CAPITAL MARKET REFORMS IN INDIA

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Presentation transcript:

CAPITAL MARKET REFORMS IN INDIA Dr.Balwinder Singh Reader, Deptt of CBM G.N.D.U, Amritsar bsssaini@yahoo.com

Not Qualification but Uniqueness Changing Times Simple to Complex Supply > Demand Information Technology One world New Type of Industry Job Profile Changing Security to Performance Eligibility of Jobs- Not Qualification but Uniqueness

Capital Market Legislations Capital Issues (Control) Act,1947 SEBI Act, 1992 Securities Contract (Regulation) Act,1956 Depositories Act, 1996 Companies Act, 1956 Regulators DEA, DCA, RBI and SEBI Instruments Traditional Modern-Derivatives, Exchange Traded Funds, Euro Issues etc. Services Underwriting, Merchant Banking, Custodial Services Intermediaries Underwriter, Broker, Banker, Registrar, Advisors etc.

Structure of Capital Market in India Market Segments Primary and Secondary Regulators SEBI, RBI, DCA, DEA Legislations Capital Issues (Control) Act,1947 SEBI Act, 1992; Depositories Act,1996 Securities Contract Regulation Act 1956 Companies Act, 1956 Participants Issuers, Intermediaries, Investors

Broad Structure of Secondary Market as on March 31,2003

Capital Market Reforms Objectives Improving Market Efficiency Enhancing Transparency Preventing Unfair Trade Practices Integration with International Markets Actions Liberalise Regulate Develop

Capital Market Reforms SEBI ACT,1992 Protect-Promote-Regulate Disclosure and Investor Protection Guidelines (DIP) Free Pricing Book Building Screen Based Trading Internet Trading-Mobile Trading

Capital Market Reforms Trading Cycle T+5, T+3, T+2, T+1 Derivatives Trading (June 2000) Demutalisation and Corporatisation Ownership-Management-Trading Membership Depositories NSDL and CDSL Risk Management Capital Adequacy, Margin, monitoring, Trade/Settlement Guarantee Fund Investor Protection and Education

Capital Market Reforms Globalisation ADR, GDR, FCCBs, ECBs, FIIs, IDRs Miscellaneous e-IPOs, ESOPs, Buy back, Private Placement, Bought out Deals, OTCEI, NSE, ICSEI, Regional Stock Exchanges

THANKS Dr.Balwinder Singh Reader, Deptt of CBM G.N.D.U, Amritsar bsssaini@yahoo.com