SME PLATFORM ‐ EMERGE NSE EMERGE – Salient Features

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1 SME PLATFORM ‐ EMERGE NSE EMERGE – Salient Features Trading on NSE Capital Market segment SME securities trade in Call auction or in Continuous market Market making for every security A market maker provides bids and offers All trades settled along with equity market on T+2 2/19 NSE EMERGE –Market Parameters Call Auction –Market Timings 11 AM to 12 Noon –Market type “C” and Series “SM” – System Driven Random closure during the last 5 minutes – Limit & market orders (ATO‐At Open) allowed –All trades executed at single price ‐ Equilibrium price based on demand supply 3/19 NSE EMERGE – Price Dissemination Market maker quotes highlighted with # in order book Market depth – Indicative Equilibrium price –Best 4 orders, market orders(ATO) and total quantity on both sides –% change of EP to previous day’s close price Price information published at EOD on “Emerge” 4/19 What is Equilibrium price (EP) Equilibrium price is the price at which maximum quantity can be matched If there is more than one price point with same match quantity, then equilibrium price will be the price with minimum imbalance (unmatched) quantity If there is more than one price point with same imbalance quantity then the equilibrium price will be the price nearest to previous day’s close price 5/19 What is Equilibrium price (EP) In case previous day’s close price is a mid point of both the prices, then equilibrium price will be same as previous day’s close price If there are only market orders (ATO) on both buy and sell sides, they shall be matched at previous day’s close price Market maker orders will not be matched with other market maker orders 6/19 If you are a trading member In the cash market No new user id, same login, No new NCFM certificate to login No new terminal, on the same terminal No new risk management, same risk management as cash market No new settlement cycle, T+2 along with cash market No new reports, all part of cash market reports 7/19 If you are an investor No new KYC No new demat account or bank account Trade verification on the exchange, same as in cash market SMS alert for trade on the exchange, same as in cash market Investor grievances, provided by Exchange 8/19 9/19.

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