Securities and exchange board of india


Source: World Federation of Exchanges Table A6: Market Capitalisation of major Stock Exchanges



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Source: World Federation of Exchanges

Table A6: Market Capitalisation of major Stock Exchanges

(US$ Million)



Stock Exchange

Mar-14

Sep-14

Oct-14

M-o-M change (%)

1

2

3

4

5

Developed Market













Australian SE

1,434,087

1,344,319

1,406,849

4.7

Deutsche Börse

1,941,476

1,716,295

1,692,137

(1.4)

Hong Kong Exchange

2,973,382

3,145,907

3,264,722

3.8

NASDAQ OMX Nordic Exchange

1,344,982

1,242,940

1,231,273

(0.9)

NYSE Euronext (Europe)

3,734,829

3,503,834

3,371,461

(3.8)

NYSE Euronext (US)

18,306,139

18,778,742

21,022,454

11.9

Singapore Exchange

762,671

778,017

768,580

(1.2)

Japan SE Group

4,316,490

4,484,865

4,428,524

(1.3)

Emerging Market













Bombay SE

1,241,625

1,519,146

1,577,311

3.8

National Stock Exchange India

1,218,589

1,485,239

1,545,687

4.1

BM&FBOVESPA

1,025,991

991,690

988,510

(0.3)

Bursa Malaysia

513,559

526,525

523,680

(0.5)

Colombia SE

19,113

23,510

23,778

1.1

Indonesia SE

415,273

419,877

419,638

(0.1)

Johannesburg SE

967,945

950,515

972,589

2.3

Korea Exchange

1,232,337

1,273,184

1,232,505

(3.2)

Mexican Exchange

497,380

544,250

538,241

(1.1)

Saudi Stock Market - Tadawul

513,293

590,006

544,902

(7.6)

Shanghai SE

2,376,030

2,868,705

2,960,241

3.2

Shenzhen SE

1,429,455

1,912,599

1,954,892

2.2

Taiwan SE Corp.

827,106

847,814

849,452

0.2

The Stock Exchange of Thailand

380,828

453,060

451,674

(0.3)

M-o-M: Month on Month.

Source: World Federation of Exchanges
Sources:

  1. OECD database

  2. Bureau of Economic Analysis (US)

  3. Bureau of Labor Statistics (US)

  4. The Conference Board (US)

  5. The Federal Reserve System (US)

  6. Institute for Supply Management (US)

  7. Office for National Statistics (UK)

  8. Bank of England (UK)

  9. The Cabinet Office (Japan)

  10. Statistics Bureau, Director-General for Policy Planning (Statistical Standards) (Japan)

  11. Bank of Japan

  12. Eurostat (EA18 and EU27)

  13. European Central Bank (EA18)

  14. Instituto Brasileiro de Geografia e Estatística (Brazilian Institute of Geography and Statistics)

  15. Banco Central do Brasil (Central Bank of Brazil)

  16. Federal State Statistics Service (Russian Federation)

  17. The Central Bank of the Russian Federation

  18. The Central Statistical Office (India)

  19. Office of the Economic Adviser to the Government of India

  20. The Reserve Bank of India

  21. National Bureau of Statistics of China

  22. Peoples Bank of China

  23. Markit Financial Information Services

  24. World Federation of Exchanges

  25. Bloomberg

  26. The Bombay Stock Exchange

  27. The National Stock Exchange

  28. The Bank of Korea

  29. Bank Indonesia

  30. Central Bank of The Republic of Turkey

  31. IMF


PRESS RELEASES


  1. GENERAL




  1. Contribution towards Prime Minister's National Relief Fund

The recent flood in Jammu and Kashmir has severally affected the life and livelihood of lakhs of people in the flood affected areas. The aftermath situation is very severe which requires enormous relief work.


As a way of contribution to the relief effort for the victims of flood affected areas in Jammu and Kashmir, staff members of SEBI have made a contribution of `9,10,218/- towards Prime Minister's National Relief Fund.
Ref: PR No. 122/2014 dated October 10, 2014




DEVELOPMENTS

  1. REGULATIONS




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

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, namely,–



  1. These regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2014.




  1. They shall come into force on the date of their publication in the Official Gazette.




  1. In the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992,–

(I) in regulation 3, -

(i) for sub-regulation (1), the following shall be substituted, namely-

"(1) No person shall act as a stock broker, unless he obtains a certificate of registration from the Board:

Provided that no separate registration shall be required for a clearing member registered with the Board to act as a stock broker in a stock exchange of which he is admitted as a member, subject to grant of approval by the concerned stock exchange.

Explanation.- For the purpose of this sub-regulation, it is clarified that no separate registration shall be required for a stock broker registered with the Board to operate in more than one stock exchange, of which he is admitted as a member, subject to grant of approval by the concerned stock exchange." ;

(ii) in sub-regulation (2) and sub-regulation (3) the alphabet and symbol "(s)", wherever appearing shall be omitted;

(II) for regulation 10, the following shall be substituted, namely, -

Approval for operation in other stock exchange(s) or segment(s) of stock exchange

10. (1) A stock broker registered with the Board, who desires to operate in any other stock exchange or any other segment(s) of the stock exchange of which it holds a membership, shall apply to the concerned stock exchange, in the manner specified by the Board.

(2) A clearing member registered with the Board, who desires to operate in any stock exchange or any segment(s) of the stock exchange, shall apply to the concerned stock exchange in the manner specified by the Board.


(3) On receipt of an application under sub-regulation (1) or sub-regulation (2), the stock exchange shall, on being satisfied with the compliance of provisions of the regulations and other relevant eligibility requirements specified by the Board, grant approval to operate in that stock exchange or segment(s) thereof and shall inform the Board about such grant of approval."

(III) in regulation 10A, -

(i) for sub-regulation (1), the following shall be substituted, namely,-"

(1) No person shall act as a clearing member, unless he obtains a certificate of registration from the Board:

Provided that no separate registration shall be required for a stock broker registered with the Board to act as a clearing member in a clearing corporation of which he is admitted as a member, subject to grant of approval by the concerned clearing corporation.

Explanation.- For the purpose of this sub-regulation, it is clarified that no separate registration shall be required for a clearing member registered with the Board to operate in more than one clearing corporation, of which he is admitted as a member, subject to grant of approval by the concerned clearing corporation." ;

(ii) in sub-regulation (2) and sub-regulation (3) the alphabet and symbol "(s)", wherever appearing shall be omitted;

(IV) for regulation 10D, the following shall be substituted, namely, -

Approval for operation in other clearing corporation(s) or segment(s) of clearing corporation

10D. (1) A clearing member registered with the Board, who desires to operate in any other clearing corporation or any other segment(s) of the clearing corporation of which it holds a membership, shall apply to the concerned clearing corporation in the manner specified by the Board.

(2) A stock broker registered with the Board, who desires to operate in any clearing corporation or any segment(s) of the clearing corporation, shall apply to the concerned clearing corporation in the manner specified by the Board.

(3) On receipt of an application under sub-regulation (1) or sub-regulation (2), the clearing corporation shall, on being satisfied with the compliance of provisions of the regulations and other relevant eligibility requirements specified by the Board, grant approval to operate in that clearing corporation or segment(s) thereof, and shall inform the Board about such grant of approval."



Source: Notification No. LAD-NRO/GN/2014-15/15/1671 dated October 8, 2014


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

In exercise of the powers conferred by section 11, section 11A, section 30 of the SEBI Act, 1992 read with section 62 of Companies Act, 2013 and rule 12 of Companies (Share Capital and Debentures) Rules, 2014, the Securities and Exchange Board of India hereby makes the following regulations to provide for regulation of all schemes by companies for the benefit of their employees involving dealing in shares, directly or indirectly, with a view to facilitate smooth operation of such schemes while preventing any possible manipulation and matters connected therewith or incidental thereto.

The SEBI (Share Based Employee Benefits) Regulations, 2014 have been notified vide Notification No. LAD-NRO/GN/2014-15/16/1729 dated October 28, 2014 and the same is available at SEBI website on www.sebi.gov.in

Application

1. The provisions of these regulations shall apply to following, -



  1. employee stock option schemes;

  2. employee stock purchase schemes;

  3. stock appreciation rights schemes;

  4. general employee benefits schemes; and

  5. retirement benefit schemes

2. The provisions of these regulations shall apply to any company whose shares are listed on a recognised stock exchange in India, and has a scheme:



  1. for direct or indirect benefit of employees; and

  2. involving dealing in or subscribing to or purchasing securities of the company, directly or indirectly; and

  3. satisfying, directly or indirectly, any one of the following conditions:

    1. the scheme is set up by the company or any other company in its group;

    2. the scheme is funded or guaranteed by the company or any other company in its group;

    3. the scheme is controlled or managed by the company or any other company in its group.

3. Nothing in these regulations shall apply to shares issued to employees in compliance with the provisions pertaining to preferential allotment as specified in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

4. The provisions pertaining to preferential allotment as specified in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 shall not be applicable in case of a company issuing new shares in pursuance and compliance of these regulations.

Schemes - Implementation and Process

1. A company may implement schemes either directly or by setting up an irrevocable trust(s).

2. A company may implement several schemes as permitted under these regulations through a single trust.

Eligibility

1. An employee shall be eligible to participate in the schemes of the company as determined by the compensation committee



Compensation committee

1. A company shall constitute a compensation committee for administration and superintendence of the schemes.

2. The compensation committee shall frame suitable policies and procedures to ensure that there is no violation of securities laws, as amended from time to time, including Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 2003 by the trust, the company and its employees, as applicable.

Shareholders' approval

1. No scheme shall be offered to employees of a company unless the shareholders of the company approve it by passing a special resolution in the general meeting.



Disclosures

1. In addition to the information that a company is required to disclose, in relation to employee benefits under the Companies Act, 2013, the board of directors of such a company shall also disclose the details of the scheme(s) being implemented, as specified by SEBI in this regard.



Source: http://www.sebi.gov.in/cms/sebi_data/attachdocs/1414568485252.pdf


  1. CIRCULARS




  1. Clarification on Government Debt Investment Limits

1. SEBI had issued a circular CIR/IMD/FIIC/ 17/2014 dated July 23, 2014 whereby the investment limit in government securities available to all FPIs was enhanced by USD 5 billion by correspondingly reducing the amount available to long term FPIs from USD 10 billion to USD 5 billion within the overall limit of USD 30 billion. It was also stated in the aforesaid circular that all future investments in this USD 25 billion debt limit shall be required to be made in government bonds with a minimum residual maturity of three years.

2. It is clarified that all investments by Long Term FPIs (Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks) in the USD 5 billion Government debt limit shall continue to be made in Government bonds having a minimum residual maturity of one year.

3. Accordingly, the Government debt investment limits shall be as follows:



S. No.

Type of limit

Cap (US$ bn)

Cap (INR crore)

Eligible Investors

Remarks

1


Government

Debt

25

1,24,432

FPIs


Available on demand. The incremental investment limit of USD 5 billion (INR 24,886 cr) shall be required to be invested in government bonds with a minimum residual maturity of three years. Further, all future investment against the limit vacated when the current investment by an FPI runs off either through sale or redemption shall also be required to be made in government bonds with a minimum residual maturity of three years.

2


Government

Debt – Long

Term

5

29,137


FPIs which are registered with SEBI under the categories of Sovereign Wealth

Funds (SWFs),

Multilateral Agencies,

Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks



Available on demand. Eligible investors may invest only in dated securities of residual maturity of one year and above.




Total

30

1,53,569






4. In accordance with SEBI circular CIR/IMD/FIIC/15/2013 dated September 13, 2013, FPIs shall be permitted to invest in the USD 25 billion Government debt limit till the overall investment reaches 90% after which the auction mechanism would be initiated for allocation of the remaining limits.

5. In the event the overall FPI investment exceeds 90% in either of the debt limit categories (as indicated by the debt utilisation status updated daily on the websites of NSDL and CDSL), the following procedure shall be followed:


  1. The depositories (NSDL and CDSL) shall direct the DDPs to halt all FPI purchases in debt securities in that category

  2. The depositories shall then inform NSE (since the last auction was held on BSE) regarding the unutilised debt limits for conduct of auction. Upon receipt of information from the depositories, NSE shall conduct an auction for the allocation of unutilised debt limits on the second working day

  3. The auction would be held only if the free limit is greater than or equal to INR 100 cr. The auction shall be conducted in the following manner:





  1. Once the limits have been auctioned, the FPIs will have an utilisation period of 15 days within which they have to make the investments. The limits not utilised within this period would come back to the pool of free limits.

  2. Upon sale/redemption of debt securities, the FPI will have a re-investment period 5 days. If the reinvestment is not made within 5 working days, then the limits shall come back to the pool of free limits.

  3. The subsequent auction would be held 20 days after the previous auction, subject to the fulfillment of the condition mentioned at Point (C) above. The auction mechanism shall be discontinued and the limits shall be once again available for investment on tap when the debt limit utilisation falls below 85%.

  4. In order to provide operational flexibility to FPIs, it is clarified that there would be no other re-investment restrictions.




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