Capital Markets of India: An Investor's Guide

Overview

While China has taken center stage for global investors over thepast decade, the majority of individuals and institutions alikehave overlooked the opportunity to invest in a largelyunderappreciated, under-invested, dynamic, and reforming economy:India. Since the early 1990s, India's government has promotedreforms that have created sustainable 7 1/2 to 8 percent annualgrowth, with no slow-down in sight. But while the investment worldis now beginning to pay serious attention to India, the level ofexposure to this ...

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Overview

While China has taken center stage for global investors over thepast decade, the majority of individuals and institutions alikehave overlooked the opportunity to invest in a largelyunderappreciated, under-invested, dynamic, and reforming economy:India. Since the early 1990s, India's government has promotedreforms that have created sustainable 7 1/2 to 8 percent annualgrowth, with no slow-down in sight. But while the investment worldis now beginning to pay serious attention to India, the level ofexposure to this market continues to be relatively minor, and theaverage investor's knowledge of India is minimal.

Capital Markets of India addresses the basics of becoming a newinvestor in the Indian markets, explaining how the market operatesand how you can get involved. It provides the necessary informationabout Indian financial institutions, such as the stock exchangesand regulatory structure; the strength of these institutions; thesafety and integrity of the market; and the trading and settlementprocess. The author explains the reforms that have taken place andthe advantages that they bring to the market, while also outliningmarket risks.

This detailed guide not only offers basic information about howthe markets in India work, but also provides the contacts and factsto help individuals with their own investing plan. It explains howto make investments in the market, the restrictions or requirementsfor foreigners investing in the domestic markets, and the exactprocedures to follow to address these requirements.

Capital Markets of India also provides you with an overview ofthe products available in this market—including equity andderivative products as well as stocks underlying the variousderivative products—along with descriptions of government andprivate debt markets and various general market and sector-specificindexes, together with their component companies. In addition, aset of useful appendixes provides names, descriptions, and Web siteaddresses of key market institutions; names, addresses, and phonenumbers of important market participants; and many more valuablefacts.

India presents a compelling investment opportunity to the savvyinvestor. Capital Markets of India shows both individual andinstitutional investors how to take full advantage of it.

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Product Details

  • ISBN-13: 9780470137635
  • Publisher: Wiley
  • Publication date: 8/17/2007
  • Series: Wiley Finance Series, #409
  • Edition number: 1
  • Pages: 404
  • Product dimensions: 6.38 (w) x 9.37 (h) x 1.39 (d)

Meet the Author

Alan R. Kanuk has more than twelve years' experience inSoutheast Asia and the United States as a senior executive manager.He was hired by the investment bank Bear, Stearns & Co. in 1980and quickly rose to become a senior managing director—andlater became a director of Bear Stearns Asia Ltd. Kanuk also servedas deputy head of ING's Asian Equity business, where he managedtrading and sales activities in nine Asian markets. In 1998, Kanukfounded a start-up business, ARKAccess, 'to' create an electronictrading platform in Asia.?

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Table of Contents

List of Figures.

List of Tables.

Preface.

Acknowledgments.

About the Author.

Chapter 1. India’s Capital Markets.

Growth of Foreign Investment.

Improved FII Interest and Access to the Public Markets.

Rising Domestic Investment Demand.

Market Risks.

Summary.

Chapter 2. Foreign Portfolio Investment in India.

Foreign Investment.

Tax Considerations for FIIs.

Repatriation of Investment Funds.

Challenges for US Hedge Fund FIIs.

Financial Instruments Available to FIIs.

Investment Limits.

Brokerage Fees.

FII Application Procedures.

Trading and Settlement-Related Issues.

Summary of FII Investment.

Chapter 3. Foreign Direct Investment.

Ministries and Departments Administering FDI.

Foreign Investment through Global Depository Receipts (EuroIssues).

Approval Process for FDI.

Industrial Sector Preference.

Summary.

Chapter 4. Safety and Integrity: The Regulator and MarketSafeguards.

The Securities Exchange Board of India (SEBI).

Market Safety and Safeguards.

Disclosure and Transparency Rules.

Exchange Surveillance.

Stock Exchange Risk Systems.

Market-Embedded Safeguards to Control Abnormal Stock and MarketBehavior.

Margin Controls.

Additional Risk Controls for Derivatives.

Stock Exchange Central Counterparty Role.

Guarantee Funds.

Inspection of Brokers’ Books.

Summary.

Chapter 5. The Equity Market: Stock Exchanges, Trading andSettlement.

India’s Stock Exchanges.

Exchange Trading Rudiments.

Exchange Trading Systems.

Trading Features of the Exchanges.

Exchange Settlement Systems.

Approved Clearing Banks.

Exchange Clearinghouses.

Custodians.

Depositories.

Settlement Preparation for Short Selling.

Summary.

Chapter 6. Derivatives.

Indian Derivatives Market Fundamentals.

BSE Derivatives.

NSE Derivative Products.

Summary.

Chapter 7. The Indian Debt Market.

Indian Debt Market Fundamentals.

Market Infrastructure.

Market Structure.

Debt Trading.

Clearing and Settlement.

Risk Management.

Brokerage Rates.

Reference Rates.

Summary.

Chapter 8. Indices: General Market and SectorSpecific.

BSE-Sponsored Indices.

NSE-Sponsored Indices.

Appendix A: Facts and Figures About India.

Appendix B: India’s Unique Numbering System.

Appendix C: The Indian Time Zone.

Appendix D: BSE and NSE Derivatives Underlying StockDetails.

Appendix E: Economic Statistics.

Appendix F: Order Types.

Appendix G: NSE and BSE Equity Classifications.

Appendix H: Exchange Trading and Clearing Holidays.

Appendix I: Index Constituents.

Appendix J: Calculation of NSE Option Base Prices.

Appendix K: ADR/GDR vs. Ordinary Share Arbitrage – AnExample.

Appendix L: Major Financial Institutions in India.

Appendix M: Contact Information for Important Financial ServiceInstitutions.

Notes.

Acronyms and Abbreviations.

Glossary.

Index.

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