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BSE NSE NCDEX MCX NSE Equity & Derivatives MCX-SX Currency NCDEX NCDEX-SPOT MCX Mutual Funds IPOs NSE Equity &  Derivatives The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group on Establishment of New Stock Exchanges. It recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE was promoted by leading Financial Institutions at the behest of the Government of India and was incorporated in November 1992 as a tax-paying company unlike other stock exchanges in the country. On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000. The following years witnessed rapid development of Indian capital market with introduction of internet trading, Exchange traded funds (ETF), stock derivatives and the first volatility index - IndiaVIX in April 2008, by NSE. August 2008 saw introduction of Currency derivatives in India with the launch of Currency Futures in USD INR by NSE. Interest Rate Futures was introduced for the first time in India by NSE on 31st August 2009, exactly after one year of the launch of Currency Futures. With this, now both the retail and institutional investors can participate in equities, equity derivatives, currency and interest rate derivatives, giving them wide range of products to take care of their evolving needs. MCX-SX  Currency MCX-SX is a subsidiary of Multi Commodity Exchange of India Ltd (MCX) and operates under the regulatory framework of Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI). It was inaugurated on 6th October 2008 and went live the next day. It leverages the illustrious lineage of MCX and draws on all its strengths as India’s No. 1 commodity exchange.MCX ranks among the world top 10 commodity futures exchange in 2007 as per FIA. It also ranks no.1 in silver, no.2 in natural gas, and no.3 in gold, crude oil, and copper futures trading globally. In addition to being accredited with ISO 9001:2000 for quality management, MCX has the distinction of achieving the ISO 27001:2005 certification, the global benchmark for information security systems. MCX operates from over 600 cities with over 1,900 members and more than 52,000 trading stations with connectivity through VSAT, Internet, leased line, CTCL, etc. A total of over 50 globally benchmarked and domestic commodities are traded on MCX with an average daily turnover of over Rs.18,000 crore. MCX has recorded a market share of over 85% during the first quarter of financial year 2008-09. In a short span of five years, MCX has redefined the Indian commodity market and provided the Indian economy and the market participants with numerous benefits. MCX is amongst the fastest growing exchanges in the world and has strategic alliances with NYMEX, LME, TOCOM, NYSE Euronext, CCX, SHFE, and others. As a 51% stakeholder in MCX-SX, MCX will add value to the business of MCX-SX by bringing in the actual users of commodities to hedge their currency exposure on MCX-SX’s nationwide electronic trading platform. Benefits of MCX-SX MCX-SX provides a host of benefits to a wide range of financial market participants, including hedgers (i.e. exporters, importers, corporates, and banks), investors, and arbitrageurs. Hedgers : MCX-SX provides a high-liquidity platform for hedging against the effects of unfavourable fluctuations in foreign exchange rates. Banks, importers, exporters and corporates can hedge on MCX-SX at low entry and exit costs. Investors : All those interested in taking a view on appreciation (or depreciation) of exchange rate in the long and short term can participate in the MCX-SX currency futures. For example, if one expects depreciation of Indian rupee against US dollar, then he can hold on long (buy) position in the USD/INR contract for returns. Contrarily, he can sell the contract if he sees appreciation of the Indian rupee. Arbitrageurs : Arbitrageurs get opportunity to trade in interest rate differentials of respective currencies implied from currency futures. The website (www.mcx-sx.com) is published and operated by MCX Stock Exchange Limited (MCX-SX) at 2nd floor, Exchange Square, Suren Road, Andheri (East), Mumbai- 400 093, India. Your use of this website or any of its sections or pages is governed by the terms and conditions of this website. NCDEX National Commodity & Derivatives Exchange Limited (NCDEX) is a professionally managed on-line multi commodity exchange. The shareholders are: Promoter shareholders  : Life Insurance Corporation of India (LIC), National Bank for Agriculture and Rural Development (NABARD) and National Stock Exchange of India Limited (NSE). Other shareholders  : Canara Bank, CRISIL Limited (formerly the Credit Rating Information Services of India Limited), Goldman Sachs, Intercontinental Exchange (ICE), Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank (PNB). NCDEX is the only commodity exchange in the country promoted by national level institutions. This unique parentage enables it to offer a bouquet of benefits, which are currently in short supply in the commodity markets. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust, nationwide reach, technology and risk management skills. NCDEX is a public limited company incorporated on April 23, 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on May 9, 2003. It commenced its operations on December 15, 2003. NCDEX is a nation-level, technology driven de-mutualised on-line commodity exchange with an independent Board of Directors and professional management - both not having any vested interest in commodity markets. It is committed to provide a world-class commodity exchange platform for market participants to trade in a wide spectrum of commodity derivatives driven by best global practices, professionalism and transparency. NCDEX is regulated by Forward Markets Commission. NCDEX is subjected to various laws of the land like the Forward Contracts (Regulation) Act, Companies Act, Stamp Act, Contract Act and various other legislations NCDEX is located in Mumbai and offers facilities to its members about 550 centres throughout India. The reach will gradually be expanded to more centres. NCDEX currently facilitates trading of 57 commodities - Agriculture  - Barley, Cashew, Castor Seed, Chana, Chilli, Coffee - Arabica, Coffee - Robusta, Crude Palm Oil, Cotton Seed Oilcake, Expeller Mustard Oil, Groundnut (in shell), Groundnut Expeller Oil, Guar gum, Guar Seeds, Gur, Jeera, Jute sacking bags, Indian Parboiled Rice, Indian Pusa Basmati Rice, Indian Traditional Basmati Rice, Indian Raw Rice, Indian 28.5 mm Cotton, Indian 31 mm Cotton, Masoor Grain Bold, Medium Staple Cotton, Mentha Oil, Mulberry Green Cocoons, Mulberry Raw Silk, Mustard Seed, Pepper, Potato, Raw Jute, Rapeseed-Mustard Seed Oilcake, RBD Palmolein, Refined Soy Oil, Rubber, Sesame Seeds, Soyabean, Sugar, Yellow Soybean Meal, Tur, Turmeric, Urad, V-797 Kapas, Wheat, Yellow Peas, Yellow Red Maize. Metals  - Aluminium Ingot, Electrolytic Copper Cathode, Gold, Mild Steel Ingots, Nickel Cathode, Silver, Sponge Iron, Zinc Ingot. Energy  - Brent Crude Oil, Furnace Oil. NCDEX -   SPOT NCDEX Spot Exchange Ltd. (NSPOT) is a professionally managed online commodity spot exchange established on October, 18 2006. It has commenced operations and has plans to encompass the entire spectrum of commodities across the country to bring home the advantages of an electronic spot trading platform to all market participants in the agricultural and non-agricultural segments. On the agriculture side, the Exchange will enable the farmers to trade seamlessly on the platform so that they receive the best possible price. The real time availability of information and simple delivery process will ensure that the farmers are the main direct beneficiaries of this trading platform. The users of the commodities in the value chain will have simultaneous access to the Exchange on the buy side and procure at the best possible price. The efficiency levels attained as a result of such seamless spot transactions will result in major benefits for both producers and consumers as the supply chains are made more robust. In the non-agricultural segment, both producers and consumers of commodities would have real time access to price information which will enable them to transact their business and lower cost through effective raw material and finished goods inventory management. NSPOT derives its strength from NCDEX Limited, which is a leading futures exchange dealing with agricultural and non-agricultural products. NCDEX Limited has been in operation since December 15, 2003 and has crossed many milestones in its eventful existence. More than 80% of the turnover on the Exchange is derived from agricultural commodities. NSPOT is a public limited company incorporated on October 18, 2006 under the Companies Act, 1956. It obtained the Certificate of Commencement of Business on October 18, 2006. The Board of Directors of the company consists of eminent professionals and businessmen from diverse fields well versed with the working of online exchanges. The Board is committed to provide a world class exchange platform for market participants to trade in a wide spectrum of spot market products driven by global practices, professionalism and transparency. The Exchange operations will be regulated in each state by the respective state governments and will be subjected to various laws of the land like the Companies Act, Stamp Act, Contracts Act, APMC Act and others which impinge on its working. MCX Headquartered in the financial capital of India, Mumbai, Multi Commodity Exchange of India Ltd (www.mcxindia.com) is a demutualised nationwide electronic commodity futures exchange set up by Financial Technologies (India) Ltd. with permanent recognition from Government of India for facilitating online trading, clearing & settlement operations for futures market across the country. The exchange started operations in November 2003. MCX has achieved three ISO certifications including ISO 9001:2000 for quality management, ISO 27001:2005 - for information security management systems and ISO 14001:2004 for environment management systems. MCX offers futures trading in more than 40 commodities from various market segments including bullion, energy, ferrous and non-ferrous metals, oil and oil seeds, cereal, pulses, plantation, spices, plastic and fibre. The exchange strives to be at the forefront of developments in the commodities futures industry and has forged strategic alliances with various leading International Exchanges, including Tokyo Commodity Exchange, Chicago Climate Exchange, London Metal Exchange, New York Mercantile Exchange, Bursa Malaysia Derivatives, Berhad and others. Key shareholders  : Promoted by Financial Technologies (India) Ltd, MCX enjoys the confidence of blue chips in the Indian and international financial sectors. MCX’s broadbased strategic equity partners include, NYSE Euronext, State Bank of India and its associates (SBI), National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Ltd. (NSE), SBI Life Insurance Co. Ltd., Bank of India (BOI) , Bank of Baroda (BOB), Union Bank of India, Corporation Bank, Canara Bank, HDFC Bank, Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, ICICI Ventures, IL & FS, Kotak group, Citi Group and Merrill Lynch. Mutual  Funds Mutual funds are investment companies that pool money from investors at large and offer to sell and buy back its shares on a continuous basis and use the capital thus raised to invest in securities of different companies A Brief of How Mutual Funds Work A mutual fund is nothing more than a collection of stocks and/or bonds. You can think of a mutual fund as a company that brings together a group of people and invests their money in stocks, bonds, and other securities. Mutual funds have diversified investments spread in calculated proportions amongst securities of various economic sectors. Each investor owns shares, which represent a portion of the holdings of the fund. Mutual funds can be either or both of open ended and closed ended investment companies depending on their fund management pattern. An open-end fund offers to sell its shares (units) continuously to investors either in retail or in bulk without a limit on the number as opposed to a closed-end fund. Closed end funds have limited number of shares You can make money from a mutual fund in three ways: Income is earned from dividends on stocks and interest on bonds. A fund pays out nearly all of the income it receives over the year to fund owners in the form of a distribution. If the fund sells securities that have increased in price, the fund has a capital gain. Most funds also pass on these gains to investors in a distribution If fund holdings increase in price but are not sold by the fund manager, the fund’s shares increase in price. You can then sell your mutual fund shares for a profit. Funds will also usually give you a choice either to receive a check for distributions or to reinvest the earnings and get more shares. Advantages of Mutual Funds  : Professional Management - The primary advantage of funds (at least theoretically) is the professional management of your money. Investors purchase funds because they do not have the time or the expertise to manage their own portfolios. A mutual fund is a relatively inexpensive way for a small investor to get a full-time manager to make and monitor investments. Diversification - By owning shares in a mutual fund instead of owning individual stocks or bonds, your risk is spread out. The idea behind diversification is to invest in a large number of assets so that a loss in any particular investment is minimized by gains in others. In other words, the more stocks and bonds you own, the less any one of them can hurt you (think about Enron). Large mutual funds typically own hundreds of different stocks in many different industries. It wouldn’t be possible for an investor to build this kind of a portfolio with a small amount of money. Economies of Scale - Because a mutual fund buys and sells large amounts of securities at a time, its transaction costs are lower than what an individual would pay for securities transactions. Liquidity - Just like an individual stock, a mutual fund allows you to request that your shares be converted into cash at any time. Simplicity - Buying a mutual fund is easy! Pretty well any bank has its own line of mutual funds, and the minimum investment is small. Most companies also have automatic purchase plans whereby as little as Rs. 500 can be invested on a monthly basis. Best guide for selecting the right mutual funds  : Selecting best mutual funds mean a lot more than deciding by indices and their past performances. However, you need to remember one thing that there is no quick gratification in investments of any kind. This article tells you regarding: How can you select a mutual fund for investment? Is it important to pick up companies that are performing above average? Is it advisable to compare mutual funds across category? When your investment purpose is for saving for retirement, then risk minimization should be your mantra. And one of the best avenues for you to invest now is mutual funds as they have an average of 50 stocks in each portfolio for diversification and cushioning the risks. Selecting best mutual funds mean a lot more than deciding by indices and their past performances. However, you need to remember one thing that there is no quick gratification in investments of any kind. Let us discuss the dos and don’ts of selecting the best mutual funds. These points should serve as guidelines for making decision on whether your pick is among the best in the industry or not. Dos In Selecting the Best Mutual Fund  : Draw down your investment objective. There are various schemes suitable for different needs. For example retirement plan, capital growth etc. Also get clear about your time frame for investment and returns. Equity funds are not advisable for short term because of their long term nature. You can consider money market and floating rate funds for short term gains. This equals asking - What kind of mutual fund is right for me? Once you have decided on a plan or a couple of them, collect as much information as possible on them from different sources offering them. Funds’ prospectus and advisors may help you in this. Pick out companies consistently performing above average. Mutual funds industry indices are helpful in comparing different funds as well as different plans offered by them. Some of the industry standard fund indices are Nasdaq 100, Russel 2000, S&P fund index and DSI index with the latter rating the Socially Responsible Funds only. Also best mutual funds draw good results despite market volatility. Get a clear picture of fees & associated cost, taxes (for non-tax free funds) for all your short listed funds and how they affect your returns. Best mutual funds have lower cost out go Best mutual funds maximize returns and minimize risks. A number called as Sharpe Ratio explains whether a fund is risk free based on its expected returns compared against a risk free money market fund. Some funds have the advantage of low minimum initial investments. You can start investing even with $250 a month. This is advisable for building asset bases over a long period with small regular investments. Don’ts In Selecting Best Mutual Funds: It is definitely not easy to pick a few best mutual funds from those in the market. It is like searching for the proverbial needle in the stack of hay. However, a best mutual fund is one that charges low fees, that sticks to principles and investment styles and the one that puts your interest on top of everything else. The most important character of best mutual funds is they don’t just know how to ride a bull run but also a bear market. Like there are pit falls in every investment sphere you must be careful about even while investing in mutual funds. Here is a list of don’ts you must consider for selecting best performing mutual funds. Don’t go by the past performance alone. For, an average of performance over a period will not tell you whether the performance is growing or at least maintained in the recent years Don’t go by hearsay about the reputations of a fund. There are various rating agencies which index the mutual funds regularly based on multiple factors. It forms your first step in finding the best performing mutual funds. Don’t invest huge sums of money in a single fund or all the money in one go. Spread out your investments rationally. For example: Index funds for high returns, bond funds for lower risks, 401 (k) retirement plans and so on. Don’t ignore absolute returns. NAVs and percentage growths don’t factor-in the taxes and charges. Higher loads can diminish you in absolute returns. Some of the funds load you at both buying as well as selling. Even no load funds have fees such as Rule 12-b fees. Don’t chase a mutual fund because it is performing great in a bull run in the stock market. Once the market stagnates or the trend reverses these funds will follow suit. Don’t compare a mutual fund across the category. This means a diversified fund should not be compared with index fund. While choosing a best one compare funds from the same category regardless of the promoting companies. Best Tips to do an Analysis of Mutual Funds: Before investing in mutual funds a proper analysis is required. While all analyses’ efforts are aimed at maximizing returns and minimizing risks, it is the latter that gains importance as the single most fundamental criterion to compare mutual funds. This article makes you aware of: How can you do a mutual fund analysis? Important is the risk factor analysis? Why is it important to track the record of mutual fund companies? Investing in mutual funds is not a child’s play unless one does a mutual funds’ analysis. At least it is not as easy as picking top performers going by indices and investing in them. While all analyses’ efforts are aimed at maximizing returns and minimizing risks, it is the latter that gains importance as the single most fundamental criterion to compare mutual funds. Fundamental Objectives of Investment  : To begin with our mutual funds’ analysis you need to be clear about the investment objectives you have, that is whether the objective is growth of capital or regular income. Whatsoever be the case, the basics of objective of investment are not to be forgotten. Tips To Do Mutual Fund Analysis  : It is needless to say that you need to have some rudimentary knowledge of investing in stocks and securities apart from street smartness to research mutual funds. Here are a few tips for analysis before investing mutual funds. We will begin our exercise from the point you have collected all the relevant information about competing funds. Look At The Portfolio of Your Pick of Funds  : Most of the plans will have invested in multiple stocks or securities for diversification. Critical point here is in what proportion they have invested in different stocks. Giving a higher weightage to a high returning stock leaves less opportunity for broader allocation and may back fire when market is bearish (plummeting steadily). Also higher returning stocks carry high element of risk. The Optimum Portfolio Size  : What should be the optimum portfolio size (assortment investments under one plan) for your pick of fund? Well, opinions are divided about this, but it is crucial to look into the specifics of stock bets and sectors you will be exposed to. Higher exposure to specific sectors may see you loosing out on broad based rallies in the bourses (stock markets). Optimally 65 % to 85% may be allocated in stocks from different sectors for diversification plus growth and the balance being in typical bond and money market instruments. Is Your Pick of Funds Really Diversified  ? Notice that the competing plans, though from different fund companies, perform almost on par as if they have a correlation. They indeed have. So, does it mean you have diversified by spreading your money amongst them? Well, think again. Similar plans have similar pattern of their holdings of stocks and with a similar portfolio. This means, in actual effect you are not diversifying. They all go up and down almost as if they do it in tandem. For clear diversification, pick those with different portfolios though they are similar plans (ex: growth, index or dividend paying etc) Take a Look At Risk Factor  : Legendary investor Warren Buffett says risk results from putting money in stocks that are not among the best. It is not important how big a portfolio your plan has, instead how many of them are the best of the stocks. For example, a prospectus may tell you they invest in 50 stocks for a particular plan. But you can easily say not more than half of them are fundamentally good. Don’t Ignore Expenses: Every fund charges some kind of fees/loads to cover expenses. Then there are taxes to pay in most of the cases. Typical average expense charged by fund managers is 1.5% though there are funds that charge you as low as 0.2% also. Even 1.5% might appear a small figure but it could make a big difference to you over a long invested period even if you had invested as little as $ 10,000. (Find out a fund’s expense ratio at Yahoo! Finance Quote Box). Track the Track Record of Companies  : To check mutual funds, the shortest time frame you should check for is three year period. As mutual funds are long term investments, it is better to stick to a fund (plus its manager) that has shown consistent performance over long periods (a ten years time is the benchmark). A hot performance of a quarter or a year may suck investors who chase them but even for a short term investment, it is advisable that long term track records are important Who Is Managing Your Fund  ? Finally taking a look at the fund’s manager should tell you why the fund is performing as it had. If a fund has a new manager at the helm of affairs after a strong five year performance, it is something to be cautious. Not that you should refrain from that company. Digging deeper into his historical abilities at managing funds throws light on his track record as a fund manager (to find a manager’s history click on the Profile tab on the Yahoo! Finance Mutual Fund Quote Page). There are times when you come out winners even with blind investing. But it pays to do a thorough research even in a bull market before investing. IPOs The term initial public offering (IPO) slipped into everyday speech during the tech bull market of the late 1990s. Back then, it seemed you couldn’t go a day without hearing about a dozen new dotcom millionaires in Silicon Valley who were cashing in on their latest IPO. The phenomenon spawned the term siliconaire, which described the dotcom entrepreneurs in their early 20s and 30s who suddenly found themselves living large on the proceeds from their internet companies’ IPOs. Selling Stock  : An initial public offering, or IPO, is the first sale of stock by a company to the public. A company can raise money by issuing either debt or equity. If the company has never issued equity to the public, it’s known as an IPO. Companies fall into two broad categories: private and public. A privately held company has fewer shareholders and its owners don’t have to disclose much information about the company. Anybody can go out and incorporate a company: just put in some money, file the right legal documents and follow the reporting rules of your jurisdiction. Most small businesses are privately held. But large companies can be private too. Did you know that Reliance, Domino’s Pizza and Hallmark Cards are all privately held? It usually isn’t possible to buy shares in a private company. You can approach the owners about investing, but they’re not obligated to sell you anything. Public companies, on the other hand, have sold at least a portion of themselves to the public and trade on a stock exchange. This is why doing an IPO is also referred to as "going public." Public companies have thousands of shareholders and are subject to strict rules and regulations. They must have a board of directors and they must report financial information every quarter. In the India, public companies report to the Securities and Exchange Boardof India (SEBI). In other countries, public companies are overseen by governing bodies similar to the SEBI. From an investor’s standpoint, the most exciting thing about a public company is that the stock is traded in the open market, like any other commodity. If you have the cash, you can invest. The CEO could hate your guts, but there’s nothing he or she could do to stop you from buying stock. Why Go Public? Going public raises cash, and usually a lot of it. Being publicly traded also opens many financial doors: • Because of the increased scrutiny, public companies can usually get better rates when they issue debt. • As long as there is market demand, a public company can always issue more stock. Thus, mergers and acquisitions are easier to do because stock can be issued as part of the deal. • Trading in the open markets means liquidity. This makes it possible to implement things like employee stock ownership plans, which help to attract top talent. Being on a major stock exchange carries a considerable amount of prestige. In the past, only private companies with strong fundamentals could qualify for an IPO and it wasn’t easy to get listed. The internet boom changed all this. Firms no longer needed strong financials and a solid history to go public. Instead, IPOs were done by smaller startups seeking to expand their businesses. There’s nothing wrong with wanting to expand, but most of these firms had never made a profit and didn’t plan on being profitable any time soon. Founded on venture capital funding, they spent like Texans trying to generate enough excitement to make it to the market before burning through all their cash. In cases like this, companies might be suspected of doing an IPO just to make the founders rich. This is known as an exit strategy, implying that there’s no desire to stick around and create value for shareholders. The IPO then becomes the end of the road rather than the beginning. How can this happen? Remember: an IPO is just selling stock. It’s all about the sales job. If you can convince people to buy stock in your company, you can raise a lot of money. Summary  : An initial public offering (IPO) is the first sale of stock by a company to the public. Broadly speaking, companies are either private or public. Going public means a company is switching from private ownership to public ownership. Going public raises cash and provides many benefits for a company. The dotcom boom lowered the bar for companies to do an IPO. Many startups went public without any profits and little more than a business plan. Getting in on a hot IPO is very difficult, if not impossible. The process of underwriting involves raising money from investors by issuing new securities. Companies hire investment banks to underwrite an IPO. The road to an IPO consists mainly of putting together the formal documents for the Securities and Exchange Board of India (SEBI) and selling the issue to institutional clients. The only way for you to get shares in an IPO is to have a frequently traded account with one of the investment banks in the underwriting syndicate. An IPO company is difficult to analyze because there isn’t a lot of historical info. Lock-up periods prevent insiders from selling their shares for a certain period of time. The end of the lockup period can put strong downward pressure on a stock. Flipping may get you blacklisted from future offerings. Road shows and red herrings are marketing events meant to get as much attention as possible. Don’t get sucked in by the hype. A tracking stock is created when a company spins off one of its divisions into a separate entity Don’t consider tracking stocks to be the same as a normal IPO, as you are essentially a second-class shareholder.

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