a trend of getting broad based. Currently non-Nifty securities contribute more than 60% of the total market turnover in equities market. Trading in Nifty Junior and CNX100 Futures & Options would enable the investor to take a view on companies which are fast growing, dynamic and highly competitive. It would help them to take an exposure to this dynamic pack of companies. The introduction of these new

5 index derivatives would give more flexibility to the investors and help them in taking wealth maximizing decisions more efficiently.

Facts and Figures (up to March 31, 2007)

Parameter Date Magnitude

CM segment  Number of Members March 31, 2007 1,002  Number of securities available for trading March 31, 2007 1,084  Number of VSATs March 31, 2007 2,737  Record number of trades February 28, 2007 4,778,407  Record daily trades (Quantity) May 11, 2006 7,124 lakh  Record daily trade (Value) March 31, 2006 Rs.17,315.06 crore (US $ 3,881 million)  Record market capitalisation February 07, 2007 Rs 3,681,573 crore (US $ 844,591 million)  Record value of S&P CNX Nifty Index February 07, 2007 4224.35  Record value of CNX Nifty Junior Index February 07, 2007 7509.75

Record Pay-in/Pay-out (Rolling Settlement):  Funds Pay-in/Pay-out May 02, 2006 * Rs. 4,110.53 crore  Securities Pay-in/Pay-out (Value May 02, 2006 * Rs. 7,293.25 crore  Securities Pay-in/Pay-out (Qty)* May 02, 2006 * 2,443.71 lakh *Settlement Date

WDM segment  Number of Members March 31, 2007 63  Number of securities available for trading March 31, 2007 3,252  Record daily trade (Value) August 25, 2003 Rs.13,911.57 crore (US $ 3,206 million)

F & O segment  Number of Members March 31, 2007 845  Number of Contracts available for trading March 31, 2007 13,041  Record daily trade (Value) April 27, 2006 Rs.60,434 crore (US $ 13,864 million)

6 Technology

Technology has been the backbone of the Exchange and NSE has used technology optimally to provide services to the investing community and the market participants. NSE has successfully harnessed technology in creating a new market design. It believes that technology provides the necessary impetus for the organisation to retain its competitive edge and ensure timeliness and satisfaction in customer service. In recognition of the fact that technology will continue to redefine the shape of the securities industry, NSE stresses on innovation and sustained investment in technology to remain ahead of competition. NSE is the first exchange in the world to use satellite communication technology for trading. It uses satellite communication technology to energies participation from about 2,737 VSATs from nearly 266 cities spread all over the country. The list of towns and cities and the state-wise distribution of VSATs as at end March 2007 is presented in Table 1-4.

Its trading system, called National Exchange for Automated Trading (NEAT), is a highly customized client server based application. At the server end all trading information is stored in an in-memory database to achieve minimum response time and maximum system availability for users. It has an uptime record of 99.7%. For all trades entered into NEAT system, there is uniform response time of less than 1.5 seconds. NSE has been continuously undertaking capacity enhancement measures so as to effectively meet the requirements of increased users and associated trading loads.

As part of its business continuity plan, NSE has established a disaster back-up site at Chennai which includes replication of the entire production infrastructure, including the satellite earth station. The transaction data is replicated on near real time basis from the main site to the disaster back-up site through the 2 mbps high-speed link, thereby keeping both the sites synchronised with each other.

Application Systems

The various application systems that NSE uses for its trading as well as clearing and settlement and other operations form the backbone of the Exchange. The application systems used for the day-to-day functioning of the Exchange can be divided into (a) Front end applications and (b) Back office applications.

The various application systems that NSE uses for its trading, clearing and settlement and other operations form the backbone of the activities of the Exchange. The application systems used for the day-to-day functioning of the Exchange can be broadly divided into (a) Front end applications and (b) Back office applications.

In the front end, there are 6 applications: (i) NEAT - CM system take care of trading of securities in the Capital Market segment that includes equities, debentures/notes as well as retail Gilts. The NEAT - CM application has a split architecture wherein the split is on the

7 securities and users. The application runs on two Stratus systems with Open Strata Link (OSL). This application also provides data feed for processing to other online systems like Index, OPMS through TCP/IP. This system directly interfaces with the trading members of the CM segment of the Exchange for entering the orders. There is a two way communication between the NSE main system and the front end terminal of the trading member. (ii) NEAT - WDM system is similar to the Neat CM system & takes care of trading of securities in the Wholesale Debt Market (WDM) segment that includes Gilts, Corporate Bonds, CPs, T-Bills, etc. (iii) NEAT - F&O system is similar to the Neat CM system & takes care of trading of securities in the Futures and Options (F&O) segment that includes Futures on Index as well as individual stocks and Options on Index as well as individual stocks. (iv) NEAT - IPO system is an interface to help the initial public offering of companies which are issuing the stocks to raise capital from the market. This is a direct interface with the trading members who are registered for undertaking order entry on behalf of their clients for IPO's. NSE uses the NEAT IPO system that allows bidding in several issues concurrently. (v) NEAT - MF system is an interface with the trading members of the CM segment for order collection of designated Mutual Funds units.

In the back office, the following important application systems are operative: (a) NCSS (Nationwide Clearing and Settlement System) is the clearing and settlement system of the NSCCL for the trades executed in the CM segment of the Exchange. The system has 3 important interfaces - OLTL (Online Trade loading) that takes each and every trade executed on real time basis and allocates the same to the clearing members, Depository Interface that connects the depositories for settlement of securities and Clearing Bank Interface that connects the 10 clearing banks for settlement of funds. It also interfaces with the clearing members for all required reports. Through collateral management system it keeps an account of all available collaterals on behalf of all trading/clearing members and integrates the same with the position monitoring of the trading/clearing members. The system also generates base capital adequacy reports. (b) FOCASS is the clearing and settlement system of the NSCCL for the trades executed in the F&O segment of the Exchange. It interfaces with the clearing members for all required reports. Through collateral management system it keeps an account of all available collaterals on behalf of all trading/clearing members and integrates the same with the position monitoring of the trading/clearing members. The system also generates base capital adequacy reports. (c) OPMS - the online position monitoring system that keeps track of all trades executed for a trading member vis-à-vis its capital adequacy, (d) PRISM is the parallel risk management system for F&O trades using Standard Portfolio Analysis (SPAN). It is a system for comprehensive monitoring of positions of trading / clearing members. It provides real time information on initial margin value, mark to market profit or loss, collateral amounts, contract-wise latest prices, contract-wise open interest and limits. The system also tracks online real time client level portfolio base upfront margining and monitoring. (e)Surveillance system offers the users a facility to comprehensively monitor the trading activity and analyse the trade data online and offline. (f) Data warehousing system that is the central repository of all data in CM as well as F&O segment of the Exchange, (g) Listing

8 system that captures the data of the companies which are listed in the Exchange for corporate governance. It integrates the same with the trading system for necessary broadcasts for data dissemination process and (h) Membership system that keeps track of all required details of the Trading Members of the Exchange.

NSE Family

NSCCL

National Securities Clearing Corporation Ltd. (NSCCL), a wholly-owned subsidiary of NSE, was set up in August 1995. It was the first clearing corporation in the country to provide novation/settlement guarantee that revolutionized the entire concept of settlement system in India. It commenced clearing operations in April 1996. It has been set up to bring and sustain confidence in clearing and settlement of securities; to promote and maintain short and consistent settlement cycles; to provide counter-party risk guarantee, and to operate a tight risk containment system. It carries out the clearing and settlement of the trades executed in the equities and derivatives segments of the NSE. It operates a well-defined settlement cycle and there are no deviations or deferments from this cycle. It aggregates trades over a trading period T, nets the positions to determine the liabilities of members and ensures movement of funds and securities to meet respective liabilities. It also operates Subsidiary General Ledger (SGL) for settling trades in government securities for its constituents. It has been managing clearing and settlement functions since its inception without a single failure or clubbing of settlements. It assumes the counter-party risk of each member and guarantees financial settlement. It also undertakes settlement of transactions on other stock exchanges like the Over The Counter Exchange of India (OTCEI). It operates Mutual Fund Service System to clear and settle purchase and redemption of mutual fund units for individual investors. It has tied up with 13 Clearing Banks viz., Canara Bank, Citi Bank N.A, HSBC Ltd. HDFC Bank, IndusInd Bank, ICICI Bank, Kotak Mahendra Bank, UTI Bank, Bank of India, IDBI Bank, Standard Chartered Bank, State Bank of India and Union Bank of India for funds settlement while it has direct connectivity with depositories for settlement of securities. It has also initiated a working capital facility in association with the clearing banks that helps clearing members to meet their working capital requirements. Any clearing bank interested in utilizing this facility has to enter into an agreement with NSCCL and with the clearing member.

NSCCL has also introduced the facility of direct payout to clients' account on both the depositories. It ascertains from each clearing member, the beneficiary account details of their respective clients who are due to receive pay out of securities. It has provided its members with a front-end for creating the file through which the information is provided to NSCCL. Based on the information received from members, it sends payout instructions to the depositories, so that the client receives the pay out of securities directly to their accounts on the pay-out day.

9 NSCCL currently settles trades under T+2 rolling settlement. It has the credit of continuously upgrading the clearing and settlement procedures and has also brought Indian financial markets in line with international markets. It has put in place online real-time monitoring and surveillance system to keep track of the trading and clearing members' outstanding positions and each member is allowed to trade/operate within the pre-set limits fixed according to the funds available with the Exchange on behalf of the member. The online surveillance mechanism also generates various alerts/reports on any price/volume movements of securities not in line with the trends/patterns.

NSDL Prior to trading in a dematerialized environment, settlement of trades required moving the securities physically from the seller to the ultimate buyer, through the seller's broker and buyer's broker, which involved lot of time and the risk of delay somewhere along the chain. Further, the system of transfer of ownership was grossly inefficient as every transfer involved physical movement of paper to the issuer for registration, with the change of ownership being evidenced by an endorsement on the security certificate. In many cases, the process of transfer took much longer than stipulated in the then regulations. Theft, forgery, mutilation of certificates and other irregularities were rampant. All these added to the costs and delays in settlement, restricted liquidity. To obviate these problems, NSE to promote dematerialization of securities joined hands with UTI and IDBI to set up the first depository in India called the "National Securities Depository Limited" (NSDL). The depository system gained quick acceptance and in a very short span of time it was able to achieve the objective of eradicating the paper from the trading and settlement of securities, and was also able to get rid of the risks associated with fake/forged/stolen/bad paper. Dematerialized delivery today constitutes almost 100% of total of the total delivery based settlement.

NSE Infotech Services Ltd

Information Technology has been the backbone of conceptualization, formation, running and the success of National Stock Exchange of India Limited (NSE). NSE has been at the forefront in spearheading technological changes in the securities market. It was important to give a special thrust and focus on Information Technology to retain the primacy in the market. Towards this a wholly owned subsidiary NSE Infotech Services Limited (NSETECH) was incorporated to cater to the needs of NSE and all it's group companies exclusively.

NSE.IT

NSE.IT Limited, a 100% technology subsidiary of NSE, was incorporated in October 1999. It provides the securities industry with technology that ensures transparency and efficiency in the trading, clearing and risk management systems. Additionally, NSE.IT provides consultancy services in the areas of data warehousing, internet and business continuity plans. Amongst various products launched by NSE.IT are NEAT XS, a Computer-To-Computer Link (CTCL) order routing system, NEAT iXS, an internet trading system and Probos, pro-

10 fessional broker's back office system. NSE.IT also offers an e-learning portal, finvarsity (www.finvarsity.com) dedicated to the finance sector. The site is powered by Enlitor - a learning management system developed by NSE.IT jointly with an e-learning partner. New initiatives include payment gateways, products for derivatives segments and Enterprise Man- agement Services.

IISL India Index Services and Products Limited (IISL), a joint venture of CRISIL and NSE, was set up in May 1998 to provide indices and index services. It has a licensing and marketing agreement with Standard and Poor's (S&P), the world's leading provider of investible equity indices, for co-branding equity indices. IISL is India's first specialized company focusing upon the index as a core product. It provides a broad range of services, products and professional index services. It maintains over 90 equity indices comprising broad-based benchmark indices, sectoral indices and customised indices. Many investment and risk management products based on IISL indices have developed in the recent past, within India and abroad. These include index based derivatives on NSE and on Singapore Exchange, a number of index funds, India's first exchange traded fund and Licensing of the Index for various structured products.

NCDEX NSE joined hand with other financial institutions in India viz., ICICI Bank, NABARD, LIC, PNB, CRISIL, Canara Bank and IIFCO to promote the National Commodity & Derivatives Exchange (NCDEX) which provides for a world class commodity exchange platform for Market Participants to trade in wide spectrum of commodity derivatives. Currently NCDEX facilitates trading of 41 agro based commodities, 2 precious metal, 6 base metal, 2 energy products and 3 polymers.

11 Table 1-1: Shareholders of NSEIL Life Insurance Corporation of India State Bank of India Infrastructure Development Finance Company Limited Stock Holding Corporation of India Limited Industrial Development Bank of India Limited ICICI Bank Limited IFCI Limited SBI Capital Markets Limited NYSE Group, Inc. New York GA Global Investments Limited, Cyprus GS Strategic Investments Limited, Mauritius SAIF II Mauritius Company Limited, Mauritius IL&FS Trust Company Limited Canara Bank Bank of Baroda General Insurance Corporation of India National Insurance Company Limited The New India Assurance Company Limited The Oriental Insurance Company Limited United India Insurance Company Limited Saturn India Limited Oriental Bank of Commerce Indian Bank Union Bank of India Corporation Bank Saturn South Asia Limited Punjab National Bank As of June 19, 2007.

Table 1-2: Board of Directors* 1. Mr. S. B. Mathur Administrator of the Specified undertaking of Chairman Unit Trust of India 2. Mr. Ravi Narain Managing Director, NSEIL CEO & Managing Director 3. Ms. Chitra Ramkrishna Deputy Managing Director, NSEIL Dy. Managing Director 4. Rear Admiral Madan Mohan Chopra AVSM (Retd.) Director 5. Mr. S. H. Khan Ex-Chairman & Managing Director, Industrial Director Development Bank of India 6. Mr. A. P. Kurian Chairman, Association of Mutual Funds in India Director 7. Mr. Anand G. Mahindra Vice Chairman & Managing Director, Director Mahindra & Mahindra Ltd. 8. Mr. Y. H. Malegam“ Chairman Emeritus, M/s. S.B. Billimoria & Co. Director Chartered Accountants 9. Prof. (Dr.) K. R. S. Murthy Professor & Former Director, Indian Institute Director of Management, Bangalore 10. Ms. Vishakha Mulye Chief Financial Officer & Treasurer, ICICI Bank Limited Director 11. Dr. R. H. Patil Chairman, The Clearing Corporation of India Limited Director 12. Mr. M. Raghavendra Ex-General Manager General Insurance Corporation of India Director 13. Dr. V. A. Sastry Director 14. Mr. Onkar Nath Singh Ex-Chairman & Mananging Director Industrial Director Investment Bank of India Ltd. 15. Mr. S. Venkiteswaran Sr. Advocate Director 16. Mr. T. S. Vijayan, Chairman Life Insurance Corporation of India Director * As of June 08, 2007. 12 Table 1-3: Executive Committees

I CM & WDM SEGMENTS 1. Mr. Ravi Narain, CEO & MD, National Stock Exchange of India Ltd. Chairman 2. Mr. Sanjay Agarwal, Managing Director, M/s. NDA Securities Ltd. Trading Member 3. Mr. Ravindra Babu, Managing Director, M/s. Zen Securities Ltd. Trading Member 4. Mr. Jigar Shah (upto 16.08.2007), Executive Director, Trading Member M/s. Deutsche Equities India Pvt. Ltd 5. Mr. Y. H. Malegam, Chairman Emeritus, M/s. S.B.Billimoria & Co. Public Chartered Accountants Representative 6. Ms. Chitra Ramkrishna, Deputy Managing Director, Other Nominees National Stock Exchange of India Ltd. 7. Mr. P. M. Venkatasubramanian, Ex-Managing Director, GIC Other Nominees 8. Ms. Vishakha Mulye, Chief Financial Officer & Treasurer , ICICI Bank Ltd. Other Nominees 9. Mr. D. C. Anjaria, Director, International Financial Solutions Pvt. Ltd. Public Representative 10. Mr. Vimal Bhandari, Country Manager – India AEGON International NV. Public Representative 11. Mr. Ramesh Kumar Somani ,Whole-time Director, Eureka Stock & Trading Member Share Broking Services Ltd.

II F&O MARKET SEGMENT 1 Mr. Ravi Narain, CEO & MD, National Stock Exchange of India Ltd. Chairman 2 Mr. Rajesh Baheti, Partner, M/s. Crossseas Capital Services Trading Member 3 Mr. D.C.Anjaria, Director, International Finance Solutions Pvt. Ltd. Public Representative 4 Mr. Shailesh Haribhakti, Managing Partner & CEO Haribhakti Group Public Representative 5 Prof. V. Ravi Anshuman, Indian Institute of Management Bangalore Public Representative 6 Mr. Motilal Oswal , Chairman & Managing Director, Trading Member M/s. Motilal Oswal Securities Ltd. 7 Mr. M. Raghavendra, Ex-General Manager, General Insurance Other Nominees Corporation of India 8 Ms. Chitra Ramkrishna, Deputy Managing Director, Other Nominees National Stock Exchange of India Ltd.

* As of June 08, 2007.

13 Table 1-4: List of Cities and VSATs at the end of March 2007

State/UTs List of Towns and Cities Total No. Total No. of Cities of VSATs

Andhra Pradesh Amalapuram, Anantapur,Ankapalle, Bhimavaram, Chirala, Cuddapah, Eluru, 31 159 Gajuwaka, Gudiwada, Guntur, *Hyderabad, Kakinada, Kukatpally, Kurnool, Narsapur, Nellore, Ongole, Palakol, Iduguralla, Rajamundry, Secundarabad, Srikakulam, Tadepalligudem, Tanuku, Tenali, Tirupathi, Vijayawada, Vizag,Vizianagaram, Warangal, Chilakaluripeta,

Assam *Guwahati, Silchar. 26

Bihar Begusarai, Bhagalpur, Muzzaffarpur, *Patna,Sitamarhi, 519

Chhattisgarh Bilaspur, Korba, Raipur 29

Delhi *Delhi 1 527

Goa Panaji, Mapusa,Margao 37

Gujarat *Ahmedabad, Anand *Baroda, Bharuch, Bhavnagar, Bhuj, Botad, Dhoraji, Dhrangadhra, 29 181 Gandhidham, Gandhinagar, Jamnagar, Junagadh, Kadi, Mehsana, Nadiad, Navsari, Patan, Petlad, *Rajkot, Surajkaradi, Savarkundla, Surat, Surendranagar, Unjha, Valsad, Vapi, Visnagar,Keshod,

Haryana Ambala , Bahadurgarh, Bhiwani, Fatehabad, Faridabad, Ganaur, Gohana, Gurgaon, Hissar, 21 107 Jagadhri, Jind, Kaithal, Karnal, , Panchkula, Panipat, Rewari, Rohtak, Sirsa, Sonepat, Yamuna Nagar,

HimachalPradesh Shimla 11

Jammu & Kashmir Jammu, Srinagar 25

Jharkhand Bokaro Steel City, Dhanbad, Giridih, Ranchi, Jamshedpur 521

Karnataka Arsikere, *Bangalore, Bellary, Hassan, Hubli, Kumta, *Mangalore, Manipal , Mysore, Sagar, 12 86 Shimoga, Udupi

Kerala Angamaly, Calicut, Ernakulam, Guruvaryur, Irinjalakuda, Kannur, Kasargod, *Kochi, 20 75 Kodungallore, Kollam, Kottayam, Muvattupuzha, Pala, Palakad, Pathanamthitta, Thalassery, Thiruvalla, Thrissur, Thodupuzha, Thiruvananthapuram (Trivandrum)

Madhya Pradesh Bhilai, Bhopal, Gwalior, *Indore, Jabalpur, Nagda, Neemuch, Ratlam, Satna, Ujjain 10 72

Maharashtra Ahmednagar, Akola, Amravati, Ichalkaranji , Jalgaon, Kolhapur, Kopargaon, *Mumbai, 12 682 Nagpur, Nashik, *Pune, Solapur,

Orissa *Bhubaneshwar, Berhampur, Cuttack, Rourkela, Jeypore, Jaraka 69

Punjab Amritsar, Bathinda, Chandigarh, Fazilka, Hoshiyarpur, Jalandhar, Khanna, *, 20 89 Mansa, Moga, Mohali, Muktasar, Nabha, Pathankot, Patiala, Barnala, Kotkapura, Batala, Kapurthala, Faridkot

Rajasthan Ajmer, Alwar, Bhilwara, Bikaner, Falna, *Jaipur, Jodhpur, Kota, Udaipur, Sujangarh, 17 124 Makrana, Nokha, Beawar, Sadarsahar, Sri Ganganagar, Kankroli, Pali

Tamil Nadu *Chennai, *Coimbatore, Erode, Karaikal, Karaikudi, Karur, Kumbakonam, Madurai, 23 174 Nagercoil, Namakkal, Neyveli, Salem, Sivakasi, Thanjavur, Tirunelveli, Trichy, Tuticorin, Hosur, Vellore, Gobichettipalayam, Gudiyatham, Dharapuram, Pollachi,

Union Territory Pondicherry, 11

Uttar Pradesh Agra, Aligarh, , Bahraich, Bareilly, Chandausi, Gorakhphur, Ghaziabad, Jhansi, 30 138 Kurja, *Kanpur, Lucknow, Mathura, Meerut, Moradabad, Muzzafararnagar, Modinagar, Rishikesh, Roorkee, Renukoot, Saharanpur, Varanasi, Bulandshar, Kashipur, Hapur, Rampur, Sahibabad, Haldwani, Baghpat, Mirzapur

Uttaranchal Dehradun, Haridwar, Nainital, Rudrapur, Ramnagar, Sitarganj 613

West Bengal Asansol, *, Siliguri, Durgapur, Raniganj, Paschim Medinipur , Burdwan 7 232

Total 266 2,737

*Indicates cities which have a Regional Stock Exchange.

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