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CAPITAL MARKET REFORMS IN INDIA
Dr.Balwinder Singh Reader, Deptt of CBM G.N.D.U, Amritsar
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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
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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.
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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
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Broad Structure of Secondary Market as on March 31,2003
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Capital Market Reforms
Objectives Improving Market Efficiency Enhancing Transparency Preventing Unfair Trade Practices Integration with International Markets Actions Liberalise Regulate Develop
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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
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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
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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
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THANKS Dr.Balwinder Singh Reader, Deptt of CBM G.N.D.U, Amritsar
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