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
R
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
R
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
R
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
R
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
)
R
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
)
R
ULES
,
1992..................................................152
4.5
SEBI
(S
TOCK
B
ROKERS
&
S
UB
-B
ROKERS
)
R
EGULATIONS
,
1992......................................153
4.6
SEBI
(I
NSIDER
T
RADING
)
R
EGULATIONS
,
1992................................................................160
4.7
SEBI
(P
ROHIBITION OF
F
RAUDULENT AND
U
NFAIR
T
RADE
P
RACTICES
R
ELATING
T
O
S
ECURITIES
M
ARKETS
)
R
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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