Page 229 - DCOM510_FINANCIAL_DERIVATIVES

Market Participants
1
1
Securities Appellate Tribunal (SAT)
1
4
4
Regulators*
4
Depositories FY 2010 FY 2011 As on Sep 30, 2011
2
2
2
Stock Exchanges
With Equities Trading 19 19 19
With Debt Market Segment 2 2 2
With Derivative Trading 2 2 2
Financial Derivatives
With Currency Derivatives 4 4 4
Brokers (Cash Segment)** 9,772 10,203 10,248
Corporate Brokers (Cash Segment) 4,197 4,774 4,833
Notes
Brokers (Equity Derivatives) 1,705 2,111 2,240
Brokers (Currency Derivatives) 1,459 2,008 2,083
Sub-brokers 75,378 83,808 79,797
Flls 1,713 1,722 1,745
Portfolio Managers 242 267 248
Custodians 17 17 19
Registrars to an issue & share Transfer Agents 74 73 73
Primary Dealers 20 21 21
Merchant Bankers 164 192 192
Bankers to an Issue 48 55 56
Debenture Trustees 30 29 30
Underwriters 5 3 3
Venture Capital Funds 158 184 197
Foregin Venture Capital Investors 143 153 164
Mutual Funds 47 51 51
Collective Investment Schemes 1 1 1

* DCA, DEA, RBI, and SEBI
**Including brokers on Mangalore SE (58), HSE (303), Magadh SE (197), and SKSE (410)
Source: http://www.nseindia.com/content/us/ismr_full2011.pdf

Notes As on October 31, 2011, there are eight standalone PDs and 13 banks authorised to
undertake PD business departmentally

Self Assessment

State whether the following statements are true or false:

6. Stability is concerned with safeguarding the value of liabilities of financial intermediaries
that serve as stores of wealth.
7. The regulatory responsibility of the securities market is vested in the SEBI, the RBI, and
two government departments—Department of Company Affairs and Department of
Economic Affairs.

8. The RBI has powers to carry out routine inspections of market intermediaries to ensure
compliance with prescribed standards.
9. The slow evolution of the Association of Mutual Funds of India (AMFI) as a SRO has meant
continuation of substantial regulatory burden on SEBI.
10. There is also a system of independent judicial review of the decisions of SEBI only.

14.3 Securities and Exchange Board of India Act, 1992

The Government has framed rules under the SCRA, the SEBI Act, and the Depositories Act. SEBI
has framed regulations under the SEBI Act and the Depositories Act for the registration and

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