The Government through the Ministry of Micro, Small and

Medium Enterprises (MSME) has been implementing a number of

schemes with the objective of having a vibrant MSME sector
through the promotion of growth and development of micro, small
and medium enterprises including khadi, village and coir industries
in cooperation with concerned Ministries/Departments, State
Governments and other stakeholders by providing support to
existing enterprises and encouraging creation of new enterprises.

The major thrust among the MSME segments include providing

assistance in the form of margin money subsidy to first generation
entrepreneurs to set up new micro enterprises through bank credit
under Prime Minister’s Employment
Generation Programme (PMEGP), facilitating adequate availability
of bank credit through Credit Guarantee Fund scheme, promotion
of MSMEs through cluster based approach and adequate skill
development. Details of funds allocation and release by the
Ministry during 2008-09 and funds allocated for 2009-10 under
some specific and relevant schemes are:

The National Stock Exchange (NSE) (Hindi: राष्ट्रीय शेअर बाज़ार)

is a stock exchange located at Mumbai, India. It is the largest stock
exchange in India in terms of daily turnover and number of trades,
for both equities and derivative trading.[1]. NSE has a market
capitalization of around Rs 47,01,923 crore (7 August 2009) and is
expected to become the biggest stock exchange in India in terms of
market capitalization by 2009 end.[2] Though a number of other
exchanges exist, NSE and the Bombay Stock Exchange are the two
most significant stock exchanges in India, and between them are
responsible for the vast majority of share transactions. The NSE's
key index is the S&P CNX Nifty, known as the NSE NIFTY
(National Stock Exchange Fifty), an index of fifty major stocks
weighted by market capitalisation.
NSE is mutually-owned by a set of leading financial institutions,
banks, insurance companies and other financial intermediaries in
India but its ownership and management operate as separate
entities[3]. There are at least 2 foreign investors NYSE Euronext
and Goldman Sachs who have taken a stake in the NSE.[4] As of
2006, the NSE VSAT terminals, 2799 in total, cover more than
1500 cities across India [5]. In October 2007, the equity market
capitalization of the companies listed on the NSE was US$ 1.46
trillion, making it the second largest stock exchange in South Asia.
NSE is the third largest Stock Exchange in the world in terms of
the number of trades in equities.[6] It is the second fastest growing
stock exchange in the world with a recorded growth of 16.6%.[7]

The National Stock Exchange of India 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. In
April 1993, it was recognized as a stock exchange under the
Securities Contracts (Regulation) Act, 1956. NSE commenced
operations in the Wholesale Debt Market (WDM) segment in June
1994. The Capital market (Equities) segment of the NSE
commenced operations in November 1994, while operations in the
Derivatives segment commenced in June 2000.

[edit] Innovations

NSE has remained in the forefront of modernization of India's

capital and financial markets, and its pioneering efforts include:

 Being the first national, anonymous, electronic limit order

book (LOB) exchange to trade securities in India. Since the
success of the NSE, existent market and new market
structures have followed the "NSE" model.
 Setting up the first clearing corporation "National Securities
Clearing Corporation Ltd." in India. NSCCL was a landmark
in providing innovation on all spot equity market (and later,
derivatives market) trades in India.
  Co-promoting and setting up of National Securities
Depository Limited, first depository in India [1].
 Setting up of S&P CNX Nifty.
 NSE pioneered commencement of Internet Trading in
February 2000, which led to the wide popularization of the
NSE in the broker community.
 Being the first exchange that, in 1996, proposed exchange
traded derivatives, particularly on an equity index, in India.
After four years of policy and regulatory debate and
formulation, the NSE was permitted to start trading equity
derivatives
 Being the first and the only exchange to trade GOLD ETFs
(exchange traded funds) in India.
 NSE has also launched the NSE-CNBC-TV18 media centre
in association with CNBC-TV18.
 NSE.IT Limited, setup in 1999 , is a 100% subsidiary of the
National Stock Exchange of India. A Vertical Specialist
Enterprise, NSE.IT offers end-to-end Information
Technology (IT) products, solutions and services.

[edit] Markets

Currently, NSE has the following major segments of the capital

market:

 Equity
 Futures and Options
 Retail Debt Market
 Wholesale Debt Market
 Currency futures
 MUTUAL FUND
 STOCKS LENDING & BROWING

August 2008 Currency derivatives were introduced in India with

the launch of Currency Futures in USD INR by NSE. Currently it
has also launched currency futures in EURO, POUND & YEN.
Interest Rate Futures was introduced for the first time in India by
NSE on 31 August 2009, exactly after one year of the launch of
Currency Futures.

NSE became the first stock exchange to get approval for Interest
rate futures as recommended by SEBI-RBI committee, on 31
August 2009, a futures contract based on 7% 10 Year GOI bond
(NOTIONAL) was launched with quarterly maturities. [2]

[edit] Hours

NSE's normal trading sessions are conducted from 9:00 am India

Time to 3:30 pm India Time on all days of the week except
Saturdays, Sundays and Official Holidays declared by the
Exchange (or by the Government of India) in advance.[8] The
exchange, in association with BSE (Bombay Stock Exchange
Ltd.), is thinking of revising its timings from 9.00 am India Time
to 5.00 pm India Time.

There were System Testing going on and opinions, suggestions or

feedback on the New Proposed Timings are being invited from the
brokers across India. And finally on 18 November 2009 regulator
decided to drop their ambitious goal of longest Asia Trading Hours
due to strong opposition from its members.

On 16 December 2009, NSE announced that it would pre-pone the

market opening at 9am from 18 December 2009. So NSE trading
hours will be from 9:00 am till 3:30 pm India Time.

However, on 17 December 2009, after strong protests from

brokers, the Exchange decided to postpone the change in trading
hours till 4 Jan 2010.

NSE new market timing from 4 Jan 2010 is 9:00 am till 3:30 pm
India Time.
The Bombay Stock Exchange (BSE) (Marathi: मंब ु ई शेअर बाजार
Mumbaī Śhear Bājār) (formerly, The Stock Exchange, Mumbai) is
the oldest stock exchange in Asia and has the third largest number
of listed companies in the world, with 4900 listed as of Feb 2010.[1]
It is located at Dalal Street, Mumbai, India. On Feb, 2010, the
equity market capitalization of the companies listed on the BSE
was US$1.28 trillion, making it the 4th largest stock exchange in
Asia and the 11th largest in the world.[2]

With over 4900 Indian companies listed & over 7700 scrips on the
stock exchange,[3] it has a significant trading volume. The BSE
SENSEX (SENSitive indEX), also called the "BSE 30", is a
widely used market index in India and Asia. Though many other
exchanges exist, BSE and the National Stock Exchange of India
account for most of the trading in shares in India.

The Bombay Stock Exchange is the oldest exchange in Asia. It

traces its history to the 1850s, when 4 Gujarati and 1 Parsi
stockbroker would gather under banyan trees in front of Mumbai's
Town Hall. The location of these meetings changed many times, as
the number of brokers constantly increased. The group eventually
moved to Dalal Street in 1874 and in 1875 became an official
organization known as 'The Native Share & Stock Brokers
Association'. In 1956, the BSE became the first stock exchange to
be recognized by the Indian Government under the Securities
Contracts Regulation Act. The Bombay National Securities
Depository Limited (NSDL), is the first central securities
depository in India. It is promoted by institutions of national
stature responsible for the economic development of India and has
established a national infrastructure of international standards that
handles most of the securities held and settled in dematerialised
form in the Indian capital market.Stock Exchange developed the
BSE Sensex in 1986, giving the BSE a means to measure overall
performance of the exchange. In 2000 the BSE used this index to
open its derivatives market, trading Sensex futures contracts. The
development of Sensex options along with equity derivatives
followed in 2001 and 2002, expanding the BSE's trading platform.
Historically an open outcry floor trading exchange, the Bombay
Stock Exchange switched to an electronic trading system in 1995.
It took the exchange only fifty days to make this transition. This
automated, screen-based trading platform called BSE On-line
trading (BOLT) currently has a capacity of 80 lakh orders per day.
The BSE has also introduced the world's first centralized
exchange-based internet trading system, BSEWEBx.co.in to enable
investors

Although India had a vibrant capital market which is more than a

century old, the paper-based settlement of trades caused substantial
problems like bad delivery and delayed transfer of title till
recently. The enactment of Depositories Act in August 1996 paved
the way for establishment of National Securities Depository
Limited (NSDL), the first depository in India. This depository
promoted by institutions of national stature responsible for
economic development of the country has since established a
national infrastructure of international standards that handles most
of the securities held and settled in dematerialised form in the
Indian capital market.

Using innovative and flexible technology systems, NSDL works to

support the investors and brokers in the capital market of the
country. NSDL aims at ensuring the safety and soundness of
Indian marketplaces by developing settlement solutions that
increase efficiency, minimise risk and reduce costs. NSDL plays a
quiet but central role in developing products and services that will
continue to nurture the growing needs of the financial services
industry.

In the depository system, securities are held in depository

accounts, which is more or less similar to holding funds in bank
accounts. Transfer of ownership of securities is done through
simple account transfers. This method does away with all the risks
and hassles normally associated with paperwork. Consequently,
the cost of transacting in a depository environment is considerably
lower as compared to transacting in certificates. In August 2009,
number of Demat accounts held with NSDL crossed one crore.

[edit] Promoters / Shareholders

NSDL is promoted by Industrial Development Bank of India

Limited (IDBI) - the largest development bank of India, Unit Trust
of India (UTI) - the largest mutual fund in India and National
Stock Exchange of India Limited (NSE) - the largest stock
exchange in India.[1] Some of the prominent banks in the country
have taken a stake in NSDL.

Other Shareholders

 Axis Bank Limited

 State Bank of India
 Oriental Bank of Commerce
 Citibank NA
 Standard Chartered Bank
 HDFC Bank Limited
 The Hongkong and Shanghai Banking Corporation Limited
 Deutsche Bank
 Dena Bank
 Canara Bank
 Union Bank of India

[edit] NSDL Facts & Figures

As on March 31, 2010

 Number of certificates eliminated (Approx.) : 702 Crore

 Number of companies in which more than 75% shares are
dematted : 2670
  Average number of accounts opened per day since November
1996 : 3646
 Presence of demat account holders in the country : 80% of all
pincodes in the country

[edit] References

International Securities Exchange Holdings, Inc, International

Securities Exchange Holdings, Inc., is a wholly owned subsidiary
of German derivatives exchange Eurex. It is a member of the
Options Clearing Corporation (OCC) and the Options Industry
Council (OIC). Historically, responsibility for organizing the
Options Industry Conference is rotated amongst the exchanges on
an annual basis. ISE is organizing the 28th annual conference,
which will be held in Phoenix, Arizona from April 29 to May 1.

Founded in 2000, the ISE began its inception in 1997 with then-
chairman of E-Trade, William A. Porter and his colleague, Marty
Averbuch. They approached David Krell and Gary Katz about their
concept and the four founded what is today the International
Securities Exchange, the world’s largest equity options exchange
to date.

Launched as the first fully-electronic US options exchange, ISE

developed a unique market structure for advanced screen-based
trading.

ISE offers equity and index options, including proprietary index

products, as well as FX options based on foreign currency pairs.
ISE also offers market data tools designed for sophisticated
investors seeking information on investor sentiment, volatility, and
other options data.

ISE Stock Exchange launched in September 2006. In August 2008,

ISE Stock Exchange announced a partnership with Electronic
Communication Network (ECN) Direct Edge. The deal makes the
ISE Stock Exchange a wholly owned subsidiary of Direct Edge
and will give ISE an ownership stake in Direct Edge.[1]