1. August-October 2012
Volume 3 / Issue 20
NISM launches a new programme
CERTIFICATE IN SECURITIES LAW
Learn the Law
and be Secure
A Six-month, Week-end, in-class programme
for Working Executives

2. FOREWORD
It gives me great pleasure to announce that School for Securities Education
(SSE) of NISM is going to launch a new certificate course called Certificate in
Securities Law (CSL). This course is aimed at providing the securities
markets and the corporate world with a cadre of specialised securities law
professionals.
School for Certificate of Intermediaries (SCI) of NISM is launching the NISM-
Series-VIII: Equity Derivatives Certification Examination in October, 2012.
Some more such certification examinations would be introduced in the near
future.
NISM intends to announce many more locations for periodic conduct of
certificate examinations to make it convenient for the candidates. At present,
such tests are conducted in 104 cities.
NISM, for the benefit of market participants, is also working on a project to
conduct Continuous Professional Education (CPE) through eLearning i.e.
CPE would be conducted through the computerised mode.
With a view to scale up its activities in the area of financial literacy, certain
modifications are being carried out in the Financial Education Resource
Persons (FERP) programme to cover many more cities and increase the
number of resource persons who work for financial literacy in the country.
NISM has plans to carry out studies on various subjects in securities markets
on a regular basis. One such study on trends in the performance of corporate
sector has been carried out; a brief of the study is given in this issue.
I shall keep you informed of the progress made in the above activities in the
coming issues of this newsletter.
P K Nagpal
Director

3. REGULATORY CHANGES
INITIATED BY SEBI
GENERAL ORDER - SEBI (FRAMEWORK FOR REJECTION OF DRAFT OFFER DOCUMENTS) ORDER, 2012
(CIR/CFD/DIL/15/2012 dated 15-10-2012)
SEBI has laid down the following general criteria subject to which draft offer documents filed for issue of securities with the
Board, may be rejected.
▪ Where Capital Structure involves existence of circular transactions for building up the capital / net worth of the issuer.
▪ Where Object of the Issue is vague for which a major portion of the issue proceeds are proposed to be utilized.
▪ Where business model of an issuer is exaggerated, complex or misleading and the investors may not be able to assess the
risks associated with such business models.
▪ Where scrutiny of Financial Statements shows sudden spurt in the business just before filing the draft offer document and
reply to clarifications sought is not satisfactory.
PUBLIC ISSUES IN ELECTRONIC FORM AND USE OF NATIONWIDE BROKER NETWORK OF STOCK
EXCHANGES FOR SUBMITTING APPLICATION FORMS (CIR/CFD/14/2012 dated 04-10-2012)
SEBI has decided to introduce an additional mechanism for investors to submit application forms in public issues using the
stock broker (“broker”) network of Stock Exchanges, who may not be syndicate members in an issue.
▪ This mechanism can be used to submit ASBA as well as non-ASBA applications by investors.
▪ Stock Exchanges shall provide for download of application forms on their websites/broker terminals.
▪ Merchant Bankers shall ensure that appropriate disclosures in this regard are made in the offer document.
REVIEW OF MARGINING WITH RESPECT TO EXCHANGE TRADED FUNDS (ETFS) (CIR/MRD/DP/ 26 /2012
dated 26-09-2012)
The following additional provisions are hereby incorporated in the Risk Management framework for Cash Market specified by
SEBI vide circular no. MRD/DoP/SE/Cir-07/2005 dated February 23, 2005 and modification thereto.
▪ Use of VaR Methodology with respect to Exchange Traded Funds
▪ Introduction of Cross-Margining facility in respect of offsetting positions in ETFs based on equity indices and constituent
stocks.
PROCESSING OF INVESTOR COMPLAINTS AGAINST KRA [KYC (KNOW YOUR CLIENT) REGISTRATION
AGENCY] IN SEBI COMPLAINTS REDRESS SYSTEM (SCORES) (CIR/MIRSD/12/2012 dated 21-09-2012)
SEBI has commenced processing of investor complaints in a centralized web based complaints redress system, “SCORES”.
The salient features of this system are:
▪ Centralised database of all complaints,
▪ Online movement of complaints to the concerned KRA,
▪ Online upload of Action Taker Report (ATRs) by the concerned KRA, and
▪ Online viewing by investors of actions taken on the complaint and its current status.
Accordingly, all complaints pertaining to KRAs will be electronically sent through SCORES at http://scores.gov.in/Admin and
submission of physical ATR will not be accepted for complaints lodged in SCORES.
STEPS TO RE-ENERGISE MUTUAL FUND INDUSTRY (CIR/IMD/DF/21/2012 dated 13-09-2012)
In order to increase penetration of mutual fund products and to energise the distribution network, SEBI has decided to implement
the following:
▪ Additional Total Expense Ratio (TER) can be charged up to 30 basis points on daily net assets of the scheme
▪ Mutual funds /AMCs may charge service tax on investment and advisory fees to the scheme in addition to the maximum limit
of TER
▪ Mutual funds/AMCs shall launch schemes under a single plan and ensure that all new investors are subject to single expense
structure
▪ Mutual funds/AMCs shall provide a separate plan for direct investments

4. APPLICATION SUPPORTED BY BLOCKED AMOUNT (ASBA) FACILITY IN PUBLIC/ RIGHTS ISSUE
(CIR/CFD/DIL/12/2012 dated 13-09-2012)
▪ For applications made by any investor using ASBA facility, the Self Certified Syndicate Banks (SCSB) shall block the application
amount only against/ in a funded deposit account and ensure that clear demarcated funds are available for ASBA applications
▪ For making applications on own account using ASBA facility, SCSBs should have a separate account in own name with any of
the SEBI registered SCSBs
INITIATED BY RBI
THE SCHEME OF 1% INTEREST SUBVENTION ON HOUSING LOANS UP TO RS. 15.00 LAKH (RBI/2012-
2013/214 dated 18-09-2012)
▪ The interest subvention scheme has been liberalized with effect from FY 2011-12 by extending it to housing loans up to Rs.15
lakh where the cost of the house does not exceed Rs.25 lakh. The Scheme has since been extended by Government of India
and will remain in force up to March 31, 2013.
MAINTENANCE OF CASH RESERVE RATIO (CRR) (RBI/2012-2013/209 & 212 dated 17-09-2012)
▪ RBI has decided to reduce the CRR of Scheduled Commercial Banks and Scheduled Primary (Urban) Co-operative Banks by 25
basis points from 4.75 per cent to 4.50 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight
beginning September 22, 2012.
COMPREHENSIVE GUIDELINES ON OVER THE COUNTER (OTC) FOREIGN EXCHANGE DERIVATIVES - COST
REDUCTION STRUCTURES (RBI/2012-2013/204 dated 12-09-2012)
▪ Use of cost reduction structures, i.e., cross currency option cost reduction structures and foreign currency -INR option cost
reduction structures have been permitted to hedge exchange rate risk arising out of trade transactions and the External
Commercial Borrowings (ECBs).
▪ It has been decided to permit the use of cost reduction structures for hedging the exchange rate risk arising out of foreign
currency loans availed of domestically against FCNR (B) deposits.
INITIATED BY IRDA
PENALTIES ON INDIAN INSURANCE/ REINSURANCE COMPANIES (IRDA/F&I/MISC/CIR/175/08/2012 dated 02-08-
2012)
▪ Penalties levied by IRDA on different insurance companies for various acts of omission and commission, shall only be debited
to the shareholders' account and not to its policy holders' account.
INITIATED BY PFRDA
REVISION OF INVESTMENT MANAGEMENT FEE (IMF) FOR PENSION FUND MANAGERS (PFMS) FOR
PRIVATE SECTOR NPS (PFRDA/CIR/1/PFM/1 dated 31-08-2012)
▪ FRDA has fixed the upper ceiling of the Investment Management Fees at 0.25% p.a. of the AUM (Asset Under Management)
with effect from 1st November 2012.
▪ The Investment Management Fee for the NPS Lite/ Swavalamban shall be at par with the Investment Management Fee
applicable to NPS Schemes for Government Employees which is currently at 0.0102% p.a.
▪ The Investment Management Fee applicable to the NPS schemes for Government Employees would continue at 0.0102% p.a.
which was revised with effect from 18/04/2012.
The PFMs will be permitted to revise the Investment Management Fee, once in a year.

5. ACTIVITIES AT NISM
SCHOOL FOR INVESTOR EDUCATION AND FINANCIAL LITERACY (SIEFL)
FINANCIAL LITERACY FOR SCHOOL STUDENTS - POCKET MONEY PROGRAM
The School for Investor Education & Financial Literacy has organized three Pocket Money programs at Atul (Gujarat),
Pimpri (Maharashtra) and Silguri (West Bengal) during the immediate past.
At Atul the program was held on 23rd June 2012 at the premises of Atul Vidyalaya, Atul, Valsad. Fifty one teachers
from Atul Vidyalaya and associated schools attended the program. Lt Col. A. Sekhar, Principal of Atul Vidyalaya
introduced the topic to the students. Mr. K. Sukumaran, Dean, spoke about the objectives of the program and the
methodology of implementing financial literacy in schools.
Teachers of Atul Vidyalaya trained by NISM on Financial Literacy
In Pimpri, the programme was organised on 26th June 2012.This programme was conducted with the active support
of Mr. Zuberi of Urdu Concil from Pimpri Chinchwad. Forty seven teachers from 18 Municipal Schools under Pimpri
Chinchwad Municipal Corporation and three Urdu medium schools were trained in the Teachers Training Programme.
It is expected to benefit around 3700 school students from 8th and 9th standard.
In Silguri, the programme was organised on 28th July, 2012. This Teachers Training Programme was organised at
Salesian College, Siliguri. It covered 30 teachers from 10 schools in Siliguri.
The school authorities assured to penetrate the financial literacy learning to the student community in the coming
months.
The concept of money and smart goals were discussed in a participatory style with the participants. Budgeting was
explained focussing on the concepts income, expenditure, assets and liabilities. Basics of Banking was handled,
starting from opening an account with the bank, the procedures to be followed and discussing on the various features
of the payment mechanism. Loans and interest rates are explained. Investment market was discussed providing
various avenues for investment. Risks and Rewards were highlighted. Investment in share market, its pros and cons,
investment in mutual fund schemes, investment in post office schemes, provident fund schemes etc. were
discussed. The concept of retirement planning was discussed.
The school authorities assured to penetrate the financial literacy learning to the student community in the coming
months.

6. SEBI FINANCIAL EDUCATION RESOURCE PERSONS PROGRAM - WESTERN AND NORTHERN REGIONS
The SEBI Financial Education Resource Persons The empanelment and workshop for northern region was
Program - empanelment of new resource persons and conducted during July 21-28, 2012 at New Delhi. The
workshop for western region were held during July 7-14, state wise list of the newly empanelled resource persons
2012 at NISM premises, Navi Mumbai. The state wise list are as follows:
of the newly empanelled resource persons are as
follows:
State No. of Resource Persons State No. of Resource Persons
Maharashtra 21 Uttar Pradesh 25
Gujarat 15 Delhi 12
Rajasthan 10 Haryana 11
Madhya Pradesh 7 Punjab 5
Chhattisgarh 3 Uttarakhand 3
Total 56 Western Region (Madhya Pradesh+Rajastan) 2
Total 58
Mr. P K. Nagpal, Director, NISM distributing the certificate to SEBI Financial Education
.
Resource Person during the workshop conducted at Mumbai during July 8-14, 2012.
Mr. G.P Garg, Registrar, NISM addressing the participants of the workshop organised
.
for the Western Region Financial Education Resource Persons.
Of the 58 new resource persons empanelled in Northern Region, 56 resource persons belonged to northern region
and two Resource Persons belong to western region.

7. Thus, a total of 114 Resource Persons were empanelled in June and July 2012 from western region and northern
region.
Mr. Gyan Bhushan, Chief General Manager, SEBI distributing the certificate to
SEBI Financial Education Resource Person at New Delhi during 22-28 July 2012
The empanelled candidates were given seven days workshops wherein all topics under financial education were dealt
in detail. These include role of regulators, capital market - primary and secondary market, Time Value of Money,
Mutual Funds, Fixed Income securities, banking and loan products, insurance, tax planning, retirement planning,
financial planning, SEBI Grievance redressal scheme, inter personal skills etc. The six SEBI Modules on Financial
Education were disseminated to the participants of the workshop. One full day was allotted wherein the participants
conducted workshops on selected topics, under guidance from NISM officials. Examination was conducted, based
on the topics handled in the workshop. All the participants successfully completed the examination. On final day of the
workshop SEBI team interacted with the participants explaining the process of conducting the SEBI Financial
Education. Certificates were distributed to all the participants.
INVESTOR EDUCATION PROGRAM
Under Investment Education Program, the School conducted two programmes, one in Mumbai and the
other in Silguri.
In Mumbai, the programme was conducted for RCF employees on Retirement Planning on 20th July 2012.
The objective of the program was to inculcate the awareness among the prospective retirees the need for
sound investment practices so as to make a corpus for happy retired life.
Participants of the SEBI Financial Education Resource Persons Workshop (Western Region)

8. Participants of the SEBI Financial Education Resource Persons Workshop (Northern Region)
An Investor Education Programme for college students was held in Silguri on 27th July. One hundred thirty six
Graduate level students of Commerce and Management stream from Salesian College attended the programme. The
programme gave emphasis on the Goal setting for young students, planning for Financial Goals, Educational Goals,
appropriate spending habits and five important investment mantras.
SCHOOL FOR CERTIFICATE OF INTERMEDIARIES (SCI)
Examination Update
Launch of NISM-Series-VIII: Equity Derivatives Certification Examination
NISM is launching the NISM-Series-VIII: Equity Derivatives Certification Examination on October 8, 2012. The
examination seeks to create a common minimum knowledge benchmark for associated persons functioning as
approved users and sales personnel of the trading member of an equity derivatives exchange or equity derivative
segment of a recognized stock exchange.
This examination will be made available through all NISM, NSE, BSE and MCX-SX Test Centers. For further details of
the revised examination, please visit www.nism.ac.in.
Revision of Certified Personal Financial Advisor Examination (CPFA)
NISM has launched the revised Certified Personal Financial Advisor Examination (CPFA) on July 16, 2012 as part of
periodic review. The revised examination is available through all NISM, NSE and MCX-SX Test Centers. For further
details, please visit www.nism.ac.in.
CPE Update
CPE Requirements for Depository Operations Certification Examination
NISM launched the two day CPE programs for the NISM-Series-VI: Depository Operations Certification Examination.
NISM specified the CPE requirements for associated persons engaged or employed by a registered depository
participant for performing any of the activities as given below (specified in SEBI Notification No. LAD-NRO/GN/2010-
11/26/10252 dated March 29, 2011):
(a) Dealing or interacting with clients;
(b) Dealing with securities of clients;
(c) Handling redressal of investor grievances;
(d) Internal control or risk management;
(e) Activities having a bearing on operational risk, or
(f) Maintenance of books and records pertaining to the above activities.
The CPE requirements for Depository Operations are effective from July 13, 2012.

9. CONSOLIDATED STATUS REPORT
PERIOD: AS ON SEPTEMBER 23, 2012
NISM Certification Examination
Total Cumulative Total Cumulative Total Cumulative Cumulative
Sr
of Candidates of Candidates of Candidates Pass Rate
No. NISM Examination Enrolled Enrolled Passed
01 Currency Derivatives
46802 43272 17754 41.03%
(Launched on 15/05/2009)
02 RTA - Corporate
2001 1799 1303 72.43%
(Launched on 03/08/2009)
03 RTA - Mutual Funds
5117 4746 2907 61.25%
(Launched on 03/08/2009)
04 Interest Rate Derivatives
563 406 75 18.47%
(Launched on 17/05/2010)
05 Mutual Fund Distributors
103194 95463 36685 38.43%
(Launched on 01/06/2010)
06 Mutual Fund Distributors - Gujarati
499 403 70 17.37%
(Launched on 01/06/2010)
07 Mutual Fund Distributors - Hindi
677 547 92 16.82%
(Launched on 01/06/2010)
08 Depositories Operation
13973 12776 5494 43.00%
(Launched on 21/02/2011)
09 Securities Operations and Risk Management
6708 6185 4765 77.04%
(Launched on 22/11/2010)
Total 179534 165597 69145 41.75%
NISM Continuing Professional Education
Sr
Cumulative of Candidates
NISM Continuing Professional Education Appeared through
No.
NISM & CPE Providers
01 NISM Mutual Fund Distributors CPE ( 1 Day Programme) 16039
(Launched on 01/06/2010 and upto 31/05/2012)
02 NISM Mutual Fund Distributors CPE (Day 1) 2283
(Launched on 01/06/2012)
03 NISM Mutual Fund Distributors CPE (Day 2) 2278
(Launched on 01/06/2012)
04 NISM RTA Corporate CPE (Day 1) 65
(Launched on 02/05/2012)
05 NISM RTA Corporate CPE (Day 2) 65
(Launched on 02/05/2012)
06 NISM Currency Derivatives CPE (Day 1) 996
(Launched on 05/05/2012)
07 NISM Currency Derivatives CPE (Day 2) 996
(Launched on 05/05/2012)

10. SCHOOL FOR SECURITIES EDUCATION (SSE)
CERTIFICATE IN SECURITIES LAW (CSL)
Why CSL? Key Takeaways
The CSL is a classroom-based executive programme, of 6 months' duration, across 26 Saturdays. This programme
has been designed for working professionals who wish to hone their skills in functions such as preparation of
compliance, due diligence review (DDR) of documents, legal obligations and contracts, and to understand and apply
knowledge of securities laws and regulations in the securities markets. The philosophy for launching this programme
is: “Know the Law and Be Secure”. It is in line with NISM's vision, which is: "To be a hub of knowledge initiatives for
playing a strategic role in quality enhancement and capacity building, for transforming the securities markets in
India and the Asia-Pacific Region."
Trends in Securities Market Regulation
Securities market laws can be demarcated as a distinct field of specialization with a unique body of knowledge. This
body of knowledge is under-going continuous expansion and consolidation. New laws are being written while old
laws are being repealed. From an Indian perspective, some of the seminal studies conducted are by Raghuram Rajan,
Percy Mistry, Deepak Parekh, Bimal Jalan, R H Patil and Parhasarathy Shome. From the international academic
perspective, studies by Richard Posner, Cass Sunstein and Frank Partnoy are highly insightful in the field of Law &
Economics.
Another force that influences change is internationalism. Bodies such as International Organization of Securities
Commissions (IOSCO), Bank for International Settlements (BIS), Financial Action Task Force (FATF), International
Accounting Standards Board (IASB) etc., have corresponding Indian bodies as their members, resulting in a gradual
percolation of international practices into the Indian legal and regulatory system. At the same time, several countries
in the SAARC region, Indian and Pacific Ocean rims and Africa look to India for guidance in framing of regulations and
their implementation.
For Whom? Target Audience
The CSL programme has three types of audiences. The first consists of practitioners in finance, who need the legal
background. The second consists of legal practitioners who need the financial background. The third consists of
students of post graduate-level programmes such as M.Com, MBA, Chartered Accountancy, Cost Accountancy,
Company Secretaries, and LLB etc.
Organizations that are likely to benefit from CSL inputs are intermediaries regulated by SEBI, such as Merchant
Bankers, Underwriters, Stockbrokers, Stock Exchanges, Depositories, Depository Participants, Custodians, Bankers
to Issues, Registrars & Share Transfer Agents, Portfolio Managers, Mutual Funds, FIIs, PE Funds, etc. Large
companies and industrial groups that access the securities markets and engage in corporate actions such as
restructuring, share buy-back offers, ESOP delisting, IPO, FPO, OFS, IIP etc will also benefit. Consultants engaged in
,
advising on matters such as corporate finance, restructuring, fund-raising plans, collaborations, FDI, private
placements etc will also find this programme beneficial.
CSL - Design, Content and Delivery
The CSL programme is a fine blend of practice and theory, with workshops, guest lectures, field visits, cases,
assignments, projects and exercises. The programme will specifically cover Securities Market Regulations,
Securities Market Laws, Corporate Laws, Taxation of Securities Transactions and contemporary as well as emerging
aspects in Securities Markets.

11. The faculty team shall be drawn from a vastly experienced pool. It would consist of officers from SEBI, experts from
industry, legal practitioners and experts and academicians from NISM and other institutions.
Admission Process
The CSL programme offering is being brought to the public from the School for Securities Education (SSE) at NISM.
Graduates in any discipline from a recognized Indian University or equivalent, are eligible to apply. The last date for
submission of completed applications is November 21, 2012. The selection process shall consist of an interview and
an essay on Saturday, November 24, 2012. The programme is expected to commence from Saturday, December 8,
2012.
The admission process for the batch is open. Enquiries may be directed to Mr. Rajshekhar Torgal, Dy. Manager-
Programme Office, on Phone 022-66735125 or email: csl@nism.ac.in. The detailed programme prospectus and
application form can be downloaded from www.nism.ac.in.
MORNINGSTAR INVESTMENT CONFERENCE 2012
Participants at Morningstar Investment Conference, 2012
Morningstar hosted its two-day conference on November 1 and 2 at the Grand Hyatt, Mumbai. The conference was
well-attended with visitors flying in from various parts of the country.
As many as 40 renowned speakers, from both within Morningstar and the industry, took part in 17 presentations and
panel discussions that outlined investing insights and investment ideas.
Active or passive
Passive investment products such as index funds are not a force to reckon with yet in India, but a panel discussing the
topic was of the view that even as most investors expect active mutual funds to outperform, there may be a case to
opt for index funds or ETFs at least as a tactical portion of the portfolio.
Stick with stocks
Some of India's top fund managers said investors waning appetite for equities were a worrying sign and said that
rather than overweighting recent information and performance of equities, they should remember stocks outperform
most other asset classes over the long term.
Retirement planning
Panelists on the retirement planning panel rued the lack of a retirement-planning culture. According to them the only
financial goals that investors have is children's education or marriage, and almost always, Indians depend on their
children for support in retirement.
The final panel comprising veteran stock market investors was unanimous in its view that Indian stocks are poised to
clock impressive growth over the long term despite the short-term challenges the country faces.

12. ARTICLES
RESEARCH AT NISM
TRENDS IN THE PERFORMANCE OF THE CORPORATE SECTOR
Quarterly Corporate Results are one of the indicators of economic activity in the country. A study on Quarterly
Earnings of 100 companies (Nifty 50 companies and Nifty Junior 50 companies) is carried out with a view to obtain
broad trends in the performance of companies and various sectors for Quarter April-June 2012 as compared to April
June 2011.
Based on 100 companies, it is found that Sales have grown 15% over the corresponding Quarter, but Operating
Expenses have grown 21%. As a result, Operating Profit (before Depreciation, Other Income, Finance Cost and
Exceptional Items) declined by 22% and PAT declined by 13%.
These 100 companies are classified into 14 sectors. In terms of PAT (Profit After Tax), 7 sectors have reported an
increase, with 1 sector unchanged. PAT increased mainly in FMCG (+42%) and Banking (+42%). 6 sectors reported
a decline, mainly Oil & Gas (-215%), Healthcare (-56%), PSU (-39%) and Metals (-28%).
NON-TECHNICAL SUMMARY
Title Global markets exposure and price efficiency: An empirical analysis of order flow dynamics of
NYSE-listed Indian firms
Authors Kiran Kumar, NISM; Varsha Mamidi, Monash University, Australia; Vijaya Marisetty, RMIT
University, Australia
Published in Journal of International Financial Markets, Institutions and Money, Dec 2011, pp686-706
The paper examines whether exposure of local stock markets to order flow competition from a global stock market
will improve overall market efficiency. The paper uses Indian stocks that are cross-listed in two local markets namely,
NSE and BSE, and also in a global market- NYSE. The paper addresses the following three important issues relating to
the order imbalance and relative market efficiency in a setting where markets compete for order flows:
▪ Does local market efficiency improve when markets are fragmented and are open to global competition?
▪ Does global order imbalance affect local prices?
▪ Does global competition improves local market quality by reduction of spreads?
The paper finds the following evidence: (1) Order imbalance can predict stock returns in both order driven (BSE and
NSE) and quote driven (NYSE) trading mechanisms. There is no noticeable difference in the magnitude of the order
imbalance influence in different trading mechanisms. (2) There has been overall efficiency for the cross-listed Indian
stocks post-ADRs listing. This confirms that order flow competition and corresponding market fragmentation leads
to market efficiency. The results are stronger in the case of BSE market. BSE listed stocks had a dramatic
improvement in their market efficiency post-ADRs listing. (3) We find that global effect in the form of NYSE listing is
felt in the local market (NSE), however, vice versa does not hold. (4) The paper also reports evidence of improvement
in the local market quality through reduction of spreads. In summary, the paper provides comprehensive evidence
that competition among markets leads to fragmentized and specialized markets with no single dominant player and
competition improves overall efficiency.

13. INDIAN ECONOMIC INDICATORS
Gross Domestic Product (GDP) at Constant Prices
2012 2011 %Change
(Base: 2004-05=100, Unit: ` Billion, Period: Q1= April - June)
Total 13063 12387 5.5
Agriculture 1724 1675 2.9
Industry 3558 3433 3.6
Services 7781 7579 6.9
Index of Industrial Production (IIP)
2012 2011 %Change
(Base: 2004-05=100, Unit: ` Billion, Period: July)
General 167.3 167.2 0.1
Mining 123.2 124.1 -0.7
Manufacturing 177.1 177.4 -0.2
Electricity 156.3 152.1 2.8
India's Trade
2012 2011 %Change
(Unit: ` Billion, Period: July)
Total Exports 1245 1170 6.5
Total Imports 2105 1824 15.4
Consumer Price Index (CPI)
2012 2011 %Change
(Base: 2010=100)
July 121.4 110.5 9.9
Combined
August 122.9 111.7 10.0
July 122.6 111.7 9.8
Rural Areas
August 124.3 113.1 9.9
July 119.9 108.9 10.1
Urban Areas
August 121.1 109.9 10.2
Wholesale Price Index
2012 2011 %Change
(Base: 2004-05=100)
July 164.8 154.2 6.9
August 166.6 154.9 7.6
Foreign Exchange Reserves
` Billion
(As on 14th Sept. 2012)
Foreign Currency Assets 14312
Gold 1462
SDR 245
Reserve Position in IMF 123

14. Analytical accounts of the RBI
` Billion
(As on 21st Sept. 2012)
Reserve Money 14496
Net RBI Credit to General Government 5362
RBI Credit to Commercial Sector 202
RBI's Claims on Banks 166
Net Foreign Exchange Assets of RBI 15575
Analytical accounts of the RBI
` Billion
(As on 21st Sept. 2012)
Broad Money (M3) 78183
Domestic Credit to General Government 26217
Other Domestic Credit 51001
Net Foreign Exchange Assets of the Banking Sector 16612
FII Net Investments
US $ Million
(Upto 26th Sept. 2012)
Total for September 3302
Total for 2012 20279
FDI Net Investments
US $ Million
(As per RBI's monthly bulletin dated 12/09/2012)
Total for July 1492
Total for FY 2012 5826
Policy Rates
(As on 27th Sept. 2012)
Percentage
Bank Rate 9.0
Repo Rate 8.0
Reverse Repo Rate 7.0
Lending/ Deposit Rates
Percentage
(As on 27th Sept. 2012)
Base Rate 10.00 - 10.50
Deposit Rate 8.00 - 9.25
SOURCES
| www.sebi.gov.in | www.rbi.org.in | www.irda.gov.in | www.pfrda.org.in | www.finmin.nic.in |
| www.mospi.gov.in | www.eaindustry.nic.in | www.dipp.nic.in |

15. About NISM
National Institute of Securities Markets (NISM) is a public trust, established by the Securities
and Exchange Board of India (SEBI), the regulator for securities markets in India. It is located
in Navi Mumbai, India.
NISM seeks to add to market quality through educational initiatives. It is an autonomous body
governed by its Board of Governors. An international Advisory Council provides strategic
guidance to NISM.
NISM consists of six different schools as follows:
· School for Investor Education and Financial Literacy (SIEFL)
· School for Certification of Intermediaries (SCI)
· School for Securities Information and Research (SSIR)
· School for Regulatory Studies and Supervision (SRSS)
· School for Corporate Governance (SCG)
· School for Securities Education (SSE)
Vision
To lead, catalyze and deliver educational initiatives to enhance the quality of securities markets.
Mission
To engage in capacity building among the stakeholders in the securities markets through
financial literacy, professional education, enhancing governance standards and fostering policy
research.
NATIONAL INSTITUTE OF SECURITIES MARKETS
NISM Bhavan, Plot No. 82, Sector 17,
Vashi, Navi Mumbai - 400 703
Phone: 022 66735100-05 | Fax: 022 66735110
www.nism.ac.in