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SEBI

BULLETIN

November 2014 VOL. 12 NUMBER 11


(LOGO)

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 bulletin@sebi.gov.in 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 bulletin@sebi.gov.in

CONTENTS

CAPITAL MARKET REVIEW

MONTHLY REVIEW OF GLOBAL FINANCIAL MARKETS

PRESS RELEASES

  1. General




  1. Contribution towards Prime Minister's National Relief Fund


POLICY DEVELOPMENTS

  1. Regulations




  1. Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2014

  2. Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014


B. Circulars

  1. Clarification on Government Debt Investment Limits

  2. Single registration for Stock Brokers & Clearing Members.

  3. Modification of client codes of non-institutional trades executed on stock exchanges (All Segments)

  4. Revision of proprietary position limits of non-bank stock brokers for currency derivatives contracts


ORDERS PASSED BY CHAIRMAN/MEMBERS AND ADJUDICATING OFFICERS

HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET
ANNEX
PUBLICATIONS

CAPITAL MARKET REVIEW

1. Trends in Primary Market


  1. Equity and Debt Issue

During October 2014, `1,320 crore were mobilised in the primary market (equity and debt issues) by way of seven issues as compared to `1,616 crore mobilised through 18 issues in September 2014, showing a decrease of 18.3 percent from the previous month. In October 2014, `7 crore were mobilised through two equity issues as compared to `1,218 crore mobilised by the way of 17 equity issues in September 2014.

The cumulative amount mobilised for the financial year 2014-15, so far, stood at `9,564 crore through 54 issues as against `14,154 crore through 40 issues during the corresponding period of 2013-14.

Exhibit 1: Primary Market Trends (Public & Rights Issues)

Notes: 1. IPOs - Initial Public Offers, FPOs - Follow on Public Offers.



2. $ indicates as of last day of October of respective year.

Source: SEBI


  1. QIPs Listed at BSE and NSE

During October 2014, there were seven QIP issues worth `1,073 crore in the market as compared to five QIP issues worth `2,154 crore in September 2014. The cumulative amount mobilised through QIP route during 2014-15, as of October 31, 2014, stood at `21,402 crore through 30 issues. (Details in Table 10)




  1. Preferential Allotments Listed at BSE and NSE

There were 39 preferential allotments (`2,605 crore) listed at BSE and NSE during October 2014 as compared to 31 preferential allotments (`2,821 crore) in September 2014. The cumulative amount mobilised through preferential allotments route during 2014-15, as of October 31, 2014, stood at `21,422 crore through 293 issues. (Details in Table 11)



  1. Private Placement

In the corporate debt market, `38,399 crore were raised through 279 issues by way of private placement listed at BSE and NSE during October 2014 compared to `58,579 crore raised through 312 issues in September 2014. (Details in Table 12)


The total amount mobilised through private placement in the equity segment in October 2014 was `3,677 crore as against `4,975 crore in September 2014. (Exhibit 1A)
Exhibit 1A: Total Resources Mobilised by Corporate Sector (Amount in `crore)

Month

Equity Issues

Debt Issues

Total Resource Mobilisation (4+7)

Public & Rights

Private Placements

Total
(2+3)


Public

Private Placements

Total
(5+6)





1

2

3

4

5

6

7

8

2010-11

58,157

56,361

1,14,518

9,451

2,18,785

2,28,236

3,42,754

2011-12

12,857

27,871

40,729

35,611

2,61,283

2,96,894

3,37,622

2012-13

15,473

62,935

78,408

16,982

3,61,462

3,78,444

4,56,852

2013-14

13,269

60,125

73,394

42,382

2,76,054

3,18,436

3,91,830

2014-15$

3,833

42,824

46,657

5,732

1,83,690

1,89,335

2,35,992

Apr-14

780

3,160

3,940

200

23,575

23,775

27,714

May-14

170

5,958

6,128

250

9,070

9,320

15,448

Jun-14

24

9,613

9,638

891

18,326

19,217

28,855

Jul-14

27

11,849

11,876

2,418

2,866

5,310

17,186

Aug-14

1,607

3,591

5,198

261

32,876

33,025

38,223

Sep-14

1,218

4,975

6,193

398

58,579

58,977

65,170

Oct-14

7

3,677

3,684

1,313

38,399

39,712

43,397

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 of last day of October 2014.

Source: SEBI



  1. Resource Mobilisation by Mutual Funds

During October 2014, Mutual Funds saw a net inflow of `1,24,441 crore (private sector mutual funds witnessed inflow of `1,10,247 crore while public sector mutual funds saw inflow of `14,194 crore) as compared to a net outflow of `69,664 crore (private sector mutual funds witnessed outflow of `54,915 crore while public sector mutual funds saw outflow of `14,749 crore) in September 2014. (Details in Table 64)

II. Trends in the Secondary Market
S&P BSE Sensex closed at 27,865.8 on October 31, 2014, as against 26,630.5 on September 30, 2014, registering an increase of 1,235.3 points (4.6 percent). During October 2014, Sensex recorded an intraday high of 27,894.3 on October 31, 2014 and an intraday low of 25,910.8 on October 17, 2014.
Figure : Movement of Sensex and Nifty
CNX Nifty closed at 8,322.0 on October 31, 2014 compared to 7,964.8 on September 30, 2014 indicating an increase of 357.2 points (4.5 percent). During October 2014, Nifty recorded an intraday high of 8,330.8 on October 31, 2014 and an intraday low of 7,723.9 on October 17, 2014.

Exhibit 2: The Basic Indicators in Cash Market

Particulars

2013-14

2014-15$

Sep-14

Oct-14

Percentage change over the previous month

1

2

3

4

5

6

A. Indices

 

 

 

 

 

S & P BSE Sensex

22,386

27,866

26,630.5

27,865.8

4.6

CNX Nifty

6,704

8,322

7,964.8

8,322.0

4.5

B. Market Capitalisation (` crore)

 

 

 

BSE

74,15,296

96,84,691

93,82,249

96,84,691

3.2

NSE

72,77,720

94,90,520

91,72,838

94,90,520

3.5

C. Gross Turnover (` crore)

 

 

 

 

BSE

5,21,664

4,88,135

82,311

51,078

-37.9

NSE

28,08,489

24,71,051

3,83,261

2,71,191

-29.2

D. P/E Ratio

 

 

 

 

 

S & P BSE Sensex

18.3

19.1

18.3

19.1

5.8

CNX Nifty

18.9

21.6

20.8

21.6

3.7

Notes: 1. Due to insignificant activity in the cash & equity derivatives segment at MCX-SX, the data for MCX-SX has been temporarily not included in the table.

2. $ indicates as on last trading day of October 2014.

Source: BSE, NSE
The PE ratio of S&P BSE Sensex was 19.1 on October 31, 2014 as against 18.3 on September 30, 2014. The PE ratio of CNX Nifty was 21.6 on October 31, 2014 as against 20.8 on September 30, 2014.
Figure : Monthly Average of BSE Turnover and Sensex
The market capitalisation of BSE and NSE increased by 3.2 percent and 3.5 percent to `96,84,691 crore and `94,90,520 crore, respectively, at the end of October 2014.
Figure : Monthly Average of NSE Turnover and Nifty

The monthly turnover of BSE (cash segment) decreased by 37.9 percent from `82,311 crore in September 2014 to `51,078 crore in October 2014. The monthly turnover of NSE (cash segment) also decreased by 29.2 percent from `3,83,261 crore in September 2014 to ` 2,71,191 crore in October 2014.



Exhibit 3: Performance of Indices at BSE and NSE during October 2014 (Percent)

BSE

 

 

NSE

 

 

Index

Change over Previous month

Volatility

Index

Change over Previous month

Volatility

1

2

3

4

5

6

BSE Sensex

4.6

0.9

CNX Nifty

4.5

0.9

BSE 100

4.6

1.0

CNX Nifty Junior

4.2

1.3

BSE 200

4.3

1.0

CNX 500

4.2

1.0

BSE 500

4.1

1.0

CNX Mid-cap

3.7

1.1

BSE Small Cap

2.3

1.0

CNX 100

4.4

1.0

BSE FMCG

-1.8

0.9

CNX Defty

4.8

1.1

BSE Consumer Durables

0.2

1.7

CNX IT

0.3

1.7

BSE Capital Goods

11.6

1.5

Bank Nifty

10.7

1.2

BSE Bankex

10.7

1.2

Nifty Mid-cap 50

5.3

1.3

BSE Teck

0.3

1.4

 

 

 

BSE Oil & Gas

4.0

1.3

 

 

 

BSE Metal

3.9

1.8

 

 

 

BSE Auto

4.7

1.4

 

 

 

BSE PSU

7.2

1.1

 

 

 

BSE Healthcare

0.0

1.3

 

 

 

Source: BSE and NSE
At the end of October 2014, 14 out of 15 BSE indices closed positive compared to 10 out of 15 indices at the end of the previous month.
Among BSE indices, BSE Capital Goods rose highest by 11.6 percent followed by BSE Bankex Index (10.7 percent) and BSE PSU Index (7.2 percent). BSE FMCG Index closed with a negative return of 1.8.

At NSE, all nine indices under consideration closed positive in October 2014, compared to six out of nine indices closing positive in previous month. Among NSE indices, Bank Nifty Index rose highest by 10.7 percent followed by Nifty Mid-cap 50 Index (5.3 percent) and CNX Defty Index (4.8 percent) during October 2014.


During October 2014, the daily volatility of BSE Metal Index was highest at 1.8 percent followed by BSE Consumer Durables Index (1.7 percent). BSE Sensex and BSE FMCG had lowest daily volatility of 0.9 percent.
At NSE, among all the indices, daily volatility of CNX IT Index was highest at 1.7 percent followed by CNX Nifty Junior Index (1.3 percent) and Nifty Mid-cap 50 Index during October 2014.


III. Trends in Depository Accounts

The total number of investor accounts was 134.6 lakh at NSDL and 92.0 lakh at CDSL at the end of October 2014. In October 2014, the number of investor accounts at NSDL and CDSL increased by 1.2 percent and 0.8 percent, respectively, over the previous month. A comparison with October 2013 showed there was an increase in the number of investor accounts to the extent of 3.8 percent at NSDL and 6.9 percent at CDSL. (Details in Table 70)


IV. Trends in Derivatives Segment
A. Equity Derivatives

The monthly total turnover in equity derivative market at NSE decreased by 19.0 percent from `51,02,285 crore in September 2014 to `41,32,744 crore in October 2014.

The monthly turnover of index futures decreased by 16.2 percent from `3,32,662 crore in September 2014 to `2,78,779 crore in October 2014 while the monthly turnover of stock futures also decreased by 24.5 percent from `7,34,203 crore in September 2014 to `5,54,556 crore in October 2014.

The monthly turnover of put option on index decreased by 18.6 percent from `18,31,347 crore in September 2014 to `14,91,130 crore in October 2014 while that of call option on index also decreased by 18.8 percent from `18,93,485 crore in September 2014 to `15,38,062 crore in October 2014.

The open interest in value terms in equity derivative segment of NSE increased by 4.6 percent from `1,73,279 crore as on September 30, 2014 to `1,81,244 crore as on October 31, 2014.

The open interest in value terms in equity derivative segment for Index Futures, Stock Futures, Put Options on Index, Call Options on Index, Put Options on Stock and Call Options on Stock at the end of October 2014 stood at `22,130 crore, `55,900 crore, `46,252 crore, `49,111 crore, `2,888 crore and `4,962 crore respectively, with a corresponding growth rates of 40.8 percent, 8.5 percent, 1.4 percent, -3.3 percent, -8.3 percent and -23.2 percent as compared to September 30, 2014.



Figure : Trends of Equity Derivatives Segment at NSE (`crore)
The monthly total turnover in equity derivative segment of BSE decreased by 12.9 percent from `24,74,709 crore in September 2014 to `21,55,354 crore in October 2014. During October 2014, NSE had 65.7 percent share in total equity derivatives turnover in India while BSE’s share was 34.3 percent.

The monthly turnover of call options on index at BSE decreased by 34.7 percent from `14,58,632 crore in September 2014 to `9,52,665 crore in October 2014, while the monthly turnover of put options on index increased by 18.6 percent from `10,08,200 crore in September 2014 to `11,96,111 crore in October 2014.

The monthly turnover of index futures decreased by 15.5 percent from `3,807 crore in September 2014 to `3,217 crore in October 2014, while the monthly turnover of stock futures decreased by 6.1 percent from `380 crore in September 2014 to `357 crore in October 2014.

Even though BSE constitute 34.3 percent turnover in equity derivative segment, in terms of open interest its share was 0.5 percent in October 2014. The open interest in value terms in equity derivative segment of BSE increased by 15.3 percent from `820 crore as on September 30, 2014 to `946 crore as on October 31, 2014. The open interest in value terms in equity derivative segment for Index Futures, Stock Futures, Put Options on Index, Call Options on Index, Put Options on Stock and Call Options on Stock at the end of October 2014 stood at `464 crore, `37 crore, `178 crore, `255 crore, `8 crore, `5 crore respectively.



B. VIX Futures at NSE

NSE introduced futures contracts on India VIX in Futures & Options segment of NSE w.e.f. February 26, 2014. India VIX is India’s first volatility Index which is a key measure of market expectations of near-term. The contract symbol is INDIAVIX and 3 weekly futures contract were made available for trading. The contracts shall expire on every Tuesday. The tick size is 0.25 and lot size has been revised to 800 with effect from October 28, 2014. Further, for the ease of trading the India VIX futures price shall be quoted as expected India VIX index value multiplied by 100.

During October 2014, 111 VIX futures contracts with total value of `9 crore were traded at NSE F&O segment of NSE. INDIAVIX value at the end of October 2014 stood at 13.295 as against 13.145 as of end September 2014.

Figure : Trends in VIX futures at NSE

Exhibit 4: Trends in Equity Derivatives Market

Source: NSE, BSE

C. Currency Derivatives at NSE, MCX-SX, USE and BSE

During October 2014, the monthly turnover of currency derivatives at NSE decreased by 19.6 percent to `2,29,235 crore from `2,85,236 crore in September 2014. Further, the turnover of currency derivatives at BSE, which started in November 2013, decreased by 23.9 percent to `1,07,439 crore in October 2014 from `1,41,170 crore in September 2014. At MCX-SX, the monthly turnover of currency derivatives decreased by 27.7 percent to `41,661 crore in October 2014 from `57,590 crore in September 2014. The turnover of currency derivatives at USE decreased by 34.4 percent from `9,370 crore in September 2014 to `6,146 crore in October 2014. (Details in Table 42, 43, 44 and 45)


Figure 6: Trends of Currency Derivatives at NSE, MCX-SX, USE and BSE (`crore)

D. Interest Rate Derivatives at NSE, BSE and MCX-SX

Interest Rate Futures (IRFs) at NSE recorded a trading value of `23,826 crore in October 2014, an increase of 32.9 percent from `17,927 crore in September 2014. IRFs at BSE recorded a trading value of `1,954 crore in October 2014, an increase of 24.6 percent from `1,568 crore in September 2014. IRF at MCX-SX registered a turnover of `5 crore in October 2014 as compared to `21 crore in September 2014, showing a decrease of 74.5 percent. (Details in Table 55)



Figure 7: Trends of Interest Rate Derivatives at NSE, BSE and MCX-SX (` crore)

V. Trading in Corporate Debt Market
During October 2014, there were 1,662 trades with a value of `19,959 crore reported on BSE as compared to 1,866 trades with a value of `22,929 crore in September 2014. At NSE, 4,706 trades were reported in October 2014 with a trading value of `72,488 crore as compared to 5,807 trades reported in September 2014 with a trading value of `94,514 crore. As per RBI circular dated February 24, 2014, reporting of secondary market transaction in Corporate Bond has been discontinued at FIMMDA with effect from April 1, 2014. (Details in Table 13)
Figure 8: Trends in Reported Turnover of Corporate Bonds (`crore)


VI. Trends in Institutional Investment


  1. Trends in Investment by Mutual Funds

Mutual Funds made net investment of `37,857 crore in the secondary market in October 2014 compared to net investment of `27,588 crore in September 2014. Mutual funds invested `5,940 crore in equity in October 2014 compared to `4,172 crore in September 2014. Further, Mutual Funds invested `31,917 crore in debt market in October 2014 as against of `23,417 crore invested in September 2014.

As on October 31, 2014 there were a total of 1,843 schemes under mutual funds of which Income/Debt oriented schemes were 1,356 (73.6 percent), Growth/equity oriented schemes were 387 (21.0 percent), Exchange Traded Funds were 43 schemes (2.3 percent), Balanced schemes were 26 (1.4 percent) and Fund of Funds investing Overseas schemes were 31 (1.7 percent). The number of schemes at the end of 2013-14 were 1,638 of which Income/Debt oriented schemes were 1,178 (71.9 percent), Growth/equity oriented schemes were 363(22.2 percent), Exchange Traded Funds were 40 schemes(2.4 percent), Balanced schemes were 30 (1.8 percent) and Fund of Funds investing Overseas schemes were 27(1.6 percent). (Details in Table 67 and 68)

Figure 9: Trends in Mutual Funds Investment (`crore)


  1. Trends in Investment by Foreign Portfolio Investors (FPIs)

With the commencement of Foreign Portfolio Investor (FPI) Regime from June 1, 2014, the erstwhile FIIs, Sub Accounts and QFIs are merged into a new investor class termed as “Foreign Portfolio Investors (FPIs)”.

There was a net inflow of `16,732 crore in October 2014 by FPIs compared to net inflow of `20,972 crore in September 2014. FPIs withdrew `1,172 crore from equity in October 2014 as compared to `5,103 crore invested in September 2014. Further they invested `17,903 crore in debt market in October 2014 as compared to `15,869 crore invested in September 2014.

The asset under custody of FPIs at the end of October 2014 stands at `21,71,276 crore, out of which the value of Offshore Derivative Instruments including ODIs on derivatives is `2,65,675 crore, constituting 12.2 percent of the total asset under custody of FPIs. (Details in Table 60, 61 and 62)


Figure 10: Trends in FPIs Investment (`crore)

VII. Trends in Portfolio Management Services

Total assets under management (AUM) of Portfolio Management Services (PMS) industry has decreased by 4.7 percent from `8,75,909 crore in September 2014 to `8,34,728 crore in October 2014. As on October 31, 2014, AUM of discretionary PMS constitute 77.1 percent of the total AUM of PMS followed by advisory PMS (17.8 percent) and non discretionary PMS (5.2 percent).



In terms of number of clients, discretionary services category ranks first with total of 39,625 clients, out of 46,934 clients in PMS industry, followed by advisory services with 4,140 clients and non-discretionary category with 3,169 clients. (Details in Table 69)
VIII. Trends in Substantial Acquisition of Shares and Takeovers
In October 2014, six public offers with total value of `588 crore were made to public against two public offers with total value of `13.7 crore in September 2014. Five public offers were made with the objective of change in control of management while one was for substantial acquisition. (Details in Table 4)

Monthly Review of Global Financial Markets


  • Snapshots
    The United States:

    • According to the "advance" estimate by BEA, quarterly real GDP expanded by 0.9% (Q-o-Q) in Q3 of 2014. In annualised terms, the GDP increased by 3.5% in Q3 of 2014.

    • Annual CPI inflation was unchanged at 1.7% in September 2014.

    • In October 2014, the unemployment rate declined to 5.8%.

    The United Kingdom

    • According to "preliminary" estimate by ONS, UK GDP growth rate was 0.7% (Q-o-Q) during Q3, 2014.

    • Annual CPI inflation increased to 1.3% in October 2014 from 1.2% in September 2014.

    • The unemployment rate stood at 6.0% for July 2014 to September 2014' period.


    Japan:

    • According to "first" preliminary estimate by Cabinet Office of Japan, GDP contracted by 0.4 % (Q-o-Q) in Q3 2014. In annualize terms it fell by 1.6% in Q3 2014.

    • CPI inflation decreased to 3.2% in September 2014 from 3.3% in previous month.

    • Unemployment rate increased to 3.6% in September 2014 from 3.5% in previous month.


    The Euro Area:

    • According to the "flash" estimate by the Eurostat, real GDP (Q-o-Q) grew at 0.2% in Euro Area (EA18) and by 0.3% in EU28 during Q3 of 2014.

    • During October 2014, annual inflation in Euro Area and EU28 stood at 0.4% and 0.5%, respectively.

    • During September 2014, unemployment rate in the EA18 and EU28 were 11.5% and 10.1%, respectively.

    BRIC Nations:

    • Real GDP of Brazil contracted by 0.6% (Q-o-Q) in Q2 of 2014. Annual CPI inflation fell to 6.59% in October 2014. Unemployment rate stood at 4.9% in September 2014.

    • Russia's real GDP growth was 0.8% (Y-o-Y) during Q2 of 2014. Annual CPI inflation increased to 8.3% in October 2014.

    • India’s real GDP grew by 5.7% (Y-o-Y) in Q1 of 2014-15. IIP grew by 2.5% (Y-o-Y) in September 2014. The headline WPI inflation decreased to 1.8% in October 2014.

    • During Q3 2014, real GDP of China grew by 7.3% (Y-o-Y). In October 2014, the annual CPI inflation was unchanged at 1.6%.
    Introduction:

1.1. The real GDP growth for the third quarter of 2014, slowed down in most of the major economies of the world. The 'preliminary' estimates of real GDP for the Q3 2014 have shown slower growth in United States, United Kingdom, China and Russia etc., as compared to previous quarter. Witnessing contraction for the second consecutive quarter, Japan has slipped into the recession. The sale tax hike plan introduced in April 2014, weighted down the growth prospects in Japan for both second and third quarter of 2014. In its bid to revive the dwindling economy, Bank of Japan announced an expansion of its monetary stimulus policy in October 2014 and increased its asset purchase programme to 80 trillion yen. On the other hand, the Federal Reserve finally ended its quantitative easing programme at the end of October 2014. Equity markets reported mixed trends during October 2014. Most of the major equity markets across the world posted mixed returns during the month. However, few markets viz., Hong Kong, Australia, U.S., Japan and India, delivered strong positive returns during the month.




  1. The World Economy:

2.1. Global economic growth remained subdued during the third quarter of 2014. Among developed economies, U.S. and U.K. continue to grow, however the growth rate eased down during Q3 2014. Japanese economy contracted during the third quarter of 2014; while, economic growth in Euro Area remained fragile as Italy slipped back into recession and Germany reported marginal pick up in Q3 2014, after contracting in previous quarter. Greece, on the contrary, grew well during the quarter ending September 2014 and recorded growth for the third consecutive quarter.


2.2. International Monetary Fund (IMF) in its World Economic Outlook Update published in October 2014, has revised its projection downward for global growth for 2014 and 2015, from its forecast in July 2014. According to the IMF estimates, global economy is estimated to grow at 3.3 per cent in 2014 and 3.8 per cent in 2015. In 2013, global economic growth stood at 3.3 per cent.

2.3. The October 2014 WEO Update by IMF projects the growth in advanced economies at 1.8 per cent in 2014 and 2.3 per cent in 2015. Growth rate projections for emerging markets and developing economies for 2014 and 2015 stood at 4.4 per cent and 5.0 per cent, respectively. The projection for real GDP growth in India is 5.6 per cent in 2014 and 6.4 per cent in 2015.



Exhibit 1: Major Macroeconomic Indicators





Country / Region

Quarterly Growth Rate of Real GDP

Annual CPI Inflation Rate

Unemployment Rate

Benchmark Interest Rate




Q-o-Q

Y-o-Y

Developed Economies

OECD

0.42

(Q2)

1.90

(Q2)

1.70

(Sep)

7.20

(Sep)

NA

USA

0.88

(Q3)

2.35

(Q3)

1.70

(Oct)

5.80

(Oct)

0.25

UK

0.70

(Q3)

3.01

(Q3)

1.30

(Oct)

6.00

(July- Sept)

0.50

Japan

-0.41

(Q3)

-1.20

(Q3)

3.20

(Sep)

3.60

(Sep)

0.15

Euro Area (EA18)

0.16

(Q3)

0.78

(Q3)

0.40

(Oct)

11.50

(Sep)

0.05

European Union (EU28)

0.30

(Q3)

1.29

(Q3)

0.50

(Oct)

10.10

(Sep)

NA

BRIC

Brazil

-0.59

(Q2)

-0.90

(Q2)

6.59

(Oct)

4.70

(Oct)

11.25

Russia

0.25

(Q2)

0.80

(Q2)

8.30

(Oct)

4.90

(Sep)

9.50

India*

NA




5.70

(Q2)

1.77

(Oct)

NA




8.00

China

0.70

(Q3)

7.30

(Q3)

1.60

(Oct)

NA




6.00

Other EMEs

Korea

0.86

(Q3)

3.22

(Q3)

1.20

(Oct)

3.50

(Sep)

2.00

Indonesia

1.19

(Q3)

5.01

(Q3)

4.83

(Oct)

NA




7.75

Turkey

-0.46

(Q2)

2.52

(Q2)

8.96

(Oct)

10.10

(Aug)

8.25


Note: Months mentioned in bracket are for the Year-2014.

(Q1), (Q2) represent first & second quarter of 2014 respectively.

* Wholesale Price Index (WPI) inflation data is considered for measuring inflation in India. NA – Not Available

Source: Official Database & Central Banks of respective countries, OECD

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