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The National Stock
Exchange (NSE), located in Bombay, is India's first debt market. It was
set up in 1993 to encouragestock exchange reform through system
modernization and competition. It opened for trading in mid-1994. It was
recently accorded recognition as a stock exchange by the Department of
Company Affairs. The instruments traded are, treasury bills, government
security and bonds issued by public sector companies.
The number of members trading on the exchange has been on a steady
increase, helping integrate the national market and providing a modern
system with a complete audit trail of all transactions.
Membership
- 1026 trading members on the Capital
Market segment, of which around 86% account for corporates and the
remaining individuals and firms.
- 113 trading members on the
Wholesale Debt Market segment, all of which account for corporates.
(Out of these 113 trading members, 106 are members of the Capital
Market segment also and are included in the 1026 members indicated
above).
Geographic Distribution
- Over 2600 trading terminals
- Over 1500 VSAT’s across the
country with a 24 hour Network monitoring system in over 160 cities
as of December 31st, 1997.
Number of Companies
- On the Capital Market segment, 600
securities are listed and 762 securities are permitted to trade as
of December 31st, 1997.
- On the Wholesale Debt Market
segment, 470 securities are listed and 369 securities are permitted
to trade as of December 31st, 1997. Of the 470 securities listed,
267 are Government Securities, T-Bills and the balance account for
other securities.
Capital Market Operations
- NSE is working to increase the
capacity of the trading system from the present 4,00,000 trades per
day to more than 10,00,000 trades per day.
- The average daily numbers of trades
have gone up from over 893 trades in November-94 to over 1,48,783
trades in November 97. On August 7, ’97 the number of trades
reached a record high of 2,36,411 which makes NSE one of the largest
stock exchanges in the world.
- Average daily traded value has
increased from Rs.7 crores in November-94 to more than Rs. 1480
crores in December-97 with a high of Rs.3,080.61 crores recorded on
26th June-97.
- Number of shares traded has
increased from 76.10 lakhs in November-94 to 11,148.21 lakhs in
December-97.
- Net traded value has increased from
Rs.125 crores in November -94 to Rs. 32,549 crores in December-97.
- Delivered value (settlement wise)
has increased from Rs.60 crores in November -94 to Rs.5,008 crores
in December -97.
- Number of shares traded (depository
segment) has increased from 200 shares in December -96 to 1,19,102
shares in December-97.
- Net traded value (depository
segment) has increased from Rs.0.43 lakhs in December -96 to
Rs.185.44 lakhs in December-97.
- Market share of cities other than
five metros (Mumbai, Delhi, Calcutta, Chennai & Ahmedabad) which
was about 16% in first quarter of 1996 grew to as high as 24% during
the last quarter of 1997.
- The ratio of contribution to
turnover from Non Stock Exchange centres to Stock Exchange centres
has risen from 0.36% in first quarter (Jan to Mar) of 1996 to over
10% in fourth quarter of 1997.
- The market capitalisation of
companies has increased from Rs. 292637 crores in November'94 to Rs.
4571663 crores in February'98.
Clearing & Settlement
- Completed 170 settlements
successfully without any delay or postponement as on February 28,
1998.
- Value of shares handled by the
Clearing house per week has increased from Rs. 30 crores in
November-94 to over Rs.1042 crores per week in December-97. The
highest value of shares handled during the period was more than Rs.
2251.40 crores.
- Inter-Region Clearing : NSCCL has
Regional Clearing Centres at Delhi, Calcutta, Chennai and a Central
Clearing Centre at Mumbai. Members have the option of
delivering/receiving the securities at a clearing centre chosen by
them.
Wholesale Debt Market
Operations
- The WDM segment commenced
operations on June 30, 1994 with 224 securities carrying an
outstanding debt value of Rs. 1,35,000 crores (US$ 34 billion). This
has now increased to 839 securities with a market capitalisation of
Rs. 3,50,565 crores (US$ 88 billion). More than half of the
securities available for trading are listed and the balance are
permitted to trade.
- Currently, the Exchange has 78
registered participants on the WDM segment which includes 24 Public
sector banks, 18 Foreign banks, 15 Private sector banks, 6 Primary
dealers, 5 Financial institutions, the others being corporate
bodies, mutual funds and foreign debt fund.
- Average daily value in the WDM
segment increased from Rs. 2.4 crores in June-94 to Rs. 298.17
crores in December -97 with a high of Rs. 1831.27 crores recorded on
12-Aug-97.
- Net traded value in the WDM segment
increased from Rs. 1096.25 crores in July -94 to Rs. 7,752.52 crores
in December-97 with a high of Rs. 15,545.40 crores recorded in July
'97.
- There has been a consistent
increase in NSE’s share of the total volume of activity in the
market (gilt securities) over the period. Government securities
along with Treasury bills together account for over 80% of the total
market activity.
- The share of the Exchange of the
total market activity in Government Securities and T-Bills has
increased from a mere 22% in 1996 to 53% in 1997.
Corporate Office
National Stock Exchange of India Ltd. Mahindra Towers
"A" Wing, 1st floor, Worli, Mumbai 400 018.
Tel No : (022)496 0525, 493 2555
Fax No : 493 5631
E-mail : webmaster@nse-india.com
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