Surveillance in Stock Exchanges Module

8/9/2019 Surveillance in Stock Exchanges Module

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(. SEBI $STOCK BROKERS AND SUB)BROKERS% REGULATIONS 1''2.........................................................41

'. SEBI $DISCLOSURE & INVESTOR PROTECTION% GUIDELINES 2### ........................................................50

1#. SECURITIES AND E!CHANGE BOARD OF INDIA $INSIDER TRADING% REGULATIONS 1''2.........52

11. SEBI $SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS% REGULATIONS 1''7................54

12. SEBI $PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO

SECURITIES MARKETS% REGULATIONS 1''5................................................................................................... .57

13. SEBI*S STOCK +ATCH S"STEM...................................................................................................................... .61

13.1 DATABASES....................................................................................................................................................... .61

13.1.1. ss"er Data*ase........................................................................................................................................61

13.1.2. Sec"rities Data*ase..................................................................................................................................6113.1.3.4rading Data*ase......................................................................................................................................62

13.1.# e/*er Data*ase.....................................................................................................................................62

13.2 ALERTS..............................................................................................................................................................62

13.2.1 nline (eal 4i/e Alerts.............................................................................................................................62

13.2.2 nline on real 4i/e Alerts......................................................................................................................6213.3 PARAMETERSFORALERTGENERATION............................................................................................................62

13.3.1 Price Bands Sste/...................................................................................................................................62

13.3.2. A"ction aret.........................................................................................................................................6313.3.3 7"antit 0ree8e Percentage 9vol"/e o large order:................................................................................6#

13.3.# Price !ariation...........................................................................................................................................6#

13.3.5 ;igh-$o+ !ariation...................................................................................................................................6#

13.3.6 pen Price !ariation.................................................................................................................................6#13.3.' Consec"tive 4rade Price !ariation............................................................................................................6#

13.3.) 7"antit !ariation.....................................................................................................................................6#

13.3., Price /ove/ent in relation to the inde


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DECISIONS OF THE INTER)E!CHANGE SURVEILLANCE GROUP.................................................................82

S"LLABUS FOR THE SURVEILLANCE MODULE.............................................................................................105

FURTHER READINGS,............................................................................................................................................107

3


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1. BASIC INVESTMENT MATHEMATICS

1.1 Capital Structure

T- /0 8 9:9 ; 8< /= ; ; ;= >:/? /8 @ @/ /8. T-

/= ;8 8


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1.3 Plannin t!e Capital Structure

V:9 ;/9 /-/ ;8: /- 8< ; /- /8 9/:/: ; ;= 8:@9, /- =; >:/? 9--8@9 99) :999 99 @ ; 99 8/? ; /- ;= / 9 /8

@


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$% 9/ ; D/ /8 8?

$% 9/ ; D/ 8:9 E>:/? /8

$@% ; /- A9. $%

E:/? /8$@% A ;= 0/- >:/? /8 0-- 9 ;: /=9 9 =:- 9 @/ /8

A9. $%

1.5 Corporate "enefits

B;/9 @@ / /- >:/? 9--8@9 /- ;= ; @@@


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;=9. T- =9/ 8/ ;=9 =:9/ =8@ / /- =? 0/- @ ; 3#

@?9.

V8: ;


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Sol"tion?

I/9 V8: $E< 9- D@@ ?:/ /%1##

$D9:/ / ) G0/- /% $3.## #.6%1## $15 ) 6% R9. 2#

1.6.2 Earnings Per Share & Price-Earnings Approach

T- /- - :9@ ;8 8?99 9 /- PJE


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E:@/ ; /- =? 9 8:8/@ ;/ @@:/< /- =:/ /

@ / /- @/9 & /- ; 9--8@9. T-:9 /- 8: ; /- 9- 9 :@/ V8: ; /- =?JA=:/ @ / /- @/9 & ;

9--8@9% N. ; >:/? 9-9 :/9/@


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R +R +R +R 251# 4#15 352# 15.5

T-; /: /- /;8 9 15.5.

1.'.2 (is

R9 9 /- =9: ; @/ ;= /- /@ 8:. R9 9 =9:@ ? V 0--

9 /- 9>: ; S/@@ D/.

+-8 -8@< 9/9 /- 9 / =:/ ; 9 /-/ =@ @ / =:/ ;

9 /-/ / =@.

T- 9 /-/ / =@ 9 88@ 9 S?9/=/ 9 U)@9;8 9. S?9/=/

9 8:@9 9-/:88? 16 9/9. P/;8

D* 9@9 /9 =? >:88? 32 9/9. A88 /-9 9/9 @ ;= :9 @:9/?


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B/ == )#.'# 1# 5 .. ) 1.(#

E


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09 /- 0


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2. MARKET INDICES

2.1. *et!o)s of Co+putation

$% P +


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S- +


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I@ V8: $I% M/ C/89/ $M% B9 C/89/ $B% I/8 I@ V8:$IIV%

C-


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I=/ C9/ $A/:8 P ) I@8 P% I@8 P 1##I=/ 9/ / :? 15## 9-9 $''.33 ) '(.5#% '(.5# 1## #.(4.

16


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3. TIME VALUE OF MONE" AND CAPITAL BUDGETING

3.1 Ti+e %alue of *one

M? -9 /= 8:. A : 9 899 8:8 /- ;:/: /- / 9 /@?. T= 8: ;

=? :8@ 9/:@@ :@ /- ;880< -@9,

1. F:/: 8: ; 9


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T- ;;/ / ; /9/ R* ; =:@< 9 @ ; 9-/ @ ; =* /=9 ?

9 = /- /- =8 / ; /9/ R 9;@. T- @;; /- ;;/ @=8 / ; /9/ ;:@ :9< /- ;=:8

R $1 $R=%%=) 1

E


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P9/ 8: 9 ; /::9 =:@< PV FV )/

E


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3.2.2. Average (ate o (et"rn

T-9 =9: 9/9 /- / ; /-


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P@ $?.% I;809 $R9.

L-%

$R9. L-%

# ) 1###

1 35# )

2 35# )

3 2## )4 2## )

5 25# )

I 3 ?9 0 R9.'## 8-. T-:9 /- /= >:@ / R9. 1## 8- 9 $1##

2##% .5 ?T-:9 /- P? @ 3.5 ?9 $.. 3?9 6 =/-9%

3.2.# nternal (ate o (et"rn

I/ 9 /- @9:/< / * 0-- >:/9 /- 9/ 8: ; /- 9- :/;809 0/- /-

/@ 9- ;809 ; 9/=/ 98.CF1 CF2 CF3 CF

CF# WWWW WWWW WWWW WWWWW

$1% $1%2 $1%3 $1%

+-

CF9 /- 9- ;80 / /= /89

* 9 /- 9/=/ @ @:/

F 98 /- IRR =? 8:8/@ =:88? ? /8 @ @ /- =/ 8:

/8/@ ;= /- 899/ 909 ;8 8:8/ =? :9@.

3.2.5. et Present !al"e

F 9/=/ 98 /- NPV 9 /- 9:==/ ; /- 9/ 8: ; 88 9- ;8090- /- @9:/< 9 @ / >:@ / ; /: *. A 9/ NPV 088


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# 1### )

1 ) 35#

2 ) 35#

3 ) 2##

4 ) 2##

5 ) 25#

35# 35# 2## 2## 25#NPV )$1###% WWWW WWWW WWWW WWWWW WWWWW

$1.12% $1.12%2 $1.12%3 $1.12%4 $1.12%5

NPV )1### 1##2.(4 R9. 2.(4 8-

22


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4. F8 S//=/ A8?99

4.1 #ntro)uction

F8 9//=/9 @ / 8? 8?9@ @ //@ ; =9:< /- ;=

@ 9/ ; ;=. T-9 9 ; ==9 -8 / 8@9 $9-/)/= 9 088 9 8< /=%9/9 9:/? 8?9/9 =


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#.2.2 $everage (atios

F8 8:/?

D/ ) L< /= 9 088 9 9-/ /=.

E>:/? J S- C/8 8:9 R99 @ S:8:9 $N/0/-%

I/ 9


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R89 T: R/ N/ S89 R89

4.2.3.5 F@ A99/9 T: R/

F@ A99/9 T: R/ N/ S89 F@ A99/9

T-9 / 9 :9@ / =9: /- ;;? 0/- 0-- ;@ 99/9 =8?@. A -


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N/ +/- S- /8 8:9 99 @ 9:8:9.

T-9 / =9:9 /- ;/8/? ; >:/? ;:@9 9/@ /- ;=. T-9 ;8/9 /-@://? ; /- 09- /8 =8?@ /- ;=.

#.2.5 !al"ation (atios

V8:/ /9 @/ -0 /- >:/? 9/ ; /- =? 9 9999@ /- /8 =/.

M/ 8: ; >:/? ;8/9 /- ;8: ; 9 @ /:.

4.2.5.1 P E


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I88:9//,

Balance Sheet o @ Co. $td as on arch 31 1,,,9("pees in Crore:

L8/9 1''' 1''( A99/9 1''' 1''(

S- C/8 F@ A99/9 $N/% 33.## 32.2#) E>:/? 15.## 15.## G99 B8 5'.##

) P; L99, D/ 26.##

R99 &

S:8:9

11.2# 1#.6# I9/=/9 1.## 1.##

S:@ L9 14.3# 13.1# C:/ A99/9

L9 & A@9

23.4# 15.6#

) T= L9 (.3# C9- & B #.2#

) D/:9 6.## D/9 11.(#

U9:@ L9 6.'# 2.5# I/9 1#.6#

C:/ L8/9

& P99

1#.5# (.1# P)@ 99 #.(#

M988:9E9 & L999

#.5# #.5#

T/8 57.'# 4'.3# T/8 57.'# 4'.3#

27


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I= 9//=/ ; /- ? @< M- 31 1''' $R:9 C%

1''' 1''(

N/ S89 7#.1# 62.3#

L99, C9/ ;


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T:

I/? T: C9/ ;


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L/ /9/ -


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5. SECURITIES CONTRACTS $REGULATION% ACT 1'56

T- S:/9 C//9 $R


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$% /:8 @8? ; 9:/9 @ /- ?=/ ; /-; /- /- 9= @? 9

/- @/ ; /- // /- / @? /- /:8 @ / ; /- @9/- ; /-

9:/9 /- =// ; =? /-; /-:


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'econition of stoc( ec!anes

A? 9/ -


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"e9las of t!e Stoc( Ec!ane

A


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$% /- 8? @ ? ; ;9 ;9 @ 8/9

$% /- % /- ;< ; 98 ;


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A9 9/ 13 ; /- SEBI 9 9/9;@ -<


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6. SECURITIES CONTRACTS $REGULATION% RULES 1'57

T- C/8 G=/ -9 =@ S:/9 C//9 $R


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R:8 14 ; /- SCRR >:9 ?


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$% -


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7. SECURITIES AND EXCHANGE BOARD OF INDIA ACT,

1992

T- S:/9 @ E-


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T- SEBI -9 ;;9 M:= C8:// N0 D8- @ C-.

T- B@ 9-88 99/ ; /- ;880< ==9 =8?,)

$% C-=

$% /0 ==9 ;= =


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$@%


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T- SEBI A/ 1''2 @9 ; /0 8// /?9 ; :9-=/ ; 8/ ; /-

99 ; /- A/. T-? ,% 9:99 88/ ; /;/ ;


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(. SEBI $STOCK BROKERS & SUB)BROKERS% REGULATIONS 1''2

SEBI $S/ B9 @ S:)9% R


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-


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E? 9/ 9-88 ;/ /- 89 ; - :/< @ ;:9- / /- B@ ; 9

>:@ 9 9 9 998 :/ / 8/ /- 9 =/-9 ;= /- 89 ; /- 9@ @ ?

; /- :@/@ 8 9-/ @ ;/ @ 899 :/ 9 / /- @ ; /- 9@ :/:/? 9-.2. P:8 99: ? 89/@ =9 0-- -9 -


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1#. S:/9 @ E-


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U:89-@ 99/ ;=/ =9 ? ;=/ 0-- 8/9 / /- ;880:9/ ; S-9 @ T9% R:9/ ; S-9 @ T O% R


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0-- 9 -8@< =? 9:9@? 8/ ; /- >:. P@@ /-/ 9:)

8:9 $% 9-88 / 8? / 0-9 98 8/9- 0/- /- >: 0/-

? =? 0-- 9 -8@< =? 9:9@? ; /- >: 0/- 8/ ; /- >: 9 ? 0? ; @< =8 ==8 < 99

9:- //9 / 0/- /- ;; 9:- 9 ;=< 88/? ;

;:@9 -@8< /9 @ /-


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2% S:9//8 >:9/ ; 9-9 /< :9/ ; /8 89/@

=?

3% B8 :/ /9

5'


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12. SEBI $PROHIBITION OF FRAUDULENT AND UNFAIR TRADE

PRACTICES RELATING TO SECURITIES MARKETS%

REGULATIONS 1''5

T- S:/9 @ E-


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$% A 9 9-88 / ;;/ / / / / /- @/8? @/8?

/9/9 9:/9 0/- /- // ; /;88? 9< @99< /- 9

; 9:/9 @ /-? @:< /- 98 :-9 ; 9:/9 ? ? 9$% A 9 9-88 / @:8


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$% 0- /< 9


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T- SEBI / ; /- / ;= /- 9/


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13. SEBI*S STOCK +ATCH S"STEM

For eJe(-i3e %r3eia(e ad #oi-ori! o0 -e %e(ri-ie% #arke-% i- +a% 0e--a- -ere i% a eed -o a3e a %)%-e# +i- a (o##o 0ra#e+ork a(ro%% a-e %-o(k e(a!e%. Te o$e(-i3e% o0 -i% %)%-e#, -er#ed a% -e S-o(k>a-( S)%-e#, i% -o !i3e %i-a$e idi(a-or% 0or -e de-e(-io o0 &o-e-iaie!a or i#&ro&er a(-i3i-) -o &ro-e(- i3e%-or (ode(e ad -e i-e!ri-) o0-e %e(ri-ie% #arke- ad i-% &a)er%.

13.1 ?ataases

Te S-o(k >a-( S)%-e# a% %-adardi


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addre%%, -e ie o0 $%ie%%, -e &ro#o-er%, %are odi! &a--er, (a&i-ai%-or), $aa(e %ee-, &ro- ad o%% a((o-%, (or&ora-e a(-io%, %$%idiar)(o#&aie% e-(.

13.1.2. Sec"rities Data*ase

Ti% da-a$a%e i% #ai-aied $) a %-o(k e(a!e% ad &da-ed e3er) +eek.Te da-a$a%e (o-ai% i0or#a-io a$o- -e i%-r#e-% ike %are%,&re0ere(e %are%, +arra-%, de$e-re% e-(, +i( are -raded o -ee(a!e. Ti% i0or#a-io i(de% -e a#e o0 -e (o#&a), -ei%-r#e- -)&e, Koa-i! %-o(k, -radi! %-ar- da-e, e5da-e, o5dei3er)&eriod%, da-e% ad rea%o% 0or %%&e%io o0 -radi!, de-ai% o0 0ake ad0or!ed %are% e-(.

13.1.3.4rading Data*ase

Ti% da-a$a%e i% #ai-aied $) a %-o(k e(a!e%. I- i% &da-ed o5ie/dai)/ed o0 %e--e#e- $a%ed o -e -)&e o0 i0or#a-io. Ti%i0or#a-io i(de% &ri(e, 3o#e ad 3ae rea-i! -o -e -rade%,o$i!a-io%, dei3erie% ad a(-io%, &o%i-io%, &ri(e $ad% e-(.

13.1.# e/*er Data*ase

Ti% da-a$a%e i% #ai-aied $) a %-o(k e(a!e%. Te i0or#a-io i -i%da-a$a%e i(de% -e a#e ad -e -)&e o0 #e#$er%i&, a#e, addre%%ad ai(a-io, de-ai% o0 o-er e(a!e4% #e#$er%i&, %e(ri-ie% i+i( -e #e#$er i% a(-i3e, %or- ad $ad dei3er) re(ord, %%&e%io

re(ord, i3e%-or !rie3a(e (o#&ai%, ar$i-ra-io (a%e%, %$5$roker% +i--eir a#e% ad addre%%e%, -e -ro3er de-ai%, e- +or- e-(.

13.2 /lerts

13.2.1 nline (eal 4i/e Alerts

Te%e aer-% are $a%ed o -e order ad -rade rea-ed i0or#a-io dri! -e-radi! or%. Te o$e(-i3e o0 -e%e aer-% i% -o ide-i0) a) a$or#ai-) a%%oo a- i- a&&e%. Te%e aer-% i(de i-ra5da) &ri(e #o3e#e- rea-ed

ad a$or#a order ad -rade a-i-) or 3ae rea-ed aer-%.

13.2.2 nline on real 4i/e Alerts

Te%e aer-% are $a%ed o -e -raded rea-ed i0or#a-io a- -e ed o0 -eda) ad -e a3aia$e i%-ori(a i0or#a-io. Te o$e(-i3e o0 -e%e aer-% i%-o aa)


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13.3 Para+eters for /lert eneration

Te &ara#e-er% -a- are %ed 0or aer- !eera-io are e&aied $eo+;

13.3.1 Price Bands Sste/

Dai) &ri(e $ad% are a&&i(a$e o -e re3io% Da)4% Co%e ri(e a% 0oo+%;

Category PriceBand

Le%% -a R%.18.88 /5=8.88

R%. 18.88 -o R%.19.9=

/52=.88

R%.28.88 ada$o3e

/5 .88

I (a%e o0 288 %e(ri-ie% oi-) ide-ied $) BSE ad NSE -e &ri(e $ad arereaed $) 0r-er @. O(e -e %(ri& -o(e% &ri(e $ad i ei-erdire(-io, -radi! i -a- %(ri& +od $e re%-ri(-ed & -o -e &ri(e $ad 0ora0 a or. A0-er a0 a or o0 -radi!, &ri(e $ad +od $e 0r-erreaed $) @ i -a- dire(-io o).

I (a%e o0 %(ri& -o(e% -e &ri(e $ad o0 i BSE &rior -o NSE, o re(ei&-o0 %( i0or#a-io 0ro# BSE, -e &ri(e $ad +od $e reaed a- NSE $) @i -a- dire(-io, a0-er %( reaa-io i% a&&ied a- BSE

I (a%e% +ere -e %(ri& -o(e% -e &ri(e $ad o ei-er %ide, i a%- a0 aor o0 -radi!, -e -e -radi! i -a- %(ri& +od $e re%-ri(-ed & -o -e&ri(e $ad 0or 0-ee #i-e% i%-ead o0 a0 a or. A0-er 0-ee #i-e%,-e &ri(e $ad +od $e 0r-er reaed $) @i -a- dire(-io o).

Te reaa-io i &ri(e $ad +od $e eJe(-ed o) i0 -e %(ri& '%(ri& o-er-a -o%e i (o#&%or) roi! %e--e#e-* -o(e% -e &ri(e $ad i a)

dire(-io i EM %erie% i -e or#a #arke-. O(e -e &ri(e $ad i% Keed i%erie% EM 0or a %e(ri-) -e &ri(e $ad %a a%o $e Keed i o-er ree3a-%erie% AE,BE,BT ad TT. I (a%e o0 roi! %e--e#e-% -e &ri(e $ad %a $eKeed i %erie% BE o) ad &ri(e $ad i %erie% BT 0or -e re%&e(-i3e%e(ri-) %a $e Keed o) o ree%- 0ro# #e#$er. Si#iar) &ri(e $ad%%a $e Keed i #arke- -)&e S4 ad O4 0or -e &r&o%e o0 ALB" adLi#i-ed )%i(a "arke-, o) i0 -e &ri(e $ad% a3e $ee Keed i -e

66


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Nor#a "arke- a% de-aied a$o3e ad o %&e(i( ree%- 0ro# #e#$er i-i% re!ard.

Te a$o3e &ro3i%io% are o- a&&i(a$e i (a%e o0 %e(ri-ie% -radi! $eo+R%.28

Tere i% o %e--e#e- &ri(e $ad. "ai##/#ii## &ri(e% (a(a-ed o-e $a%i% o0 -e &ri(e ra!e% a&&i(a$e are roded '(eii!* -o R%.8.8=.

13.3.2. A"ction aret

ri(e $ad% are a&&i(a$e o3er re3io% da)4% (o%e &ri(e ad are a% 0oo+%;

Category PriceBand

Le%% -a R%.18.88 /5

=8.88R%. 18.88 -o R%.19.9=

/52=.88

R%.28.88 ada$o3e

/51=.88

13.3.3 7"antit 0ree8e Percentage 9vol"/e o large order:

A) order, +o%e 3ae i% !rea-er -a or ea -o arod R%.=.88 (rore%$e(- -o a (eii! o0 1.88 o0 -e i%%e %i


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Hi!5Lo+ aria-io o3er o+ &ri(e 'H L*/ LP 188.

13.3.6 pen Price !ariation

I- i% deed a% -e 3aria-io $e-+ee -e o&e &ri(e 'O* ad -e &re3io%

(o%e &ri(e '* o0 a %e(ri-) e&re%%ed a% a &er(e-a!e o0 -e &re3io% (o%e&ri(e '*. i.e.

O&e ri(e aria-io 'O */ P 188

13.3.' Consec"tive 4rade Price !ariation

I- i% deed a% -e 3aria-io $e-+ee -e a%- -rade &ri(e 'LT -* ad -e&re3io% -rade &ri(e 'LT-51* o0 a %e(ri-) e&re%%ed a% a &er(e-a!e o0 -e

&re3io% -rade &ri(e 'LT-51* i.e. Co%e(-i3e Trade ri(e aria-io 'LT* 'LT-LT-51*/ LT-51P 188

13.3.) 7"antit !ariation

I- i% deed a% -e &er(e-a!e 3aria-io $e-+ee -e -o-a -raded a-i-) Mad -e a3era!e -raded a-i-) Ma3! e&re%%ed a% a &er(e-a!e o0 -ea3era!e -raded a-i-).

Ma-i-) aria-io 'M Ma3!*/ Ma3!P 188

Ma-i-) aria-io Ra-io M/ Ma3!Dai) A3era!e Traded Ma-i-) To-a #$er o0 %are% -raded i -e a%-4 -radi! da)%/

13.3., Price /ove/ent in relation to the indea- i% -e (o%e&ri(e o0 -e %e(ri-) o -e a%- da) o0 -i% %e--e#e-? Te -i(k %i


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1 da) o0 %e--e#e-;

1 '158.12* 22.88 19.Q 19.@8

2d da) o0 %e--e#e-;

2 '158.2=* 19.@8 1@.==1@.==

rd da) o0 %e--e#e-;

'158.2=* 1@.== 18.91 18.9=

@- da) o0 %e--e#e-;

@ '158.2=* 18.9= .21 .2=

a%- da) o0 %e--e#e-;

= '158.=8* .2= @.1 @.1=He(e -e (o%e &ri(e o0 -e %e(ri-) o -e a%- da) o0 %e--e#e- i% R% @.1=

Example 2; I%%e %ii -e order dire(-) !o i-o -e order $ook%?So-io;

S-e& 1;Order ri(e R%. 2=.2=Order Si


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* "a!i-de o0 -e o&e &ri(e 3aria-io &er(e-a!e a% (o#&ared -o -e&re3io% da):% (o%e &ri(e i% !rea-er -a or ea -o .88.@* "a!i-de o0 -e &ri(e 3aria-io $e-+ee a%- -rade ad -e &re3io% -radei% !rea-er -a or ea -o @.88.=* Se(ri-) i-% -e &ri(e $ad o) o -e i! %ide.

Q* Se(ri-) i-% -e &ri(e $ad o) o -e o+ %ide.7* Se(ri-) i-% -e &ri(e $ad o -e i! ad -e o+ %ide.* Traded a-i-) a% e(eeded -+o -i#e% -e -+o5#o- dai) a3era!e-raded a-i-).9* Se(ri-) #o3e% o&&o%i-e -o -e ide ad -e diJere(e $e-+ee&er(e-a!e ide 3aria-io ad &er(e-a!e &ri(e 3aria-io i% !rea-er -a=.88.

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15. SURVEILLANCE IN RISK MANAGEMENT

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Surveillance in Stock Exchanges Module

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