SEBI BULLETIN

DECEMBER 2015 VOL. 13 NUMBER 12

^maVr¶ à{V^y{V Am¡a {d{Z‘¶ ~moS>© Securities and Exchange Board of India SECURITIES AND EXCHANGE BOARD OF INDIA

EDITORIAL COMMITTEE

• Mr. Ananta Barua • Mr. J. Ranganayakulu • Mr. S. V. Murali Dhar Rao • Dr. Anil Kumar Sharma

The Securities and Exchange Board of India Bulletin is issued by the Department of Economic and Policy Analysis, Securities and Exchange Board of India under the direction of an Editorial Committee. SEBI is not responsible for accuracy of data/information/interpretations and opinions expressed in the case of signed articles/speeches as authors are responsible for their personal views. SEBI has no objection to the material published herein being reproduced, provided an acknowledgement of the same is made. The soft copy of SEBI Bulletin is available free of cost to the subscribers/readers, who register at [email protected] along with their complete address. A readable version of SEBI Bulletin is available at http://www.sebi.gov.in. Any comments and suggestions on any of the features/sections may be sent to [email protected] Contents

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CAPITAL MARKET REVIEW 1113

GLOBAL MARKIET REVIEW - DECEMBER 2015 1125

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET 1147

PRESS RELEASES 1149 1. SEBI to participate in 35th India International Trade Fair 2015, at New Delhi 1149 2. SEBI signs Memorandum of Understanding on bilateral cooperation with the 1149 Bangladesh Securities and Exchange Commission 3. SEBI Board Meeting 1150

POLICY DEVELOPMENTS 1153 A. Circulars 1153 1. Format for Voting Results 1153 2. Format for quarterly holding pattern, disclosure norms for corporate governance 1153 report and manner for compliance with two-way fungibility of Indian Depository Receipts (IDRs) 3. Format for Business Responsibility Report (BRR) 1153 4. Streamlining the Process of Public Issue of Equity Shares and Convertibles 1154 5. Annual System Audit, Business Continuity Plan(BCP) and Disaster Recovery (DR) 1155 6. Investor Grievance Redressal System and Arbitration Mechanism 1156 7. Timelines for Compliance with various provisions of Securities Laws by 1157 Commodity Derivatives Exchanges 8. Issue of No Objection Certifi cate for release of 1% of issue amount 1159 9. Non-compliance with certain provisions of SEBI (Listing Obligations and 1160 Disclosure Requirements) Regulations, 2015 and Standard Operating Procedure for suspension and revocation of trading of specifi ed securities 10. Disclosure of holding of specifi ed securities and Holding of specifi ed securities 1161 in dematerialized form 11. Manner of achieving minimum public shareholding 1163 12. Formats for publishing fi nancial results 1163 13. Schemes of Arrangement by Listed Entities and (ii) Relaxation under 1165 Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957

REGULATORY ACTIONS TAKEN BY SEBI 1166

TABLES 1181

PUBLICATIONS 1228

DECEMBER SEBI BULLETIN 2015 CAPITAL MARKET REVIEW

I Trends in Primary Market A. Public and Rights Issues During November 2015, three companies accessed the the capital market and raised `22,492 crore compared primary market and mobilised `311 crore compared to `10,784 crore raised through 59 issues during the to `7,715 crore mobilised through 10 issues in corresponding period of 2014-15 (Exhibit 1). There October 2015, showing a decrease of 96 percent from were 54 public issues which raised `13,862 crore and the previous month. There were two public issues and nine rights issues which raised `8,631 crore during one Rights issues during the month. Among the public Apr-Nov 2015. Among the public issues, there were issues, IPOs garnered ` one crore. 44 IPOs and ten public debt issues. During 2015-16 so far, 63 companies have accessed Exhibit 1: Primary Market Trends (Public & Rights Issues) Nov-15 Oct-15 2015-16$ 2014-15$ Items No. of Amount No. of Amount No. of Amount No. of Amount Issues (` crore) Issues (` crore) Issues (` crore) Issues (` crore) 1 23456789 a. Public Issues 2 231 8 6,924 54 13,862 48 7,979 (i) Debt 1 230 4 2,200 10 4,232 18 6,912 (ii) Equity, of which IPOs 1 1 4 4,724 44 9,629 30 1,067 FPOs 00000000 b. Rights Issues 1 80 2 791 9 8,631 11 2,805 Total Equity Issues a(ii)+b 2 81 6 5,515 53 18,260 41 3,872 Grand Total (a+b) 3 311 10 7,715 63 22,492 59 10,784 Notes: 1. IPOs - Initial Public Offers, FPOs - Follow on Public Offers 2. Amount raised through debt issues for the last two months are provisional. 3. $ indicates as on last day of November of the respective year. Source: SEBI B. Private Placement 1. QIPs Listed at BSE and NSE QIP is an alternative mode of resource raising available 2015, `409 crore was raised through one QIP issues as for listed companies to raise funds from domestic compared to nil amount raised in October 2015. The market. In a QIP, a listed issuer issues equity shares or cumulative amount mobilised through QIP allotments non-convertible debt instruments along with warrants route during 2015-16, so far, stood at `13,067 crore and convertible securities other than warrants to (Details in Table 10). Qualified Institutions Buyers only. In November

2. Preferential Allotments Listed at BSE and NSE Preferential allotment also serves as an alternative during November 2015 as compared to 23 preferential mechanism of resource mobilization wherein a listed allotments (`16,382 crore) in October 2015. The issuer issues shares or convertible securities, to a cumulative amount mobilised through preferential select group of persons. There were 29 preferential allotments route during 2015-16, so far, stood at allotments (`4,903 crore) listed at BSE and NSE `42,160 crore through 240 issues (Details in Table 11).

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3. Private Placement of Corporate Debt Private placement mechanism dominates the resource Further in November 2015, the total amount mobilization through corporate bonds. In November mobilised through public issue and private placement 2015, `24,618 crore was raised through private placement of debt and equity combined stood at `30,242 crore route in the corporate bond market and no amount as against `68,028 crore in October 2015. In 2015- was raised through public issue route. The cumulative 16 (Apr-Nov), `3,88,988 crore was raised through amount mobilised through private placement of primary market via public issues and private corporate debt during 2015-16, so far, stood at `3,11,269 placement of debt and equity. crore (Details in Table 12 and Exhibit 1A). Exhibit 1A: Total Resources Mobilised by Corporate Sector (Amount in `crore) Equity Issues Debt Issues Total Resource Month Public & Private Total Private Total Mobilisation Public Rights Placements (2+3) Placements (5+6) (4+7) 1234567 8 2014-15 9,789 57,362 67,151 9,413 4,04,136 4,13,492 4,80,643 2015-16$ 18,260 55,228 73,488 4,232 3,11,268 3,15,500 3,88,988 Apr-15 8,890 11,517 20,407 710 84,807 85,517 1,05,924 May-15 493 6,133 6,626 0 20,692 20,692 27,318 Jun-15 439 3,013 3,452 0 36,125 36,125 39,577 Jul-15 719 5,482 6,201 164 27,920 28,084 34,285 Aug-15 1,913 2,019 3,932 228 46,564 46,792 50,724 Sep-15 210 5,369 5,579 700 26,612 27,312 32,891 Oct-15 5,515 16,382 21,897 2,200 43,931 46,131 68,028 Nov-15 81 5,313 5,394 230 24,618 24,848 30,242 Notes: 1. Private placement of Equity includes, amount raised through preferential allotments, QIP and IPP mechanism, 2. Public Equity Issues includes IPO, FPO & Rights issues of common equity shares. 3. $ indicates as on last day of November 2015. Source: SEBI

II. Resource Mobilisation by Mutual Funds In November 2015, there was net outflow from funds accounted for 55.3 percent, followed growth/ mutual funds amounting to `31,196 crore. While equity funds 36.0 percent and 7.2 percent by balanced net outflow from private sector mutual funds was schemes. Further, the FoF schemes and GETFs have `21,041 crore, that from public sector mutual funds registered net outflows during April-November 2015 was `10,155 crore. During April-November 2015, the period. The cumulative net assets under management total amount raised by all mutual funds was `1,84,263 by all mutual funds decreased by 2.2 per cent to crore, of which, the share of private sector was 75 per ` 1 2,95,131 crore as on November 30, 2015 from cent and public sector mutual funds was 25 percent. `13,24,165 crore as on October 31, 2015 (Details in Of the total amount mobilized in 2015-16 so far, debt Table 64 & 66).Trends in the Secondary Market

III. Trends in the Secondary Market During November 2015, the benchmark indices, touched their respective intraday highs of 26,824.3 and S&P BSE Sensex and CNX Nifty fell by 1.9 and 1.6 8336.3 on November 02, 2015 and November 04, 2015 percent to close at 26,145.7 and 7,935.3 respectively respectively. Sensex touched intraday low of 25,451.4 on November 30, 2015 (Figure 1). Sensex and Nifty and Nifty at 7714.2 on November 16, 2015.

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Figure 1: Movement of Sensex and Nifty

Reflecting the downtrend in market movements, recorded at the end of October 2015. The P/E ratios of the market capitalisation of BSE and NSE fell by S&P BSE Sensex and CNX Nifty were 20.6 and 21.5, 0.6 percent and 0.2 percent to ` 98,88,227 crore and respectively at the end of November 2015 compared `96,75,669 crore, respectively, at the end of November to 21.4 and 22.1 a month ago (Exhibit 2). 2015 from `98,33,359 crore and `96,54,114 crore, Exhibit 2: The Basic Indicators in Cash Segment Percentage change 2014-15 2015-16$ Oct-15 Nov-15 over previous month 1 2345 6 A. Indices S&P BSE Sensex 27,957 26,146 26,656.8 26,145.7 -1.9 CNX Nifty 8,607 7,935 8,065.8 7,935.3 -1.6 B. Market Capitalisation BSE 1,01,49,290 98,88,227 98,33,359 98,88,227 0.6 NSE 99,30,122 96,75,669 96,54,114 96,75,669 0.2 C. Gross Turnover BSE 8,54,845 4,95,840 58,143 50,799 -12.6 NSE 43,29,655 28,47,352 3,33,801 3,07,150 -8.0 D. P/E Ratio S&P BSE Sensex 19.5 20.6 21.4 20.6 -3.8 CNX Nifty 22.7 21.5 22.1 21.5 -2.8 E. No. of Listed companies BSE 5624.0 5806.0 5788.0 5806.0 0.3 NSE 1733.0 1786.0 1781.0 1786.0 0.3 $ indicates as on last day of November of the respective year. Source: BSE, NSE

The monthly turnover of BSE (cash segment) from `3,33,801 crore in October 2015. The gross decreased by 12.6 percent to `50,799 crore in November turnover at the cash market segments at BSE and NSE 2015 from `58,143 crore in October 2015. The during April-November 2015 was `4,95,840 crore and monthly turnover of NSE (cash segment) decreased `28,47,352 crore respectively. by 8.0 percent to `3,07,150 crore in November 2015

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Figure 2: Trends in Average Daily value of Sensex and BSE Turnover

Figure 3: Trends in Average Daily Values of Nifty and NSE Turnover

There was a widespread loss in majority of sectoral CNX PSE Index (3.2 percent) and CNX Nifty Junior and other indices during November 2015. At the index (2.4 percent). During November 2015, the daily end of November 2015, of the 15 indices (each at volatility of BSE Metal index was the highest at 2.3 BSE and NSE), 12 recorded negative return at BSE percent, followed by BSE Bankex index (2.0 percent) and 10 indices at NSE closed negative. Among BSE and BSE Capital Goods index, (1.7 percent). At indices, BSE Metal index decreased the most by 8.2 NSE, among all the indices, daily volatility of CNX percent, followed by BSE Capital Goods index (6.4 Bank Nifty index was the highest at 1.9 percent, percent) and BSE PSU index (3.2 percent). Among followed by CNX Finance (1.8 percent) and CNX NSE indices, in November 2015, CNX Infrastructure Infrastructure index (1.7 percent) during November index decreased the most by 4.3 percent, followed by 2015 (Exhibit 3).

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Exhibit 3: Performance of Indices at BSE and NSE during November 2015 (Percent) BSE NSE Change over Change over Index Volatility Index Volatility Previous month Previous month 123456 BSE Sensex -1.9 0.8 CNX Nifty -1.6 0.8 BSE 100 -1.4 0.7 CNX Nifty Junior -0.6 0.8 BSE 200 -1.1 0.7 CNX 500 -1.0 0.7 BSE 500 -0.8 0.7 CNX Mid-cap 0.1 0.8 BSE Small Cap 2.8 0.8 CNX 100 -1.5 0.7 BSE FMCG 0.8 0.9 CNX Defty -4.0 0.8 BSE Consumer Durables 5.0 0.9 CNX IT -2.4 1.0 BSE Capital Goods -2.4 1.0 Bank Nifty 0.4 1.0 BSE Bankex 0.7 1.0 Nifty Mid-cap 50 3.0 1.0 BSE Teck -2.8 1.0 CNX Infrastructure -2.2 0.8 BSE Oil & Gas 2.9 1.2 CNX PSE 0.5 0.9 BSE Metal -2.6 1.0 CNX Finance -1.3 0.9 BSE Auto 4.4 0.9 CNX Pharma -12.7 1.2 BSE PSU 1.5 0.8 CNX MNC -2.0 0.8 BSE Healthcare -9.8 1.1 CNX Media 1.1 1.4 Source: BSE and NSE IV. Trends in Depository Accounts The total number of investor accounts was 142.1 the previous month. A comparison with November lakh at NSDL and 102.9 lakh at CDSL at the end 2014 showed there was an increase in the number of of November 2015. In November 2015, the number investor accounts to the extent of 4.9 percent at NSDL of investor accounts at NSDL and CDSL increased and 11.2 percent at CDSL (Details in Table 70). by 0.2 percent and 0.8 percent, respectively, over V. Trends in Derivatives Segment A. Equity Derivatives India is one of the vibrant markets for exchange traded 2015, the turnover in the index options category was equity derivatives in the world. The trading volumes in 73.6 percent of the total turnover in the F&O segment the equity derivative market surpassed that of the cash of the NSE. During November 2015, index futures, segment turnover by 12.4 times in November 2015. stock futures and stock options recorded decrease in The monthly total turnover in equity derivative market turnover over the previous month, while index options at NSE decreased by 1.9 percent to `43,47,054 crore segment registered increase in turnover as compared in November 2015 from `44,29,629 crore in October to previous month. The open interest in value terms 2015 (Figure 4). The index options segment has been in equity derivative segment of NSE increased by 3.6 the clear leader in the product-wise turnover of the percent to `1,81,087 crore as on November 30, 2015 futures and options segment in the NSE. In November from `1,74,768 crore as on October 31, 2015. Figure 4: Trends of Equity Derivatives Segment at NSE (`crore)

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The monthly total turnover in equity derivative segment to previous month. The open interest in value terms of BSE decreased by 67.3 percent to `1,05,526 crore in in equity derivative segment of BSE increased by 11.5 November 2015 from `3,22,277 crore in October 2015. percent to `272 crore as on November 30, 2015 from While index options comprised 96.3 percent of BSE’s `244 crore as on October 31, 2015. equity derivative turnover, stock options constituted In November 2015, NSE had 97.6 percent share in 3.3 percent. During November 2015, index futures, total equity derivatives turnover in India while BSE’s index options and stock futures recorded decrease in share was 2.4 percent. In terms of open interest (in turnover over the previous month, while stock options value terms), NSE had 99.85 percent share while BSE segment registered growth in turnover as compared had 0.15 percent share (Exhibit 4). Exhibit 4: Trends in Equity Derivatives Market NSE BSE Percentage Percentage Particular Nov-15 Oct-15 Change Over Nov-15 Oct-15 Change Over Month Month 1 234567 A. Turnover (` crore) (i) Index Futures 2,89,439 3,35,582 -13.8 405 958 -57.7 (ii) Options on Index Put 14,47,834 15,34,880 -5.7 22,410 2,74,380 -91.8 Call 17,49,524 16,45,579 6.3 79,201 44,410 78.3 (iii) Stock Futures 5,97,633 6,27,671 -4.8 16 52 -68.7 (iv) Options on Stock Put 86,405 96,745 -10.7 1,650 1,061 55.5 Call 1,76,221 1,89,173 -6.8 1,843 1,416 30.1 Total 43,47,054 44,29,629 -1.9 1,05,526 3,22,277 -67.3 B. No. of Contracts (i) Index Futures 51,39,901 1,15,02,566 -55.3 7,790 22,040 -64.7 (ii) Options on Index Put 2,52,28,432 6,61,38,404 -61.9 4,40,825 69,46,843 -93.7 Call 2,92,69,261 6,71,66,048 -56.4 14,88,080 10,51,513 41.5 (iii) Stock Futures 1,18,76,912 2,07,17,819 -42.7 332 2,638 -87.4 (iv) Options on Stock Put 17,40,663 35,40,218 -50.8 30,652 36,781 -16.7 Call 33,15,699 64,45,041 -48.6 37,518 49,309 -23.9 Total 7,65,70,868 17,55,10,096 -56.4 20,05,197 81,09,124 -75.3 C. Open Interest in terms of Value ( ` crore) (i) Index Futures 19,452 21,475 -9.4 218 222 -1.8 (ii) Options on Index Put 43,654 39,718 9.9 19 9 104.7 Call 47,431 46,746 1.5 19 9 107.2 (iii) Stock Futures 61,986 58,206 6.5 2 2 7.1 (iv) Options on Stock Put 3,100 3,129 -0.9 9 1 1,271.9 Call 5,464 5,496 -0.6 4 0 1,234.4 Total 1,81,087 1,74,768 3.6 272 244 11.5 D. Open Interest in terms of No of Contracts (i) Index Futures 3,35,105 3,65,066 -8.2 4,171 4,166 0.1 (ii) Options on Index Put 7,41,448 6,62,522 11.9 368 174 111.5 Call 8,03,973 7,80,520 3.0 364 170 114.1 (iii) Stock Futures 12,30,246 11,51,650 6.8 43 40 7.5 (iv) Options on Stock Put 61,430 62,544 -1.8 204 12 1,600.0 Call 1,07,460 1,10,489 -2.7 79 7 1,028.6 Total 32,79,662 31,32,791 4.7 5,229 4,569 14.4

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B. VIX Futures at NSE NSE introduced futures contracts on India VIX in contracts shall expire on every Tuesday. The tick size Futures & Options segment of NSE w.e.f. February is 0.25 and lot size is 550. During November 2015, 26, 2014. India VIX is India’s first volatility Index eleven VIX futures contracts with total value of `0.9 which is a key measure of market expectations of near- crore were traded at F&O segment of NSE (Figure 5). term. The contract symbol is INDIAVIX and 3 weekly The open interest in INDIAVIX contracts was zero at futures contract were made available for trading. The the end of November 2015. Figure 5: Trends in VIX futures at NSE

C. Currency Derivatives at NSE, MSEI and BSE During November 2015, the monthly turnover of from `1,86,708 crore in October 2015. At MSEI, the currency derivatives at NSE decreased by 6.2 percent to monthly turnover of currency derivatives decreased `3,35,711 crore from `3,57,978 crore in October 2015. by 13.8 percent to `19,275 crore in November 2015 The turnover of currency derivatives at BSE decreased from `22,351 crore in October 2015 (Figure 6) (Details by 3.5 percent to `1,80,138 crore in November 2015 in Table 42, 43 and 44). Figure 6: Trends of Currency Derivatives at NSE, MSEI and BSE (`crore)

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D. Interest Rate Derivatives at NSE, BSE and MSEI During November 2015, the monthly turnover of from `1,86,708 crore in October 2015. At MSEI, the currency derivatives at NSE decreased by 6.2 percent to monthly turnover of currency derivatives decreased by `3,35,711 crore from `3,57,978 crore in October 2015. 13.8 percent to `19,275 crore in November 2015 from The turnover of currency derivatives at BSE decreased `22,351 crore in October 2015 (Figure 6) (Details in by 3.5 percent to `1,80,138 crore in November 2015 Table 42, 43 and 44) Figure 7: Trends of Interest Rate Derivatives at NSE, BSE and MSEI (` crore)

VI. Commodities Futures Markets During November 2015, the benchmark index high of 2821.5 on November 4, 2015 while touching MCXCOMDEX and NCDEX Dhaanya decreased an in intraday low of 2570.5 on November 23, 2015. by 5.6 percent and 1.3 percent respectively to close NCDEX Dhaanya touched an intraday high of 2958.9 at 2651.4 and 2869.3 respectively on November 30, on November 6, 2015 and an intraday low of 2826.5 2015 (Figure 8). MCXCOMDEX touched an intraday on November 24, 2015. (Details in Table 74 & 75) Figure 8: Movement of Commodity Futures Market Indices

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MCXCOMDEX recorded a volatility of 0.8 percent return of commodity futures market indices is shown during November 2015 while NCDEX Dhaanya in the Exhibit 5 below: recorded a volatility of 1.0 percent. The volatility and Exhibit 5: Performance of Indices at MCX and NCDEX during November 2015 (Percent)

MCX NCDEX Change over Change over Index Volatility Index Volatility Previous month Previous month 123456 MCXCOMDEX -5.6 0.8 Dhaanya -1.3 1.0 MCX Metal -5.9 0.8 MCX Energy -7.3 1.8 MCX Agri -0.5 0.6

The total turnover in the commodities segment The total turnover at NMCE declined from `1,817 at MCX was `4,01,674 crore in November 2015 crore in October 2015 to `1,605 crore in November registering a decline of 14.3 percent from `4,68,663 2015 indicating a 11.7 percent decrease. The entire crore registered in October 2015. The turnover of turnover at the exchange is contributed by the Bullion stood at 34.0 percent of the total turnover agricultural commodities. while that of the Energy segment was at 35.1 percent. The total turnover in agricultural commodities at Agricultural commodities had a share of 1.7 percent in all the three exchanges stood at `81,643 crore while the total turnover at MCX while the contribution of that of the non - agricultural commodities stood at metals was 29.2 percent. `3,97,199 crore. The total turnover of agricultural The total turnover at NCDEX decreased from commodities was the highest at NCDEX (`73,238 `1,08,477 crore in October 2015 to `75,562 crore in crore) followed by MCX (`6,800 crore) and NMCE November 2015 indicating a decrease of 30.3 percent. (`1,605 crore). The total turnover of non- agricultural The contribution of agricultural commodities in the commodities was the highest at MCX (`3,94,874 total turnover stood at 96.9 percent while that of the crore) followed by NCDEX (`2,325 crore). Bullion segment stood at 3.1 percent. (Details in Table 78, 79 & 80) Figure 9: Turnover of Agricultural Commodities Futures at Exchanges (`crore)

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Figure 10: Turnover of Non- Agricultural Commodities Futures at Exchanges (`crore)

Rajkot Commodity Exchange Ltd. recorded a turnover Hapur the monthly turnover was recorded at `899 of `158 crore in November 2015 as against `219 crore crore in November 2015 against `1,319 crore in in October 2015, with only castor seed contracts being October 2015, with only the contracts on mustard traded at the exchange. At Chamber of Commerce, seed being currently being traded at the exchange. VII. Trading in Corporate Debt Market During November 2015, 1,132 trades with a traded reported in November 2015 with a traded value of value of `14,672 crore was reported on BSE compared `56,900 crore compared to 4,637 trades with value of to 1,784 trades with a traded value of `22,528 crore `79,015 crore in October 2015 (Figure 11) (Details in reported in October 2015.At NSE, 3,263 trades were Table 13). Figure 11: Trends in Reported Turnover of Corporate Bonds (` crore)

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VIII. Trends in Institutional Investment The institutional investment was positive in Indian markets in November 2015.

A. Trends in Investment by Mutual Funds The total net investment in the secondary market by and `58,525 crore in equity. mutual funds was `37,387 crore in November 2015 As on November 30, 2015 there were a total of 2,191 compared to `27,947 crore in October 2015. They mutual fund schemes of which income/debt oriented invested `6,548 crore in equity in November 2015 schemes were 1,618 (73.8 percent), growth/equity compared to `2,935 crore in October 2015. In the oriented schemes were 463 (21.1 percent), exchange debt segment, mutual funds invested `30,839 crore in traded funds were 53 schemes (2.4 percent), balanced November 2015 as against `25,011 crore in October schemes were 26 (1.2 percent) and fund of funds 2015 (Figure 12). During 2015-16 (April-November), investing overseas schemes were 31 (1.4 percent). the total net investment by mutual funds was (Details in Table 67 & 68) `2,79,458 crore of which `2,20,933 crore was in debt Figure 12: Trends in Mutual Funds Investment (`crore)

B. Trends in Investment by Foreign Portfolio Investors (FPIs) In November 2015, FPIs recorded net outflows from the debt segment. amounting to `10,826 crore. There was a net outflow The assets under custody of FPIs at the end of in equity segment of `7,074 crore while debt segment November 2015 stands at `23,08,769 crore, out of witnessed a net outflow of `3,752 crore (Figure 13). which the value of offshore derivative instruments During 2015-16 (April-November 2015), the total including ODIs on derivatives is `2,54,600 crore, net outflows by FPIs in the Indian stock market was constituting 11.0 percent of the total asset under `7,009 crore, comprising of a net outflow of `15,849 custody of FPIs. (Details in Table 60, 61 & 62) crore in the equity segment and inflow of `8,842 crore

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Figure 13: Trends in FPIs Investment (`crore)

IX. Trends in Portfolio Management Services Total assets under management (AUM) of portfolio PMS (5.5 percent). management services (PMS) industry has increased by In terms of number of clients, discretionary services 1.6 percent to `9,94,588 crore in November 2015 from category leads with total of 50,890 clients, out of `9,94,588 crore in October 2015. As on November 56,739 clients in PMS industry, followed by non- 30, 2015, AUM of discretionary PMS constitute discretionary category with 3,570 clients and advisory 76.1 percent of the total AUM of PMS followed by category with 2,279 clients. (Details in Table 69) advisory PMS (18.4 percent) and non-discretionary X. Trends in Substantial Acquisition of Shares and Takeovers In November 2015, seven open offers with offer value five open offers with offer value of `1,677 crore in of `157 crore were made to the shareholders as against October 2015. (Details in Table 4)

1124 DECEMBER SEBI BULLETIN 2015 GLOBAL MARKET REVIEW - DECEMBER 2015

Snapshots Introduction: 1.1. Global equity markets remained lacklustre United States: in November 2015 with MSCI World Index • The US economy expanded by 2.1per cent (Q-o-Q) (in returning -0.7 per cent returns. Focus remained annualised terms) in Q3 2015 compared to a growth rate of 3.9per cent in Q2 2015. Consumer prices in the US increased on the prospect of a US rate rise as US dollar 0.5per cent (Y-o-Y) in November 2015 compared to 0.2per strengthened further against all the major cent in October 2015. The unemployment rate fell to 4.8per currencies ahead of FOMC meeting on December cent in November 2015. 16, 2015. Eurozone equities outperformed other regions, supported by expectations that the United Kingdom European Central Bank would announce further • The UK economy advanced 2.3per cent (Y-o-Y) in Q3 2015, slowing from a 2.4per cent expansion in Q2 2015. CPI inflation monetary policy easing in December. Emerging remained increased marginally to 0.1per cent (Y-o-Y) from -0.1 markets lagged their developed counterparts as per cent in previous month. The unemployment rate decreased the stronger US dollar weighed on emerging to 5.2per cent in three months to October 2015. market currencies. Renewed commodity price weakness had a negative impact on several Japan: markets. In fixed income markets, the diverging • The Japan economy expanded 1per cent (Y-o-Y) in Q3 2015, outlook for monetary policy saw US sovereign same as in Q2 2015. Consumer prices in the Japan were flat (Y-o-Y) in September 2015, slowing down from 0.2per cent in yields rise while those in the eurozone declined. August 2015. Unemployment rate in Japan was 3.4per cent in 1.2. The US economy expanded by 2.1 per cent September 2015, the same as in previous month. (Q-o-Q) (in annualised terms) in Q3 2015 compared to a growth rate of 3.9 per cent in Q2 Euro Zone: on account of downturn in private inventory • The Eurozone economy expanded 1.6per cent (Y-o-Y) in Q3 investment. The British economy advanced 2.3 2015, slightly higher than 1.5per cent in Q2 of 2015. During October 2015, annual inflation in Euro Area increased to per cent year-on-year (Y-o-Y) in the third quarter 0.2per cent (Y-o-Y) compared to 0.1per cent in previous of 2015, slowing down marginally from a 2.4 per month. Unemployment rate in the EA19 decreased slightly cent expansion in the second quarter of 2015. to 10.7per cent in October 2015 from 10.8 per cent in previous month. Revised data confirmed that the Japan avoided a recession in Q3 as investment was stronger than BRIC Nations: previously reported. Japan’s real GDP grew • Real GDP of Brazil contracted further by 4.5per cent (Y-o-Y) by 1.0per cent (Q-o-Q) (in annualised terms) in Q3 2015, compared to -2.6 per cent in Q2 2015. Annual in Q3 as compared to 0.8per cent contraction CPI inflation grew to 10.5per cent in November 2015. estimated in the first estimate. Euro area real Unemployment increased marginally to 7.9per cent in October GDP increased by 1.6 per cent (Y-o-Y) in the 2015. third quarter of 2015, following a rise of 1.5 per • Real GDP of Russia contracted by 4.1per cent (Y-o-Y) in Q3 of 2015. Annual CPI inflation decreased marginally to 15per cent cent in the previous quarter. in November 2015. Unemployment rate in Russia increased 1.3. Relative to last year, growth in advanced to 5.5per cent in October 2015 from 5.2per cent in previous economies is expected to pick up slightly, while month. it is projected to decline in emerging market • India’s real GDP grew by 7.4per cent (Y-o-Y) in Q3 of 2015(new series). IIP grew by 9.8per cent (Y-o-Y) in October and developing economies. With declining 2015, strongest since 2011. Consumer prices grew by 5.4per commodity prices, depreciating emerging cent (Y-o-Y) in November of 2015, compared to 5per cent in market currencies, and increasing financial October 2015. market volatility, downside risks to the outlook • During Q3 2015, real GDP of China grew by 6.9per cent (Y-o-Y), slightly down from 7per cent in Q2 2015. In October have risen, particularly for emerging market 2015, the annual CPI inflation increased to 1.5per cent from and developing economies. Global activity is 1.3per cent in previous month. projected to gather some pace in 2016.

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2. Major Recent Developments Across the Globe: 2.1. Us Federal Reserve hikes interest rate first time a moderate pace. Household spending and since 2006: business fixed investment have been increasing 2.1.1 US Federal Open Market Committee (FOMC), at solid rates in recent months, and the housing in its meeting on December 16, 2015, raised the sector has improved further. Federal reserve range of its benchmark interest rate (Federal expect GDP growth of 2.1 per cent this year, Fund Rate) by a 25 bps to between 0.25 per unchanged from their September estimate. cent and 0.50 per cent from present 0 per cent Growth in 2016 is expected to be 2.4 per cent , to 0.25 per cent range, the first increase since slightly higher than the previous forecast of 2.3 June 29, 2006. Equity markets in the U.S. and per cent .The unemployment rate is expected to Asia rallied strongly as committee signalled the remain at its current level of 5 per cent this year, gradual increases in the federal funds rate. The and fall to 4.7 per cent in 2016. Inflation has Dow Jones industrial average gained 1.3 per cent continued to run below the Committee’s 2 per on December 16, 2015 while the bond yield on cent longer-run objective. Inflation is expected the 10-year Treasury note rose slightly to 2.29 to rise to 2 per cent over the medium term as per cent. the transitory effects of declines in energy and 2.1.2 The committee in its statement said that the import prices dissipate and the labor market US economic activity has been expanding at strengthens further.

Chart 1A: US Benchmark Interest Rate (lower bound) history

Source: Bloomberg 2.2. ECB extends Quantitative Easing, cuts deposit agencies and European institutions worth €60 rates: - European Central Bank (ECB), on billion per month for 18 months beginning December 3 2015, extended the Quantitative March 2015.It further cut the bank deposit rate Easing program for another six months, till to -0.3 per cent from -0.2 per cent. The market March 2017, rather than originally announced however reacted negatively as investors expected plans of ending QE in September 2016 in order further expansion of QE in terms of amount to provide more stimulus to European Economy. of bonds bought per month. Major European Earlier on January 22, 2015 ECB had announced markets like Germany, France, Italy fell in the expanded asset purchase programme’ of buying range of 2-4 per cent intraday. euro-area bonds from central governments,

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2.3. China’s Yuan enters reserve currency basket: Yuan will have about an 11 per cent weightage 2.3.1 The International Monetary Fund (IMF) on in the SDR. November 30, 2015 announced its decision to add 2.4 China’s Yuan falls to 4 and 1/2 years Low the Chinese Yuan to its reserve currency basket, 2.4.1 On December 17, 2015, the Chinese currency known as Special Drawing Rights (SDR). In a Renminbi, or the Yuan, weakened further by 0.16 statement, IMF Managing Director Christine per cent to 6.4837 against the U.S. dollar, for the Lagarde noted the Yuan’s inclusion is a clear 10 the consecutive day since December 4, 2015. representation of the reforms taking place in While recent data show the Chinese economy China. The continuation and deepening of is stabilizing, trade is still a reason for concern these efforts will bring about a more robust after exports fell for a fifth month in November international monetary and financial system, amid tepid global demand. Afters IMFs decision which in turn will support the growth and of inclusion of CNY in reserve currency basket stability of China and the global economy. The on November 30, 2015, the Chinese Yuan has addition of the Yuan, or Renminbi, will take depreciated by more than 1.3per cent against effect in October 2016. It will join the Euro, Yen, USD. Pound and Dollar in the reserves basket. The Chart 1B: Chinese Yuan at 4-1/2 years Low

Source: Bloomberg

2.5 Oil Falls To 7 Years Low as Supply of Crude the United States, the Oil is expected to remain Swells:- under pressure for quite some time. 2.5.1 Oil prices extended their freefall on December 2.5.2 On December 4, 2015, the Organization of 11, 2015, flirting with 11-year lows, after the Petroleum Exporting Countries (OPEC) in International Energy Agency (IEA) warned that its meeting in Vienna had decided to leave global oversupply of crude could worsen next production level unchanged at current actual year. Data from the U.S. Energy Information level (around 31.7 million barrels per day), Administration showed crude inventories has higher than the official target of 30 million increased to 4.8 million barrels. With production barrels per day. Guided by its biggest producer around the world remaining at or near record Saudi Arabia, OPEC has increased output in an highs and new supplies looming from Iran and oversupplied market in a bid to force higher-

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cost producers to scale back their operations. $36.33 intraday, 13 cents above the $36.20 low set Meanwhile majority of OPEC members had in December 2008. Below that level, it would be at requested Saudi Arabia to cut back the OPEC’s its lowest since July 2004, when oil was rebounding output target level below 30 million barrels per from single-digits lows hit during the 1998 financial day (mb/d). Venezuela had proposed for a 5 per crisis. Similarly, Crude Oil also traded at 7 year cent cut in the group’s production, which was low when near month crude oil futures traded at rejected as Iran joined the ranks of members NYMEX fell to $34.53 on December 14, 2015. The refusing to accept any curbs. history of Crude Oil – WTI and Crude Oil – Brent 2.5.3 On December 14, 2015, Brent Oil Futures fell to is given below in the chart. Chart 1C: Crude Oil & Brent Oil at 7 years low

Source: Bloomberg

3. The World Economy: 3.1. IMF, in its October 2015 World Economic has projected the growth in United Kingdom Outlook (WEO) update, has reduced the global at 2.5 per cent, Germany at 1.5 per cent, France growth projections by 0.2 percentage points for at 1.2 per cent, Canada at 1.0 per cent and in both 2015 and 2016 to 3.1 per cent and 3.6 per Japan at 0.6 per cent, during the year 2015. In cent respectively. IMF has revised (upwards) major emerging economies, during 2015, the its growth projections for United States by GDP growth in India is projected at 7.3 per cent, 0.1 percentage points to 2.6 per cent in 2015, China at 6.8 per cent, Mexico at 2.3 per cent, while reduced the U.S. growth forecast by South Africa at 1.4 per cent, Brazil at -3.0 per 0.2 percentage points to 2.8 per cent in 2016. cent and Russia at -3.8 per cent (Exhibit 1). Among other major advance economies, IMF

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Exhibit 1: Overview of the World Economic Outlook Projections: October 2015 Year over Year Q4 over Q4 Difference from July Projections Estimates Projections 2013 2014 2015 WEO Update1 2015 2016 2015 2016 2014 2015 2016 World Output 2 3.4 3.4 3.1 3.6 -0.2 -0.2 3.3 3.0 3.6 Advanced Economies 1.4 1.8 2.0 2.2 -0.1 -0.2 1.8 2.0 2.3 United States 2.2 2.4 2.6 2.8 0.1 -0.2 2.5 2.5 2.8 Euro Area -0.4 0.8 1.5 1.6 0.0 -0.1 0.9 1.5 1.7 Germany 0.2 1.6 1.5 1.6 -0.1 -0.1 1.5 1.6 1.6 France 0.7 0.2 1.2 1.5 0.0 0.0 0.1 1.5 1.5 Italy –1.7 –0.4 0.8 1.3 0.1 0.1 -0.4 1.2 1.5 Spain –1.2 1.4 3.1 2.5 0.0 0.0 2.0 3.2 2.2 Japan 1.6 -0.1 0.6 1.0 -0.2 -0.2 -0.8 1.3 1.3 United Kingdom 1.7 2.9 2.5 2.2 0.1 0.0 3.4 2.2 2.2 Canada 2.0 2.4 1.0 1.7 -0.5 -0.4 2.5 0.5 2.0 Other Advanced Economies 2 2.2 2.8 2.3 2.7 -0.4 -0.4 2.6 2.5 2.6 Emerging Market and 5.0 4.6 4.0 4.5 -0.2 -0.2 4.0 4.8 Developing Economies 4.7 Emerging and Developing Asia 7.0 6.8 6.5 6.4 -0.1 0.0 6.8 6.4 6.4 ASEAN-5 4 5.1 4.6 4.6 4.9 -0.1 -0.2 4.8 4.4 5.2 Emerging and Developing Europe 2.9 2.8 3.0 3.0 0.1 0.1 2.6 3.2 4.2 BRICS Nations Brazil 2.7 0.1 -3.0 -1.0 -1.5 -1.7 –0.2 -4.4 1.3 Russia 1.3 0.6 -3.8 -0.6 -0.4 -0.8 0.3 -4.6 0.0 India 3 6.9 7.3 7.3 7.5 -0.2 0.0 7.6 7.3 7.5 China 7.7 7.4 6.8 6.3 0.0 0.0 7.1 6.7 6.3 South Africa 2.2 1.5 1.4 1.3 -0.6 -0.8 1.3 0.7 1.7 Note: Real effective exchange rates are assumed to remain constant at the levels prevailing during July 27–August 24, 2015. Economies are listed on the basis of economic size. The aggregated quarterly data are seasonally adjusted. Data for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook (WEO). 1. Difference based on rounded figures for both the current, July 2015 WEO Update, and April 2015 World Economic Outlook forecasts. 2. Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries. 3. For India, data and forecasts are presented on a fiscal year basis and GDP from 2011 onward is based on GDP at market prices with FY2011/12 as a base year. 4. Indonesia, Malaysia, Philippines, Thailand, Vietnam Source: IMF Exhibit 2: Major Macroeconomic Indicators Quarterly Growth Real GDP Annual CPI Unemployment Benchmark Country / Region YOY QOQ Inflation Rate Interest Rate United States 2.2 Q3 2.1* Q3 0.5 Nov-15 4.8 Nov-15 0.25 United Kingdom 2.3 Q3 0.5 Q3 0.1 Nov-15 5.4 Sep-15 0.50 Germany 1.7 Q3 0.3 Q3 0.4 Nov-15 4.5 Oct-15 0.05 France 1.2 Q3 0.3 Q3 0.0 Nov-15 10.5 Oct-15 0.05 Eurozone 1.6 Q3 0.3 Q3 0.2 Nov-15 10.7 Oct-15 0.05 Countries Developed Developed Japan 1.6 Q3 0.3 Q3 0.3 Oct-15 3.1 Oct-15 0.08 Hong Kong 2.3 Q3 0.9 Q3 2.4 Oct-15 3.3 Sep-15 0.50 Brazil -4.5 Q3 -1.7 Q3 10.5 Nov-15 7.9 Oct-15 14.25 Russia -4.1 Q3 -0.6 Q3 15.0 Nov-15 5.5 Oct-15 11.00 India 7.4 Q3 NA NA 6.3 Oct-15 NA NA 6.75 BRIC China 6.9 Q3 NA NA 1.5 Nov-15 4.1 Sep-15 4.35 South Korea 2.7 Q3 1.3 Q3 1.0 Nov-15 3.1 Nov-15 1.50 Indonesia 4.7 Q3 3.2 Q3 4.9 Nov-15 6.2 Aug-15 7.50 Ems Other Turkey 4.0 Q2 1.3 Q2 8.1 Nov-15 10.3 Sep-15 7.50 Note: (Q3) represents third quarter of 2015. (*) represents figure in annualised terms. Source: Bloomberg

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Chart 1: Year-on-Year real GDP growth rates of major countries/ region (per cent)

Source: Bloomberg

Chart 2: Year-on-Year Consumer Price Inflation (per cent)

Source: Bloomberg

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United States: at an annual rate of 2.1 per cent (revised estimate, 3.2. The Real gross domestic product (GDP) of earlier estimate was 1.5 per cent) in the third quarter USA increased at an annual rate of 2.1 per cent of 2015, after increasing 3.9 per cent in the second (Q-o-Q) (in annualise terms) in the third quarter quarter of 2015. The consumer prices increased by of 2015, after increasing 3.9 per cent in the second 0.2 per cent (Y-o-Y) in October 2015 after remaining quarter of 2015. In the advance estimate, the flat in September 2015. Manufacturing sector PMI increase in real GDP was 1.5 per cent (Q-o-Q) declined while Service Sector PMI increased during (in annualise terms). The deceleration in real November 2015. GDP in the third quarter primarily reflected a downturn in private inventory investment United Kingdom: and decelerations in exports, in personal 3.6. As per the “preliminary” estimate of real GDP, consumption expenditures (PCE), in non- released by the Office for National Statistics, residential fixed investment, in state and local U.K., the British economy advanced 2.3 per cent government spending, and in residential fixed (Y-o-Y) in the third quarter of 2015, slowing investment. Businesses accumulated only $56.8 down marginally from a 2.4 per cent expansion billion worth of inventory, the smallest since in the second quarter of 2015, albeit, lowest since the first quarter of 2014 and sharply lower from the fourth quarter of 2013. During the same $113.5 billion in Q2 2015. Consumer spending, period in last year (Q3 2014), economy grew by which accounts for more than two-thirds of U.S. 3.0 per cent. On a quarter-on-quarter basis, the economic activity, grew at a 3.0 per cent rate, economy expanded 0.5 per cent, below market down from the 3.2 per cent rate estimated last expectations of a 0.6 per cent increase. month. 3.7. The Markit UK manufacturing PMI in November 3.3 During November 2015, the final seasonally 2015 fell to 52.7 from 55.2 in previous month.. adjusted Markit U.S. Manufacturing Purchasing On the other hand, the Markit UK services Managers’ Index (PMI) fell to 25 months low PMI in November 2015 rose to 55.9 from 54.9 as output, new orders and employment all in October 2015. It is the highest figure in four expanded at slower rates while average cost months due to a strength in new business while burdens decreased for the third month. The employment slowed, backlogs rose marginally Markit US manufacturing PMI fell to 52.8 in and price pressures remained weak. November 2015, lower than 54.1 in October 2015 (PMI above 50 mark indicates an expansion 3.8. As regards the price situation, The UK’s inflation in business activity). However, Markit U.S. rate as measured by the Consumer Prices Index Services PMI improved to 56.5 in October 2015 went up 0.1 per cent (Y-o-Y) in November 2015, from 54.8 in October 2015. due to falling fuel, food and drink prices. 3.4. As per data released by the Bureau of Labor 3.9. Bank of England’s Monetary Policy Committee Statistics, the annual consumer price inflation at its meeting on December 12, 2015, maintained rose to 0.2 per cent (Y-o-Y) in October 2015 as the official Bank Rate paid on commercial compared to 0 per cent in previous month. On bank reserves unchanged at 0.5 per cent and a monthly basis, consumer prices also rose 0.2 decided to continue the stock of asset purchases, per cent, the biggest gain in four months as cost financed by the issuance of central bank reserves of most goods and services including gasoline at £375 billion. The unemployment rate of the increased. Unemployment rate in the US was economically active population in UK declined recorded at 5 per cent in November 2015, the to 5.2 per cent in August-October 2015 period, same as in the previous month and the lowest in lowest since January 2006, compared to 5.3 per more than seven years. cent in previous period. 3.5. Observations: The U.S. economy grew at a 3.10. Observations: UK showed moderate economic healthier pace in the third quarter than initially growth during the third quarter of 2015. The thought, suggesting resilience that could help give preliminary estimate of real GDP grew by 2.3 the Federal Reserve confidence to raise interest rates per cent, lowest since Q4 2013. Price pressures in December 2015. The US real GDP has increased remained on the downside during October, as

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highlighted by a further decrease in average input highest figure in four months, as food cost rose costs and an associated reduction in factory gate further while prices of fuel dropped at a slower selling prices, Annual CPI inflation remained in pace. negative territory by 0.1 per cent, on account of 3.14. In its Monetary Policy meeting held on October ongoing reductions in global commodity prices. The 30, 2015, Bank of Japan kept its pledge to unemployment rate reaches 7 years low of 5.3 per conduct money market operations so that the cent in September 2015. monetary base will increase at an annual pace of around 80 trillion yen. Policymakers also Japan: decided to purchase exchange-traded funds (ETFs) and Japan real estate investment trusts 3.11. Real GDP of Japan was revised upwards to a (J-REITs) so that their amounts outstanding will positive growth rate, which allowed Japan’s increase at an annual paces of about 3 trillion economy to avoid what was believed to be a yen and about 90 billion yen respectively. As technical recession as of the first preliminary for Commercial Paper and corporate bonds, the estimate. Japan’s real GDP grew at an annualized Bank will maintain their amounts outstanding at rate of 1.0per cent (Q-o-Q) in Q3 2015, revised about 2.2 trillion yen and about 3.2 trillion yen upward from 0.8 per cent contraction as per first respectively. The unemployment rate in Japan estimate for Q3 of 2015, compared to contraction remained fell to 3.1 per cent in November 2015 of 0.5per cent in Q2 2015. The bright spot was the compared to previous month. upward revision to private capital investment, which was originally reported to have declined 3.15. Observations: The GDP in Japan advanced 0.3 per 5per cent but grew 2.3per cent as of the second cent on quarter in the three months to September preliminary estimate. GDP of world third largest of 2015, compared to an initial estimate of a 0.2 economy rose by 1.6per cent (Y-o-Y) during Q3 per cent contraction. Capital expenditure increased of 2015 compared to 1per cent (Y-o-Y) during while inventories shrank less than expected, final Q2 of 2015 . figures showed. On an annualized basis, the economy advanced 1 per cent, compared to an 3.12. During November 2015, growth in manufacturing initial 0.8 per cent contraction and well above sector hit one-year high on account of increase market expectations of a 0.1 per cent increase. CPI in employment and buying activity. Seasonally inflation and Interest rate were 0 per cent while adjusted Markit Japan Manufacturing PMI unemployment rate remained stable at 3.1 per cent grew to 52.6 in November 2015 from 52.4 in during November 2015. previous month, indicating improvement in manufacturing sector business activity (PMI above 50 mark indicates an expansion in business Euro Area (EA19): activity). New export orders also picked up to 3.16. The Eurozone or the Euro area is a monetary the fastest since June 2015, supported by strong union of 19 of the 28 European Union (EU) international demand. Both buying activity and member states which have adopted the euro as employment showed a solid growth. Inflationary their common currency. The Eurozone consists pressures strengthened in November as reports of Austria, Belgium, Cyprus, Estonia, Finland, of higher raw material costs stemming from the France, Germany, Greece, Ireland, Italy, Latvia, falling yen/dollar rate continued to drive up Lithuania, Luxembourg, Malta, Netherlands, cost burdens. However, service sector business Portugal, Slovakia, Slovenia, and Spain. activity slowed down during November 2015. 3.17. The Gross Domestic Product (GDP) in the Euro Markit Japanese Services PMI fell to 51.6 in Area expanded 1.60 per cent (Y-o-Y) in the third November 2015 from 52.2 in previous month. quarter of 2015 over the same quarter of the 3.13. According to the estimates by Statistics Bureau previous year, slightly higher than 1.5 per cent in and the Director-General for Policy Planning of the previous period but below market forecasts. Japan, Consumer prices in Japan rose by 0.3 per The real GDP of Germany and France grew by cent (Y-o-Y) in October of 2015, after showing 1.7 per cent and 1.2 per cent (Y-o-Y) respectively no growth in the previous month. It was the during Q3 of 2015.

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3.18. Euro Area manufacturing and services sector Brazil contracted by 1.7 per cent (Q-o-Q) in the continued to expand further during November third quarter of 2015 as compared to 2.1 per cent 2015. Markit Euro Area Manufacturing PMI (Q-o-Q) contraction in Q2 of 2015. Agriculture increased to 52.8, strongest in 19 months, in sector contracted by 2 per cent while services November 2015, compared to 52.3 in previous sector output fell by 2.9 per cent during Q3 month. Further, Markit Euro Area Services PMI of 2015 (Y-o-Y). Further, industrial sector and increased to 54.2 in November 2015 from 54.1 in manufacturing sector contracted by 6.7 per cent October 2015. and 11.3 per cent respectively during Q3 of 2015 3.19. As per the estimate released by Eurostat, annual (Y-o-Y). inflation in Euro Area remained unchanged at 3.23. Brazil’s annual inflation rate (IPCA) increased 0.1 per cent in November 2015. The inflation from 9.93 per cent in October 2015 to 10.48 per rate has been below the ECB’s 2 per cent target cent in November 2015, the biggest rise since since January of 2013. The highest annual rates November of 2003 when the inflation hit 11.02 were recorded in Belgium (+1.4 per cent), Malta per cent. The country is struggling with high (+1.3 per cent) and Sweden (+0.8 per cent). By inflation since mid-2014 after the government contrast, the lowest annual rates were registered imposed several tax increases aiming at balancing in Cyprus (-1.5 per cent), Bulgaria, Romania overall budget while its currency Brazilian Real and Slovenia (all -0.9 per cent). Compared with fell around 46 per cent against the USD in the October 2015, annual inflation rose in fifteen first 11 months of the year. Brazil’s inflation Member States, remained stable in two and fell is way above the official target of 4.5 per cent. in ten. Evaluating the macroeconomic outlook and 3.20. The seasonally-adjusted unemployment rate in perspectives for inflation, Brazil’s Central Bank, the Eurozone decreased slightly to 10.7 per cent in its November 2015 meeting, has kept the in October 2015 compared with 10.8 per cent in benchmark Selic rate unchanged at 14.25 per previous month and from 11.5 per cent reported cent, the highest in nine years, as policymakers in November of 2014. Among Member States, struggle to curb rising inflation amid economic the lowest unemployment rates in October were contraction. Brazil’s unemployment rate increased to 7.9 per cent in October 2015 from recorded in Germany (4.5 per cent), the Czech 7.6 per cent in September 2015. Republic (4.7 per cent)) and Malta (5.1 per cent), and the highest in Greece (24.6 per cent in August 2015) and Spain (21.6 per cent). China: 3.21. Observations: Euro Area economy continues to 324. The world’s second largest economy expanded grow at a moderate pace as economy stabilises after by 6.9 per cent (Y-o-Y) in the July-September strong recovery since Q4 of 2013. In its latest policy quarter, slowing from a 7 per cent increase meeting, ECB’s President Mario Draghi in their in the previous quarter, according to China’s efforts to provide more monetary stimulus extended National Bureau of Statistics. As per World its €60bn asset purchase program further by six Bank estimates, the growth in China is expected more month. The flat inflation rate , however, to increase to 7.1 per cent in 2016 and to 6.9 remains the concerns for the policy makers. The per cent by 2017. The International Monetary unemployment rate is decreasing consistently over Fund (IMF) has revised growth forecast for past 12 months while both manufacturing and China to 6.8 per cent in 2015 and 6.3 per cent in services PMI shows stable growth outlook. 2016. The Caixin China General manufacturing Purchasing Manager Index (PMI) increased to 48.6 in November 2015 after reaching 48 months Brazil: low of 47 in September 2015. While the reading 3.22. The Brazilian economy shrank 4.5 per cent was the highest since April, it remained below (Y-o-Y) in Q3 of 2015, sixth consecutive 50 for the ninth straight month. The Caixin contraction and the worst since 1996 as Purchasing Managers Index for services dropped compared to contraction of 3 per cent (Y-o-Y) to 51.2 in November 2015 from 52 in October in Q2 of 2015. During Q3 of 2015, The GDP of 2015.

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3.25. China’s activity data was stronger than expected repo rate on hold at 11 per cent in December in November 2015, with factory output growth 2015, recognizing growing inflation risks picking up to a five-month high, signalling the while the risks of economic cooling remained. steady growth in the Chinese Economy. The However, policymakers signalled rate cuts in Factory output grew an annual 6.2 per cent the next meetings, if inflation slows down in in November, compared to 5.6 per cent in line with forecasts and on condition inflation October 2015 while retail sales grew at 11.2 per risks recede. In December 2014, the Russian cent compared to 11 per cent in October 2015. central bank had increased the interest rate to Fixed assets investment , one of the key driver record 17 per cent to stem the falling currency. of economic growth, grew at 10.2 per cent in the The unemployment rate in Russia unexpectedly first 11 month of 2015. increased to 5.5 per cent in October 2015 from 3.26. As regards price situation, the annual Consumer 5.2 per cent in September 2015. Price Inflation in China marginally decreased to 1.5 per cent in November 2015 from 1.6 per cent 4. Review of Global Financial Markets: in October 2015.The food prices went up by 2.3 4.1. During November 2015, Global equities showed per cent, while the non-food prices increased 1.1 mixed returns as the focus remained on the per cent. On a monthly basis, consumer prices prospect of a US rate rise. Emerging markets remained unchanged, following a 0.3 per cent lagged their developed counterparts as the drop in October 2015. stronger US dollar weighed on emerging market currencies. Eurozone equities outperformed Russia: other regions because of the expectations that the 3.27. Quarterly real GDP of Russia contracted by 4.1 European Central Bank would announce further per cent (Y-o-Y) during third quarter of 2015 monetary policy easing in coming months. following 4.6 per cent drop in previous period. In 2014, the Russian economy grew at 0.6 per Stock Market: cent. According to World Bank estimates, 4.2. US stocks recorded modest gains during Russian GDP will fall to 2.7 per cent in 2015, November 2015. Stocks of Germany posted before reaching 0.7 per cent in 2016, and 2.5 per gains as the unemployment figures fell to its cent in 2017. lowest level. Japanese stocks advanced as the 3.28. The Central Bank of Russia said in its Guidelines two important indicators industrial output and for the Single State Monetary Policy for 2016- retail sales grew in the month of November. 2018 that if oil prices continue to stay below $40 Russian stocks rallied as oil prices stabilized per barrel, the GDP could fall by 5 per cent or and the economy showed signs of recovery. more in 2016 while inflation would stay within Indian stocks shed during the concerned period. 7 to 9 per cent. Mexican stocks also declined slightly. Brazilian 3.29. As regards price situation, the annual CPI and Mexican stocks fell for the period under inflation rate decreased from 15.6 per cent in review. October 2015 to 15 per cent in November 4.3. MSCI World Index, which is a leading indicator 2015. On a monthly basis, inflation went up to for tracking the overall performance of stock 0.8 per cent, from 0.7 per cent in the previous markets in developed markets witnessed a month. The Bank of Russia has set a target of decrease of -0.67 per cent. Further, the MSCI reducing the inflation to 4 per cent in 2017. The Emerging Market Index also registered a fall of Central Bank of Russia has kept its key one-week -3.96 per cent during November 2015. (Chart 3).

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Chart 3: Movement in MSCI World and Emerging Market Index

Source: Bloomberg Bond Market: 4.4. The Merrill Lynch Eurozone Government bond 4.5. 10 year government bond yields of US rose by 3 index >5 years posted a gain of 0.53 per cent in per cent to 2.2 per cent at the end of November November 2015, bringing the return for the year 2015. to date to +3.65 per cent. Bond markets rallied 4.6. Among emerging market economies, bond yield through the month as market expectations grew of 10 year government bond of Brazil, Russia, about further monetary easing by the ECB. 10 China and India fell modest by 2 per cent, 1.1 per year government bond yield of Germany, Spain cent, 1.9 per cent and 1.4 per cent, respectively to and UK declined by 8.5 per cent, 9 per cent and close at 16.1 per cent, 10.3 per cent, 7.8 per cent 5 per cent respectively in November 2015. and 3.1 per cent, respectively. Chart 4: Movement in 10 year bond yield of major countries

Source: Bloomberg

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Currency Market: 4.7. In November 2015, US Dollar strengthened 4.9. Since the beginning of January 2013 till November further against the major currencies as the U.S. 2015, Brazilian Real and Russian Ruble have economy showed signs of sustaining recovery and depreciated significantly by 89 per cent and 117 partly also because of expectation of impending per cent, respectively against USD. During the interest rate hike by US federal reserve. same period, Indian Rupees & Japanese Yen 4.8. Major emerging markets and developed markets depreciated by 22 per cent and 42 per cent, currency depreciated during November 2015. respectively against USD. Euro depreciated by Russian Ruble, Brazilian Real, Chinese Yuan and 25 per cent against USD while British Pound Indian Rupee depreciated by 3.9 per cent, 0.3 per depreciated marginally by 7 per cent against cent, 1.3 per cent and 2.1 per cent, respectively USD. In spite of recent devaluation, Chinese against USD. GBP, Euro and Yen depreciated Yuan depreciated just by 2.5 per cent against by 2.5 per cent, 4.2 per cent and 2.1 per cent, USD compared to beginning of the January 2013. respectively against USD in November 2015 as (Exchange rate represents the closing price of the compared to the previous month. interbank foreign currency trade). Chart 5: Movement of major currencies against US Dollar ($)

Source: Bloomberg

Trend in Market Indices: 4.10. Major stock indices all over the world exhibited 4.11. As regards the emerging market indices, mixed trends during November 2015. Amongst Budapest Stock Exchange of Hungary witnessed the developed markets Dax of Germany, Nikkei an increase of 10.26 per cent followed by 225 of Japan and CAC 40 of France continued Shanghai SE Composite IX of China (1.86 per to grow for the second consecutive month by cent ) and Russian Traded of Russia (0.55 per (4.90 per cent), (3.48 per cent) and (1.22 per cent ) during the period under consideration. On cent) respectively. On the contrary, a fall was the contrary, the fall in indices was witnessed by registered by Straits Times of Singapore (-4.75 Hermes of Egypt by -17.89 per cent followed by per cent)followed by Hang Seng of Hong Kong IGBC General of Colombia (-8.19 per cent) and (-2.84 per cent) and All Ordinaries of Australia Karachi 30 of Pakistan (-7.15 per cent) during (-1.33 per cent) during the period under review. November 2015.

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Chart 6: Trend in Major Developed Market Indices

Source: Bloomberg Chart 7: Trend in Market Indices of BRIC Nations

Source: Bloomberg

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Market Capitalisation: 4.12. Market capitalisation of major countries in the per cent respectively. NYSE Euronext (US) and world, at the end of November 2015, is given London Stock Exchange (UK) market cap stood in table A6 and is illustrated in Chart 8. There at USD 24.06 Trillion & USD 3.48 Trillion was a mix trend in market capitalisation of the respectively at the end of November 2015. developed and developing markets. Market 4.14. As regards the major emerging markets, market capitalisation of Japan, USA, Germany and capitalisation of China rose highest by 8.6 per cent China amongst others recovered smartly to followed by Argentina (6 per cent), Hungary (4.6 register a gain after registering the fall in the per cent) and Malaysia (1.6 per cent) respectively initial couple of weeks. while that of Colombia, South Africa, Egypt 4.13. Among major developed markets, the market and Chile declined by 13 per cent, 11.8 per capitalisation of Japan rose highest by 2.7 per cent, 6.5 per cent and 6.3 per cent respectively. cent, followed by Germany (0.4 per cent) and Market Capitalisation of China’s Shanghai Stock USA (0.1 per cent) during November 2015. Exchange increased by 8.6 per cent to USD 6.6 On the contrary, the market capitalisation of Trillion, while that of India’s NSE declined by Singapore, UK, France and Hong Kong declined 1.2 per cent to USD 1.49 Trillion, at the end of by 5.3 per cent, 2.9 per cent, 2.4 per cent and 2.3 November 2015. Chart 8: Trend in Market Capitalisation of Major Exchanges (US$ Trillion)

Source: Bloomberg Derivative Market: 4.15. Among the major stock exchanges covered in volume (30 billion contracts) in terms of the review (Table A4 & A5), during November monthly contracts traded on the major world 2015, the monthly notional turnover of index exchanges followed by Chicago Board Options futures in CME Group was at USD 3,757 billion Exchange (CBOE) (29 billion contracts), Eurex ( followed by EUREX (USD 1,483 billion) and 24.9 billion contracts) and TAIFEX (18.9 billion Osaka Stock Exchange (USD 671 billion). Korea contracts) in November 2015. In case of Stock Exchange of South Korea recorded the monthly Options, NYSE Liffe (US) witnessed the highest turnover of USD 3,206 billion in stock futures volume of 41.7 billion contracts traded followed followed by CME Group (USD 1,386 billion) by BM&FBOVESPA (40.7 billion contracts), and Eurex (USD 1,040 billion). Chicago Board Options Exchange (31 billion 4.16. In the case of Stock Index Options, Korea contracts) and International Securities Exchange Exchange of South Korea recorded highest (25.4 billion contracts) in November 2015.

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5. Review of Indian Economy 5.1. The Ministry of Statistics and Programme per cent in Q1 of 2015-16. Manufacturing and Implementation released quarterly estimates of Services sector are estimated to grow at 9.3 per GDP for Q2 of 2015-16. As per the estimates, cent and 10.6 per cent, respectively during Q2 of growth in GDP at constant prices (2011-12) 2015-16. during Q2 of 2015-16 increased to 7.4 per cent 5.2. GVA (Gross Value Added) growth was registered as compared to 7.0 per cent in Q1 of 2015-16, at 7.4 per cent as compared to 7.1 per cent in the owing to strong growth in manufacturing, trade, previous quarter. IMF, in its World Economic hotels, transport and communication services. Outlook, has estimated India’s GDP growth to Agriculture sector’s growth has been estimated be 7.3 per cent and 7.5 per cent in the years 2015 at 2.2 per cent in Q2 of 2015-16 as against 1.9 and 2016, respectively.

Exhibit 3: Quarterly Estimates of GVA (Y-o-Y) (at 2011-12 prices)

2013-14 2014-15 2014-15 2015-16 Items (NS) (PE) Q1 Q2 Q3 Q4 Q1 Q2 1. Agriculture & allied activities 3.7 0.2 2.6 2.1 -1.1 -1.4 1.9 2.2 2. Industry Mining & Quarrying 5.4 2.4 4.3 1.4 1.5 2.3 4.0 3.2 Manufacturing 5.3 7.1 8.4 7.9 3.6 8.4 7.2 9.3 Electricity, Gas, Water Supply& Other Utility Services 4.8 7.9 10.1 8.7 8.7 4.2 3.2 6.7 3. Services Construction 2.5 4.8 6.5 8.7 3.1 1.4 6.9 2.6 Trade, Hotel, Transport, Communication and 11.1 10.7 12.1 8.9 7.4 14.1 12.8 10.6 services related to broadcasting Financial, Real Estate & Professional Services 7.9 11.5 9.3 13.5 13.3 10.2 8.9 9.7 Public Administration, Defence and Other services 7.9 7.2 2.8 7.1 19.7 0.1 2.7 4.7 Gross Value Added at Basic Price 6.6 7.2 7.4 8.4 6.8 6.1 7.1 7.4 GDP 6.9 7.3 6.7 8.4 6.6 7.5 7.0 7.4 Source: CSO NS- New Series Estimates; PE- Provisional Estimates

5.3. The Nikkei Purchasing Managers’ Index (PMI) reached Rs. 4.11 trillion (USD 61.67 billion) decreased to a twenty five month low of 50.4 during April-October or 74 per cent of the full- in November 2015 from 50.7 in October year budget target. The deficit was 89.6 per cent 2015. It pointed towards continued, although of the full-year target during the same period weaker, marginal improvement in the health a year ago. In the Union Budget 2014-15, the of manufacturing sector during the month. government kept a fiscal deficit target of 4.1 per Similarly, Nikkei India Composite Output cent of GDP. The Union budget 2015-16 has Index decreased from 52.6 in October 2015 set India’s fiscal deficit target for the 2015-16 at to 50.2 in November 2015, highlighting little- 3.9 per cent of GDP (Rs. 5,55,649 lakh crore) change in the level of private sector activity in which would gradually come down to 3 per India. cent by 2017-18, one year later than previously 5.4. India’s fiscal deficit during April-October 2015 expected.

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Index of Industrial Production Inflation 5.5. India’s General Index of Industrial Production 5.6. India’s Consumer Price Index (CPI) Inflation (IIP) growth rocketed to a five year high increased to a fourteen month high of 5.41 per of 9.8 per cent in October 2015 compared cent in the month of November 2015 from 5.0 with 3.8 per cent in September 2015. The per cent in the month of October 2015. The jump has been attributed to robust growth in food inflation rose to 6.07 per cent from 5.25 per consumer products and capital goods during cent. Inflation measured by the wholesale price the festive season. The manufacturing sector, index fell 1.9 per cent in November compared a key indicator of economic activity, grew to a decline of 3.8 per cent in October. Food 10.6 per cent year-on-year in October. The inflation rose 5.2 per cent in November, picking growth in the consumer durables segment up from 2.4 per cent increase in October. Of this, was a whopping 42.2 per cent in October prices of pulses, onions and vegetables showed over the same month last year. While, the the biggest spike with pulse prices shooting up consumer goods category saw a growth of 18.4 by 58.17 per cent in November on year, while per cent and consumer non-durables rose by onion prices rose by 53 per cent and that of 4.7 per cent. The cumulative growth for the vegetables 14 per cent. Reserve Bank of India did period April-October 2015 is recorded at 4.8 not alter the Repo rate in its Monetary Policy per cent. statement announced on December 1, 2015. Chart 9: Inflation as measured by WPI and CPI (in per cent)

Source: CSO, RBI, Office of Economic Advisor Trade – Exports and Imports 5.7. India’s exports remained in the negative territory USD 6.44 billion, down 45 per cent from USD and contracted for the twelfth consecutive month 11.70 billion in the corresponding period last in November 2015 and dipped by around 24.43 year. Non-oil imports declined 25 per cent to per cent to USD 20.01 billion. Imports declined USD 23.3 billion. The overall trade deficit has 30.26 per cent to USD 29.79 billion, yielding narrowed to USD 87.54 billion, cumulatively for a trade deficit of USD 9.78 billion marginally months leading upto November in the current up from USD 9.76 billion in the previous financial year. The corresponding figure for the month. Oil imports during November stood at previous year was USD 102 billion.

Foreign Exchange Reserves 5.8. Since April 2015, Forex reserves have increased reserves were recorded at USD 351.6 billion as considerably by about USD 10 billion. The on November 27, 2015. (Exhibit 4)

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Exhibit 4: Foreign Exchange Reserves (USD billion) Nov 27, Oct 30, Oct 2, Aug 28, July 31, June May 29, May 1, April 3, Feb 27, Jan 30, 2015 2015 2015 2015 2015 26, 2015 2015 2015 2015 2015 2015 Total Reserves 351.6 353.6 350.8 351.9 353.5 355.2 352.4 351.9 343.1 338.1 327.9 Foreign Currency Assets 327.7 330.1 327.3 328.3 329.8 330.5 327.8 327.2 318.6 312.2 303.3 Gold 18.7 18.2 18.2 18.3 18.3 19.3 19.3 19.3 19.0 20.2 19.4 SDRs 3.9 4.0 4.0 4.1 4.0 4.1 4.0 4.1 4.0 4.1 4.1 Reserve Position in the IMF 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.6 1.1 Source: RBI 6. Annex Tables: Table A1: Trend in major International Indices As on As on As on As on Country Index March*, March *, October*, November*, 2014 2015 2015 2015 1234 Australia All Ordinaries 5402.99 5861.92 5288.56 5218.19 France CAC 40 4391.50 5033.64 4897.66 4957.60 Germany Dax 9555.91 11966.17 10850.14 11382.23 Hong Kong HSI Hang Seng 22151.06 24900.89 22640.04 21996.42 Japan NIKKEI Nikkei 225 14827.83 19206.99 19083.10 19747.47 Singapore STI Straits Times 3188.62 3447.01 2998.35 2855.94 UK FTSE 1006598.37 6773.04 6361.09 6356.09 USA DOW JONES Dow Jones Industrial Average 16457.66 17776.12 17663.54 17719.92 USA NASDAQ Composite Nasdaq Composite 4198.99 4900.89 5053.75 5108.67 India (BSE) S&P BSE Sensex 22386.27 27957.49 26656.83 26145.67 India (NSE) CNX Nifty 6704.20 8491.00 8065.80 7935.25 Brazil Bovespa 50414.92 51150.16 45868.82 45120.36 Chile Stock Market Select 3772.76 3916.92 3827.99 3655.30 China Shanghai SE Composite IX 2033.31 3747.90 3382.56 3445.41 Colombia IGBC General 13827.01 9998.85 9154.37 8404.57 Egypt Hermes 785.68 828.83 673.70 553.19 Hungary Budapest Stock Exchange 17529.99 19689.16 21557.44 23768.60 Indonesia Jakatra Composite 4768.28 5518.68 4455.18 4446.46 Malaysia FTSE Bursa Malaysia KLCI 1849.21 1830.78 1665.71 1672.16 Mexico Bolsa 40461.60 43724.78 44542.76 43418.55 Pakistan Karachi 30 19170.92 19232.27 20417.39 18957.19 Russia Russian Traded 1723.97 1222.80 1152.84 1159.23 South Africa FTSE/JSE Africa All Share 47770.92 52181.95 53793.74 51607.83 Taiwan Taiwan Taiex 8849.28 9586.44 8554.31 8320.61 Thailand Stock Exchange of Thai 1376.26 1505.94 1394.94 1359.70 Turkey ISE National 100 69736.34 80846.03 79409.00 75232.79 *Indices are as on last trading day of the month Source: Bloomberg

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Table A2: Volatility and P/E Ratio of Major International Indices Volatility (per cent) P/E Ratio Country Index Oct-15 Nov-15 Oct-15 Nov-15 1 2 3456 Developed Markets Australia All Ordinaries 0.86 1.03 24.76 25.27 France CAC 40 1.17 1.06 22.53 22.34 Germany Dax 1.19 1.07 23.34 24.35 Hong Kong HSI Hang Seng 1.27 1.26 9.95 9.67 Japan NIKKEI Nikkei 225 1.15 0.94 19.77 20.58 Singapore STI Straits Times 1.03 0.73 13.89 13.23 UK FTSE 100 0.88 0.83 28.99 28.91 USA DOW JONES Dow Jones Industrial Average 0.76 0.73 15.79 15.83 USA NASDAQ Composite Nasdaq Composite 0.94 0.81 29.71 31.22 Emerging Markets India (BSE) S&P Sensex 0.75 0.75 21.37 20.76 India (NSE) CNX Nifty 0.71 0.76 22.06 20.81 Argentina Indice Bolsa General 2.41 2.02 21.93 23.27 Brazil Bovespa 1.61 1.80 26.07 26.94 Chile Stock Market Select 0.6 0.71 16.15 15.90 China Shanghai SE Composite IX 1.61 1.84 17.7 18.07 Colombia IGBC General 0.86 1.23 NA NA Egypt Hermes 0.96 1.68 16.67 11.95 Hungary Budapest Stock Exchange 0.9 0.85 17.48 22.10 Indonesia Jakatra Composite 1.56 1.02 24.72 26.01 Malaysia FTSE Bursa Malaysia KLCI 0.67 0.45 17.25 17.71 Mexico Bolsa 0.57 0.93 31.35 30.55 Pakistan Karachi 30 0.75 0.76 9.71 9.13 Russia Russian Traded 2.19 2.14 8.96 10.55 South Korea Kospi Index 0.55 0.87 17.39 13.39 South Africa FTSE/JSE Africa All Share 0.8 0.92 27.89 42.67 Taiwan Taiwan Taiex 0.71 1.07 13.35 13.26 Thailand Stock Exchange of Thai 0.78 0.62 16.44 17.69 Turkey ISE National 100 1.12 1.78 11.83 11.44 Note: PE ratio for S&P BSE Sensex and CNX Nifty have been obtained from BSE, NSE respectively NA.: Not Available Source: Bloomberg, BSE, NSE

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Table A3: Investment Flows- New Capital raised by Shares and Bonds in the Major Exchanges (US$ million)

Oct-15 Nov-15 Stock Exchange Equities Bonds Total Equities Bonds Total 1 234567 Amman Stock Exchange 0 13 389 1,347 389 1,360 Australian Securities Exchange 5,334 5,089 NA NA 5,334 5,089 BM&FBOVESPA 0 360 0 0 0 360 BME Spanish Exchanges 477 3,256 NA NA 477 3,256 Bolsa de Comercio de Buenos Aires 6 0 4,169 7,042 4,174 7,042 Borsa Istanbul 0 142 4,865 4 4,865 147 Bursa Malaysia 153 1,669 NA NA 153 1,669 Euronext 5,362 6,988 NA NA 5,362 6,988 Hochiminh Stock Exchange 371 493 NA NA 371 493 Hong Kong Exchanges and Clearing 9,291 5,817 554 6,337 9,845 12,154 Indonesia Stock Exchange 252 2,069 NA NA 252 2,069 Japan Exchange Group 208 0 3,106 0 3,313 0 Johannesburg Stock Exchange 2,217 489 3,616 3,200 5,833 3,690 Kazakhstan Stock Exchange NA NA 691 489 691 489 Korea Exchange 542 782 36,028 41,976 36,570 42,758 Luxembourg Stock Exchange 0 0 85,124 70,279 85,124 70,279 Moscow Exchange 0 0 5,872 3,024 5,872 3,024 Nasdaq - US 761 1,007 NA NA 761 1,007 NASDAQ OMX Nordic Exchange 0 0 0 5,015 0 5,015 NYSE 9,971 6,404 NA NA 9,971 6,404 NZX Limited 302 3,089 0 80 302 3,169 Oslo Bors 41 160 4,547 2,605 4,588 2,765 Philippine Stock Exchange 363 301 NA NA 363 301 Shanghai Stock Exchange 2,215 9,286 NA NA 2,215 9,286 Shenzhen Stock Exchange 3,796 11,496 1,245 3,671 5,041 15,167 Singapore Exchange 29 156 9,460 9,880 9,489 10,036 SIX Swiss Exchange 477 0 4,978 3,487 5,455 3,487 Stock Exchange of Thailand 314 148 0 704 314 852 Taipei Exchange 120 144 5,106 1,697 5,226 1,840 Taiwan Stock Exchange Corp. 79 30 1,997 0 2,075 30 Tel-Aviv Stock Exchange 17 52 2,159 1,404 2,175 1,456 TMX Group 1,730 2,941 76 0 1,806 2,941 Wiener Borse 80 54 2,874 3,039 2,954 3,093 NA: Not Available Source: World Federation of Exchanges

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Table A4: Monthly Turnover in Derivatives (Stock options and Stock futures) in major Stock Exchanges

Nov-15 Stock options Stock futures Exchange Notional Notional Number of Number of turnover turnover contracts traded contracts traded (USD Million) (USD Million) Americas

BM&FBOVESPA 40,693,888 13,462 0 0

Buenos Aires SE 3,665,154 NA 0 0

Chicago Board Options Exchange 31,049,016 NA NA NA

Colombia SE NA NA 24,081 21

International Securities Exchange 25,377,163 NA NA NA

MexDer 36,141 6 500 0

NYSE Liffe (US) 41,714,989 11,189 NA NA Asia - Pacific

ASX Derivatives Trading 6 006 059 10 690.8 57 938 64.6

Osaka Stock Exchange 54 091 NA NA NA

Hong Kong Exchanges 4 873 518 10 935.9 24 521 70.7

Korea Exchange 198 339 NA 12 461 569 6 951.4

TAIFEX 13 740 27.4 864 164 4 661.4

Thailand Futures Exchange NA NA 1 061 086 NA Europe - Africa - Middle East

Athens Derivatives Exchange 1,512 1 92,149 53

BME Spanish Exchanges 1,193,645 1,262 179,175 136

Budapest SE 0 0 15,784 59

EUREX 13,637,845 65,167 4,076,302 21,637

Euronext 4,522,028 12,533 214 3

Johannesburg SE 425,759 14 799,783 658

Moscow Exchange 1,102,780 191 28,240,078 4,893

OMX Nordic Exchange 2,203,450 3,332 453,171 429

Oslo Børs 376,437 217 101,891 59

Tel Aviv SE 72,926 287 NA NA NA: Not Available Source: World Federation of Exchanges

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Table A5: Monthly Turnover in Derivatives (Index options and Index futures) in major Stock Exchanges

Nov-15 Stock index options Stock index futures Exchange Notional Notional Number of Number of turnover turnover contracts traded contracts traded (USD Million) (USD Million) Americas BM&FBOVESPA 118,642 22,979 8,158,998 33,747 CBOE Future Exchange NA NA 3,481,215 NA Chicago Board Options Exchange 29,000,970 NA NA NA CME Group 10,022,875 1,386,040 37,269,939 3,757,520 International Securities Exchange 293,100 NA NA NA MexDer 3,879 101 87,299 1,622 Asia - Pacific ASX Derivatives Trading 1 001 980 36 522.1 765 28.3 ASX SFE Derivatives Trading 40 454 3 750.8 691 792 63 486.6 Bursa Malaysia Derivatives 332 NA 222 351 4 265.3 China Financial Futures Exchange NA NA 777 742 136 452.0 Osaka Stock Exchange 2 630 662 NA 19 723 897 671 327.0 Hong Kong Exchanges 1 920 429 162 205.0 6 647 733 573 914.0 Korea Exchange 30 020 158 3 206 220.0 2 502 992 267 700.0 Singapore Exchange 428 871 NA 11 680 839 NA TAIFEX 18 952 824 247 796.0 5 550 420 201 551.0 Thailand Futures Exchange 22 923 NA 1 913 598 NA Europe - Africa - Middle East Athens Derivatives Exchange 5 869 6.3 74 494 79.0 BME Spanish Exchanges 271 327 2 942.7 781 181 63 299.8 Borsa Istanbul 2 055 73.2 604 453 12 602.6 Budapest SE 0 0.0 19 188 14.8 EUREX 24 905 700 1 040 480.0 27 669 263 1 483 430.0 Euronext 892 955 44 422.0 3 323 389 210 446.0 Johannesburg SE 257 396 154.7 906 704 22 481.1 Moscow Exchange 2 191 758 3 106.6 19 704 038 31 154.4 OMX Nordic Exchange 822 390 13 995.4 2 992 933 51 580.9 Oslo Børs 41 109 23.7 222 634 128.4 Tel Aviv SE 3 459 268 NA 1 141 NA NA: Not Available Source: World Federation of Exchanges

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Table A6: Market Capitalisation of major Stock Exchanges (US$ Million) Stock Exchange Mar-15 Oct-15 Nov-15 M-o-M change(per cent) 1234 5 Developed Market Australia 1,231,172 1,053,583 1,044,705 (0.8) France 2,014,318 2,015,277 1,966,497 (2.4) Germany 1,964,510 1,839,925 1,852,147 0.7 Hong Kong 4,526,483 4,147,715 4,053,957 (2.3) Japan 4,852,326 4,884,613 5,015,777 2.7 Singapore 566,432 486,662 460,955 (5.3) UK 3,626,328 3,593,715 3,488,202 (2.9) USA 24,614,866 24,027,524 24,061,765 0.1 Emerging Markets India 1,628,771 1,508,520 1,490,395 (1.2) Argentina 70,546 71,288 75,556 6.0 Brazil 670,273 503,921 494,383 (1.9) Chile 232,904 201,518 188,871 (6.3) China 6,486,554 6,133,775 6,661,877 8.6 Colombia 122,976 98,549 85,712 (13.0) Egypt 71,709 59,695 55,792 (6.5) Hungary 15,458 16,270 17,022 4.6 Indonesia 425,078 342,258 339,275 (0.9) Malaysia 450,790 368,606 375,213 1.8 Mexico 438,251 389,708 379,182 (2.7) Pakistan 68,009 70,621 66,758 (5.5) Russia 432,731 457,670 455,302 (0.5) South Korea 1,267,330 1,254,052 1,220,035 (2.7) South Africa 514,851 445,973 393,517 (11.8) Taiwan 1,011,646 877,829 856,771 (2.4) Thailand 428,678 363,761 352,399 (3.1) Turkey 221,896 195,136 189,055 (3.1) M-o-M: Month on Month. Source: Bloomberg

Sources: 1. OECD database 16. Federal State Statistics Service (Russian Federation) 2. Bureau of Economic Analysis (US) 17. The Central Bank of the Russian Federation 3. Bureau of Labor Statistics (US) 18. The Central Statistical Office (India) 4. The Conference Board (US) 19. Office of the Economic Adviser to the Government of India 5. The Federal Reserve System (US) 20. The Reserve Bank of India 6. Institute for Supply Management (US) 21. National Bureau of Statistics of China 7. Office for National Statistics (UK) 22. Peoples Bank of China 8. Bank of England (UK) 23. Markit Financial Information Services 9. The Cabinet Office (Japan) 24. World Federation of Exchanges 10. Statistics Bureau, Director-General for Policy Planning 25. Bloomberg (Statistical Standards) (Japan) 26. The Bombay Stock Exchange 11. Bank of Japan 27. The National Stock Exchange 12. Eurostat (EA18 and EU27) 28. The Bank of Korea 13. European Central Bank (EA18) 14. Instituto Brasileiro de Geografia e Estatística (Brazilian 29. Bank Indonesia Institute of Geography and Statistics) 30. Central Bank of The Republic of Turkey 15. Banco Central do Brasil (Central Bank of Brazil) 31. IMF

1146 DECEMBER SEBI BULLETIN 2015 HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET

1. ESAs consult on PRIIPs key information for 3. CPMI-IOSCO consultative paper Guidance EU retail investors on cyber resilience for financial market The Joint Committee of the European Supervisory infrastructures Authorities (ESAs) – EBA, EIOPA and ESMA – The Committee on Payments and Market launched its Joint Consultation Paper on PRIIPs Key Infrastructures (CPMI) and the Board of the Information Documents to gather stakeholder views International Organization of Securities Commissions on proposed rules on the content and presentation of (IOSCO) released the consultative paper Guidance on the Key Information Documents (KID). cyber resilience for financial market infrastructures The KID, once finalised and implemented, aims to (“the Cyber Guidance”). provide EU retail investors with consumer friendly Financial market infrastructures (FMIs) play a critical information to enable retail investors to understand role in promoting the stability of the financial system. and compare packaged retail and insurance-based Thus, the cyber risks faced by FMIs and their level of investment products (PRIIPs) across the EU, whether readiness to effectively deal with worst case scenarios offered by banking, insurance or securities firms. have been considered top priorities by industry leaders Source: https://www.esma.europa.eu/sites/default/files/ and authorities alike. The Cyber Guidance aims to library/2015/11/jc-2015-078_20151109_esas_consult_ add momentum to and instil international consistency on_priips_key_information_for_retail_investors.pdf in the industry’s ongoing efforts to enhance FMIs’ ability to pre-empt cyber attacks, respond rapidly and effectively to them, and achieve faster and safer target 2. SEC Proposes Rules to Enhance Transparency recovery objectives if they succeed. and Oversight of Alternative Trading Systems Source: https://www.iosco.org/library/pubdocs/pdf/ The Securities and Exchange Commission has IOSCOPD513.pdf announced that it has voted to propose rules to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks 4. IOSCO Publishes final report on Standards for listed on a national securities exchange (NMS stocks), the Custody of CIS Assets including “dark pools.” According to SEC, “Investors The Board of the International Organization of and other market participants need more and better Securities Commissions (IOSCO) published its final information about how alternative trading systems report on Standards for the Custody of Collective work,”. “The proposed changes would represent a Investment Schemes’ Assets (CIS Assets). The report critical step forward in delivering greater transparency seeks to clarify, modernize and further develop to investors and enhancing equity market structure.” international guidance for the custody of CIS assets The proposal would require an NMS stock ATS to file consistent with IOSCO’s core Objectives and detailed disclosures on newly proposed Form ATS-N Principles of Securities Regulation, June 2010 (IOSCO about its operations and the activities of its broker- Principles). dealer operator and its affiliates. These disclosures It sets out eight standards divided into two sections would include information regarding trading by the aimed at identifying the core issues that should be kept broker-dealer operator and its affiliates on the ATS, under review by the regulatory framework to ensure the types of orders and market data used on the ATS, investors’ assets are effectively protected. and the ATS’ execution and priority procedures. Source: https://www.iosco.org/library/pubdocs/pdf/ Source: http://www.sec.gov/news/pressrelease/2015-261.html IOSCOPD512.pdf

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5. IOSCO reports on Transparency of Firms that Audit Public Companies The Board of the International Organization of firms and may encourage audit firms to sharpen their Securities Commissions (IOSCO) published the focus on audit quality, which would be of benefit to final report Transparency of Firms that Audit investors and other stakeholders. In comparing audit Public Companies. The report addresses “audit firm firms competing for an audit engagement, audit firm transparency reporting”, which considers the practices transparency reporting can aid those responsible for employed by audit firms to be transparent in their own selecting a public company’s auditor in their decision reporting to investors and other stakeholders about the making process by providing information on a firm’s firm itself, notably, with respect to firm governance audit quality. and elements of their system of quality control for their financial statement audits. Transparency reporting can Source: https://www.iosco.org/library/pubdocs/pdf/ foster internal introspection and discipline within audit IOSCOPD511.pdf

1148 DECEMBER SEBI BULLETIN 2015 PRESS RELEASES

I. SEBI to participate in 35th India International (BSEC) signed a Memorandum of Understanding Trade Fair 2015, at New Delhi. (MoU) on bilateral cooperation and technical assistance As part of its endeavor to showcase the well regulated at Dhaka, Bangladesh on November 22, 2015. securities market of India, as well as spreading the The MoU was signed by Shri U.K. Sinha, Chairman, message of financial literacy and investor awareness, SEBI and Dr. M. Khairul Hossain, Chairman, BSEC SEBI had set up a Pavilion ‘BHARAT KAA SHARE in the presence of the Hon’ble Prime Minister of BAZAAR’ in the 35th India International Trade Bangladesh, Ms. Sheikh Hasina and the Hon’ble Fair 2015 (14-27 November 2015), New Delhi in Finance Minister of Bangladesh, Mr. AbulMaal A. association with market institutions/associations viz., Muhith. NSE, BSE, NSDL, CDSL, AMFI, NCDEX, MCX and On this occasion, the Hon’ble Prime Minister, Ms. NISM. Shri U K Sinha, Chairman SEBI inaugurated Sheikh Hasina said that with the signing of the MoU, the Pavilion on 14th November, 2015 in Hall No.18, door has opened up between the two countries in the Pragati Maidan, New Delhi. capital market, one of the main streams of the economy. In its efforts in spreading financial literacy and She further emphasized that the MoU will create an investor education, SEBI in recent years has conducted opportunity for strengthening the Bangladesh capital over 30,000 such workshops all over the country. market utilizing the experience of SEBI. Important investor friendly reforms undertaken in recent years towards strengthening investor protection Shri Sinha stated that SEBI has been actively engaging and enhancing fairness, transparency and integrity of with the securities market regulators in the SAARC the securities market in India include opening of Local region. He also mentioned about the continuing co- Offices in major States, starting an investor helpline in operation between SEBI and BSEC and noted that 14 languages, computerized online grievance redressal the MoU will further facilitate training and technical system – SCORES, sending end of day alerts by assistance program between the two jurisdictions SMS / email regarding transactions entered on their besides strengthening relations. behalf, expanding the number of investor grievance Dr. Hossain said that the presence of Hon’ble Prime and redressal arbitration centers in multiple towns, Minister in the ceremony indicated the government’s etc. Recently, Forward Markets Commission, the attention towards the development of capital market. erstwhile regulator of commodity derivatives market He particularly appreciated the contribution of in India, got merged into SEBI following the decision SEBI for the cooperation and support to Bangladesh of Government of India in this regard. Securities and Exchange Commission with respect to its The main focus of the exhibition was to showcase becoming signatory to the multilateral Memorandum the well regulated Indian Securities market and its of understanding of International Organization of various products and to spread investor education Securities Commissions (IOSCO). He also recalled the and awareness including cautioning the public at large assistance received by BSEC from SEBI for its various against illegal money mobilization schemes through reform initiatives in recent years. variety of activities such as talk shows by market The MoU, inter alia, seeks to promote further experts, quizzes, skits, display of major investor development of economic links and cooperation friendly policies & facilities and live demo of SEBI between the two signatories and aims at enhancing Complaints Redress System (SCORES). investor protection and creating conditions for an Ref: PR No. 261/2015 dated November, 06, 2015 effective development of securities markets in the two countries II. SEBI signs Memorandum of Understanding In the past, SEBI has signed 20 bilateral MoUs with a on bilateral cooperation with the Bangladesh number of countries. India and Bangladesh both are Securities and Exchange Commission. signatories to the multilateral MoU of International Securities and Exchange Board of India (SEBI) and Organization of Securities Commissions (IOSCO). the Bangladesh Securities and Exchange Commission Ref: PR No. 270/2015 dated November, 23, 2015

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III. SEBI Board Meeting 2) Committee on Clearing Corporations The SEBI Board met in Mumbai on November 30, Based on the decision of the Board taken at 2015 and took the following decisions: its meeting held on August 24, 2015, public 1) Listing of Stock Exchanges comments were sought on the Report of the The Board took note of representations received Committee on Clearing Corporations headed by for listing of stock exchanges and considered Shri. K.V. Kamath. the proposal to facilitate the same by placing The Board considered the recommendations of certain safeguards and procedures with respect the Committee and public comments received to shareholding norms, fit and proper criteria, thereon. After deliberation, the Board broadly and other issues of conflict of interest; thereby accepted the recommendations of the Committee ensuring compliance with the ownership and relating to: governance norms as provided in Securities (a) Viability of introducing a single Clearing Contracts (Regulation) (Stock Exchanges and Corporation (CC) or interoperability Clearing Corporations) Regulations, 2012. between different CCs The Board approved the listing of stock The Committee had, inter alia, exchanges subject to the following measures recommended against the idea of a single proposed towards ensuring compliance with Clearing Corporation (CC) and felt that the SECC Regulations, 2012, by a listed stock the question of interoperability of CCs can exchange: be looked into at a future date i. Towards maintaining of 51 percentage (b) Transfer of profits every year by the of shareholding of Public Category and recognized Stock exchanges to the fund of ensuring that holding of trading members/ recognized CC associates/ agents does not exceed 49 As per recommendation, the stock percent, a mechanism be put in place exchange need not transfer 25% of its providing for approval of the listed stock profit to core SGF of CC considering the exchange as and when holding of trading sufficient availability of SGF. members/associates/agents reaches a limit (c) Transfer of profits by depositories to their of 45 percent. Investor Protection Fund. ii. Towards ensuring compliance that every The Committee recommended that 5% shareholder be Fit & Proper, each applicant of profit from depository operations be shall be required to make declaration to transferred. this effect at the time of making application during IPO/OFS. SEBI will also issue In addition, the Board, while considering necessary procedures to ensure compliance the suggestion regarding the nature of of the provisions post listing. eligible investment instruments, approved that apart from government securities iii. The shareholding threshold of 2 percent, 5 and fixed deposits, liquid schemes of debt percent or 15 percent as the case may be, mutual funds may also be made eligible shall be monitored through Depository for investment by recognized CCs and mechanism. be included in their liquid assets, subject iv. In order to effectively implement the to appropriate investment limits for such provisions of listing of its associates on investments and any other conditions as listed stock exchanges, the definition of may be specified by SEBI. associates is being appropriately amended. 3) Consultation paper for disclosure requirements v. Stock Exchanges shall be classified as for issuance and listing Green Bonds infrastructure Company under SEBI The Board considered and approved the proposal (ICDR) Regulations, 2009. for initiation of public consultation process The aforesaid measures shall, mutatis mutandis, for disclosure requirements for issuance and apply on the listing of Depository. listing of Green Bonds, which are in line with

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the requirements as provided in Green Bond financial year, the companies may avoid penal Principles as recommended by International action if they had provided the investors with Capital Market Association (ICMA). an option to surrender the securities and get The issuance and listing of Green Bonds in India the refund amount at a price not less than the does not require any amendment to the SEBI amount of subscription money paid along (Issue and Listing of Debt Securities) Regulations, with 15% interest p.a. thereon. The exit may 2008 (ILDS Regulations). The issue, listing and be provided by the company itself or by the disclosure requirements as prescribed under the promoters or by such persons as arranged by ILDS Regulations will continue to be applicable, the company / promoters. The companies may like any regular corporate bond issuance. adjust the amounts already paid to the allottees either as interest / dividend or otherwise from 4) Proposal for seeking approval for initiation of the amount of refund to be paid to the investors. public consultation process on introduction of In case of transfer of securities by the original “Primary Market Debt offering through private allottees, option for refund may be provided to placement on electronic Book” the current holders of the securities. The Board considered and approved the proposal The refunds made by the company following the for initiation of public consultation process on option for refund exercised by investors would introduction of “Primary Market Debt Offering be certified by independent practicing Chartered through private placement on electronic Book”. Accountants / practicing Company Secretaries / The key benefits of such an electronic platform, practicing Cost Accountants. inter-alia, are improvement in efficiency and transparency of the price discovery mechanism The proposal has taken into account the interest vis-à-vis the extant over-the-telephone market of investors while recognizing their right to stay coupled with possible reduction of cost and time invested in case they feel it is beneficial to them. taken for such issuances. 7) Business Responsibility Reporting by Listed It is proposed that such an electronic book may Entities be created by entities to be named as Electronic SEBI has, vide circular dated August 13, 2012, Book Providers (EBPs).Entities such as stock mandated Business Responsibility Reporting exchanges, depositories and Merchant Bankers (BRR) requirement for top 100 listed entities with net worth above Rs.100 crore may apply to based on market capitalization in their annual SEBI for setting up EBPs. reports. The key principles which are required 5) Forfeiture of partly paid-up shares - Exemption to be reported by the entities include the areas from Takeover Regulations such as environment, social, governance, stakeholder’s relationships, etc. The Board approved the proposal to amend SEBI (SAST) Regulations, 2011 for providing general SEBI Board has now approved that present exemption from open offer obligations arising applicability of BRR be extended to top due to passive increase in voting rights as a result five hundred listed entities based on market of expiry of call notice period and forfeiture of capitalization as on March 31st of every year. shares As a green initiative, the business responsibility 6) Deemed Public Issues reports can be given on the websites of the companies providing website link for the same Post April 01, 2014, any offer or allotment of in their annual reports. securities shall be considered as public issue if the number of offerees/allottees exceeds 200 persons 8) Exit opportunity to dissenting shareholders in a financial year under the Companies Act, The Board approved the proposal to initiate 2013 as against the cap of 49 persons provided in public consultation process regarding exit the Companies Act, 1956. opportunity to dissenting shareholders under The Board has approved that in respect of the Companies Act, 2013 in case of change in objects cases involving issuance of securities to more or varying the term of contracts referred to in than 49 persons but up to 200 persons in a the prospectus.

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9) Public issuance of convertible securities that the condition of no trading for preceding The Board approved the proposal to initiate one year may be relaxed and the small public consultation process for revival of public companies, whose trading of equity shares issuance of convertible securities by listed entities. during the twelve calendar months is less than 10) Delisting of Small Companies 10% of the total number of shares of such company, would also be eligible for simplified Delisting Regulations provide for simplified procedure of delisting. procedure of delisting for small companies and exempt them from the requirements of Chapter However, to protect the interest of investors, the IV of the Delisting Regulations subject to certain exit price shall not be less than the floor price conditions. Currently, one of such conditions is determined for the purpose of Reverse Book that the shares of the company have not been Building for not frequently traded securities in traded for the preceding one year. terms of Delisting Regulations read with SEBI Based on suggestion receive from Investor Takeover Regulations. Association, Board has approved the proposal Ref: PR No. 283/2015 dated November, 30, 2015

1152 DECEMBER SEBI BULLETIN 2015 POLICY DEVELOPMENTS

A. Circulars are applicable in its home country and in the I. Format for Voting Results other jurisdictions in which its equity shares 1. Regulation 44(3) of the SEBI (Listing Obligations are listed alongwith the compliance of the same and Disclosure Requirements) Regulations, 2015 vis-a-vis the corporate governance requirements (hereinafter referred to as “Listing Regulations”), applicable under regulation 17 to regulation 27, has prescribed that the listed entity shall submit to other listed entities. to the stock exchange, within forty eight hours 3. To give effect to sub regulation (2) of regulation of conclusion of its General Meeting, details 72, listed entities shall be guided by the formats regarding the voting results in the format prescribed under SEBI Circular CIR/ CFD/ specified by the Board. CMD/ 5 /2015 dated September 24, 2015. The 2. Accordingly, a format for voting results to be listed entity shall include an additional column furnished by the listed entities has been specified confirming whether the requirement in the row alongwith the circular (format is available on the item, originating from the Listing Regulations, SEBI website). is applicable in its home country and other jurisdictions in which its equity shares are 3. The Stock Exchanges are advised to bring the listed. Such reports shall follow the periodicity provisions of this circular to the notice of listed applicable in its home country and other entities and also to disseminate the same on its jurisdictions in which its equity shares are listed. website. This circular shall come into force with effect from December 01, 2015. 4. Such information furnished by the listed entity to the stock exchanges in terms of sub regulation Source: CIR/CFD/CMD/8/2015 November 4, 2015. (1) of regulation 69 and sub regulation (2) of regulation 72 shall also be disclosed on the II. Format for quarterly holding pattern, disclosure website of the such listed entity. norms for corporate governance report and 5. Further, sub regulation (3) of regulation 76 of manner for compliance with two-way fungibility Listing Regulations specifies that IDRs shall have of Indian Depository Receipts (IDRs) two-way fungibility in the manner specified by 1. In terms of sub regulation (1) of regulation 69 of the Board from time to time. Accordingly, the Securities and Exchange Board of India (Listing listed entity shall be guided by the procedure for Obligations and Disclosure Requirements) partial two-way fungibility within the available Regulations, 2015 (“Listing Regulations”), listed headroom as specified in the Annexure I issued entity shall file with the stock exchange the alongwith the circular (available on the SEBI Indian Depository Receipt (IDR) holding pattern website). on a quarterly basis within fifteen days of end Source: CIR/CFD/CMD/9/2015 November 04, 2015. of the quarter in the format specified by SEBI. Accordingly, the listed entity that has issued IDRs shall file the holding pattern with the stock III. Format for Business Responsibility Report exchanges as specified (format is available on the (BRR) SEBI website). 1. At a time and age when enterprises are 2. Further, sub regulation (1) of regulation 72 of increasingly seen as critical components of the Listing Regulations requires the listed entity social system, they are accountable not merely to comply with the corporate governance to their shareholders from a revenue and provisions as applicable in its home country and profitability perspective but also to the larger other jurisdictions in which its equity shares society which is also its stakeholder. Hence, are listed and sub regulation (2) of regulation adoption of responsible business practices in the 72 requires such a listed entity to submit to interest of the social set –up and the environment the stock exchange, a comparative analysis are as vital as their financial and operational of the corporate governance provisions that performance. This is all the more relevant for

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listed entities which, considering the fact that IV. Streamlining the Process of Public Issue of they have accessed funds from the public, have Equity Shares and Convertibles an element of public interest involved, and 1. As a part of the continuing endeavor to streamline are obligated to make exhaustive continuous the process of public issue of equity shares and disclosures on a regular basis. Ministry of convertibles, it has been decided, in consultation Corporate Affairs, Government of India, in July with the market participants – 2011, came out with the ‘National Voluntary i. to reduce the time taken for listing after Guidelines on Social, Environmental and the closure of issue to six working days as Economic Responsibilities of Business’. These against the present requirement of twelve guidelines contain comprehensive principles to working days, and be adopted by companies as part of their business ii. to broad-base the reach of investors by practices and a structured business responsibility substantially enhancing the points for reporting format requiring certain specified submission of applications. disclosures, demonstrating the steps taken by companies to implement the said principles. SEBI iii. In this regard, necessary amendments to had introduced requirements with respect to the SEBI (Issue of Capital and Disclosure BRR vide circular No. CIR/CFD/DIL/8/2012 Requirements) Regulations, 2009 have dated August 13, 2012. already been notified. 2. Pursuant to notification of Securities and 2. The operational details to implement the above Exchange Board of India (Listing Obligations are outlined below: and Disclosure Requirements) Regulations, 2015 2.1. All the investors applying in a public issue shall (“Listing Regulations”), the aforesaid circular use only Application Supported by Blocked dated August 13, 2012 was rescinded. As per Amount (ASBA) facility for making payment clause (f) of sub regulation (2) of regulation i.e. just writing their bank account numbers and 34 of Listing Regulations, the annual report authorising the banks to make payment in case shall contain a business responsibility report of allotment by signing the application forms, describing the initiatives taken by the listed thus obviating the need of writing the cheques. entity from an environmental, social and 2.2. In addition to the Self Certified Syndicate Banks governance perspective, in the format as specified (SCSBs), Syndicate Members and Registered by the Board. Accordingly, listed entities shall be Brokers of Stock Exchanges, the Registrars to guided by the format as specified in the Annexure an Issue and Share Transfer Agents (RTAs) and I issued alongwith the circular (available on the Depository Participants (DPs) registered with SEBI website). SEBI are now permitted to accept application 3. Certain key principles to assess the fulfilment forms (both physical as well as online) in public of listed entities and a description of the core issues. elements under these principles are detailed in 2.3. The RTAs and DPs shall provide their contact the Annexure II issued alongwith the circular details, where the application forms shall be (available on the SEBI website). collected by them, to the recognized stock 4. Those listed entities which have been submitting exchanges by November 30, 2015 as per the sustainability reports to overseas regulatory format specified in the Annexure-A issued agencies/stakeholders based on internationally alongwith the circular(available on website) and accepted reporting frameworks need not the same shall be disclosed by the stock exchanges prepare a separate report for the purpose of on their websites. RTAs and DPs shall regularly these guidelines but only furnish the same to update the said details by furnishing current their stakeholders alongwith the details of the information to the stock exchanges which shall framework under which their BR Report has be disclosed by the stock exchanges. been prepared and a mapping of the principles Processing of Applications by Intermediaries contained in these guidelines to the disclosures 2.4. Intermediaries accepting the application forms made in their sustainability reports. shall be responsible for uploading the bid Source: CIR/CFD/CMD/10/2015 November 04, 2015. alongwith other relevant details in application

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forms on the electronic bidding system of 7. This circular is being issued in exercise of the stock exchange(s) and submitting the form to powers under section 11 read with section 11A SCSBs for blocking of funds (except in case of of the Securities and Exchange Board of India SCSBs, where blocking of funds will be done by Act, 1992. respective SCSBs only). They shall undertake the Source: CIR/CFD/POLICYCELL/11/2015 November 10, 2015 various activities in accordance with indicative timelines as specified in this circular. V. Annual System Audit, Business Continuity Plan 2.5. All applications shall be stamped and thereby (BCP) and Disaster Recovery (DR) acknowledged by the intermediary at the time of receipt. 1. Pursuant to Section 131 of the Finance Act, Alerts by Stock Exchanges 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, 2.6. Similar to the systems prevalent in case of all recognized associations under the Forward secondary market transactions, the stock Contracts (Regulation) Act, 1952 are deemed to be exchanges shall develop the systems to facilitate recognized stock exchanges under the Securities the investors to view the status of their public Contracts (Regulation) Act, 1956 with effect issue applications on their websites and sending from September 28, 2015. This circular applies the details of applications and allotments through to National Commodity Derivatives Exchanges SMS and E-mail alerts to the investors. (Exchanges) as defined in the Securities Contracts Timelines (Regulation) (Stock Exchanges and Clearing 2.7. The revised indicative timelines for various Corporations) (Amendment) Regulations, 2015. activities are specified in the Annexure- B issued 2. While technological developments and alongwith the circular (available on website). innovations bring efficiency to the markets, 2.8. All intermediaries shall co-ordinate with one they may also pose certain risks to the stability another to ensure completion of listing of shares and integrity of the markets, if not identified and commencement of trading by T+6. and managed effectively. Further, any events of Other Requirements disaster will disrupt trading systems adversely, 2.9. Amount of commission payable to RTA / DP thereby impacting the market integrity and shall be determined on the basis of applications the confidence of investors. Exchanges should which have been considered eligible for the therefore have robust Business Continuity Plan purpose of allotment. In order to determine to (BCP) and Disaster Recovery (DR) to ensure which RTA / DP the commission is payable continuity of operations. to, the terminal from which the bid has been 3. In view of above, the guidelines relating to uploaded will be taken into account. Annual System Audit, BCP and DR are as 2.10. The details of commission and processing fees follows: payable to each intermediary and the timelines A. Annual System Audit. for payment shall be disclosed in the offer I. The exchanges shall conduct annual system document and this shall be implemented strictly. audit as per the prescribed audit framework 3. The intermediaries shall provide guidance to which includes, audit process, auditor their investors on making applications in public selection norms, Terms of Reference issues. (TOR) and audit report guidelines in 4. The merchant bankers shall ensure that accordance with SEBI circular no. CIR/ appropriate disclosures are made in offer MRD/DMS/13/2011dated November 29, documents in accordance with this circular. 2011. 5. All intermediaries are advised to take necessary II. First Annual System Audit of Exchanges steps to ensure compliance with this circular. shall be conducted on or before June 6. The responsibilities of various intermediaries 30, 2016 for the year 2015-16 as per and indicative timelines, prescribed vide the the provisions of the above mentioned previous circulars, shall stand modified to the circular. The Systems Audit Report and extent stated under this circular: compliance status should be placed before

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the governing board of the exchange and 2. This circular is issued with an objective to communicated to SEBI alongwith their streamline and strengthen the framework of comments. investor redressal and arbitration mechanism at B. Business Continuity Plan (BCP) and commodity derivatives exchanges in line with Disaster Recovery (DR). the securities market. The provisions of this I. The exchanges shall have BCP& DR circulars are as under : policy in place and implement the broad A. Investor Service Centre(ISC)/ Investor guidelines regarding the setting up of Grievances Redressal Committee (IGRC) : Disaster Recovery Site (DRS) and Near Site (NS), Configuration of DRS/NS with i. The national commodity derivative Primary Data Centre (PDC), DR drills / exchanges shall set up investor service Testing, BCP DR policy document as per centers (ISC) for the benefit of the public/ the provisions of SEBI circular no. CIR/ investors in accordance with the circular MRD/DMS/12/2012 dated April 13, CIR/MRD/DSA/03/2012 dated January 2012 read with circular no. CIR/MRD/ 20, 2012. DMS/17/2012 dated June 22, 2012. ii. The national commodity derivatives II. The exchanges having DRS / NS shall align exchanges shall constitute IGRC in their entire set up in accordance with the accordance with the SEBI circular no CIR/ provisions as mentioned in the circulars at MRD/DSA/03/2012 dated January 20, Point B(I) on or before April 01, 2016. 2012 and shall perform all such functions III. The exchanges which do not have DRS / and responsibilities as stated in the SEBI NS presently shall set up DRS/NS on or circular no CIR/MRD/ICC/30/2013 before September 30, 2016 in accordance dated September 26, 2013. with the provisions as mentioned in the circulars at Point B (I). B. Arbitration Committee / Panel and Appellate Arbitration: IV. The exchanges shall submit their BCP – DR policy alongwith detailed plan of action for i. The national commodity derivatives implementation to SEBI on or before April exchanges shall maintain panel of 01, 2016. arbitrators, code of conduct for arbitrators, 5. All the provisions of this circular shall be arbitration process, appellate arbitration, implemented by national commodity derivatives place of arbitration (nearest address exchanges, unless otherwise approved by SEBI. provided by the client in the KYC form), implementation of arbitration award in Source: CIR/CDMRD/DEICE/01/2015 November 16, 2015. favour of clients, records and disclosures as per the provisions of SEBI Circulars No VI. Investor Grievance Redressal System and CIR/MRD/DSA/24/2010 dated August Arbitration Mechanism. 11,2010, CIR/MRD/DSA/04/2012date 1. Pursuant to Section 131 of the Finance Act, January 20, 2012 and CIR/MRD/ 2015 and Central Government notification ICC/20/2013 dated July 05, 2013. F. No. 1/9/SM/2015 dated August 28, 2015, ii. The national commodity derivatives all recognized associations under the Forward exchanges shall make applicable the Contracts (Regulation) Act, 1952 are deemed arbitration fees to each parties to the to be recognized stock exchanges under the arbitration in accordance with the SEBI Securities Contracts (Regulation) Act, 1956 with effect from September 28, 2015. This circular Circular No CIR/MRD/DSA/29/2010 applies to National Commodity Derivatives dated August 31, 2010 read with CIR/ Exchanges as defined in the Securities Contracts MRD/ICC/29/2012dated November 07, (Regulation) (Stock Exchanges and Clearing 2012 and CIR/MRD/ICC/29/2013 dated Corporations) (Amendment) Regulations, 2015. September 26, 2013.

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C. Automatic Process and Common Pool of 3. The timelines provided in this circular shall arbitrators : be reckoned from the date of recognized i. The national commodity derivatives associations under FCRA having been deemed exchanges shall pool all arbitrators of their to be recognized stock exchanges under SCRA, exchange in the common pool across all i.e. September 28, 2015. national commodity derivatives exchanges, Corporatization and Demutualization: facilitate automatic selection of arbitrators 4. Regional commodity derivatives exchanges shall from the common pool and shall also corporatize and demutualize within a period of follow all other provisions mentioned in three years in accordance with the provisions the SEBI Circular CIR/MRD/ICC/8/2013 contained in section 4B of SCRA. In this regard, dated March 18, 2013. regional commodity derivatives exchanges 3. All the provisions of this circular shall be shall submit a scheme for corporatization and implemented by national commodity derivatives demutualization for SEBI approval within a exchanges latest by April 1, 2016, unless period of two years, as per the procedure laid otherwise approved by SEBI. down in section 4B of SCRA. 4. The norms specified by Forward Markets Clearing and Settlement: Commission shall continue to be in force to the extent not modified or repealed by this circular. 5. Commodity derivatives exchanges shall transfer the functions of clearing and settlement of trade 5. The implementation of this circular should be to a separate clearing corporation within three reported by the national commodity derivatives years. Till then, the exchanges may continue exchange to SEBI on monthly basis. with the existing arrangement for clearing and Source: CIR/CDMRD/DIECE/02/2015 November 16, 2015. settlement of trades. Validity of recognition of Commodity Derivative VII. Timelines for Compliance with various Exchanges: provisions of Securities Laws by Commodity 6. Validity of recognition of commodity derivatives Derivatives Exchanges. exchanges under SCRA shall be taken to be the 1. Pursuant to Section 131 of the Finance Act, same as the validity of their recognition under 2015 and Central Government Notification S.O. FCRA. Further, the renewal of recognition, if 2362 (E) dated August 28, 2015, all recognized any, will be as per SCRA and SECC Regulations. associations (commodity derivatives exchanges) 7. The conditions required to be continuously under the Forward Contracts (Regulation) Act, 1952 (‘FCRA’) are deemed to be recognized complied with by recognized stock exchanges stock exchanges under the Securities Contracts as given in Regulation 7(3) of SECC Regulations (Regulation) Act, 1956 (‘SCRA’) with effect shall be complied with by national commodity from September 28, 2015. derivative exchanges within one year and by regional commodity derivatives exchanges 2. Section 131 of the Finance Act, 2015 also within three years. stipulates that SEBI may provide such deemed exchanges, adequate time to comply with the However, commodity derivatives exchanges shall provisions of SCRA and any regulations, rules, immediately put in place adequate surveillance guidelines or like instruments made under system to monitor positions, prices and volumes SCRA. Accordingly, commodity derivatives etc. so as to ensure market integrity till online exchanges shall comply with the provisions real-time surveillance systems are set up and of SCRA, applicable provisions of Securities operationalised. Contracts (Regulation) (Stock Exchanges and 8. Conditions required to be continuously complied Clearing Corporations) Regulations, 2012, with by recognized clearing corporations given (‘SECC Regulations’) and SEBI circular CIR/ in Regulation 7(4) of SECC Regulations, to MRD/DSA/33/2012 dated December 13, 2012, the extent applicable, shall be complied with on procedural norms on recognition, ownership by national commodity derivatives exchanges and Governance for Stock Exchanges and within one year and by regional commodity Clearing Corporation (‘SECC Circular’). derivatives exchanges within three years.

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Regulatory Fee: 14. Shareholdings of existing shareholders of 9. Commodity derivatives exchanges shall pay national commodity derivatives exchanges, the regulatory fee in terms of Securities and whose shareholdings were approved by Forward Exchange Board of India (Regulatory Fee on Markets Commission (FMC), shall not require Stock Exchanges) Regulations, 2006. fresh approval from SEBI. However, any fresh holdings will be governed by the provisions of Networth Requirements: Regulation 19 of SECC Regulations and SECC 10. Commodity derivatives exchanges shall comply Circular. with Regulation 14(1) of SECC Regulations as 15. Regulations 20 to 22 of SECC Regulations shall specified below: be applicable to national commodity derivative a) Any national commodity derivatives exchange with immediate effect. The format for exchange having a networth of less than submitting shareholding pattern to SEBI is being INR 100 crore, shall achieve a minimum specified in the annexure issued alongwith the networth of INR 100 crores by May 5, circular (available on the SEBI website). 2017. Further, it shall submit a plan duly 16. Regional Commodity Derivatives Exchanges shall approved by its shareholders to SEBI comply with the provisions specified in Chapter for achieving the networth in terms of IV of SECC Regulations within three years. Regulation 14 of SECC Regulations, Governance: within six months. 17. Provisions of Regulations 23 to 26 shall be b) Any regional commodity derivatives applicable to national commodity derivatives exchange having networth of less than exchanges, subject to the following: INR 100 crore, shall achieve a minimum networth of INR 100 crores within three a) Existing Independent Directors on the years. Further, it shall submit a plan duly boards of national commodity derivatives approved by its shareholders to SEBI exchanges shall be deemed to be Public for achieving the networth in terms of Interest Directors (PIDs) under SECC regulation 14 of SECC Regulations, within Regulations, six months. b) All existing directors on the governing 11. It may be stated that commodity derivative boards of national commodity derivatives exchanges who are not in compliance with exchanges shall not distribute profits in any SECC Regulations may be allowed to manner to its shareholders until the requisite continue for one year or till completion of networth of INR 100 crores is achieved in terms their term, whichever is earlier. of Regulation 14(4) of SECC Regulations. c) All new appointments on the governing 12. It may also be stated that commodity derivatives boards of national commodity derivatives exchanges shall submit audited networth exchanges shall be governed by the certificate from the statutory auditor on an provisions of SECC Regulations and SECC yearly basis by the thirtieth day of September Circular. every year for the preceding financial year in terms of Regulation 14(5) of SECC Regulations. 18. National Commodity Derivatives Exchanges The networth certificate for the financial year shall comply with the provisions of Regulation ended on 31st March, 2015 shall be submitted by 27 of SECC Regulations within one year. 31st December, 2015. 19. Regional Commodity Derivatives Exchanges Ownership: shall comply with the provisions of Regulations 23 to 27 of SECC Regulations within three years. 13. National commodity derivatives exchanges shall Segregation of Regulatory Departments: comply with the shareholdings limits specified under SECC Regulations, 2012 by May 5, 2019. 20. Commodity derivatives exchanges shall segregate As per clause 5 of SECC Circular, they shall their regulatory departments (as indicated in put in place a monitoring mechanism to ensure SECC Circular) from other departments in the compliance with the shareholding restrictions manner specified in Part C of Schedule II of specified in SECC Regulations. SECC Regulations within six months.

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Oversight Committees: General Obligations: 21. Commodity derivative exchanges shall comply 29. Till the functions of clearing and settlement are with the requirements of Regulation 29 read transferred to a separate clearing corporation, with Regulation 44D (1) (b) of SECC Regulations commodity derivative exchanges shall comply within three months. National commodity with the provisions of Regulation 39 of SECC derivatives exchanges shall constitute an oversight Regulations on Fund to guarantee settlement of committee for ‘Product design’, chaired by a trades. Public Interest Director, within three months. 30. The provisions of Regulations 41, 42, 43, 44 Advisory Committee and other Statutory and 44A of SECC Regulations to a recognized Committees: stock exchange shall be applicable to commodity 22. National commodity derivatives exchanges derivatives exchanges. Additionally, the shall constitute Advisory committees in line provisions of Regulations 41, 42, 43, 44 and 44A with Regulation 30 of SECC Regulations, 2012 of SECC Regulations in so far as they pertain and statutory committees as specified in SECC to a recognized clearing corporation shall be applicable to commodity derivatives exchanges Circular within one year. till the functions of clearing and settlement are 23. Regional commodity derivatives exchanges shall transferred to a separate clearing corporation. constitute Advisory committees in line with 31. Till the functions of clearing and settlement are Regulation 30 of SECC Regulations, 2012 and transferred to a separate clearing corporation, statutory committees as pre specified scribed in commodity derivative exchanges shall have SECC Circular within three years. right to recover dues from its trading/clearing Risk Management Committee: members arising from the discharge of their 24. Till the functions of clearing and settlement are clearing and settlement functions from the transferred to a separate clearing corporation, collaterals, deposits and the assets of the trading/ commodity derivatives exchanges shall comply clearing members in line with Regulation 44B of with provisions of Regulation 31 of SECC SECC Regulations. Regulations relating to risk management 32. Regulation 44C and 44D of SECC Regulations committee. This committee shall be constituted. shall be applicable to commodity derivatives Appointment of Compliance Officer: exchanges. 25. All commodity derivative exchanges shall appoint Listing: a compliance officer in terms of Regulation 32 of 33. Regulation 45 of SECC Regulations shall be SECC Regulations. applicable to commodity derivatives exchanges. Transfer of Penalties: Dematerialization of Securities: 26. National commodity derivative exchanges shall 34. National commodity derivative exchanges credit all settlement related penalties to their shall comply with Regulation 46 of SECC settlement guarantee fund (SGF) and other Regulations with respect to holding securities penalties to Investor Protection Fund (IPF). in dematerialized form within six months, and 27. Regional Commodity Derivatives Exchanges regional commodity derivatives exchanges shall shall credit all penalties to their SGF. On comply with the same within three years. creation of IPF, regional commodity derivatives Source: CIR/CDMRD/DEA/03/2015 November 26, 2015. exchanges shall credit penalties other than settlement related to their IPF. VIII. Issue of No Objection Certificate for release of Disclosure and Corporate Governance Norms: 1% of issue amount. 28. Regulation 35 of SECC Regulations shall be 1. As per the extant Listing Agreement with the applicable to national commodity derivative Stock Exchanges, Issuer Company deposits 1% exchanges immediately. Regional commodity of the issue amount of the securities offered to derivatives exchanges shall comply with this the public and/or to the holders of the existing Regulation within three years. securities of the company, as the case may be,

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with the designated stock exchange. SEBI, vide 2. Sub regulations (1) and (2) of regulation 98 of circular no. OIAE/Cir-1/2009 dated November Listing Regulations inter alia specify liability 25, 2009, had laid down the procedure for issuance of a listed entity or any other person for of No Objection Certificate to the designated contravention and actions which can be taken by stock exchange for release of the amount to the the respective stock exchange and the revocation issuer company. of such actions, in the manner specified by SEBI. 2. On Listing Agreements being novated and 3. Accordingly, recognized stock exchanges shall SEBI (Listing Obligations and Disclosure use imposition of fines as action of first resort Requirements) Regulations, 2015 taking effect in case of such non compliances and invoke from December 01, 2015,an issuer company suspension of trading in case of subsequent shall deposit the 1% security deposit in terms and consecutive defaults. Accordingly, in order of the respective Regulations related to issuance to maintain consistency and uniformity of of capital. Therefore, Circular no. OIAE/ approach the recognized stock exchanges shall Cir-1/2009 dated November 25, 2009, shall be follow the following procedure: partially modified w.e.f. December 01, 2015 as: a) Uniform fine structure for non-compliance (a) In para 1 of the Circular the phrase with Listing Regulations regarding non- “as per the Listing Agreement with submission of certain periodic reports as the Stock Exchanges” shall be replaced specified in Annexure -I issued along with by “as per provisions of SEBI (Issue of the circular (available on website). Capital and Disclosure Requirements) b) Standard Operating Procedure (SOP) for Regulations, 2009, SEBI (Issue and Listing suspension and revocation of suspension of Debt Securities) Regulations, 2008, SEBI of trading of specified securities as specified (Issue and Listing of Non-Convertible in Annexure – II issued along with the Redeemable Preference Shares) Regulations, circular (available on website). 2013 and SEBI (Public Offer and Listing of 4. In order to ensure effective enforcement of the Securitised Debt Instruments) Regulations, Listing Regulations, the depositories, on receipt 2008”. of intimation from concerned recognized stock (b) In para 5(b) of the Circular the words exchange, shall freeze or unfreeze, as the case “Listing Agreement” shall stand deleted. may be, the entire shareholding of the promoter 3. This Circular is issued in exercise of powers and promoter group in such entity. conferred under Section 11(1) of the Securities 5. The recognized stock exchanges shall disclose and Exchange Board of India Act, 1992 to on their website the action/s taken against the protect the interests of investors in securities and listed entities for non-compliance(s); including to promote the development of, and to regulate the details of respective requirement, amount of the securities market. fine, period of suspension, freezing of shares, etc. Source: CIR/OIAE/001/2015 November 30,2015. 6. Recognized stock exchanges may, having regard to the interests of investors and securities IX. Non-compliance with certain provisions of market, take appropriate action in line with the SEBI (Listing Obligations and Disclosure principles and procedures laid down in Annexure Requirements) Regulations, 2015 and Standard - I and II issued along with the circular and any Operating Procedure for suspension and deviation therefore should not dilute the spirit revocation of trading of specified securities. of the policy contained therein. Any deviation shall be on justifiable reasons to be recorded in 1. In terms of sub regulation (1) of regulation 97 of writing. The above actions are without prejudice Securities and Exchange Board of India (Listing to power of SEBI to take action under securities Obligations and Disclosure Requirements) laws for above violations. Regulations, 2015 (“Listing Regulations”), recognized Stock Exchanges shall monitor 7. The Stock Exchanges are advised to bring the compliance by listed entities with the provisions provisions of this circular to the notice of listed of the regulations. entities and also to disseminate the same on its

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website. This circular shall come into force with ii. All other Public Shareholding shall be effect from December 01, 2015. displayed under Categories “Central Government/State Government(s)/ 8. This circular is issued under regulations 97, President of India” or “Non- 98, 99 and 102 read with regulation 101(2) of Institutions”. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) iii. Names of the shareholders holding Regulations, 2015. 1% or more than 1% of shares of listed entity is to be disclosed. Source: CIR/CFD/CMD/12/2015 November 30, 2015. iv. Names of the shareholders who are persons acting in concert, if available, X. Disclosure of holding of specified securities shall be disclosed separately. and Holding of specified securities in e. Shares against which Depository Receipts dematerialized form. have been issued: 1. Regulation 31 of Securities and Exchange Board i. As per Securities Contracts of India (Listing Obligations and Disclosure (Regulation) Rules, 1957 and Requirements) Regulations, 2015 (“Listing Depository Receipts Scheme, 2014, Regulations”), deals with the disclosure of the shares of a listed entity underlying shareholding pattern and manner of maintaining the depository receipts shall form shareholding in dematerialized format. part of the public shareholding of 2. Manner of representation of holding of the company only if the holder of specified securities. such depository receipts has the right a. The holding of specified securities shall be to issue voting instruction and such divided into the following 3 categories viz. depository receipts are listed on an Promoter and Promoter Group, Public international exchange. and Non Promoter Non Public. ii. Accordingly, the underlying shares, b. ‘Promoter and Promoter Group’ shall against which depository receipts have been issued, held by any person have the same meaning as defined belonging to Promoter and Promoter under Securities and Exchange Board of Group, shall be disclosed under India (Issue of Capital and Disclosure category ‘Promoter and Promoter Requirements) Regulations, 2009. Group’. The shares which are held c. The details of the shareholding of the by persons other than Promoter promoters and promoter group must be and Promoter Group and satisfying accompanied with PAN Number (first the above conditions would be holder in case of joint holding). Further, classified under the category ‘Public the shareholding of the promoter and Shareholding’. promoter group is to be consolidated on iii. The underlying shares, against which the basis of the PAN and folio number to depository receipts have been issued, avoid multiple disclosures of shareholding of a listed entity not satisfying the of the same person. conditions at para (i) above which are d. In the disclosure of Public Shareholding: held by Public Shareholders shall be i. For disclosure under category classified under category ‘Non Public “Institution”, the shareholder should Non Promoter shareholding’. fall under the category “Qualified 3. The listed entity shall ensure that shareholding Institutional Buyer” as defined under of employee trusts and schemes are shown Securities and Exchange Board of separately in relevant categories in terms of SEBI India (Issue of Capital and Disclosure (Share Based Employee Benefits) Regulations, Requirements) Regulations, 2009. 2014.

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4. Manner of calculation of shareholding attached with the circular (available on a. The categories as defined at para 2(a) above: website). i. Promoter and Promoter Group (A) d. Statement showing holding of specified ii. Public (including shares underlying securities of the Non Promoter- Non DRs which fulfil the conditions Public shareholder should be as per the laid down in Rule 2(e) of Securities format given in the Table-IV attached with Contracts (Regulation) Rules, 1957) the circular (available on website). (B). 6. Holding of specified securities in dematerialized iii. Non Promoter Non Public (C) form: 1. Shares held by DR Holders a. Regulation 31(2) of Listing Regulations (which don’t fulfil the mandates the Listed Entities to ensure that 100% of shareholding of promoter(s) conditions laid down in Rule and promoter group is in dematerialized 2(e) of Securities Contracts form and the same is maintained on a (Regulation) Rules, 1957) (C1) continuous basis in the manner specified by 2. Shares held by Employee the Board. The listed entity shall take into Benefit Trust under Securities consideration the following exemptions and Exchange Board of India while arriving at compliance with 100% (Share Based Employee promoter(s) holding in dematerialized Benefits) Regulations, 2014 (C2) form:- b. Total Shareholding for the purpose of i. promoter(s) shares which were sold calculating the public shareholding shall in physical mode and have not been be calculated as (A+B+C2) in line with lodged for transfer with the listed requirements of Depository Receipts entity ; Scheme, 2014, Securities Contracts ii. matters that are sub-judice before (Regulation) Rules, 1957 as amended up any Court/Tribunal, concerning to February 25, 2015 and Securities and shareholding of promoters/promoter Exchange Board of India (Share Based group either in part or in entirety; or Employee Benefits) Regulations, 2014. iii. shares that cannot be converted into c. Percentage of promoter Shareholding shall dematerialized form due to death of be calculated as A/(A+B+C2) * 100. any promoter(s); d. Percentage of public Shareholding shall be b. For availing such exemption under Para calculated as B/(A+B+C2) * 100. 6(a) - (i) to (iii) above, Listed Entity shall 5. Formats : The format for disclosure of holding approach Stock Exchange(s) along with of specified securities has been specified in necessary documentary evidence. the Annexure I issued alongwith the circular c. In case any such exemption has been (available on website). granted to the Listed Entity the same must a. Summary statement showing holding be stated in summary statement and given of specified securities of the listed entity separately and information should be given should be as per the format given in Table-I separately in Annexure issued alongwith attached with the circular (available on the circular (available on website). website). d. Further, at least 50% of non-promoter b. Statement showing holding of specified holding shall be held in dematerialized securities of the Promoter and Promoter form. The listed entity shall take necessary Group should be as per the format given steps for achieving the same. in Table-II attached with the circular e. While computing the requirement of (available on website). minimum 50% shareholding of non- c. Statement showing holding of specified promoters in dematerialized form in a securities of the public shareholders should company, the government holding in non- be as per the format given in the Table-III promoter category may be excluded.

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7. Display of holding of specified securities on circular CIR/MRD/DP/05/2012 dated website of Stock Exchange(s). February 1, 2012; a. If the Listed Entity confirms that any iv. Institutional Placement Programme (IPP) particular instrument is not issued or there in terms of Chapter VIIIA of SEBI (Issue are no encumbered/pledged shares and of Capital and Disclosure Requirements) locked-in shares, respective columns will Regulations, 2009; not be displayed by the Stock Exchange(s) v. Rights Issue to public shareholders, with on their website. The declaration given by promoter/promoter group shareholders the Listed Entity in this regard would be forgoing their entitlement to equity shares, displayed by Stock Exchange(s). that may arise from such issue; b. The Stock Exchange(s) shall also ensure vi. Bonus Issues to public shareholders, with that PAN numbers so disclosed in different promoter/promoter group shareholders tables are not displayed on the website of forgoing their entitlement to equity shares, Stock Exchange(s). that may arise from such issue; 8. The Depositories shall provide the shareholding vii. Any other method as may be approved data to listed entities in the requisite categorization by SEBI on a case to case basis. For this as prescribed in the Circular. purpose, the listed entities may approach 9. The Stock Exchanges are advised to bring the SEBI with appropriate details. SEBI would provisions of this circular to the notice of the endeavor to communicate its decision listed entities and also to disseminate the same on within 30 days from the date of receipt its website. This circular shall come into force on of the proposal or the date of receipt of December 01, 2015. additional information as sought from the 10. This Circular is issued in exercise of the powers company. conferred under Section 11 and Section 11A of 3. The Stock Exchanges are advised to bring the the Securities and Exchange Board of India Act, provisions of this circular to the notice of the 1992 read with Regulation 31 and Regulation listed entities and also to disseminate the same on 101(2) of the Listing Regulations, 2015. its website. This circular shall come into force on Source: CIR/CFD/CMD/13/2015 November 30, 2015 December 01, 2015. 4. This Circular is issued in exercise of the powers conferred under Section 11 and Section 11A of XI. Manner of achieving minimum public the Securities and Exchange Board of India Act, shareholding. 1992 read with Regulation 38 and Regulation 1. Regulation 38 of Securities and Exchange Board 101(2) of Securities and Exchange Board of of India (Listing Obligations and Disclosure India (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides that Requirements) Regulations, 2015. the listed entity shall comply with minimum public shareholding requirements in the manner Source: CIR/CFD/CMD/14/2015 November 30, 2015 as specified by the Board from time to time. 2. In order to achieve the minimum level of public XII. Formats for publishing financial results. shareholding specified in Rule 19(2)(b) and/or 1. In order to enable investors to make well- Rule 19A of the Securities Contracts (Regulation) informed investment decisions, timely, adequate Rules, 1957, the Listed Entity shall adopt any of and accurate disclosure of financial results on a the following methods :- periodical basis is critical. At the same time, to i. Issuance of shares to public through ensure comparability, uniformity and parity in prospectus; disclosures made by listed entities across stock ii. Offer for sale of shares held by promoters exchanges is essential. to public through prospectus; 2. Towards this end, Regulation 33 of the iii. Sale of shares held by promoters through SEBI (Listing Obligations and Disclosure the secondary market in terms of SEBI Requirements) Regulations, 2015 (hereinafter

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referred to as “the listing Regulations, 2015”), f) Half-Yearly Statement of Assets and has prescribed various disclosures to be filed Liabilities shall be in the format specified under various provisions contained therein in in Annexure IX issued along with the the formats as may be specified by the Board. circular (available on website) drawn from 3. Formats: Schedule III of the Companies Act, 2013 or its equivalent formats in other statutes, as a) The quarterly financial results shall be applicable. presented in the format prescribed in Annexure I and for companies other than g) The Form A (for audit report with banks is prescribed in Annexure II for unmodified opinion) and Form B (for audit banks and are issued along with the circular report with modified opinion) shall be (available on website). filed in the format specified in Annexure X issued along with the circular (available on b) Manufacturing, trading and service website). companies, which propose to follow functional (secondary) classification of h) The financial results published in the expenditure in the annual profit and loss newspapers in terms of Regulation 47(1) account, shall furnish quarterly financial (b) shall be in the format prescribed results in the alternative format prescribed in Annexure XI issued along with the at Annexure III issued along with the circular(available on website). circular and is available on website. The 4. While preparation of the financial results, the alternative format shall be used only if such following shall be noted:- format is used consistently from the first a. Annual audited financial results shall be quarter of the financial year. in the format as is applicable to quarterly c) If the company has more than one reportable financial results. However, columns and primary segment in terms of Accounting figures relating to the last quarter, year Standard (‘AS’) 17/ Indian Accounting to date results and corresponding three Standard (‘Ind AS’) 108 mandated under months in previous year may not be Section 133 of the Companies Act, 2013 disclosed. read with rules framed thereunder or issued b. The applicable Accounting Standards are by ICAI, it shall also submit quarterly and those standards mandated under Section annual segment information as part of 133 of the Companies Act, 2013 read with financial results in the format as specified the relevant rules issued thereunder/issued in Annexure IV issued along with the by ICAI as applicable. circular (available on website). c. The classification / disclosure of items in d) Limited review reports shall be given the financial results shall be in accordance by auditors in the format prescribed in with the Schedule III of the Companies Annexure V for companies other than Act, 2013 or its equivalent formats in other banks (including those using the alternative statutes, as applicable. format of financial results) and in the 5. Companies adopting the Ind AS in terms of format given in Annexure VI for banks Companies (Indian Accounting Standards) Rules, issued along with the circular (available on 2015 notified by the Ministry of Corporate website). Affairs on February 16, 2015 while publishing e) In case of audited financial reports, the quarterly/annual financial results under audit report shall be given by the auditors Regulation 33 of the Listing Regulations, 2015, in the format given in Annexure VII for shall ensure that the comparatives filed along companies other than banks (including with such quarterly/annual financial results are those using the alternative format of also Ind AS compliant. financial results) and in the format given in 6. The Stock Exchanges are advised to bring the Annexure VIII for banks issued along with provisions of this circular to the notice of listed the circular and is available on website.. entities and also to disseminate the same on its

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website. This circular shall come into force with to as “the SCRR”) provides that Securities effect from December 01, 2015. and Exchange Board of India (SEBI) may, at 7. This Circular is being issued in exercise of powers its own discretion or on the recommendation conferred under Section 11 and Section 11A of of a recognised stock exchange, waive or relax the Securities and Exchange Board of India Act, the strict enforcement of any or all of the 1992 read with Regulation 33, Regulation 47 and requirements with respect to listing prescribed Regulation 101(2) of the Listing Regulations, by these rules. 2015. 2. Thus the additional requirements in order to Source: CIR/CFD/CMD/15/2015 November 30, 2015. achieve the intent of regulations 11, 37 and 94 and for availing exemption under sub-rule (7) XIII. Schemes of Arrangement by Listed Entities of rule 19 of SCRR, if applicable are specified and (ii) Relaxation under Sub-rule (7) of rule 19 in the Annexure-I issued along with the of the Securities Contracts (Regulation) Rules, circular(available on website). 1957. 3. Applicability: The Circular shall come into force 1. SEBI (Listing Obligations and Disclosure w.e.f. December 01, 2015. The Schemes already Requirements) Regulations, 2015 (hereinafter submitted to the stock exchange in terms of Part referred to as “listing regulations”) place A of SEBI Circular CIR/CFD/DIL/5/2013 obligations with respect to Scheme of dated February 04, 2013 read with CIR/CFD/ Arrangement on Listed Entities and Stock DIL/8/2013 dated May 21, 2013, shall be Exchange(s) in Regulation 11, 37 and 94. governed by the requirements specified in these Sub-rule (7) of rule 19 of the Securities Contracts circulars. (Regulation) Rules, 1957 (hereinafter referred Source: CIR/CFD/CMD/16/2015 November 30, 2015

1165 DECEMBER SEBI BULLETIN 2015 REGULATORY ACTIONS TAKEN BY SEBI

• SEBI vide its order dated 30th Nov, 2015 in exercise penalty of ` 16,00,000(Rupees Sixteen Lakh only) of the powers conferred under Section 15-I of on Shri Nagad Sarwar, and ` 5,00,000 (Rupees the SEBI Act, 1992 read with Rule 5 of the SEBI Five Lakh only) on Shri Altaf Ahmed G Nagad, Rules, 1995 imposed the following monetary for violation of Regulation 3 and Regulation penalties on Mr. Jayesh Shah, Mr. Tushar Shah 4(2) of SEBI (Prohibition of Fraudulent and and Mr. Parag Shah for violating the Regulations Unfair Trade Practices Relating to the Securities 3(a) (b) (c) , 4(1) , 4(2)(e) of SEBI (Prohibition of Market) Regulations, 2003 in the matter of M/s. Fraudulent and Unfair Trade Practices Relating Vamshi Rubber Ltd. to Securities Market), Regulations, 2003 in the • SEBI vide its order dated 30th Nov, 2015 in exercise matter of M/s. Platinum Corporation Limited: of the powers conferred under section 15H (ii) S. Name No. of Approx. Penalty of the SEBI Act, 1992 , imposed the following No of the shares profit imposed - 3 monetary penalties to be paid jointly and Noticee offloaded made times of the severally on Dr. Sunil Gupta, Ms Rupal Gupta, (in `) profit made Dr Sunil Gupta (HUF), M/s. Suncare Traders (in `) Ltd., Mr. Sharad Gupta, Mr Mayur Parikh, Mr 1 Jayesh 40,00,000 24,00,000 ` 72,00,000 Ashok C Gandhi, M/s. Karan Holdings Pvt. Ltd. Shah (40,00,000 (Rupees and M/s. Anik Holdings Pvt. Ltd., for violating x 0.6) Seventy Two Regulation 11(1) read with Regulation 14(1) of Lakhs Only) the SEBI (Substantial Acquisition of Shares and 2 Tushar 40,00,000 24,00,000 ` 72,00,000 Takeover) Regulations, 1997 in the matter of Shah (40,00,000 (Rupees M/s. Bloom Dekor Limited. x 0.6) Seventy Two Acquisition / Period Lakhs Only) ` of Violation Penalty ( ) 3 Parag 40,00,000 24,00,000 ` 72,00,000 Acquisition of 3,25,000 ` 5,00,000/- (Rupees Shah (40,00,000 (Rupees shares (10.85%) on Five Lakh Only) x 0.6) Seventy Two 24.04.1997 Lakhs Only)` Acquisition of a total of ` 5,00,000/- (Rupees 4 ` 2,16,00,000 64,210 shares (2.14%) in Five Lakh Only) (Rupees 1997-98 TOTAL Two Crores Sixteen Lakhs Acquisition of 2,29,800 ` 5,00,000/- (Rupees Only) shares (7.12%) in 1998 Five Lakh Only) • SEBI vide its order dated 30th Nov, 2015 in Acquisition of 4,07,700 ` 5,00,000/- (Rupees exercise of the powers conferred under section (12.54%) shares in Five Lakh Only) 15HB of the SEBI Act, 1992 imposed a monetary 12 months from penalty of ` 35,00,000 (Rupees Thirty Five Lakh 21.12.1998 only) on M/s. Kisan Ratilal Choksey Shares and ` Total 20,00,000/-(Rupees Securities Pvt. Ltd. forviolating the provisions Twenty Lakh Only) of SEBI Circular no. MIRSD/SE/Cir/19/2009 • SEBI vide its order dated 27th Nov.2015 in exercise dated December 03, 2009 and clauses A(2) and of the power conferred under section 15 A (b) of A(5) of Code of Conduct for stock Brokers the SEBI Act, 1992 imposed a monetary penalty specified under Schedule II read with Regulation of ` 15,00,000 (Rupees Fifteen Lakh only) on the 7 of SEBI (Stock Broker and Sub Broker) Noticee viz. M/s. United Breweries (Holding) Regulations,1992. Ltd. for violating regulation 31 (1), 31(2) read • SEBI vide its order dated 27th Nov. 2015 in with 31 (3) of the SAST (Substantial Acquisition exercise of the power conferred under section of Shares and Takeovers) Regulations, 2011 in 15HA of the SEBI Act, 1992 imposed a monetary the matter of M/s. United Spirits Limited.

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• SEBI vide its order dated 30th November, 2015 in • SEBI, vide its order dated 17th November, 2015 in exercise of the powers conferred under Section exercise of the power conferred under Section 15 15I (2) of the SEBI Act, 1992 read with Rule 5 HB of the SEBI Act, 1992 imposed a penalty of of the Adjudication Rules, imposed following `1,50,000 (Rupees One Lakh and Fifty Thousand) monetary penalties on Shri Sourabh H. Bora, only on M/s. Vinal Investments Limited for not Ms. Rakhi S Bora and Shri Sourabh H Bora in obtaining SCORES authentication in terms of the matter of M/s. Mahan Industries Limited: the SEBI circular dated April 17, 2013 and not resolving investor grievances pending against it. Penalty Amount Violation • SEBI, vide its order dated 4th November, 2015 in ` 2,50,000 (Rupees Under section 15A(b) of exercise of the powers conferred under section Two Lakh Fifty SEBI Act for violation of Thousand Only) Regulation 7(1) of SEBI 19 of the SEBI Act, 1992 read with sections 11 to be paid jointly (Substantial Acquisition and 11B issued the following directives in the and severally by the of Shares and Takeovers) matter of M/s. En-Aromatic & Petro Chemicals noticees Regulations, 1997 read Limited: with Regulation 35 of SEBI (Substantial Acquisition a. The Company M/s. En Aromatic & Petro of Shares and Takeovers) Chemicals Limited and its five directors Regulations, 2011. viz. Mr. Kishan Pal Singh, Mr. Chhotelal ` 2,00,000 (Rupees Under section 15A(a) of Shukla, Mr.Vishwa Bandhu Vashistha, Two Lakh Only) to SEBI Act for violation of Mr. Deenanath Maurya and Mr. Mukesh be paid by each of section 11C(3) of SEBI Kumar Khare jointly and severally, shall the noticees Act, 1992. forthwith refund the money collected ` 2,00,000 (Rupees Under section 15A(a) of by the Company through the issuance Two Lakh Only) to SEBI Act for violation of of Redeemable Cumulative Preference be paid by each of section 11C(5) of SEBI Shares (which have been found to be the noticees Act, 1992. issued in contravention of the public issue ` ` norms stipulated under the Companies Total 14,50,000 ( Fourteen lakh Fifty Thousand only) Act, 1956), to the investors including the • SEBI vide its order dated 27th Nov. 2015 in exercise money collected from investors, till date, of the power conferred under Section 15A(b) of pending allotment of RCPS, if any, with the SEBI Act, 1992 imposed a monetary penalty an interest of 15% per annum compounded of ` 4,00,000 (Rupees Four Lakh Only) on Shri at half yearly intervals, from the date when Arvind Kumar Sarafand 12 other noticeesfor the repayments became due (in terms violating the provisions of Regulation 13 (4) read of Section 73(2) of the Companies Act, with 13 (5) of the Prohibition of Insider Trading 1956) to the investors till the date of actual (PIT) Regulations, 1992 in the matter of M/s. payment. Arcotech Limited. b. The Company/ its present management is • SEBI vide its order dated 23rd Nov. 2015 in permitted to sell the assets of the Company exercise of the power conferred under Section only for the sole purpose of making the 15 I of the SEBI Act read with Rule 5 of the refunds as directed above and deposit the Adjudication Rules 1995, imposed a monetary proceeds in an Escrow Account opened penalty of ` 3,00,000( Rupees Three Lakh only) with a nationalised Bank. on the Noticee M/s. Tricom Fruit Products c. The Company/ its present management Limited (formerly known as M/s Rids Securities are also directed to provide a full inventory Ltd) for violation of the provisions of Section of all their assets and properties and details 15C of the SEBI Act, 1992 for failure to redress of all their bank accounts, demat accounts the three investor’s complaints pending against and holdings of shares/ securities, if held in them in the SEBI Complaints Redress System physical form. (SCORES)and submit the Action Taken d. The Company is directed not to, directly Report (ATR) within the stipulated time period or indirectly, access the capital market prescribed by SEBI. by issuing prospectus, offer document

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or advertisement soliciting money from of three months from the date of this the public and is further restrained Order and thereafter within a period of and prohibited from buying, selling or fifteen days, submit a winding up and otherwise dealing in the securities market, repayment report to SEBI in accordance directly or indirectly in whatsoever with the SEBI (Collective Investment manner, from the date of this Order till Schemes) Regulations, 1999, including the the expiry of four years from the date of trail of funds claimed to be refunded, bank completion of refunds to investors, made account statements indicating refund to the to the satisfaction of SEBI, as directed investors and receipt from the investors above. acknowledging such refunds. e. The abovementioned five directors are c. M/s. Servehit Housing and Infrastructure restrained from accessing the securities India Limited and its abovementioned market and are further prohibited from three directors shall not alienate or dispose buying, selling or otherwise dealing in off or sell any of the assets of M/s. Servehit securities, directly or indirectly, with Housing and Infrastructure India Limited immediate effect. They are also restrained except for the purpose of making refunds from associating themselves with any listed to its investors as directed above. public company and any public company d. M/s. Servehit Housing and Infrastructure which intends to raise money from India Limited and all its abovementioned the public, with immediate effect. This five directors are directed to provide a full restraint shall continue to be in force for a inventory of all their assets and properties further period of four years on completion and details of all their bank accounts, demat of the repayments, as directed above. accounts and holdings of shares/ securities, • SEBI, vide its order dated 4th November, 2015 in if held in physical form. exercise of the powers conferred under Section e. M/s. Servehit Housing and Infrastructure 19 of the SEBI Act, 1992 and Sections 11(1), India Limited and its abovementioned five 11B and 11(4) and Regulation 65 of the SEBI directors are restrained from accessing the (Collective Investment Schemes) Regulations, securities market and are prohibited from 1999, issued the following directives in the matter buying, selling or otherwise dealing in of M/s. Servehit Housing and Infrastructure securities market for a period of four years. India Limited: • SEBI, vide its order dated 4th November, 2015 in a. M/s. Servehit Housing and Infrastructure exercise of the powers conferred under Section 19 India Limited and its five directorsviz. Mr. of the SEBI Act, 1992 and Sections 11(1), 11B and Sukhmander Singh, Mr.Rajender Kumar, 11(4) and Regulation 65 of the SEBI (Collective Mr. Balbir Singh Saini, Mr. Satish Kumar Investment Schemes) Regulations, 1999, issued and Mr.Surjeet Kumar shall abstain from the following directives in the matter of M/s. collecting any money from the investors Dhanolty Developers Limited: or launch or carry out any Collective a. M/s. Dhanolty Developers Limited and Investment Schemes including the scheme its seven directors/ promoters viz. Mr. which have been identified as a Collective Sanjay Walia, Mr. Siddharth Walia, Ms. Investment Scheme in this Order. Anita Malik, Ms. Raksha Kumari, Mr. Shiv b. M/s. Servehit Housing and Infrastructure Pratap Singh, Ms. Shefali Walia and Mr. India Limited and its three directors viz. Pankaj Bakshi shall abstain from collecting Mr. Sukhmander Singh, Mr. Balbir Singh any money from the investors or launch Saini and Mr. Surjeet Kumar shall wind or carry out any Collective Investment up the existing Collective Investment Schemes including the scheme which have Schemes and refund the money collected been identified as a Collective Investment by the said company under the schemes Scheme in this Order. with returns which are due to its investors b. M/s. Dhanolty Developers Limited and as per the terms of offer within a period its abovementioned directors/promoters

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shall wind up the existing Collective returns at the rate of 10% per annum, within Investment Schemes and refund the money a period of three months from the date of collected by the said company under the this Order and thereafter, within a period schemes with returns which are due to its of fifteen days, submit a winding up and investors as per the terms of offer within repayment report to SEBI in accordance a period of three months from the date of with the SEBI (Collective Investment this Order and thereafter within a period Schemes) Regulations, 1999, including the of fifteen days, submit a winding up and trail of funds claimed to be refunded, bank repayment report to SEBI in accordance account statements indicating refund to the with the SEBI (Collective Investment investors and receipt from the investors Schemes) Regulations, 1999, including the acknowledging such refunds. trail of funds claimed to be refunded, bank c. M/s. Yatra Art Fund is restrained from account statements indicating refund to the accessing the securities market and investors and receipt from the investors are prohibited from buying, selling or acknowledging such refunds. otherwise dealing in securities market for c. M/s. Dhanolty Developers Limited and a period of four years. its abovementioned directors/promoters d. M/s. Yatra Art Fund is also directed to shall not alienate or dispose off or sell any immediately submit the complete and of the assets of M/s. Dhanolty Developers detailed inventory of the assets owned by Limited except for the purpose of making it. refunds to its investors as directed above. • SEBI, vide its order dated 9th November, 2015 in d. M/s. Dhanolty Developers Limited and its exercise of the powers conferred under Section abovementioned directors/ promoters are 19 of the SEBI Act, 1992 and Sections 11(1), also directed to provide a full inventory of 11(B) and 11(4) and Regulation 65 of the SEBI all their assets and properties and details (Collective Investment Schemes) Regulations, of all their bank accounts, demat accounts 1999 issued following directives in the matter and holdings of shares/ securities, if held in of M/s. Nicer Green Housing Developments physical form. Limited : e. M/s. Dhanolty Developers Limited and a. M/s. Nicer Green Housing Developments its abovementioned directors/ promoters Limited and its four directors viz. Mr. Pipal are restrained from accessing the securities Singh Sidhu, Mr. Ranjit, Ms. Surinder Kaur market and are prohibited from buying, and Mr. Karanjit Singh shall abstain from selling or otherwise dealing in securities collecting any money from the investors market for a period of four years. or launch or carry out any Collective • SEBI, vide its order dated 6th November, 2015 in Investment Schemes including the scheme exercise of the powers conferred under Section 19 have been identified as a Collective of the SEBI Act, 1992 read with Sections 11 and Investment Scheme in this Order. 11B and Regulation 65 of the SEBI (Collective b. M/s. Nicer Green Housing Developments Investment Scheme) Regulation, 1999, issued the Limited and its abovementioned directors following directives in the matter of M/s. Yatra shall wind up the existing Collective Art Fund: Investment Schemes and refund the money a. M/s. Yatra Art Fund shall abstain from collected by the said company under the collecting any money from the investors schemes with returns which are due to its or launch or carry out any Collective investors as per the terms of offer within Investment Schemes including the scheme a period of three months from the date of which have been identified as a Collective this Order and thereafter within a period Investment Scheme in this Order. of fifteen days, submit a winding up and b. M/s. Yatra Art Fund is directed to refund repayment report to SEBI in accordance the entire monies collected by it under its with the SEBI (Collective Investment scheme to all the investors alongwith the Schemes) Regulations, 1999, including the

1169 DECEMBER SEBI BULLETIN 2015

trail of funds claimed to be refunded, bank Mr. Mohammad Ahteshamul Haq, Mr. account statements indicating refund to the Mohammad Faisal and Mr. Bibeka Nand investors and receipt from the investors Mandal shall wind up the existing Collective acknowledging such refunds. Investment Schemes and refund the money c. M/s. Nicer Green Housing Developments collected by the said company under the Limited and its abovementioned directors schemes with returns which are due to its shall not alienate or dispose off or sell any investors as per the terms of offer within of the assets of M/s. Nicer Green Housing a period of three months from the date of Developments Limited except for the this Order and thereafter within a period purpose of making refunds to its investors of fifteen days, submit a winding up and as directed above. repayment report to SEBI in accordance with the SEBI (Collective Investment d. M/s. Nicer Green Housing Developments Schemes) Regulations, 1999, including the Limited and its abovementioned directors trail of funds claimed to be refunded, bank are also directed to provide a full inventory account statements indicating refund to the of all their assets and properties and details investors and receipt from the investors of all their bank accounts, demat accounts acknowledging such refunds. and holdings of shares/ securities, if held in physical form. c. M/s. Sunshine Global Agro Limited and its abovementioned five directors shall e. M/s. Nicer Green Housing Developments not alienate or dispose off or sell any of Limited and its abovementioned directors the assets of M/s. Sunshine Global Agro are restrained from accessing the securities Limited except for the purpose of making market and are prohibited from buying, refunds to its investors as directed above. selling or otherwise dealing in securities d. M/s. Sunshine Global Agro Limited and market, directly or indirectly, in any its abovementioned five directors and past manner and launching any scheme for directors viz. Mr. Anand Kumar Jha, Mr. mobilization of funds in any manner for a Wasim Khan and Mr. Ashif Khan are also period of four years. directed to provide a full inventory of all th • SEBI, vide its order dated 9 November, 2015 in their assets and properties and details of all exercise of the powers conferred under Section their bank accounts, demat accounts and 19 of the SEBI Act, 1992 and Sections 11(1), holdings of shares/ securities, if held in 11(B) and 11(4) and Regulation 65 of the SEBI physical form. (Collective Investment Schemes) Regulations, e. M/s. Sunshine Global Agro Limited and 1999 issued following directives in the matter of its six directors viz. Mr. Lekh Narayan M/s. Sunshine Global Agro Limited: Chand, Mr. Mokarram Mohammad, Mr. a. M/s. Sunshine Global Agro Limited and Mohammad Ahteshamul Haq, Mr. Anand its eight directors viz. Mr.Lekh Narayan Kumar Jha, Mr.Wasim Kham and Mr. Chand, Mr. Mokarram Mohammad, Mr. Ashif Kham are restrained from accessing Mohammad Ahteshamul Haq, Mr. Anand the securities market and are prohibited Kumar Jha, Mr.Wasim Kham, Mr.Ashif from buying, selling or otherwise dealing Kham, Mr. Mohammad Faisal and Mr. in securities market for a period of four Bibeka Nand Mandal shall abstain from years. collecting any money from the investors • SEBI, vide its order dated 9th November, 2015 in or launch or carry out any Collective exercise of the powers conferred under Section Investment Schemes including the scheme 19 of the SEBI Act, 1992 and sections 11(1), 11(4), have been identified as a Collective 11A and 11B read with regulations 107 of the SEBI Investment Scheme in this Order. (Issue of Capital and Disclosure Requirements) b. M/s. Sunshine Global Agro Limited and Regulations, 2009, issued following directives in its five directors viz. Mr. Lekh Narayan the matter of M/s. Aapna Pariwar Agro Farming Chand, Mr. Mokarram Mohammad, Developers India Limited :

1170 DECEMBER SEBI BULLETIN 2015 a. The Company M/s. Aapna Pariwar Agro g. M/s. Aapna Pariwar Agro Farming Farming Developers India Limited and Developers India Limited and its its three directors viz. Mr. Rejaul Karim, abovementioned directors, are also directed Mr. Partha Gope Mazumder and Mr. to provide a full inventory of all their assets Swaminath Singha are restrained from and properties and details of all their bank mobilizing funds through the issue of accounts, demat accounts and holdings of equity shares or through the issuance of shares/securities, if held in physical form. equity shares or through any other form • SEBI, vide its order dated 9th November, 2015 in of securities, to the public and/ or invite exercise of the powers conferred under Section subscription, in any manner whatsoever, 11(1), 11(4) and 11B read with section 19 of the either directly or indirectly till further SEBI Act, pending inquiry/investigation and directions. passing of final order in the matter of Radford b. M/s. Aapna Pariwar Agro Farming Global Limited restrained the following 15 Developers India Limited and its persons from accessing the securities market and abovementioned directors, are prohibited buying, selling or dealing in securities, either from issuing prospectus or any offer directly or indirectly, in any manner, till further document or issue advertisement for directions: soliciting money from the public for Sr. No. Name the issue of securities, in any manner whatsoever, either directly or indirectly, 1 AnupManilal Shah (Huf) till further orders. 2 Artiben S Kansara c. M/s. Aapna Pariwar Agro Farming 3 BharatkumarJayantilal Shah Developers India Limited and its 4 Dina Satishkumar Mehta abovementioned directors shall not dispose 5 Hari Mohan Khandelwal off any of the properties or alienate the assets of the Company or dispose off any 6 Hasumati Ghanshyam Mandlia of their properties or alienate their assets. 7 Kanaiyalal Manilal Gandhi d. M/s. Aapna Pariwar Agro Farming 8 ManishaJayesh Shah Developers India Limited and its 9 Mansukhbhai Jagabhai Tanti abovementioned directors shall not divert 10 Pragna Patel any funds raised from public at large through the issuance of the impugned 11 Rajeev Garg equity shares, kept in its bank accounts 12 Ramila Gandhi and/or in the custody of the company 13 Rekhaben Lakhabhai Sagparia without prior permission of SEBI until 14 Sunil Mohanlal Kansara further orders. 15 Veena Mohandas Valbhani e. M/s. Aapna Pariwar Agro Farming th Developers India Limited and its • SEBI, vide its order dated 9 November, 2015 in abovementioned directors are restrained exercise of the powers conferred under section from accessing the securities market and 19 read with provisions of section 11(1), section are further prohibited from buying, selling 11(2) (j) of the SEBI Act, 1992 and sections 4, 5 or otherwise dealing in securities in any and 12A of the Securities Contracts (Regulation) manner whatsoever, either directly or Act, 1956 direct the exit of Vadodara Stock indirectly, till further directions. Exchange Limited as a stock exchange and also direct it to:- f. M/s. Aapna Pariwar Agro Farming Developers India Limited and its a. comply with its tax obligations under the abovementioned directors, shall co-operate Income Tax Act, 1961; with SEBI and shall furnish documents, as b. comply with the undertakings given by it may be required. to SEBI;

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c. comply with other consequential e. The aforesaid entities are directed to conditions of the Exit Circular; provide a full inventory of all their assets d. change its name and in case, after exit as a whether movable or immovable, or any stock exchange, it continues as a corporate interest or investment or charge in any of entity under the Companies Act, 2013, such assets, including details of all their it shall not use the expression ‘stock bank and demat accounts immediately but exchange’ or any variant in its name or in not later than seven working days from the the name of its subsidiary so as to avoid any date of receipt of these directions. representation of present or past affiliation f. The aforesaid entities are restrained from with the stock exchange; accessing the securities market and are e. provide required information to the further prohibited from buying, selling Ministry of Corporate Affairs on or otherwise dealing in securities, either identifying any vanishing company which directly or indirectly, or being associated was listed on Vadodara Stock Exchange with the securities market in any manner Limited for inclusion in the list of vanishing whatsoever, with immediate effect, till companies maintained by the Ministry of further directions. Corporate Affairs. g. The aforesaid entities shall cease and desist • SEBI, vide its order dated 9th November, 2015 in from undertaking any activity in the exercise of the powers conferred under section securities market, directly or indirectly, 19 read with sections 11(1), 11(4), 11B and 11D in any manner whatsoever till further of the SEBI Act, 1992, issued the following directions. directions in the matter of M/s. Blue Chip h. M/s. Blue Chip Corporation Pvt. Ltd and Corporation Pvt. Ltd: its abovementioned seven directors are a. The financial assets of M/s. Blue Chip prohibited from mobilizing funds in any Corporation Pvt. Ltd. and its seven manner or pooling funds from public and directors viz. Mr.Nitin Rajaram Narke, from offering any unregistered service, in Mr.Pravin B. Darawade, Ms. Bhavana whatever form. Chadha, M/s Milestone Investment, M/s NitinNarke Investment, M/s Blue Cheap i. The above mentioned seven directors are Investment and M/s Blue Chip Investment directed to immediately withdraw and are impounded till further directions. remove all advertisements, representations, They are further directed not to dispose literatures, brochures, materials, off or alienate any of their assets, whether publications, documents, websites, etc. and movable or immovable, or any interest or any unregistered activity in the securities investment or charge in any of such assets market. except for the purpose provided herein. j. M/s. Blue Chip Corporation Pvt. Ltd. and b. The banks and depositories are directed its abovementioned seven directors are that no debits shall be made in their bank prohibited from transferring the funds/ accounts/demat accounts, held jointly or deposits from their bank account, which severally, except after confirmation from were mobilised from the clients or other the concerned stock exchange in this investors or from disposing of or alienating regard. any asset that has been created from the c. The concerned stock exchanges, funds/deposits received from their clients depositories and the banks are directed or other investors for purposes other than to ensure that all the above directions are refund as directed above. strictly enforced. • SEBI, vide its order dated 10th November, d. The aforesaid entities are directed to 2015 in exercise of the powers conferred under provide the complete details of amounts Sections 11, 11(4), 11A and 11B of the SEBI Act collected from investors and amount due read with Section 19 of the SEBI Act read with to each of them. the SEBI Debt Securities Regulations and the

1172 DECEMBER SEBI BULLETIN 2015

SEBI Debenture Trustees Regulations, issued to the holders of Secured and Unsecured the following directives in the matter of M/s. Redeemable Non-Convertible Debentures Vasundhara Realcon Limited: including name of the debenture holder, a. M/s. Vasundhara Realcon Ltd. (VRL) address, amount mobilized, number of shall cease to mobilize any fresh funds Secured Redeemable Non-Convertible from investors through the Offer of Debentures issued, promised maturity Non-convertible Secured Redeemable amount with date of maturity, amount Debentures or through the issuance of refunded and date thereof. equity shares or any other securities, to i. The Debenture Trustee, viz. M/s. the public and/or invite subscription, in “Vasundhara Realcon Debenture Trust” any manner whatsoever, either directly or represented by trustees, Mr. Chinmoy indirectly till further directions; Ghatak and Ms. Priyabrata Roy is b. M/s. VRL and its four directors, viz., Mr. prohibited from continuing with its Sandip Parui, Mr. Ashis Sarkar, Mr. Sahab present assignment as a debenture trustee in Uddin Khan and Mr. Gauranga Roy are respect of the Offer of NCDs of VRL and prohibited from issuing prospectus or any also from taking up any new assignment or offer document or issue advertisement involvement in any new issue of debentures, for soliciting money from the public etc. in a similar capacity, from the date of for the issue of securities, in any manner this Order till further directions. whatsoever, either directly or indirectly, • SEBI vide its order dated 20th Nov. 2015 in till further orders. exercise of the powers conferred under Sections c. M/s. VRL and its abovementioned 11, 11(4), 11A and 11B of the SEBI Act, 1992 directors, are restrained from accessing the issued the following directives in the matter securities market and further prohibited of M/s. Bharat Krishi Samridhi Industries Ltd. from buying, selling or otherwise dealing (BKSIL): in the securities market, either directly or i. The past Director of M/s. BKSIL, viz. indirectly, till further directions. Shri Basir Uddin Khan is prohibited from d. M/s. VRL and its abovementioned issuing prospectus or any offer document directors shall provide a full inventory of or issue advertisement for soliciting money all its assets and properties. from the public for the issue of securities, in any manner whatsoever, either directly e. M/s. VRL and its abovementioned or indirectly, till further orders; directors shall not dispose off any of the properties or alienate or encumber any of ii. The abovementioned past Director of M/s. the assets owned/acquired by that company BKSIL is restrained from accessing the through the Offer of NCDs, without prior securities market and further prohibited permission from SEBI. from buying, selling or otherwise dealing in the securities market, either directly or f. M/s.VRL and its abovementioned indirectly, till further directions; directors shall not divert any funds raised from public at large through the Offer of iii. The abovementioned past Director of M/s. NCDs, which are kept in bank account(s) BKSIL shall provide a full inventory of all and/or in the custody of VRL. his assets and properties. g. M/s.VRL and its abovementioned directors • SEBI vide its order dated 20th Nov. 2015 in shall furnish complete and relevant exercise of the powers conferred under Sections information in respect of the Offer of 11, 11(4), 11A and 11B of the SEBI Act, 1992 NCDs (as sought by SEBI vide letter dated issued the following directives in the matter of December 12, 2013), within fourteen days M/s. Ravi Kiran Realty India Ltd. (RKRIL): from the date of receipt of this Order. i. The past Director of M/s. RKRIL, viz. Shri h. M/s. VRL shall provide to SEBI all Animesh Chowdhury is prohibited from information regarding repayments made issuing prospectus or any offer document

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or issue advertisement for soliciting money from buying, selling or otherwise dealing from the public for the issue of securities, in the securities market, either directly or in any manner whatsoever, either directly indirectly, till further directions; or indirectly, till further orders; iii. The abovementioned past Director of M/s. ii. The abovementioned past Director of M/s. SFL shall provide a full inventory of all his RKRIL is restrained from accessing the assets and properties. securities market and further prohibited • SEBI vide its order dated 20th Nov. 2015 in from buying, selling or otherwise dealing exercise of the powers conferred under Sections in the securities market, either directly or 11, 11(4), 11A and 11B of the SEBI Act, 1992 indirectly, till further directions; issued the following directives in the matter of iii. The abovementioned past Director of M/s. M/s. Falkon Industries India Limited (FIIL): RKRIL shall provide a full inventory of all i. The past Director of M/s. FIIL, viz. Shri his assets and properties. Akmal Sekh is prohibited from issuing • SEBI vide its order dated 20th Nov. 2015 in prospectus or any offer document or issue exercise of the powers conferred under Sections advertisement for soliciting money from 11, 11(4), 11A and 11B of the SEBI Act, 1992 the public for the issue of securities, in issued the following directives in the matter of any manner whatsoever, either directly or M/s. Rising Agrotech Ltd. (RAL): indirectly, till further orders; i. The past Director of M/s. RAL, viz. Ms. ii. The abovementioned past Director of Lina Kayal is prohibited from issuing M/s. FIIL is restrained from accessing the prospectus or any offer document or issue securities market and further prohibited advertisement for soliciting money from from buying, selling or otherwise dealing the public for the issue of securities, in in the securities market, either directly or any manner whatsoever, either directly or indirectly, till further directions; indirectly, till further orders; iii. The abovementioned past Director of M/s. ii. The abovementioned past Director of FIIL shall provide a full inventory of all his M/s. RAL is restrained from accessing the assets and properties. securities market and further prohibited • SEBI vide its order dated 20th Nov. 2015 in from buying, selling or otherwise dealing exercise of the powers conferred under Sections in the securities market, either directly or 11, 11(4), 11A and 11B of the SEBI Act, 1992 indirectly, till further directions; issued the following directives in the matter of iii. The abovementioned past Director of M/s. M/s. Magnox Infra project Ltd.(MIL): RAL shall provide a full inventory of all i. The past six Directors of M/s. MIL, his assets and properties. viz. Shri Manoj Kumar Pradhan, Shri • SEBI vide its order dated 20th Nov. 2015 in Bhimsen Soren, Shri Rasmiranjan Swain, exercise of the powers conferred under Sections Shri Jyotiranjan Panda, Shri Anil Kumar 11, 11(4), 11A and 11B of the SEBI Act, 1992 Senapati and Shri Amrit Bhunia are issued the following directives in the matter of prohibited from issuing prospectus or any M/s. Sunplant Forging Limited (SFL): offer document or issue advertisement i. The past Director of M/s. (SFL), viz. Shri for soliciting money from the public Ameet Singh is prohibited from issuing for the issue of securities, in any manner prospectus or any offer document or issue whatsoever, either directly or indirectly, advertisement for soliciting money from till further orders; the public for the issue of securities, in ii. The abovementioned past Directors of any manner whatsoever, either directly or M/s. MIL are restrained from accessing the indirectly, till further orders; securities market and further prohibited ii. The abovementioned past Director of from buying, selling or otherwise dealing M/s. SFL is restrained from accessing the in the securities market, either directly or securities market and further prohibited indirectly, till further directions;

1174 DECEMBER SEBI BULLETIN 2015

iii. The abovementioned past Directors of • SEBI vide its order dated 20th Nov. 2015 in M/s. MIL shall provide a full inventory of exercise of the powers conferred under Sections all their assets and properties. 11, 11(4), 11A and 11B of the SEBI Act, 1992 • SEBI vide its order dated 20th Nov. 2015 in issued the following directives in the matter of exercise of the powers conferred under Sections M/s. Sun Plant Business Limited (SBL) : 11, 11(4), 11A and 11B of the SEBI Act, 1992 i. The past two Directors of M/s. SBL, issued the following directives in the matter of viz. Shri Girija Shankar Kumar and Shri M/s. Managlam Agro Product Limited (MAPL): Awdhesh Kumar Singh are prohibited from i. The past three Directors of M/s. issuing prospectus or any offer document MAPL, viz. Smt. Runa Mazumder, Smt. or issue advertisement for soliciting money Nabanita Sikder and Smt. Runa Sikder from the public for the issue of securities, are prohibited from issuing prospectus or in any manner whatsoever, either directly any offer document or issue advertisement or indirectly, till further orders; for soliciting money from the public ii. The abovementioned past Directors of for the issue of securities, in any manner M/s. SBL are restrained from accessing the whatsoever, either directly or indirectly, securities market and further prohibited till further orders; from buying, selling or otherwise dealing ii. The abovementioned past Directors of in the securities market, either directly or M/s. MAPL are restrained from accessing indirectly, till further directions; the securities market and further prohibited iii. The abovementioned past Directors of from buying, selling or otherwise dealing M/s. SBL shall provide a full inventory of in the securities market, either directly or all their assets and properties. indirectly, till further directions; • SEBI vide its order dated 20th Nov. 2015 in iii. The abovementioned past Directors of exercise of the powers conferred under Sections M/s. MAPL shall provide a full inventory 11, 11(4), 11A and 11B of the SEBI Act, 1992 of all their assets and properties. issued the following directives in the matter of • SEBI vide its order dated 20th Nov. 2015 in M/s. Sun Plant Construction Limited (SCL) : exercise of the powers conferred under Sections i. The past three Directors of M/s. SCL, 11, 11(4), 11A and 11B of the SEBI Act, 1992 viz. Shri Yoganand Prasad, Shri Ameet issued the following directives in the matter Singh and Shri Girija Shankar Kumar are of M/s. MBK Business Development (India) prohibited from issuing prospectus or any Limited (MBK) : offer document or issue advertisement i. The past three Directors of M/s. MBK, for soliciting money from the public viz. Shri Saikat Brahmachari, Shri for the issue of securities, in any manner Tanmoy Kundu and Shri Sadhan Chandra whatsoever, either directly or indirectly, Brahmachari are prohibited from issuing till further orders; prospectus or any offer document or issue ii. The abovementioned past Directors of advertisement for soliciting money from M/s. SCL are restrained from accessing the the public for the issue of securities, in securities market and further prohibited any manner whatsoever, either directly or from buying, selling or otherwise dealing indirectly, till further orders; in the securities market, either directly or ii. The abovementioned past Directors of indirectly, till further directions; M/s. MBK are restrained from accessing the iii. The abovementioned past Directors of securities market and further prohibited M/s. SCL shall provide a full inventory of from buying, selling or otherwise dealing all their assets and properties. in the securities market, either directly or • SEBI vide its order dated 20th Nov. 2015 in indirectly, till further directions; exercise of the powers conferred under Sections iii. The abovementioned past Directors of 11, 11(4), 11A and 11B of the SEBI Act, 1992 M/s. MBK shall provide a full inventory of issued the following directives in the matter of all their assets and properties. M/s. Kerala Housing Finance Ltd. (KHFL):

1175 DECEMBER SEBI BULLETIN 2015 i. M/s. KHFL shall forthwith cease to assignment as debenture trustee in respect mobilize fresh funds from investors of the Offer of NCDs of M/s. KHFL and through the Offer of NCDs or through also from taking up any new assignment or the issuance of equity shares or any other involvement in any new issue of debentures, securities, to the public and/or invite etc. in a similar capacity, from the date of subscription, in any manner whatsoever, this Order till further directions. either directly or indirectly till further • SEBI vide its order dated 20th Nov. 2015 in directions; exercise of the powers conferred under section ii. M/s. KHFL and its ten Directors/ 19 of the SEBI Act, 1992 and sections 11(1), 11(4) Promoters, viz. Shri G. Unnikrishnan and 11Band regulation 65 of the SEBI (Collective Nair, Shri N. Krishnan Nair, Smt. Komala Investment Schemes) Regulations, 1999, issued Unnikrishnan, Shri G. Sureshkumar, Shri the following directives in the matter of M/s. P. Parameshwaran, Shri B. Ajithkumar, JSR Diaries Limited: Shri Shajan P. G., Shri R. Sukumaran, Shri i. M/s. JSR Dairies Limited and its five S. Sureshkumar and Adv. B Manmadhan, Directors (past and present), viz. Mr. Rajesh are prohibited from issuing prospectus or Khera, Mr. Rajesh Niranjan, Mr.Lalit any offer document or issue advertisement Kumar Arora, Mr.Parveen Kumar andMr. for soliciting money from the public Om Parkash Khurana shall abstain from for the issue of securities, in any manner collecting any money from the investors whatsoever, either directly or indirectly, or launch or carry out any Collective till further orders; Investment Schemes including the schemes iii. M/s. KHFL and its abovementioned which have been identified as a Collective Directors/Promoters, are restrained Investment Scheme in this order. from accessing the securities market and ii. M/s. JSR Dairies Limited and its three further prohibited from buying, selling or Directors viz.Mr. Rajesh Niranjan, otherwise dealing in the securities market, Mr.Lalit Kumar Arora and Mr. Om either directly or indirectly, till further Parkash Khurana shall wind up the existing directions; Collective Investment Schemes and refund iv. M/s. KHFL shall provide a full inventory the money collected by the said company of all its assets and properties; under the schemes with returns which are v. M/s. KHFL’s abovementioned Directors/ due to its investors as per the terms of offer Promoters shall provide a full inventory of within a period of three months from the all their assets and properties; date of this order and thereafter within a vi. M/s. KHFL and its abovementioned period of fifteen days, submit a winding up Directors/Promoters shall not dispose and repayment report to SEBI in accordance off any of the properties or alienate with the SEBI (Collective Investment or encumber any of the assets owned/ Schemes) Regulations, 1999, including the acquired by that company through the trail of funds claimed to be refunded, bank Offer of NCDs, without prior permission account statements indicating refund to the from SEBI; investors and receipt from the investors vii. M/s. KHFL and its abovementioned acknowledging such refunds. Directors/Promoters shall not divert any iii. M/s. JSR Dairies Limited and its funds raised from public at large through abovementioned three Directors shall not the Offer of NCDs, which are kept in bank alienate or dispose off or sell any of the account(s) and/or in the custody of KHFL; assets of the aforesaid company except viii. The Debenture Trustees, viz. Shri K for the purpose of making refunds to its Jayaprasad, Adv. Shri K Radhakrishnan, investors, as directed above. Shri Jose Philip, Shri V Ayyappan Nair iv. M/s. JSR Dairies Limited and its and M/s Bittu Abraham & Associates, abovementioned five Directors (past and are prohibited from continuing with their present) are directed to immediately submit

1176 DECEMBER SEBI BULLETIN 2015

the complete and detailed inventory of all vi. M/s. UCM(I)L and its abovementioned their assets and properties and details of Directors shall not dispose off any of all their bank accounts, demat accounts the properties or alienate or encumber and holdings of shares/securities, if held in any of the assets owned/acquired by physical form. that company through the Offer of v. M/s. JSR Dairies Limited and its four Redeemable Preference Shares, without Directors (past and present) viz. Mr. Rajesh prior permission from SEBI; Khera, Mr. Rajesh Niranjan, Mr. Lalit vii. M/s. UCM (I)L and its abovementioned Kumar Arora and Mr. Parveen Kumar Directors shall not divert any funds raised are restrained from accessing the securities from public at large through the Offer market and are prohibited from buying, of Redeemable Preference Shares, which selling or otherwise dealing in securities are kept in bank account(s) and/or in the market for a period of four years. custody of M/s. UCM(I)L. • SEBI vide its order dated 20th Nov. 2015 in viii. M/s. UCM(I)L and its abovementioned exercise of the powers conferred under Sections Directors shall furnish complete and 11, 11(4), 11A and 11B of the SEBI Act read with relevant information in respect of the Section 19 issued the following directives in the Offer of Redeemable Preference Shares (as matter of M/s. United Cosmetic Manufacturing sought by SEBI letter dated December 17, (I) Ltd. (UCM(I)L and its directors: 2014), within fourteen days from the date i. M/s. UCM(I)L shall not mobilize any fresh of receipt of this order. funds from investors through the Offer of • SEBI vide its order dated 20th Nov. 2015 in Redeemable Preference Shares or through exercise of the powers conferred under section the issuance of equity shares or any other 19 of the SEBI Act, 1992 read with sections 11 securities, to the public and/or invite and 11B restrained and prohibited M/s. Stellar subscription, in any manner whatsoever, Drug Limited from accessing the securities either directly or indirectly till further market and from buying, selling or dealing in directions; securities, directly or indirectly, in whatsoever manner, till it obtains SCORES authentication ii. M/s. UCM (I)L and its seven directors, in terms of the SEBI circular dated August 13, viz. Mr. Samir Chattopadhyay Kumar, 2012 and resolves all the investor grievances Mr. NirapadaMaiti, Mr. AmalPatra, Mr. pending against it. The aforesaid direction is Kartik Jana, Mr. Balwant Kumar Singh, without prejudice to any other action that may Ms. Debashree Bhowmik and Mr. Rajib be taken against the company and its directors in Bhattacharya are prohibited from issuing accordance with law. prospectus or any offer document or issue th advertisement for soliciting money from • SEBI vide its order dated 20 Nov. 2015 in the public for the issue of securities, in exercise of the powers conferred under section any manner whatsoever, either directly or 19 of the SEBI Act, 1992 read with sections 11 indirectly, till further orders; and 11B restrained and prohibited M/s. Pinky Chemicals Limited from accessing the securities iii. M/s. UCM(I)L and its abovementioned market and from buying, selling or dealing in Directors, are restrained from accessing the securities, directly or indirectly, in whatsoever securities market and further prohibited manner, till it obtains SCORES authentication from buying, selling or otherwise dealing in terms of the SEBI circular dated August 13, in the securities market, either directly or 2012 and resolves all the investor grievances indirectly, till further directions; pending against it. The aforesaid direction is iv. M/s. UCM(I)L shall provide a full without prejudice to any other action that may inventory of all its assets and properties; be taken against the company and its directors in v. M/s. UCM(I)L ‘s abovementioned accordance with law. Directors shall provide a full inventory of • SEBI vide its order dated 20th Nov. 2015 in all their assets and properties; exercise of the powers conferred under Sections

1177 DECEMBER SEBI BULLETIN 2015

11(1), 11(4), 11A and 11B of the SEBI Act, 1992 public at large through the issuance of the read with Section 19 and Regulation 107 read impugned equity shares, kept in its bank with Regulation 111 of the SEBI (Issue of Capital accounts and/ or in the custody of the and Disclosure Requirements) Regulations, 2009, Company without prior permission of issued the following directives in the matter SEBI until further orders. of M/s. Hellos Corporation Limited and M/s. vi. The Companies and their respective Hellos Chemical Limited: promoters and directors/ past directors i. The Companies M/s. Helios Corporation are restrained from accessing the securities Limited and M/s. Helios Chemical Limited market and are further prohibited from are restrained from mobilizing funds buying, selling or otherwise dealing in through the issue of optionally convertible securities in any manner whatsoever, debentures (Sun Bonds) or through any either directly or indirectly, till further other form of securities, to the public directions. and/ or invite subscription, in any manner vii. The Company and their respective whatsoever, either directly or indirectly till promoters and directors/ past directors further directions. shall cooperate with SEBI and shall furnish ii. The Companies and their respective all the documents that they have been or promoters/ directors/ past directors viz. shall be required to furnish. Mr. Sanjay Kumar Singh, Mr. Rajeev viii. The Companies and their respective Kumar Sharma, Mr. Kaushal Kishor promoters and directors/ past directors are Singh, Mr. Basant Kumar Singh, Mr. also directed to provide a full inventory of Sanjeet Kumar Sharma, Mr.Anjani Kumar, all their assets and properties and details Mr. Virendra Prasad Sinha, Mr. Govind of all their bank accounts, demat accounts Madhava Jha, Mr. Satyendra Singh, and holdings of shares/ securities, if held in Ms.Prema Kumari, Mr. Devendra Prasad physical form. Singh, Mr. Rakesh Kumar, Ms. Manju • SEBI vide its order dated 20th Nov. 2015 in Pathak, Mr. Surendra Nath Singh and Ms. exercise of the powers conferred under Sections Krishna Devi are prohibited from issuing 11, 11(4), 11A and 11B of the SEBI Act read with prospectus or any offer document or issue Section 19 issued the following directives in the advertisement for soliciting money from matter of M/s. Suncity Infracon Corporation the public for the issue of securities, in India Limited: any manner whatsoever, either directly or i. M/s. SICIL shall not mobilize any fresh indirectly, till further orders. funds from investors through the Offer of iii. The Companies and their respective Redeemable Preference Shares or through promoters and directors/ past directors the issuance of equity shares or any other are prohibited from issuing prospectus or securities, to the public and/or invite any offer document or issue advertisement subscription, in any manner whatsoever, for soliciting money from the public either directly or indirectly till further for the issue of securities, in any manner directions; whatsoever, either directly or indirectly, ii. M/s. SICIL and its present three Directors, till further orders. viz. Shri Subrata Das, Shri Apu Saha and iv. The Companies and their respective Shri Prashanta Das are prohibited from promoters and directors/ past directors issuing prospectus or any offer document shall not dispose off any of the properties or issue advertisement for soliciting money or alienate the assets of the Company from the public for the issue of securities, or dispose off any of their properties or in any manner whatsoever, either directly alienate their assets. or indirectly, till further orders; v. The Companies and their respective iii. The past Directors of M/s. SICIL, viz. Shri promoters and directors/ past directors Abhijit Dhar, Shri Sajal Bhowmick and shall not divert any funds raised from Shri Rajesh Kumar Das are prohibited from

1178 DECEMBER SEBI BULLETIN 2015

issuing prospectus or any offer document permission of SEBI, in respect of the or issue advertisement for soliciting money bank accounts and demat accounts, held from the public for the issue of securities, jointly or severally, by all the persons/ in any manner whatsoever, either directly entities indicated above. The Banks and the or indirectly, till further orders; Depositories are directed to ensure that all the above directions are strictly enforced. iv. M/s. SICIL and its abovementioned past However, credits, if any, into the accounts and present Directors, are restrained maybe allowed. from accessing the securities market and further prohibited from buying, selling or ii. The above persons/entities are also otherwise dealing in the securities market, directed not to dispose off or alienate any either directly or indirectly, till further of their assets/properties/securities, till directions; such time the amounts mentioned above are credited to an escrow account {“Escrow v. M/s. SICIL shall provide a full inventory Account in Compliance with SEBI Order of all its assets and properties; dated November 20, 2015 – A/c (in the vi. M/s. SICIL’s abovementioned past and name of the respective persons/entities)”} present Directors shall provide a full created specifically for the purpose in a inventory of all their assets and properties; Nationalized Bank. The escrow account/s vii. M/s. SICIL and its abovementioned shall create a lien in favour of SEBI and present Directors shall not dispose off any the monies kept therein shall not be of the properties or alienate or encumber released without permission from SEBI. any of the assets owned/acquired by On production of proof by any of the that company through the Offer of persons, mentioned above, that the said Redeemable Preference Shares, without money is deposited in the escrow account, prior permission from SEBI; SEBI shall communicate to the Banks and viii. M/s. SICIL and its abovementioned present Depositories to defreeze the accounts. Directors shall not divert any funds raised iii. Further, the above persons/entities are from public at large through the Offer directed to provide, within seven days of of Redeemable Preference Shares, which this order, a full inventory of all their assets are kept in bank account(s) and/or in the and properties and details of all their bank custody of M/s. SICIL; accounts, demat accounts and holdings of ix. M/s. SICIL and its abovementioned shares/securities, if held in physical form Directors shall furnish complete and and details of companies in which they relevant information in respect of the hold substantial or controlling interest. Offer of Redeemable Preference Shares (as • SEBI vide its order dated 23rd Nov. 2015 in sought by SEBI letters dated June 13, 2014 exercise of the powers conferred under section and July 2, 2014), within fourteen days 19 of the SEBI Act read with sections 11 and from the date of receipt of this Order. 11B restrained and prohibited M/s. Alexcon • SEBI vide its order dated 20th Nov. 2015, in Foamcast Limited from accessing the securities exercise of the powers conferred under section 19 market and from buying, selling or dealing in read with sections 11(1), 11(4)(d) and 11B of the securities, directly or indirectly, in whatsoever SEBI Act, 1992, ordered to impound the alleged manner, till it obtains SCORES authentication unlawful gains of a sum of ` 10,41,005 (alleged in terms of the SEBI circular dated August 13, gain of ` 6,01,937 + interest of ` 4,39,068 from 2012 and resolves all the investor grievances 10/09/2009 to 10/11/2015), jointly and severally pending against it. from the noticees viz. Mr. Amit Jaiswal and Ms. • SEBI vide its order dated 24th Nov. 2015 in Mansi in the matter of M/s. Jagran Prakashan exercise of the powers conferred under Section Limited: 19 read with Sections 11(1), 11(4)(d) and 11(B) i. The Banks and Depositories are directed of the SEBI Act, 1992, ordered to impound the that no debits shall be made, without alleged unlawful gains of ` 1,84,68,558 [i.e. alleged

1179 DECEMBER SEBI BULLETIN 2015

gain of ` 98,11,689 + interest of ` 86,56,869 a. M/s. Karmbhoomi Real Estate Limited (from July 18, 2008 to November 24, 2015)] and its present and past directors viz. Mr. made by noticees Mr. Arun Jain and ` 19,69,471 Sardar Singh, Mr. Manoj Kumar Sengar, [i.e. alleged gain of ` 10,46,312 + interest of Mr. Mahipal Singh, Mr. Devendra Pal ` 9,23,159 (from July 18, 2008 to November 24, Singh and Mr. Nirmal Kumar Singh shall 2015)] made by Mr. R. Srikanth in the matter of abstain from collecting any money from M/s. Polaris Software Lab Limited; the investors or launch or carry out any i. The Banks and Depositories are directed Collective Investment Schemes including that no debits shall be made, without the schemes which have been identified as permission of SEBI, in respect of the bank a Collective Investment Schemes in this accounts and demat accounts, held jointly Order. or severally, by the abovementioned b. M/s. Karmbhoomi Real Estate Limited and persons/ entities. The Banks andthe its present directors viz. Mr. Sardar Singh, Depositories are directed to ensure that all Mr. Manoj Kumar Sengar and Mr. Mahipal the above directions are strictly enforced. Singh shall wind up the existing Collective However, credits, if any, into the accounts Investment Schemes and refund the money may be allowed. collected by the said company under the ii. The abovementioned persons/ entities are schemes with returns which are due to its also directed not to dispose off or alienate investors as per the terms of offer within any of their assets/ properties/ securities, a period of three months from the date of till such time the amounts mentioned above this order and thereafter within a period are credited to an escrow account [‘Escrow of fifteen days, submit a winding up and Account in Compliance with SEBI Order repayment report to SEBI in accordance dated November 24, 2015 – A/c (in the with the SEBI (Collective Investment name of the respective persons/ entities)’] Schemes) Regulations, 1999, including the created specifically for the purpose in a trail of funds claimed to be refunded, bank Nationalized Bank. The escrow account/s account statements indicating refund to the shall create a lien in favour of SEBI and the investors and receipt from the investors monies kept therein shall not be released acknowledging such refunds. without permission from SEBI. On production of proof by any of the persons, c. M/s. Karmbhoomi Real Estate Limited, the said money is deposited in the escrow its promoters and present directors, Mr. account, SEBI shall communicate to the Sardar Singh, Mr. Manoj Kumar Sengar Banks and Depositories to defreeze the and Mr. Mahipal Singh shall not alienate accounts. or dispose off or sell any of the assets of iii. Further, the abovementioned persons/ the Company except for the purpose of entities are directed to provide, within making refunds to its investors as directed seven days of this order, a full inventory above. of all their assets and properties and details d. M/s. Karmbhoomi Real Estate Limited of all their bank accounts, demat accounts and its abovementioned present and past and holdings of shares/securities, if held in directors are also directed to provide a full physical form and details of companies in inventory of all their assets and properties which they hold substantial or controlling and details of all their bank accounts, demat interest. accounts and holdings of shares/securities, • SEBI vide its order dated 30th Nov. 2015 in if held in physical form. exercise of the powers conferred under Section e. M/s. Karmbhoomi Real Estate Limited 19 of the SEBI Act, 1992 and Sections 11(1), 11B and its abovementioned present and past and 11(4) Regulation 65 of the SEBI (Collective directors are restrained from accessing the Investment Schemes) Regulations, 1999, issued securities market and are prohibited from the following directives in the matter of M/s. buying, selling or otherwise dealing in Karmbhoomi Real Estate Limited: securities market for a period of four years.

1180 DECEMBER SEBI BULLETIN 2015 Tables Table 1: SEBI Registered Market Intermediaries/Institutions Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during November 2015 Table 3: Open Offers under SEBI Takeover Code closed during November 2015 Table 4: Substantial Acquisition of Shares and Takeovers Table 5: Capital Raised from the Primary Market through though Public and Rights Issues Table 6: Issues Listed on SME Platform Table 7: Industry-wise Classification of Capital Raised through Public and Rights Issues Table 8: Sector-wise and Region-wise Distribution of Capital Mobilised through Public and Rights Issues Table 9: Size-wise Classification of Capital Raised through Public and Rights Issues Table 10: Capital Raised by Listed Companies from the Primary Market through QIPs Table 11: Preferential Allotments Listed at BSE and NSE Table 12: Private Placement of Corporate Debt Reported to BSE and NSE Table 13: Trading in the Corporate Debt Market Table 14: Ratings Assigned for Long-term Corporate Debt Securities (Maturity ≥ 1 year) Table 15: Review of Accepted Ratings of Corporate Debt Securities (Maturity ≥ 1 year) Table 16: Distribution of Turnover on Cash Segments of Exchanges (` crore) Table 17: Trends in Cash Segment of BSE Table 18: Trends in Cash Segment of NSE Table 19: Daily trends in Cash Segment of BSE during November 2015 Table 20: Daily trends in Cash Segment of NSE during November 2015 Table 21: Turnover and Market Capitalisation at BSE and NSE during November 2015 (` crore) Table 22: City-wise Distribution of Turnover on Cash Segments of BSE and NSE Table 23: Category-wise Share of Turnover in Cash Segment of BSE Table 24: Category-wise Share of Turnover in Cash Segment of NSE Table 25: Component Stocks: S&P BSE Sensex during November 2015 Table 26: Component Stocks: CNX Nifty Index during November 2015 Table 27: Advances/Declines in Cash Segment of BSE and NSE Table 28: Trading Frequency in Cash Segment of BSE and NSE Table 29: Daily Volatility of Major Indices (percent) Table 30: Percentage Share of Top ‘N’ Securities/Members in Turnover of Cash Segment (percent) Table 31: Settlement Statistics for Cash Segment of BSE Table 32: Settlement Statistics for Cash Segment of NSE Table 33: Trends in Equity Derivatives Segment at BSE (Turnover in Notional Value) Table 34: Trends in Equity Derivatives Segment at NSE Table 35: Equity Derivatives Trading at BSE during November 2015 Table 36: Equity Derivatives Trading at NSE during November 2015 Table 37: Settlement Statistics in Equity Derivatives Segment at BSE and NSE (` crore) Table 38: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of BSE Table 39: Category-wise Share of Turnover & Open Interest in Equity Derivative Segment of NSE Table 40: Instrument-wise Turnover in Index Derivatives at BSE Table 41: Instrument-wise Turnover in Index Derivatives at NSE Table 42: Trends in Currency Derivatives Segment at NSE Table 43: Trends in Currency Derivatives Segment at MSEI Table 44: Trends in Currency Derivatives Segment at BSE Table 45: Daily Trends of Currency Derivatives Trading at NSE during November 2015 Table 46: Daily Trends of Currency Derivatives Trading at MSEI during November 2015 Table 47: Daily Trends of Currency Derivatives trading at BSE during November 2015

1181 DECEMBER SEBI BULLETIN 2015

Table 48: Settlement Statistics of Currency Derivatives Segment (` crore) Table 49: Instrument-wise Turnover in Currency Derivatives of NSE Table 50: Instrument-wise Turnover in Currency Derivative Segment of MSEI Table 51: Instrument-wise Turnover in Currency Derivative Segment of BSE Table 52: Maturity-wise Turnover in Currency Derivative Segment of NSE (` crore) Table 53: Maturity-wise Turnover in Currency Derivative Segment of MSEI (` crore) Table 54: Maturity-wise Turnover in Currency Derivative Segment of BSE (` crore) Table 55: Trading Statistics of Interest Rate Futures at BSE, NSE and MSEI Table 56: Daily Trends of Interest Rate Futures trading at BSE during November 2015 Table 57: Daily Trends of Interest Rate Futures trading at NSE during November 2015 Table 58: Daily Trends of Interest Rate Futures trading at MSEI during November 2015 Table 59: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI (` crore) Table 60: Trends in Foreign Portfolio Investment Table 61: Daily Trends in Foreign Portfolio Investment during November 2015 Table 62: Notional Value of Offshore Derivative Instruments (ODIs) Vs Assets Under Custody (AUC) of FPIs/Deemed FPIs (` crore) Table 63: Assets under the Custody of Custodians Table 64: Trends in Resource Mobilization by Mutual Funds (` crore) Table 65: Type-wise Resource Mobilisation by Mutual Funds: Open-ended and Close-ended (` crore) Table 66: Scheme-wise Resource Mobilisation and Assets under Management by Mutual Funds (` crore) Table 67: Number of Schemes and Folios by Investment Objective Table 68: Trends in Transactions on Stock Exchanges by Mutual Funds (` crore) Table 69: Asset Under Management by Portfolio Manager Table 70: Progress Report of NSDL & CDSl as on End of November 2015 (Listed Companies) Table 71: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies) Table 72: Depository Statistics for November 2015 Table 73: National Commoditiy Exchanges - Permitted Commodities Table 74: Trends in MCXCOMDEX of MCX Table 75: Trends in Dhaanya of NCDEX Table 76: Daily trends in MCXCOMDEX during November 2015 Table 77: Daily trends in Dhaanya during November 2015 Table 78: Trends in Commodity Futures at MCX Table 79: Trends in Commodity Futures at NCDEX Table 80: Trends in Commodity Futures at NMCE Table 81: Daily trends of Commodity Futures Trading at MCX during November 2015 Table 82: Daily trends of Commodity Futures Trading at NCDEX during November 2015 Table 83: Daily trends of Commodity Futures Trading at NMCE during November 2015 Table 84: Commodity-wise Share in Turnover at MCX (percent) Table 85: Commodity-wise Share in Turnover at NCDEX (percent) Table 86: Category-wise Percentage Share of Turnover & Open Interest at MCX Table 87: Category-wise Percentage Share of Turnover & Open Interest at NCDEX Table 88: Category-wise Percentage Share of Turnover & Open Interest at NMCE Table 89: Macro Economic Indicators N.B.: 1. Na = Not Applicable 2. NA: Not Available 3. 1 crore = 10 million = 100 lakh. 4. The total provided in the Annexure and Statistical Tables November not always match with the sum total of the break-ups due to decimal differences. 5. The data for the current month is provisional.

1182 DECEMBER SEBI BULLETIN 2015

Table 1: SEBI Registered Market Intermediaries/Institutions

Market Intermediaries 2014-15 2015-16$ Stock Exchanges (Cash Market) 15 5 Stock Exchanges (Equity Derivatives Market) 3 3 Stock Exchanges (Currency Derivatives Market) 3 3 Stok Exchanges (Commodities Derivatives Market) Na 12 Brokers (Cash Segment)* 6,147 3,187 Corporate Brokers (Cash Segment)* 3,757 2,771 Brokers (Equity Derivatives Market) 2,990 2,772 Brokers (Currency Derivatives Market) 2,406 1,985 Brokers (Debt Segment) 66 Sub-brokers (Cash Segment) * 42,351 36,848 Foreign Portfolio Investors (FPIs) 1,444 3,257 Deemed FPIs 6,772 5,327 Custodians 19 19 Depositories 22 Depository Participants of NSDL & CDSL 854 855 Merchant Bankers 197 192 Bankers to an Issue 60 62 Underwriters 22 Debenture Trustees 32 32 Credit Rating Agencies 67 KYC Registration Agency (KRA) 5 5 Registrars to an Issue & Share Transfer Agents 72 73 Venture Capital Funds 201 200 Foreign Venture Capital Investors 204 212 Alternative Investment Funds 135 182 Portfolio Managers 188 200 Mutual Funds 47 47 Investment Advisors 271 359 Reasearch Analysts 26 222 Collective Investment Management Company 1 1 Approved Intermediaries (Stock Lending Schemes) 2 2 STP (Centralised Hub) 11 STP Service Providers 22 Notes: 1. The Hyderabad Securities and Enterprises Ltd (erstwhile Hyderabad Stock Exchange), Coimbatore Stock Exchange Ltd, Saurashtra Kutch Stock Exchange Ltd ,Mangalore Stock Exchange, Inter-Connected Stock Exchange of India Ltd, Cochin Stock Exchange Ltd, Bangalore Stock Exchange Ltd , Ludhiana Stock exchange Ltd, Gauhati Stock Exchange Ltd, Bhubaneswar Stock Exchange Ltd, Jaipur Stock Exchange Ltd, OTC Exchange of India , Pune Stock Exchange Ltd, Madras Stock Exchange Ltd, U.P.Stock Exchange Ltd, Madhya Pradesh Stock Exchange Ltd and Vadodara Stock Exchange Ltd have been granted exit by SEBI vide orders dated January 25, 2013, April 3, 2013, April 5, 2013, March 3, 2014, December 08, 2014, December 23, 2014, December 26, 2014, December 30, 2014, January 27, 2015, February 09, 2015, March 23, 2015, March 31, 2015, April 13, 2015, May 14, 2015, June 09, 2015 and November 09, 2015 respectively. 2. SEBI vide order dated September 3, 2007 refused to renew the recognition granted to Magadh Stock Exchange Ltd. 3. Stock brokers and Sub-brokers of Inter connected Stock exchange, Cochin Stock Exchange, Bangalore Stock Exchange, and Ludhiana Stock Exchange, which were granted exit, are excluded. 4. SEBI has withdrawn the recognition granted to Delhi Stock Exchange Limited dated November 19, 2014. 5. Pursuant to Section 131 of Finance Act, 2015 and Central Government notifi cation F.No. 1/9/SM/2015 dated 28th August, 2015 all recognized associations (Commodity derivatives exchanges) under the Forward Contracts (Regulation) Act, 1952 (FCRA) as on September 28, 2015 are deemed to be recognized stock Exchanges under the Securities Contracts (Regulation) Act, 1956 (SCRA). 6. *Stock brokers/sub-brokers pertaining to active stock exchanges. $ indicates as on November 30, 2015. Source: SEBI, NSDL.

1183 DECEMBER SEBI BULLETIN 2015

Table 2: Company-Wise Capital Raised through Public and Rights Issues (Equity) during November 2015 No. of Face Premium Issue Size of Name of the Issuer/ Date of Type of Type of S.No. Shares Value Value Price Issue Company Opening Issue Instrument Issued (`) (`) (`) (` crore) 1 Ashima Ltd 18-Nov-15 Rights Equity 8,00,85,089 10 0 10 80 Navigant Corporate 2 30-Nov-15 IPO (OFS) (SME) Equity 8,50,000 10 0 20 1 Advisors Limited Note: 1. All the issues are compiled from the Prospectus’ of Issuer Companies filed with SEBI. Source: SEBI. Table 3: Open Offers under SEBI Takeover Code closed during November 2015 Offer Size Offer Offer Offer Percent of S.No. Target Company Acquirer Opening Closing No. of Price Equity Date Date Shares (`) per share Capital

1 TASTY BITE EATABLES LTD KAGOME CO LTD 10/27/2015 11/9/2015 661490 26 662.4

ARUN VARUN TRADE AND MR GAUTAM BHANDARI AND 2 10/28/2015 11/10/2015 104000 26 783.0 INVESTMENT LTD MR JAYANTILAL BHANDARI FIH MAURITIUS INVESTMENTS 3 IIFL HOLDINGS LTD 10/29/2015 11/13/2015 83128852 26 195.0 LTD ONESOURCE TECHMEDIA 4 MR FAYAZ USMAN FAHEED 11/2/2015 11/17/2015 1688050 26 6.0 LTD BRAND REALTY SERVICES 5 MR KAMAL MANCHANDA 11/4/2015 11/23/2015 600880 20 30.0 LTD KREBS BIOCHEMICALS & 6 IPCA LABORATORIES LTD 11/9/2015 11/24/2015 3573515 26 54.0 INDUSTRIES LTD

7 MATRU-SMRITI TRADERS LTD MR ABHISHEK BANSAL 11/9/2015 11/24/2015 443722 25 110.0

Source: SEBI. Table 4: Substantial Acquisition of Shares and Takeovers Open Offers Objectives Total Year/ Change in Control Consolidation of Substantial Month of Management Holdings Acquisition No. of Amount offers (` crore) No. of Amount No. of Amount No. of Amount offers (` crore) offers (` crore) offers (` crore) 2014-15 51 5,442 1 11,449 8 350 60 17,241

2015-16$ 36 788 3 4 6 2,050 45 2,842

Apr-15 1 90 0 0 1 398 2 489

May-15 5 18 0 0 0 0 5 18

Jun-15 9 233 0 0 1 19 10 253

Jul-15 2 3 0 0 0 0 2 3

Aug-15 8 243 0 0 1 1 9 244

Sep-15 4 2 1 0.3 0 0 5 2

Oct-15 3 47 0 0 2 1,629 5 1,677

Nov-15 4 150 2 4 1 3 7 157 $ indicates as on November 30, 2015. Source: SEBI.

1184 DECEMBER SEBI BULLETIN 2015 crore) 9,413 ` Amount ( issues No. of crore) ` Amount ( CCPS/FCDs* Debt issues No. of crore) ` Amount ( ted plus IPOs) or instrument-wise(equities plus issues No. of Equities crore) ` Amount ( At Par At Premium issues No. of crore) ` Amount ( issues No. of led with SEBI. crore) ` Amount ( issues No. of crore) ` Amount ( issues No. of crore) Category-wise Issue-type Instrument-wise ` Amount ( Public Rights Listed IPOs issues No. of crore) ` Amount ( Total CCPS/FCDs plus debt). CCPS/FCDs plus debt). issues No. of Year/ Month 2014-152015-16$ 88Apr-15 63 19,202May-1524932493000024930024930000 22,492Jun-1594399439000094392774320000 7 70Jul-1588847784110022646619007719001164 9,600 54 12,453Aug-15 13,862Sep-15 5 10 18Oct-15 9 2,102 14 2,141Nov-153311223118023101118011001230 6,750 10 8,631 910 10 7,715 2 42 19 15,892 2,141 7,498 11 12,863 8 46 748 0 6,924 4 44 3,311 8,208 9,629 3 0 2 8 3 162 791 4 1 1,392 49 4 228 92 6 0 55 2,991 862 49 9 8,740 18,168 0 10 1,913 4 1 4,724 0 48 5 0 1,000 8,890 0 0 1 0 24 0 0 10 5 9 4,232 0 1,913 6 12 5,515 2 205 0 0 710 0 0 0 0 1 4 228 1 2,200 700 Table 5: Capital Raised from the Primary through Market though Public and Rights Issues Table Notes: 1. The category-wise total provides total of of any the three sub-categories viz. public plus rights or issuer-type(lis 4. 30, 2015. $ indicates as on November * CCPS: Compulsory Preference Convertible Shares, FCDs: Fully Debentures. Convertible 5. Source: SEBI. Equity public issues also includes listed on SME platform. 2. months is provisional. issue for last two Amount for public debt 3. All the Issues are compiled from the Prospectus’ of Issuer Companies fi

1185 DECEMBER SEBI BULLETIN 2015

Table 6: Issues Listed on SME Platform

Total Year/ Month No. of issue Amount (` crore)

2014-15 39 278

2015-16$ 29 241

Apr-15 0 0

May-15 1 5

Jun-15 8 39

Jul-15 5 69

Aug-15 3 21

Sep-15 10 48

Oct-15 1 58

Nov-15 1 1

$ indicates as on November 30, 2015. Source: SEBI

Table 7: Industry-wise Classifi cation of Capital Raised through Public and Rights Issues

2014-15 2015-16$ Nov-15 Industry No. of Amount No. of Amount No. of Amount issue (` crore) issue (` crore) issue (` crore) Banking/FIs 5 901 0 0 0 0 Cement & Construction 7 2,035 4 997 0 0 Chemical 1 8 1 70 0 0 Electronics 1 330000 Engineering 1 525 2 373 0 0 Entertainment 6 884 2 21 0 0 Finance 30 9,728 8 2,174 1 230 Food Processing 2 25 1 400 0 0 Health Care 0 0 1 2 0 0 Information Technology 3 137 1 5 0 0 Paper & Pulp 0 0 0 0 0 0 Plastic 2 8 2 104 0 0 Power 0 0 3 2,100 0 0 Printing 0 0 1 3 0 0 Telecommunication 1 175 0 0 0 0 Textile 3 388 4 88 1 80 Others 26 4,357 33 16,154 1 1 Total 88 19,202 63 22,491 3 311 $ indicates as on November 30, 2015. Source: SEBI.

1186 DECEMBER SEBI BULLETIN 2015 crore) crore) ` Amount ( ` Amount ( issue No. of issue No. of crore) ` Amount ( crore) ` Amount ( issue No. of issue No. of crore) ` Amount ( crore) ` Amount ( issue No. of issue No. of crore) ` Amount ( crore) issue No. of ` Amount ( crore) ` Amount ( issue No. of issue No. of crore) ` Amount ( Sector-wise Region-wise crore) ` Amount ( issue No. of Private Public Northern Eastern Western Southern issue No. of crore) ` Amount ( crore) ` Amount ( Total < 5 crore 5crore ≥ - < 10crore ≥ 10 crore - < 50 crore ≥ 50 crore - < 100 crore ≥ 100 crore Total issue No. of issue No. of Year/ Month Year/ Month 2014-152015-16$Apr-15 88May-15 63 19,202Jun-1594399439001512542923 22,492 7Jul-15 2Aug-15 70 9,600 53Sep-15 493 11,099 8Oct-15 10 18,260 5Nov-15 14 883 2,141 18 2 10 8,890 10 3 910 8,102 7,715 493 4,232 7 9 2 311 13 18 1,913 719 6 0 9 710 3,629 210 2 5,515 6,212 1 1 0 1 81 6 1 228 4 164 4 600 2 700 519 2,200 1 584 0 0 493 1 35 230 2 3 35 0 0 410 0 5,551 4,409 705 11,426 0 0 1 27 3 0 0 15 1 0 7,822 8,993 167 0 4,272 0 0 5 0 2 5 7 0 4 9 0 768 1,483 167 1,356 0 87 2 3 2 3 0 2 658 81 552 1,950 111 1 230 2014-152015-16$Apr-15May-152493150000001488 88Jun-15 63Jul-15 19,202 7Aug-15 22,492Sep-15 9 9,600Oct-15 23 8Nov-15 18 10 439 14 0 75 10 883 2,141 51 3 910 6 7,715 0 11 2 2 311 6 6 17 0 89 0 6 6 33 1 18 1 0 11 0 1 0 5 1 4 5 227 0 0 103 6 0 0 22 1 2 0 0 6 2 1 0 1 109 17 0 417 0 58 16 0 11 41 0 0 28 0 0 1 18,702 0 2 21,888 0 2 70 7 0 159 1 1 108 9,600 6 3 80 1 400 8 2,050 814 700 1 7,607 230 $ indicates as on November 30, 2015. $ indicates as on November Source: SEBI. Table 8: Sector-wise and Region-wise Distribution of and Region-wise 8: Sector-wise Table Capital Mobilised through Public and Rights Issues Classification of 9: Size-wise Table Capital Raised through Public and Rights Issues 30, 2015. $ indicates as on November Source: SEBI.

1187 DECEMBER SEBI BULLETIN 2015

Table 10: Capital Raised by Listed Companies from the Primary Market through QIPs NSE BSE Common Total Year/Month No. of Amount No. of Amount No. of Amount No. of Amount issues (` crore) issues (` crore) issues (` crore) issues (` crore) 2014-15 2 725 8 2,326 41 1 26,051 51 1 29,102 2015-16$ 0 0 7 1,494 12 11,573 19 13,067 Apr-15 0 0 4 1,032 0 0 4 1,032 May-15 0 0 2 401 1 325 3 726 Jun-15 0 0 0 0 2 1,507 2 1,507 Jul-15 0 0 1 62 4 4,762 5 4,824 Aug-15 0 0 0 0 2 231 2 231 Sep-15 0 0 0 0 2 4,338 2 4,338 Oct-15 0 0 0 0 0 0 0 0 Nov-15 0 0 0 0 1 409 1 409 Notes: 1. The above data includes both “no. of issues” and “Amount” raised on conversion of convertible securities issued on QIP basis. 2. 1 Includes one issue of Institutional Placement Programme (Issue Size of `418.3 crore). $ indicates as on November 30, 2015. Source: BSE and NSE. Table 11: Preferential Allotments Listed at BSE and NSE NSE BSE Common Total Year/ Month No. of Amount No. of Amount No. of Amount No. of Amount issues (` crore) issues (` crore) issues (` crore) issues (` crore) 2014-15 206 4,407 75 5,984 186 19,569 419 28,260 2015-16$ 100 1,185 15 845 125 40,129 240 42,160 Apr-15 12 49 2 54 23 10,382 37 10,485 May-15 7 78 1 24 22 5,305 30 5,407 Jun-15 20 110 2 15 16 1,381 38 1,506 Jul-15 19 166 2 23 10 469 31 658 Aug-15 10 87 0 0 8 1,701 18 1,788 Sep-15 16 151 1 389 17 491 34 1,031 Oct-15 7 421 1 0 15 15,962 23 16,382 Nov-15 9 124 6 341 14 4,439 29 4,903 $ indicates as on November 30, 2015. Source: BSE and NSE.

Table 12: Private Placement of Corporate Debt Reported to BSE and NSE NSE BSE Common Total Year/ Month No. of Amount No. of Amount No. of Amount No. of Amount issues (` crore) issues (` crore) issues (` crore) issues (` crore) 2014-15 1,094 1,69,726 1,386 1,17,949 131 1,16,461 2,611 4,04,137 2015-16$ 928 1,34,296 1,063 1,06,572 64 70,401 2,055 3,11,269 Apr-15 175 37,968 186 31,282 17 15,556 378 84,807 May-15 134 9,349 113 8,193 4 3,150 251 20,692 Jun-15 170 20,184 109 11,692 4 4,250 283 36,125 Jul-15 150 15,059 170 9,401 5 3,460 325 27,920 Aug-15 109 15,565 153 16,186 10 14,814 272 46,564 Sep-15 64 7,872 124 8,264 11 10,476 199 26,612 Oct-15 77 18,782 128 14,614 9 10,535 214 43,931 Nov-15 49 9,518 80 6,940 4 8,160 133 24,618 $ indicates as on November 30, 2015. Source: SEBI

1188 DECEMBER SEBI BULLETIN 2015 crore) ` Amount ( crore) ` ( Traded Value Value Traded No. of issue crore) ` Amount ( No. of Trades Non-Investment GradeNon-Investment Total No. of issue crore) ` Amount ( crore) ` ( Traded Value Value Traded No. of issue crore) ` Amount ( No. of Trades No. of issue crore) Investment Grade Investment ` crore) ( ` Amount ( Traded Value Value Traded BSE NSE MSEI No. of issue crore) ` No. of Trades Amount ( Highest Safety (AAA) High Safety (AA) Adequate Safety (A) Safety (BBB) Moderate No. of issue 2014-152015-16$Apr-15May-15Jun-15Jul-15 17,710Aug-15 11,304Sep-15 1,518Oct-15 1,453Nov-15 1,552 2,04,506 1,376 1,47,745 1,291 1,198 19,360 1,784 18,934 1,132 18,102 58,073 18,471 35,375 18,762 16,916 5,051 22,528 4,519 14,672 4,613 8,86,788 5,39,829 4,509 4,312 4,471 74,699 4,637 61,135 3,263 65,002 64,378 8 69,803 0 68,898 79,015 56,900 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Year/ Month Year/ Period 2014-152015-16$Apr-15May-15 201 111Jun-15 7,14,360Jul-15 15 8,50,047Aug-15 11 3,14,195Sep-15 15 354 1,01,682Oct-15 198 15Nov-15 1,04,264 2,53,555 12 12 1,17,174 25 44,143 22 31,501 11 246 10,929 24 1,70,025 7 10,998 132 75,888 38 52,227 34,502 40 8,350 25,682 27 8 10,998 18 18,633 24 292 21 12,343 1,426 11 77 3,481 10,815 30 28,655 24 5,181 7,956 12 4,154 5 5,049 14 8 703 7,965 16 930 5 55 257 30,711 1,147 11 208 7 682 6,149 22 503 1,796 1,227 2 7 7 10,79,508 523 7 573 848 1 342 7 380 1,624 10,05,327 9 186 9 383 30 42 66 9 609 83 1,140 3,27,148 1,20,114 101 1,087 5 1,44,815 92 61,800 95 65 777 59,231 1,85,286 89,316 29 17,616 Grade Table 13: Trading in the Corporate Market Debt 13: Trading Table 30, 2015. $ indicates as on November Source: SEBI 14: Ratings Assigned for Long-term Corporate Securities (Maturity ≥ 1 year) Debt Table 30, 2015. $ indicates as on November Source: Credit Rating Agencies.

1189 DECEMBER SEBI BULLETIN 2015 crore) crore) ` ` Amount ( ( issue No. of crore) ` Amount ( issue No. of crore) ` Amount ( issue No. of crore) ` Amount ( issue No. of crore) ` Amount ( issue No. of crore) ` Amount ( Upgraded Downgraded Reaffirmed Rating Watch Suspended Withdrawn/ Total issue No. of AhmedabadBSECalcuttaMSEINSE 0 8,54,845 0 43,29,655 0.3 4,95,840 0 28,47,352 0 150 50,799 0 3,07,150 0 3 Stock Exchanges 2014-15 2015-16$ Nov-15 Period 2014-152015-16$Apr-15 464May-15 267Jun-15 1,87,443Jul-15 4 91,612Aug-15 77Sep-15 12 206Oct-15 13,668 985 38 186Nov-15 1,03,203 48 24,724 42 31,187 92,912 39 12,999 46 1,930 6 5 15 5,929 59,47,139 1,328 3,173 23 2,119 3,955 9 45,03,856 1,914 8,790 17,042 83 50 41 11 65 4,997 265 20 16 39,868 60,743 6,14,414 113 6,70,671 15,087 8,00,730 195 11,530 20,129 4,92,891 568 451 11 3,25,509 81 0 13,41,821 2 293 81 65,843 2 2,57,821 6,740 2,57,983 1 91,868 1,580 0 3 3,101 1,300 24 1 63,64,371 2,094 500 1,400 1 41 17 47,91,777 47 4,092 10 1,280 8,983 39 6,059 56 12,329 192 4,004 69 335 8,216 13 6,42,087 92 223 8,44,807 48,184 6,81,670 5,54,749 292 1,357 752 13,97,233 3,48,009 208 116 3,23,222 2,82,663 Grade Table 15: Review of 15: Review Table Accepted Ratings of Corporate Securities (Maturity ≥ 1 year) Debt 30, 2015. $ indicates as on November Source: Credit Rating Agencies. 16: Distribution ofTable on Cash Segments of Turnover Exchanges 30, 2015. $ indicates as on November Source: Exchanges.

1190 DECEMBER SEBI BULLETIN 2015 CNX Nifty Index S&P BSE Sensex High Low Close High Low Close crore) crore)

` Market Market ` Market Market ( ( Capitalisation Capitalisation crore) crore)

Demat Demat ` ` ( ( Turnover Turnover Turnover Demat (Lakh) Demat (Lakh) Traded Traded Traded Traded Securities Securities ) ) ` ` ( ( Average Average Average Average Trade Size Size Trade Trade Size Size Trade crore) crore)

Daily Daily ` ` Average Average Average Average ( ( Turnover Turnover crore) crore)

` ` ( ( Turnover Turnover Turnover (Lakh) (Lakh) Traded Traded Traded Traded Quantity Quantity No. of No. of Trades Trades (Lakh) Trades Trades (Lakh) Days Days No. of No. of Trading Trading Trading Trading traded No. of No. of Traded companies Companies No. of No. of Permitted Permitted* Companies Companies Listed Listed No. of No. of Companies Companies Year/ Year/ Month Month 2014-152015-16$ 1,733Apr-15 1,786May-15 4 1,740Jun-15 4 1,749Jul-15 4 1,514 1,750Aug-15 4 1,541Sep-15 1,756 4 1,772 1,518 243Oct-15 164 1,519 4 1,779Nov-15 18,328 4 1,781 1,517 23,61,779 19 12,364 43,29,655 1,786 4 14,12,845 20 1,521 28,47,352 1,506 4 1,574 17,818 22 1,453 1,62,663 4 17,362 1,535 23 1,52,936 3,79,349 23,623 1,525 1,534 21 23,61,779 23,029 3,61,935 1,77,774 19,966 1,541 1,743 43,29,655 14,12,845 20 3,33,289 1,862 18,097 28,47,352 1,96,777 25,190 20 2,15,821 99,30,122 3,83,484 1,497 15,150 24,918 19 1,62,663 96,75,669 4,19,932 1,463 1,64,107 1,52,936 16,673 379,349 21,851 9,119 1,316 1,79,060 3,28,412 19,997 3,61,935 8,845 1,77,774 22,007 6,639 1,63,708 3,33,801 96,86,324 16,421 22,549 1,00,20,665 1,96,777 3,33,289 7,540 3,07,150 8,491 2,15,821 16,690 3,83,484 21,943 8,845 7,935 8,490 98,49,076 4,19,932 16,166 1,64,107 22,816 1,01,68,561 8,145 7,997 1,79,060 3,28,412 8,655 23,336 8,467 95,29,070 8,182 1,63,708 3,33,801 8,434 8,315 8,622 7,940 94,91,609 3,07,150 8,533 7,667 8,055 96,54,114 8,369 7,971 8,336 96,75,669 7,540 8,116 7,931 7,949 7,714 8,066 7,935 2014-152015-16$ 5,624Apr-15 5,806May-15 5,650Jun-15 93 5,672Jul-15 64Aug-15 2,818 5,688 93 2,898Sep-15 5,725 93 5,752Oct-15 2,808 243 93 2,785 164Nov-15 5,763 93 5,788 7,111 2,801 93 19 2,796 5,806 8,56,755 2,984 20 83 4,88,502 2,755 8,54,845 64 539 22 4,95,840 2,758 64 326 23 3,518 65,250 2,791 21 3,023 292 48,327 2,898 67,421 12,021 20 375 17,731 55,677 60,605 20 8,56,755 393 4,88,502 3,548 70,990 19 60,370 8,54,842 275 73,699 3,030 4,95,840 12,516 311 70,254 1,01,49,290 48,260 2,744 73,822 18,586 286 98,88,227 30,025 65,250 61,305 3,055 54,426 20,695 29,095 48,327 64,993 3,515 22,198 67,421 58,143 18,759 24,834 55,677 2,721 60,605 50,799 27,957 18,798 99,68,015 2,907 70,990 1,03,26,686 26,146 60,370 19,795 73,699 2,674 29,095 28,071 1,01,43,511 18,668 70,254 48,260 26,898 73,822 17,741 26,424 1,04,79,396 27,969 61,305 27,011 54,426 98,27,930 64,993 27,828 28,578 26,307 58,143 28,418 96,48,122 27,416 27,781 50,799 98,33,359 25,298 26,472 28,115 98,88,227 27,618 24,834 26,283 26,824 26,169 26,155 25,451 26,657 26,146 Table 17: Trends in Cash Segment of 17: Trends Table BSE Note: 1. 2013. Mutual Fund Schemes from Feb * Excludes 30, 2015. $ indicates as on November Source: BSE . 2. capitalisation pertains Market of to the number companies traded. in Cash Segment of 18: Trends Table NSE Note: 1. Demat turnover includes turnover of for trading in Demat mode. all securities which are available 30, 2015. $ indicates as on November Source: NSE 2. capitalisation pertains Market of to the number companies traded.

1191 DECEMBER SEBI BULLETIN 2015 S&P BSE Sensex S&P BSE 100 High Low Close High Low Close crore)

` Market Market ( C a p i t a l i s a t i o n crore)

Demat ` ( Turnover Demat (Lakh) Traded Traded Securities ) ` ( Average Average Trade Size Size Trade crore) ` ( Turnover (Lakh) Traded Traded Quantity No. of Trades (Lakh) No. of Traded Traded Companies Date 2-Nov-153-Nov-15 2,797 15.3 4-Nov-15 2,807 2,662.9 15.2 5-Nov-15 2,844 2,661.9 2,569.9 14.9 6-Nov-15 2,793 5,574.2 2,583.2 13.6 168.5 9-Nov-15 2,792 169.5 2,779.8 10,320.2 14.4 2,662.9 10-Nov-15 2,725 2,661.9 2,180.4 3,704.2 187.1 15.8 2,718 2,569.9 11-Nov-15 2,583.2 2,525.8 14.9 2,538.6 5,574.2 2,456 13-Nov-15 271.8 9,828,603 2,498.9 4.7 2,904.0 10,320.2 2,779.8 2,726 9,861,26116-Nov-15 176.9 870.5 2,857.2 26,824 14.2 183.9 3,704.2 2,780 17-Nov-15 2,180.4 26,732 9,850,631 2,468.3 191.2 15.6 26,378 696.9 2,525.8 2,838 18-Nov-15 2,538.6 9,738,606 26,514 3,170.0 26,800 2,631.5 15.2 2,498.9 26,559 2,904.0 2,825 19-Nov-15 148.3 2,986.8 26,558 26,591 2,669.5 184.9 9,741,973 26,510 15.8 2,857.2 2,873 20-Nov-15 8,203 9,738,401 870.5 4,596.9 2,519.8 2,468.3 26,243 14.6 26,439 26,553 8,237 171.3 2,866 23-Nov-15 9,618,000 2,881.6 26,193 2,930.8 8,126 696.9 2,631.5 17.5 26,304 26,190 165.7 3,170.0 2,822 24-Nov-15 8,254 8,171 26,094 3,415.1 2,553.7 25,657 16.2 185.0 2,986.8 8,182 9,703,605 2,669.5 9,609,923 2,844 26,26526-Nov-15 8,186 25,709 2,917.4 2,940.1 8,173 8,195 17.1 175.5 26,121 4,596.9 2,519.8 2,881 27-Nov-15 25,945 25,724 9,643,849 8,132 3,058.9 2,774.2 8,080 25,743 17.3 168.4 2,881.6 8,184 2,930.8 2,851 8,07530-Nov-15 25,853 25,541 9,710,070 3,269.7 25,866 2,738.0 17.0 8,054 171.4 3,415.1 2,553.7 8,094 8,042 2,898 9,623,929 25,867 25,611 3,523.8 25,948 2,854.7 7,899 25,451 2,917.4 17.1 2,940.1 160.0 8,080 9,738,837 7,909 25,890 2,721.0 3,409.3 25,733 7,989 25,760 7,930 2,774.2 165.1 8,052 3,058.9 9,777,960 25,885 25,453 2,831.9 7,920 159.9 25,864 3,269.7 2,738.0 7,965 7,967 7,867 9,788,014 26,059 25,603 25,483 3,523.8 2,854.7 165.6 7,985 9,786,514 25,958 7,969 25,770 7,853 7,898 25,842 2,721.0 3,409.3 7,979 9,842,984 25,902 25,747 7,922 25,868 7,938 7,989 2,831.9 9,884,586 26,016 7,857 25,704 25,819 7,964 8,046 26,185 7,903 9,888,227 25,770 25,776 7,866 8,028 7,962 25,937 26,231 7,978 25,959 8,019 7,974 26,128 7,996 26,089 8,043 7,969 7,994 26,146 8,094 7,983 7,982 8,108 8,027 8,029 8,072 8,079 8,082 Table 19: Daily trends in Cash Segment ofTable 2015 BSE during November Source: BSE

1192 DECEMBER SEBI BULLETIN 2015 CNX Nifty Index Index CNX Nifty Junior High Low Close High Low Close crore)

` Market Market ( Capitalisation crore)

Demat ` ( Turnover Turnover Demat (Lakh) Traded Traded Securities ) ` ( Average Average 21,749.7 7,353.8 14,461.9 95,84,35814,461.9 19577 7,353.8 19543 21,749.7 19663 7878 7825 7849 Trade Size Size Trade

crore) ` ( Turnover 14,461.9 (Lakh) Traded Traded Quantity No. of Trades (Lakh) No. of Traded Traded Companies Date 2-Nov-1572.8 8,227.3 15,316.5 21,028.5 8,227.3 15,316.5 96,51,476 3-Nov-15 1,474 4-Nov-15 1,461 8061 7996 70.8 5-Nov-15 8,026.8 14,992.7 21,186.6 1,480 8,026.8 14,992.7 8051 96,80,928 19785 67.3 6-Nov-15 7,405.0 14,578.0 21,653.0 19611 1,476 7,405.0 14,578.0 19768 96,67,762 63.5 9-Nov-15 7,346.3 14,053.5 22,124.1 8100 1,470 7,346.3 14,053.5 95,51,635 8032 69.5 10-Nov-15 8,208.1 16,443.2 23,656.6 8116 1,469 8061 8,208.1 16,443.2 95,60,008 19900 8027 73.4 11-Nov-15 1,464 19807 8,537.1 17,640.3 24,017.3 8031 8040 8,537.1 17,640.3 19880 95,67,243 19991 69.9 7944 8,347.4 17,286.7 24,736.0 13-Nov-15 1,411 19879 8,347.4 17,286.7 8003 21,261.9 1,892.5 2,787.9 7955 95,26,977 19893 94,43,769 13.1 1,892.5 2,787.9 19882 7926 16-Nov-15 1,473 19595 7938 7954 19629 19665 81.4 7772 7848 7,913.6 17,259.8 21,214.4 7885 17-Nov-15 1,482 19468 7,913.6 17,259.8 7819 7915 19562 94,39,489 7773 7825 19759 71.2 19525 19463 8,673.6 15,285.6 21,455.5 18-Nov-15 1,476 19172 19510 7783 8,673.6 15,285.6 19680 94,61,890 19661 70.8 19274 8,736.1 15,312.9 21,634.4 7775 19-Nov-15 1,484 1,477 8,736.1 15,312.9 19311 95,12,593 7731 68.4 68.0 9,781.9 14,458.0 21,150.0 7839 20-Nov-15 7,855.2 15,315.6 22,530.6 7762 9,781.9 14,458.0 7,855.2 15,315.6 94,26,395 19392 95,39,872 7714 74.0 19151 7860 23-Nov-15 1,490 9,228.8 17,019.7 22,999.2 7807 19269 9,228.8 17,019.7 7,353.8 19286 95,81,059 7793 19104 7843 1,501 66.5 7855 7838 19163 19289 7725 7765 19173 7907 7732 7843 19276 19357 19413 7818 19147 19248 7857 19183 19398 19600 19413 19535 24-Nov-1526-Nov-15 1,489 27-Nov-15 1,490 71.5 82.0 12,390.7 23,314.7 28,448.1 30-Nov-15 1,493 9,022.9 96,34,716 69.4 10,741.3 16,236.0 23,384.0 15,851.8 1,488 96,81,140 7897 22,182.3 92.8 7832 7959 9,022.9 7884 14,019.8 19709 7879 19618 15,851.8 29,535.0 7943 19628 19781 19626 31,843.5 95,80,886 19682 14,019.8 29,535.0 7870 96,75,669 7813 7966 7832 7923 19679 19575 7935 19608 19723 19596 19617 Table 20: Daily trends in Cash Segment ofTable 2015 NSE during November Source: NSE.

1193 DECEMBER SEBI BULLETIN 2015 5.8 .7 5.8 .7 5.8 .7 5.8 .7 9.4 5.8 9.4 5.7 9.4 5.7 9.4 5.8 9.3 5.8 9.3 5.8 9.2 5.8 9.2 5.8 9.3 29.7 5.8 29.7 5.8 29.7 5.8 29.5 5.7 29.3 95.8 29.3 55.8 29.3 165.8 29.2 Total G# H# Junior CNX Nifty CNX Nifty Market Capitalisation Market Total E# F# crore) ` 100 S&P BSE Sensex S&P BSE capitlisation. oat market Total C# D# CNX Nifty Junior CNX Nifty Turnover Total A# B# BSE NSE BSE NSE 100 BSE S&P BSE S&P Sensex Date 2-Nov-15 4013-Nov-15 784 3474-Nov-15 2,570 733 3495-Nov-15 15.6 2,583 860 5496-Nov-15 30.5 13.5 2,780 1,011 6,553 6129-Nov-15 28.4 3,704 2,141 12.5 1,172 5,956 15,317 59310-Nov-15 14.8 42.8 31.0 2,539 2,350 14.0 1,093 5,696 515 14,993 27.3 11-Nov-15 24.1 23,43,569 39.7 2,904 2,687 6,001 15.7 956 161 14,578 33,63,152 46.2 2,34213-Nov-15 20.4 23,46,343 39.1 8,772 2,857 14,054 18.4 98,28,603 248 501 42.7 33,68,497 37.6 2,60116-Nov-15 23.8 23,43,019 16.7 18.0 9,376 1,101 16,443 34.2 98,61,261 697 473 23,21,072 53.3 33,64,178 28,70,419 33.5 2,548 2,63217-Nov-15 23.8 15.8 17,640 7,153 5,60,279 33,27,238 34.2 23.1 98,50,631 932 449 23,17,635 53.2 19.0 28,73,944 96,51,47618-Nov-15 23.8 2,591 14.4 97,38,606 35.6 2,670 5,63,444 33,21,183 17,287 34.2 41.8 29 23.8 761 523 23,04,942 1,123 41.4 28,66,633 96,80,92819-Nov-15 7,732 34.2 17.7 97,41,973 15.0 2,520 1,082 5,63,831 33,09,824 28,36,413 29 23.8 544 3,345 258 22,71,575 96,67,762 34.9 2,93120-Nov-15 5,56,349 17,260 34.1 17.8 97,38,401 2,788 6,871 44.8 28,36,001 95,51,635 32,55,528 29 23.7 929 425 40.3 17.8 19.4 30.2 23-Nov-15 2,468 5,54,434 9.3 34.0 96,18,000 2,554 6,367 15,286 22,59,863 28,24,290 95,60,008 36.9 885 417 22,82,490 23.6 45.0 24-Nov-15 2,200 6,112 5,57,626 21.3 32,46,688 16.1 33.8 2,940 15,313 32,75,805 95,67,243 27,77,231 793 341 2,105 22,73,061 41.6 36.4 96,09,92326-Nov-15 14,458 14.5 5,47,180 14.4 97,03,605 2,774 7,410 23.5 42.3 32,63,953 94,43,769 736 586 23.5 22,82,271 14.6 30.1 33.8 27-Nov-15 2,288 15.0 33.8 27,69,708 96,43,849 2,738 1,059 2 7,298 15,316 22,48,567 27,92,091 32,74,681 407 23.6 48.4 5,45,980 28.6 2,85530-Nov-15 2,303 5,52,807 12.5 32,34,247 14.9 33.8 97,10,070 94,39,48 6,099 17,020 95,26,977 27,85,538 806 534 23.5 20.5 22,80,281 42.9 26.9 96,23,929 2,207 5,42,989 13.5 33.7 29.3 2,721 6,686 23.4 14,462 32,80,215 37.1 27,96,568 94,61,890 967 22,82,625 42.2 11,054 33.6 2,387 15.0 5,46,177 15.3 27,58,835 97,38,837 2,832 2 15,852 3,378 32,87,471 95,12,593 23.4 22,78,288 42.2 5,43,538 23,315 29.6 18.9 15.1 47.4 33.7 97,77,960 94,26,39 2 7,069 32,86,989 27,98,428 14.5 23.3 22,74,441 34.2 2,187 15,369 5,49,636 22,90,579 33.6 97,88,014 16,236 32,81,958 28,03,360 95,39,872 23.3 4,647 43.5 33,01,332 5,53,512 13.5 29,535 33.6 97,86,514 2 52.0 28,00,755 95,81,059 98,42,984 23.2 23,05,542 15.7 5,54,714 23.3 33.5 2 33,21,725 23,07,083 27,94,444 95,84,358 33.5 28,13,076 5,55,584 98,84,586 33,23,040 2 5,56,146 95,80,886 23.3 98,88,227 96,34,7 33.6 2 23.3 28,34,097 33.6 5,57,682 28,31,438 96,81,140 5,55,834 2 96,75,669 Table 21: Turnover and Market Capitalisation at BSE and NSE during November 2015 ( Capitalisation at BSE and NSE during November and Market 21: Turnover Table free fl have Notes: 1. S&P BSE Sensex, 100, CNX Nifty & Junior A# = percentage share of Sensex securities in total BSE turnover . E# = percentage share of Capitalisation . Sensex securirities in total BSE Market B# = percentage share of BSE-100 Index securities in total BSE turnover. F# = percentage share of Capitalisation. BSE-100 Index securities in total BSE Market C# = percentage share of CNX Nifty securities in total NSE turnover. G# = percentage share of Capitalisation. CNX Nifty securities in total NSE Market D# = percentage share of securities in total NSE turnover . CNX Nifty Junior H# = percentage share of Capitalisation. securities in total NSE Market CNX Nifty Junior Source: BSE and NSE.

1194 DECEMBER SEBI BULLETIN 2015

Table 22: City-wise Distribution of Turnover on Cash Segments of BSE and NSE

(Percentage share in Turnover) City BSE NSE S.No. Stock Exchange/City 2014-15 Nov-15 2014-15 Nov-15 1 Ahmedabad 5.5 4.2 3.5 2.8 2 Bangalore 0.3 0.4 1.7 3.8 3 Baroda 0.7 1.3 0.4 0.3 4 Bhubaneshwar 0.0 0.0 0.0 0.0 5 Chennai 0.6 1.0 1.4 1.3 6 Cochin 0.2 0.2 1.4 1.1 7 Coimbatore 0.0 0.1 0.2 0.1 8 Delhi 4.4 3.5 9.4 8.0 9 Guwahati 0.1 0.1 0.0 0.0 10 Hyderabad 0.3 0.5 4.5 3.9 11 Indore 0.5 0.5 0.5 0.4 12 Jaipur 0.9 0.9 0.5 0.6 13 Kanpur 0.7 0.5 0.1 0.2 14 Kolkata 6.8 7.7 6.6 5.5 15 Ludhiana 0.1 0.1 0.1 0.1 16 Mangalore 0.0 0.0 0.0 0.0 17 Mumbai 56.9 48.6 59.2 59.7 18 Patna 0.1 0.1 0.0 0.0 19 Pune 0.5 0.5 0.2 0.2 20 Rajkot 3.3 2.7 1.0 1.3 21 Others 18.1 27.1 9.2 10.8 Total 100.0 100.0 100.0 100.1 Notes: 1. The city-wise distribution of turnover is based on the cities uploaded in the UCC database of the Exchange for clientele trades and member’s registered office city for proprietary trades. Source: BSE and NSE.

Table 23: Category-wise Share of Turnover in Cash Segment of BSE

Percentage Share in Turnover Month Proprietary FII Mutual Funds Banks Others

Jan-15 19.3 22.0 2.6 0.1 56.1

Feb-15 20.7 19.6 2.5 0.1 57.2

Mar-15 17.9 21.5 2.9 0.3 57.4

Apr-15 17.8 23.8 2.9 0.1 55.4

May-15 17.2 26.2 3.0 0.0 53.6

Jun-15 17.6 21.8 3.3 0.0 57.3

Jul-15 18.4 15.6 2.8 0.0 63.3

Aug-15 19.6 14.8 2.8 0.1 62.8

Sep-15 19.3 18.4 4.0 0.0 58.3

Oct-15 19.3 12.1 4.1 0.4 64.0

Nov-15 20.2 11.7 2.9 0.2 64.9

Source: BSE.

1195 DECEMBER SEBI BULLETIN 2015

Table 24: Category-wise Share of Turnover in Cash Segment of NSE Percentage Share in Turnover Month Proprietary FII Mutual Funds Banks Others Jan-15 19.6 21.5 4.5 0.6 53.8 Feb-15 21.2 20.0 4.6 0.6 53.7 Mar-15 20.2 23.1 4.6 0.5 51.6 Apr-15 22.2 21.1 4.6 0.4 51.8 May-15 19.2 27.8 5.1 0.5 47.5 Jun-15 20.2 23.6 5.7 0.5 50.0 Jul-15 20.6 20.9 4.9 0.6 53.1 Aug-15 21.8 23.5 5.2 0.6 48.9 Sep-15 22.5 23.2 5.3 0.5 38.5 Oct-15 21.3 21.4 5.5 0.5 51.2 Nov-15 20.5 22.8 5.6 0.4 50.6 Source: NSE. Table 25: Component Stocks: S&P BSE Sensex during November 2015 Free Float Issued Daily Monthly Market Weightage Impact Cost S.No. Name of Security Capital Beta R2 Volatility Return Capitalisation (Percent) (Percent) (` crore) (Percent) (Percent) (` crore) 1 INFOSYS LTD 1,148.5 217,509.5 9.4 0.6 0.0 6.5 -4.2 0.1 2 HDFC BANK 504.1 210,771.9 9.1 0.9 0.6 1.2 -1.9 0.1 3 ITC LTD. 802.9 192,641.6 8.4 0.8 0.2 1.7 2.5 0.1 4 HDFC 315.6 191,877.1 8.3 1.3 0.5 1.9 -3.2 0.0 5 RELIANCE 3,239.1 159,838.4 6.9 1.1 0.5 1.7 2.1 0.0 6 ICICI BANK 1,161.8 159,107.1 6.9 1.2 0.0 10.4 -1.0 0.1 7 TCS LTD. 197.0 120,454.9 5.2 0.5 0.2 1.3 -5.3 0.0 8 LARSEN & TOU 186.2 112,488.4 4.9 1.2 0.5 1.7 -2.6 0.0 9 TATA MOTORS 574.9 80,671.7 3.5 1.3 0.4 2.3 10.1 0.1 10 SUN PHARMA. 240.6 79,119.4 3.4 0.8 0.1 2.3 -17.8 0.1 11 AXIS BANK 475.6 79,079.6 3.4 1.4 0.5 2.1 -1.3 0.0 12 STATE BANK 776.3 77,693.3 3.4 1.3 0.5 2.0 5.6 0.0 13 MAH & MAH 310.6 62,839.9 2.7 1.0 0.3 1.8 15.6 0.1 14 MARUTISUZUK 151.0 60,831.3 2.6 0.8 0.3 1.4 2.9 0.0 15 HIND UNI LT 216.4 57,799.4 2.5 0.5 0.1 1.6 0.9 0.1 16 BHARTI ARTL 1,998.7 46,799.6 2.0 0.7 0.1 1.9 -4.1 0.1 17 LUPIN LTD. 90.1 42,703.9 1.9 0.7 0.2 1.9 -7.0 0.1 18 ONGC CORPN 4,277.8 42,095.6 1.8 1.1 0.3 2.0 -5.5 0.1 19 COAL INDIA 6,316.4 41,776.4 1.8 0.7 0.2 1.8 3.4 0.1 20 DR.REDDY'S 85.3 39,764.6 1.7 0.7 0.1 2.1 -27.2 0.1 21 WIPRO LTD. 494.0 36,771.0 1.6 0.6 0.2 1.5 -0.1 0.1 22 BAJAJ AUTO 289.4 33,749.8 1.5 0.8 0.2 1.7 -2.7 0.1 23 HEROMOTOCO 39.9 32,920.9 1.4 0.7 0.2 1.5 4.6 0.1 24 CIPLA LTD. 160.6 32,583.6 1.4 1.1 0.4 1.8 -6.6 0.1 25 NTPC LTD 8,245.5 27,003.9 1.2 0.9 0.3 1.7 -1.3 0.1 26 GAIL (I) LTD 1,268.5 17,142.5 0.7 1.1 0.3 2.1 18.3 0.1 27 BHEL 489.5 15,889.0 0.7 1.2 0.3 2.2 -11.8 0.1 28 TATA STEEL 971.2 15,416.5 0.7 1.5 0.4 2.4 -6.8 0.1 29 VEDL 296.5 9,877.9 0.4 1.7 0.3 3.2 -10.0 0.1 30 HINDALCO 206.5 9,864.6 0.4 1.3 0.3 2.5 -8.3 0.1 Notes: 1. Beta & R2 are calculated for the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. 2. The coeffi cient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market. 3. Volatility is the standard deviation of the daily returns for the trailing 12 months. 4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2. 5. The above is calculated for a month for the portfolio size of ` 5 lakh. It is calculated for the current month. Source: BSE.

1196 DECEMBER SEBI BULLETIN 2015

Table 26: Component Stocks: CNX Nifty Index during November 2015 Free Float Issued Daily Monthly Impact Market Weightage S.No. Name of Security Capital Beta R2 Volatility Return Cost Capitalisation (Percent) (` crore) (Percent) (Percent) (Percent) (` crore) 1 AUROPHARMA 583,964,550.0 21,791.4 3.9 1.2 0.3 1.8 -3.1 0.0 2 IBULHSGFIN 838,469,864.0 20,994.0 3.8 1.1 0.2 3.2 -4.7 0.0 3 IOC 24,279,524,820.0 20,708.1 3.7 0.7 0.2 1.3 5.3 0.0 4 INFRATEL 18,966,670,690.0 20,640.2 3.7 0.5 0.0 2.3 -1.1 0.0 5 EICHERMOT 271,423,830.0 20,475.1 3.7 1.1 0.3 2.2 -5.7 0.0 6 BRITANNIA 239,951,630.0 17,276.1 3.1 0.6 0.1 1.6 -9.6 0.0 7 TITAN 887,786,160.0 15,912.6 2.9 0.6 0.1 1.4 9.1 0.1 8 MCDOWELL-N 1,307,949,680.0 15,795.3 2.8 0.9 0.1 2.8 -0.9 0.0 9 GODREJCP 340,532,966.0 15,348.9 2.8 0.8 0.1 2.6 -2.7 0.1 10 DABUR 1,757,089,420.0 15,285.1 2.8 0.6 0.1 1.2 1.0 0.0 11 DIVISLAB 530,937,160.0 14,632.7 2.6 0.7 0.2 1.5 -0.3 0.0 12 LICHSGFIN 1,009,326,000.0 14,597.2 2.6 1.5 0.4 1.6 1.0 0.0 13 HINDPETRO 3,386,272,500.0 13,907.9 2.5 1.1 0.2 2.3 9.3 0.0 14 GLENMARK 282,156,156.0 13,748.6 2.5 0.9 0.2 1.3 -1.1 0.0 15 CUMMINSIND 554,400,000.0 13,466.6 2.4 0.8 0.2 1.3 -7.7 0.1 16 ASHOKLEY 2,845,876,634.0 13,357.8 2.4 1.4 0.3 2.2 1.0 0.0 17 MOTHERSUMI 1,322,879,040.0 13,167.9 2.4 1.2 0.2 3.2 17.6 0.0 18 COLPAL 271,985,634.0 12,938.8 2.3 0.5 0.1 1.1 1.6 0.0 19 SRTRANSFIN 2,268,827,360.0 12,690.1 2.3 0.9 0.1 2.1 -7.3 0.0 20 UPL 857,208,548.0 12,508.9 2.3 0.9 0.2 2.0 -9.6 0.0 21 BAJAJFINSV 795,773,465.0 11,677.3 2.1 0.8 0.1 1.1 -2.0 0.1 22 MARICO 645,085,599.0 10,995.6 2.0 0.6 0.1 1.7 9.2 0.0 23 SIEMENS 712,240,510.0 11,021.5 2.0 1.4 0.4 1.3 -6.7 0.1 24 BHARATFORG 465,588,632.0 10,544.8 1.9 1.3 0.3 1.5 -1.0 0.0 25 CONCOR 1,949,741,910.0 10,355.8 1.9 0.6 0.1 1.4 4.9 0.1 26 BAJAJHLDNG 1,112,935,100.0 10,205.2 1.8 0.3 0.0 0.6 2.9 0.1 27 FEDERALBNK 3,436,756,200.0 10,086.9 1.8 1.0 0.3 1.8 8.2 0.1 28 APOLLOHOSP 695,625,795.0 10,027.1 1.8 1.0 0.2 1.8 0.2 0.0 29 SUNDARMFIN 1,111,038,600.0 9,916.9 1.8 0.6 0.1 1.6 -2.1 0.2 30 JSWSTEEL 2,417,220,440.0 9,497.5 1.7 1.2 0.3 1.7 -0.9 0.0 31 MRF 42,411,430.0 9,504.6 1.7 1.2 0.4 1.5 -2.2 0.0 32 PFC 13,200,407,040.0 9,067.7 1.6 1.5 0.4 2.3 -11.1 0.0 33 RECLTD 9,874,590,000.0 9,083.7 1.6 1.4 0.3 2.9 -6.4 0.1 34 OFSS 423,972,360.0 8,294.1 1.5 0.5 0.1 1.3 -1.6 0.1 35 RCOM 12,444,898,725.0 7,602.8 1.4 1.7 0.3 4.1 0.7 0.1 36 NMDC 3,964,716,000.0 7,527.3 1.4 0.7 0.1 1.6 -5.3 0.1 37 TATACHEM 2,547,562,780.0 7,364.7 1.3 1.1 0.4 1.2 2.6 0.0 38 GLAXO 847,030,170.0 6,980.1 1.3 0.3 0.1 1.1 -0.4 0.1 39 PETRONET 7,500,000,440.0 7,027.5 1.3 0.6 0.1 2.6 20.7 0.0 40 EXIDEIND 850,000,000.0 6,821.4 1.2 0.8 0.2 1.2 -0.6 0.0 41 GSKCONS 420,555,380.0 6,794.0 1.2 0.3 0.1 1.2 -2.5 0.1 42 M&MFIN 1,137,529,920.0 6,357.5 1.1 0.8 0.2 1.8 2.5 0.1 43 UBL 264,405,149.0 6,351.6 1.1 1.1 0.2 2.3 1.1 0.1 44 RELINFRA 2,629,900,000.0 6,119.1 1.1 1.7 0.4 2.5 14.0 0.0 45 TATAGLOBAL 631,129,729.0 5,692.2 1.0 1.1 0.4 1.7 3.1 0.1 46 OIL 6,011,359,550.0 5,323.3 1.0 0.7 0.2 1.8 -7.0 0.0 47 RELCAPITAL 2,526,328,000.0 4,931.8 0.9 1.5 0.4 1.9 3.7 0.0 48 SAIL 41,305,252,890.0 4,719.7 0.9 1.3 0.3 1.8 -14.3 0.1 49 CANBK 5,429,910,540.0 3,893.2 0.7 1.5 0.4 1.5 -1.7 0.0 50 BANKINDIA 7,919,131,700.0 2,806.3 0.5 1.6 0.4 1.5 -0.1 0.0 Notes: 1. Beta & R2 are calculated for the the trailing 12 months. Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. 2. The coeffi cient of determination (R2) measures the strength of relationship between two variables the return on a security versus that of the market. 3. Volatility is the standard deviation of the daily returns for the the trailing 12 months. 4. Impact cost is calculated as the difference between actual buy price and ideal buy price, divided by ideal buy price, multiplied by 100. Hence ideal price is calculated as (best buy + best sell)/2. 5. The above is calculated for a month for the portfolio size of `5 lakh. It is calculated for the current month. Source: NSE.

1197 DECEMBER SEBI BULLETIN 2015

Table 27: Advances/Declines in Cash Segment of BSE and NSE

BSE NSE Month Advance / Advance / Advances Declines Advances Declines Decline Ratio Decline Ratio Jan-15 1,733 1,728 1.0 977 576 1.7 Feb-15 1,433 2,159 0.7 593 913 0.6 Mar-15 1,112 2,487 0.5 593 1,042 0.6 Apr-15 1,926 1,600 1.2 898 625 1.4 May-15 1,226 2,267 0.5 402 1,114 0.4 Jun-15 1,102 2,387 0.5 404 1,113 0.4 Jul-15 2,425 1,105 2.2 1,210 310 3.9 Aug-15 1,867 1,738 1.1 773 751 1.0 Sep-15 730 2,755 0.3 201 1,335 0.2 Oct-15 2,473 1,020 2.4 1,278 258 5.0 Nov-15 1,674 1,808 0.9 662 882 0.8 Note: Advance/Decline is calculated based on the average price methodology. Source: BSE and NSE

Table 28: Trading Frequency in Cash Segment of BSE and NSE

BSE NSE

Month No. of Companies No. of companies Percent of Traded No. of Companies No. of companies Percent of Traded Listed Traded to Listed Listed Traded to Listed

Jan-15 5,575 2,960 53.1 1,718 1,549 90.2 Feb-15 5,596 2,854 51.0 1,719 1,503 87.4 Mar-15 5,624 2,818 50.1 1,733 1,514 87.4 Apr-15 5,650 2,808 49.7 1,740 1,518 87.2 May-15 5,672 2,785 49.1 1,749 1,519 86.8 Jun-15 5,688 2,801 49.2 1,750 1,517 86.7 Jul-15 5,725 2,984 52.1 1,756 1,521 86.6 Aug-15 5,752 2,755 47.9 1,772 1,574 88.8 Sep-15 5,763 2,758 47.9 1,779 1,535 86.3 Oct-15 5,788 2,791 48.2 1,781 1,534 86.1 Nov-15 5,806 2,898 49.9 1,786 1,541 86.3 Note: At NSE, number of companies traded also includes the number of companies not available for trading but permitted to trade only in the first week of every month. Source: BSE and NSE

1198 DECEMBER SEBI BULLETIN 2015

Table 29: Daily Volatility of Major Indices (percent) (Percent)

Year/Month S&P BSE Sensex S&P BSE 100 Index S&P BSE 500 CNX Nifty CNX Nifty Junior CNX 500 2014-15 0.9 0.9 0.9 0.9 1.1 0.9 2015-16$ 1.1 1.2 1.2 1.1 1.2 1.1

Apr-15 0.9 0.9 0.9 0.8 1.0 0.8 May-15 1.1 1.1 1.1 1.1 1.5 1.1 Jun-15 1.0 1.0 1.0 0.9 1.0 0.9 Jul-15 0.9 1.0 1.0 0.8 0.8 0.8 Aug-15 1.6 1.7 1.8 1.5 2.2 1.7 Sep-15 1.3 1.3 1.2 1.1 1.2 1.1 Oct-15 0.5 0.6 0.6 0.7 0.6 0.6 Nov-15 0.5 0.8 0.7 0.7 0.8 0.7 Note: Volatility is calculated as the standard deviation of the natural log of daily returns in indices for the respective period. $ indicates as on November 30, 2015. Source: BSE and NSE.

Table 30: Percentage Share of Top ‘N’ Securities/Members in Turnover of Cash Segment (percent)

Year/Month BSE NSE Top 5 10 25 50 100 5 10 25 50 100 Securities 2014-15 13.4 18.6 30.3 42.3 57.5 12.5 21.9 40.6 59.3 77.4 2015-16$ 11.0 17.3 30.7 43.5 58.9 11.0 19.4 36.2 53.2 71.8 Apr-15 16.7 23.0 36.6 50.0 64.4 18.5 27.7 44.2 58.6 75.1 May-15 16.4 23.2 37.4 51.5 66.9 12.5 21.9 41.5 58.6 77.5 Jun-15 14.7 22.8 37.9 51.5 67.6 13.2 23.0 39.9 56.4 75.5 Jul-15 11.7 17.5 29.2 41.2 55.4 10.9 19.4 34.5 49.3 67.9 Aug-15 9.9 16.1 28.7 41.8 58.4 11.0 19.4 36.2 53.2 71.8 Sep-15 13.5 21.1 37.4 51.8 68.3 12.5 21.9 39.8 57.6 77.0 Oct-15 12.9 18.8 31.5 44.2 59.1 13.1 21.8 38.2 53.8 72.1 Nov-15 12.6 18.9 31.9 44.8 58.7 13.6 23.1 40.7 55.2 73.3 Members 2014-15 17.7 28.4 47.4 64.1 77.9 14.7 25.4 45.4 63.5 79.4 2015-16$ 21.8 31.8 51.2 66.3 79.4 18.4 30.1 52.1 69.0 82.2 Apr-15 19.5 32.0 52.2 67.7 80.4 20.6 32.3 53.7 69.4 82.5 May-15 22.1 34.2 55.0 69.7 81.3 18.7 31.2 54.6 70.7 83.4 Jun-15 26.4 36.2 55.0 68.6 80.5 17.8 29.2 52.0 68.7 81.8 Jul-15 20.2 30.5 48.9 64.0 78.0 16.8 27.2 48.8 66.0 80.1 Aug-15 26.6 36.8 54.1 67.9 80.3 18.4 30.1 52.1 69.0 82.2 Sep-15 24.0 34.6 54.2 69.1 81.9 19.9 32.3 52.7 69.5 82.7 Oct-15 21.6 31.7 49.5 64.5 79.0 17.0 27.6 48.8 66.6 81.1 Nov-15 22.2 31.6 50.3 64.8 78.7 16.1 27.4 50.4 67.4 81.6 Notes: 1. Data for Top N scrips has been compiled for all markets except Auction market & Retail Debt Market and includes series EQ, BE,BT, BL and IL. $ indicates as on November 30, 2015. Source: BSE and NSE

1199 DECEMBER SEBI BULLETIN 2015 crore) crore)

Fund Fund ` ` ( ( Guarantee Guarantee Settlement Settlement crore) crore)

Pay-in ` Pay-in ` ( ( Securities Securities crore) crore)

Funds Pay-in Funds P a y - i n ` ` ( ( to to Percent Percent of Short Delivery Delivery Quantity Percent Percent of Short Delivery Delivery Quantity Short (Lakh) Short Delivery (Lakh) quantity) Delivery quantity) (Auctioned (Auctioned Total Value Total Value Percent Percent Value to Percent Percent Value to Delivered Delivered Delivered Delivered of Demat Delivered Delivered Delivered Delivered of Demat crore) Mode crore) Demat ` Mode Value in Value Demat ` ( Value in Value Delivered Delivered ( Delivered Delivered Percent Percent to Total to Total Percent Percent to Total to Total Quantity Quantity Quantity Quantity Delivered Delivered Delivered Delivered of Demat Delivered Delivered Delivered Delivered of Demat in Mode Mode Demat (Lakh) (Lakh) Quantity Quantity in Demat Delivered Delivered Delivered Delivered of of Total Total Percent Value to Turnover Percent Delivered Delivered Value to Turnover Delivered Delivered crore)

Value ` crore) (

Delivered Delivered Value ` ( Delivered Delivered crore) Value Settled ` crore) ( Value Settled ` ( Quantity Quantity Delivered Delivered to Traded to Traded Quantity Quantity Percent ofPercent Delivered Delivered to Traded to Traded Percent ofPercent (Lakh) (Lakh) Quantity Delivered Delivered Quantity Delivered Delivered Settled (Lakh) Settled (Lakh) Quantity Quantity No. of No. of Trades (Lakh) T r a d e s (Lakh) Year/ Year/ Year/ Month Month 2014-152015-16$ 34,961 12,348 44,44,676Apr-15 13,90,911 12,19,594May-15 1,489 4,01,086Jun-15 27.4 1,430 1,60,312Jul-15 1,47,969 28.8 1,570 82,14,629Aug-15 49,683 1,81,627 1,711 45,494 24,22,737Sep-15 28,17,621 1,864 31.0 1,89,232Oct-15 29.5 52,800 8,55,406 30.7 2,19,788 1,497Nov-15 55,200 3,67,382 12,18,107 30.4 1,475 1,58,420 29.1 63,304 3,33,999 1,313 1,76,934 1,23,383 29.2 4,00,254 43,795 100 1,56,629 1,02,359 3,67,299 28.8 33.6 46,569 30.6 3,67,727 27.6 1,15,501 99.8 24,17,161 44,239 4,21,685 26.3 49,574 31.4 1,08,896 99.8 8,54,741 28.2 3,27,141 1,24,857 45,268 29.6 3,32,080 100 29.6 99.9 52,712 1,678 96,542 3,00,308 100 55,113 1,23,312 94,445 29.5 100 63,222 89,424 1,02,257 100.0 28.4 830 0.1 100 100.0 29.8 1,15,394 43,704 100 6,94,577 46,506 100.0 1,08,815 110 1.7 24,22,737 1,24,757 44,157 100 226 100.0 100 100.0 2,68,379 125 0.2 100 87 8,55,406 96,467 0.5 94,388 87 100.0 83 47,298 89,352 159 100.0 0.2 35,190 1,23,383 100.0 0.2 1,02,359 92 0.1 35,510 125 63 1,15,501 129 32,064 83 36,938 0.2 1,08,896 149 1,24,857 0.1 0.2 149 31,317 153 25,526 96,542 24,536 94,445 89,424 153 154 159 2014-152015-16$ 7,146Apr-15 2,796 8,60,695 4,88,509May-15 4,32,112 2,35,644 539Jun-15 326 50.2Jul-15 65,252 48.2Aug-15 292 48,330 8,58,895 36,552 4,95,840Sep-15 374 55,679 23,548 2,99,835 393Oct-15 56.0 1,66,976 70,989 25,678Nov-15 275 48.7 73,701 34.9 33,679 311 67,421 33.7 46.1 48,261 33,726 286 60,605 4,32,017 61,304 47.4 22,264 2,35,472 23,903 64,993 45.8 60,370 27,383 21,877 100.0 46.1 32,815 70,254 99.9 35.5 21,683 73,822 2,99,818 44.7 36.1 1,66,938 50.5 23,913 54,426 100.0 36,497 24,243 35.9 58,143 100.0 23,548 18,917 50,799 34.0 99.9 32.8 17,509 25,677 878 100.0 14,931 503 34.8 33,669 23,874 100.0 33,725 30.1 21,877 0.2 100.0 29.4 22,264 99.9 1.6 100.0 21,683 100.0 1,11,528 27,277 23,907 100.0 100.0 32,815 2,99,835 65,676 24,242 62 99.6 100.0 56 100.0 1,66,976 18,917 100.0 3,264 53 17,508 100.0 0.2 14,931 0.2 108 93 100.0 72 100.0 0.2 9,458 71 9,587 0.3 0.0 10,313 50 23,903 21,877 46 0.3 8,631 21,683 7,987 0.2 104 105 0.1 23,913 8,669 105 24,243 6,125 18,917 4,906 106 107 17,509 14,931 107 107 108 Table 31: Settlement Statistics for Cash Segment ofTable BSE 30, 2015. $ indicates as on November Source: BSE. 32: Settlement Statistics for Cash Segment ofTable NSE 30, 2015. $ indicates as on November Source: NSE.

1200 DECEMBER SEBI BULLETIN 2015 crore)

crore) Value Va l u e ` ` ( ( 29 272 No. of No. of Open Interest at Open Interest at the end of month the end of month Contracts Contracts crore) crore) ` ` 43,47,054 32,79,662 1,81,087 ,03,62,741 26,719 1,001 ( ( Turnover Turnover Turnover Turnover Total Total 677 52,00,725 68,50,443 1,72,697 164 54,98,521 70,78,851 1,77,908 801 50,32,218 68,61,288 1,82,312 096 44,29,629 31,32,791 1,74,768 ,287 56,99,763 64,68,279 1,63,771 7,488 57,05,573 69,14,820 1,81,914 94,119 58,98,674 76,83,569 1,86,690 No. of No. of Contracts Contracts crore) crore) ` ` ( ( Turnover Turnover Turnover Turnover 36 10,39,170 183,70,41,131 5,56,06,453 68,37,326 1,79,344 183 7,31,326 166,80,89,500 4,18,12,156 32,79,662 1,81,087 No. of No. of Contracts Contracts crore) crore) ` ( ` Turnover Turnover ( Turnover Turnover No. of No. of Contracts Contracts crore) crore) ` ` ( Turnover Turnover ( Turnover Turnover No. of No. of Contracts Contracts Index Options Stock Options Index Options Stock Options crore) crore) ` ` ( ( Turnover Turnover Turnover Turnover Call Put Call Put Call Put Call Put No. of No. of Contracts Contracts crore) ` crore) ( Turnover Turnover ` ( Turnover Turnover No. of No. of Contracts Contracts crore) crore) ` ` ( Turnover Turnover ( Turnover Turnover Index Futures Stock Futures Index Futures Stock Futures No. of No. of Contracts Contracts Days Days No. of No. of Trading Trading Trading Trading 2014-152015-16$ 243 164 12,27,926Apr-15 2,64,554May-15 48,632 19 3,05,714Jun-15 11,028 20 9,794 63,480Jul-15 50,181 24,42,03,156 22 53,420 1,01,12,605Aug-15 25,40,31,531 2,665 1,00,16,621 1,265 23 3,010,092Sep-15 50,411 2,202 21 5,21,11,725 9,018 93,854Oct-15 22,22,830 11,378 26,905 27,00,450 2,053 4,26,74,130 20 19,761 260Nov-15 81,233 17,29,343 50,54,78,869 10,419 20 1,129 286 2 894,689 20,747 51,49,065 19 818 26,063 246 6,283 51,59,682 22,040 2,18,051 12,80,196 2,17,833 799 39,44,524 5,371 7,790 95,07,409 36,255 168 42,03,117 1,62,023 958 9,72,75,475 3,99,633 4,742 1,67,80,276 1,69,596 144 40,26,784 78,778 53,16,700 405 1,22,338 7,20,430 2,638 1,42,96,410 5,2 2,13,509 95,81,623 2,313 93 3,588 5,88,603 1,98,110 4,08,639 332 52 2,12,540 1,79,572 86,126 33,94,077 5,512 50,74,511 6,069 5,418 1,34,633 2,09,210 10,51,513 3,40,627 2,904 16 4,17,703 1,26,803 24,51,200 97,29,507 93,30,991 9,248 44,410 10,803 14,88,080 3,98,924 1,54,23,676 3,421 3,88,216 89,611 3,17,40,117 69,46,843 6,30,200 13,27,202 13,886 1,62,391 6,373 2,74,380 79,201 69,293 6,022 5,768 4,544 512 259 49,309 4,40,825 1,901 1,49,70,460 231 230 1,416 6,26,775 22,410 26,344 1,022 37,518 36,781 628 1,843 1,061 43 59,66,403 81,09,124 30,652 2,27,665 3,22,277 1,650 1,609 4,569 20,05,197 63 1,05,526 244 5,229 272 2014-152015-16$ 243 164 12,93,14,318 41,09,471 23,76,04,741 11,23,80,490 82,91,766 30,76,095 2,07,71,439 70,14,16,670 May-15 17,71,82,235 67,72,26,193 1,91,51,2246,12,04,473 51,67,624 1,65,25,530 66,82,87,624 22,43,382 63,67,79,1111,48,45,9094,79,51,857 3,02,74,7 Jun-15 14,65,673 20 2,55,08, Jul-15 1,47,55,189 22 3,76,624Aug-15 2,38,11,852 1,58,54,676 6,28,531 23 4,03,910 8,94,87,844Sep-15 20,45,005 2,36,88,366 21 8,81,02,966 1,47,89,002 6,12,250 19,07,518Oct-15 3,91,736 9,68,28,143 1,71,67,226 58,47,902 2,58,41,503 22,11,374 20 4,35,123 9,36,79,801 1,62,059 7,19,881Nov-15 2,70,86,931 20,30,599 9,36,22,788 20 31,23,924 1,84,92,427 7,34,924 60,38,427 21,96,365 10,17,69,994 4,58,217 9,29,55,897 23,33,608 1,60,449 2,24,54,408 19 80,989 9,48,32,542 20,74,041 1,15,02,566 22,51,29, 32,05,751 5,70,325 20,57,355 74,01,276 3,35,582 77,42,394 2,07,17,819 8,83,63,485 2,15,683 19,90,521 79,939 51,39,901 2,24,715 6,27,671 23,92,95, 8,58,39,253 38,77,022 6,71,66,048 2,89,439 17,93,281 40,95,032 1,07,868 16,45,579 1,18,76,912 23,84,8 54,94,359 1,12,948 6,61,38,404 25,26, 5,97,633 1,48,033 15,34,880 2,92,69,261 64,45,041 17,49,524 29,35,869 2,52,28,432 1,89,173 14,47,834 71,841 35,40,218 33,15,699 22,35,79, 1,76,221 96,745 17,55,10, 17,40,663 86,405 7,65,70,868 Apr-15 19 1,46,79,503 3,85,464 2,17,04,444 6,76,410 10,17,80,061 23,53,554 9,00,01,816 20,00,402 56,66,759 1,89,341 29,89,704 94,592 23,68,22 Year/ Year/ Month Year/ Year/ Month Note: 1. Notional Turnover = (Strike Price + Premium) * Quantity. = (Strike Note: 1. Notional Turnover 30, 2015. $ indicates as on November Source: BSE. Table 33: Trends in Equity Derivatives Segment at BSE (Turnover in Notional Value) Segment at BSE (Turnover in Equity Derivatives 33: Trends Table Segment at NSE in Equity Derivatives 34: Trends Table Price + Premium) * Quantity. = (Strike Note: 1. Notional Turnover 30, 2015. $ indicates as on November Source: NSE.

1201 DECEMBER SEBI BULLETIN 2015 crore) Value ` ( Open Interest at No. of the end of the day contracts crore) ` ( Turnover Turnover Total Tur nover No. of Contracts 2001 & November 2001, respectively. 2001 & November crore) ` ( Turnover Turnover No. of Contracts crore) ` ( Turnover Turnover No. of Contracts crore) ` ( Turnover Turnover No. of Contracts Index Options Stock Options crore) ` ( Turnover Turnover No. of Contracts Calls Puts Calls Puts crore) ` ( Turnover No. of Contracts crore) ` ( Turnover Turnover Index Futures Stock Futures No. of Contracts Date 2-Nov-153-Nov-15 1674-Nov-15 565-Nov-15 161 96-Nov-15 3039-Nov-15 3 180 910-Nov-15 8 115 1611-Nov-15 179 3 913-Nov-15 2 42 0 14 616-Nov-15 494 917-Nov-15 0 10 132 60,972 0 218-Nov-15 128 1 6 25 22,544 16 3,33219-Nov-15 176 70,388 0 7 57,92420-Nov-15 1,234 203 7 7 0 5 622 3,84023-Nov-15 63,721 210 1 3,145 37,369 9 1324-Nov-15 13,737 116 10 68,668 38,654 3,444 0 14 46,796 1,95126-Nov-15 33 116 0 11 4,360 15 3,67427-Nov-15 721 2,013 4,073 1 2,499 15,885 13 479 6 472 80,60530-Nov-15 204 1 1,421 1,820 50 6 227 240 91,284 198 448 1 256 840 4,253 25 10 94,070 23 1 11 4,793 1,22,859 62 20,237 97 1,276 54 51 3 13 3,190 1,11,830 404 24 4,979 1,881 13 1,722 6,507 1,027 1,229 1 1,548 661 23 28,434 5,839 2,239 76 151 2 106 2 21 18 296 0 412 36,157 63,131 88 1,512 65,321 68 2,665 1,43,571 74 2,39,630 37 109 64,122 1 938 57,200 1,081 1,919 3,185 99,944 3,462 12,654 15 7,618 1,049 1 86,370 21 1,217 3,504 0 143 70,520 51,845 2,877 69,211 922 5,341 4,800 37,858 1,039 46 51 4,669 80,897 4,865 70,245 310 715 3,549 2,763 3,474 59 65 3,510 7,670 1,911 255 2,632 5,013 4,358 258 3,772 914 47 28,620 3,988 48 71,626 1,091 50,703 3,364 20 165 403 37 265 4,785 3,016 1,445 139 1,707 153 3,826 2,696 194 48 36,777 1,959 162 56 661 2,780 251 96,864 4,784 152 6,167 83,360 1,903 93 925 2,635 2,714 109 8 1,79,115 5,077 148 249 1,26,208 37 314 4,393 4,827 3,067 91,327 9,234 139 139 5,238 49 1,945 95,588 6,679 5,022 250 1,87,598 3,17,057 4,677 1,11,716 158 9,698 270 5,060 5,994 257 104 16,588 9,838 5,408 5,718 1,256 498 5,113 304 85,417 8,437 5,773 280 5,528 265 69 4,472 440 297 285 85,839 4,848 4,618 252 5,229 272 Notes: 1. Index Futures, Index Options, Stock Options and Futures were introduced in October 2000, 2001, Source : BSE. 2. is computed as Underlying Open interest value close price* Quantity. 3. Price + Premium) * Quantity. = (Strike Notional Turnover Table 35: Equity Derivatives Trading at BSE during November 2015 at BSE during November Trading 35: Equity Derivatives Table

1202 DECEMBER SEBI BULLETIN 2015 55 314 7,863 9,237 7,033 48,537 58,239 crore) Value ` ( Open Interest at No. of the end of the day contracts crore) ` ( Turnover Total Tur nover No. of Contracts ember 2001 and November 2001, ember 2001 and November crore) ` ( Turnover No. of Contracts crore) ` ( Turnover No. of Contracts crore) ` ( Turnover No. of Contracts Index Options Stock Options crore) ` ( Turnover No. of Contracts Calls Puts Calls Puts crore) ` ( Turnover No. of Contracts crore) ` ( Turnover Index Futures Stock Futures No. of Contracts respectively. Date 2-Nov-153-Nov-15 2,11,1794-Nov-15 2,06,307 12,0255-Nov-15 4,74,770 2,09,836 11,7486-Nov-15 4,24,688 2,53,342 24,087 12,0189-Nov-15 4,40,084 8,22,194 2,58,321 21,864 14,32610-Nov-15 4,45,912 8,00,636 50,929 3,58,687 22,992 14,623 2,67,42011-Nov-15 5,87,792 7,95,903 49,517 7,96,652 22,785 20,180 11,22,16113-Nov-15 5,67,351 14,952 49,156 6,48,915 28,970 46,414 39,889 4,86,875 13,31,134 69,058 2,04,938 1,39,96016-Nov-15 6,87,564 28,471 37,717 2,223 21,36,843 81,553 2,74,190 9,35,599 24,241 1,24,56617-Nov-15 11,319 7,544 40,096 1,29,396 16,37,500 10,29,797 4,65,055 83,617 2,44,373 1,39,04618-Nov-15 54,101 15,281 6,797 15,79,298 76,506 98,697 1,50,580 59,300 4,72,327 3,11,773 23,23719-Nov-15 13,665 7,853 4,206 61,768 90,359 11,73,018 2,20,302 12,32,366 3,760 4,93,800 2,97,766 23,393 8,29420-Nov-15 2,06,805 17,315 1,75,685 68,843 11,527 67,390 25,21,261 16,04,512 73,595 3,097 5,19,519 3,79,982 24,65723-Nov-15 11,014 85,881 16,702 1,29,582 1,95,450 10,585 1,44,759 22,66,880 16,33,081 94,991 9,16,453 3,543 1,08,641 5,64,640 33,07,376 3,68,543 25,75024-Nov-15 21,289 10,391 1,14,615 1,30,741 12,71,025 4,294 1,84,274 6,207 23,41,276 20,73,776 97,154 52,101 7,50,999 34,17,346 3,80,431 28,26626-Nov-15 20,897 5,379 1,22,572 99,660 1,35,658 29,93,475 12,71,741 35,56,928 1,81,989 1,90,598 72,235 11,58,844 20,46,763 6,594 35,06,943 4,25,990 37,749 17,08,41727-Nov-15 49,57,625 1,72,858 21,487 2,02,179 1,86,986 1,20,740 1,95,234 72,664 13,87,280 36,72,824 25,49,755 38,16,193 4,908 57,633 9,653 30,109 2,84,800 2,63,576 17,63,01230-Nov-15 24,133 97,263 1,82,246 38,57,820 2,02,023 1,50,781 2,09,831 19,88,929 9,724 15,41,282 38,59,923 69,337 1,00,445 94,964 2,06,383 2,11,2 1,83,358 1,612 1,17,459 23,76,467 14,821 2,20,580 25,34,081 1,99,956 9,532 88,172 77,138 1,36,365 18,51,371 40,07,273 10,732 4,85,820 1,49,072 13,651 10,435 4,693 31,46,234 10,362 2,38,228 2,15,930 1,06,206 1,05,964 85,855 23,05,744 5,26,257 4,308 24,805 1,84,243 1,17,038 30,95,765 1,90,709 12,307 1,32,647 33,25,219 1,74,598 38,97,212 675 5,215 9,66,806 4,202 28,051 1,24,207 2,03,239 40,96,766 9,979 5,739 1,91,682 2,19,931 49,25,832 39,11,096 6,70,902 58,858 2,20,708 4,57,566 41,64,556 1,04,300 10,698 2,63,127 49,89,175 6,157 2,78,846 2,21,874 2,25,907 1,05,582 41,165 8,93,095 43,66,354 42,19,247 2,82,254 13,886 25,895 64,19,638 5,238 43,73,029 40,42,595 2,34, 2,29,567 1,54,188 5,80,430 50,936 3,64,648 5,349 2,3 2,19,436 56,62,696 43,88,082 1,28,100 33,320 3,17,413 69,16,357 7,778 2,3 45,27,575 1,27,918 3,88,591 6,953 88,56,040 2,4 45,63,202 4,98,860 2, 7,363 59,119 28,96,629 1, 56,742 2,935 27,96,516 2,928 1,59,308 21,45,607 31,44,808 1,23,262 1,73,403 32,79,662 1,81,087 2. is computed as Underlying Open interest value close price*Quantity. 3. of Notional Value Outstanding Contracts for OPTSTK - Open Interest * Close price ofSource : NSE. Underlying security. 4. of Notional Value Outstanding Contracts for OPTIDX - Open Interest * Close price CNX Nifty. 5. Price + Premium) * Quantity. = (Strike Notional Turnover Table 36: Equity Derivatives Trading at NSE during November 2015 at NSE during November Trading 36: Equity Derivatives Table Notes: 1. Index Futures, Index Options, Stock Options and Futures were introduced in September 2000, 2001, Sept

1203 DECEMBER SEBI BULLETIN 2015 Fund Gurantee Settlement Total Exercise Exercise Settlement NSE Premium Settlement Final Settlement crore) MTM Index/Stock Futures Index/Stock Options ` Settlement Fund Gurantee Settlement Total Exercise Exercise Settlement BSE Premium Percentage SharePercentage in Turnover Share Percentage in Open Interest Settlement Final Settlement Pro FII Mutual Funds Banks Others Pro FII Funds Mutual Banks Others MTM Index/Stock Futures Index/Stock Options Settlement Jan-15Feb-15Mar-15 88.7 96.6 86.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.3 3.4 13.7 66.9 67.1 85.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33.1 32.9 15.0 Apr-15May-15Jun-15Jul-15 96.9Aug-15 96.7Sep-15 97.4Oct-15 91.9Nov-15 0.0 86.4 0.0 69.4 0.0 58.2 59.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.1 3.3 0.0 0.0 2.6 0.0 8.1 13.6 90.3 57.1 30.6 41.8 42.0 40.2 59.0 60.9 0.0 0.0 41.5 87.6 0.0 85.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.7 42.9 0.0 0.0 58.0 0.0 41.1 39.1 58.5 12.4 14.5 Month Year/ Year/ Month 2014-152015-16$Apr-15 897May-15 304Jun-15 84Jul-15 21 90Aug-15 9 39Sep-15 2 36,301Oct-15 26 14 2Nov-15 5,641 1 4 49 22 0 959 1,470 25 0 6 1,444 37,268 0 2 1 715 1 5,960 395 365 2 235 1,046 195 0 1,562 15 75,766 0 228 1,485 14 1 55,482 0 14 1,754 742 1 15 409 6,451 1,099 15,299 241 7,853 15 219 15 6,935 256 9,609 146 2,835 15 7,208 93 15 10,287 15 68 95,654 1,429 1,089 8,075 1,071 146 4,199 349 1,424 67,620 4,473 489 161 71 99 993 1,395 111 518 777 115 7,847 1,402 9,116 1,103 126 216 8,945 1,133 514 132 12,247 517 8,473 80 542 97 9,680 558 5,494 547 5,817 750 754 777 $ indicates as on November 30, 2015. $ indicates as on November Source: BSE and NSE Table 37: Settlement Statistics in Equity Derivatives Segment at BSE and NSE ( 37: Settlement Statistics in Equity Derivatives Table 38: Category-wise Share ofTable Segment of & Open Interest in Equity Derivative Turnover BSE Source: BSE.

1204 DECEMBER SEBI BULLETIN 2015 Futures IBOVESPA IBOVESPA FTSE/JSE Top 40 Futures Top MICEX Index Futures Index Futures HANG SENG BSE100 Turnover (in Percentage) Turnover Turnover (in Percentage) Turnover INDEX BSE TECK INDEX BSE OIL & GAS Percentage SharePercentage in Turnover Share Percentage in Open Interest Pro FII Mutual Funds Banks Others Pro FII Funds Mutual Banks Others NIFTY CNXIT BANKNIFTY NFTYMCAP50 CNXPSE CNXINFRA FTSE100 S&P500 DJIA India VIX B S E 3 0 S E N S E X B S E B A N K E X Jan-15Feb-15Mar-15Apr-15May-15 100.0Jun-15Jul-15 98.0 100.0Aug-15 100.0Sep-15 100.0Oct-15 100.0 0.0 100.0 0.0 100.0 0.0 0.0 100.0 0.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Month Jan-15Feb-15Mar-15 51.1 51.5 50.9 10.7 10.3 11.1 0.3 0.3 0.3 0.0 0.0 0.0 38.0 37.8 37.6 13.9 13.5 13.6 34.6 33.1 33.6 5.8 6.3 6.5 0.0 0.0 0.0 45.7 47.1 46.3 Apr-15May-15Jun-15Jul-15 47.7Aug-15 51.7Sep-15Oct-15 51.3Nov-15 50.4 50.0 13.8 50.0 9.2 49.3 9.3 48.8 9.1 10.2 0.2 11.1 0.3 9.4 13.1 0.4 0.5 0.4 0.0 0.5 0.0 0.6 0.7 0.0 0.0 0.0 38.3 0.0 38.8 0.0 0.0 39.0 40.0 39.3 14.5 35.5 14.6 40.8 37.4 15.7 13.5 15.4 33.6 15.9 34..63 15.2 15.3 33.3 34.6 35.9 7.6 34.1 8.2 32.9 32.8 8.6 9.4 8.8 0.0 9.2 0.0 9.9 9.9 0.0 0.0 0.0 44.3 0.0 42.6 0.0 0.0 42.4 42.6 39.8 40.5 42.0 41.9 Month Month Jan-15Feb-15Mar-15Apr-15May-15 86.6Jun-15 84.2Jul-15 83.9Aug-15 86.8Sep-15 86.7Oct-15 0.0 85.2 0.0Nov-15 85.2 0.0 85.7 0.0 82.2 0.0 83.3 13.4 0.0 85.9 15.8 16.1 0.0 0.0 13.1 13.3 0.0 0.0 0.0 14.8 0.0 0.0 14.8 0.0 14.2 0.0 17.8 0.0 16.7 0.0 0.0 14.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Source: BSE. Table 39: Category-wise Share ofTable Segment of & Open Interest in Equity Derivative Turnover NSE at BSE 40: Instrument-wise in Index Derivatives Turnover Table at NSE 41: Instrumentwise in Index Derivatives Turnover Table Source: NSE. Source: NSE.

1205 DECEMBER SEBI BULLETIN 2015 crore) crore) Value Value ` ` ( ( No. of No. of Contracts Contracts Open Interest at the end of crore) crore) ` ` ( ( Turnover Turnover Turnover No. of No. of Contracts Contracts crore) crore) ` ` ( ( Turnover Turnover Turnover Turnover No. of No. of Contracts Contracts Currency Options Total Open Interest at the end of crore) crore) ` ` ( ( Turnover Turnover Turnover Call Put Call Put No. of No. of Contracts Contracts crore) crore) ` ` ( ( Turnover Turnover Currency Futures Currency Futures Currency Options Total No. of No. of Contracts Contracts Days Days No. of No. of Trading Trading Trading Trading 2014-152015-16$Apr-15 238May-15 161Jun-15Jul-15 10,01,05,414 18Aug-15 3,51,86,120 19Sep-15 6,31,641 22Oct-15 54,73,546 2,31,629 23Nov-15 51,58,356 16,38,739 20 54,56,291 12,64,652 20 35,144 43,02,432 20 33,580 10,146 50,59,012 19 35,483 2,77,170 8,252 40,55,688 1,73,119 13,24,190 28,213 31,14,256 33,807 25,66,539 1,19,800 11,02,800 1,765 27,433 1,28,853 1,123 20,720 8,139 1,60,115 17,249 1,64,321 10,30,68,343 1,06,899 7,086 777 1,58,860 1,42,971 831 3,75,53,572 1,052 1,55,725 6,49,925 1,44,385 1,019 715 1,20,637 1,008 2,46,967 1,43,192 948 3,61,160 1,041 59,15,037 1,17,647 54,90,335 920 2,56,434 1,04,849 2,292 1,48,909 769 924 37,928 57,20,476 1,728 35,710 778 45,51,922 53,62,319 4,32,543 683 985 3,59,068 37,180 42,80,234 2,783 29,813 33,62,076 35,783 28,71,173 2,327 5,82,372 28,926 5,61,640 2,99,812 22,351 3,758 19,275 2,18,964 3,652 2,019 3,61,081 2,56,434 1,455 2,383 1,728 2014-152015-16$Apr-15May-15 238 161Jun-15Jul-15 35,55,88,963 18 26,45,30,576Aug-15 19 22,47,992Sep-15 22 3,10,55,906 17,51,536Oct-15 7,18,56,444 3,33,32,687 23Nov-15 8,83,44,578 20 2,00,187 3,24,24,567 4,48,303 2,18,201 20 2,88,23,508 5,79,376 89,39,607 20 4,28,15,782 2,12,345 5,32,19,287 19 93,83,506 6,08,90,482 3,51,66,561 1,89,031 1,03,80,244 2,85,653 3,10,87,546 56,956 3,27,612 2,98,24,019 94,19,991 3,95,387 2,38,260 60,655 1,30,43,254 48,06,64,694 67,276 65,81,903 2,07,049 41,37,65,636 1,20,19,700 2,00,810 64,07,405 30,23,908 1,45,92,078 60,845 50,94,370 86,042 27,26,300 1,05,66,198 41,476 80,610 32,86,590 1,15,61,855 51,41,984 40,924 4,65,77,416 96,306 32,20,553 32,640 70,686 80,34,967 4,91,23,598 4,78,99,181 20,793 75,332 83,51,358 32,888 2,98,618 21,700 97,16,640 3,19,780 6,74,20,891 4,33,85,483 53,289 3,12,262 33,77,620 54,623 5,52,21,228 30,17,932 64,216 4,47,028 2,82,764 31,03,419 5,40,30,982 21,788 5,01,06,857 3,72,159 17,05,226 20,83,838 19,525 3,57,978 20,127 3,35,711 15,58,377 11,642 16,16,045 13,691 32,20,553 10,482 10,771 21,700 Year/Month Year/Month Table 42: Trends in Currency Derivatives Segment at NSE in Currency Derivatives 42: Trends Table Notes: 1. of Price. Futures, Value Qty*Traded :- For contract = Traded Value Trading 30, 2015. $ indicates as on November Source: NSE. 2. of Premium) Price+Traded Options, Value Qty*(Strike For contract = Traded Segment at MSEI in Currency Derivatives 43: Trends Table 30, 2015. $ indicates as on November Source: MSEI

1206 DECEMBER SEBI BULLETIN 2015 crore) crore) Value

` Value ` ( ( No. of Contracts No. of Contracts crore) ` ( Turnover Turnover crore) ` ( Traded Value Value Traded Total Interest Open at the end of No. of Total TurnoverTotal Open Interest at the end of Contracts No. of Contracts crore) ` ( Turnover Turnover crore) ` ( Traded Value Value Traded No. of Contracts No. of Contracts Currency Options crore) ` ( Turnover Turnover Currency Option Call Put crore) ` ( Traded Value Value Traded No. of Calls Puts Contracts No. of Contracts crore) ` ( Turnover crore) ` ( Currency Futures Traded Value Value Traded No. of Contracts Currency Futures No. of Days Contracts No. of Trading Trading Date 2014-152015-16$Apr-15 238May-15 161Jun-15Jul-15 21,24,34,540 18 17,40,98,280Aug-15 19Sep-15 13,07,077 22 2,10,69,185 11,30,239Oct-15 3,90,99,057 23 2,08,19,151Nov-15 20 4,07,19,167 1,33,113 2,17,96,194 20 2,49,260 1,33,382 1,88,95,627 20 2,66,702 2,78,02,763 31,73,211 1,39,782 19 5,76,42,446 64,44,406 2,28,14,502 5,22,07,630 1,20,827 2,05,49,992 1,82,198 47,06,291 20,274 3,52,256 2,03,50,866 79,23,900 1,51,622 41,756 3,30,377 30,91,76,043 58,68,030 1,17,06,754 1,34,221 30,667 26,70,25,077 1,06,35,581 1,35,094 44,89,521 19,08,544 51,467 46,77,718 38,757 72,410 67,96,143 17,27,318 34,36,090 66,859 62,97,784 30,063 3,59,49,150 6,64,668 78,20,958 30,795 3,78,99,138 7,84,111 42,183 22,924 23,07,650 2,25,797 4,161 39,771 33,03,619 3,32,98,628 2,41,997 49,976 5,244 33,39,141 3,31,17,311 15,367 8,92,319 4,14,91,751 2,12,632 21,692 7,74,450 2,96,11,673 2,12,065 22,119 5,813 2,85,31,329 2,70,931 11,11,945 2,71,26,097 4,939 1,97,052 9,46,600 1,86,708 7,18,303 7,099 1,80,138 6,34,015 6,060 7,24,872 4,767 7,84,111 4,172 4,730 5,244 2-Nov-153-Nov-154-Nov-15 23,74,9185-Nov-15 16,98,9716-Nov-15 13,57,4639-Nov-15 18,80,478 15,839 12,26,333 11,334 19,25,259 9,083 12,514 6,15,001 4,70,335 8,294 12,969 4,12,724 7,13,533 4,084 5,34,332 3,127 7,47,323 2,742 4,744 7,47,581 4,59,096 3,560 5,003 2,41,882 5,09,184 4,904 2,44,818 13,05,639 3,017 1,583 37,37,500 3,343 26,28,402 1,609 8,614 20,12,069 31,03,195 24,827 20,05,483 17,478 39,78,221 13,408 32,92,343 20,600 35,81,369 13,462 26,586 36,62,936 40,02,933 21,832 41,44,862 23,724 44,17,397 24,253 26,558 27,499 29,544 10-Nov-1511-Nov-1513-Nov-15 13,73,59516-Nov-1517-Nov-15 1,77,51118-Nov-15 9,12,884 13,99,52019-Nov-15 9,202 11,96,94820-Nov-15 11,68,417 1,18723-Nov-15 14,13,267 6,17724-Nov-15 9,453 4,33,542 21,00,36526-Nov-15 8,088 23,58,326 1,14,09027-Nov-15 7,927 23,41,541 3,43,65230-Nov-15 9,602 6,13,095 25,37,240 14,136 2,905 4,09,426 13,37,128 15,853 5,73,288 10,43,855 15,770 762 4,04,064 2,296 17,152 6,14,059 4,090 3,82,620 7,51,701 2,728 9,122 7,27,179 1,38,210 3,823 7,108 2,98,176 9,85,950 2,690 4,77,397 4,089 2,532 3,64,418 7,41,848 5,033 5,50,467 3,61,056 4,878 4,72,872 1,970 915 21,89,757 6,639 5,51,806 3,151 8,26,093 2,406 5,047 6,56,405 3,634 15,54,712 2,448 4,29,811 24,90,012 6,01,338 3,125 14,639 3,647 19,70,792 5,40,337 5,469 22,92,172 3,48,301 10,443 4,350 22,90,203 46,45,546 16,695 32,66,230 2,863 4,003 13,222 39,36,120 3,618 15,383 46,16,327 37,25,125 46,36,403 46,33,785 2,328 15,417 41,24,528 31,037 21,872 46,76,359 26,19,313 26,356 49,18,286 17,53,212 30,748 24,997 51,29,434 30,869 54,32,601 30,897 27,793 31,092 61,17,674 17,787 32,795 67,83,837 11,884 34,170 27,35,118 36,173 30,88,310 40,838 32,20,553 45,235 18,417 20,822 21,700 Year/Month Table 44: Trends in Currency Derivatives Segment at BSE in Currency Derivatives 44: Trends Table 30, 2015. $ indicates as on November Source: BSE of 2015 45: Daily Trends at NSE during November Trading Table Currency Derivatives Source: NSE

1207 DECEMBER SEBI BULLETIN 2015

Table 46: Daily Trends of Currency Derivatives Trading at MSEI during November 2015

Currency Currency Options Open Interest at the Total Tur nover Futures Call Put end of the day Date No. of Turnover No. of Turnover No. of Turnover No. of Turnover No. of Value Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) contracts (` crore) 2-Nov-15 1,68,762 1,130 17,305 115 1,003 7 1,87,070 1,251 3,41,801 2,271 3-Nov-15 1,37,440 931 337 2 131 1 1,37,908 934 3,23,585 2,150 4-Nov-15 90,099 607 2,279 15 125 1 92,503 623 3,27,443 2,171 5-Nov-15 1,12,315 750 24,994 166 21,012 139 1,58,321 1,056 3,65,715 2,431 6-Nov-15 1,59,659 1,072 17,862 119 9,288 62 1,86,809 1,252 3,94,590 2,619 9-Nov-15 2,31,065 1,552 12,015 80 20,436 135 2,63,516 1,768 3,66,072 2,450 10-Nov-15 92,256 618 17,674 118 20,137 134 1,30,067 870 3,98,658 2,665 11-Nov-15 14,339 96 1,568 10 480 3 16,387 110 4,05,957 2,706 13-Nov-15 68,785 463 2,031 14 1,700 11 72,516 488 4,04,484 2,698 16-Nov-15 1,06,068 713 2,554 17 2,522 17 1,11,144 747 4,09,706 2,728 17-Nov-15 1,08,800 731 221 1 9,560 62 1,18,581 795 4,11,270 2,737 18-Nov-15 1,08,297 727 2,640 18 15,857 103 1,26,794 848 4,36,632 2,914 19-Nov-15 1,85,349 1,241 7,755 52 8,860 58 2,01,964 1,351 4,76,368 3,175 20-Nov-15 1,53,926 1,030 7,731 52 8,175 54 1,69,832 1,135 5,19,440 3,461 23-Nov-15 1,19,689 810 1,233 8 4,428 29 1,25,350 848 5,22,354 3,488 24-Nov-15 1,78,212 1,196 8,580 57 5,641 37 1,92,433 1,291 5,38,871 3,593 26-Nov-15 3,63,112 2,439 1,823 12 2,457 16 3,67,392 2,468 5,61,892 3,756 27-Nov-15 1,02,670 695 19,156 130 10,116 68 1,31,942 893 2,54,211 1,716 30-Nov-15 65,696 447 7,967 54 6,981 47 80,644 548 2,56,434 1,728 Source: MSEI

Table 47: Daily Trends of Currency Derivatives trading at BSE during November 2015

Currency Option Open Interest at the Currency Futures Total Tur nover Calls Puts end of Date No. of Traded Value No. of Traded Value No. of Traded Value No. of Traded Value No. of Value Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) Contracts (` crore) 2-Nov-15 15,15,259 9,978 2,05,971 1,365 3,10,616 2,036 20,31,846 13,379 7,90,087 5,176 3-Nov-15 11,70,980 7,716 2,29,509 1,522 1,06,202 701 15,06,691 9,938 8,53,407 5,588 4-Nov-15 10,49,625 6,913 1,81,756 1,206 87,076 579 13,18,457 8,698 8,01,332 5,257 5-Nov-15 12,49,606 8,245 2,22,346 1,475 2,58,863 1,706 17,30,815 11,425 8,90,289 5,850 6-Nov-15 8,93,417 5,906 1,61,700 1,074 1,26,748 846 11,81,865 7,826 8,72,813 5,746 9-Nov-15 12,46,800 8,312 1,69,058 1,130 2,66,072 1,761 16,81,930 11,203 10,48,933 6,961 10-Nov-15 8,47,704 5,647 1,36,872 916 1,65,859 1,103 11,50,435 7,665 11,07,070 7,348 11-Nov-15 71,940 477 18,681 125 7,589 50 98,210 652 11,02,813 7,320 13-Nov-15 6,43,611 4,274 88,392 590 97,842 647 8,29,845 5,511 10,17,366 6,732 16-Nov-15 9,76,800 6,474 1,60,400 1,069 1,31,976 873 12,69,176 8,416 9,92,162 6,568 17-Nov-15 10,75,650 7,121 1,90,598 1,268 1,85,442 1,224 14,51,690 9,613 10,39,624 6,863 18-Nov-15 9,92,901 6,592 2,33,081 1,553 2,25,143 1,490 14,51,125 9,635 12,12,566 8,020 19-Nov-15 10,29,294 6,828 2,12,840 1,416 2,20,151 1,452 14,62,285 9,696 13,15,491 8,700 20-Nov-15 12,75,039 8,456 3,24,605 2,161 2,22,678 1,482 18,22,322 12,100 13,59,243 8,988 23-Nov-15 15,00,324 9,974 2,70,635 1,804 3,95,401 2,611 21,66,360 14,390 13,70,379 9,096 24-Nov-15 14,65,543 9,751 1,34,533 900 1,27,786 848 17,27,862 11,499 13,80,855 9,170 26-Nov-15 14,42,128 9,641 1,71,674 1,158 1,67,101 1,118 17,80,903 11,917 6,80,584 4,534 27-Nov-15 11,15,389 7,493 1,79,635 1,218 1,59,376 1,076 14,54,400 9,787 7,70,475 5,148 30-Nov-15 7,88,856 5,297 1,43,804 974 77,220 515 10,09,880 6,786 7,84,111 5,244 Source: BSE.

1208 DECEMBER SEBI BULLETIN 2015 Total crore) ` ( Exercise Exercise Settlement Premium Settlement BSE Final (in lots) (in lots) Settlement MTM Settlement Open Interest as on last day of the month Open Interest as on last day of the month Total Exercise Exercise Settlement Premium Settlement MSEI Final Settlement MTM Settlement crore) ` crore) (` Total Turnover Turnover Turnover (in Turnover Exercise Exercise Settlement Premium Settlement NSE Final USDINR EURINR GBPINR JPYINR USDINR EURINR GBPINR JPYINR USDINR EURINR GBPINR JPYINR USDINR EURINR GBPINR JPYINR Settlement Currency Futures Currency Options Currency Futures Currency options Currency Futures Currency Options MTM Settlement Jan-15Feb-15Mar-15Apr-15May-15Jun-15 38,532Jul-15 26,657Aug-15 37,744Sep-15 34,776 33,039Oct-15Nov-15 34,437 1,794 26,121 32,751 986 1,635 26,552 1,368 20,332 1,227 18,239 1,487 2,409 1,964 1,533 1,829 2,309 1,145 1,551 990 1,272 407 1,076 1,587 754 1,362 454 1,045 493 232 895 173 580 180 4,73,673 142 138 5,11,791 3,50,505 184 4,22,103 3,45,548 134 5,65,778 6,169 49 5,44,219 2,90,570 3,400 5,791 2,13,832 6,010 8,604 12,136 3,55,092 12,744 4,948 2,52,260 6,155 3,635 4,499 2,848 4,104 2,576 3,779 4,059 2,214 4,286 1,716 2,947 2,185 1,942 365 326 2,340 1,986 399 1,835 391 140 342 224 125 Jan-15Feb-15Mar-15Apr-15May-15Jun-15 11,231Jul-15 2,05,693 3,11,327Aug-15Sep-15 2,75,011 2,95,486Oct-15Nov-15 2,85,518 2,56,666 11,112 4,20,324 7,215 11,224 3,46,529 10,827 3,36,448 10,694 3,18,952 13,147 12,495 4,222 12,310 11,498 9,238 11,864 10,753 11,408 9,934 7,633 10,647 11,455 11,779 3,33,691 11,129 2,978 2,913 2,026 9,811 7,858 2,191 27,74,942 2,950 2,148 31,90,546 31,94,340 2,615 32,48,478 2,638 29,03,043 41,71,602 1,785 45,317 1,268 36,34,916 32,27,522 51,053 43,054 30,32,756 67,773 58,533 29,53,668 65,630 31,36,388 24,124 54,839 61,676 35,036 45,535 49,894 51,969 41,948 40,802 41,742 49,511 14,383 51,123 43,501 12,761 9,955 40,242 9,400 14,408 33,151 34,484 10,554 11,896 10,673 11,350 11,466 7,939 Month Month Year/ Month 2014-152015-16$Apr-15 4,802May-15 4,200Jun-15Jul-15 477 44Aug-15 479 100Sep-15 484Oct-15 16 629Nov-15 810 591 567 3 393 1 517 412 55 1 14 152 236 58 11 52 5 5,589 5,103 49 18 118 49 15 87 1,548 16 712 71 565 77 76 11 556 19 13 552 12 1,018 39 99 42 690 99 510 36 140 76 25 632 580 120 3 1 51 8 2 0 76 11 53 0 2 2 1 1,605 760 5 1 3 3 2 0 1,940 2,131 0 3 5 2 2 6 22 104 0 37 102 1 152 5,052 81 1 251 123 2 2,101 262 55 403 16 232 7 284 80 77 65 2 222 7,030 7 0 1 272 4,345 285 203 355 5 213 190 12 3 2 242 1 27 314 5 2 226 277 545 621 14 650 10 15 427 529 555 450 568 Table 48: Settlement Statistics ofTable Segment Currency Derivatives 30, 2015. $ indicates as on November stock exchanges Source: Respective of 49: Instrument-wise in Currency Turnover Derivatives Table NSE Source: NSE. Segment of 50: Instrument-wise in Currency Turnover Derivative Table MSEI Source: MSEI

1209 DECEMBER SEBI BULLETIN 2015

Table 51: Instrument-wise Turnover in Currency Derivative Segment of BSE

Open Interest as on last day of the month Turnover (` crore) Month (in lots) USDINR EURINR GBPINR JPYINR USDINR EURINR GBPINR JPYINR Jan-15 3,16,702 120 458 412 7,19,869 1,184 1,137 58 Feb-15 2,24,891 59 170 247 8,78,018 242 583 607 Mar-15 2,90,014 1,475 64 16 6,62,371 897 486 914 Apr-15 2,24,902 571 262 61 8,56,186 634 220 541 May-15 2,41,194 594 175 34 7,72,830 650 419 551 Jun-15 2,11,769 477 297 89 11,07,151 1,569 2,505 720 Jul-15 2,11,434 366 225 40 9,44,660 917 500 523 Aug-15 2,70,316 250 285 80 7,14,899 1,760 1,029 615 Sep-15 1,96,358 332 240 122 6,31,114 1,097 1,053 751 Oct-15 1,85,998 269 362 78 7,22,764 954 581 573 Nov-15 1,79,121 720 239 58 7,81,755 452 1,529 375 Source: BSE

Table 52: Maturity-wise Turnover in Currency Derivative Segment of NSE (` crore)

Currency Futures Currency Options Month 1 Month 2 Month 3 Month > 3 months 1 Month 2 Month 3 Month > 3 months Jan-15 2,02,095 32,426 3,452 2,546 1,11,060 8,542 125 11 Feb-15 1,35,641 28,380 4,851 2,162 48,087 5,808 129 0 Mar-15 1,84,677 39,452 6,209 2,652 91,503 12,519 7 8 Apr-15 1,58,643 36,396 3,611 1,536 84,202 14,101 128 0 May-15 1,84,537 28,875 2,744 2,045 89,744 11,415 420 0 Jun-15 1,72,441 34,997 3,216 1,692 83,795 15,797 325 0 Jul-15 1,53,524 30,968 3,054 1,484 75,208 17,461 1,063 1 Aug-15 2,33,188 46,331 4,178 1,955 1,37,262 22,979 1,131 3 Sep-15 2,05,216 28,837 2,954 1,253 1,15,393 18,493 13 0 Oct-15 1,77,010 27,127 1,843 1,070 1,34,950 15,825 154 0 Nov-15 1,70,562 27,504 1,776 968 1,18,575 16,284 43 0 Source: NSE.

Table 53: Maturity-wise Turnover in Currency Derivative Segment of MSEI

Currency Futures Currency Options Month 1 Month 2 Month 3 Month > 3 months 1 Month 2 Month 3 Month > 3 months Jan-15 35,320 6,200 1,259 463 81 59 107 0 Feb-15 22,574 4,602 1,536 323 865 28 0 0 Mar-15 31,613 6,544 493 589 2,825 118 0 0 Apr-15 28,251 6,212 565 116 2,675 109 0 0 May-15 26,943 5,810 526 300 1,810 273 0 47 Jun-15 28,091 5,267 1,064 1,061 1,512 94 0 92 Jul-15 22,020 5,528 597 68 1,355 134 102 8 Aug-15 28,121 5,212 429 45 1,670 298 0 8 Sep-15 21,740 2,838 1,206 1,649 1,208 285 0 0 Oct-15 16,860 3,717 106 38 1,420 211 0 0 Nov-15 14,199 2,926 118 6 2,001 25 0 0 Source: MSEI

1210 DECEMBER SEBI BULLETIN 2015 crore) crore) ` Value ( (` the end of Open Interest at No. of Contracts crore) (` Traded Value Traded No. of Interest Rate Futures Contracts crore) Value (` the end of Open Interest at No. of Contracts crore) (` Traded Value Traded Interest Rate Futures No. of Contracts crore) Value (` the end of Open Interest at No. of Contracts Currency Futures Currency Options BSE NSE MSEI crore) (` Traded Value Traded Futures Interest Rate No. of Contracts 1 Month Month 2 Month 3 3 months > 1 Month Month 2 Month 3 3 months > Days No. of Trading Trading Jan-15Feb-15Mar-15Apr-15 1,41,370May-15 91,043Jun-15 1,20,315Jul-15 1,15,841Aug-15 1,19,851 14,706Sep-15 1,22,642 11,890Oct-15 15,950 1,05,901Nov-15 16,467 1,65,315 12,894 1,009 1,40,255 15,927 1,21,979 2,075 1,21,111 14,134 934 16,017 801 10,997 618 52 11,908 1,172 13,375 799 788 139 861 2 361 1,02,618 18 327 39 27,868 595 29,933 3 11,625 5 57,171 81,032 9 30,078 45,006 5 15,370 12 63,579 22,212 81,259 3,528 2,724 37,394 18,228 5,011 45,149 30,279 40,831 11,937 24,098 20,034 3,894 11,996 43,385 8,029 10,388 78,648 6,616 4,106 15,444 11,949 3,507 12,862 12,444 4 722 105 277 71 3 0 1 Month Year/ Month 2014-152015-16$Apr-15 238 161May-15Jun-15 20,33,275 18Jul-15 31,40,224 19 41,912Aug-15 22 63,395 3,00,430Sep-15 1,47,142 23Oct-15 80,078 20 6,251 28,088 1,80,902Nov-15 3,031 20 1,671 1,71,968 20 34,738 4,14,455 3,665 567 2,05,87,036 19 40,899 6,58,922 3,471 1,87,57,890 8,269 4,21,558 5,94,226 719 32,554 13,197 6,72,179 840 3,81,043 31,056 3,38,372 12,019 21,10,059 16,679 328 13,492 2,49,622 25,04,801 22,748 7,071 626 43,899 30,095 30,59,021 336 5,004 51,663 28,088 4,95,869 233 1,99,805 25,40,696 62,055 23,01,699 612 9,30,601 2,12,416 10,312 4,136 21,30,899 567 51,304 1,89,288 18,988 46,129 4,381 21,62,248 2,09,107 2,00,407 56,017 19,48,467 42,903 3,798 2,08,718 1,03,438 22,370 43,874 2,39,166 4,036 4,351 39,215 1,46,270 1,170 4,193 2,44,540 2,137 4,879 1,68,496 2,49,622 62,690 449 2,969 4,946 74,828 26,641 3,394 5,004 51,487 21,563 1,07,292 1,298 1,512 28,987 1,040 69,683 551 2,182 13,250 434 1,403 11,521 19,787 583 268 22,370 234 400 449 Table 54: Maturity-wise Turnover in Currency Derivative Segment of in Currency 54: Maturity-wise Turnover Derivative BSE Table Source: BSE Table 55: Trading Statistics of 55: Trading InterestTable Rate Futures at BSE, NSE and MSEI 30, 2015. $ indicates as on November Source: BSE, NSE and MSEI

1211 DECEMBER SEBI BULLETIN 2015

Table 56: Daily Trends of Interest Rate Futures trading at BSE during November 2015

Turnover Open Interest Date No. of Contracts traded (` crore) No. of contracts Value (` crore) 02-Nov-15 40,079 806 30,714 624 03-Nov-15 41,888 843 30,441 619 04-Nov-15 35,819 720 30,172 613 05-Nov-15 43,554 875 30,595 620 06-Nov-15 50,833 1,020 32,018 649 09-Nov-15 37,366 747 31,129 629 10-Nov-15 54,656 1,094 34,712 702 11-Nov-15 681 14 34,934 706 13-Nov-15 26,945 541 37,432 758 16-Nov-15 36,277 729 31,727 644 17-Nov-15 19,722 396 34,589 700 18-Nov-15 43,344 870 39,743 804 19-Nov-15 21,600 434 40,650 823 20-Nov-15 39,267 787 40,485 818 23-Nov-15 30,097 602 43,149 870 24-Nov-15 54,385 1,096 49,058 990 26-Nov-15 56,529 1,138 26,863 544 27-Nov-15 20,027 400 26,959 544 30-Nov-15 19,110 381 28,088 567 Source: BSE

Table 57: Daily Trends of Interest Rate Futures trading at NSE during November 2015

Open Interest Turnover Date No. of Contracts traded Value (` crore) No. of contracts (` crore) 02-Nov-15 77,071 1,557 2,47,540 5,011 03-Nov-15 78,693 1,590 2,47,716 5,008 04-Nov-15 1,03,438 2,083 2,58,245 5,218 05-Nov-15 97,589 1,972 2,57,304 5,187 06-Nov-15 1,12,235 2,260 2,66,964 5,384 09-Nov-15 98,107 1,969 2,69,088 5,410 10-Nov-15 81,724 1,639 2,65,069 5,342 11-Nov-15 1,531 31 2,65,220 5,342 13-Nov-15 57,725 1,161 2,64,493 5,343 16-Nov-15 65,731 1,325 2,63,712 5,327 17-Nov-15 46,168 932 2,68,316 5,415 18-Nov-15 67,043 1,349 2,70,878 5,465 19-Nov-15 1,11,503 2,242 2,75,818 5,566 20-Nov-15 1,38,123 2,773 2,78,834 5,617 23-Nov-15 1,52,392 3,068 2,87,860 5,790 24-Nov-15 2,68,017 5,386 3,05,694 6,157 26-Nov-15 2,58,950 5,228 2,30,871 4,647 27-Nov-15 79,132 1,585 2,48,460 4,984 30-Nov-15 53,295 1,065 2,49,622 5,004 Source: NSE

1212 DECEMBER SEBI BULLETIN 2015

Table 58: Daily Trends of Interest Rate Futures trading at MSEI during November 2015

Open Interest Date No. of Contracts traded Turnover (` crore) No. of contracts Value (` crore) 02-Nov-15 113 2 19,761 401 03-Nov-15 129 3 19,762 400 04-Nov-15 51 1 19,753 399 05-Nov-15 218 4 19,894 402 06-Nov-15 201 4 19,895 402 09-Nov-15 327 7 19,881 400 10-Nov-15 114 2 19,883 401 11-Nov-15 3 0 19,883 401 13-Nov-15 2,814 57 22,141 447 16-Nov-15 3,102 62 23,783 480 17-Nov-15 28 1 23,783 480 18-Nov-15 66 1 23,782 480 19-Nov-15 2,513 50 26,282 530 20-Nov-15 39 1 26,282 529 23-Nov-15 7,645 158 30,781 621 24-Nov-15 41,464 833 37,050 747 26-Nov-15 6,524 131 37,730 761 27-Nov-15 2,973 59 22,368 450 30-Nov-15 1,359 27 22,370 449 Source: MSEI Table 59: Settlement Statistics in Interest Rate Futures at BSE, NSE and MSEI (` crore) BSE NSE MSEI Year/ Month Physical Delivery Physical Delivery Physical Delivery MTM Settlement MTM Settlement MTM Settlement Settlement Settlement Settlement 2014-15 55.8 1.5 187.3 3.0 58.9 0.0 2015-16$ 199.7 6.5 748.6 11.8 133.7 0.0 Apr-15 36.3 2.2 107.9 3.8 23.2 0.0 May-15 26.2 0.9 86.2 1.5 27.4 0.0 Jun-15 54.0 1.1 151.2 1.4 30.6 0.0 Jul-15 19.6 0.1 60.4 0.3 15.3 0.0 Aug-15 21.0 0.7 92.4 1.7 14.5 0.0 Sep-15 13.4 0.1 88.0 0.2 5.3 0.0 Oct-15 11.8 0.6 62.3 1.7 6.5 0.0 Nov-15 17.5 0.7 100.2 1.1 11.0 0.0 $ indicates as on November 30, 2015. Source: NSE, BSE and MSEI Table 60: Trends in Foreign Portfolio Investment

Gross Purchase Gross Sales Net Investment Net Investment Cumulative Net Year/Month (` crore) (` crore) (` crore) (US $ mn.) Investment (US $ mn.) 2014-15 15,21,346 12,43,887 2,77,460 45,698 226,103 2015-16$ 9,23,676 9,30,684 -7,008 -917 225,194 Apr-15 1,36,238 1,20,905 15,333 2,441 228,551 May-15 1,21,140 1,35,412 -14,272 -2,235 226,317 Jun-15 1,43,320 1,44,928 -1,608 -250 226,067 Jul-15 1,08,598 1,03,275 5,323 842 226,909 Aug-15 1,11,844 1,29,368 -17,524 -2,645 224,264 Sep-15 1,00,345 1,06,128 -5,784 -874 223,391 Oct-15 1,21,075 98,724 22,350 3,444 226,834 Nov-15 81,117 91,943 -10,826 -1,641 225,194 $ indicates as on November 30, 2015. Source: NSDL, CDSL

1213 DECEMBER SEBI BULLETIN 2015 crore) Net ` ( (US $ mn.) Investment crore) Net Deemed FPIs (` Investment Notional value ofNotional value ODIs on Equity of Assets Under Custody of FPIs/ & Debt excluding Derivatives as % Derivatives excluding & Debt g ODIs. crore) /deemed FPIs in derivatives. /deemed FPIs in derivatives. (` Gross Sales constitutes trades conducted by deemed crore) Gross (` Purchase FPIs/Deemed FPIs Notional value ofNotional value ODIs on Equity, Debt & Derivatives as & Derivatives Debt Equity, % of Assets Under Custody of Net (US $ mn) Investment Investment Net crore) (`

Investment FPIs/Deemed FPIs Assets Under Custody of crore) (` Gross Sales crore) Gross (` Purchase Derivatives Equity & Debt excluding excluding Equity & Debt Notional value ofNotional value ODIs on Net (US $ mn.) Investment Net crore) (` Investment Equity Debt Total Equity, Debt & Derivatives Debt Equity, crore) Notional value ofNotional value ODIs on (` Gross Sales crore) Gross (` Purchase 2014-152015-16$Apr-15May-15Jun-15Jul-15Aug-15Sep-15Oct-15 2,72,078Nov-15 2,54,600 2,68,168 2,84,826 2,75,436 2,72,053 2,53,310 2,53,875 2,58,287 2,11,605 2,54,600 1,91,190 2,06,374 2,13,163 2,08,578 2,05,444 1,88,027 1,86,849 24,11,810 23,08,769 1,92,630 1,91,190 23,55,308 24,13,049 23,86,457 24,53,014 23,13,548 23,03,513 23,44,179 11.3 11.0 23,08,769 11.4 11.8 11.5 11.1 10.9 11.0 11.0 11.0 8.8 8.3 8.8 8.8 8.7 8.4 8.1 8.1 8.2 8.3 Year/ Month Year/ FPIs/FPIs on and upto the previous trading day(s). Total 66,879 73,953 -7,074 -1,071 14,238 17,990 -3,752 -570 81,117 91,943 -10,826 -1,641 Date 2-Nov-153-Nov-154-Nov-15 3,4135-Nov-15 3,4666-Nov-15 3,1929-Nov-15 3,52910-Nov-15 4,776 3,85613-Nov-15 3,472 4,47516-Nov-15 3,565 3,90117-Nov-15 3,462 -1,363 3,57918-Nov-15 4,847 5,56419-Nov-15 2,894 3,382 -7 4,607 -37320-Nov-15 3,544 -209 4,29223-Nov-15 67 3,003 6,401 -99224-Nov-15 1,581 3,484 4,33026-Nov-15 -706 3,283 -57 -1 3,93927-Nov-15 -713 3,143 3,723 32330-Nov-15 -151 10 -837 3,258 3,792 240 -947 5,989 3,378 -106 1,421 -395 2,820 3,170 -108 660 -721 607 3,769 1,293 -127 -307 970 6,256 -143 287 1,808 3,279 -96 224 2,115 -60 2,681 -28 -109 1,251 -283 -511 963 -47 574 -268 588 587 -387 -1,456 -458 -14 691 539 398 -4 496 -43 -77 42 788 -40 2,216 396 747 -222 -301 -59 -69 -466 2,142 775 611 931 3,737 381 -1,628 583 6 175 1,092 898 60 4,125 -46 4,613 323 -70 356 448 -213 5,383 -436 1,010 -246 855 1,161 5,149 27 5,588 -151 5,373 4,499 4,761 6,259 4,125 901 -1,646 327 -32 -66 -426 3,971 -475 6,099 -1,463 -69 4,036 6,527 3,481 -23 -760 4,831 5,297 -252 -545 50 3,942 6,546 -64 3,498 -223 -72 -950 7,190 -10 1,280 -116 463 -1,172 4,232 1,428 -82 4,550 -2,575 4,058 4,655 -145 3,841 3,523 -662 195 7,080 4,690 -177 215 71 -389 -608 -1,156 3,176 3,826 4,779 4,025 -100 7,417 -458 4,179 -175 -92 232 -938 -502 -336 -69 -1,003 -141 35 -76 -51 -150 Source: NSDL, CDSL Table 61: Daily Trends in Foreign Portfolio Investment during November 2015 during November Portfolio in Foreign Investment 61: Daily Trends Table is compiled on the basis ofNote: The data presented above reports and submitted to depositories by custodians on 30-Nov-2015 of 62: Notional Value Instruments of (ODIs) Vs Assets Under Custody (AUC) Offshore Derivative Table FPIs/Deemed FPIs Notes: 1. Figures are compiled based on reports submitted by FPIs/deemed FPIs issuing ODIs. 30, 2015. $ indicates as on November 2. Column 4 Figures are compiled on the basis of reports by FPIs submitted by custodians & does not includes positions taken Source: SEBI. 3. of The total value the unhedged positions & portfolio ODIs excludes by the FPIs/deemed FPIs issuin hedging positions taken

1214 DECEMBER SEBI BULLETIN 2015 crore) Amount (` crore) crore) ` ` ( ( No. of period End of Period crore) Amount (` Others Total No. 5,897 7,788 3,79,681 21,104 61,87,719 6,2565,314 8,005 3,80,3053,489 8,320 21,325 61,96,727 3,86,249 8,7512,223 21,712 63,45,664 3,82,716 9,2345,610 22,220 62,80,182 3,86,1226,898 9,457 22,788 64,72,346 4,00,1048,504 9,714 23,069 62,62,387 3,93,6798,543 9,870 23,441 61,84,050 4,02,238 10,772 23,679 4,06,286 63,37,495 24,639 63,40,504 crore) Amount (` Financial 1 78,543 10,772 4,06,286 24,639 63,40,504 Institutions No. new investor class termed new investor as “Foreign crore) Amount (` Funds No. Local Pension Local Pension crore) Amount (` Insurance Companies No. crore) Amount (` No. crore) Amount (` No. crore) Amount (` No. crore) Amount (` No. crore) Amount (` OCBs NRIs Funds Mutual Corporates Banks No. crore) Amount (` Foreign Investments No. Venture Capital Venture crore) 2014-15 2015-16$ Nov-15 Assets at the end Amount (` FDI Investments No. Gross Mobilisation Redemption Net Inflow/Outflow Assets at the crore) Amount (` Foreign Foreign Sale Purchase Net Sale Purchase Net Sale Purchase Net Depositories No. Pvt. Sector Public Sector Total Sector Pvt. Public Sector Total Sector Pvt. Public Sector Total crore) Amount (` FPIs Portfolio (FPIs)”. Investors No. 2014-152015-16$Apr-15May-15 91,43,962Jun-15 71,59,304Jul-15 8,66,379Aug-15 19,42,297 8,71,462Sep-15 15,74,099 10,91,867Oct-15 11,85,641 1,10,86,260Nov-15 1,87,845 9,13,537 1,80,111 87,33,403 2,16,967 8,13,316 7,81,344 10,54,225 90,40,262 2,17,866 6,35,757 10,51,573 1,86,689 70,21,165 13,08,834 2,03,831 14,03,507 19,42,710 2,15,063 7,79,347 11,00,226 1,65,727 8,78,050 15,27,974 11,06,555 10,17,147 1,09,82,972 10,88,326 9,96,407 1,64,309 85,49,139 9,51,153 8,01,484 1,73,279 2,27,365 8,77,833 1,03,700 1,96,121 6,83,103 9,43,656 10,51,329 1,38,138 1,95,823 6,56,798 13,33,920 2,16,455 12,84,447 -413 1,78,740 87,032 11,46,976 1,75,882 46,124 -6,588 -14,688 10,94,289 97,315 8,61,842 1,03,288 -37,616 23,536 8,32,680 -10,398 1,84,263 6,832 -64,518 21,745 98,241 10,82,757 -21,041 1,10,568 -9,134 12,95,131 -12,624 -25,086 1,19,060 244 36,323 11,86,364 -10,155 -46,750 11,73,294 -77,142 13,17,267 12,03,547 1,34,565 12,55,506 -31,196 11,87,313 13,24,165 12,95,131 Scheme Open-endedClose-endedInterval 1,08,70,940Total 1,05,075 1,10,26,222 1,09,82,972 6,958 1,55,282 57,545 1,10,86,260 85,06,820 -47,529 2,493 1,03,288 87,12,957 40,694 -4,465 85,49,139 2,06,137 87,33,402 20,261 1,626 8,32,166 1,84,263 -20,432 8,00,194 184 8,32,680 -31,972 465 -1,442 8,01,484 11,39,216 1,287 -31,196 49 12,95,131 822 3 1,48,628 -46 7,287 Year/ Month Year/ 2014-152015-16$ 8,319 8,662 24,11,810Apr-15 23,08,769 62 63 8,333May-15 2,54,124 23,55,308 2,45,225 1,286 8,369Jun-15 62 1,379 4,55,033 24,13,049 4,60,058 2,47,417 62 177Jul-15 8,409 1,281 188 23,86,457 2,50,666 4,45,954Aug-15 52,184 1,299 63 8,458 54,640 177 4,61,223 24,53,013 2,49,776 8,471Sep-15 26 178 1,310 63 51,994 23,13,548 24 4,55,303 63Oct-15 2,59,125 8,544 52,582 1,784 24 178 1,325 23,03,513 1,962 2,40,479Nov-15 4,78,237 8,606 63 1,334 24 322 23,44,179 52,517 1,704 4,60,007 179 390 8,662 2,42,686 63 23,08,769 180 1,353 2,093 1,775 24 325 52,692 2,705 2,48,720 63 4,58,342 1,375 52,610 1,962 332 181 2,204 2,45,225 1,968 1,871 24 4,61,298 1,379 9,58,332 11,05,408 24 1,951 187 2,281 52,561 4,60,058 439 341 458 10,30,014 1,959 188 444 1,960 53,858 62,502 56,835 1,845 24 10,62,408 2,357 334 59,199 450 54,640 117 116 24 1,969 353 1,869 117 10,40,629 2,731 55,773 1,74,169 2,36,892 24 455 1,83,686 2,652 1,938 473 484 117 1,959 370 473 11,08,667 55,711 12,23,034 1,90,357 12,16,122 1,953 1,962 12,15,577 451 379 2,759 10,78,928 468 117 104 101 101 459 57,899 390 12,43,976 1,85,346 1,956 2,649 1,60,147 1,37,109 1,33,988 10,20,296 56,399 101 468 117 2,705 460 1,978 32 3 32 1,40,012 12,41,439 1,86,993 10,88,513 118 55,070 1,968 104 461 509 2,18,442 32 11,05,408 8 8 1,42,570 12,54,921 522 118 55,721 458 8 104 12,10,686 2,15,471 31 118 56,835 1,47,762 104 523 2,22,013 116 8 1,51,076 12,06,426 31 483 2,36,892 104 31 1,220,473 484 1,54,480 8 104 1,223,034 7 31 1,57,391 104 31 1,60,147 7 31 7 7 Client Period 30, 2015. $ indicates as on November Source: Custodians. “Others” include Portfolio partnership manager, firm, trusts, depository receipts, AIFs, FCCB, HUFs, Brokers etc. 2. Table 63: Assets under the Custody ofTable Custodians the commencement ofWith 1, 2014, the erstwhile FIIs, Sub Accounts and QFIs are from merged into a June FPI Regime Notes: 1. Mobilization by Mutual Funds in Resource 64: Trends Table 30, 2015. $ indicates as on November Source: SEBI. Mobilisation by Mutual Funds: Open-ended and Close-ended Resource 65: Type-wise Table 30, 2015. $ indicates as on November Source: SEBI.

1215 DECEMBER SEBI BULLETIN 2015 crore) ` ( Sale Purchase Net Period Assets at the end of Sale Purchase Net Period Assets at the end of 2014-15 2015-16$ 2014-15 2015-16$ Nov-15 No. of Schemes No. of Folios of No. Schemes No. of Folios Sale Purchase Net 1,08,89,532 1,09,12,088 22,556 6,94,128 84,87,200 85,89,106 1,01,906 8,34,789 8,25,305 7,85,641 -39,663 364 910 72 1,346 62,17,146 9,80,059 14,982 72,12,187 373 1,161 84 1,618 67,31,026 10,00,868 12,260 77,44,154 Open Closed Interval Total Open Closed Interval Total Open Closed Interval Total Open Closed Interval Total Type Type A. Oriented Schemes Income/Debt (i+ii+iii+iv) Gilt i. ii. Liquid/Money Market iii. iv. Debt (other than assured return) Infrastructure Development v. Debt (assured return)B. Growth/Equity Oriented Schemes (i+ii) i. 4,88,627 ELSS 1,03,95,484Others ii. C. Balanced Schemes 77,142 1,04,05,265 4,93,502 Fund (i+ii) Traded Exchange D. 1,48,171 9,781 4,876 i. Gold ETFOther ETFs ii. (A+B+C+D+E)E. Fund of Overseas Funds Investing 71,030 1,62,562 5,15,772 0 Total 81,66,974 0 3,45,139 3,14,950 5,421 82,25,454 9,198 3,55,522 188 50,379 13,133 58,480 1,509 0 40,573 1,16,692 9,974 5,591 188 2,36,485 7,711 1,09,82,972 5,79,118 1,10,86,260 66,313 609 7,93,647 71,708 5,434 15,417 0 14,614 776 1,179 1,03,288 30,903 7,51,588 4,02,672 1,39,829 -900 1,593 7,605 10,82,757 9,826 8,343 14,715 5,277 -42,059 68,121 33,378 85,49,139 5,932 0 0 26,368 2,908 2,408 9,856 3,05,669 87,33,402 118 7,732 7,900 2,475 12,310 1,84,263 39,470 2,251 48,007 3,300 230 -1,475 10,765 0 528 2,624 12,95,131 1,11,953 6,378 2,372 16,633 8,060 6,655 8,32,680 17,699 3,033 230 63,946 206 0 13,333 8,01,484 4,739 7,181 17,027 3,62,069 1,486 551 755 -31,196 -322 38,559 10,742 2,367 5,682 1,038 0 675 2,085 22 40,603 0 3,562 337 11,754 2,181 11,197 0 -529 -80 1,329 251 6,072 67 1,143 0 5,830 995 992 557 0 22 0 2,179 43 306 -45 0 1,184 2 0 -40 A. Oriented Schemes Income/Debt Gilt (i+ii+iii+iv) ii. i. Liquid/Money Market iii. Debt (other than assured return)Debt (assured return) iv. ELSS OthersB. v. Growth/Equity Oriented Schemes (i+ii)Infrastructure Development 267 342 i. ii. 906 52 92C. Balanced Schemes 72 D. Fund (i+ii) Traded Exchange 0 0 0 1,245 0 i. 45 Gold ETF 0 58,40,277 434E. Fund of Overseas ii. Funds Investing Other ETFs 4 9,80,030 (A+B+C+D+E) 3,02,33,444Total 14,982 0 0 14,58,175 52 48 68,35,289 0 271 0 0 0 31 1154 3,11,644 303 39 0 3,16,91,619 25 4 350 84 45 76 0 16 0 0 113 1509 0 0 0 0 0 65,225 48 6313664 0 0 0 0 810 1000820 14 379 34 0 12260 55 31 1,002 6,99,729 463 3,11,644 2,43,79,022 3,28,47,242 0 25 8,20,317 54 7326744 58,54,422 15,20,431 0 29 72 0 1,46,155 6,37,858 19,90,516 0 1,884 0 0 0 0 0 0 0 2,51,99,339 0 3,92,86,990 3,43,67,673 0 311 24,38,234 65,225 0 0 14,982 64,92,280 0 0 0 14 4,17,40,206 34 48 97 833 39 6,99,729 29 1,274 0 54 4,65,765 2,33,964 0 53 16 0 0 0 0 1,46,155 84 19,90,516 347633 31 0 408 0 26 0 0 2,191 7 2,66,83,630 0 0 4,27,03,886 9,08,291 25,21,299 0 0 0 0 12,260 55 48 0 0 0 4,52,37,445 0 61,63,612 0 0 2,75,91,921 0 4,65,765 53 0 6,12,140 2,33,964 69729 0 7 13 40 7,08,700 31 26 0 347633 0 0 0 67,75,752 22,84,307 0 1,32,611 0 0 0 0 0 0 0 0 0 48 13 40 69729 7,08,700 0 4,53,630 2,55,070 0 0 0 22,84,307 1,32,611 0 0 0 48 0 0 0 4,53,630 2,55,070 Table 66: Scheme-wise Resource Mobilisation and Assets under Management 66: Scheme-wise Resource by Mutual Funds Table 30, 2015. $ indicates as on November Source: SEBI. 67: Number of Objective Table by Investment Schemes and Folios Note: Data for No. of Schemes also includes serial plans. 30, 2015. $ indicates as on November Source: SEBI.

1216 DECEMBER SEBI BULLETIN 2015

Table 68: Trends in Transactions on Stock Exchanges by Mutual Funds (` crore)

Equity Debt Total

Net Net Net Year/ Month Gross Gross Gross Gross Gross Gross Purchase/ Purchase/ Purchase/ Purchase Sales Purchase Sales Purchase Sales Sales Sales Sales

2014-15 2,31,409 1,90,687 40,722 17,17,155 11,30,138 5,87,018 19,48,565 13,20,825 6,27,741

2015-16$ 1,89,443 1,30,919 58,525 9,21,461 7,00,529 2,20,933 11,10,903 8,31,447 2,79,458

Apr-15 24,367 15,123 9,244 1,41,787 1,19,137 22,650 1,66,154 1,34,261 31,894

May-15 21,701 17,524 4,177 1,04,974 87,586 17,389 1,26,675 1,05,110 21,566

Jun-15 25,608 15,283 10,326 1,46,832 92,177 54,655 1,72,440 1,07,460 64,980

Jul-15 23,108 17,666 5,442 1,06,552 77,058 29,494 1,29,659 94,724 34,936

Aug-15 28,256 17,723 10,533 1,18,362 94,100 24,262 1,46,618 1,11,823 34,795

Sep-15 23,398 14,078 9,320 1,14,333 97,699 16,634 1,37,732 1,11,777 25,955

Oct-15 21,691 18,756 2,935 93,852 68,842 25,011 1,15,544 87,598 27,947

Nov-15 21,314 14,766 6,548 94,768 63,929 30,839 1,16,082 78,695 37,387

$ indicates as on November 30, 2015. Source: SEBI

Table 69: Asset Under Management by Portfolio Manager

Year/Month 2014-15 Oct-15 Nov-15

Non- Non- Non- Particulars Discretionary Advisory Discretionary Advisory Discretionary Advisory Discretionary Discretionary Discretionary

No. of Clients 40,558 3,297 2,851 49,812 3,502 2,272 50,890 3,570 2,279

AUM (` in crore)

Listed Equity 40,829 8,651 45,492 9,687 46,915 9,947

Unlisted Equity 1,129 42 1,113 56 1,018 42

Plain Debt 6,27,716 33,730 6,87,977 39,026 6,96,267 39,694

Structured Debt 137 500 77 427 77 410 180,124 1,76,210 1,85,780* Equity Derivative 153 -4 186 -2 192 -3

Mutual Fund 5,866 4,901 6,138 5,190 6,205 5,284

Others 23,473 136 19,008 308 18,683 261

Total 6,99,304 47,957 7,59,991 54,692 7,69,357# 55,637

Total of all Services 9,27,385 9,94,588 10,10,774

Notes: 1. *Value of Assets for which Advisory Services are being given. 2. #Of the above AUM `6,86,128 crore is contributed by funds from EPFO/PFs. 3. The above data is based on the monthly reports received from portfolio managers $ indicates as on November 30, 2015. Source: SEBI.

1217 DECEMBER SEBI BULLETIN 2015 % month Change during the % year Change during the Nov-15 Oct-15 Nov-14 % month Change during the % year Change during the NSDL CDSL Source for listed securities information: Issuer/ NSE/BSE. # 6 12 12 -50.0 -50.0 19 112 387 -95.1 -83.0 446-33.30.08880.00.0 22 23 24 -11.1 -3.8 15 16 20 -25.3 -8.9 653 679 735 -11.1 -3.8 448 492 600 -25.3 -8.9 271 269 273 -0.7 0.7 577 578 574 0.5 -0.2 85.1 85.2 84.1 0.8 -0.9 13.0 13.1 13.8 -5.4 -0.2 4,611 5,275 5,378 -14.3 -12.6 1,291 1,332 1,495 -13.7 -3.1 142.1 141.8 135.5 4.9 0.2 102.9 102.2 92.6 11.2 0.8 6,093 6,086 5,825 4.6 0.1 6,321 6,312 6,043 4.6 0.1 44,226 43,625 39,923 10.8 1.4 12,708 12,681 11,121 14.3 0.2 40,638 40,110 37,012 9.8 1.3 12,203 12,129 10,836 12.6 0.6 1,38,338 1,58,252 1,61,342 -14.3 -12.6 38,718 39,954 44,865 -13.7 -3.1 Nov-15 Oct-15 Nov-14 84,81,749 84,61,919 84,54,080 0.3 0.2 12,30,011 12,26,000 13,24,835 -7.2 0.3 1,02,34,576 1,01,97,803 98,89,404 3.5 0.4 12,80,969 12,77,086 13,65,809 -6.2 0.3 crore crore crore crore crore crore crore crore Lakh ` ` ` ` percent Number Number Number Number # # Parameter Unit Training Programmes conducted for representatives of Corporates, DPs and Brokers The ratio of dematerialized equity shares to the total outstanding (market value) Quantity of shares settled during the month Average Quantity of shares settled daily (quantity of shares settled during the month (divided by 30)) Value of Securities dematerialized Value of shares settled during the month in dematerialized form Average Value of shares settled daily (value of shares settled during the month (divided by 30)) Quantity of Shares dematerialized Quantity of Securities dematerialized Value of Shares dematerialized Number of Depository Participants (registered) Number of Stock Exchanges (connected) Number of Investors Accounts Number of companies signed up to make their shares available for dematerialization Source: NSDL and CDSL. Table 70: Progress Report ofTable NSDL & CDSl as on End of 2015 (Listed Companies) November Notes: 1. Shares includes only equity shares. 2. Securities include common equity shares, preference MF units, etc. shares, debenture, 3. No. of for is 30 days instead of calculating Daily days taken Average Actual settlement days. 4. of Quantity and value shares sided. 5. mentioned are single

1218 DECEMBER SEBI BULLETIN 2015

Table 71: Progress of Dematerialisation at NSDL and CDSL (Listed and Unlisted Companies)

NSDL CDSL Year/ Demat Demat Companies DPs DPs Demat Value Companies DPs DPs Demat Value Month Quantity Quantity Live Live Locations (` crore) Live Live Locations (` crore) (million securities) (million securities) 2014-15 13,992 273 15,960 9,27,357 1,17,48,315 9,399 574 11,877 2,06,012 13,94,264 2015-16$ 15,003 271 19,166 1,02,32,118 1,17,50,473 9,772 577 16,156 2,19,989 13,74,782

Apr-15 14,200 273 16,849 9,37,777 1,15,19,700 9,452 574 11,944 2,08,782 13,94,833

May-15 14,319 273 16,900 9,53,758 1,18,12,484 9,503 574 12,050 2,09,355 14,61,124

Jun-15 14,449 271 17,137 9,63,076 1,17,04,162 9,549 573 12,183 2,11,178 14,21,673

Jul-15 14,571 270 17,265 9,74,878 1,19,82,064 9,608 574 12,278 2,12,725 14,44,187

Aug-15 14,687 269 17,640 9,86,539 1,15,22,199 9,663 576 12,456 2,14,333 13,32,854

Sep-15 14,809 270 17,711 9,95,870 1,15,06,522 9,714 578 12,561 2,17,269 13,19,167

Oct-15 14,913 269 18,460 1,10,17,201 1,16,84,461 9,742 578 16,116 2,19,295 13,69,155

Nov-15 15,003 271 19,166 1,02,32,118 1,17,50,473 9,772 577 16,156 2,19,989 13,74,782

Notes : 1. For CDSL, the current and historical data of Companies Live has been revised to exclude MF schemes count. 2. The Companies Live figure includes only the number of mutual fund companies and not the mutual fund schemes. 3. DPs Locations’ represents the total live (main DPs and branch DPs as well as non-live (back office connected collection centres). $ indicates as on November 30, 2015. Source: NSDL and CDSL.

Table 72: Depository Statistics for November 2015

Debt Equity Others Total Particulars Unit Listed Unlisted Listed Unlisted Listed Unlisted Listed Unlisted NSDL Issuers(debt)/ Companies(equity), who have issued Number 671 811 6,093 6,855 55 2,714 6,819 10,380 the active instument Active Instruments Number 10,219 3,875 12,197 7,305 6,553 24,520 28,969 35,700 Dematerialised Quantity Lakh 97,496 1,73,009 40,63,798 46,96,412 2,61,325 9,40,077 44,22,619 58,09,498 Dematerialised Value ` crore 17,18,894 2,05,725 84,81,749 4,43,718 33,934 8,66,453 1,02,34,576 15,15,896 Quantity settled during the month Lakh 342 2 65,323 0 12,905 300 78,570 302 Value Settled during the month `crore 1,58,451 8,805 1,38,338 0 1,185 51 2,97,973 8,855 CDSL Issuers(debt)/ Companies(equity), who have issued Number 499 224 6,321 2,079 2,682 353 9,502 2,656 the active instument Active Instruments Number 19,818 4,248 8,603 2,521 36,231 5,520 64,652 12,289 Dematerialised Quantity Lakh 1,745 15,692 12,20,325 7,79,998 48,748 1,33,382 12,70,818 9,29,072 Dematerialised Value ` crore 37,713 18,475 12,30,011 59,982 13,245 15,357 12,80,969 93,813 Quantity settled during the month Lakh 0 0 448 0 24 0 472 0 Value Settled during the month ` crore 402 0 38,718 0 1,365 0 40,485 0 Note: The categories included in Others are Preference Shares, Mutual Fund Units, Warrants, PTCs, Treasury Bills, CPs, CDs and Government Securities. Source: NSDL and CDSL.

1219 DECEMBER SEBI BULLETIN 2015

Table 73: National Commoditiy Exchanges - Permitted Commodities

Metals other than Exchanges Agriculture Bullion Energy bullion NCDEX No. of Permitted Commodities 21 2 2 1 No. of Commodities in which contracts have been floated 21 2 2 1 MCX No. of Permitted Commodities 7 5 2 2 No. of Commodities in which contracts have been floated 6 5 2 2 NMCE No. of Permitted Commodities 13 0 0 0 No. of Commodities in which contracts have been floated 13 0 0 0 Regional Exchanges No. of Permitted Commodities 2 0 0 0 No. of Commodities in which contracts have been floated 2 0 0 0 Note: 1. In Regional Exchanges, data pertaining to Rajkot Commodity Exchange and The Chamber of Commerce, Hapur is considered. Source: Exchanges

Table 74: Trends in MCXCOMDEX of MCX

MCXCOMDEX Year/ Month Open High Low Close 2014-15 3,925 4,046 2,775 2,915 2015-16$ 2,915 3,290 2,570 2,651 Apr-15 2,915 3,208 2,898 3,190 May-15 3,190 3,290 3,124 3,182 Jun-15 3,182 3,209 3,077 3,095 Jun-15 3,095 3,095 2,771 2,778 Aug-15 2,778 2,881 2,641 2,872 Sep-15 2,872 2,880 2,772 2,792 Oct-15 2,792 2,918 2,768 2,808 Nov-15 2,808 2,821 2,570 2,651 $ indicates as on Nov 30, 2015 Source: MCX

Table 75: Trends in Dhaanya of NCDEX

Dhaanya Year/ Month Open High Low Close 2014-15 2,604 2,785 2,379 2,479 2015-16$ 2,481 3,043 2,479 2,869 Apr-15 2,481 2,811 2,479 2,740 May-15 2,741 2,904 2,739 2,871 Jun-15 2,871 2,916 2,597 2,671 Jun-15 2,674 2,770 2,664 2,693 Aug-15 2,692 2,790 2,606 2,784 Sep-15 2,784 2,853 2,677 2,765 Oct-15 2,763 3,043 2,763 2,907 Nov-15 2,907 2,959 2,827 2,869 $ indicates as on Nov 30, 2015 Source: NCDEX

1220 DECEMBER SEBI BULLETIN 2015

Table 76: Daily trends in MCXCOMDEX during November 2015

MCXCOMDEX Date Open High Low Close 2-Nov-15 2,808 2,810 2,791 2,795 3-Nov-15 2,795 2,813 2,792 2,810 4-Nov-15 2,810 2,821 2,775 2,778 5-Nov-15 2,778 2,785 2,766 2,777 6-Nov-15 2,777 2,777 2,743 2,748 9-Nov-15 2,748 2,768 2,734 2,736 10-Nov-15 2,736 2,736 2,713 2,730 11-Nov-15 2,730 2,730 2,707 2,711 12-Nov-15 2,711 2,711 2,664 2,668 13-Nov-15 2,668 2,677 2,647 2,650 16-Nov-15 2,650 2,673 2,623 2,640 17-Nov-15 2,640 2,646 2,615 2,618 18-Nov-15 2,618 2,637 2,601 2,607 19-Nov-15 2,607 2,620 2,596 2,609 20-Nov-15 2,620 2,640 2,598 2,612 23-Nov-15 2,622 2,622 2,570 2,606 24-Nov-15 2,617 2,656 2,612 2,652 25-Nov-15 2,663 2,663 2,636 2,657 26-Nov-15 2,668 2,705 2,668 2,690 27-Nov-15 2,690 2,690 2,660 2,661 30-Nov-15 2,661 2,665 2,647 2,651 Source: MCX

Table 77: Daily trends in Dhaanya during November 2015

Dhaanya Date Open High Low Close 2-Nov-15 2,907 2,915 2,873 2,878 3-Nov-15 2,876 2,923 2,875 2,920 4-Nov-15 2,921 2,941 2,920 2,923 5-Nov-15 2,921 2,956 2,900 2,941 6-Nov-15 2,941 2,959 2,935 2,935 9-Nov-15 2,936 2,936 2,890 2,891 10-Nov-15 2,898 2,910 2,891 2,904 11-Nov-15 2,911 2,919 2,904 2,915 12-Nov-15 2,920 2,924 2,912 2,914 13-Nov-15 2,918 2,920 2,869 2,871 16-Nov-15 2,877 2,951 2,876 2,936 17-Nov-15 2,936 2,958 2,922 2,925 18-Nov-15 2,925 2,945 2,919 2,935 19-Nov-15 2,933 2,942 2,928 2,937 20-Nov-15 2,935 2,937 2,902 2,908 23-Nov-15 2,906 2,913 2,859 2,863 24-Nov-15 2,865 2,872 2,827 2,838 25-Nov-15 2,836 2,840 2,833 2,835 26-Nov-15 2,837 2,880 2,837 2,869 27-Nov-15 2,868 2,884 2,855 2,864 30-Nov-15 2,868 2,887 2,862 2,869 Source: NCDEX

1221 DECEMBER SEBI BULLETIN 2015

(` crore) Value crore) Value (` the month ('000 at the end of Open interest tonnes) Volume Volume Open (Lots) 401,258 10,328 409,857 9,514 Interest of the month 4 391,455 10,893 crore) Open interest at the end 78 304,923 8,496 584507 317,263 305,865 9,845 9,429 576708 378,822 373,615 9,385 9,596 ('000 Open (` Turnover Turnover tonnes) Interest Guarseed, Gur, Jeera, Kapas, Jeera, Guarseed, Gur, crore) (` Turnover Turnover No of contracts es 8 37,10,706 779 4,09,857 9,514 942 51,83,707 561 3,11,143 8,715 : Brent Crude Oil, Crude Oil, Crude (Lots) Volume Volume , Guargum, Kapas, Kapas Khalli, Mentha ('000 tonnes) Volume Volume ('000 tonnes) Volume Volume crore) (` Turnover Turnover crore) (` Turnover No of contracts (Lots) Volume Volume ('000 tonnes) Volume Volume ('000 Volume Volume crore) tonnes)* (` Turnover Turnover crore) (` Turnover Turnover No of contracts (Lots) Volume ('000 tonnes) Volume Volume ned Soyaoil Turmeric, Wheat, Maize; Metals: Copper, Steel; Bullion: Gold, Silver; Energy: Steel; Bullion: Gold, Silver; Turmeric, Brent ned Soyaoil Wheat, Metals: Copper, Maize; ('000 tonnes) crore) Volume Volume (` Turnover Turnover crore) (` Turnover No of contracts (Lots) Volume Volume ('000 tonnes) Volume Volume ('000 crore) tonnes) Volume Volume (` Turnover Turnover crore) (` Turnover No of contracts Agriculture Metals Bullion Energy Total (Lots) Volume Agriculture Metals Bullion Energy Total ('000 tonnes) Volume Volume ('000 tonnes) Volume Volume Rapeseed Mustardseed, Shankar kapas, Sugar, Soyabean, Refi Soyabean, Rapeseed Mustardseed, Shankar kapas, Sugar, Crude Oil, Crude Oil. days days Oil, Potato; Metals: Aluminium, Copper, Lead, Nickel, Zinc and their variants; Bullion: Gold, Silver and their variants; Energy and their variants; Bullion: Gold, Silver Zinc and their variants; Lead, Nickel, Metals: Aluminium, Copper, Oil, Potato; Oil Mini, Natural Gas. No. of No. of Trading Trading Trading Trading Year/ Year/ Month Month 2014-152015-16$ 255Apr-15 172 13,504May-15 21 33,71,516 8,294Jun-15 21 22,65,651 1,10,268Jul-15 1,027 22 79,432 1,041Aug-15 62,083 345,568 4,73,52,037 23 291,848Sep-15 12,185 58,397 12,74,213 986 21 4,29,69,377Oct-15 10,340 240 371,247 5,632 831 10,30,103 22Nov-15 1,160 4,533,552 6,057 21 268,379 13,713 4,62,94,585 163 275,023 1,201 4,453,300 115,100 21,53,427 21 2,84,38,173 9,412 1,219 6,775 251,441 4,04,556 119,948 9,240 21 13,28,414 5,15,57,804 5,068,372 261,209 828 20 8,179 8,551 4,65,720 16,45,799 8,171 126,373 3,557,038 200,936 7,09,31,847 4,80,383 6,275,928 9,191 5,920,453 3,451,247 158,291 8,032 21 12,72,757 148,937 14,85,75, 138,686 6,800 5,32,573 164,589 56,247 5,808,508 8,025 21 3,333,552 50,380 24 8,032,678 14,46,05,04 135,429 5,521,156 7,524 155,803 7,137,785 159,482 128,315 3,697,529 20 5,388,108 4,112,385 47,630 62,927 162,674 178,924 21 117,315 192,301 7,615,773 3,657,202 57,498 16,468,836 58,668 67,696 16 159,378 171,118 3,748,426 15,334,180 8,927,950 445,058 9,909,995 55,412 170,688 67,644 2,880,794 164,472 457,552 158,007 10,372,551 61,054 16,388,944 136,700 67,699 77,051 167,417 10,002,914 455,267 56,401 19,169,786 76,897 160,469 20,217,856 52 8,932,201 70,319 501,744 20,089,702 498,233 140,859 665 19,533,705 482,515 5 64,769 468,663 17,402,039 401,674 779 2014-152015-16$Apr-15 255 172May-15 1,94,255 1,59,275Jun-15 21 2,70,99,591 21Jul-15 2,14,28,177 8,70,863 19,480Aug-15 22 7,55,351 1,622 20,828Sep-15 26,54,507 23Oct-15 21 22,895 200 27,17,470 0Nov-15 92,598 22 19,804 1,04,670 30,20,259 18,586 21 1,12,328 7 26,54,457 0 21 19,071 0 25,01,685 0 22,544 91,245 25,92,666 16,067 0 85,181 1.4 0 31,00,082 0 0 88,819 21,87,051 1,07,272 0 1,96,738 0 0 73,238 0.6 32,708 0 0 0 0 0 107 0 0 0 75,535 0.1 0 0.1 15,837 0 7,868 0 0 0.1 0 10,638 9,852 0 485 0 0 2,039 1,731 0.1 13,541 0.1 1,94,366 0 2,733 0.0 0 2,73,04,397 12,863 0 0.0 0 9,461 2,605 9,04,063 0 0.0 1,433 1,969 4,900 4,661 0 6,087 0 0 1,230 0 1,205 9,619 0 0 1,59,276 2,325 0 0 0 0 2,15,03,712 0 0 0 0 7,71,187 1,561 20,829 19,480 0 0 0 6,947 22,896 27,28,108 26,64,359 0 0 1,06,709 30,33,800 0 19,804 0 94,329 1,607 1,15,061 18,586 1,490 8,179 0 26,67,320 1,698 7,192 19,071 22,544 25,11,146 8,087 93,850 25,97,566 16,067 1,606 31,04,743 87,150 1,606 7,460 1,08,477 90,048 21,96,670 1,646 7,636 1,503 7,610 75,562 7,098 1,561 6,947 Open Interest in ‘000 tonn and Total Volume are in mm BTU and is not included for computing the Total *Natural Gas volumes 2. $ indicates as on Nov 30, 2015 $ indicates as on Nov Source: MCX Table 78: Trends in Commodity Futures at MCX 78: Trends Table The following commodities are considered in each category: Agriculture: Cardamom, Cotton, Crude Oil, Guarseed Palm Notes: 1. in Commodity Futures at NCDEX 79: Trends Table Notes: 1. The following commodities are considered in each category: Cotton, Crude palm oil, Guargum, Cottonseed, Chilli, Coriander, CastorSeed, Chana, Cotton Cake, Agriculture: Bajra, Barley, $ indicates as on Nov 30, 2015 $ indicates as on Nov Source: NCDEX

1222 DECEMBER SEBI BULLETIN 2015 crore) (` Turnover Turnover crore) (` (Lots) Volume Volume the month Value ('000 Open interest at the end of tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume ('000 Open Interest (Lots) tonnes) Volume Volume crore) (` Turnover (Lots) Volume Volume crore) (` Turnover Turnover ('000 tonnes) Volume Volume crore) (` Turnover Turnover Agriculture interest Open at the end of the month (Lots) Volume Volume ('000 Volume (Lots) Volume tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume ('000 tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume Agriculture Metals Bullion Energy Total 8 1,243 49 204 1,48,320 3,302 0.6 1,10,804 5,148 2,213 3,27,325 5,323 2,426 5,87,692 13,822 841 4,50,873 10,378 35 76 8,423 72 13,232 50 288 14,336 44 464 10,933 32 490 266 8,775 26 299 360 1,83,629 8,606 16 343 2,24,063 303 4,244 7,489 363 2,53,020 5,038 304 3,274 26 2,82,396 399 5,669 0.8 259 42 0.8 250 6,282 115 2,67,067 1,29,614 7,140 37 0.8 362 1,55,693 1,71,912 6,198 5,897 7,566 36 0.7 1,49,173 230 52 9,285 2,44,775 11,827 3,962 36 1,36,900 0.8 254 2,609 7,417 5,621 8,606 37 379 2,967 208 0.6 35,467 4,37,202 7,172 10,138 1,48,513 37 3,430 4,91,493 325 0.8 276 6,856 1,59,880 15,559 1,19,625 8,178 35 378 351 2,229 785 8,019 5,52,443 2,29,960 12,268 3,432 1,34,952 2,911 5,631 16 511 9,013 4,03,768 2,80,177 378 2,438 3,344 12,675 5,129 0.1 5,753 56 426 400 6,592 7,58,868 5,977 0.6 2,320 4,06,670 3,846 2,65,906 17,286 8,84,481 2,032 54 657 414 2,82,642 0.8 2,308 22,806 6,736 3,87,342 2,643 12,163 22,197 5,686 1,13,859 9,68,972 58 424 0.8 4,17,884 671 6,154 22,589 6,116 3,67,040 12,693 79 1,48,812 1,020 2,882 5,114 8,33,997 684 522 409 3,13,714 9,333 1,47,451 0.6 20,407 5,970 3,53,415 11,958 2,603 7,504 668 0.8 429 3,69,923 3,86,879 8,31,025 6,331 2,557 7,797 9,148 462 229 1,20,755 21,415 2,697 679 493 0.9 436 3,78,707 6,87,485 9,281 7,915 1,64,326 3,379 4,20,609 16,013 5,625 1,79,911 479 0.9 3,479 3,98,307 3,55,135 7,54,256 717 9,544 1,61,916 6,430 5,35,581 7,756 82,891 17,603 10,020 467 0.8 3,590 5,35,499 3,50,263 731 7,661 1,74,946 3,508 8,118 7,473 1,293 4,13,429 2,791 3,176 8,294 3,55,108 729 10,022 7,494 1,45,451 5,25,609 7,232 4,20,226 0.5 3,746 0.7 2,480 4,97,508 7,01,488 7,513 530 8,063 3,895 6,419 4,28,708 9,921 15,206 1.0 4,126 7,529 4,09,780 9,21,919 10,240 1,26,662 88,680 21,005 3,922 1,43,829 9,74,954 1.1 3,339 6,436 6,20,126 899 1,79,253 22,448 3,638 5,040 3,213 3,799 9,697 5,14,420 9,20,876 842 2,01,212 3,176 8,722 4,55,457 19,650 9,54,614 860 2,124 8,072 768 10,386 2,252 21,790 4,588 8,717 4,51,043 10,05,139 2,231 23,753 3,17,251 4,53,638 899 10,447 3,48,376 3,897 4,41,653 11,21,054 850 10,448 2,772 23,660 5,027 3,32,092 10,444 5,512 4,64,403 10,59,425 680 22,820 5,247 4,19,176 4,59,642 10,465 2,674 679 2,498 4,28,092 10,252 6,514 2,765 663 10,191 4,17,398 8,11,211 6,18,999 18,136 3,298 12,981 3,89,402 8,74,301 9,942 21,892 9,87,454 732 9,494 677 23,180 738 3,84,122 3,90,898 779 3,99,992 9,479 9,575 4,09,857 9,891 9,514 ('000 Sep-15Oct-15Nov-15 20 20 19 58,599 47,154 38,468 2,420 1,817 1,605 2,068 1,962 1,806 31 29 26 2014-152015-16$Apr-15May-15Jun-15Jul-15Aug-15 246 163 19 19 22 23 21 15,76,654 5,72,879 106,579 73,580 95,555 88,368 64,576 36,040 21,014 2,584 2,594 3,728 3,607 2,658 3,072 1,806 2,869 2,992 2,697 1,801 1,920 46 26 45 49 48 31 31 tonnes) Volume Volume Year/ MonthYear/ No.of days Trading Date 2-Nov-15 3-Nov-15 4-Nov-15 5-Nov-15 6-Nov-15 9-Nov-15 10-Nov-15 11-Nov-15 12-Nov-15 13-Nov-15 16-Nov-15 17-Nov-15 18-Nov-15 19-Nov-15 20-Nov-15 23-Nov-15 24-Nov-15 25-Nov-15 26-Nov-15 27-Nov-15 30-Nov-15 $ indicates as on Nov 30, 2015 $ indicates as on Nov Source: NMCE Table 80: Trends in Commodity Futures at NMCE 80: Trends Table 81: Daily trends of 2015 Table at MCX during November Commodity Futures Trading Source: MCX

1223 DECEMBER SEBI BULLETIN 2015 crore) (` Turnover Turnover (Lots) Volume Volume the month ('000 Open interest at the end of tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume ('000 tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume ('000 tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume ('000 tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume ('000 tonnes) Volume Volume crore) (` Turnover Turnover (Lots) Volume Volume Agriculture Metals Bullion Energy Total 35 6,491 167 0.0 0 0 0.0 53 250 8,009 59 292 0.0 0.0 0 0 0 0 35 0.0 6,741 52 227 1,677 13 2,36,485 7,882 0.0 0 0 53 8,061 305 1,528 2,14,772 6,792 873 118,013 4,149 964 0.0 127,977 925 4,575 117,424 0 873 4,376 0.0 113,019 4,110 0.0 0 0 794 0.0 117,489 0 201 0.0 3,703 0 29,722 0 154 0.0 0 978 867 0.0 0 121,291 39 0 0.0 858 0.0 3,952 873 115,054 722 0.0 0.0 3,926 441 0.0 0 0 212 97,264 505 0.0 3,400 0 107 0 0.0 756 0.0 0 0.0 122 95,360 0 0.0 765 0 0 276 3,275 0 111,121 0.0 0.0 931 0 3,299 0 0 119,936 873 0.0 0 67 101 961 0.0 4,111 0 1,18,167 0.0 134,938 0 0 4,188 0.0 0 0.0 4,290 121 964 0.0 25 1,651 0 0 769 1,28,850 0.0 2,35,495 278 925 0.0 0 109,437 4,788 0.0 0 29 0 7,586 780 1,17,865 3,369 873 0 351 112,215 1,662 4,483 67 0 785 0 0 2,37,159 1,13,524 0.0 0.0 3,415 0.0 0 117,804 1,650 4,232 7,901 0.0 84 2,35,917 0.0 3,420 0.0 0 0 200 1,662 794 0 7,832 0 1,203 0.0 2,37,979 1,17,765 0.0 0.0 0 7,874 3,770 0 1,194 0.0 0 49 201 301 0 0 1,666 0 0 29,823 284 2,35,147 839 0.0 0 867 0.0 1,003 7,841 0.0 0 1,21,412 0 858 0.0 194 1,677 0 3,981 0 0.0 2,36,515 1,15,332 75 1,638 722 7,885 3,992 0.0 0 0.0 0 2,31,171 518 0 1,566 97,615 7,598 18 0 2,21,582 294 3,484 0 123 756 7,349 765 1,564 0.0 1,12,324 0 69 2,21,214 95,560 0.0 931 3,600 3,324 7,332 0 1,21,130 0.0 1,584 0 4,394 1,594 961 2,22,247 2,23,237 1,35,777 1,559 0 7,375 7,416 0 4,485 2,18,321 0 7,064 1,526 769 0 2,15,207 780 1,09,512 6,777 3,387 1,12,733 785 3,538 1,556 1,18,098 2,17,145 1,560 3,489 2,17,455 7,001 6,978 1,561 2,16,799 6,947 ('000 1,080 138,927 5,069 0.0 0 1,026 145,648 4,756 0 0.0 0.0 0 1,501 367 0 0.0 1,048 0.0 129,912 0 4,605 211 0.0 0 52 1,080 0 0.0 1,40,428 5,436 0 0 1,659 2,37,004 0.0 0 7,828 1,026 182 1,45,859 4,808 43 1,686 2,39,113 0.0 7,920 0 0 1,048 1,30,094 4,648 1,573 2,21,067 7,376 tonnes) Volume Volume Date 2-Nov-15 3-Nov-15 4-Nov-15 5-Nov-15 6-Nov-15 9-Nov-15 10-Nov-15 11-Nov-15 12-Nov-15 13-Nov-15 16-Nov-15 17-Nov-15 18-Nov-15 19-Nov-15 20-Nov-15 23-Nov-15 24-Nov-15 25-Nov-15 26-Nov-15 27-Nov-15 30-Nov-15 Table 82: Daily trends of 2015 Table at NCDEX during November Commodity Futures Trading Source: NCDEX

1224 DECEMBER SEBI BULLETIN 2015

Table 83: Daily trends of Commodity Futures Trading at NMCE during November 2015

Agriculture Open interest at the end of the month Date Volume (Lots) Turnover (` crore) Volume (Lots) Turnover (` crore) 02 Nov 2015 2,269 92 1,955 30 03 Nov 2015 2,928 124 1,920 30 04 Nov 2015 2,536 104 1,904 28 05 Nov 2015 2,428 114 1,951 30 06 Nov 2015 2,350 98 1,900 28 09 Nov 2015 1,897 65 1,858 27 10 Nov 2015 1,869 76 1,721 26 11 Nov 2015 733 26 1,788 24 13 Nov 2015 1,503 62 1,745 25 16 Nov 2015 2,156 87 1,674 25 17 Nov 2015 1,693 62 1,761 27 18 Nov 2015 1,984 88 1,716 25 19 Nov 2015 2,171 96 1,775 27 20 Nov 2015 1,981 83 1,767 25 23 Nov 2015 1,638 74 1,679 23 24 Nov 2015 1,794 77 1,627 22 26 Nov 2015 2,144 88 1,765 26 27 Nov 2015 2,236 95 1,845 27 30 Nov 2015 2,158 93 1,806 26 Source: NMCE Table 84: Commodity-wise Share in Turnover at MCX (percent) Percentage Share in Turnover Year/ Month Agriculture Metals Bullion Energy 2014-15 2.13 24.58 41.54 31.75 2015-16$ 2.14 27.76 35.80 34.30 Apr-15 2.74 25.86 35.57 35.83 May-15 2.26 26.22 35.97 35.55 Jun-15 3.01 27.76 34.22 35.01 Jul-15 1.88 29.68 35.66 32.78 Aug-15 1.85 27.84 38.60 31.71 Sep-15 1.77 28.07 35.46 34.70 Oct-15 1.96 27.38 36.42 34.24 Nov-15 1.69 29.21 34.03 35.07 $ indicates as on Nov 30, 2015 Source: MCX Table 85: Commodity-wise Share in Turnover at NCDEX (percent) Percentage Share in Turnover Year/ Month Agriculture Metals Bullion Energy 2014-15 96.33 0.00 3.62 0.05 2015-16$ 97.95 0.00 2.05 0.00 Apr-15 98.16 0.00 1.84 0.00 May-15 98.09 0.00 1.91 0.00 Jun-15 97.62 0.00 2.38 0.00 Jul-15 97.22 0.00 2.78 0.00 Aug-15 97.74 0.00 2.26 0.00 Sep-15 98.63 0.00 1.37 0.00 Oct-15 98.89 0.00 1.11 0.00 Nov-15 96.92 0.00 3.08 0.00 $ indicates as on Nov 30, 2015 Source: NCDEX

1225 DECEMBER SEBI BULLETIN 2015 crore) (` ies are treated as Agri. mputed at client Level. crore) Open Interest at the end of month (` Turnover Open Interest at the end of month Turnover Open Interest at the end of month Turnover Turnover Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities Agriculture Commodities Non-Agriculture Commodities 4.52.72.12.8 95.56.1 97.37.88.1 97.94.1 97.2 0.0 93.9 0.0 92.2 91.9 0.0 95.9 0.0 0.0 0 0.0 0.0 0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.2 0 1.7 0 1.2 0 1.2 96.8 1.8 1.6 98.3 0.9 98.8 0.7 98.8 0.0 98.2 98.4 0.0 99.1 0.0 99.3 0.0 0.0 0 0.0 0 0.0 0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4.1 95.9 0.0 0 0 0 1.8 98.2 0.0 0 0 0 5.3 94.7 0.0 0 0 0 4.3 95.7 0.0 0 0 0 Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers Pro Client Hedgers 52.150.750.652.6 47.851.3 49.150.6 49.148.4 46.844.8 48.4 0.1 49.2 0.2 51.4 0.3 54.4 0.6 0.3 85.9 0.2 83.7 0.2 85.4 0.9 86.1 14.1 86.1 16.3 77.7 14.6 89.5 13.9 71.1 13.9 0.0 22.3 0.0 10.5 0.0 28.9 0.0 0.0 27.7 0.0 27.5 0.0 27.0 0.0 27.8 68.1 27.5 68.5 24.4 68.2 23.1 68.2 24.1 68.1 4.2 70.5 4.0 71.8 4.8 70.3 3.9 0.0 37.0 5.2 52.2 5.1 47.1 5.6 58.8 63.0 59.0 47.8 36.7 52.9 38.0 41.2 33.9 41.0 0.0 63.3 0.0 62.0 0.0 66.1 0.0 0.0 0.0 0.0 0.0 47.845.446.248.4 52.247.2 54.643.1 53.845.5 51.640.2 NA 52.8 NA 56.9 NA 54.5 NA 59.8 25.8 NA 23.3 NA 23.6 NA 23.6 NA 74.2 26.4 76.7 23.8 76.4 22.3 76.4 21.8 NA 73.6 NA 76.2 NA 77.7 NA 78.2 20.8 NA 20.6 NA 18.1 NA 18.8 NA 79.2 20.8 79.4 19.8 81.9 20.6 81.2 18.7 NA 79.2 NA 80.2 NA 79.4 NA 81.3 35.7 NA 34.4 NA 35.3 NA 34.0 NA 64.3 36.5 65.6 30.9 64.7 29.9 66.0 32.5 NA 63.5 NA 69.1 NA 70.1 NA 67.5 NA NA NA NA 46.250.8 53.1 48.9 0.7 0.3 74.0 85.1 26.0 14.9 0.0 0.0 28.2 23.1 67.7 71.8 4.1 5.1 55.4 38.0 44.6 62.0 0.0 0.0 2015-16$ Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2015-16$ Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2014-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2014-152015-16$Apr-15 41.6 46.3 58.4 53.7 NA NA 33.0 24.1 67.0 75.9 NA NA 20.6 20.6 79.4 79.4 NA NA2014-15 33.7 29.9 66.3 70.1 NA NA Year/ Month Year/ Month Year/ Month Year/ $ indicates as on November 30, 2015. $ indicates as on November Source: NMCE Table 86: Category-wise Share Percentage ofTable & Open Interest at MCX Turnover Notes: 1. (proprietary under client codes other than *OWN* All trades executed account) is treated as client trades and is co 30, 2015. $ indicates as on November Source: MCX 2. All Commodities falling Bullion and Metals are under the category treated as Non-Agri wheresas all other commodit Energy, 3. Profile of 87: Category-wise with the Exchange participants Share Percentage of as hedgers or otherwise is not available Table & Open Interest at NCDEX Turnover 30, 2015. $ indicates as on November Source: NCDEX 88: Category-wise Share Percentage ofTable & Open Interest at NMCE Turnover

1226 DECEMBER SEBI BULLETIN 2015

Table 89: Macro Economic Indicators

I. GDP at constant prices (2011-12 prices) for 2014-15 (` crore)* 1,06,56,925

II. Gross Saving as a percent of Gross national Disposable Income at current market prices in 2013-14 30.0

III. Gross Capital Formation as a percent of GDP at current market prices in 2013-14 32.3 July August September October November IV. Monetary and Banking Indicators 2015 2015 2015 2015 2015

Cash Reserve Ratio (percent) 4.0 4.0 4.0 4.0 4.0

Repo Rate (percent) 7.25 7.25 7.25 6.75 6.75

Money Supply (M3) (` crore) 1,09,43,220 1,09,99,870 1,12,20,050 1,12,27,440 1,12,50,590

Aggregate Deposit (` crore) 88,83,320 89,59,700 91,63,820 91,40,030 91,24,760

Bank Credit (` crore) 66,56,090 66,66,250 68,30,240 68,03,970 68,67,930 V. Interest Rate

Call Money Rate (Weighted Average) 7.1 7.0 7.1 6.8 6.8

91-Day-Treasury Bill (Primary Yield) 7.5 7.4 7.4 7.1 7.1

Base rate (percent) 9.7-10.0 9.7-10.0 9.7-10.0 9.3-9.7 9.3-9.7

Term Deposit Rate > 1 year (Maximum) 8.3 8.0 8.0 7.9 7.9 VI. Capital Market Indicators (`crore)

Turnover (BSE+NSE) 4,53,738 4,93,754 3,82,838 3,91,944 3,57,949

Market Cap-BSE 1,04,79,396 98,27,930 96,48,122 98,33,359 98,88,227

Market Cap-NSE 1,01,68,561 95,29,070 94,91,609 96,54,114 96,75,669

Net FPI Investment in Equity 5,319 -16,877 -6,475 6,650 -7,074 VII. Exchange Rate and Reserves

Forex Reserves (USD million) 353,461 351,920 350,806 353,637 351,616

Re/ Dollar 64.0 66.3 65.6 65.2 66.8

Re/Euro 70.2 74.5 73.1 71.7 70.7

Forward Premia of USD 6-month 7.1 6.6 6.4 6.6 6.5 VIII. Public Borrowing and Infl ation

Govt. Market Borrowing-Gross (` crore) 2015-16 2,39,000 2,95,000 3,51,000 4,11,000 4,56,000

Wholesale Price Index (2004-05=100) 177.6 176.5 176.6 176.7 177.6

Consumer Price Index (2012 =100) 123.6 124.8 125.4 126.1 126.6 IX. Index of Industrial Production (y-o-y) percent (Base year 2004-05 = 100)

General 180.5 176.6 178.4 181.3 NA

Mining 117.7 119.8 118.8 130.0 NA

Manufacturing 190.9 184.8 187.2 188.1 NA

Electricity 190.3 194.4 195.7 201.6 NA X. External Sector Indicators (USD million)

Exports 23,137 21,266 21,845 21,353 20,014

Imports 35,950 33,744 32,324 31,120 29,796

Trade Balance -12,812 -12,478 -10,479 -9,767 -9,782 Notes: 1. * Advance estimates; Data as per the new series released by MOSPI 2. CPI Data ia being released on Base 2012=100 from January 2015 by MOSPI Source : RBI, MOSPI, Ministry of Commerce & Industry.

1227 DECEMBER SEBI BULLETIN 2015

PUBLICATIONS

1. Annual Report : 2014-15

2. Handbook of Statistics on Indian Securities Market, 2014

Interested persons may contact Publication Division, Department of Economic and Policy Analysis of SEBI to obtain a copy of Annual Report/Handbook of Statistics at the following address:

Publication Division Department of Economic and Policy Analysis Securities and Exchange Board of India Plot No. C4-A, ‘G’ Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051

Tel no. +91-2226449000 Fax no. +91-2226449021

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