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NSE Annual Report 2020

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NSE Annual Report 2020 Contents 002 006 008 Chairman’s Corporate snapshot Milestones overview 010 012 014 Awards and Our growth in the NSE. Not just an recognition past four years Indian exchange; a global benchmark instead. 016 018 020 NSE. More than NSE. Beyond an NSE. Not just a an Exchange; a exchange; a brand passive platform. A solution instead. for progress dynamic game- changer instead 022 024 028 NSE. Extended Board of Directors Management beyond the discussion & routine; focused analysis on innovation, collaboration and co-creation 034 035 086 Corporate Integrated Report Board’s Report Information 224 319 Consolidated Standalone Financial Financial Statements Statements Deepening India’s investing culture At National Stock Exchange of India Limited, we are in business to take India ahead. For more than a quarter of a century, we have been engaged in the overarching exercise to graduate India from legacy savings practices to investment in modern asset classes. We have done so through a robust electronic interface, transaction speed, democratic investor access (irrespective of background, location or transaction size and standards) and cutting-edge technologies. The result is NSE is playing an active role in building India’s capital markets, deepening India’s investing culture and improving the financial well-being of the world’s second largest population cluster. Chairman’s overview 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 2020. 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. Fiscal 2020 witnessed overall global fiscal and monetary stimuli to mitigate slowdown amid the overhang arising the economic and social impact from trade tensions between USA caused by COVID-19. and China, elevated geopolitical In the above context, there has been uncertainty including Brexit, sluggish overall slowdown in the country’s GDP economic performance of some of growth with GDP growth of around the significant countries in Europe 4.2% for FY 20. Going forward most and Asia and the resultant overall of the countries across the world are weakening of the financial market expected to witness negative growth sentiments. in FY21. This was further aggravated by the It’s heartening to note that in FY outbreak of COVID-19 which began 20, NSE continued to maintain its in China in late 2019 and rapidly leadership position both domestically spread to the rest of the World, most as well as globally. Also, in these notably in the US and Europe. The difficult times, NSE continued to be World Health Organization (WHO) a responsible leader of the Indian has declared COVID 19 a ‘pandemic’. corporate universe, keeping markets Major global economies including operational through the COVID-19 India were overwhelmed towards crisis and by contributing to national the end of fiscal 2020 by the onset relief measures. of the global Coronavirus pandemic that exacerbated already decelerating During FY 20, NSE enjoyed a market growth trends. Governments and share of about 93% in the cash policy makers worldwide have been equities segment, almost 100% in responding to this unprecedented the equity derivatives segment and situation by announcing large-scale about 60% in the currency derivatives segment. 002 | National Stock Exchange of India Limited Over the years, NSE has emerged as commercial paper market continued a prominent market infrastructure to be vibrant with H4,229.96 billion of institution in the rapidly changing funds raised via commercial papers AKIN TO ITS global marketplace. The business on NSE with maturity of less than one FUNDAMENTAL performance and recognition that year. ROLE OF NSE has garnered in all these years NSE has been working towards is beyond just the robust financial FACILITATING providing a viable and sustainable performance. CAPITAL option for the smaller companies FORMATION ON In this direction, it gives me immense to raise equity capital and provide pleasure to share with you that in the an attractive alternate investment THE ONE HAND year 2019 NSE emerged as the largest opportunity to the informed investor AND SAVINGS derivatives exchange in the world community. From conventional INTERMEDIATION based on the volume of contracts manufacturing companies to new age ON THE OTHER, traded. NSE was also ranked as the economy start-ups, NSE has always NSE CONTINUED 2nd largest exchange in the world in endeavoured to create a vibrant capital TO BE THE respect of contracts traded in the stock raising environment. NSE believes futures; it was ranked No. 1 in terms that Small and Medium Enterprises PREFERRED VENUE of contracts traded in index options (SME) are crucial not only for economic FOR CAPITAL and currency futures and options. In growth, but also for employment and RAISING. WITH the cash equities segment, NSE was inclusive growth. As of March 31, 1,949 COMPANIES ranked 3rd largest in the world based 2020, there are 208 SME companies LISTED ON NSE on the number of trades in the year listed on NSE Emerge (SME Platform), WITH A MARKET 2019. of which 13 were listed during 2019- 20 raising more than H1.74 billion CAPITALISATION NIFTY50, our flagship index, continued and the market capitalisation of these OF J112.43 to evince significant traction among companies is more than H92.20 billon. TRILLION, NSE its peer group globally. As on March 31, 2020, NIFTY indices continued During the year, NSE launched CONTINUED TO their market leadership position with commodity futures on bullion and BE THE PREMIER 27 index funds and 57 ETFs in India energy. The launch is yet another EXCHANGE OF THE being linked to these indices. The total milestone for NSE. COUNTRY. Assets Under Management (AUM) Technology is the backbone of of ETFs (equity and debt) and Index NSE’s core infrastructure. It is Funds linked to NIFTY indices in India both an enabler as well as a lever. was over H1.21 lakh crore. The total NSE has always been a thought AUM of international ETFs linked to leader and is known for introducing NIFTY indices was USD 676 million as innovative technologies. Speed, on March 31, 2020. latency, resilience and security Akin to its fundamental role of are four important tenets of our facilitating capital formation on the technology. During the year, many one hand and savings intermediation initiatives in these areas including on the other, NSE continued to be the projects surrounding enhanced preferred venue for capital raising. customer experience have been With 1,949 companies listed on undertaken to enhance the overall NSE with a market capitalisation customer experience and to keep of H112.43 trillion, NSE continued our technology platform efficient, to be the premier exchange of the robust and competitive. Embracing country. During fiscal 2020, the newer technologies such as Artificial aggregate value of fund-raising via Intelligence (Al), Block Chain etc., Initial Public Offerings (IPOs) was at many initiatives / projects were H203.77 billion. Primary fund raising successfully launched during the via privately placed debt securities year. These projects spanned various was at a record H4,197.26 billion, themes such as strengthening of with public issuance of debt securities the fault tolerance posture of the contributing around H65.65 billion. The infrastructure, surveillance and Twenty-eighth Annual Report 2019-20 | 003 regulatory compliance related, Corporation Limited (NICCL) located enhanced IT security, etc. at the International Financial Service Centre at GIFT City, Gujarat GOING FORWARD, NSE Clearing Ltd (NCL) is one of the continued to run their operations AS A COUNTRY, largest Central Counter Party (CCP) seamlessly, with enhanced WE ARE WELL in the world in terms of number participation by the members. of trades cleared and settled and POSITIONED FOR Recently, NSE IFSC has launched has global recognition like TC-CCP GROWTH. AS INR/USD derivatives contracts by ESMA. NCL has been regularly STATED EARLIER, IT for trading at Gift City which was rated AAA by CRISIL for more than inaugurated by the Hon’ble Minister IS EXPECTED THAT a decade now and is the strongest of Finance & Corporate Affairs Smt. INDIAN CAPITAL clearing corporation in the country Nirmala Sitharaman. MARKETS WILL with sound financial track record. REMAIN ROBUST It has a Core Settlement Guarantee NICCL has been granted recognition MAINLY DUE TO Fund of more than H3,000 crore. by ESMA as a “Third-Country CCP” OVERALL POSITIVE During the year, NCL successfully under EMIR, which would enable implemented interoperability European based intermediaries to ECONOMIC framework among Clearing participate in GIFT IFSC. Further, FUNDAMENTALS Corporations which allows market NICCL has initiated the process for AND STABLE AND participants to consolidate their recognition as a Non-UK CCP under SUPPORTIVE clearing and settlement functions at Temporary Recognition Regime POLICY a single CCP, irrespective of the stock (“TRR”). NICCL’s name has been ENVIRONMENT. exchanges on which the trades are included in the interim list of third executed. This is expected to lead to country CCPs that will offer clearing THIS WILL ALSO efficient allocation of capital for the services and activities in UK. PROVIDE FURTHER market participants and thereby save On the education and financial costs. FILLIP TO THE literacy front, NSE Academy GROWTH AND Over the years, NSEIT Ltd. (NSEIT), Ltd. (NAL), which operates with PARTICIPATION a 100% subsidiary of NSE has a mission to promote financial IN THE INDIAN expanded itself to serve the needs literacy as a necessary life skill CAPITAL MARKETS. of a variety of customers in multiple had significant accomplishments areas such as software services and including partnerships with state solutions, integrated IT security and national school boards and including cyber security services, IT schools, interactive courses on infrastructure management services, personal finance and certification digital examinations, Robotic Process programs as well as focused Automation (RPA) etc.
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