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HIGHLIGHTS OF NSE

NATIONAL STOCK EXCHANGE OF INDIA LIMITED NEWSLETTER
October 2009

ARTICLES
Global Financial Conglomerates and Their Challenges- by Mitu Bhardwaj, NSE
This article highlights the different facets of Financial Conglomeration, helps in understanding the emergence and structure of the
conglomerates and draws attention to the different challenges posed by them. Financial conglomeration facilitated with
globalization and financial innovation in recent years can produce financial giants that reduce transaction costs significantly but can
also pose a threat to the financial stability. How can these institutions take risks in their business and how well they respond to those
risks will separate the leaders from the survivors or the failures.

SPOTLIGHT
Reduction in Transaction Charges on the NSE

With effect from October 01, 2009 the NSE has reduced the transaction charges in the ‘Capital Market’ and ‘Futures’ segment.
This would reduce the cost of trading at NSE.

R E G U L ATO RY C H A N G E S
Initiated by SEBI.

Stock exchanges to disclose complaints/arbitration/penal action against trading members/listed companies on their website to
ensure transparency in grievance redressal available in the stock exchanges.

Disclosure and Investor Protection Guidelines converted into regulations

Issues regarding applicability of SEBI Delisting Regulations clarified.

Audit of mutual funds by an independent Certified Information Systems Auditor/Certified Information Systems Manager
(CISA/CISM) qualified or equivalent auditor mandated.

Decisions taken regarding amendments to listing agreement and takeover regulations vide SEBI Board Meeting of September 22,
2009.
Initiated by RBI.
⇒ Draft guidelines on repo in corporate debt securities put out in public domain, for comments/views.

NBFCs are allowed to participate in interest rate futures market for the purpose of hedging their underlying exposures.

NSE NEWS

NSE waives transaction charges payable in respect of trades emanating from all segments of the Exchange from VSATs in certain
semi urban and rural locations.

NSE levies charges to deter system abuse in the F & O Segment.

The Index Maintenance Sub-Committee of NSE carried out certain changes in various indices, which would be effective from
October 20, 2009

NCFM NEWS

Introduction of fee discount scheme for a period of one year (October 01, 2009 to September 30, 2010)

A new module – 'Currency Derivatives: A Beginner's Module' has been launched.

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


Euroclear UK & Ireland reduces fees and improves tariff transparency

NYSE to form commission on corporate governance to examine U.S. corporate governance

IOSCO issues final regulatory recommendations on securitisation and CDS market

WFE Board urges consistent regulation and more transparency from G20 market reform efforts
HIGHLIGHTS OF NSE NEWSLETTER
October 2009

MARKET REVIEW
Nifty Movements vis-a-vis other International Indices Performance of select sectors vis-a-vis Nifty
(Rebased to 100 for March 31, 2009) (Rebased to 100 for March 31, 2009)
160 230
210
140 190
170
120 150
130
100
110
80 90
31-Mar-09 29-Apr-09 29-May-09 30-Jun-09 31-Jul-09 31-Aug-09 30-Sep-09 31-Mar-09 29-Apr-09 29-May-09 30-Jun-09 31-Jul-09 31-Aug-09 30-Sep-09
CNX IT CNX FMCG INDEX
Nifty Dow Jones NIKKIE Hang seng Nasdaq S&P CNX Finance 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 18000 1000
Avg. Daily Trading Value

Avg. Daily Trading Value
250 15000

Tradin g Valu e
4000 800
Trading Value

200 12000
3000 600
150 9000
2000 400
100 6000

1000 50 3000 200

Jul-09
Aug-09
Jan-09
Feb-09

Apr-09

Jun-09

Sep-09
Jul-09
Aug-09

Dec-08

Mar-09
Feb-09

Apr-09

Sep-09

Nov-08

May-09
Jan-09

Jun-09
May-09
Nov-08

Mar-09
Dec-08

Oct-08
Oct-08

Currency Futures WDM Segment
1000 60 700 35

Avg. Daily Trading Value
Avg. Daily Trading Value

50 600 30
800
Trading Value
Trading Value

500 25
40
600 400 20
30
400 300 15
20
200 10
200 10 100 5
0 0 0 0
Jul-09
Aug-09
Jan-09
Feb-09

Apr-09

Jun-09

Sep-09
Dec-08

Mar-09
Nov-08

May-09
Jul-09
Aug-09

Oct-08
Jan-09
Feb-09

Apr-09

Jun-09

Sep-09
Dec-08

Mar-09
Nov-08

May-09
Oct-08

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

NSE MARKET STATISTICS NSE's GLOBAL RANKINGS
Turnover for Percentage Average daily Market Parameters Rank
rd
Sept. 2009 Change over Turnover Capitalisation Single Stock Futures 3
Segments (Rs.crore) Aug. 2009 (Rs. crore) (Rs.crore) Stock Index Options 3
rd

rd
CM 365,063 0.03 18,253 5,353,880 Stock Index Futures 3
th
WDM 58,674 53.47 3,088 3,024,417 No. of Trades 4
th
F&O 1,388,378 -5.79 69,419 Market Capitalisation 12
CDS (Currency 107,789 19.24 5,673 Source : WFE (Rankings done for the period Jan- Jun 2009). Rankings
Futures) for single stock futures, stock index options and stock index futures
TOTAL 1,919,904 -2.41 8,378,297 is 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, log on to www.nseindia.com>Press Room> NSE Newsletter.
For Market Data, refer to www.nseindia.com> Research> Datazone.
Oct 2009 1
N S E N E W S L E T T E R

A R T I C L E S

GLOBAL FINANCIAL CONGLOMERATES & THEIR CHALLENGES
By Mitu Bhardwaj*

Introduction

During the last two decades, financial services industry has witnessed deregulation in the domestic market and globalization
at the same time. This has led to new ways of doing business as the providers of financial services have extended their
scope of activities. Earlier, a financial institution could easily be classified as a Bank, a Securities Company, or Insurance
Company. But today a new breed of financial services providers have emerged which provide a wide range of financial ser-
vices across a number of geographic locations. These are called Financial Conglomerates.

The Tripartite Group of Bank, Securities and Insurance regulators set up in 1993 at the initiative of Basel Committee on
Banking Supervision has defined financial conglomerate as "any group of companies under common control whose exclusive
or predominant activities consist of providing significant services in at least two different financial sectors (banking, securi-
ties, insurance).” However, as per the European Union, financial conglomerates refer to group of companies wherein at
least one of the entities in the group is in the insurance sector and at least one is in the banking or investment services sec-
tor.

Emergence of Financial conglomerates –The Driving Factors

Diversification of business lines in financial markets has been a rather unique phenomenon as opposed to a general trend of
consolidation in other industries. The emergence of financial conglomerates has been driven by competitive pressures in the
traditional banking sector and synergies across complementary financial services so as to capture economies of scale and
scope across business lines.

Economies of Scale: These economies are generated by higher operational efficiency and by innovation of products that
allow firms to offer ‘one-stop shopping’ to consumers. One source of higher operational efficiency is information advantage.
Information advantage arises from financial conglomerates’ ability to offer a broader set of financial services to the same
set of clients than offering restricted services to different sets of clients on stand-alone basis. For instance, when a bank or
an insurer establishes a relationship with a client it incurs costs in gathering information about the client. An institution
that combines these services can reduce these costs by using a common information system.

Economies of Scope: On the production side, these economies arise whenever costs can be shared across product lines.
E.g. common information system can be used across multiple product lines incurring the cost of gathering information only
once. On the consumption side, these economies emerge if buying financial services from the same institution benefits con-
sumers through reduced search, information and monitoring costs.

Stability in Revenues: A financial institution that combines different activities can be more stable than a specialized insti-
tution due to risk diversification. This is because the correlation between the return from different financial activities is
imperfect.

*The author is with NSE. Views expressed in the article are that of the author alone. 1
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Structure of Financial Conglomerates

There is no single structure of financial conglomerate that dominates across the world. The structure and type of fi-
nancial conglomerate primarily depends on the prevailing national laws and traditions. However, there are mainly
three structural forms into which financial conglomerates are organized.

Universal Bank Structure: A structure in which all operations are centralized within a single corporate entity, a Bank.

Parent-subsidiary Structure: A structure in which operations are conducted in subsidiaries of licensed parent compa-
nies which are usually banks.

Holding Company Structure: It is a structure under which businesses are conducted in legally distinct entities each
with separate management and capital, but owned by a (potentially unregulated) corporation.

Further, a financial conglomerate may be characterized primarily as securities, insurance or a banking structure de-
pending upon the sector represented at the holding company level and / or by the type of activity that constitutes the
major business of the conglomerate. Epithets such as “Bankassurance” (denoting a financial group in which banks pre-
dominate) and “Assurebanking” (insurance dominated financial group) apply to the new “Allfinanz” financial service
providers.

Challenges posed by Financial Conglomerates

Given the breadth of services financial conglomerates offer, their myriad structural forms & their multiple jurisdictions
of operations, conglomeration does pose a number of challenges – To Management, To Regulators, and To Over-all Mar-
ket Stability & Discipline. Some of these challenges are,

A. Challenges to Management

a. Managing Multiple Regulatory Compliances: Global financial conglomerates have their operations spread across
various geographies. Even within each business line, they are subjected to laws, rules & regulations of multiple juris-
dictions.

b. Risk Concentration: In theory, the volatility of profits should decrease as the activities generating them become
more diverse. Hence, risk diversification should reduce the regulatory capital levels applied to financial conglomer-
ates. However, the silo-approach of looking separately at each entity neglects risk-concentration at the group level.
For example, an acceptable level of credit risk in a stand-alone institution’s banking book may become a concentration
of risks with high correlation if other institutions under the same roof have exposures to same counterparty in their
risk portfolio.

c. Contagion Risk: Contagion risk refers to the risk that problems in one part of financial establishment may spread to
another (healthy) part which could adversely impact the financial stability of the group as a whole and possibly even
on the markets in which the constituent parts operate. There are two distinct types of contagion - Psychological Conta-
gion, in which problems associated with one part of a conglomerate are transferred to other parts merely by market
reluctance to deal with a tainted group, and Contagion arising from Intra-group exposure.
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d. Large Exposures at Group Level: Combination of large exposures to the same counterparty in different parts of a
conglomerate can be dangerous to the group as a whole.

B. Regulatory Challenges:

a. Solo vs. Consolidated Supervision: Under the traditional solo approach individual components of a group are su-
pervised on a purely solo basis, whereas consolidated supervision focuses on the group as a whole, although individual
entities may continue to be supervised on a solo basis by the respective regulators.

Also, intensive cooperation among regulators for exchange of prudential information about various parts of conglom-
erate falling under different jurisdictions is very important. There is general support for the idea of appointing a lead
regulator or "convenor", which would be responsible for gathering the relevant information about the group as a
whole (including information on non-regulated entities).

b. Capital Adequacy: Banks, insurance companies and securities firms are subject to different prudential require-
ments, and accordingly regulators face a difficult problem in determining whether there is adequate capital coverage
at the group level. A difficult problem occurs when a group includes substantial non-regulated entities, either at the
ownership level or downstream. Capital leveraging or prevention of multiple gearing of own funds due to inappropri-
ate intra-group exposures is another challenge.

c. Intra--group Exposure: It is a form of direct and indirect claims which entities within financial conglomerates
typically hold on each other. The most transparent form of intra-group exposure is a line of credit which either the
parent grants to a subsidiary or one subsidiary makes available to another subsidiary. What sets intra--group expo-
sures apart from exposures to third parties in the context of a financial conglomerate is that they will not necessarily
be apparent to supervisors examining a consolidated balance sheet of the group as a whole (because the intra-group
exposures will be netted out). Another important difference between intra-group exposures and exposures to third
parties is that the former may be created on terms or under circumstances which parties operating at arms' length
would not countenance. Monitoring intra-group exposures so that failure of one Group Company (or its mere exis-
tence) doesn’t undermine the regulated entity is a regulatory challenge.

d. Shifting of Managerial Control: As the banking, insurance and securities businesses become more and more inte-
grated, it is possible that decision-making processes are shifted away from individually regulated entities to the par-
ent or holding company, enabling managers of other (perhaps unregulated) companies in the group to exercise control
over the regulated entity.

e. Complex Structures: Guarding against managerial and legal structures which impair adequate supervision is a
challenge for regulators.

C. Challenge to Over-all Market Stability & Discipline:

The cross-sectoral consolidation of financial institutions has led to emergence of global financial behemoths. Failure
of such large institutions poses a huge systemic risk. Therefore, to prevent system-wide financial crisis, regulator
might be induced to extend the financial safety net for such institutions beyond the standard policy measures. This
particular form of inconsistency in financial regulation is called as Too-Big-To-Fail (TBTF) policy.
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The unintended consequence of such policy is the market perception that whenever a financial crisis hits an institu-
tion that qualifies as TBTF, the government will provide refinance regardless of the circumstances that led to the cri-
sis. Such implicit insurance system gives large institutions an advantage over small ones which is unrelated to their
ability to manage risk and thereby increasing the vulnerability of the entire financial system. The TBTF policies dimin-
ish the market discipline giving a competitive advantage to complex financial conglomerates over stand-alone institu-
tions.

Conclusion

The recent financial crisis has revealed the gap between financial innovation and regulation/risk management. Regu-
lators as well as industry players worldwide are endeavoring to bridge this gap by bringing-in newer and tougher laws
and regulations and more robust risk management systems. Financial conglomeration combined with globalization and
financial innovation is a potent combination capable of producing financial giants as well as annihilating them. How
well financial institutions appreciate the risks in their business and how they respond to them will separate the lead-
ers from mere survivors.

***

References:

1. Bank of Finland Discussion Papers on “Capital Adequacy Regulations and Financial Conglomerates” by Ville Malk-
onen (2004)

2. EU Directive 2002/87/EC

3. “Regulating Financial Conglomerates” by Xavier Freixas, Gyongyi Loranth and Alan D. Morrison (2005)
4. 1995 Report of the Tripartite Group of Bank, Securities and Insurance regulators set up at the initiative of Basle
Committee of Banking Supervision.
5. Economic and Policy Analysis Working Paper “The Repeal of Glass-Steagall and the Advent of Broad Banking” by
James R. Barth, R. Dan Brumbaugh Jr. and James A. Wilcox.

6. “Supervision of Financial Conglomerates” by Gabriele Stoffler.
7. “Identification of Financial Conglomerates” List at 22 March 2006 issued by Mixed Technical Group, European
Council.

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S P O T L I G H T

Reduction in transaction charges on the NSE
NSE has been periodically reviewing and reducing the transaction charges being levied by it on its
trading members. On 7th September, 2009, NSE has further revised the transaction charges as follows,
this was made effective from October 1, 2009 : The trading members are advised to pass on the
benefit of the reduction in the transaction charges to their constituents .

Capital Market Segment:

The revision in transaction charges in capital Market segment has been from its present level (@ Rs.
3.5 per lakh i.e 0.00035 % of traded value on each side) to a slab based structure as given below -

Total Traded Value in a month Revised Transaction Charges

(Rs. per lakh of Traded

Up to First Rs. 1250 cores Rs. 3.25 each side
More than Rs. 1250 crores up to Rs. 2500 crores (on incre- Rs. 3.20 each side
mental volume)
More than Rs. 2500 crores up to Rs. 5000 crores (on incre- Rs. 3.15 each side
mental volume)
More than Rs. 5000 crores up to Rs. 10000 crores (on incre- Rs. 3.10 each side
mental volume)
More than Rs. 10000 crores up to Rs. 15000 crores (on incre- Rs. 3.05 each side
mental volume)
Exceeding Rs.15000 crores (on incremental volume) Rs. 3.00 each side

Futures segment

The revisions in this segment are from its present level (@ Rs. 2/- per lakh i.e 0.002 % of the traded
value on each side) to a slab based structure as given below -

Total Traded Value in a month Revised Transaction
Charges

(Rs. per lakh of Traded

Up to First Rs. 2500 cores Rs. 1.90 each side
More than Rs. 2500 crores up to Rs. 7500 crores Rs. 1.85 each side

More than Rs. 7500 crores up to Rs. 15000 crores Rs. 1.80 each side

Exceeding Rs.15000 crores Rs. 1.75 each side

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

Initiated by SEBI
1. Stock exchanges to disclose complaints/arbitration/penal action against trading members/
listed companies on their website to ensure transparency in grievance redressal available in the
stock exchanges .
SEBI had been receiving feedback from investors and their associations to bring in more transparency
in the grievance redressal available in the Stock Exchanges. Transparency in grievance redressal is
identified as a key area to augment investor protection and will also improve the general functioning
of the market by providing investors the wherewithal to make informed choice.
Accordingly, SEBI has decided that, to start with, Stock Exchanges would be required to disclose the
details of complaints lodged by clients / investors against trading members and companies listed in
the exchange, on their website. The aforesaid disclosure would also include details pertaining to arbi-
tration and penal action against the trading members. A format for the report for the aforesaid dis-
closure has been put out by SEBI vide its circular dated September 03, 2009.

2. Disclosure and Investor Protection Guidelines converted into regulations
SEBI ICDR (Issue of Capital and Disclosure requirements) Regulations, 2009, have been notified by SEBI
on September 3, 2009. The matters relating to issue of capital, the manner in which such matters
shall be disclosed and other matters incidental thereto were hitherto provided in the SEBI (Disclosure
and Investor Protection) Guidelines, 2000 (DIP Guidelines) issued under Section 11(1) of the SEBI Act,
1992. These provisions, along with few changes, have since been incorporated in the ICDR Regula-
tions, which were notified on August 26, 2009. Consequently, the DIP Guide-lines stand rescinded.
Consequential amendments have also been made to the SEBI (ESOS and ESPS) Guidelines, 1999 and
Equity Listing Agreement through Circulars issued on the same day.

3. Issues regarding applicability of SEBI Delisting Regulations clarified
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting
Regulations) were notified by SEBI on June 10, 2009. Since the notification of this regulation, SEBI has
been receiving queries from various market participants, listed companies etc regarding the
‘transitional provisions’ contained in regulation 31 of the Delisting Regulations, which outlines certain
situations under which the provisions of the earlier Securities and Exchange Board of India (Delisting
of Securities) Guidelines, 2003 (Delisting Guidelines) would still be applicable to a particular delisting
transaction.
In this regard, it has been clarified that in cases where a special resolution has already been passed
under the Delisting Guidelines prior to commencement of the Delisting Regulations, the delisting
process would be governed by the provisions of the Delisting Guidelines, provided the said resolution
is acted upon within a period of three months from September 14, 2009 (i.e the date of the issuance
of the circular on the above subject). Otherwise, the company would be required to pass a fresh spe-
cial resolution in terms of Delisting Regulations and proceed for delisting in terms of Delisting Regula-
tions. For this purpose, the words “acted upon” would mean that the implementation of activities
including the opening of the book building process for determination of the exit price in terms of
Clause 8.1 of the Delisting Guidelines, would be required to be done within three months from Sep-
tember 14, 2009 (i.e the date of the issuance of the circular on the above subject.)

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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 … )

4. Audit of mutual funds by an independent Certified Information Systems Auditor/Certified
Information Systems Manager (CISA/CISM) qualified or equivalent auditor mandated.
SEBI has decided, vide its circular dated September 16, 2009, that Mutual funds would now have a
systems audit conducted by an independent CISA/CISM qualified or equivalent auditor. The system
audit is required to be comprehensive encompassing audit of systems and processes inter alia related
to examination of integration of front office system with the back office system, fund accounting sys-
tem for calculation of net asset values, financial accounting and reporting system for the AMC, Unit-
holder administration and servicing systems for customer service, funds flow process, system proc-
esses for meeting regulatory requirements, prudential investment limits and access rights to systems
interface.
Mutual Funds have been advised to get the audit conducted once in two years and to place the Sys-
tems Audit Report and compliance status before the Trustees of the mutual fund. The systems audit
report/findings alongwith trustee comments would have to be communicated to SEBI. For the finan-
cial years April 2008 – March 2010, the systems audit would have to be completed by September 30,
2010.

5. Decisions taken regarding amendments to listing agreement and takeover regulations vide
SEBI Board Meeting of September 22, 2009

The Board took, inter-alia, the following decisions at its Board meeting held on September 22, 2009:
(I) Amendments to Listing Agreement/ ICDR Regulations
(a) Compliance with applicable Accounting Standards
A listed company undergoing corporate restructuring (merger, demerger or amalgamation) under a
scheme of arrangement would be required to submit an auditors’ certificate to the stock exchange to
the effect that the accounting treatment followed in respect of financials contained in the scheme is
in compliance with all the applicable accounting standards. This requirement will be prescribed
through amendments to listing agreement.
An unlisted company undergoing similar corporate restructuring and proposing to make an IPO should
make disclosures in the DRHP (Draft Red Herring Prospectus) in terms of AS 14. This will be mandated
through the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

(b) Facilities for issue of Indian Depository Receipts
The Board decided to extend the facility of anchor investors to issue of IDRs on similar terms as appli-
cable to public issues made by domestic companies.
It also decided that at least 30% of issue size of the IDRs be reserved for allocation to retail individual
investors, who may otherwise be crowded out.
(II) Amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations (Takeover
Regulations)
(a) Applicability of open offer obligations in case of GDRs/ ADRs etc.
In tune with market developments, the Board decided to amend the Takeover Regulations to provide
that where the ADR/ GDR holders are entitled to exercise voting rights on the shares underlying
GDRs / ADRs by virtue of clauses in the depository agreement or otherwise, open offer obligations
would be triggered upon crossing the threshold limits set out under Chapter III of the Regulations.

(b) Disclosure of sale/ purchase by acquirer under Regulation 7 (1A)
Regulation 7 (1A) of the Takeover Regulations requires disclosures on (+ /-) 2% acquisition / divest-
ment by the acquirers holding shares / voting rights between 15-55%. The Board decided to extend
such disclosure requirements to acquirers holding shares / voting rights between 15-75%.

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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 . . )

(c) Amendment for bringing clarity to Regulation 11(1) of Takeover Regulations
Regulation 11(1) would be amended to clarify that under Regulation 11 (1), the creeping acquisition
of 5% would be available subject to the condition that post-acquisition, the shareholding / voting
rights of the acquirer together with persons acting in concert with him, should not not increase be-
yond 55%. However, such acquisition up to 55% under Regulation 11(1) should not be a bar on further
acquisition up to 5% as envisaged under the second proviso to Regulation 11 (2).

Initiated by RBI
6. Draft guidelines on repo in corporate debt securities put out in public domain, for comments/
views .
Vide press release dated September 17, 2009, The Reserve Bank of India has placed on its website
“Draft Guidelines on Repo in Corporate Debt Securities" for comments/views by October 05, 2009.
The Mid-Term Review of the Annual Policy for the year 2007-08 had indicated that the Reserve Bank
will permit market repo in corporate bonds once the corporate debt market develops and the Reserve
Bank is assured of the availability of fair prices, and an efficient and safe settlement system based on
delivery versus payment (DvP) III and Straight Through Processing (STP) is in place. In this regard, as
indicated in the Annual Policy Statement for the year 2009-10, the RBI, in consultation with SEBI, has
permitted the clearing houses of the exchanges to have a transitory pooling account facility with the
Reserve Bank for facilitating settlement of OTC corporate bond transactions on a DvP-I basis (i.e., on
a trade-by-trade basis).
With the necessary system being in place to ensure settlement of trades in corporate bonds on a DvP-
1 basis and STP, the RBI has formulated, in consultation with the market participants, guidelines for
repo in corporate bonds in corporate debt securities, the detailed guidelines for Eligible securities,
participants, Tenor, Trading etc are available in the press release.

7. NBFCs are allowed to participate in interest rate futures market for the purpose of hedging
their underlying exposures .
RBI vide its circular dated September 18, 2009 allowed NBFCs to participate in the designated inter-
est rate futures (IRF) exchanges recognized by SEBI, as clients, subject to RBI / SEBI guidelines in the
matter, for the purpose of hedging their underlying exposures.
Further RBI requires that NBFCs participating in IRF exchanges to submit the data in this regard half
yearly, in prescribed format to the Regional office of the Department of Non-Banking Supervision in
whose jurisdiction their company is registered, within a period of one month from the close of the
half year.

NSE NEWS

1. NSE waives transaction charges payable in respect of trades emanating from all segments of the
Exchange from VSATs in certain semi urban and rural locations
Various studies show that the equity investment penetration in India especially in semi urban and ru-
ral areas is low and therefore only a small percentage of the population uses equity or equity related
products as investment vehicle to park its savings; though over a period of time equity investment is
known to provide the best return. Moreover, it is seen that while the awareness in major cities is wide
spread the same is much lower in semi urban and rural areas. In order to facilitate investors from such
semi urban and rural areas and also to encourage trading members to set up trading terminals in
these areas at a feasible cost, it has been decided and communicated to trading members vide circu-
lar dated September 23, 2009 to waive the transaction charges payable in respect
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N S E N E W S ( c o n t d … )

of the trades emanating from all the segments of the Exchange; from the VSAT in these semi urban
and rural locations up to an amount equal to annual VSAT charges levied by the Exchange for the re-
spective year or part thereof with effect from 1st October, 2009. For this purpose NSE VSATs located
or to be located in towns other than the municipal limits of Mumbai (including Thane and Navi Mum-
bai), New Delhi (including Delhi, NOIDA and Gurgaon), Kolkatta, Chennai, Ahmedabad, Hyderabad
(including Secunderabad) and Bangalore would be considered eligible. (NSE circular dated September
23, 2009)

2 .NSE levies charges to deter system abuse in the F & O Segment.

Of late, it is observed that the Order to Trade ratio in the F&O segment has been increasing signifi-
cantly. Based on the analysis of the same, it has been observed that some trading members have been
placing very large number of unproductive orders which rarely result into trades in this segment which
leads to increase in latency in order placement and execution for the other members. Such members
are observed to have very large order to trade ratio which is significantly higher than the market av-
erage. In order to prevent such system abuse and to ensure fair usage of the system by all the mem-
bers, NSE has, vide its circular dated September 7, 2009, decided to levy a charge to deter system
abuse in the F&O segment with effect form October 1, 2009 as per the slabs below.

Daily Order-Trade Ratio Charges (per Order)

(Member wise)
More than 100 up to 250 1 paisa
More than 250 up to 500 (on 2 paise
incremental basis)
More than 500 up to 1000 (on 3 paise
incremental basis)
More than 1000 (on incremental 4 paise
basis)

3. The Index Maintenance Sub-Committee of NSE carried out certain changes in various indices,
which would be effective from October 20, 2009

Exclusions

Sr. Company Name Index
No.

1 National Aluminium Co. Ltd. S&P CNX Nifty & CNX 100 Index
2 Tata Communications Ltd. S&P CNX Nifty & CNX 100 Index
3 Jaiprakash Associates Ltd. CNX Nifty Junior Index
4 Infrastructure Development Finance Co. Ltd. CNX Nifty Junior Index
5 Vijaya Bank CNX Nifty Junior & CNX 100 Index
6 Chennai Petroleum Corporation Ltd. CNX Nifty Junior & CNX 100 Index
7 Apollo Tyres Ltd. CNX Nifty Junior & CNX 100 Index
8 Raymond Ltd. CNX Nifty Junior & CNX 100 Index
9 Wockhardt Ltd. CNX Nifty Junior & CNX 100 Index
10 Parsvnath Developer Ltd. CNX Midcap Index

9
Oct 2009 10
N S E N E W S L E T T E R

N S E N E W S ( c o n t d … )

11 Sobha Developers Ltd. CNX Midcap Index
12 Gammon India Ltd. CNX Midcap Index
13 Bombay Dyeing & Manufacturing Co. Ltd. CNX Midcap Index
14 Hexaware Technologies Ltd CNX IT Index
15 Radico Khaitan Ltd. CNX FMCG Index

16 Financial Technologies (India) Ltd. CNX Service Sector Index

17 Agro Dutch Industries Ltd. S&P CNX 500 Index
18 UCAL Fuel Systems Ltd. S&P CNX 500 Index
19 MRO-TEK Ltd. S&P CNX 500 Index
20 Value Industries Ltd. S&P CNX 500 Index
21 Crest Animation Studios Ltd. S&P CNX 500 Index
22 Seshasayee Paper & Boards Ltd S&P CNX 500 Index
23 Uttam Sugar Mills Ltd. S&P CNX 500 Index
24 Lumax Industries Ltd. S&P CNX 500 Index
25 Honda Siel Power Products Ltd. S&P CNX 500 Index
26 Chettinad Cement Corporation Ltd S&P CNX 500 Index
27 Corporation Bank CNX PSU Bank Index

28 Orbit Corporation Ltd CNX Realty Index

Inclusions
Sr. No. Company Name Index

1 Jaiprakash Associates Ltd. S&P CNX Nifty
2 Infrastructure Development Finance Co. Ltd S&P CNX Nifty

3 Bajaj Auto Ltd. CNX Nifty Junior & CNX 100 Index
4 Crompton Greaves Ltd. CNX Nifty Junior & CNX 100 Index
5 United Phosphorous Ltd. CNX Nifty Junior & CNX 100 Index
6 Indiabulls Real Estate Ltd. CNX Nifty Junior & CNX 100 Index
7 Zee Entertainment Enterprises Ltd. CNX Nifty Junior & CNX 100 Index
8 Colgate Palmolive (India) Ltd. CNX Nifty Junior & CNX 100 Index
9 Federal Bank Ltd. CNX Nifty Junior & CNX 100 Index
10 Zee Entertainment Enterprises Ltd. CNX Midcap Index
11 Aditya Birla Nuvo Ltd. CNX Midcap Index
12 Torrent Power Ltd. CNX Midcap Index
13 Tech Mahindra Ltd CNX Midcap Index
14 Tulip Telecom Ltd. CNX IT Index
15 Emami Ltd. CNX FMCG Index
16 Reliance Power Ltd. CNX Service Sector Index
17 United Breweries Ltd. S&P CNX 500 Index
18 IFCI Ltd. S&P CNX 500 Index

10
Oct 2009 11
N S E N E W S L E T T E R

N S E N E W S ( c o n t d … )

19 PTC India Ltd. S&P CNX 500 Index
20 Ispat Industries Ltd. S&P CNX 500 Index
21 KEC International Ltd. S&P CNX 500 Index
22 Great Offshore Ltd. S&P CNX 500 Index
23 Gujarat State Petronet Ltd. S&P CNX 500 Index
24 Yes Bank Ltd. S&P CNX 500 Index
25 Everest Kanto Cylinder Ltd. S&P CNX 500 Index
26 Redington (India) Ltd. S&P CNX 500 Index
27 Allahabad Bank CNX PSU Bank Index L
28 Peninsula Land Ltd. CNX Realty Index

NCFM NEWS
1. Introduction of fee discount scheme for a period of one year (October 01, 2009 to Sep-
tember 30, 2010)
Under the Fee Discount Scheme being started for a period of one year (from October 01, 2009 to Sep-
tember 30, 2010), after taking two tests in modules included in Table-1 between October 01, 2009
and March 31, 2010 (both days inclusive), a candidate would qualify for availing 50 percent discount
on all the subsequent tests provided such tests are: (a) for modules included in Table-1, and (b) taken
by September 30, 2010.

Table-1*
Sr No Module Name
1 Capital Market (Dealers) Module
2 Derivatives Market (Dealers) Module
3 FIMMDA-NSE Debt Market (Basic) Module
4 Securities Market (Basic) Module
5 Surveillance in Stock Exchanges Module
6 Compliance Officers(Brokers) Module
7 Compliance Officers(Corporates) Module
8 Options Trading Strategies Module

*More modules may be included during the course of the scheme.

Below are the salient features of the discount scheme

1. The scheme is valid only for tests taken in any of aforementioned modules.
2. To avail 50% fee discount on modules stated in Table-1, a candidate would have to:
a. First take two tests in any modules given in Table-1, between October 01, 2009 and March 31,
2010 (both days inclusive), paying full fees. The two modules may or may not be the same module
and
b. Take subsequent tests in any of the modules given in Table-1 by September 30, 2010. It is in
these tests that the candidate would get 50 percent discount.

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Oct 2009 12
N S E N E W S L E T T E R

N S E N E W S ( c o n t d … )

[Two clarifications:
A) The discount can be availed for tests taken in any of the modules from Table-1 even before March
31, 2010. For example, if a candidate takes his first two tests in modules from Table-1 on October
01, 2009 and October 05, 2009 respectively, he can get 50 percent discount on all his subsequent
tests in modules from Table-1 up to September 30, 2010. He can thus get a discount even for a test
he takes on October 6, 2009.
B) Modules which qualify candidates for discount as well as the modules, in which the discount can be
availed during the course of the discount scheme, need not be distinct modules. For example, if a
candidate appears in Capital Market (Dealers) Module three times (say on October 01, 2009, October
10, 2009 and October 15, 2009) for whatever reason, he would have to pay full fees for first two at-
tempts and discounted fees for the third.]
This scheme is applicable only to candidates appearing in their individual capacity by making payment
of fees in their respective NCFM accounts. In other words, this scheme is NOT applicable to any corpo-
rate/organization making bulk payments for enrollments on behalf of that company/organization.

2. A new module – ‘Currency Derivatives: A Beginner’s Module’ has been launched

On September 23, 2009 “Currency Derivatives: A Beginner’s Module” was launched under NCFM with a
view to equip candidates to obtain basic information regarding the Exchange traded Currency Futures
Market, product definitions, application of currency futures for hedging, speculation and arbitrage,
order and trade management, clearing and settlement systems and risk management. This module test
would contain 50 questions to be answered in 60 minutes. The passing percentage would be 50% with
no negative marking. The fees for the module would be Rs. 750/- per test.

The registration, payment of fees and enrollment for this module can be done online on
www.nseindia.com under ‘NCFM Online’ link. On-line payment can be made by cash/credit card/debit
card/net banking. Alternatively, the prescribed registration form can also be collected from the near-
est NSE office or it can be downloaded from our website www.nseindia.com. In case of offline regis-
tration, mode of payment would be demand draft only, payable at respective NSE branch office and
drawn in favour of ‘National Stock Exchange of India Limited’.

12
Oct 2009 13
N S E N E W S L E T T E R

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

1.Euroclear UK & Ireland reduces fees and improves tariff transparency

Euroclear UK & Ireland (EUI) will be implementing a new trade-netting tariff in November 2009. With
this revision clients would have to pay as little as GBP 0.005 (a half pence) per transaction to net
trades from the London Stock Exchange, Irish Stock Exchange and a growing number of multilateral
trading facilities. The average trade-netting fee will fall from 4.3p to 1.8p per transaction, with most
high-volume clients paying an average of 1p per transaction. In addition to this tariff reduction, EUI
will redesign its tariff schedule to improve transparency by charging separately for MiFID-related
transaction reporting and UK and Irish stamp duty assessments for relevant trades. Currently, these
two services and trade netting are priced on a combined basis.

2. NYSE to form commission on corporate governance to examine U.S. corporate governance

NYSE Euronext (NYX) announced on September 1, 2009 that its subsidiary, the New York Stock Ex-
change, will form an independent advisory commission to examine U.S. corporate governance and the
overall proxy process. This advisory commission will take a comprehensive look at strengthening U.S.
best practices for corporate governance and the proxy process. The advisory commission will be
chaired by Larry W. Sonsini, Chairman of Wilson Sonsini Goodrich & Rosati.

The members will comprise experts in all aspects of corporate governance and the U.S. proxy system
so that a wide variety of perspectives can be collected, including those of public companies, share-
holders and institutional and individual investors. This advisory commission will work with policymak-
ers and other interested constituents to foster a comprehensive and constructive approach to corpo-
rate governance and proxy reform.

3. IOSCO issues final regulatory recommendations on securitisation and CDS market

The International Organization of Securities Commissions’ (IOSCO) Technical Committee has
published Unregulated Financial Markets and Products – Final Report (Final Report) prepared
by its Task Force on Unregulated Financial Markets and Products on September 4, 2009.

The Final Report recommends regulatory actions to assist financial market regulators in intro-
ducing greater transparency and oversight with respect to securitisation and credit default
swaps (CDS) markets, and improving investor confidence, and the quality of these markets.
The Task Force was formed in November 2008 in response to G-20 calls for a review of the
scope of financial markets and in particular unregulated financial market segments and prod-
ucts.

The IOSCO Committee acknowledged that financial innovation will always be a hallmark of a
vibrant financial system, however such innovation need not, and should not occur at the cost
of investor protection and market confidence. The recommendations contained in this Final
Report are aimed at restoring investor confidence and at improving the functioning, integrity
and oversight of unregulated financial market segments and products, such as securitisation
and credit default swaps, and international financial markets generally.

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Oct 2009 14
N S E N E W S L E T T E R

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

4. WFE Board urges consistent regulation and more transparency from G20 market reform efforts

The World Federation of Exchanges (WFE) Board of Directors urged leaders of the G20 nations at their
summit in Pittsburgh, Pennsylvania (USA), to press for market reforms that enhance transparency and
create more uniform rules between exchange-traded and less-regulated markets. In a letter to the
G20 signed by WFE Chairman William J. Brodsky, the WFE Board applauded the efforts of the G20
leaders to improve unregulated markets and products by advocating the use of clearing houses and
exchanges where risks can be better managed and prices are transparently set. Specifically, the WFE
urged G20 leaders to focus on the following points:
Absence of a Level Playing Field: WFE recommends that the G20 leaders consult with investor or-
ganizations about how they would wish to see orders executed in the markets, and determine
whether alternative trading venues have reduced the total costs of transacting by investors. WFE also
asked G20 leaders to assure a level playing field for the responsibilities assumed by all securities mar-
ket order execution venues. This would remedy many capital markets uncertainties, assuring greater
transparency, greater fairness and a more level competitive field.
Reduced Market Transparency: Impact of Dark Pools The WFE Board requested that G20 also focus
on issues related to dark pools and take remedial action in those countries concerned.
WFE, the Financial Stability Board (FSB), and global financial standards bodies: the WFE Board ex-
pressed its support for many of the capital markets reforms being circulated by the Financial Stability
Board; WFE also supports the FSB objective of having independent financial standards bodies set ro-
bust norms for our global financial system.
Importantly WFE asked that the G20 should agree on ways to avoid regulatory arbitrage between na-
tional financial market regulations around the world.

14
Oct 2009 15
N S E N E W S L E T T E R

MANAGERIAL PERSONNEL OF NSEIL

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.
Mr Ravi Narain Managing Director and CEO 26598122 7050
Ms Chitra Ramkrishna Dy. Managing Director 26598123 7051
Mr J Ravichandran Director Finance & Accounts, 26598203 5005
Legal & Secretarial
Mr. Ravi Apte Chief Technology Officer 26598316 5004
Mr R Sundararaman Sr. Vice President NSCCL 26598212 4006
Mr Yatrik R Vin Sr. Vice President Finance & Accounts 26598213 3008
Ms. Kamala Vice President Compliance, Inspec- 26598220 3006
tion, Membership,
Arbitration, De-
faulters Section &
Investor Service Cell
Mr. Nirmal Mohanty Head - SBU EDU SBU - EDUCATION 26598372 3007
Mr R Nanda Kumar Vice President NSCCL - Develop- 26598223 3000
ment & NCCL,
NOW, Web Team
Mr Ravi Varanasi Vice President Investigation, Sur- 26598225 5003
veillance & Inspec-
tion
Ms T. S. Jagadharini Vice President Trade (Capital Mar- 26598435 4002
ket, Currency De-
rivatives, F&O &
WDM), Develop-
ment & Marketing
Mr. Vidhu Shekhar Vice President New Products & Six 26598209 4007
Sigma Inititiatives
Mr Arup Mukherjee Asst. Vice President SBU - EDUCATION 26598217 3002
Mr C. N. Upadhyay Asst. Vice President Inspection & Com- 26598210 5002
pliance
Mr Dhruvkumar Patil Asst. Vice President Investor Service Cell 26598190 5006
Mr Hari K Asst. Vice President Listing & Corporate 26598452 5058
Communications
Mr Mahesh Haldipur Asst. Vice President Premises 26598211 4003
Mr Mayur Sindhwad Asst. Vice President NOW, Dotex Interna- 26598312 3102
tional Ltd.
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 & 26598267 4048
Data Supply
Mr Ravindra Mohan Asst. Vice President Legal 26598197 5047
Bathula
Mr Suprabhat Lala Asst. Vice President Trade - (Capital 26598154 6026
Market, F&O, Cur-
rency Derivatives &
WDM)

15
Oct 2009 16
N S E N E W S L E T T E R

MANAGERIAL PERSONNEL OF NSEIL.

NAME DESIGNATION DEPARTMENT TEL. NO. EXTN.
Mr Suresh Narayan Asst. Vice President India Index Services 26598221 2004
& Products Ltd. &
Dotex Int'l
Mr T Venkat Rao Branch In-charge Regional Office - (011) 127
Delhi 23344335
Mr Ajith Kumar V Manager Administration & De- 26598146 4094
velopment
Ms. Aparna Bhat Manager NSCCL -Risk Manage- 26598168 4036
ment
Mr. Amit Bhobe Manager NCCL 26592312 3103
Mr Amol Mahajan Manager Finance & Accounts 26598139/40 3081
Ms. Anuradha Guru Officer on Special Duty SBU - EDUCATION (011) 180
23344507
Mr. Arvind Goyal Manager Currency Derivatives 26598152 6028
- Trade
Mr. Avinash Kharkar Manager Listing 26598452 5057
Mr. Bireshwar Chatterjee Manager Investigation 26598366 5146

Ms Himabindu Vakkalanka Manager Development 26598453 5155

Mr. Huzefa Mahuvawala Manager NSCCL -Risk Manage- 26598168 4040
ment
Mr. Janardhan Gujaran Manager F&O - Trade 26598152 6029
Ms Jayna Gandhi Manager Finance & Accounts 26598141 3066
Mr. Johnson Joseph Chiri- Manager Investor Service Cell 26598192 5078
yath
Mr. Kiran Dusane Manager Premises 26598454 4112
Mr. Kiran Sawant Manager NSCCL - Collaterals 26598265 4088
Ms. Pareezad Deboo Manager NSCCL - Currency 26598310 4130
Derivatives
Mr. Prashanto Banerjee Manager Marketing 26598350 1228
Mr. Ram Surve Manager Human Resources 26598224 3125
Ms. Rehana D'Souza Manager Membership 26598295 4116
Mr. Sandeep Dandapat Branch In-charge Regional Office - Kol- (033) 401
kata 40400401
Mr. Sandeep Manoharan Manager NSCCL - Development 26598313 3089

Mr. Shekhar Rao Manager Finance & Accounts 26598143 3051
Ms. Sonali Karnik Manager Surveillance 26598166 6013
Mr. Sunil Gawde Manager Capital Market - 26598448 6033
Trade
Ms. Sunitha Anand Branch In-charge Regional Office - (044) 2100
Chennai & Hydera- 28332512
bad
Ms. Sushama Bhagchandani Manager Finance & Accounts 26598144 3041

Mr. Vinayak Shenoy Manager Finance & Accounts 26598139 3076
16
Oct 2009 17
N S E N E W S L E T T E R

MANAGERIAL PERSONNEL OF NSE INFOTECH SERVICES LTD.

Name Designation Projects Tel. No. Ext
Mr. N Muralidaran CEO Projects 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 Group Head Projects, DBA/SysAdmin 26598136 2005
Assistant Vice Presi- Internal Systems - List-
Mr. P. R. Visvas dent ing, DWH 26598352 1189
Assistant Vice Presi-
Ms. Mamatha Rangaprasd dent Trade 26598351 1168
Assistant Vice Presi-
Mr. Mahesh Basrur dent FOCASS, NCSS 26598100 2072
Assistant Vice Presi-
Mr. Hemant Patade dent BCP 26598100 2067
Assistant Vice Presi-
Mr. Deviprasad Singh dent Telecom 26598262 2122
Ms. Smrati Kaushik Senior Manager Trade 26598271 6082
Mr. Viral Mody Senior Manager Trade 26598100 2078
Mr. Hitesh Shah Senior Manager DBA /Sys Admin 26598270 2102
Mr. Sujoy Das Senior Manager PRISM / TAP 26598275 2032
Project Management
Mr. Sudhir Sawant Senior Manager Office 26598100 2112
Mr. Pranav Gupta Senior Manager Risk Management 26598349 1165
Mr. Rajanish Nagwekar Senior Manager Index / Neat Plus 26598270 2130
Mr. Nipun Dave Senior Manager Architecture 26598258 2024
Mr. Bineet Jha Senior Manager HWARE SUPPORT 26598396 1570
Ms. Geeta Mathew Senior Manager ASG / Operations 26598100 2077
Mr. Mathew Joseph K Senior Manager NCSS 26598100 2055
Mr. Benny Sebastian Senior Manager Membership 26598100 1142
Mr. Manoj Joshi Manager Projects 26598231 1565
Ms. Anuja Joshi Manager BCP 26598100 1124
Mr. Suresh Chandani Manager Trade 26598100 6083
Mr. Shibu Tomy Manager NFA/FAMS 26598100 1154
Ms. Pranali Taskar Manager Telecom 26598277 2096
Mr. Umesh Agroya Manager Telecom 26598277 2105
Mr. Joy John Manager BCP - Chennai 044-28473702 141
Mr. Narayan Neelakan-
than Manager Telecom 26598229 2113
Ms. Bernadine Swamy Manager HRD 26598100 2135
Mr. Mahesh Dere Manager Membership 26598100 1163
Mr. Anoop Kumar Rawat Consultant DBA 26598100 2094
Mr. Nitin Gupte Manager Telecom 26598100 2087
Mr. Sandeep Kumar
Gupta Manager ASG 26598100 2085
Mr. Tushar H. Kulkarni Manager C2N 26598100 1171
Mr. Prasad Addagatla Manager SysAdmin 26598100 6087
Mr. Suraj P Bangera Manager Web 26598100 1110

17
Oct 2009 18
N S E N E W S L E T T E R

MANAGERIAL PERSONNEL OF NSE INFOTECH SERVICES LTD.

Name Designation Projects Tel. No. Ext
Mr. Manoj Kumar Singh Manager TECH - Delhi (011) 23346978 109
Project Management
Mr. Sagar Joshi Manager 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 Listing 26598407 1123
Mr. Nishant Jha Manager OPMS 26598100 1166
Ms. Veena Khilnani Manager DBA 26598270 2104
Mr. Vinit Naik Manager Survellience 26598100 1160
Ms. Vishakha Shenoy Manager PRISM 26598100 2042

18
Oct 2009 19
N S E N E W S L E T T E R

MANAGERIAL PERSONNEL OF NSEIT

Name Designation Dept Tel No.
Mr. Ramesh Padmanabhan CEO CEO's office 9820187572
Mr. Vinay Patkar SVP New Initiatives 9821524635
Mr. Manoj Uppal SVP Quality & Delivery 9322404060
Mr. V Rajaraman VP EMS 9820444452
Mr. Anand Pachchhapur VP Customer Support 9820345089
Mr. Shailesh Chitre VP Marketing 9820058329
Mr. R V Krishnan AVP MKT 9322641956
Mr. Aditya Garg AVP Quality 9930822377
Mr. Deepak Salvi Head Turnkey Projects Projects 9892404250
Mr. Kankesh Kamath Head - Fin & Accounts Finance 9820677419
Mr. . Satish Chincholi Head-Customer Support IMS 9322599995
Ms.. Anupama Pillai Head - HR HRD 9223383177
Mr. Ravindra Sant Sr.Manager MKT 9821735452
Mr. . Mudit Sharma Sr.Manager BAT 9324178475
Mr. . Pravin Pillai Delivery Manager Projects 9820211736
Mr. . Surendra Saraf Delivery Manager Projects 9765409721
Mr. Sumeet Batra Manager TECH 011-23344512
Mr. Ushanas Shastri Manager Projects 9820225580
Mr. Cletus Pais Manager HRD 9867622314
Mr. Atul Shahapurkar Manager NCDEX 9821216692
Mr. Tushar Kulkarni Manager Projects 9819413589
Mr. Santosh Shet Manager Projects 9892555457
Mr. Mangesh Sardesai Manager Ensettle 9821228281
Ms. Yogita Dere Manager NCDEX 9820656418
Ms. Swati Agarwal Manager Company Sec. 9819007581
Mr. Abhijit Kshirsagar Manager Administration 9833087126
Mr. Rahul Bajaj Manager Marketing 9811584877
Mr. Sunil Desai Manager Marketing 9320297809
Mr. . Nikhil Chande Manager NOW 9821840559
Mr. . Raju Ghosh Manager Online exam 9836300612
Mr. . Vishal Sawant Manager HRD 9892041854
Mr. . Vishnu Dev Manager Online exam 9999822843
Mr. Vinod Alex Manager Online exam 9567763733
Mr. Ravi Kiran M Manager Online exam 9030991055
Mr. Rohit Rajani Manager Online exam 9920130300
Mr. Rohit Sinha Manager Online exam 9871724864

19