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study material of capital markets...

study material of capital markets...

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Published by srikwaits4u
complete information about the capital markets,especially 4 the one's who are preparing for the NCFM tests...
complete information about the capital markets,especially 4 the one's who are preparing for the NCFM tests...

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Published by: srikwaits4u on Aug 08, 2008
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06/09/2013

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Content Weight (%) Page No.
LIST OF ABBREVIATIONS.....................................................................................................5
 
TRADING………………………………………………………….30………………………….7
 
1.1
 
I
 NTRODUCTION
.....................................................................................................................7
 
1.2
 
 NEAT
 
S
YSTEM
.....................................................................................................................9
 
1.3
 
M
ARKET
T
YPES
....................................................................................................................9
 
1.3.1 Normal Market..............................................................................................................9
 
1.3.2 Odd Lot Market.............................................................................................................9
 
1.3.3 RETDEBT Market.........................................................................................................9
 
1.3.4 Auction Market............................................................................................................10
 
1.4
 
C
ORPORATE
H
IERARCHY
....................................................................................................10
 
1.5
 
L
OCAL
D
ATABASE
..............................................................................................................10
 
1.6
 
M
ARKET
P
HASES
................................................................................................................11
 
1.6.1 Opening.......................................................................................................................11
 
1.6.2 Open Phase.................................................................................................................11
 
1.6.3 Market Close...............................................................................................................11
 
1.6.4 Surcon.........................................................................................................................11
 
1.7
 
L
OGGING
O
 N
.......................................................................................................................12
 
1.8
 
L
OG
O
FF
/E
XIT FROM THE
A
PPLICATION
..............................................................................13
 
1.9
 
 NEAT
 
S
CREEN
....................................................................................................................14
 
1.10
 
I
 NVOKING AN
I
 NQUIRY
S
CREEN
........................................................................................15
 
1.10.1 Market Watch............................................................................................................15
 
1.10.2 Security Descriptor...................................................................................................17 
 
1.10.3 Market By Price........................................................................................................17 
 
1.10.4 Previous Trades........................................................................................................18
 
1.10.5 Outstanding Orders...................................................................................................19
 
1.10.6 Activity Log...............................................................................................................20
 
1.10.7 Order Status..............................................................................................................21
 
1.10.8 Snap Quote................................................................................................................22
 
1.10.9 Market Movement .....................................................................................................22
 
1.10.10 Market Inquiry........................................................................................................22
 
1.10.11 Auction Inquiry .......................................................................................................23
 
1.10.12 Security/Portfolio List.............................................................................................24
 
1.10.13 Multiple Index Broadcast and Graph......................................................................24
 
1.10.14 Online Backup.........................................................................................................25
 
1.10.15 Basket Trading........................................................................................................25
 
1.10.16 Buy Back Trades.....................................................................................................26 
 
1.10.17 Supplementary Functions........................................................................................27 
 
1.11
 
O
RDER 
M
ANAGEMENT
......................................................................................................40
 
1.11.1 Entering Orders........................................................................................................40
 
1.11.2 Order Modification...................................................................................................46 
 
1.11.3 Order Cancellation...................................................................................................47 
 
1.11.4 Order Matching ........................................................................................................47 
 
1.12
 
T
RADE
M
ANAGEMENT
......................................................................................................50
 
1.12.1 Trade Modification ...................................................................................................51
 
1.12.2 Trade Cancellation ...................................................................................................51
 
 
 21.13
 
A
UCTION
...........................................................................................................................52
 
1.13.1 Entering Auction Orders...........................................................................................53
 
1.13.2 Auction Order Modification......................................................................................54
 
1.13.3 Auction Order Cancellation......................................................................................54
 
1.13.4 Auction Order Matching...........................................................................................54
 
1.14
 
L
IMITED
P
HYSICAL
M
ARKET
............................................................................................54
 
1.15
 
RETDEBT
 
M
ARKET
(RDM)............................................................................................55
 
1.16
 
T
RADING
I
 NFORMATION DOWNLOADED TO
T
RADING
M
EMBERS
......................................58
 
1.17
 
I
 NTERNET
B
ROKING
..........................................................................................................60
 
1.18
 
W
IRELESS
A
PPLICATION
P
ROTOCOL
(WAP).....................................................................61
 
M
ODEL
Q
UESTIONS
..................................................................................................................61
 
CLEARING AND SETTLEMENT……………………………25…………………………...64
 
2.1
 
I
 NTRODUCTION
..................................................................................................................64
 
2.1.1 Transaction Cycle.......................................................................................................65
 
2.1.2 Settlement Process......................................................................................................66 
 
2.1.3 Settlement Agencies.....................................................................................................67 
 
2.1.4 Risks in Settlement ......................................................................................................70
 
2.2
 
S
ETTLEMENT
C
YCLE
...........................................................................................................71
 
2.4
 
S
ECURITIES
S
ETTLEMENT
...................................................................................................75
 
2.5
 
F
UNDS
S
ETTLEMENT
...........................................................................................................78
 
2.6
 
S
HORTAGES
H
ANDLING
......................................................................................................80
 
2.7
 
ISK 
C
ONTAINMENT
M
EASURES
.........................................................................................84
 
2.7.1 Capital Adequacy Requirements.................................................................................84
 
2.7.2 Margins.......................................................................................................................85
 
2.7.3 Settlement Guarantee..................................................................................................94
 
2.7.4 No-delivery Period......................................................................................................95
 
2.8
 
I
 NTERNATIONAL
S
ECURITIES
I
DENTIFICATION
 N
UMBER 
.....................................................95
 
2.9
 
D
EMATERIALISATION AND
E
LECTRONIC
T
RANSFER OF
S
ECURITIES
...................................96
 
2.10
 
I
 NVESTOR 
P
ROTECTION
F
UND
.........................................................................................98
 
2.11
 
C
LEARING
S
OFTWARE
 – 
 
D
ATA AND
EPORTS
D
OWNLOAD
...............................................99
 
2.11.1 Obligation Reports..................................................................................................99
 
2.11.2 Custodial Trade Reports.......................................................................................100
 
2.11.3 Deliveries Reports.................................................................................................100
 
2.11.4 Receipts Reports....................................................................................................101
 
2.11.5 Bad Deliveries Reports .........................................................................................101
 
2.11.6 Funds Reports.......................................................................................................101
 
2.11.7 Auction Reports.....................................................................................................102
 
2.11.8 Objections Reports................................................................................................102
 
2.11.9 Margin Reports.....................................................................................................104
 
2.11.10 Securities Reports .................................................................................................104
 
2.11.11 Miscellaneous Reports..........................................................................................105
 
2.12
 
F
ILE
T
RANSFER 
P
ROTOCOL
.............................................................................................105
 
M
ODEL QUESTIONS
.................................................................................................................106
 
TRADING MEMBERSHIP……………………………………..20………………………...109
 
3.1
 
S
TOCK 
B
ROKERS
...............................................................................................................109
 
3.1.1 Introduction...............................................................................................................109
 
 
 3
3.1.2 Membership in NSE ..................................................................................................110
 
3.2.
 
S
UB
-B
ROKERS
.................................................................................................................129
 
3.3.
 
B
ROKER 
-C
LIENTS
ELATIONS
.........................................................................................131
 
3.3.1. Know your client......................................................................................................131
 
3.3.2. Unique Client Code..................................................................................................132
 
3.3.3. Margins from the Clients .........................................................................................133
 
3.3.4. Execution of Orders.................................................................................................133
 
3.3.5. Accumulation of orders............................................................................................133
 
3.3.6. Contract Note...........................................................................................................133
 
3.3.7. Payments/Delivery of Securities to the Clients ........................................................134
 
3.3.8. Brokerage.................................................................................................................134
 
3.3.9 Segregation of Bank Accounts ..................................................................................134
 
3.4.
 
S
UB
-B
ROKER 
 – 
 
C
LIENT
ELATIONS
.................................................................................135
 
3.4.1 Know Your Client......................................................................................................135
 
3.4.2. Orders......................................................................................................................135
 
3.4.3. Purchase/Sale Note..................................................................................................135
 
3.4.4. Payments/Delivery of Securities ..............................................................................136 
 
3.4.5. Sub-brokerage..........................................................................................................136 
 
3.5.
 
D
ISPUTE
,
 
A
RBITRATION AND
A
PPEAL
..............................................................................136
 
3.6
 
C
ODE OF
A
DVERTISEMENT
...............................................................................................137
 
M
ODEL
Q
UESTIONS
................................................................................................................140
 
LEGAL FRAMEWORK……………………………………….15………………………….142
 
4.1
 
S
ECURITIES
C
ONTRACTS
(R 
EGULATION
)
 
A
CT
,
 
1956.........................................................146
 
4.2
 
S
ECURITIES
C
ONTRACTS
(R 
EGULATION
)
 
ULES
,
 
1957.....................................................148
 
4.3
 
S
ECURITIES AND
E
XCHANGE
B
OARD OF
I
 NDIA
A
CT
,
 
1992................................................148
 
4.4
 
SEBI
 
(S
TOCK 
B
ROKERS
&
 
S
UB
-B
ROKERS
)
 
ULES
,
 
1992..................................................152
 
4.5
 
SEBI
 
(S
TOCK 
B
ROKERS
&
 
S
UB
-B
ROKERS
)
 
EGULATIONS
,
 
1992......................................153
 
4.6
 
SEBI
 
(I
 NSIDER 
T
RADING
)
 
EGULATIONS
,
 
1992................................................................160
 
4.7
 
SEBI
 
(P
ROHIBITION OF
F
RAUDULENT AND
U
 NFAIR 
T
RADE
P
RACTICES
ELATING
T
O
S
ECURITIES
M
ARKETS
)
 
EGULATIONS
,
 
1995..........................................................................163
 
4.8
 
T
HE
D
EPOSITORIES
A
CT
,
 
1996..........................................................................................165
 
4.9
 
I
 NDIAN
C
ONTRACT
A
CT
,
 
1872..........................................................................................168
 
4.10
 
T
HE
C
OMPANIES
A
CT
,
 
1956............................................................................................169
 
4.11
 
P
UBLIC
D
EBT
A
CT
,
 
1944.................................................................................................173
 
4.12
 
I
 NCOME
T
AX
A
CT
,
 
1961.................................................................................................174
 
M
ODEL QUESTIONS
.................................................................................................................179
 
AN OVERVIEW OF THE INDIAN SECURITIES MARKET………5…………………..182
 
5.1
 
I
 NTRODUCTION
................................................................................................................182
 
5.1.1 Market Segments.......................................................................................................182
 
5.1.2 Products and Participants ........................................................................................183
 
5.2
 
A
 
P
ROFILE
.......................................................................................................................185
 
5.2.1 Dependence on Securities Market.............................................................................185
 
5.2.2 Investor Population...................................................................................................187 
 
5.3
 
P
RIMARY
M
ARKET
..........................................................................................................188
 
5.4
 
S
ECONDARY
M
ARKET
.....................................................................................................190
 
5.5
 
D
ERIVATIVES
M
ARKET
...................................................................................................195
 

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