Indian Super League
The Indian Super League is the men's top divisional football league in India. It is the one among the two co-existing top tier football leagues in India along with I-League. For sponsorship reasons, the competition is known as the Hero Indian Super League; the competition is contested by 10 teams and will run in a span of 7 months from September to March and it is organized by All India Football Federation. Founded on 21 October 2013 in partnership with IMG, Reliance Industries, Star Sports, the Indian Super League was launched with the goal of growing the sport of football in India and increase its exposure in the country; the competition's first season took place in 2014 with eight teams. During the first three seasons of the Indian Super League, the competition operated without official recognition from the Asian Football Confederation, the governing body for the sport in Asia; the competition operated along the same lines of the Indian Premier League, the country's premier Twenty20 cricket competition, with the league campaign lasting for 2–3 months and matches held daily.
However, before the 2017–18 season, the competition earned recognition from the AFC, expanded to ten teams, extended its schedule to five months. Unlike most football leagues around the world, the Indian Super League does not use promotion and relegation, instead choosing to grow the league through expansion, similar to Major League Soccer in United States. During the league's first four seasons, two teams have been crowned champions, both winning twice each. ATK won the first title in 2014 before winning their second title in 2016. Chennaiyin are the other club to be crowned as champions, having done so in both 2015 and 2018. Football in India has existed in many forms since the game first arrived in the country during the 19th century with the first nationwide club competition, the Durand Cup, being founded in 1888. Despite India's early history in the game, the country's first nationwide football league did not begin until the semi-professional National Football League commenced in 1996. Prior to the creation of the National Football League, most clubs played in state leagues or select nationwide tournaments.
Ten years after the formation of the National Football League, the All India Football Federation, the governing body for the sport in India, decided to reformat the league as the I-League in an effort to professionalise the game. However, during the following seasons, the league would suffer from a lack of popularity due to poor marketing. In September 2005, the AIFF signed a 10-year television and media contract with Zee Sports; the deal would see Zee broadcast the National Football League and I-League, as well as other tournaments organized by the AIFF and select India international matches. However, in October 2010, the deal between the AIFF and Zee Sports was terminated five years early after differences between both parties related to payment and how to grow the game in India. A couple months on 9 December 2010, it was announced that the AIFF had signed a new 15-year, 700–crore deal with Reliance Industries and the International Management Group; the Indian Super League was launched on 21 October 2013 by IMG–Reliance, Star Sports, the All India Football Federation.
The competition was announced to take place from January 2014 to March 2014. A few days however, on 29 October 2013, it was announced that the ISL would be postponed to September 2014. At first, it was announced that bidding for the eight Indian Super League teams would be complete before the end of 2013 and that there was high interest from big corporations, Indian Premier League teams, Bollywood stars, other consortiums. However, due to the rescheduling of the league, the bidding was moved to 3 March 2014, it was revealed around this time that not only would bidders need to comply with a financial requirement but they would need to promote'grassroots' development plans for football within their area. In early April 2014, the winning bidders were announced; the selected cities/state were Bangalore, Goa, Kochi, Kolkata and Pune. Former India cricket player Sachin Tendulkar, along with PVP Ventures, won the bidding for the Kochi franchise. Another former Indian cricket player, Sourav Ganguly, along with a group of Indian businessmen and La Liga side Atlético Madrid, won the bid for the Kolkata franchise.
Meanwhile, Bollywood stars John Abraham, Ranbir Kapoor, Salman Khan won the bid for the Guwahati and Pune franchises respectively. Bangalore and Delhi were won by companies while Goa was won by a partnership between Videocon, Dattaraj Salgaocar, I-League side, Dempo; the first team to be launched was the Kolkata franchise as Atlético de Kolkata on 7 May 2014. On 7 July 2014, the team announced the first head coach in Antonio López Habas; the next day, Kolkata announced the first official marquee signing in the Indian Super League, UEFA Champions League winner Luis García. All eight teams were revealed as Atlético de Kolkata, Bangalore Titans, Delhi Dynamos, Kerala Blasters, Mumbai City, NorthEast United and Pune City. However, on 21 August 2014, it was announced that due to Bangalore's owners dropping out, Chennai would be given a franchise instead; the team was named Chennaiyin FC. At the same time, the original marquee players were Luis García, Alessandro Del Piero, Robert Pirès, David James, Freddie Ljungberg, Joan Capdevila, David Trezeguet.
The inaugural season began on 12 October 2014 at the Salt Lake Stadium when Atlético de Kolkata defeated Mumbai City, 3–0. The first goal was scored by Fikru Teferra; the inaugural final was held on 20 December 2014 with Atlético de Kolkata becoming champions after defeating Kerala Blasters 1–0 at the DY Pati
The Times of India
The Times of India is an Indian English-language daily newspaper owned by The Times Group It is the third-largest newspaper in India by circulation and largest selling English-language daily in the world according to Audit Bureau of Circulations. It is the oldest English-language newspaper in India still in circulation, albeit under different names since its first edition published in 1838, it is the second-oldest Indian newspaper still in circulation after the Bombay Samachar. Near the beginning of the 20th century, Lord Curzon, the Viceroy of India, called The Times of India "the leading paper in Asia". In 1991, the BBC ranked The Times of India among the world's six best newspapers, it is owned and published by Bennett, Coleman & Co. Ltd., owned by the Sahu Jain family. In the Brand Trust Report 2012, The Times of India was ranked 88th among India's most-trusted brands. In 2017, the newspaper was ranked 355th; the Times of India issued its first edition on 3 November 1838 as The Bombay Times and Journal of Commerce.
The paper published Wednesdays and Saturdays under the direction of Raobahadur Narayan Dinanath Velkar, a Maharashtrian Reformist, contained news from Britain and the world, as well as the Indian Subcontinent. J. E. Brennan was its first editor. In 1850, it began to publish daily editions. In 1860, editor Robert Knight bought the Indian shareholders' interests, merged with rival Bombay Standard, started India's first news agency, it wired Times dispatches to papers across the country and became the Indian agent for Reuters news service. In 1861, he changed the name from the Bombay Times and Standard to The Times of India. Knight fought for a press free of prior restraint or intimidation resisting the attempts by governments, business interests, cultural spokesmen and led the paper to national prominence. In the 19th century, this newspaper company employed more than 800 people and had a sizeable circulation in India and Europe. Subsequently, The Times of India saw its ownership change several times until 1892 when an English journalist named Thomas Jewell Bennett along with Frank Morris Coleman acquired the newspaper through their new joint stock company, Coleman & Co. Ltd.
Sir Stanley Reed edited The Times of India from 1907 until 1924 and received correspondence from the major figures of India such as Mahatma Gandhi. In all he lived in India for fifty years, he was respected in the United Kingdom as an expert on Indian current affairs. He christened Jaipur as "the Pink City of India". Bennett Coleman & Co. Ltd was sold to sugar magnate Ramkrishna Dalmia of the then-famous industrial family, the Dalmiyas, for Rs 20 million in 1946, as India was becoming independent and the British owners were leaving. In 1955 the Vivian Bose Commission of Inquiry found that Ramkrishna Dalmia, in 1947, had engineered the acquisition of the media giant Bennett Coleman & Co. by transferring money from a bank and an insurance company of which he was the Chairman. In the court case that followed, Ramkrishna Dalmia was sentenced to two years in Tihar Jail after having been convicted of embezzlement and fraud, but for most of the jail term he managed to spend in hospital. Upon his release, his son-in-law, Sahu Shanti Prasad Jain, to whom he had entrusted the running of Bennett, Coleman & Co. Ltd. rebuffed his efforts to resume command of the company.
In the early 1960s, Shanti Prasad Jain was imprisoned on charges of selling newsprint on the black market. And based on the Vivian Bose Commission's earlier report which found wrongdoings of the Dalmia – Jain group, that included specific charges against Shanti Prasad Jain, the Government of India filed a petition to restrain and remove the management of Bennett and Company. Based on the pleading, Justice directed the Government to assume control of the newspaper which resulted in replacing half of the directors and appointing a Bombay High Court judge as the Chairman. Following the Vivian Bose Commission report indicating serious wrongdoings of the Dalmia–Jain group, on 28 August 1969, the Bombay High Court, under Justice J. L. Nain, passed an interim order to disband the existing board of Bennett Coleman and to constitute a new board under the Government; the bench ruled that "Under these circumstances, the best thing would be to pass such orders on the assumption that the allegations made by the petitioners that the affairs of the company were being conducted in a manner prejudicial to public interest and to the interests of the Company are correct".
Following that order, Shanti Prasad Jain ceased to be a director and the company ran with new directors on board, appointed by the Government of India, with the exception of a lone stenographer of the Jains. Curiously, the court appointed D K Kunte as Chairman of the Board. Kunte had no prior business experience and was an opposition member of the Lok Sabha. In 1976, during the Emergency in India, the Government transferred ownership of the newspaper back to Ashok Kumar Jain; the Jains too landed themselves in various money laundering scams and Ashok Kumar Jain had to flee the country when the Enforcement Directorate pursued his case in 1998 for alleged violations of illegal transfer of funds to an overseas account in Switzerland. On 26 June 1975, the day after India declared a state of emergency, the Bombay edition of The Times of India carried an entry in its obituary column that read "D. E. M. O'Cracy, beloved husband of T. Ruth, father of L. I. Bertie, brother of Faith and Justice expired on 25 June".
The move was a critique of Prime Minister Indira Gandhi's 21-month st
A rusk is a hard, dry biscuit or a twice-baked bread. It is sometimes used as a baby teething food. In the United Kingdom, the name refers to a wheat-based food additive. Rusk is called sukhary in Azerbaijani, it is made from a stale bread and buns. In Baku, some bakeries use their stale buns and bread for making rusks; the price of rusk in those bakeries is low, as the bakeries do this to avoid wasting the leftover bread and buns. Sponge rusk is similar to biscotti but it is made out of twice-baked yellow cake batter; the yellow cake batter is baked into a rectangular cake pan. It is eaten with Cuban coffee or as an accompaniment to ice cream, custard, or other dessert dishes. Tvebak is a Danish type of rusk. A biscotte is a French type of rusk, they are sold packaged in supermarkets. A Finnish type of rusk is called korppu a dried piece of bun, flavored with cinnamon and sugar. Korppu is a common coffee bread eaten after having been dipped in coffee. A sour version, called hapankorppu, is a flat rusk made from rye flour and salt, can be eaten like bread.
Zwieback is a form of rusk eaten in Germany. Like the Danish and French words, the name refers to being cooked twice; the term paximadi covers various forms of Greek rusk, made from barley or chickpea flour, softened with wine, water or oil before eating. Paximadi form the basis of the Cretan snack dakos. In India rusk is a traditional dried bread, it is known as papay, russ or cake rusk in Hindi and Urdu or katti toos in Bengali. It is eaten during tea time with milky tea which softens the rusk; the rusk originated from Persia around the 7th century and is common throughout north India and some parts of the south. In Pakistan, It is known as russ or cake rusk, it is found in large round biscuit shapes, but comes in long rectangular shapes. It is eaten in breakfast with milk tea. Sometimes called Papay In Iran, rusk is called nān-e sokhāri, it is made from wheat flour, skimmed milk powder, vegetable oil, malt extract, soy flour, salt and water. It is eaten as a dunking biscuit with Persian chai; the most common brand of naan sukhaari is Vitana.
In Italy, this form is called fette biscottate. In Japan, rusk is a delicacy made from baguette, cake or croissant, it is sweet. In the Levant this form is called qurshalla in Jordan, it is made from flour, oil or butter, yeast or baking powder, sometimes a small amount of cardamon. It is topped with roasted sesame seeds, black caraway seeds, or anise, eaten as a dunking biscuit with herbal tea. Beschuit known as Dutch crispbakes, are light, rather crumbly, rusks as eaten in the Netherlands and Belgium. In the Netherlands it is customary to serve beschuit met muisjes at the birth of a baby. Beschuiten are eaten as a breakfast food with a variety of toppings, most butter and sprinkles in flavours such as chocolate or fruit, or cheese. A longtime Dutch tradition is to serve strawberries on beschuit topped with some sugar or whipped cream. Beschuit is always sold in rolls, they are made by first baking a flat round bread, slicing it, baking each half again at a lower heat, in the oven after the main baking is over.
Etymologically, biscotto and beschuit come from Latin bis+coctus. In Norway, rusk is referred to as kavring, is similar to the Swedish skorpor. Crushed kavring, called strøkavring, is used, amongst other things, for making kjøttkaker and in the traditional dessert tilslørte bondepiker. Kavring is broken up and can be served with regular, soured or cultured milk; the Philippine version of rusk is called biscocho. Cake rusks are called mamon tostado. In Portuguese, rusk is called tosta. "Tosta" word means a hard, biscuit-textured slice of bread - it can be sweet, but most it is savory. It can have various thicknesses; when ground, it is called "pão ralado" ground bread and has various culinary uses. The Russian version is called sookhar', they are either baked a second time from sweet challah-like bread, sliced in biscotti fashion or just made of leftover stale bread, cut into small cubes and air-dried or baked at a low temperature. The first one is like a cookie, good with milk, tea, coffee or cacao.
The second one is added to soup, clear or otherwise, softening up from absorbed liquids and accompanying it instead of bread. It became a tradition in order not to waste any leftover bread that always was a staple in Russian cuisine, was hard labored for, respected for thousands of years. There is a lot of folklore and sayings about bread in Russian language, paying due respect to this grain food, one of the cornerstones of Slavic nations' life and history. Rusks is a traditional Afrikaner breakfast meal or snack, they have been dried in South Africa since
Peek Freans is the name of a former biscuit making company based in Bermondsey, now a global brand of biscuits and related confectionery owned by various food businesses. Owned but not marketed in the UK, Europe and USA by De Beauvoir Biscuit Company, in Canada the brand is owned by Mondelēz International, whilst in Pakistan the brand is owned by English Biscuit Manufacturers. James Peek was one of three brothers born in Devon, to a well-off family. In 1821 the three brothers founded a tea importation company, established as Peek Brothers and Co. in the East End of London. By the 1840s, the company was importing £5M of tea per annum. In 1824, Peek married Elizabeth Masters; the couple had eight children. By 1857, two of his late-teenage sons had announced that they were not going to join the family tea import business. Peek proposed that they start a biscuit business. After founding the business, the two sons decided on a different course; as a consequence Peek needed someone to run the biscuit business.
One of his nieces, Hannah Peek, had married George Hender Frean, a miller and ship biscuit maker in Devon, so Peek wrote to Frean asking him to manage the new biscuit business. The partners registered their business in 1857 as Frean & Co.. Ltd, based in a disused sugar refinery on Mill Street in Dockhead, South East London, in the west of Bermondsey. With a expanding business, in 1860 Peek engaged his friend James Carr, the apprenticed son of the Carlisle-based Scottish milling and biscuit making family, Carr's. From 1861, the company started exporting biscuits to Australia, but outgrew their premises from 1870 after agreeing to fulfil an order from the French Army for 460 long tons of biscuits for the ration packs supplied to soldiers fighting the Franco-Prussian War. After hostilities ended, the French Government ordered a further 16,000 long tons /11 million sweet Pearl biscuits in celebration of the end of the Siege of Paris, further flour supplies for Paris in 1871 and 1872, with financing undertaken by their bankers the Rothschilds.
The consequential consumer demands of emigrating French expatriate soldiers, allowed the company to start exporting directly to Ontario, Canada from the mid-1870s. In 1865 Peek agreed with Carr. In exchange for a stake in the business, Carr gave the company 10 acres of market gardens he had bought on Clements Road and Drummond Road, Bermondsey. Commissioning a new integrated factory, its resultant scale and sweet-emanating smell resulted in Bermondsey gaining the nickname "Biscuit Town"; the opening of the factory coincided in 1866 with James Peek stepping down from the business, installing his son-in-law Thomas Stone in his place. On 23 April 1873 the old Dockhead factory burnt down in a spectacular fire, which brought the Prince of Wales out on a London Fire Brigade horse-drawn water pump to view the resulting explosions. James Peek died aged 79 at his home in Watcome near Devon. After George Frean's son James Frean retired in 1887, his family had nothing more to do with running the business.
Peek's nephew Francis Hedley Peek became the first chairman of the now publicly listed company in 1901, but on his death in 1904 again the Peek family had nothing more to do with managing the business. James Carr's family remained associated with the business for several more generations. In 1906, the Peek, Frean and Co. factory in Bermondsey was the subject of one of the earliest documentary films shot by Cricks and Sharp. This was in part to celebrate an expansion of the company's cake business, which made the wedding cakes for both Queen Elizabeth II and the Wedding of Charles, Prince of Wales, Lady Diana Spencer. In 1949, when James Carr's relative Rupert Carr established a new biscuit factory in York, he named the new street on which it stood "Bermondsey Road". In 1924, the company established their first factory in Dum Dum, India. In 1949 they establishment their first bakery in Canada, located on Bermondsey Road in East York, which still today produces Peek Freans branded products.. After 126 years, the London factory was closed by owner BSN on Wednesday 26 May 1989.
Left derelict for a long period, the former premises were redeveloped into what today is called the Tower Bridge Business Complex. In late 2011, a tinned Christmas pudding was discovered at the back of a kitchen cupboard in Poole, Dorset. Donated to the museum at Portsmouth Historic Dockyard, it was a "Peek, Frean & Co's Teetotal Plum Pudding—London, High Class Ingredients Only" from the 1900s, it was one of a thousand puddings sent on behalf of Agnes "Aggie" Weston, superintendent of the Royal Naval Temperance Society – hence its recipe being teetotal), – to British troops during the Boer War. From the outset of its establishment, the company produced what were the established form of biscuits in the Commonwealth countries, a hard, pin-pricked dry style, suitable for storage on ships in passage due to its longevity. However, Carr brought his knowledge of both the Scottish cake-like tradition, experience during his apprenticeship of Dutch sweet and soft cookies. With James Peek still viewing the business as a complementary and co-marketing opportunity to the families tea company, they began introducing sweetened product lines: 1861: sweet fruit-filled biscuit, the Garibaldi, named after Italian general Giuseppe Garibaldi who toured the UK in 1854.
1865: a soft biscuit, the "Pearl". This was the first soft-biscuit introduce
A Marie biscuit is a type of biscuit similar to a rich tea biscuit. While the rich tea is the most popular version of this type of biscuit in the United Kingdom and the Isle of Man, it is the Marie version, most popular around the world, it is known as Maria and Marietta, amongst other names. The biscuit is round and has the name embossed upon its top surface, the edges of which are embossed with an intricate design, it is made with wheat flour, palm oil or sunflower seed oil and, unlike the rich tea biscuit, is vanilla-flavoured. The Marie biscuit was created by the London bakery Peek Freans in 1874 to commemorate the marriage of the Grand Duchess Maria Alexandrovna of Russia to the Duke of Edinburgh, it became popular throughout Europe in Spain where, following the Civil War, the biscuit became a symbol of the country's economic recovery after bakeries produced mass quantities to consume a surplus of wheat. Many consider that the plain flavour of Maries makes them, like rich tea biscuits suitable for dunking in tea.
Other popular methods of consuming the biscuit include using two to make a sandwich with butter and marmite or condensed milk spread in between. Marie biscuits are served to children, to infants who may be served the biscuits softened in milk as their first'solid' food. Marie biscuits are a common ingredient in home-baking recipes. In Spain, natillas custard is served with a Maria biscuit on top. In Uruguay, they sprinkled with shredded coconut. In Brazil, they are soaked in milk and stacked in layers of chocolate and vanilla-flavoured custard cream, with whipped cream and crushed cashew nuts on top to make pavé, a popular Brazilian dessert. In Ireland, the biscuits are manufactured by Jacob's. In Malaysia, people use them for making batik cake; the Maa-ree biscuit continues to be one of the favorite foods in Pakistan, is still consumed with tea though British colonists left the country decades ago. The major international manufacturers: Biscuit of the Week, a review at Nice Cup of Tea and a Sit Down Review of Maria Cookies, reviews of various international brands Photos of Marie biscuits from various countries
Nabisco is an American manufacturer of cookies and snacks headquartered in East Hanover, New Jersey. The company is a subsidiary of Illinois-based Mondelēz International. Nabisco's plant in Chicago, a 1,800,000-square-foot production facility at 7300 S. Kedzie Avenue, is the largest bakery in the world, employing more than 1,200 workers and producing around 320 million pounds of snack foods annually, its products include Chips Ahoy!, Oreo cookies, Ritz Crackers, Teddy Grahams, Triscuit crackers, Fig Newtons, Wheat Thins for the United States, United Kingdom, Bolivia, Venezuela, as well as other parts of South America. All Nabisco cookie or cracker products are branded Christie in Canada. Prior to the Post Cereals merger, the cereal division kept the Nabisco name in Canada; the proof of purchase on their products is marketed as a "brand seal". The Nabisco name became redundant in Canada. Nabisco opened corporate offices as the National Biscuit Company in the world's first skyscraper, the Home Insurance Building in the Chicago Loop in 1898.
Nabisco's trademark, a diagonal ellipse with a series of antenna-like lines protruding from the top, forms the base of its logo and can be seen imprinted on Oreo cookies in addition to Nabisco product boxes and literature. It has been claimed in company promotional material to be an early European symbol for quality, it may be derived from a medieval Italian printer's mark that represented "'the triumph of the moral and spiritual over the evil and the material'", "Christ's redemption of the world", or to represent the act of winnowing, separating grain from chaff. In 1792, Pearson & Sons Bakery opened in Massachusetts, they made. Josiah Bent coined the term "cracker" for a crunchy biscuit they produced in 1801. In 1889, William Moore acquired Pearson & Sons Bakery, Josiah Bent Bakery, six other bakeries to start the New York Biscuit Company. Adolphus Green started the American Biscuit and Manufacturing Company in 1890 after acquiring 40 different bakeries. William Moore, Adolphus Green, John G. Zeller merged in 1898 to form the National Biscuit Company.
Adolphus Green was named president. The name Nabisco was first used as part of a name for a sugar wafer in 1901. John G. Zeller was president of National Biscuit Company from 1923–1931. Nabisco celebrated its golden anniversary in 1948. By 1971, Nabisco had become the corporate name. In 1981, Nabisco merged with Standard Brands to form Nabisco Brands, which merged with R. J. Reynolds in 1985 to form RJR Nabisco. Kraft General Foods acquired Nabisco ready-to-eat cold cereals from RJR Nabisco in 1993. In 1999, Nabisco acquired Favorite Brands International. In 2000, Philip Morris Companies Inc. acquired Nabisco and merged it with Kraft Foods, one of the largest mergers in the food industry. In 2011, Kraft Foods announced it was splitting into a snack food company. Nabisco became part of the snack-food business. Nabisco dates its founding to 1898, a decade when the bakery business underwent a major consolidation. Early in the decade, bakeries throughout the country were consolidated regionally, into companies such as Chicago's American Biscuit and Manufacturing Company, the New York Biscuit Company, the United States Baking Company.
In 1898, the National Biscuit Company was formed from the combination of those three. The merger headquartered in New York City; the word "biscuit" is a traditional term for what are now termed "cookies" and "crackers" in American English, though British English retains "biscuit" to refer to these baked goods. Key to the founding of Nabisco was Pittsburgh baking mogul Sylvester S. Marvin. Marvin arrived in Pittsburgh in 1863 and established himself in the cracker business, founding S. S. Marvin Co, its products included crackers and breads. Marvin was called the Edison of manufacturing for his innovations in the bakery business. By 1888, it was the largest in the US, the centerpiece of the National Biscuit Company. Marvin was a member of the elite South Fork Fishing and Hunting Club of Johnstown Flood fame; the F. A. Kennedy Steam Bakery in Boston, known for inventing Fig Newtons was one of the first acquisitions made by Nabisco, joining the company in 1898. Vital to the founding of Nabisco were John and Emily Malloy.
The couple created the Lorna Doone. Upon the bakery’s closing, the recipe was purchased. After the consolidation, the president of Nabisco, Adolphus Green, asked Frank Peters to create a package to distribute fresher products; this paved its way for In-Er Seal package, whose logo is a prototype for the "Nabisco Thing", an animated character created in 1995 to sell its products to kids. The In-Er Seal package is a system of inter-folded wax paper and cardboard to "seal in the freshness" of the product. At the beginning of his presidency, Green decided the National Biscuit Company shortened to NBC, needed a new idea that grabbed the public's attention, he got it when his employees created a new cracker, flakier and lighter than any of their competitors' versions. A son of Robert Gair, the package manufacturer, said, "You need a name," and from this sentence came the name Uneeda; the Uneeda biscuit looked promising, but Green had to make sure it got to customers fresh, so it was the first to use the In-Er Seal package in 1898.
National Stock Exchange of India
The National Stock Exchange of India Limited is the leading stock exchange of India, located in Mumbai. The NSE was established in 1992 as the first demutualized electronic exchange in the country. NSE was the first exchange in the country to provide a modern automated screen-based electronic trading system which offered easy trading facility to the investors spread across the length and breadth of the country. Vikram Limaye is Managing Director & Chief Executive Officer of NSE. National Stock Exchange has a total market capitalization of more than US$2.27 trillion, making it the world's 11th-largest stock exchange as of April 2018. NSE's flagship index, the NIFTY 50, the 50 stock index is used extensively by investors in India and around the world as a barometer of the Indian capital markets. Nifty 50 index was launched in 1996 by the NSE. However, Vaidyanathan estimates that only about 4% of the Indian economy / GDP is derived from the stock exchanges in India. Unlike countries like the United States where nearly 70% of the GDP is derived from larger companies and the corporate sector, the corporate sector in India accounts for only 12-14% of the national GDP.
Of these only 7,800 companies are listed of which only 4000 trade on the stock exchanges at BSE and NSE. Hence the stocks trading at the BSE and NSE account for only around 4% of the Indian economy, which derives most of its income related activity from the so-called unorganized sector and households. Economic Times estimated that as of April 2018, 60 million retail investors had invested their savings in stocks in India, either through direct purchases of equities or through mutual funds. Earlier, the Bimal Jalan Committee report estimated that 1.3% of India's population invested in the stock market, as compared to 27% in USA and 10% in China. NSE is set up in the early 1990s to bring in transparency in the markets. Instead of trading membership being confined to a group of brokers, NSE ensured that anyone, qualified and met minimum financial requirements was allowed to trade. In this context, NSE was ahead of its times when it separated ownership and management in the exchange under SEBI's supervision.
The price information which could earlier be accessed only by a handful of people could now be seen by a client in a remote location with the same ease. The paper-based settlement was replaced by electronic depository-based accounts and settlement of trades was always done on time. One of the most critical changes was that a robust risk management system was set in place, so that settlement guarantees could protect investors against broker defaults. NSE was set up by a group of leading Indian financial institutions at the behest of the government of India to bring transparency to the Indian capital market. Based on the recommendations laid out by the Pherwani committee, NSE has been established with a diversified shareholding comprising domestic and global investors; the key domestic investors include Life Insurance Corporation of India, State Bank of India, IFCI Limited, IDFC Limited and Stock Holding Corporation of India Limited. And the key global investors are Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments Pte Limited and PI Opportunities Fund I.
The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock exchange in 1993 under the Securities Contracts Act, 1956, when P. V. Narasimha Rao was the Prime Minister of India and Manmohan Singh was the Finance Minister. NSE commenced operations in the Wholesale Debt Market segment in June 1994; the capital market segment of the NSE commenced operations in November 1994, while operations in the derivatives segment commenced in June 2000. NSE offers trading and settlement services in equity, equity derivatives and currency derivatives segments, it was the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country. NSE has 3000 leased lines spread over more than 2000 cities across India. NSE was instrumental in creating the National Securities Depository Limited which allows investors to securely hold and transfer their shares and bonds electronically, it allows investors to hold and trade in as few as one share or bond.
This not only made holding financial instruments convenient but more eliminated the need for paper certificates and reduced the incidents of forged or fake certificates and fraudulent transactions that had plagued the Indian stock market. The NSDL's security, combined with the transparency, lower transaction prices and efficiency that NSE offered increased the attractiveness of the Indian stock market to domestic and international investors. NSE offers trading and investment in the following segments EquityEquities Indices Mutual Funds Exchange Traded Funds Initial Public Offerings Security Lending and Borrowing Scheme etc. DerivativesEquity Derivatives Currency Derivatives Interest Rate FuturesDebtCorporate BondsEquity DerivativesThe National Stock Exchange of India Limited commenced trading in derivatives with the launch of index futures on 12 June 2000; the futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index and single stock futures are available.
Trading in Mini Nifty Futures & Options and Long term Options on NIFTY 50 are available. The average daily turnover in the F&O Segment of the Exchange during the financial year April 2013 to March 2014 stood at ₹1.52236 trillion. On 29 August