nse news RBI NEWS 3 Rupee Interest Rate Derivatives 3 SEBI NEWS 3 Maintenance of Books of Accounts 3 NSE NEWS 3 Change in Index 3

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1 nse news NATIONAL STOCK EXCHANGE OF INDIA LIMITED December 2005 For private circulation only CONTENTS RBI NEWS 3 Rupee Interest Rate Derivatives 3 SEBI NEWS 3 Maintenance of Books of Accounts 3 NSE NEWS 3 Change in Index 3 SELECT ECONOMIC INDICATORS 4 MARKET REVIEW 5 Membership 5 Capital Market 5 Trading 5 Indices 7 Settlement 9 Futures & Options Market 10 Trading 10 Settlement 11 Wholesale Debt Market 11 Investor Grievances 13 Arbitration 13 System & Telecom 13 NSE's Certification in Financial Markets 13 ANNEXURES NSENEWS is normally published in the second week of the succeeding month. * Articles on subjects of interest to Professionals in the securities market are welcome. * Authors (other than employees of NSE group) are suitably rewarded. * Views expressed by authors are their own and NSE does not accept any responsibility. *All rights reserved. No part of the NSENEWS may be reproduced or copied in any form by any means without the written permission of NSE. 1

2 MANAGERIAL PERSONNEL OF NSEIL NAME DESIGNATION DEPARTMENT TEL. NO. EXTN. Mr Ravi Narain Managing Director and CEO Ms Chitra Ramkrishna Dy. Managing Director Mr J Ravichandran Director Finance & Accounts, Legal & Secretarial and Inspection, Mr M L Soneji Director Capital Market (Trade & Surveillance), F&O (Trade & Surveillance), WDM (Trade & Surveillance), IPO & Investigation Mr R Nanda Kumar Vice President Development Mr R Sundararaman Vice President NSCCL Ms T. S. Jagadharini Vice President International Business, Membership, IG & Arbitration Mr Vidhu Shekhar Vice President New Products & Six Sigma Inititiatives Mr Yatrik R Vin Vice President Finance & Accounts Mr A Sebastin Asst. Vice President Inspection Mr Arup Mukherjee Asst. Vice President NCFM & Economic Analysis & Policy Mr C. N. Upadhyay Asst. Vice President Inspection Mr D Satish Kumar Asst. Vice President Legal Mr Dhruvkumar Patil Asst. Vice President Arbitration, Defaulters Section & Investor Grievances Mr Hari K Asst. Vice President Listing & Corporate Communications Mr Mahesh Haldipur Asst. Vice President Premises Mr Narendra Kumar Ahlawat Asst. Vice President NSCCL - Development Mr Nayan Mehta Asst. Vice President Finance & Accounts Mr R Jayakumar Asst. Vice President Secretarial Mr Rajesh V Bagwe Asst. Vice President HRD Mr Ravi Varanasi Asst. Vice President Investigation & Surveillance Mr Suprabhat Lala Asst. Vice President Trade - Capital Market, F&O & WDM Mr Suresh Narayan Asst. Vice President India Index Services & Products Ltd Mr T Venkata Rao Asst. Vice President Regional Office - New Delhi (011) Mr Ajith Kumar V Manager Administration Mr Amol Mahajan Manager Finance & Accounts Mr Bhupesh Mistry Manager Premises Mr Himanshu Malgaonkar Manager NSCCL - F&O Clearing Ms Latika Kundu Manager Listing Ms Loveena Khatwani Manager NSCCL - Collaterals Mr Nilesh Tinaikar Manager Development Ms Nisha Subhash Manager Capital Market & F&O - Surveillance Mr Pradeep Kumar Maridur Manager Legal Ms Rana Usman Manager NSCCL - Securities & Data Supply Mr Ravindra Mohan Bathula Manager Legal Ms Rehana D'Souza Manager IG Mr S Sivakumar Manager Regional Office - Chennai (044) Mr Sanjiv Nagar Manager Membership Mr Shekhar Rao Manager Finance & Accounts Ms Sushama Bhagchandani Manager Finance & Accounts Mr V Soundararajan Manager Regional Office - Kolkata (033) Mr V Suresh Manager NSCCL - Funds MANAGERIAL PERSONNEL OF NSE.IT Mr Satish Naralkar MD & CEO Mr C Kajwadkar SVP EMS Mr G M Shenoy SVP Projects Mr N Muralidaran SVP Projects Mr Saumen Chakraborty VP MKT Mr Neelendra Vedak AVP MKT Mr Kshitij Shah AVP Projects Mr Anand Pachchhapur GH Customer Support Mr K. Ananthanarayanan GH STRAT Ms Lalitha M GH Projects Mr Uday Nadkarni GH Projects Mr Ashish Dandekar Sr. Manager Telecom Mr HariHaran M N Sr. Manager Finance & Accounts Mr M Vasudev Rao Sr. Manager Legal & Secretarial Mr Mamatha Rangaprasad Sr. Manager Trade Ms P. R. Visvas Sr. Manager Projects Ms Pallavi Narvekar Sr. Manager ENSTL Mr Puneet Kohli Sr. Manager Telecom (011) Mr Shripad Bhanap Sr. Manager Enlitor Mr Anupall Dutta Sr. Manager HRD Mr Aniruddha Joshi Manager STPCN Mr Ashish Daphtary Manager DWH Mr Bhaskar Ghosh Manager TECH (033) Mr Bineet Jha Manager HWARE Mr Deviprasad Ramdas Singh Manager Telecom Ms Kalpana Rawtani Manager NXS Ms Laxmi Manoj Indulkar Manager Projects Mr Manoj Joshi Manager Operations Mr Prakash Hulsurkar Manager NCDEX _ Mr Pranav Gupta Manager OPMS Mr Rajanish Nagwekar Manager NEATF Ms Smrati Koushik Manager Projects Ms Soumyajit Poddar Manager Customer Support Ms Sriya Vijaykumar Manager PROBOS Ms Sujoy Sudhir Das Manager PRISM Mr Sumeet Batra Manager TECH Mr Ushanas Shastri Manager PROBOS Mr Viral Mody Manager ICMS Mr Amit Shukla Manager Testing Mr Sandeep Geet Manager Projects Mr Menghraj Punjabi Manager Enlitor 6666 Mr Satish Kashyap Manager Domain

3 RBI NEWS Rupee Interest Rate Derivatives RBI circular dated May 20, 2005 regarding Interest rate derivatives advised the market participants to use only domestic rupee benchmarks for interest rate derivatives which had been given a transition period of 6 months for using MIFOR as a benchmark subject to review. Subsequently it was clarified that eligible market makers could continue to use MIFOR swaps for market making subject to appropriate limits as approved by SEBI. It has been now decided after review and in consultation with the market participants that : 1) The gross PV 01 of all non option rupee derivatives contracts (including rupee - foreign currency contracts) should be within 0.25 percent of the net worth of the bank as on the last balance sheet date. The limit would, however, exclude the PV 01 of derivatives which are hedges for balance sheet exposures provide these hedges meet the criteria of hedge effectiveness as laid down in the circular IDMC.MSRD.4801/ / dated June 03, ) The capital charge for market risk for the non option derivatives contracts would be 3 times the PV 01 calculated as at (i) above or the capital charge for market risk calculated as per the methodology given in the master circular on capital adequacy DBOD No. BP.BC 13/ dated July 04,2005 whichever is higher. 3) Market participant can use MIFOR swaps in respect of transactions having underlying permissible forex exposure. 4) Banks should not exceed their AGL limits. 5) Banks currently having exposure above the specified PV 01 limit for non-option derivative portfolio should report to RBI their current position and the time frame within which they expect to bring down the exposure within the specified limit. The period for bringing down the position should not be more than six months from the date of this circular. Source: RBI Circular DBOD No. BP. BC53/ / dated December 28, SEBI NEWS Corrigendum to the SEBI Circular regarding maintenance of books of accounts In partial modification to the SEBI Circular (Ref. No. SEBI/MRD/SE/Cir-15/2005 dated August 04, 2005) it has been advised that the stock exchanges and its members present the originals of the documents, both in electronic and physical form, copies of which have been taken by CBI, Police or any other enforcement agency during the course of any investigation till the trial is completed. All the stock exchanges are advised to make the necessary amendments to the bye-laws and listing agreement, as applicable. They also advised to update the same on the website by bringing the provision of this circular to the notice of their members of the exchange. Communicate to SEBI the status of the implementation of the provision of this circular and the action taken in this regard Source: SEBI Circular Ref. No. MRD/SE /Cir-23/05 Dated December 22, NSE NEWS Change in Index Shriram Investments Ltd. which was a constituent of S&P CNX 500 have been included due to a scheme of amalgamation and it has been replaced with Essar Steel Ltd. w.e.f December 14, Source: IISL Press Release Dated December 14,

4 SELECT ECONOMIC INDICATORS Sr. Item Unit/Base No. July August September October 1 Gross Domestic Product at factor cost Rs. Million 11,986,850 12,678,330 13,183,210 14,267, (at prices) (Q.E) (R.E.) (Qtr. 1 of ) (Qtr.2 of ) 2 Index Number of Agricultural Production Triennium ending (P) (P) (All crops) General Index of Industrial Production = (P) (P) (P) (P) (P) 4 Aggregate Deposits Rs. Million 9,626,180 11,033,600 12,808,530 15,044,160 17,199,470 (P) 18,292,320 (P)18,412,520 (P) 19,092,140 (P) 19,112,090 (P) 5 Bank Credit Rs. Million 5,114,340 5,897,230 7,292,150 8,407,850 10,920,910 (P) 11,844,600 (P)12,014,980 (P) 12,561,410 (P) 12,844,000 (P) 6 S C Banks Investment in Govt. Securities Rs. Million 3,400,350 4,111,760 5,234,170 6,547,580 7,177,910 (P) 7,243,490 (P) 7,380,640 (P) 7,291,160 (P) 7,297,910 (P) 7 M3 Rs. Million 13,132,200 (P) 14,983,550 (P) 17,179,600 (P) 20,031,020 (P) 22,691,560 (P) 23,757,890 (P)24,054,110 (P) 24,693,320 (P) 24,866,960 (P) 8 Cash Reserve Ratio Per cent Bank Rate Per cent Inter-bank call money rate (Mumbai) Per cent 4.00/ / / Prime Lending Rate Per cent Wholesale Prices a. All Commodities = b. Fuel, power, light and lubricants = Consumer prices-industrial Workers 1982= Value of Imports US$ Million 50,536 51,413 61,412 78, (P) 9,904 (P) 10,495 (P) 10,487 (P) 11,367 (P) 15 Value of Exports US$ Million 44,560 43,827 52,719 63,483 79,247 (P) 7,234 (P) 7,355 (P) 7,297 (P) 8,093 (P) 16 Balance of Trade US$ Million (5,976) (7,587) (8,693) (14,307) (27819) (P) (2,670) (P) (3,140) (P) (3,190) (P) (3,284) (P) 17 Foreign Exchange Reserves a. Foreign Currency Assets US$ Million 39,554 51,049 71, , ,571 1,34,587 1,38,107 1,36,920 1,37,286 b. Gold US$ Million 2,725 3,047 3,534 4,198 4,500 4,395 4,535 4,712 4,864 c. SDRs US$ Million Government Borrowings Gross Rs. Million 1,284,830 1,525,080 1,819,790 1,981,570 1,456,020 Net Rs. Million (866,670) (1,095,630) (1,331,820) (1,351,920) (800,280) 19 Net FII Investment ** US$ Million 2,160 1, ,949 10,172 1,784 1,062 1,023-1,054 (Cumulative Net Investment) US$ Million (13396) (15242) (15804) (25754) ,264 39,327 40,349 39, All Stock Exchanges Turnover *** Rs. Mn. 28,809,900 8,958,180 9,689,098 16,039,640 16,587,870 1,849, , , , Market Capitalisation Ratio**** Per cent Source: RBI Bulletin Note: * : Base: =100 + : Base : =100 ** : Source SEBI *** : Excludes Derivatives & WDM Segment **** : Market capitalistaion as a percntage of GDP Q.E : Quick Estimate R.E : Revised Estimate A.E : Advance Estimate 4

5 MARKET REVIEW The summary statistics of different market segments of NSE for the month of December 2005 is presented in Table 1. All three segments in NSE, taken together reported a trading value of Rs.6,944,867 million during the month, a rise of 31.09% as compared to the previous month. The market capitalization of the securities available for trading at the end of December 2005 stood at Rs.38,717,399 million. Table 1: Dimensions of Market of NSE Market At the end of December 2005 Trading Value Seg- (Rs. in mn.) ments No. of No. of Market Nov-05 Dec-05 Members Securities/ Capitali- Contracts sation (Rs. mn.) (a) (b) (c) (d) CM a 23,223,921 1,095,785 1,499,083 WDM 70 3,138 15,493, , ,711 F&O 716 9,021 b -- 3,958,528 c 5,238,073 c Total 910 d 13,055 38,717,399 5,297,910 6,944,867 excludes suspended securities. 3 nifty index futures, 3 CNX IT futures, 3 bank nifty, 254 nifty index options, 346 stock futures, 284CNX IT options, 260 bank index options, 7,850 stock option and 18 interest rate futures contracts. includes notional turnover [(strike price + premium) quantity] in index options and stock options. do not add up to total because of multiple membership. Membership Table 2: Distribution of Membership as on December 31, 2005 Consti- CM WDM CM & CM, CM & Total tution Segment Segment WDM WDM F&O Segments & F&O Segments Segments Corporate Individuals Firms Total Capital Market Trading The Capital Market (CM) segment of the Exchange reported a trading volume of Rs.1,499,083 million with about 2.51 million trades per day. The month showed a slight decline in the trading volumes as compared to its previous month's performance. The trading value increased by 36.80% over its previous month where it registered a trading value of Rs.1,095,785 million. The average daily trading value for the month was Rs.68,140 million as compared to Rs.54,789 million during the preceding month. The average trade size recorded in the month of December 2005 was Rs.27,120. Figure 1 presents the daily movement in turnover in terms of value and quantity during the month. The business growth of CM segment is presented in Figure 2 and Annexure I. The details of daily trades are given in Annexure II. Figure 1: Value and Quantity of Turnover: December 2005 The current membership strength of the Exchange is 910 and % of the same are corporate members. The composition of members at the end of the month is presented in Table 2. There are 17 registered professional clearing members at the end of December

6 Figure 2: Business Growth of Capital Market Segment Advance/Decline Ratio The month's advance/decline ratio which represents the market climate is presented in Annexure IV. The ratio witnessed a decrease from 1.24 in November 2005 to 0.97 in December On average 416 securities advanced and 430 securities declined in the month. The largest advances took place on December 27, 2005 where 699 stocks surged in value. Market Capitalization High Volume Securities The '5' most traded securities during the month accounted for 26% of the total trading volume (Table 3). The shares of top '10' and '100' securities in total trading volume during the month were 38% and 82% respectively. The details of top '10' securities in terms of turnover for the month of December 2005 are presented in Annexure III. Table 3: Contribution of Top 'N' Securities (In per cent) Top 'N' November December Securities High Volume Members The share of top 'N' trading members in total turnover is presented in Table 4. The share of top '5' and top '10' members in turnover was 14% and 22% respectively, while top '100' trading members accounted for 70% of total turnover during the current month. Table 4: Share of the Top 'N' Trading Members (In per cent) Top 'N' November December Members At the end of the month, 1036 companies were listed and 896 companies were available for trading in the CM segment of the Exchange. The list of securities admitted for trading on the CM segment and the list of securities suspended from trading and restarted during the month are presented in Annexure V(a) and V(b) respectively. The market capitalization of securities available for trading in the CM segment witnessed an increase of 7.18% from Rs.21,668,229 million in November 2005 to Rs.23,223,921 million in December The S&P CNX Nifty and CNX Junior Nifty securities accounted for 58.15% and 9.41% of total market capitalization respectively. The growth of market capitalisation as well as number of companies available for trading in CM segment is presented in Figure 3. Figure 3: Growth of Market Capitalisation on CM Segment 6

7 Debentures During the month of December 2005, 1,457 trades involving 1.44 million debentures valuing Rs million were transacted in the CM segment of the Exchange as against 1,243 trades involving 0.65 million debentures for Rs million in the preceding month. The details of trades in debentures traded in the CM Segment are presented in Table 5. Table 5: Debenture Traded in the CM Segment Year No. of Traded Trading Value Trades Quantity (mn.) (Rs. mn.) , , , , , , , , , , , , April -Dec , Indices S&P CNX Nifty The market benchmark index S&P CNX Nifty closed at on December 31, 2005, registering a rise of points (6.95%) during the month as compared to on November 30, It recorded a high of 2857 on December 23, 2005, and a low of on December 01, The market capitalisation witnessed an increased from 12,547,810 million as on November 30, 2005 to Rs.13,503,939 million on December 31, 2005 registering an increase of Rs.956,130 million (7.08%). The daily movement of S&P CNX Nifty is presented in Annexure VI and in Figure 4. The distribution of industry-wise weightage for S&P CNX Nifty is presented in Table 6. Table 6: S&P CNX Nifty Industry-wise Weightage as on December 31, 2005 Sl. Industry Weightages (%) Returns (%) No. 1 Aluminium Automobiles - 2 & 3 Wheelers Automobiles - 4 Wheelers Banks Cement and Cement Products Cigarettes Chemical Computers - Software Diversified Electrical Equipment 3.12 (2.44) 11 Finance -Housing Engineering Gas 1.67 (0.37) 15 Media & Entertainment Oil Exploration Personal Care Petrochemicals Pharmaceuticals Power Refineries Shipping Steel and Steel Products Tea and Coffee Telecommunication - Services Travel and Transport 0.73 (4.68) Total

8 Figure 4: Movement of S&P CNX Nifty: December 2005 S&P CNX Defty The S&P CNX Defty, the dollar representative of S&P CNX Nifty, closed at on December 30, 2005 registering an increase of points over its previous month's close of During the month under review, Defty reached a high of on December 20, 2005 and touched the low of ondecember 05, The daily movement of Defty is presented in Annexure VI and in Figure 6. During the month of December 2005, 287 trades involving 0.08 million Nifty BeES, the Exchange Traded Fund (ETF), valued at Rs million were transacted. Figure 6: Movement of S&P CNX Defty: December 2005 CNX Nifty Junior The CNX Nifty Junior Index closed at on December 31, 2005 registering a rise of points (5.71%) as compared to on November 30, During the month, the CNX Nifty Junior reported a high of on December 23, 2005 and a low of on December 06, The market capitalisation of CNX Nifty Junior index increased from Rs.2,067,020 million as on November 30, 2005 to Rs.2,185,750 million on December 31, 2005, i.e. an increase of Rs.118,730 million (5.43%). The daily movement of CNX Nifty Junior is presented in Annexure VI and in Figure 5. Figure 5: Movement of CNX Nifty Junior Index : December 2005 The details of individual securities in S&P CNX Nifty and CNX Nifty Junior are presented in Annexure VII and VIII respectively. Other Indices An analysis of the monthly, quarterly, half yearly and yearly performance of the indices as of end December 2005 is presented in table 7. The overview of the indices shows the positive returns given by all the indices for investments made for shorter period of one month as well as for three months except CNX Bank Index which has given a negative return for the shorter period of three months. All the indices has shown a positive returns for a longer period.the best performer in the longer period of one year was S&P CNX Nifty Index which gave returns of 36.34%. 8

9 Table 7: Performance of Various Indices as at end December 2005 (In per cent) Indices 1 month 3 months 6 months 1 year S&P CNX Nifty S&P CNX S&P CNX Defty CNX Nifty Junior CNX Midcap 200* CNX IT Index CNX Bank Index * CNX Midcap 200 has been discontinued w.e.f A comparison of the five different sectoral indices viz., S&P CNX Petrochemicals Index, S&P CNX Finance Index, S&P CNX FMCG Index, S&P CNX Pharmaceuticals Index and S&P CNX IT Index, with that of S&P CNX Nifty Index during the month of December 2005 is presented in Figure 7. The Pharmaceutical Index proved to be the best performer of the month. The Finance and CNX IT indices mirrored the Nifty index in the first half but outperformed the same in the later half. Whereas FMCG index mirrored the Nifty index throughout the month. The Petrochemical Index proved to be the worst performer of the month. Figure 7: Performance of the Select Indices: December 2005 Overseas Indices A correlation analysis for the major overseas stock market indices was carried out for the month of December Table 8 presents the returns and the volatility of these indices and Table 9 presents the respective correlate. Table 8: Returns and Volatility of Select Indices during December 2005 (In percent) Indices Monthly Volatility of Returns Returns* DJIA HANG SENG FTSE NIKKEI NASDAQ Composite STI S&P CNX NIFTY * Volatility is the standard deviation of daily returns for December Table 9 : Correlation between Select Indices during December 2005 Indices DJIA HANG FTSE NI- NAS- STI S&P SENG 100 KKEI D A Q CNX Com- Nifty posite DJIA HANG SENG FTSE NIKKEI NASDAQ Composite STI S&P CNX NIFTY 1 Settlement During December 2005, in terms of quantity of securities traded 27.75% of securities were settled by net delivery and in terms of value, the net delivery worked out to 25.41% of turnover. However, these deliveries include only the net deliveries made by the trading members to the clearing corporations. The gross deliveries made by all clients would be much higher. The segment witnessed substantial increase in the share of short and bad deliveries. Short deliveries averaged around 0.29 % during the month. The percentage of uncertified bad delivery to delivery has also been negligible because of full demat settlements. The details of settlement of trades on NSE are presented in Annexure IX. 9

10 Futures & Options (F&O) Market Trading The total trading value in the F&O segment amounted to Rs.5,238,073 million in the month of December 2005 as against Rs.3,958,528 million in November The segment witnessed an increase of 32.32% in the current month over the previous month's trading volume. The average daily trading value during the month was Rs.238,094 million. Index futures recorded a total trading value of Rs.1,832,931 million and the near month index futures contract recorded the highest trading value of Rs.1,573,936 million during the month. The movement of Nifty as compared to Nifty futures in the month of December 2005 is presented in Figure 8. The stock futures recorded a total trading value of Rs.2,802,833 million during December The near month contract expiring on December 29, 2005 recorded the highest trading volume of Rs.2,392,010 million. The stock futures are most popular among various derivative products, accounting for 53.51% of total turnover in the segment. The index options recorded a total notional trading value of Rs.429,869 million during the month with the near month option contract recording the highest notional trading value of Rs.194,402 million for call options and Rs.184,189 million for put options. The total trading value of stock options during the month was Rs.172,440 million. The option expiring on December 29, 2005 recorded the highest notional trading value of Rs.121,689 million for call options and Rs.33,653 million for put options. The trade details of the F&O segment for the month are presented in Table 10. It is evident that near month contracts are more popular than not-so-near month contracts; futures are more popular than options; contracts on securities are more popular than those on indices; and call options are more popular than put options. The business growth of F&O market segment is presented in Annexure X and Figure 9 respectively. The distribution of F&O volume is presented in Figure 11. Table 10: Trade Details of F&O Market for December 2005 Futures Pro- Contract No. of Trading Open duct expiring Contracts Value Interest on (Rs. mn.) (No. of contracts as at end of month)** 29-Dec ,687,840 1,573,936 65,090 Index Futures 25-Jan Feb ,023 18, ,004 4, ,165 6, Mar Dec ,403,264 2,392,010 88,713 Stock Futures 25-Jan Feb ,164,159 3, ,433 1, ,327 1, Mar Options Pro- Ty- Contract No. of Trading Open duct pe expiring Contracts Value Interest on (Rs. mn.) (No. of contracts as at end of month)** 29-Dec , ,402 78,047 Call 25-Jan ,851 23,620 31, Feb , ,201 Index Options 30-Mar Dec , , ,240 Put 25-Jan ,140 25,409 44, Feb ,804 1,324 6, Mar , , Dec , ,689 56,365 Call 25-Jan ,492 14,525 20, Feb Stock Options 30-Mar Dec , , ,612 Put 25-Jan ,010 2,482 3, Feb Mar * Notional trading volume [(Strike Price + Premium) Quantity] in case of index options and stock options. ** Figures as on last day for the above period or expiry of the contract whichever is earlier. *** There were no trades reported for the contracts traded in Interest Rate Derivative. 10

11 Settlement All derivative contracts are currently cash settled. During December 2005, such cash settlement amounted to Rs.27, million. The details of settlement are presented in Annexure XI. The settlement of futures and of options involved Rs.25, million and Rs.2, million respectively. Figure 8: Movement of Nifty vs. Nifty Futures: December 2005 Wholesale Debt Market The WDM segment witnessed a decreased in trading value accounting for Rs.207,711 million in December 2005, a decrease of 14.73% as against Rs.243,597 million in November The average daily trading value during the month was Rs.9,441 million as against Rs.12,180 million in the preceding month. This shows that the WDM segment witnessed a decrease in trading activity this month. The daily trading value ranged widely between Rs.15,695 million on December 15, 2005 and Rs.5,607 million on December 26, The business growth of WDM segment since inception is presented in Figure 11 and Annexure XII. Figure 11: Business Growth of WDM Segment Figure 9: Business Growth of F&O Segment Figure 10 : Distribution of F&O Volume: December 2005 The Subsidiary General Ledger (Non-Repo trades - NDS Reporting System) reported a turnover of Rs.340,373 million during the month of December The percentage of NSE SGL trades Non Repo to total SGL Non Repo trades accounted for 56.91%. The ten most active securities accounted for 53.06% of the trading volume on the segment. Details of these securities are presented in Annexure XIII. The market is dominated by dated government securities, which reported a trading value of Rs.133,729 million contributing 64.38% of total trading volume during December Treasury Bills accounted for Rs.59,985 million or 28.88% of the total trading volume. Institutional bonds, bonds issued by banks and other securities accounted for Rs.13,997 million or 6.74% of 11

12 total trading volume. Distribution of trading volume of securities traded during the month on WDM is presented in Figure 12. Figure 12 : Security-wise Distribution of WDM Trades December 2005 Table 11 : Share of top 'N' Securities/trading members/participants in Turnover in WDM segment (In percent) Top 'N' Securities Trading Members Participants Nov-05 Dec-05 Nov-05 Dec-05 Nov-05 Dec The share of domestic banks in the total trading volume increased this month as compared to the previous month. It accounted for about 30.90% of share in the total turnover as against 29.98% in November The share of primary dealers in turnover was 18.84% in December It witnessed a decrease as compared to 21.29% in the previous month. The share of foreign banks have decreased considerably to 11.49% in December 2005 from 14.56% in November Distribution of turnover for various categories of participants is presented in Figure 13. Figure 13 : Participant-wise Distribution of WDM Trades December 2005 During the month 31 securities with a total outstanding debt of Rs.195,615 million were added for trading. Total market capitalisation of securities available on WDM segment stood at Rs.15,493,478 million on December 31, The market capitalisation of various securities on WDM segment as on December 31, 2005 is presented in Table 12. Table 12: Market Capitalization of WDM Segment as on December 31, 2005 Security Type Market Capitalisation Share in Total (Rs. mn.) (%) Govt. Securities 10,515, PSU Bonds 787, State Loans 2,362, MF Units 6, Fin. Institutions 249, Treasury Bills 818, Corporate Bonds 438, Others* 315, Total 15,493, *Others include securitized debt and bonds of local bodies. The share of top 'N' securities/trading members/ participants in turnover in WDM segment is presented in Table 11. The share of top '10' and '100' securities in the month of December 2005 are 41.47% and 94.55% respectively. The FIMMDA NSE MIBID/MIBOR is based on rates polled by NSE from a representative panel of 29 banks/ institutions/primary dealers. The overnight rates are disseminated daily to the market at 0950 (IST) and the 14 day, 1 month and 3 month rates at 1145 (IST). The daily FIMMDA NSE MIBID/MIBOR rates for December 2005 presented in Annexure XIV. 12

13 Investor Grievances Despite all precautionary measures taken by NSE and investors, certain grievances and issues do arise in the day-to-day functioning. The Investor Grievance Cell handles these complaints lodged by investors against trading members/companies. In the month of December 2005, 196 cases were received against trading members of the exchange and 124 cases against companies listed on the exchange. The status of receipt and disposal of investor grievances by the Exchange for December 2005 is presented in Annexure XV. Arbitration Arbitration is an alternative dispute resolution mechanism provided by the Exchange for resolving disputes between the trading members and between a trading member and his client in respect of trades done on the Exchange. The status of arbitration matters with the Exchange till December 2005 presented in Annexure XVI. System and Telecom NSE Network The expansion of NSE network in different cities and number of VSATs since December 1994 is presented in Figure 14. The list of towns and cities having NSE VSAT terminals is presented in Annexure XVII. As at end- December, 2005, NSE had 2,799 VSATs in 320 cities across the country. To supplement the current VSAT network as well as to eliminate the downtime, NSE also provides TBTN (Leased Lines) links to trading members. As of December 2005, 1,957 such lines have been commissioned. Distribution of VSATs across the cities is presented in Table 13. Table 13: Distribution of VSATs across cities as at end December 2005 No. of VSATs No. of Cities No. of VSATs in a City in the Cities > ,244 Total 320 2,799 Figure 14: Growth of VSATs and Cities NSE s Certification in Financial Markets (NCFM) NCFM is a fully automated, on-line, nation-wide testing and certification system. It tests practical knowledge and skill required to operate in financial market in a secure and unbiased manner to ensure that the persons entering the field have minimum understanding of the market, products and regulations. The number of candidates taking NCFM tests has increased manifold in the recent past. Module - wise and centre - wise break up of the number of candidates, who have taken the NCFM test by December 2005 presented in Table 14. Table 14: Module-wise and Centre-wise Distribution of Candidates Tested Test Deri- Capital NSDL - AMFI- Insu- FIMM- Secu- Comm- Asso- Corpo- Total Centre vatives Market Deposi- Mutual rance DA- riti- odities ciat- rate Core Modu- tory Fund Modu- NSE es market ion Gover- Mod- les Opera- Modu- les Debt Mar- Mod- of nance ule tions les Market ket ule Finan- Module (Basic) Mo- cial Module dule Planners Mumbai 16,276 19,985 7,872 16,791 8,275 1,914 1,388 1,932 1, ,920 Delhi 11,952 16,005 5,938 9,552 3, , ,715 Kolkata 7,027 10,917 2,602 4,943 3, ,596 Chennai 5,520 7,947 3,777 6,319 2, ,494 Hyderabad 3,129 4,451 1,882 2,542 1, ,339 Ahmedabad 2,567 4,299 2,381 2,411 1, ,732 Others 6,122 10,914 5,218 8, ,375 1, ,295 Total 52,593 74,518 29,670 50,901 20,735 4,022 5,604 6,400 3, ,091 13

14 ANNEXURE I BUSINESS GROWTH OF CAPITAL MARKET SEGMENT Month/ No. of No. of No. of No. of No. of No. Traded Trading Average Average Demat Demat Market Year Comp - Comp - Compa - Trad - Compa - of Quan - Value Daily Trade Securi - Trading Capital - anies anies nies ing nies/ Trades tity (Rs. mn.) Trading Size ties Value isation Listed* Perm - Available Days Securities (mn.) (mn.) Value (Rs.) Traded (Rs.mn.) (Rs.mn.)* itted* for Traded (Rs. mn.) (mn.) S&P CNX Nifty Index# CNX Nifty Junior Index## High Low Close High Low Close Nov 94-Mar , , ,633, , , ,870 2, , ,014, , ,556 2,945,030 11, , ,193, , ,569 3,701,930 15,200 97, ,815, , ,533 4,144,740 16,510 75, ,180 4,911, , ,270 8,390,515 33,030 85,244 15,377 7,117,057 10,204, , , ,954 13,395,102 53,367 86,980 30,722 12,643,372 6,578, , ,841 5,131,674 20,776 29,270 27,772 5,128,660 6,368, ,407 6,179,886 24,621 25,776 36,405 6,179,845 5,371, Apr , ,713 24,486 23,649 3, ,713 5,306, May , ,902 26,043 21,889 4, ,902 6,120, Jun , ,857 29,327 23,029 5, ,857 6,785, Jul , ,776 34,295 24,672 6, ,776 7,191, Aug , ,466 42,673 26,485 8, ,466 8,366, Sep ,185 1,033,456 46,975 29,527 7,185 1,033,456 8,634, Oct ,177 1,155,953 50,259 32,315 7,177 1,155,953 9,267, Nov , ,858 46,443 30,304 5, ,858 9,795, Dec ,175 1,103,726 50,169 29,122 7,175 1,103,726 11,670, Jan ,334 1,342,687 63,937 33,740 7,334 1,342,687 11,161, Feb ,648 1,087,181 57,220 35,070 4,648 1,087,181 11,109, Mar ,459 1,048,765 47,671 32,980 4,459 1,048,765 11,209, ,330 10,995,339 43,289 29,090 71,330 10,995,339 11,209, Apr ,369 1,009,512 50,476 31,600 5,369 1,009,512 11,718, May , ,199 47,105 27,697 5, ,199 9,504, Jun , ,985 38,590 25,298 4, ,985 9,796, Jul , ,361 42,653 24,918 6, ,361 10,660, Aug , ,557 39,480 24,260 5, ,557 11,430, Sep , ,081 40,231 24,124 6, ,081 12,275, Oct , ,976 37,849 25,291 4, ,976 12,538, Nov , ,353 41,018 25,013 6, ,353 14,462, Dec ,933 1,155,931 50,258 24,339 9,933 1,155,931 15,791, Jan ** 41 8, ,319 52,490 24,343 8, ,319 15,574, Feb ** 42 8, ,895 49,995 23,551 8, ,895 16,145, Mar ** 46 8,370 1,130,551 51,389 24,626 8,370 1,130,551 15,855, ,769 11,400,720 45,062 25,283 79,769 11,400,720 15,855, Apr ** 37 5, ,183 41,359 22,527 5, ,183 15,179, May ** 41 5, ,020 39,455 21,020 5, ,020 16,549, Jun ** 48 7,048 1,113,970 48,433 23,374 7,048 1,113,970 17,275, Jul ** 50 8,413 1,230,080 61,504 24,449 8,413 1,230,080 18,487, Aug-05 1, ** 57 10,072 1,457,313 66,241 25,548 10,072 1,457,313 19,574, Sep-05 1, ** 58 9,200 1,453,932 69,235 25,229 9,200 1,453,932 20,982, Oct-05 1, ** 46 5,767 1,208,099 60,405 26,077 5,767 1,208,099 19,276, Nov-05 1, ** 43 5,387 1,095,785 54,789 25,258 5,387 1,095,785 21,668, Dec-05 1, ** 55 6,370 1,499,083 68,140 27,120 6,370 1,499,083 23,223, Apr -Dec 05 1, ,035 10,753,465 56,597 24,684 63,035 10,753,465 23,223, * At the end of the Excludes suspended companies. # S&P CNX Nifty Index commenced from November 3, ## CNX Nifty Junior commenced from November 4, W.e.f January 2005 No. of Securities are provided instead of Number of Companies 14

15 ANNEXURE II TRADE STATISTICS: DECEMBER 2005 Month/Year No. of Securities No. of Traded Quantity Trading Value Traded Trades (mn.) (Rs. mn.) 01-Dec ,398, , Dec ,564, , Dec ,175, , Dec ,337, , Dec ,161, , Dec ,393, , Dec ,575, , Dec ,372, , Dec ,612, , Dec ,866, , Dec ,685, , Dec ,654, , Dec ,612, , Dec ,805, , Dec ,691, , Dec ,555, , Dec ,560, , Dec ,276, , Dec ,339, , Dec ,530, , Dec ,472, , Dec ,633, ,417 Total ,276,432 6,370 1,499,083 ANNEXURE III TOP TEN SECURITIES ON THE CM SEGMENT: DECEMBER 2005 Securities No. of Traded Trading Average Daily Share in Total Average Trades Quantity Value Trading Value Trading Value Impact (Mn. Shares) (Rs. mn.) (Rs. mn.) (%) Cost (%)* Reliance Industries Ltd 975, ,097 8, Titan Industries Ltd 1,317, ,325 2, Infosys Technologies Ltd 533, ,913 2, State Bank Of India 766, ,087 2, Reliance Capital Ltd 1,293, ,772 2, Satyam Computer Services 733, ,646 2, Videsh Sanchar Nigam Ltd 1,089, ,215 1, Tata Motors Ltd 565, ,196 1, Tata Steel Ltd 772, ,681 1, Oil and Natural Gas Corp. 398, ,421 1, Total of Top Ten Securities 8,445, ,353 25, Total 55,276,432 6,370 1,499,083 68, * Average Impact Cost is calculated for an execution of a Rs. 50 lakh portfolio in a security, in proportion of it's market capitalisation to that of the market capitalisation of S&P CNX Nifty. 15

16 ANNEXURE IV ADVANCES/DECLINES (NO. OF SECURITIES) Month/Date Advances Declines Advance / Decline Ratio Apr Apr Apr Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Average for December

17 ANNEXURE V (a) DETAILS OF FURTHER ISSUES AND NEW LISTINGS : DECEMBER 2005 I. Further Issues SL. SYMBOL NAME OF COMPANY DESCRIPTION NO. OF NO. SECURITIES ISSUED 1 3IINFOTECH 3i Infotech Limited Further issue - Employee Stock Option Scheme 14,000 2 ACC Associated Cement Co. Ltd Further Issue - Underlying FCCBs 363,708 3 ACC Associated Cement Co. Ltd Further issue - Employee Stock Option Scheme 136,628 4 ADANIEXPO Adani Exports Ltd Further Issue - Underlying FCCBs 273,820 5 AFTEKINFO Aftek Infosys Limited Further Issue - Underlying FCCBs 3,569,439 6 AHMEDFORGE Ahmednagar Forgings Ltd Further Issue - Bonus 15,786,100 7 ALOKTEXT Alok Industries Limited Further Issue - Underlying FCCBs 30,896 8 AMTEKAUTO Amtek Auto Ltd Further Issue - Underlying FCCBs 2,269,554 9 APTECHT Aptech Limited Further issue - Employee Stock Option Scheme 2, ASHAPURMIN Ashapura Minechem Ltd Further issue - Employee Stock Option Scheme 4, BAJAJHIND Bajaj Hindusthan Ltd Further Issue - Underlying FCCBs 1,028, BHARTI Bharti Tele-Ventures Ltd. Further Issue - Underlying FCCBs 2,073, CHAMBLFERT Chambal Fertilizers & Chemicals Ltd Further Issue - Scheme of arrangement 10,123, CHENNPETRO Chennai Petroleum Corporation Limited Further Issue - Preferential Issue 5,383, CRANESSOFT Cranes Software International Limited Further Issue - Bonus 56,833, FSS Flextronics Software Systems Limited Further issue - Employee Stock Option Scheme 24, GDL Gateway Distriparks Limited Further issue - Employee Stock Option Scheme 543, GEOINFO Geodesic Information Systems Limited Further issue - Employee Stock Option Scheme 2, GTL GTL Limited Further Issue - Underlying FCCBs 314, GUJAMBCEM Gujarat Ambuja Cement Ltd Further issue - Employee Stock Option Scheme 423, HCL-INSYS Hcl Infosystems Ltd Further issue - Employee Stock Option Scheme 61, HCLTECH HCL Technologies Ltd Further issue - Employee Stock Option Scheme 1,107, HDFC Housing Development Finance Corporation Ltd. Further issue - Employee Stock Option Scheme 16, HDFCBANK Hdfc Bank Ltd Further issue - Employee Stock Option Scheme 42, HELIOSMATH Helios And Matheson Information Technology Further Issue - Bonus 10,005,000 Limited 26 HEXAWARE Hexaware Technologies Limited Further issue - Employee Stock Option Scheme 785, ICICIBANK ICICI Bank Ltd Further issue - Employee Stock Option Scheme 35, ICICIBANK ICICI Bank Ltd Further issue - Follow on issue 80,776, ICICIBANK ICICI Bank Ltd Further Issue - Underlying ADS 37,237, IDBI Industrial Development Bank of India Limited Further issue - Employee Stock Option Scheme 542, IGS igate Global Solutions Limited Further issue - Employee Stock Option Scheme 2, INDHOTEL Indian Hotels Co. Ltd. Further Issue - Underlying FCCBs 80, ITC Itc Ltd. Further Issue - Bonus 12, IVRCLINFRA IVRCL Infrastructures & Projects Ltd. Further issue - Employee Stock Option Scheme 1, JBCHEPHARM JB Chemicals & Pharmaceuticals Ltd. Further issue - Employee Stock Option Scheme 15, JPASSOCIAT Jaiprakash Associates Limited Further Issue - Underlying FCCBs 852, JUBILANT Jubilant Organosys Limited Further Issue - Underlying FCCBs 164, KOTAKBANK Kotak Mahindra Bank Limited Further issue - Employee Stock Option Scheme 204, LIBERTSHOE Liberty Shoes Ltd Further Issue - Bonus 5,070, LLOYDELENG Lloyd Electric & Engineering Ltd Further Issue - Underlying GDRs 9,200,000 Contd... 17

18 Contd... I. Further Issues SL. SYMBOL NAME OF COMPANY DESCRIPTION NO. OF NO. SECURITIES ISSUED 41 LT Larsen & Toubro Limited Further Issue - Underlying FCCBs 1,094, LYKALABS Lyka Labs Ltd Further Issue - Underlying GDRs 4,000, M&M Mahindra & Mahindra Ltd. Further Issue - Underlying FCCBs 439, MAHAVIRSPG Mahavir Spinning Mills Ltd Further Issue - Bonus 19,246, MASTEK Mastek Ltd Further issue - Employee Stock Option Scheme 39, MPHASISBFL Mphasis BFL Limited Further Issue - Bonus 80,124, NICCOCORP Nicco Corporation Ltd Further Issue - Preferential Issue 3,000, NUCLEUS Nucleus Software Exports Limited Further issue - Employee Stock Option Scheme 12, ORCHIDCHEM Orchid Chemicals Ltd Further Issue - Preferential Issue 105, ORCHIDCHEM Orchid Chemicals Ltd Further Issue - Underlying GDRs 9,250, PANTALOONR Pantaloon Retail (India) Ltd. Further Issue - Preferential Issue 408, SAELTD Rpg Transmission Ltd Further Issue - Preferential Issue 2,750, SAMTEL Samtel Color Ltd. Further Issue - Preferential Issue 5,882, SASKEN Sasken Communication Technologies Limited Further issue - Employee Stock Option Scheme 287, SATYAMCOMP Satyam Computer Services Ltd Further issue - Employee Stock Option Scheme 663, SIMPLEXINF Simplex Infrastructures Limited Further Issue - Preferential Issue 1,285, SRIADIKARI Sri Adhikari Brothers Television Network Limited Further Issue - Preferential Issue 261, STERLINBIO Sterling Biotech Limited Further Issue - Underlying FCCBs 21,234, TTML Tata Teleservices (Maharashtra) Limited Further issue - Employee Stock Option Scheme 291, USHAMART Usha Martin Limited Further Issue - Underlying GDRs 7,223, UTIBANK UTI Bank Ltd. Further issue - Employee Stock Option Scheme 61, VARUNSHIP Varun Shipping Co. Ltd. Further Issue - Preferential Issue 5,200, VINTAGE Vintage Cards & Creations Limited Further Issue - Preferential Issue 500, WELGUJ Welspun Gujarat Stahl Rohren Limited Further Issue - Underlying FCCBs 8,393, WIPRO Wipro Ltd Further issue - Employee Stock Option Scheme 788, ZENSARTECH Zensar Technologies Limited Further issue - Employee Stock Option Scheme 1, ZODIACLOTH Zodiac Clothing Company Ltd Further Issue - Bonus 4,181,313 II. New Listing SL. SYMBOL NAME OF COMPANY DATE OF NO. LISTING 1 BCCL Bihar Caustics and Chemicals Ltd 5-Dec-05 2 TRIVENI** Triveni Engineering & Industries Limited 13-Dec-05 3 EMCO Emco Limited 15-Dec-05 4 NAHARINDUS Nahar Industrial Enterprises Limited 15-Dec-05 5 ORIENTABRA Orient Abrasives Limited 15-Dec-05 6 VIMTALABS Vimta Labs Limited 15-Dec-05 7 NAGREEKA Nagreeka Exports Ltd 22-Dec-05 8 NANDAN Nandan Exim Limited 29-Dec-05 9 BRFL Bombay Rayon Fashions Limited 5-Dec PIRAMYDRET Piramyd Retail Limited 6-Dec AIAENG AIA Engineering Limited 14-Dec EKC Everest Kanto Cylinder Limited 15-Dec KERNEX Kernex Microsystems (India) Limited 20-Dec REPRO Repro India Limited 22-Dec COMSYS Compulink Systems Limited 28-Dec-05 18

19 ANNEXURE V (b) DETAILS OF SECURITIES SUSPENDED : DECEMBER 2005 I. Securities Suspended SL. SYMBOL COMPANY NAME SECURITY DESCRIPTION DATE OF REASON NO. SUSPENSION FOR SUSPENSION Equity 1 COREPARENT Core Healthcare Ltd. Core Healthcare Ltd. 15-Dec-2005 Non-compliance with provisions of listing agreement and / or non-submission of secretarial audit report. 2 NIPPONDENR Ispat Industries Ltd. Ispat Industries Ltd. 08-Dec-2005 Scheme of Re-construction and Amalgamation 3 POLYCHEM Polychem Ltd Polychem Ltd 27-Dec-2005 Delisting pursuant to SEBI [Delisting of Securities] Guidelines SHRIRAMINV Shriram Investments Ltd. SHRIRAM INVESTMENTS LTD 14-Dec-2005 Scheme of Amalgamation 5 SHRVINDPPR Shree Vindhya Paper Mills Ltd Shree Vind Pap Mills Ltd 06-Dec-2005 Non-compliance with provisions of the listing agreement. 6 WIMCOLTD Wimco Limited Wimco Limited 14-Dec-2005 Delisting of equity shares of the company as per SEBI Delisting Guidelines Debt Market 1 ICICI0101 ICICI Limited Regular Income Bond Option I 8-Dec-05 Redemption 2 ICICI0101 ICICI Limited Regular Income Bond (OptionII) 8-Dec-05 Redemption 3 ICICI0101 ICICI Limited Regular Income Bond (Option III) 8-Dec-05 Redemption 4 ICICI0801 ICICI Limited Money Multiplier Bond-Option I 15-Dec-05 Redemption 5 IDBI Industrial Development Bank of IDBI Infrastructure (Tax Saving) Bond - 30-Dec-05 Redemption. India Limited benefit u/s 54EB (Annual interest option) 6 IDBI Industrial Development Bank of IDBI Infrastructure (Tax Saving) Bond - 30-Dec-05 Redemption. India Limited benefit u/s 54EB (Cumulative option) 7 IDBI Industrial Development Bank of IDBI Growing Interest Bond 30-Dec-05 Redemption. India Limited 8 IDBI Industrial Development Bank of IDBI Multi Option Bond (Option B) - 3 year 30-Dec-05 Redemption. India Limited wait period 9 IDBI Industrial Development Bank of IDBI Multi Option Bond (Option C) - 4 year 30-Dec-05 Redemption. India Limited wait period 10 IDBI Industrial Development Bank of IDBI Regular Income Bond (Option A) - 30-Dec-05 Redemption. India Limited Annual interest 11 IDBI Industrial Development Bank of IDBI Regular Income Bond (Option B) - 30-Dec-05 Redemption. India Limited Semi annual interest 12 IDBI Industrial Development Bank of IDBI Regular Income Bond (Option C) - 30-Dec-05 Redemption. India Limited Quarterly interest 13 IDBI0103 Industrial Development Bank of India Public Issue of Unsecured, Redeemable Bonds - 5-Dec-05 Redemption Flexi NOIDATOLL Noida Toll Bridge Company Ltd Public issue of Fully Convertible Debentures 19-Dec-05 Scheme of Arrangement (FCDs) & Deep Discount Bonds (DDBs) aggregating crores Retail Debt Market A19 GOVERNMENT OF INDIA GOI LOAN 5.64% Dec-05 Interest Payment A10 GOVERNMENT OF INDIA GOI LOAN 5.87% Dec-05 Interest Payment A18 GOVERNMENT OF INDIA GOI LOAN 6.25% Dec-05 Interest Payment A20 GOVERNMENT OF INDIA GOI LOAN 6.35% Dec-05 Interest Payment G11 GOVERNMENT OF INDIA GOI LOAN 9.39% Dec-05 Interest Payment L20 GOVERNMENT OF INDIA GOI LOAN 11.60% Dec-05 Interest Payment F08 GOVERNMENT OF INDIA GOI LOAN 12.10% Dec-05 Interest Payment G10 GOVERNMENT OF INDIA GOI LOAN 12.25% Dec-05 Interest Payment G16 GOVERNMENT OF INDIA GOI LOAN 12.30% Dec-05 Interest Payment F06 GOVERNMENT OF INDIA GOI LOAN 13.85% Dec-05 Interest Payment II. Securities Restarted Retail Debt Market A19 GOVERNMENT OF INDIA GOI LOAN 5.64% Dec-05 Interest Payment A10 GOVERNMENT OF INDIA GOI LOAN 5.87% Dec-05 Interest Payment A18 GOVERNMENT OF INDIA GOI LOAN 6.25% Dec-05 Interest Payment A20 GOVERNMENT OF INDIA GOI LOAN 6.35% Dec-05 Interest Payment G11 GOVERNMENT OF INDIA GOI LOAN 9.39% Dec-05 Interest Payment L20 GOVERNMENT OF INDIA GOI LOAN 11.60% Dec-05 Interest Payment F08 GOVERNMENT OF INDIA GOI LOAN 12.10% Dec-05 Interest Payment G10 GOVERNMENT OF INDIA GOI LOAN 12.25% Dec-05 Interest Payment G16 GOVERNMENT OF INDIA GOI LOAN 12.30% Dec-05 Interest Payment F06 GOVERNMENT OF INDIA GOI LOAN 13.85% Dec-05 Interest Payment 19

20 ANNEXURE VI MOVEMENT OF INDICES: DECEMBER 2005 Date S&P CNX Nifty CNX Nifty Junior S&P CNX Defty Open High Low Close Open High Low Close Open High Low Close 1-Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

21 ANNEXURE VII S&P CNX NIFTY INDEX: DECEMBER 2005 Sl. Name of Market Weightage Beta R 2 Average Daily Monthly Impact No. Security Capitalisation (%) Volatility Return Cost (Rs. mn.) (%) (%) (%) 1 ABB 81, ACC 98, BAJAJAUTO 202, BHARTI 653, BHEL 339, BPCL 130, CIPLA 134, DABUR 60, DRREDDY 74, GAIL 224, GLAXO 95, GRASIM 127, GUJAMBCEM 108, HCLTECH 173, HDFC 300, HDFCBANK 221, HEROHONDA 171, HINDALCO 166, HINDLEVER 434, HINDPETRO 111, ICICIBANK 511, INFOSYSTCH 817, IPCL 58, ITC 533, JETAIRWAYS 98, LT 248, MARUTI 183, M&M 119, MTNL 90, NATIONALUM 141, ONGC 1,674, ORIENTBANK 67, PNB 147, RANBAXY 135, REL 122, RELIANCE 1,239, SAIL 223, SATYAMCOMP 238, SBIN 477, SCI 46, SUNPHARMA 126, TATACHEM 50, TATAPOWER 86, TATATEA 53, TATAMOTORS 245, TCS 817, TATASTEEL 210, VSNL 109, WIPRO 654, ZEETELE 64, TOTAL 13,503, Note : * Beta & R 2 are calculated for the period 01-Jan-2005 to 31-Dec-2005 * Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. * The coefficient of determination (R 2 ) measures the strength of relationship between two variables the return on a security versus that of the market. * Volatility is the Std. deviation of the daily returns for the period 01-Dec-2005 to 31-Dec-2005 * Last day of trading was Dec 30, 2005 * Impact Cost for S&P CNX Nifty is for a portfolio of Rs. 50 lakhs * Impact Cost for S&P CNX Nifty is the weightage average impact cost 21

22 ANNEXURE VIII CNX NIFTY JUNIOR INDEX: DECEMBER 2005 Sl. Name of Market Weightage Beta R 2 Average Daily Monthly Impact No. Security Capitalisation (%) Volatility Return Cost (Rs. mn.) (%) (%) (%) 1 ANDHRABANK 36, (0.38) APOLLOTYRE 10, ASHOKLEY 37, ASIANPAINT 55, AUROPHARMA 21, AVENTIS 38, BANKBARODA 71, BANKINDIA 61, BEL 79, BHARATFORG 84, BIOCON 49, BONGAIREFN 14, (6.90) CADILAHC 31, (1.83) CANBK 98, CHENNPETRO 34, (6.29) CMC 7, (1.64) COCHINREFN 25, CORPBANK 52, CUMMINSIND 31, (4.12) GESHIPPING 43, FSS 25, I-FLEX 81, IBP 13, IDBI 70, IFCI 6, (3.38) INGERRAND 10, IOB 50, JPASSOCIAT 70, KOTAKBANK 69, LICHSGFIN 16, (3.03) LUPIN 30, MOSERBAER 21, (1.33) MPHASISBFL 23, NICOLASPIR 57, (2.94) NIRMA 37, (3.06) PATNI 61, PFIZER 30, POLARIS 12, PUNJABTRAC 13, (1.60) RAYMOND 24, (1.44) SIEMENS 119, STER 115, SYNDIBANK 43, (0.65) TTML 42, TVSMOTOR 23, UNIONBANK 56, UTIBANK 79, VIJAYABANK 26, INGVYSYABK 14, WOCKPHARMA 48, TOTAL 2,185, Note : * Beta & R 2 are calculated for the period 01-Jan-2005 to 31-Dec-2005 * Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. * The coefficient of determination (R 2 ) measures the strength of relationship between two variables, the return on a security versus that of the market. * Volatility is the Std. deviation of the daily returns for the period 01-Dec-2005 to 31-Dec-2005 * Last day of trading was Dec 30, 2005 * Impact Cost for CNX Nifty Junior is for a portfolio of Rs. 25 lakhs * Impact Cost for CNX Nifty Junior is the weightage average impact cost 22

23 ANNEXURE IX SETTLEMENT STATISTICS OF CM SEGMENT Month/ No of Traded Quantity % of Trading Value of % of Securities Short % of Unrectified % of Funds- Year Trades Quantity of Shares Shares Value Shares Delivered Pay-in Delivery Short Bad Unrectified Pay in (mn.) (mn.) Deliverable Delivered (Rs. mn.) Deliverable to Value (Rs. mn.) (Auctioned Delivery Delivery Bad (Rs. mn.) (mn.) to Total (Rs. mn.) of Shares quantity) to (Auctioned Delivery Shares Traded (mn.) Delivery Quantity) to Traded (mn.) Delivery Nov 94-Mar ,280 8, , , , , , , , ,432 1, ,923, , , , ,522 2, ,700, , , , ,531 2, ,135, , , , ,861 4, ,030, , , , ,420 5, ,638,978 1,062, , , ,470 5, ,081, , , , ,541 8, ,215, , , ,920 Apr , ,586 83, , ,834 May ,050 1, ,203 99, , ,839 Jun ,005 1, , , , ,917 Jul ,694 1, , , , ,148 Aug ,130 2, , , , ,646 Sep ,292 1, ,012, , , ,122 Oct ,244 1, ,167, , , ,915 Nov ,615 1, , , , ,573 Dec ,816 1, ,078, , , ,706 Jan ,351 1, ,327, , , ,770 Feb , ,100, , , ,376 Mar , ,033, , , , ,453 17, ,909,632 2,213, ,203, ,882 Apr ,421 1, ,031, , , ,701 May ,478 1, ,002, , , ,604 Jun , , , , ,624 Jul ,378 1, , , , ,226 Aug ,830 1, , , , ,628 Sep ,734 1, , , , ,712 Oct ,140 1, , , , ,043 Nov ,912 1, , , , ,007 Dec ,524 2, ,158, , , ,855 Jan ,211 1, , , , ,827 Feb ,815 2, ,002, , , ,015 Mar ,428 2, ,140, , , , ,799 20, ,409,686 2,771, ,761, ,411 Apr ,195 1, , , , ,911 May ,628 1, , , , ,205 Jun ,679 1, ,061, , , ,857 Jul ,798 2, ,147, , , ,738 Aug ,013 2, ,525, , , ,044 Sep ,535 2, ,320, , , ,726 Oct ,473 1, ,353, , , ,706 Nov ,201 1, ,047, , , ,549 Dec ,211 1, ,428, , , ,822 Apr - Dec ,733 16, ,599,301 2,838, ,828, ,557 * Balance at the end of period 23

24 ANNEXURE X BUSINESS GROWTH OF FUTURES & OPTIONS MARKET SEGMENT Month/ Year Index Futures Stock Futures Interest Rate Index Options Stock Options Total Futures Call Put Call Put Open Interest at the end of No. of Trading No. of Trading No. of Trading No. of Notional No. of Notional No. of Notional No. of Notional No. of Trading No. of Trading Contracts Value Contracts Value Contracts Value Contracts Trading Contracts Trading Contracts Trading Contracts Trading Contracts Value Contracts Value Traded (Rs. mn.) Traded (Rs. mn.) Traded (Rs. mn.) Traded Value Traded Value Traded Value Traded Value Traded (Rs. mn.) Traded (Rs. mn.) (Rs. mn.) (Rs. mn.) (Rs. mn.) (Rs. mn.) Average Daily Trading Value (Rs. mn.) Jun-00 to Mar-01 90,580 23,650 90,580 23, ,025, ,819 1,957, , ,974 24,657 61,926 12, , , ,370 63,830 4,196,873 1,019,254 4,127 93,917 21, ,126, ,516 10,676,843 2,865, ,674 56, ,567 35,772 2,456, ,441 1,066, ,891 16,768,909 4,398,548 17,524 97,025 21,943 Apr ,157 69,939 1,291, ,492 54,890 10,914 31,107 6, ,270 74, ,553 40,981 2,205, ,196 25, ,089 25,877 May ,784 62,826 1,354, ,517 53,198 10,387 30,109 5, ,529 88, ,849 39,113 2,252, ,233 25, ,396 20,066 Jun ,151 93,475 1,694, ,047 9,768 1,819 55,874 12,065 34,895 7, , , ,498 37,390 2,750, ,173 34, ,383 36,892 Jul , ,430 2,282, , ,149 20,395 50,669 11, , , ,501 51,895 3,720,563 1,098,495 47, ,332 74,811 Aug , ,886 2,620, , ,875 24,769 54,649 13, , , ,370 42,191 4,314,098 1,403,625 70, ,027 55,300 Sep-03 1,676, ,610 3,122,432 1,138, ,014 30,877 69,920 19, , , ,555 40,252 5,481,939 1,851,509 84, ,544 66,084 Oct-03 1,866, ,351 3,469,563 1,463, ,794 27,613 60,330 18, , ,581 97,405 44,201 5,989,205 2,303, , ,670 66,773 Nov-03 1,557, ,862 2,761,725 1,224, ,696 23,135 48,281 15, , ,135 61,295 30,610 4,769,938 1,921,714 96, ,704 69,197 Dec-03 1,875, ,777 3,334,468 1,509, ,683 31,002 68,394 23, , ,951 63,426 30,460 5,724,035 2,389, , , ,038 Jan-04 2,611, ,776 3,791,114 1,957, ,431 41,204 72,869 27, , ,041 67,825 36,797 6,976,023 3,240, , ,708 76,158 Feb-04 2,339, ,590 2,868,432 1,614, ,938 37,536 74,933 27, , ,731 75,771 45,984 5,696,541 2,728, , ,794 70,504 Mar-04 2,505, ,101 3,777,206 1,442, ,352 48,115 92,364 33, , , ,874 50,509 7,006,620 2,604, , ,792 71, ,191,668 5,544,625 32,368,842 13,059,493 10,781 2,022 1,043, , , ,222 4,248,149 1,681,736 1,334, ,384 56,886,776 21,306,492 83, ,792 71,876 Apr-04 2,164, ,603 3,829,403 1,210, ,378 43,469 80,733 29, ,628 96,401 85,998 27,363 6,568,668 2,202, , ,845 76,677 May-04 2,551, ,494 3,322, , ,198 68, ,430 34, ,630 77,171 63,156 19,762 6,481,198 1,947,629 92, ,487 46,958 Jun-04 2,152, ,171 3,125, , ,784 49, ,041 35, ,687 53,395 75,380 20,843 5,822,819 1,583,055 71, ,871 53,673 Jul-04 1,971, ,250 3,492, , ,179 60, ,352 38, ,755 76,138 94,222 26,823 6,134,513 1,753,454 79, ,709 59,639 Aug-04 1,803, ,263 3,577, , ,779 41,921 98,618 31, ,013 84,991 86,919 26,044 5,978,503 1,760,057 80, ,185 73,317 Sep-04 1,463, ,001 3,768,178 1,071, ,547 42,825 93,808 31, , , ,304 35,469 5,931,706 1,783,796 81, , ,535 Oct-04 1,320, ,906 3,660,047 1,116, ,099 50,298 97,628 35, , ,838 93,342 31,241 5,666,914 1,822,237 91, ,545 98,451 Nov-04 1,023, ,770 3,600,135 1,135, ,218 49, ,223 38, , ,710 94,810 32,390 5,314,655 1,758,045 87, , ,392 Dec-04 1,447, ,330 5,238,498 1,793, ,557 53, ,650 43, , , ,951 38,449 7,515,469 2,682, , , ,211 Jan-05 1,931, ,508 4,551,564 1,595, ,682 71, ,416 57, , ,017 81,618 30,998 7,246,915 2,652, , , ,037 Feb-05 1,729, ,456 4,167,787 1,517, ,594 71, ,627 59, , ,902 83,843 32,465 6,661,661 2,535, , , ,005 Mar-05 2,076, ,983 4,708,687 1,753, ,632 90, ,385 89, , , ,590 46,075 7,694,164 2,988, , , , ,635,449 7,721,735 47,043,066 14,840, ,870, ,729 1,422, ,807 3,946,979 1,320,660 1,098, ,921 77,017,185 25,470, , , ,523 Apr-05 3,332, ,981 4,225,623 1,061, ,544 72, ,020 59, ,994 82, ,955 27,638 8,628,497 1,959,690 97, , ,430 May-05 3,545, ,653 4,466,404 1,128, ,530 77, ,975 70, ,137 76, ,602 26,094 9,137,619 2,083,803 94, , ,634 Jun-05 3,626, ,182 5,783,428 1,630, ,480 90, ,753 70, , , ,478 31,220 10,653,067 2,712, , , ,448 Jul-05 3,451, ,987 6,537,794 1,996, ,867 81, ,154 86, , ,352 84,989 26,227 11,198,617 3,081, ,083 1,024, ,976 Aug-05 4,278,829 1,008,132 7,124,266 2,348, , , , , , ,352 81,453 27,502 12,764,213 3,723, , , ,879 Sep-05 4,701,774 1,189,051 6,995,169 2,369, , , , , , ,171 85,897 30,695 13,253,741 3,997, , , ,629 Oct-05 6,849,732 1,701,003 6,526,919 2,143, , , , , , ,530 80,134 28,222 15,176,424 4,336, , , ,831 Nov-05 5,238,175 1,354,777 6,252,736 2,165, , , , , , ,691 77,052 27,077 13,055,656 3,958, , , ,655 Dec-05 6,613,032 1,832,931 7,571,377 2,802, , , , , , ,301 95,261 36,140 16,181,118 5,238, , , ,231 Apr - Dec 05 41,637,846 9,992,697 55,483,716 17,647, ,559,090 1,113,072 4,522,813 1,092,125 3,029, , , , ,048,952 31,091, , , ,231 Note: 1. Notional Turnover = (Strike Price + Premium) Quantity. 2. Index Futures, Index Options, Stock Options, Stock Futures and Interest Rate Futures were introduced in June 2000, June 2001, July 2001, November 2001and June 2003 respectively. 24

25 ANNEXURE XI SETTLEMENT STATISTICS IN F&O SEGMENT Month/Year Index/Stock Futures Index/Stock Options MTM Final Premium Exercise Settlement Settlement Settlement Settlement (In Rs. million) Total , , , , , , , Apr-03 2, , May-03 1, , Jun-03 2, , Jul-03 3, , Aug-03 5, , Sep-03 10, , Oct-03 11, , Nov-03 9, , Dec-03 9, , Jan-04 26, , Feb-04 13, , Mar-04 12, , ,220 1,389 8,589 4, , Apr-04 8, , May-04 25, , Jun-04 5, , Jul-04 4, , Aug-04 5, , Sep-04 4, , Oct-04 8, , Nov-04 6, , Dec-04 12, , , Jan-05 23, , Feb-05 9, , Mar-05 15, , , , , , , , Apr-05 17, , May-05 9, , Jun-05 10, , Jul-05 15, , Aug-05 25, , , Sep-05 23, , , Oct-05 34, , , , Nov-05 18, , , Dec-05 24, , , Apr -Dec , , , , , * Balance at the end of period 25

26 ANNEXURE XII BUSINESS GROWTH ON THE WDM SEGMENT Month/Year Number of Trading Value Average Daily Average Trade Trades (Rs. mn.) Trading Value (Rs. mn.) Size (Rs. mn.) Jun 94 - Mar 95 1,021 67, , , , ,776 1, ,821 1,112,633 3, ,092 1,054,691 3, ,987 3,042,160 10, ,470 4,285,818 14, ,851 9,471,905 32, ,778 10,687,011 35, Apr-03 15,512 1,010,522 48, May-03 18,651 1,233,590 51, Jun-03 18,400 1,266,717 50, Jul-03 18,220 1,310,268 48, Aug-03 22,753 1,627,371 65, Sep-03 17,157 1,251,987 48, Oct-03 20,465 1,434,039 59, Nov-03 11, ,029 35, Dec-03 12, ,059 32, Jan-04 11, ,328 29, Feb-04 8, ,989 27, Mar-04 14, ,064 39, ,523 13,160,962 44, Apr-04 19,075 1,334,778 60, May-04 13, ,397 38, Jun-04 11, ,528 31, Jul-04 9, ,125 24, Aug-04 9, ,063 25, Sep-04 12, ,945 35, Oct-04 8, ,698 24, Nov-04 5, ,414 19, Dec-04 10, ,933 27, Jan-05 8, ,049 25, Feb-05 10, ,883 30, Mar-05 6, ,124 22, ,308 8,872,937 30, Apr-05 6, ,165 24, May-05 9, ,135 28, Jun-05 14, ,083 36, Jul-05 8, ,090 20, Aug-05 5, ,174 17, Sep-05 4, ,599 12, Oct-05 2, ,872 12, Nov-05 2, ,597 12, Dec-05 2, ,711 9, Apr - Dec 05 55,512 4,203,424 19, ANNEXURE XIII TOP 10 SECURITIES ON THE WDM SEGMENT: DECEMBER 2005 Security Type Security Name Issue Name No. of Trades Trading Value % of (Rs. mn.) Trading Value GS CG % , GS CG % , GS CG % 160 9, GS CG % 65 6, GS CG % 60 5, GS CG % 83 5, GS CG % 76 5, GS CG % 27 4, TB 364D , TB 364D , Total of top ten securities 1, , Total 2, ,

27 ANNEXURE XIV NSE MIBID/MIBOR RATES MONTH/ OVERNIGHT* 14 DAY** 1 MONTH RATE*** 3 MONTH RATE*** DATE AT 9.40 A.M. AT A.M. AT A.M. AT A.M. MIBID MIBOR MIBID MIBOR MIBID MIBOR MIBID MIBOR 15-Jun Nov Dec Mar Mar Mar Mar Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Note: ** 14 Day : Disseminated since November 10, *** 1 month : Disseminated since December 1, *** 3 month : Disseminated since December 1,

28 ANNEXURE XV DISPOSAL OF INVESTOR GRIEVANCES : DECEMBER 2005 I. Complaints against Trading Members/Companies Sl. No. Details of complaints Trading Members Companies Nov-05 Dec-05 Nov-05 Dec-05 1 Received during the month Carried forward from earlier month Resolved Pending at the end of the month II. List of Trading Members/Companies with more than 5 complaints pending for more than 2 months Sl. No. Name of the Trading Member/Companies No. of Complaints on December 31, 2005 Remarks Trading Members 1 Indiabulls Securities Ltd. 8 Companies 1 Vatsa Corporation Ltd. 80 Suspended 2 Soundcraft Industries Ltd. 28 Suspended 3 Pal Peugot Ltd. 10 Suspended 4 Enkay Texofood Induatries Ltd. 8 Suspended ANNEXURE XVI STATUS REPORT OF ARBITRATION MATTERS : DECEMBER 2005 I. Year-Wise Statistics of Cases Pending Calendar Year Total No. of Cases Withdrawn Awards Pending 1998 CM CM WDM CM CM CM F&O (No. of cases) II. Details of Arbitration Matters Opening Balance Received Award passed Withdrawn III. Centrewise Break-Up Regions Opening Balance Received Award passed Pending Mumbai Delhi Kolkata Chennai Total IV. Segmentwise Break-Up Segment Opening Balance Received Award passed Pending CM F&O WDM Total V. Segmentwise/Centrewise Pending Status Segment/Centre Mumbai Delhi Kolkata Chennai Total CM F&O WDM Total

29 ANNEXURE XVII LIST OF CITIES AND VSATs AT THE END OF DECEMBER 2005 STATE / UTs LIST OF TOWNS AND CITIES NO. OF NO. OF CITIES VSATs Andhra Pradesh Amalapuram, Anantapur,Ankapalle, Bhimavaram, Chirala, Cuddapah, Eluru, Gujuwaka, Gudiwada, Guntur, Hindupur, *Hyderabad, Kakinada, Kukatpally, Kurnool,Markapur, Narsapur, Narsaraopeta, Nellore,Ongole, Palakol, Proddatur, Rajamundry, Secundarabad, Srikakulam, Tadepalligudem, Tadipatri, Tanuku, Tenali, Tirupathi, Vazanagaram, Vijayawada, Vizag,Warangal, Madanpalle, Chilakaluripeta, Iduguralla Assam *Guwahati, Silchar. 2 5 Bihar Begusarai, Bhagalpur, Gaya, Muzzaffarpur, *Patna,Sitamarhi, Chhapra 7 23 Chhattisgarh Bilaspur, Korba, Raipur 3 13 Delhi *Delhi Goa Mapusa, Panaji, Margoa 3 7 Gujarat *Ahmedabad, Anand, *Baroda, Bhavnagar, Bhuj, Botad, Dahod, Dhoraji, Dhrangadhra, Gandhidham, Gandhinagar, Jamnagar, Junagadh, Kadi, Kheda**, Mahuva, Mehsana, Morbi, Nadiad, Navsari, Okha, Patan, Petlad, Porabander, *Rajkot, Surajkaradi, Savarkundla, Surat, Surendranagar, Una, Unjha, Valsad, Vapi, Veraval, Visnagar,Keshod Haryana Ambala, Bahadurgarh, Bhiwani, Fatehabad, Faridabad, Ganaur, Gohana, Gurgaon, Hissar, Jagadhri, Jind, Kaithal, Karnal, Kurukshetra, Narwana, Panchkula, Panipat, Rewari, Rohtak, Sirsa, Sonepat, Yamuna Nagar, Tohana Himachal Pradesh Shimla. 1 1 Jammu & Kashmir Jammu, Srinagar Jharkhand Bokaro, Bhaga, Dhanbad,Giridih, Jamshedpur, Ranchi 6 24 Karnataka Arsikere, *Bangalore, Bellary, Challakere, Chitradurga, Hassan, Hubli, Kumta, *Mangalore, Manipal, Mysore, Sagar, Shimoga, Udupi, Kerala Alleppey, Angamaly, Calicut, Ernakulam, Guruvaryur, Irinjalakuda, Kannur, Kasargod, Karunagapally, *Kochi, Kodungallore, Kollam, Kottayam, Mavelikara,Kottarkara, Muvattupuzha, Pala, Palakad, Pathanamthitta,Thalassery, Thiruvalla, Thodupuzha, Thrissur, Thiruvananthapuram (Trivandrum) Madhya Pradesh Bhilai, Bhopal, Gwalior, *Indore, Jabalpur, Katni, Nagda, Neemuch, Ratlam, Ujjain, Satna, Rewa, Chhindwada,Chhatarpur, **Sidhi Maharashtra Ahmednagar, Akola, Amravati, Ichalkaranji, Jalgaon, Kolhapur, Kopargaon, *Mumbai, Nagpur, Nashik, *Pune, Satara, Aurangabad, Solapur, Yavatmal Manipur Imphal 1 1 Orissa Berhampur,*Bhubaneshwar, Cuttack, Jaraka**, Jeypore, Rourkela 6 10 Punjab Amritsar, Bathinda, Chandigarh, Fazilka, Faridkot**, Hoshiyarpur, Jalandhar, Khanna, *Ludhiana, Mansa, Moga, Mohali, Muktasar, Nabha, Pathankot, Patiala, Barnala, Abohar, Kotkapura, Batala, Sangrur,Gurdaspur, Kapurthala,Sunam,Rampuraphul Rajasthan Ajmer, Alwar, Bharatpur, Bhilwara, Bikaner, Falna, *Jaipur, Jodhpur, Kota, Udaipur, Sujangarh, Makrana, Nokha, Pratapgarh, Beawar, Salasar, SardarShahar, Sri Ganganagar, Dungarpur, Kankroli Tamil Nadu *Chennai, *Coimbatore, Erode, Karaikal, Karaikudi, Karur, Kumbakonam, Madurai, Nagercoil, Namakkal, Neyveli, Salem, Sivakasi, Thanjavur, Tirunelveli, Trichy, Tuticorin,Theni, Hosur, Vellore, Gobichettipalayam, Gudiyatham, Dharapuram, Pollachi, Thiruvannamalai Tripura Agaratala 1 1 Union Territory Pondicherry 1 2 Uttar Pradesh Agra, Aligarh, Allahabad, Bahraich, Banda, Bareilly, Chandausi, Firozabad, Gorakhphur, Ghaziabad, Jhansi, Kurja, Kasganj,*Kanpur, Lucknow, Mathura, Meerut, Moradabad, Muzzafararnagar, Najibabad, Modinagar, Rishikesh, Roorkee, Renukoot, Saharanpur, Varanasi, Bulandshar, Shahjahanpur, Hapur, Rampur, Mussoorie, Sahibabad, Haldwani,khatauli, Baghpat, Sambhal, Mirzapur Uttaranchal Dehradun, Haridwar, Nainital, Rudrapur, Ramnagar, Sitarganj 6 15 West Bengal Asansol, *Kolkatta, Siliguri, Durgapur, Purulia, Jalpaiguri, Raniganj, Medinipur, Coochbehar, Burdwan Total 320 2,799 * Indicates cities which have a Regional Stock Exchange. ** Cities activated in December

30 The NCFM Programme NSE introduced in 1998 a facility for testing and certification by launching NSE s Certification in Financial Markets (NCFM). It is an on-line nation-wide testing and certification system. The entire process of testing, assessing and scores reporting is fully automated. NCFM tests the core knowledge of candidates in various areas of financial markets. How to appear for NCFM Modules? One can appear for NCFM modules by registering himself for the programme by filling up part-i of the prescribed registration form along with passport size photograph. The registration form can be collected from the nearest NSE office or it can be downloaded from our website The candidate may enroll for the chosen module by filling up part-ii of the said registration form and by submitting the test fees. The test fee for each test per module is Rs. 1000/- for all the given modules except for Commodities Market Module. For Commodities Market Module, the test fees is Rs. 1200/- per test. Test fees are payable by demand draft only, payable at respective NSE branch office and should be drawn in favour of National Stock Exchange of India Ltd. Study Material for all the given modules (except for AMFI Modules) would be provided on receipt of the required test fees between 3.30 p.m. to 5.30 p.m. from Monday to Friday except on Exchange specified holidays. Once the test details are specified by the candidate in the registration form, the test cannot be rescheduled. Fees once paid shall not be refunded. A certificate is mailed to the successful candidates at their given mailing address within 15 days of the test. Model tests are available on our website Information on the NCFM programme can be obtained at NSE s web-site: nseindia.com or by sending an at ncfm@nse.co.in 30

31 MODULES OF NCFM Currently NCFM tests are conducted in the following nine modules: Sr. Name of Module Test No. of Max. Pass Certificate No. Duration Questions Marks Marks Validity (in min.) (%) (in years) 1 Derivatives Core Module Capital Market (Dealers) Module Securities Market (Basic) Module FIMMDA-NSE Debt Market (Basic) Module Surveillance in Stock Exchanges Module NSDL-Depository Operations Module Commodities Market Module AMFI-Mutual Fund (Basic) Module AMFI-Mutual Fund (Advisors) Module LIST OF TEST CENTRES TEST TEST CENTRE TELEPHONE AND FAX CENTRE NUMBERS 1. National Stock Exchange of India Ltd. Tel : "Exchange Plaza", Bandra Kurla Complex, Bandra (East), Mumbai Fax: National Stock Exchange of India Ltd. Tel : "Thapar House", Western Wing,Mezzanine Floor, Fax: Janpath Lane,124, Janpath,New Delhi National Stock Exchange of India Ltd. Tel : / Ideal Plaza, 11/1 Sarat Bose Road, Kolkata Fax: /57 4. National Stock Exchange of India Ltd. Tel : th Floor, Arihant Nitco Park, 90 Dr. Radhakrishnan Fax: Salai, Mylapore,Chennai National Stock Exchange of India Ltd. Tel : / H No , Mahavir House, Fax: IInd Floor, Chamber No. 203 & 204, Basheerbagh, Hyderabad National Stock Exchange of India Ltd. Tel : Sakar II, Near Ellis Bridge, Fax: Ahmedabad Any other place (depending on demand) 31

32 EXCHANGE PLAZA NSE - Branch Offices AHMEDABAD 406 Sakar II, Near Ellis Bridge Ahmedabad Tel No: (079) Fax No: (079) CHENNAI 7th Floor, Arihant Nitco Park 90, Dr. Radhakrishnan Salai Mylapore, Chennai Tel No: (044) / Fax No: (044) DELHI "Thapar House" Western Wing Mezzanine Floor, Janpath Lane 124 Janpath, New Delhi Tel No: (011) to Fax No: (011) HYDERABAD H No , Mahavir House, IInd Floor, Chamber No. 203 & 204, Basheerbagh, Hyderabad Tel No: (040) / Fax No: (040) KOLKATA Ideal Plaza, 11/1 Sarat Bose Road, Kolkata Tel No: (033) , Fax No: (033) , NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai Tel. : , Fax : address: cc_nse@nse.co.in website : 32