November 2010

SPOTLIGHT
NSE introduced call auction in pre-open session with effect from October 18, 2010
In a bid to reduce volatility in the opening prices and introduce international standards, NSE introduced call auction
mechanism - an alternative price discovery mechanism to be conducted in the pre-open session. The call auction is
expected to make improvements in the Indian securities market by:
⇒ Giving investors a choice of achieving a zero impact cost trade.
⇒ Reducing bid-offer spreads in the continuous market when any news breaks out in between close of the market on
previous day and the next day's open.

R E G U L ATO RY C H A N G E S
Initiated by SEBI
⇒
Portfolio managers have been asked to charge profit sharing fees after adjusting the 'high water-mark' for interim
contributions and withdrawals by clients.
⇒
Draft offer documents of Issues of size upto ` 100 crore can be filed with regional office of the SEBI.
⇒
The government holding in non promoter category can be excluded from the requirement of minimum 50%
shareholding of non-promoters in demat form.
⇒
SEBI allowed NSE and BSE to introduce European-style or American-style stock options.
⇒
The promoters are not entitled to receive any warrants or shares if they have sold shares in past six months or if they
have allowed warrants to lapse in the previous one year.
⇒
SEBI doubled the investment limit for retail investors in IPO/FPO to ` 2 lakh from ` 1 lakh.
⇒
IDR issuers can now offer simultaneous rights offering in their home country and India.
⇒
Companies proposing public issues have been asked to include a proforma financial statement in case of the
acquisition / restructuring, which is substantial in size.

NSE NEWS
⇒
Launched trading in currency options with effect from October 29, 2010.
⇒
Launched trading in European style stock options contracts expiring on January 27, 2011 and onwards.

NCFM NEWS

⇒
NSE has tied up with St. Stephen's College New Delhi, for NCCMP course.

I N T E R N AT I O N A L N E W S

⇒
Singapore's SGX launched an US $ 8.2bn bid to merge with Australia's ASX to create a powerful Asia-Pacific trading hub.
⇒
CME group begins clearing OTC Interest Rate Swaps.

An investment called India

 November 2010

MARKET REVIEW
Nifty Movements vis-a-vis other International Indices Performance of select sectors vis-a-vis Nifty
(Rebased to 100 for March 31, 2010) (Rebased to 100 for March 31, 2010)
125 150
140
130
100 120
110
100
75 90
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10

CNX IT CNX FMCG INDEX S&P CNX Finance

Nifty 50 DOW Jones NIKKEI 225 HANG SENG NASDAQ S&P CNX Petrohemicals S&P CNX Pharmaceuticals CNX Bank Nifty
CNX Infrastructure S&P CNX Nifty

Capital Market Segment F&O Segment

5000 300 30000
Avg. Daily Trading Value

Avg. Daily Trading Value

1400
250 24000 1200
4000
Trading Value

Trading Value
200 18000 1000
3000 800
150 12000
600
2000
100 6000
400
1000 50 0 200
Nov-09

Dec-09

Nov-09

Dec-09
Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10
Currency Futures WDM Segment
4000 210 800 40
Avg. Daily Trading Value

Avg. Daily Trading Value

180 700
3000 35
Trading Value

Trading Value

150 600
120 500 30
2000 400
90
300 25
1000 60
200
20
30 100
0 0 0 15
Nov-09

Dec-09

Nov-09

Dec-09
Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Trading Value (` hundred crore) Avg. Daily Trading Value (` hundred crore)

NSE MARKET STATISTICS NSE's GLOBAL RANKINGS

Segments Percentage Average daily Market Parameters Rank
rd
Turnover ( ` crore) change over turnover Capitalisation Single Stock Futures 3
Sep 2010 Oct 2010 Sep 2010 ( ` crore) ( ` crore) nd
Stock Index Options 2
CM 329,869 360,472 9.28 17,165 7,055,094 rd
Stock Index Futures 3
WDM 45,186 45,913 1.61 2,186 3,451,003 th
F&O 2,736,392 2,824,493 3.22 1,34,500 Market Capitalisation 9
CDS(Currency 284,704 304,213 6.85 14,486 Source : WFE (Rankings done for the period Jan- June 2010). Rankings
Futures) for single stock futures, stock index options and stock index futures is
TOTAL 3,396,151 3,535,091 4.09 10,506,097 based on number of contracts traded.

Prepared by SBU-EDUCATION
National Stock Exchange of India Ltd.
Exchange Plaza, Bandra Kurla Complex, Bandra (E) Mumbai - 400051. Tel No: 022-26598163
For detailed NSE Newsletter or for e-subscription, log on to www.nseindia.com>Press Room>NSE Newsletter.
For Market Data, refer to www.nseindia.com>Research>Datazone.
Articles for NSE Newsletter can be sent at research@nse.co.in
 November 2010 1
N S E N E W S L E T T E R
SPOTLIGHT

NSE introduced call auction in pre-open session with effect from October 18, 2010.
In a bid to reduce volatility in the opening prices and introduce international standards, NSE introduced call auction
mechanism - an alternative price discovery mechanism to be conducted in the pre-open session. The call auction is
expected to make improvements in the Indian securities market by:

• Giving investors a choice of achieving a zero impact cost trade

• Reducing transaction costs and execution risk

• Reducing bid-offer spreads in the continuous market when any news breaks out in between close of the market on
previous day and the next day's open
The pre-open session shall be duration of 15 minutes i.e. from 9:00 am to 9:15 am. The call auction in pre-open ses-
sion will be introduced initially for securities forming part of indices CNX Nifty and SENSEX. The pre-open session is
comprised of Order collection period and order matching period.
The order collection period of 8* minutes shall be provided for order entry, modification and cancellation. (* - System
driven random closure between 7th and 8th minute) During this period orders can be entered, modified and can-
celled. The information like Indicative equilibrium / opening price of scrip, total buy and sell quantity of the scrip,
Indicative NIFTY Index value & % change of indicative equilibrium price to previous close price shall be computed
based on the orders in order book and shall be disseminated during pre-open session.
Order matching period will start immediately after completion of order collection period. Order will be matched at a
single (equilibrium) price which will be open price. The order matching will happen in following sequence

• Eligible limit orders will be matched with eligible limit orders

• Residual eligible limit orders will be matched with market orders

• Market orders will be matched with market orders

During order matching period order modification, order cancellation, trade modification and trade cancellation will
not be allowed. The trade details will be disseminated to respective members before the start of normal market.
After completion of order matching there shall be silent period to facilitate the transition from pre-open session to
the normal market. All outstanding orders will be moved to the normal market retaining the original time stamp.
Limit orders will be at limit price and market orders will be at the discovered equilibrium price. In a situation where
no equilibrium price is discovered in the pre-open session, all market orders shall be moved to normal market at pre-
vious day’s close price or adjusted close price / base price following price time priority. Accordingly, Normal Market /
Odd lot Market and Retail Debt Market will open for trading after closure of pre-open session i.e. 9:15 am. Block Trad-
ing session will be available for the next 35 minutes from the open of Normal Market.
The opening price shall be determined based on the principle of demand supply mechanism. The equilibrium price
will be price at which the maximum volume is executable. In case more than one price meets the said criteria, the
equilibrium price will be the price at which there is minimum unmatched order quantity. In case more than one price
has same minimum order unmatched quantity, the equilibrium price will be the price closest to the previous day’s
closing price. In case the previous day’s closing price is the mid-value of pair of prices which are closest to it, then
the previous day’s closing price itself will be taken as the equilibrium price. In case of corporate action, previous
day’s closing price will be the adjustable closing price or the base price. Both limit and market orders shall reckon for
computation of equilibrium price. The equilibrium price determined in pre-open session is considered as open price
for the day. In case of only market orders exists both in the buy and sell side, then order shall be matched at previous
days close price or adjusted close price / base price. Previous day’s close or adjusted close price / base price shall be
the opening price. In case of no price is discovered in pre-open session, the price of first trade in the normal market
shall be the open price. 1
 November 2010 2
N S E N E W S L E T T E R
SPOTLIGHT ( c o n t d . . )

Equilibrium price determination:

In a call auction price mechanism, equilibrium price is determined as shown below. Assume that NSE received bids
for particular stock xyz at different prices in between 9:00 am and 9:15 am. Based on the principle of demand supply
mechanism, exchange will arrive at the equilibrium price – the price at which the maximum number of shares can be
bought / sold. In below example, the opening price will be ` 105 where maximum 27,500 shares can be traded.

Order Book Demand / Supply Schedule Maximum tradable

Share price (`)
Buy Sell Demand Supply quantity
103 13500 11500 50500 11500 11500
104 9500 9800 37000 21300 21300
105 12000 15000 27500 36300 27500
106 6500 12000 15500 48300 15500
107 5000 12500 9000 60800 9000
108 4000 8500 4000 69300 4000

2
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R E G U L A T O R Y C H A N G E S

Initiated by SEBI
Portfolio managers have been asked to charge profit sharing fees after adjusting the ‘high water-mark' for in-
terim contributions and withdrawals by clients.
Market regulator the Securities and Exchang Board of India (SEBI) streamlined the norms for charging of fees by
portfolio managers. Profit sharing / performance related fees are usually charged by portfolio managers upon ex-
ceeding a hurdle rate or upon outperforming the benchmark index as specified in the agreement. However there
was no uniformity in practice on how the profit / performance of the portfolio should be computed. In order to
charge performance / profit sharing fee, SEBI has advised that, henceforth, profit / performance will be computed
on the basis of high water mark principle over the life of the investment.
High Water Mark shall be the highest value of the portfolio on the date when performance fees are charged and the
portfolio manager shall charge performance based fee only on increase in portfolio value in excess of the previously
achieved high water mark. As advised by the SEBI, for the purpose of charging performance fee, the frequency shall
not be less than quarterly. In case of interim contributions/ withdrawals by clients, performance fees may be
charged after appropriately adjusting the high water mark on proportionate basis. High Water Mark shall be applica-
ble for discretionary and non-discretionary services and not for advisory services.
The following computation is for illustrative purpose only. Portfolio Managers may suitably modify this to reflect
their fees and charges.

The assumptions for the illustration are as follows:

• Size of sample portfolio: Rs. 10 lacs and over

• Period: 1 year

• Hurdle Rate: 12% of amount invested

• Brokerage/ DP charges/ transaction charges: Weighted Average of such charges (as a percentage of assets under
management) levied in the past year/ in case of new portfolio managers indicative charges as a percentage of
assets under management (e.g. 1%)
• Upfront fee (e.g. 1%)

• Management fee (e.g. 2%)

• Performance fee (e.g. 25% of profits over hurdle rate)

• The frequency of calculating all fees is annual.

Case A: Portfolio performance: Gain of 15%

Nature of Fees Amount (`
`) Amount (`
`)
Capital Contribution 1,000,000
Less: Upfront fees (if any) 10,000
Less: Any other fees xxx
Assets under management 990,000
Add: Profits on investment during the year @ 15% on assets under
management 148,500
Gross value of the portfolio at the end of the year 1,138,500
Less: Brokerage /DP charges/ Any other charges (0.01 of 990000) 9,900
Less: Management Fees (0.02 of 990000) 19,800
Less: Performance fees (if any) 7,425
Less: Any other fees xxx
Total Charges during the year 37,125
Net value of the portfolio at the end of the year 1,101,375
% change over capital contributed 10.14% 3
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R E G U L A T O R Y C H A N G E S ( c o n t d . . )

Calculation of performance fees for Case A:

Nature of Fees Amount (`

`)
Profit for the year 148,500
Less: Minimum profit level (Hurdle rate @ 0.12 on 990000) 118,800
Amount on which profit sharing fees to be calculated 29,700
Performance Fees (0.25 of 29700) 7,425

Case B: Portfolio performance: Loss of 15%

Nature of Fees Amount (`
`) Amount (`
`)
Capital Contribution 1,000,000
Less: Upfront fees (if any) 10,000
Less: Any other fees xxx
Assets under management 990,000
Less: Loss on investment during the year @ -15% on assets under
management (148,500)
Gross value of the portfolio at the end of the year 841,500
Less: Brokerage /DP charges/ Any other charges (0.01 of 990000) 9,900
Less: Management Fees (0.02 of 990000) 19,800
Less: Performance fees (if any) -
Less: Any other fees xxx
Total Charges during the year 29,700
Net value of the portfolio at the end of the year 811,800
% change over capital contributed -18.82%

Case C: Portfolio performance: No change

Nature of Fees Amount (`

`) Amount (`
`)
Capital Contribution 1,000,000
Less: Upfront fees (if any) 10,000
Less: Any other fees xxx
Assets under management 990,000
Add: Profits on investment during the year @ 0% on assets under
management -
Gross value of the portfolio at the end of the year 990,000
Less: Brokerage /DP charges/ Any other charges (0.01 of 990000) 9,900
Less: Management Fees (0.02 of 990000) 19,800
Less: Performance fees (if any) -
Less: Any other fees xxx
Total Charges during the year 29,700
Net value of the portfolio at the end of the year 960,300
% change over capital contributed -3.97%

Draft offer documents of Issues of size upto ` 100 crore can be filed with regional office of the SEBI.
Draft offer documents of issues of size upto ` 100 crore can be filed with the concerned regional office of the board
under the jurisdiction of which the registered office of the issuer company falls.
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R E G U L A T O R Y C H A N G E S ( c o n t d . . )

The government holding in non promoter category can be excluded from the requirement of minimum 50%
shareholding of non-promoters in demat form.
The government holding in non promoter category can be excluded while computing the requirement of minimum
50% shareholding of non-promoters in demat form in a company. In order to moderate a sharp and volatile price
movements in shares of companies, to encourage better price discovery and to increase transparency in securities
market, SEBI in consultation with Stock Exchanges has decided to adopt the following measures:-

• The securities of all companies shall be traded in the normal segment of the exchange if and only if, the com-
pany has achieved at least 50% of non-promoters holding in dematerialized form by October 31, 2010.

• In all cases, wherein based on the latest available quarterly shareholding pattern, the companies do not satisfy
above criteria, the trading in such scrips shall take place in Trade for Trade segment (TFT segment) with effect
from the time schedule specified above.

• In addition to above measures, in the following cases the trading shall take place in TFT segment for first 10
trading days with applicable price band while keeping the price band open on the first day of trading (except
for the original scrip, on which derivatives products are available or included in indices on which derivatives
products are available).

∗ Merger, demerger, amalgamation, capital reduction/consolidation, scheme of arrangement, in terms of the

Companies Act and/or as sanctioned by the Courts, in cases of rehabilitation packages approved by the
Board of Industrial and Financial Reconstruction under Sick Industrial Companies Act and in cases of Corpo-
rate Debt Restructuring (CDR) packages by the CDR Cell of the RBI.

∗ Securities that are being admitted to trading from another exchange by way of direct listing/MOU/securities
admitted for trading under permitted category.

∗ Where suspension of trading is being revoked after more than one year.

SEBI allowed NSE and BSE to introduce European-style or American-style stock options.
The SEBI has allowed NSE and BSE to introduce European-style or American-style stock options. While American-
style options are options that can be exercised at the strike price anytime before or on the date of expiry, European
-style options can only be exercised at the time of expiry. Globally, stock exchanges mostly follow American-style
options and SEBI's move is aimed at providing variety to the bourses.
SEBI has asked the stock exchanges to choose between the two styles and after opting for a particular style of exer-
cise, a Stock Exchange will offer option contracts of the same style on all eligible stocks. All other contract specifi-
cations, including risk management framework applicable for American style stock options, will be applicable to
European style stock options and any modification will require prior approval of SEBI. However, once they have cho-
sen one of the styles, the bourses cannot switch over to the other without SEBI approval.
The Stock Exchanges interested to introduce European style stock options have been asked put in place proper sys-
tems and procedures for smooth introduction of European style stock options, notify all categories of market par-
ticipants, including general public, and also to disseminate the same on their websites, at least one month in ad-
vance of implementing the switchover in the exercise style.

The promoters are not entitled to receive any warrants or shares if they have sold shares in past six months or
if they have allowed warrants to lapse in the previous one year.
Aimed at abstaining companies from abusing preferential share or warrant allotment norms to favour promoters,
market regulator SEBI has decided that in case of preferential issues, where any promoter or any promoter group
entity has previously subscribed to the warrants of the company but failed to exercise the warrants, the promoters
and promoter group will not be eligible for issue of equity shares or convertible securities or warrants for a period
of one year from the date of expiry of the currency /cancellation of the warrants.
5
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R E G U L A T O R Y C H A N G E S ( c o n t d . . )

The Board further decided that if any member of the promoters/ promoter group has sold shares in the previous six
months, then the promoters/ promoter group would not be eligible for allotment on preferential basis.
In order to enable listed issuers to have more flexibility in raising capital through various instruments, the SEBI has
decided that the requirement of promoters’ contribution will not be mandatory for FPOs where equity shares of the
issuer are frequently traded in a recognized stock exchange for three years and the issuer has a good track record of
dividend payment for three years.

SEBI doubled the investment limit for retail investors in IPO/FPO to ` 2 lakh from ` 1 lakh
The SEBI has enhanced the maximum application size for retail individual investors to ` 2 lakh across all issues from
the current limit of ` 1 lakh. The SEBI in its draft guidelines in August had proposed to raise the ceiling for retail
investors to ` 2 lakh in public issues. SEBI had raised the investment limit for retail investors from ` 50,000 to ` 1
lakh, last time in 2005. According to a study carried out by SEBI, Nearly 75% of the retail applications in recent pub-
lic offerings were for value in the range of ` 80,000 -1,00,000.

IDR issuers can now offer simultaneous rights offering in their home country and India.
In order to facilitate simultaneous rights offering by the foreign issuers (who have listed their Indian Depository Re-
ceipts (IDRs) in Indian Stock Exchanges) in their home jurisdiction and in India, SEBI Board has decided that IDR issu-
ers can now file an offer document containing information in addition to their home country offer document in the
fast track mode. Disclosure requirements for IDR rights would be in line with the reduced disclosure requirements,
applicable for domestic rights issues. Further, it is decided that IDR issuers, who are in compliance with the con-
tinuous listing requirements stipulated by SEBI & exchanges, can avail the facility of filing the offer document on
fast track basis.
In order to ensure uniform treatment for all classes of investors in rights issues, the SEBI decided that only one pay-
ment option may be given by the issuer to all the investors i.e. either (i) part payment on application with balance
money to be paid in calls or (ii) full payment on application.

Companies proposing a public issue have been asked to include a proforma financial statement in case of the
acquisition / restructuring, which is substantial in size.
It has been observed that the company proposing a public issue, at times, acquires an entity just after the end of
the latest disclosed financial year and as a result of such acquisition / restructuring, certain companies become di-
rect or indirect subsidiaries of the issuer company. In order to understand the financial impact of such acquisition /
restructuring on the financial statements of the issuer company, the Board has made it mandatory to include a pro-
forma financial statement in Offer Documents in cases where the acquisition is material for the issuer company. For
this purpose the acquisition would be deemed to be material if:

• the total book value of the assets of the acquired entity amounts to more than 20% of the pre-acquisition book
value of the assets of the issuer company;

Or

• the total income of the acquired entity amounts to more than 20% of the total income of the issuer company.

In order to ensure that the information appearing in media is consistent with the disclosures made in the offer
document, the SEBI has asked the merchant bankers to submit a compliance certificate as to whether the contents
of the news reports that appear after filing of Draft Offer Document are supported by disclosures in the offer docu-
ment or not. This would apply in respect of news reports appearing in newspapers stipulated in ICDR for issue adver-
tisements, major business magazines and also in the print and electronic media controlled by any media group
where the media group has a private treaty/shareholders' agreement with the issuer company/promoters of the is-
suer company.
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N S E N E W S

NSE launched trading in currency options with effect from October 29, 2010.
NSE kicked off trading in currency options on the US Dollar-Indian Rupee with effect from October 29, 2010, provid-
ing an alternative for investors to hedge against forex fluctuations. Active participation was observed from across
all major centers of the country, as over 3 lakh contracts (US$ 300 mn) were traded on NSE during the day with an
open interest of about 95,000 contracts (US$ 95 mn). To begin with, NSE is offering currency options in the dollar-
rupee pair with three monthly contracts (November, December and January 2011) and one quarterly contract
(March 2011). There are separate put and call options for every month. These options contracts will expire at 12
noon, two working days before the last business day of the expiry month. The option to trade in currency options
further adds to the breadth and depth of the Indian financial markets, by expanding the suite of risk management
solutions available to market participants.

NSE launched trading in European style stock options contracts expiring on January 27, 2011 and onwards.
European-style options will generate more volumes for NSE. They will also bring liquidity to several stock options, as
they will not be vulnerable to huge gaps up or down on opening prices. European-style stock options are only exer-
cisable on the expiry date, cutting the overnight risk of volatility in the underlying asset for sellers. American-style
stock options are exercisable any time before the expiry date, which is why traders are afraid to take positions in
American-style stock options. All existing month contracts expiring on November 25, 2010 and December 30, 2010
will continue to have American exercise style and all stock option contracts that expire on January 27, 2011 and
onwards shall have European exercise style only.

N C F M N E W S

NSE has tied up with St. Stephen’s College of New Delhi, for NCCMP course.
The NSE and St. Stephen’s College are pleased to jointly offer the NSE Certified Capital Market Professional
(NCCMP) course, scheduled to commence on the November 15, 2010, at the campus of St. Stephen’s College. It is a
100 hours program (3 – 4 months) comprising theory and practical training in capital markets. Subjects covered in
the course comprise equity markets, debt markets, derivatives, macro economics, technical analysis, fundamental
analysis etc. While students of St. Stephen’s College shall be admitted on priority, the course shall be open to ex-
ternal applicants as well. Those who complete the course successfully will be awarded a joint St. Stephen’s – NSE
certificate in capital markets.

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I N T E R N AT I O N A L N E W S

Singapore’s SGX launched an US $ 8.2bn bid to merge with Australia's ASX to create a powerful Asia-Pacific
trading hub
ASX Limited (ASX) and Singapore Exchange (SGX) today announced that they have entered into a merger implemen-
tation agreement to combine to enable customers globally to capitalise on listing, trading, clearing and settlement
opportunities created through the expanded platforms, leveraging on the importance of Asia Pacific as the driver of
global growth.
This combination will bring together the complementary businesses of two successful exchanges in the Asian time
zone, with internationally recognised regulatory standards. The combination leverages the strengths of ASX through
its listings, stock options and fixed income franchises, with SGX, the Asian gateway for international listings, equity
futures and OTC clearing, to create the region’s pre-eminent exchange group.
The combined group will augment Australia’s financial market and funds management industry through direct par-
ticipation in Asian growth, and increase ASX’s and SGX’s competitiveness in a changing global markets landscape. As
proven platforms for raising capital and managing price risk for the resource sector, ASX and SGX will build on exist-
ing distribution and clearing capabilities, and intend to play an important role in establishing price discovery for
global commodities in Asia Pacific.
The combined exchange group, ASX-SGX Limited, will have pro forma revenues of approximately US$1.1 bn and pro
forma earnings before interest and income tax of approximately US$700 mn, based on the audited financial state-
ments of ASX and SGX, each for the financial year ended June 30, 2010.

Together ASX and SGX will offer access to:

• second largest listing venue in Asia Pacific with over 2,700 listed companies from over 20 countries, including
over 200 listings from Greater China;

• world’s second largest cluster of companies in the resource sector (more than 900 listings), the largest REITs
sector (over 80 listings) and the largest number of ETFs (over 100) in Asia Pacific;

• world’s widest range of Asia Pacific equity, fixed income and commodity derivatives with over 400 contracts
from over 10 countries, including Australia, Greater China, India and Japan, and covering a range of commodi-
ties including metals, energy and agricultural products;

• Asia Pacific’s largest and the world’s second largest base of institutional investors with combined assets under
management of over US$2.3 trn from existing superannuation, institutional and sovereign wealth funds;

• global distribution network with over 90 securities market participant firms and over 170 derivatives market
participant firms on a combined basis; and

• leading exchange technology, including the proposed introduction of the world’s fastest trading platform with
the lowest trading latency, and flexible data and connectivity solutions.

CME group begins clearing OTC Interest Rate Swaps

CME Group, the world's leading and most diverse derivatives marketplace, announced today that it has begun clear-
ing over-the-counter (OTC) interest rate swaps through CME Clearing.
In conjunction with a group of premier swap dealers, clearing firms, and buy-side market participants, CME Group
has developed a new clearing solution for OTC interest rate swaps. The buy-side participants are BlackRock, Cita-
del, Fannie Mae, Freddie Mac, and PIMCO. The sell-side participants are BofA Merrill Lynch, Barclays Capital, Citi,
Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura and UBS.

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I N T E R N AT I O N A L N E W S ( c o n t d . . )

"CME Group's new interest rate swap clearing solution will provide our global customers with the best of both worlds
by preserving key components of OTC market trade execution while adding the security of futures-style central
counterparty clearing," said Laurent Paulhac, CME Group's Managing Director of OTC Products and Services. "By
working closely with both the buy- and sell-side, we were able to gain significant input into the needs of the overall
marketplace, both in terms of functionality and mitigating systemic risk in creating this cleared-only solution for
interest rates swaps."
CME Group's cleared interest rate swaps will be an open access solution that provides market participants with the
flexibility of the OTC market without having to change their execution processes. The new service will build on the
strength of CME Group's market leading interest rate products business. In addition, it will maintain affirmation
platforms and product economics of bilateral OTC contracts; provide the risk management and legal safeguards of
CME Clearing to protect customer funds; and give operational flexibility of an open access solution that integrates
into existing OTC infrastructure and extends across asset classes; with an anticipated goal of offering capital effi-
ciencies via cross margining of OTC products with benchmark futures.

9
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MANAGERIAL PERSONNEL NSE

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.

Dr. Vijay L Kelkar Chairman 26598202 7053
Mr. Ravi Narain Managing Director and CEO 26598122 7050
Ms. Chitra Ramkrishna Jt. Managing Director 26598123 7051
Mr. J Ravichandran Director Finance & Accounts, Legal & Secre- 26598203 5005
tarial
Mr. Ravi Apte Chief Technology Officer 26598316 5004
Mr. R Nanda Kumar Sr. Vice President National Commodity Clearing Lim- 26598223 3000
ited, NOW, New Projects & Inter-
national Business
Mr. R Sundararaman Sr. Vice President National Securities Clearing Corpo- 26598212 4006
ration Ltd.
Mr. Ravi Varanasi Sr. Vice President Investigation, Surveillance, Data 26598225 5003
Analytics, RO Ahmedabad, Inspec-
tion & Compliance
Mr. Yatrik R Vin Sr. Vice President Finance & Accounts 26598213 3008
Mr. Chandrashekar Muk- Vice President Human Resource 26598437 3010
herjee
Mr. Hari K Vice President Listing & Membership 26598452 5058
Ms. Kamala Vice President Arbitration, Defaulters Section & 26598220 3006
Investor Service Cell, Inspection,
Compliance
Mr. Nirmal Mohanty Head SBU - Education 26598372 3007
Mr. Suprabhat Lala Vice President Trade - (Capital Market, F&O, Cur- 26598154 6026
rency Derivatives & WDM), CRM &
Marketing
Mr. Suresh Narayan Vice President India Index Services & Products 26598221 2004
Ltd. & DotEx International Limited

Mr. T Venkat Rao Vice President & Head – Regional Office - Delhi (011) 23344335 127
Northern Region
Mr. Vidhu Shekhar Vice President New Products & Six Sigma Initia- 26598209 4007
tives
Mr. Arup Mukherjee Asst. Vice President SBU - Education 26598217 3002
Mr. C. N. Upadhyay Asst. Vice President Inspection & Compliance 26598210 5002
Mr. Dhruvkumar Patil Asst. Vice President Investor Service Cell, Defaulters 26598190 3300
Section
Mr. Mahesh Haldipur Asst. Vice President Premises 26598211 4003
Mr. Mayur Sindhwad Asst. Vice President NOW, Dotex International Ltd. 26598312 3102
Mr. Nilesh Tinaikar Asst. Vice President Development 26598445 5090
Ms. Nisha Subhash Asst. Vice President Investigation 26598162 5088
Mr. R Jayakumar Asst. Vice President Secretarial 26598222 5023
Ms. Rana Usman Asst. Vice President NSCCL - Securities, Corporate 26598267 4048
Bonds, F&O and SLB

Mr. Ravi Tyagi Officer on Special Duty SME Project 26598435 4002
Asst. Vice President Legal 26598197 5047
Mr Ravindra Mohan
Bathula
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Asst. Vice President Development, NSCCL 26598455 1207
Mr. S R V S Nagendra
Kumar
Mr. Sandip Mehta Asst. Vice President CTCL 26598150 6059
Mr. Vitthal More Asst. Vice President New Projects 26598378 5537
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MANAGERIAL PERSONNEL NSE ( c o n t d . . )

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.

Mr. Ajith Kumar V Chief Manager Administration & Development 26598146 4094
Mr. Amit Bhobe Chief Manager New Projects & NCCL - 3319
Mr. Amol Mahajan Chief Manager Finance & Accounts 26598139/40 3081
Mr. Arvind Goyal Chief Manager NSCCL - Currency Derivatives 26598310 4130
Mr. Avinash Kharkar Chief Manager Investigation 26598366 5150
Mr. Bireshwar Chat- Chief Manager Data Analytics 26598366 5146
terjee
Mr. Gaurav Kapoor Chief Manager CRM 26598208 1227
Ms. Himabindu Vak- Chief Manager Development 26598453 5155
kalanka
Mr. Huzefa Mahuvawala Chief Manager NSCCL -Risk Management 26598168 4040

Mr. Janardhan Gujaran Chief Manager F&O - Trade 26598152 6029

Ms. Jayna Gandhi Chief Manager Finance & Accounts 26598141 3066
Mr. Johnson Joseph Chief Manager Listing 26598452 5057
Chiriyath
Mr. Kiran Sawant Chief Manager NSCCL - Collaterals 26598265 4088
Mr. Kiran Dusane Chief Manager Premises 26598454 4112
Mr. Prashanto Banerjee Chief Manager Marketing 26598350 1228

Ms. Rehana D'Souza Chief Manager Membership 26598295 4116

Chief Manager India Index Services & Products 26598386 2027
Ltd.
Mr. Sammit Joshi
Chief Manager NOW, Dotex International Ltd. 26598313 3089
Mr. Sandeep Manoha-
ran
Ms. Seema Nayak Chief Manager Surveillance 26598166 6062
Mr. Shekhar Rao Chief Manager Finance & Accounts 26598143 3051
Ms. Sonali Karnik Chief Manager Currency Derivatives - Trade 26598131 6028
Mr. Sunil Gawde Chief Manager Capital Market - Trade 26598448 6033
Mr. Achal Jaiswal Chief Manager & Head - Regional Office - Kolkata (033)40400444 444
Eastern Region
Mr. Tojo Banerjee Chief Manager Regional Office - Delhi (011)23344505 128

Ms. Sunitha Anand Chief Manager & Head – Regional Office - Chennai & Hy- (044) 28332512 2100
Southern Region derabad
Ms. Sushama Bhagchan- Chief Manager Finance & Accounts 26598144 3041
dani
Mr. Vinayak Shenoy Chief Manager Finance & Accounts 26598139 3076
Manager Regional Office - Kolkata (033) 40400401 401
Mr. Sandeep Dandapat
Manager & In-charge - Ah- Regional Office - Ahmedabad
medabad
Ms. Bhawika Wanchoo (079) 26584578 -
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MANAGERIAL PERSONNEL NSE INFOTECH SERVICES LTD.

Name Designation Projects Tel. No. Ext

Mr. N Muralidaran CEO 26598205 2001
Mr. G. M. Shenoy Senior Vice President Projects 26598207 2000
Mr. M. R. Krishnan Vice President Infrastructure 26598132 2003
Ms. Hema Iyer Vice President Risk Management 26598254 2002
Mr. Mahesh Soparkar Associate Vice President Projects, DBA/SysAdmin 26598136 2005
Ms. Mamatha Rangaprasd Associate Vice President Trade 26598351 1168
Mr. P. R. Visvas Assistant Vice President Quality, DWH 26598352 1189
Mr. Mahesh Basrur Assistant Vice President FOCASS, NCSS 26598100 2072
Mr. Deviprasad Singh Assistant Vice President Telecom 26598262 2122
Mr. Amit Hatalkar Assistant Vice President Web, SBU-Education 26598291 1119
Ms. Smrati Kaushik Senior Manager Trade 26598271 6082
Mr. Viral Mody Senior Manager Retooling 26598100 2078
Mr. Hitesh Shah Senior Manager DBA /SysAdmin/SysOperations 26598270 2102
Mr. Sujoy Das Senior Manager Index 26598275 2032
Mr. Sudhir Sawant Senior Manager Project Management Office 26598100 2112
Mr. Pranav Gupta Senior Manager Risk Management 26598349 1165
Mr. Rajanish Nagwekar Senior Manager Net Market 26598270 2130
Mr. Nipun Dave Senior Manager Neatplus, TAP 26598258 2024
Mr. Bineet Jha Senior Manager HWARE SUPPORT 26598100 2129
Mr. Mathew Joseph K Senior Manager NCSS 26598100 2055
Mr. Benny Sebastian Senior Manager Membership, Inspection, Listing 26598100 1142
Mr. Umesh Agroya Senior Manager Telecom 26598277 2105
Mr. Manoj Joshi Manager NOW 26598231 1565
Ms. Anuja Joshi Manager BCP 26598100 1124
Mr. Suresh Chandani Manager Trade 26598100 6083
Mr. Shibu Tomy Manager NCSS 26598100 1154
Ms. Pranali Taskar Manager Telecom 26598277 2096
Mr. Joy John Manager BCP - Chennai 044-28473702 141
Mr. Narayan Neelakanthan Manager Telecom 26598229 2113
Ms. Bernadine Swamy Manager HRD 26598100 2135
Mr. Anoop Kumar Rawat Consultant DBA 26598100 2094
Mr. Nitin Gupte Manager Telecom 26598100 2087
Mr. Sandeep Kumar Gupta Manager APPSG 26598100 2085
Mr. Tushar H. Kulkarni Manager Membership, Inspection 26598100 1141
Mr. Prasad Addagatla Manager SysAdmin/SysOperations 26598320 6089
Mr. Suraj P Bangera Manager Web 26598100 1110

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MANAGERIAL PERSONNEL NSE INFOTECH SERVICES LTD. ( c o n t d . . )

Name Designation Projects Tel. No. Ext

Mr. Manoj Kumar Singh Manager TECH - Delhi (011) 23346978 109
Mr. Sagar Joshi Manager Project Management Office 26598100 2111
Mr. Shreekantha Velankar Manager DWH 26598100 5594
Mr. Balakrishnan M Manager FOCASS 26598100 2019
Mr. Aditya Agarwal Manager Architecture 26598258 2141
Ms. Meena Hajare Manager Quality 26598407 1123
Mr. Nishant Jha Manager OPMS 26598100 1166
Ms. Veena Khilnani Manager DBA 26598270 2104
Mr. Vinit Naik Manager PRISM 26598100 1131
Ms. Vishakha Shenoy Manager Survellience 26598100 1160
Ms. Kavita Shanbhag Manager Listing, NFA/FAMS, WDM 26598100 2058
Ms. Swarashree Joglekar Manager C2N 26598100 1188
Mr. Shailendra Aggarwal Manager HWARE SUPPORT 26598100 1570
Mr. Sarang Dhoble Manager Trade 26598100 6083

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