1.
Stock exchange
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A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market, supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds
2.
Mumbai
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Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India and the ninth most populous agglomeration in the world, Mumbai lies on the west coast of India and has a deep natural harbour. In 2008, Mumbai was named a world city. It is also the wealthiest city in India, and has the highest GDP of any city in South, West, Mumbai has the highest number of billionaires and millionaires among all cities in India. The seven islands that came to constitute Mumbai were home to communities of fishing colonies, during the mid-18th century, Bombay was reshaped by the Hornby Vellard project, which undertook reclamation of the area between the seven islands from the sea. Along with construction of roads and railways, the reclamation project, completed in 1845. Bombay in the 19th century was characterised by economic and educational development, during the early 20th century it became a strong base for the Indian independence movement. Upon Indias independence in 1947 the city was incorporated into Bombay State, in 1960, following the Samyukta Maharashtra movement, a new state of Maharashtra was created with Bombay as the capital. Mumbai is the financial, commercial and entertainment capital of India and it is also home to some of Indias premier scientific and nuclear institutes like BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy. The city also houses Indias Hindi and Marathi film and television industry, Mumbais business opportunities, as well as its potential to offer a higher standard of living, attract migrants from all over India, making the city a melting pot of many communities and cultures. The oldest known names for the city are Kakamuchee and Galajunkja, in 1508, Portuguese writer Gaspar Correia used the name Bombaim, in his Lendas da Índia. This name possibly originated as the Old Portuguese phrase bom baim, meaning good little bay, in 1516, Portuguese explorer Duarte Barbosa used the name Tana-Maiambu, Tana appears to refer to the adjoining town of Thane and Maiambu to Mumbadevi. Other variations recorded in the 16th and the 17th centuries include, Mombayn, Bombay, Bombain, Bombaym, Monbaym, Mombaim, Mombaym, Bambaye, Bombaiim, Bombeye, Boon Bay, and Bon Bahia. After the English gained possession of the city in the 17th century, Ali Muhammad Khan, imperial diwan or revenue minister of the Gujarat province, in the Mirat-i-Ahmedi referred to the city as Manbai. By the late 20th century, the city was referred to as Mumbai or Mambai in the Indian statewise official languages of Marathi, Konkani, Gujarati, Kannada and Sindhi, the Government of India officially changed the English name to Mumbai in November 1995. According to Slate magazine, they argued that Bombay was a corrupted English version of Mumbai, Slate also said The push to rename Bombay was part of a larger movement to strengthen Marathi identity in the Maharashtra region. A resident of Mumbai is called mumbaikar in the Marathi language, the term has been in use for quite some time but it gained popularity after the official name change to Mumbai. Mumbai is built on what was once an archipelago of seven islands, Bombay Island, Parel, Mazagaon, Mahim, Colaba, Worli and it is not exactly known when these islands were first inhabited
3.
Maharashtra
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Four Maharashtra is a state in the western region of India and is Indias second-most populous state and third-largest state by area. It is the wealthiest Indian state and it is also the worlds second-most populous sub-national entity. It has over 112 million inhabitants and its capital, Mumbai, has a population of approximately 18 million, Nagpur is Maharashtras second capital as well as its winter capital. Maharashtras business opportunities along with its potential to offer a standard of living attract migrants from all over India. Ancient and medieval Maharashtra included the empires of the Satavahana dynasty, Rashtrakuta dynasty, Western Chalukyas, Mughals, the major rivers of the state are Godavari, and Krishna. The Narmada and Tapti Rivers flow near the border between Maharashtra and Madhya Pradesh and Gujarat, Maharashtra is the second most urbanised state in India. The state has several popular Hindu places of pilgrimage including Pandharpur, Dehu and Alandi, other places that attract pilgrims from other parts of India and beyond include Hazur Sahib Gurudwara at Nanded, Sai Baba shrine at Shirdi and Dikshabhumi at Nagpur. Maharashtra is the wealthiest and one of the most developed states in India, as of 2011, the state had a per capita income of ₹1.0035 lakh, more than the national average of ₹0.73 lakh. Its GDP per capita crossed the ₹1.20 lakh threshold for the first time in 2013, however, as of 2014, the GDP per capita reduced to ₹1.03 lakh Agriculture and industries are the largest parts of the states economy. Major industries include chemical products, electrical and non-electrical machinery, textiles, petroleum, Jai Maharashtra The modern Marathi language developed from the Maharashtri Prakrit, and the word Mahratta is found in the Jain Maharashtri literature. The terms Maharashtra, Maharashtri, Marathi and Maratha may have derived from the same root, however, their exact etymology is uncertain. But the Marathas as a people do not seem to be mentioned before the thirteenth or fourteenth century, the most widely accepted theory among the linguistic scholars is that the words Maratha and Maharashtra ultimately derived from a combination of Maha and rashtrika. The word rashtrika is a Sanskritized form of Ratta, the name of a tribe or dynasty of petty chiefs ruling in the Deccan region. Another theory is that the term is derived from Maha and ratha / rathi, an alternative theory states that the term derives from the word Maha and Rashtra. However, this theory has not found acceptance among scholars who believe it to be the Sanskritised interpretation of later writers. Maharashtra was ruled by the Maurya Empire in the 4th and 3rd centuries BCE, around 230 BCE Maharashtra came under the rule of the Satavahana dynasty for 400 years. The greatest ruler of the Satavahana Dynasty was Gautamiputra Satakarni, in 90 CE Vedishri, son of the Satavahana king Satakarni, the Lord of Dakshinapatha, wielder of the unchecked wheel of Sovereignty, made Junnar, thirty miles north of Pune, the capital of his kingdom. The state was ruled by Western Satraps, Gupta Empire, Gurjara-Pratihara, Vakataka, Kadambas, Chalukya Empire, Rashtrakuta Dynasty, and Western Chalukya before finally
4.
India
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India, officially the Republic of India, is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and it is bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast. It shares land borders with Pakistan to the west, China, Nepal, and Bhutan to the northeast, in the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives. Indias Andaman and Nicobar Islands share a border with Thailand. The Indian subcontinent was home to the urban Indus Valley Civilisation of the 3rd millennium BCE, in the following millennium, the oldest scriptures associated with Hinduism began to be composed. Social stratification, based on caste, emerged in the first millennium BCE, early political consolidations took place under the Maurya and Gupta empires, the later peninsular Middle Kingdoms influenced cultures as far as southeast Asia. In the medieval era, Judaism, Zoroastrianism, Christianity, and Islam arrived, much of the north fell to the Delhi sultanate, the south was united under the Vijayanagara Empire. The economy expanded in the 17th century in the Mughal empire, in the mid-18th century, the subcontinent came under British East India Company rule, and in the mid-19th under British crown rule. A nationalist movement emerged in the late 19th century, which later, under Mahatma Gandhi, was noted for nonviolent resistance, in 2015, the Indian economy was the worlds seventh largest by nominal GDP and third largest by purchasing power parity. Following market-based economic reforms in 1991, India became one of the major economies and is considered a newly industrialised country. However, it continues to face the challenges of poverty, corruption, malnutrition, a nuclear weapons state and regional power, it has the third largest standing army in the world and ranks sixth in military expenditure among nations. India is a constitutional republic governed under a parliamentary system. It is a pluralistic, multilingual and multi-ethnic society and is home to a diversity of wildlife in a variety of protected habitats. The name India is derived from Indus, which originates from the Old Persian word Hindu, the latter term stems from the Sanskrit word Sindhu, which was the historical local appellation for the Indus River. The ancient Greeks referred to the Indians as Indoi, which translates as The people of the Indus, the geographical term Bharat, which is recognised by the Constitution of India as an official name for the country, is used by many Indian languages in its variations. Scholars believe it to be named after the Vedic tribe of Bharatas in the second millennium B. C. E and it is also traditionally associated with the rule of the legendary emperor Bharata. Gaṇarājya is the Sanskrit/Hindi term for republic dating back to the ancient times, hindustan is a Persian name for India dating back to the 3rd century B. C. E. It was introduced into India by the Mughals and widely used since then and its meaning varied, referring to a region that encompassed northern India and Pakistan or India in its entirety
5.
Indian rupee
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The Indian rupee, is the official currency of the Republic of India. The rupee is subdivided into 100 paise, though as of 2011,25 paise is no more a legal tender, the issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in management on the basis of the Reserve Bank of India Act,1934. The rupee is named after the coin, rupiya, first issued by Sultan Sher Shah Suri in the 16th century. In 2010, a new symbol ₹, was officially adopted and it was derived from the combination of the Devanagari consonant र and the Latin capital letter R without its vertical bar. The parallel lines at the top are said to make an allusion to the tricolour Indian flag, the first series of coins with the new rupee symbol started in circulation on 8 July 2011. On 8 November 2016 the Government of India announced the demonetisation of ₹500 and ₹1000 banknotes with effect from midnight of the same day, a newly redesigned series of ₹500 banknote, in addition to a new denomination of ₹2000 banknote is in circulation since 10 November 2016. The new redesigned series is expected to be enlarged with banknotes in the denominations of ₹1000, ₹100. The word rupee was derived from the Sanskrit word रूप्यकम् or rupaya, the modern Indian rupee has a direct lineage from the rupiya, the silver coin, issued by Sher Shah Suri, continued by the Mughal rulers. Rūpa means to form or shape, example, Rūpyarūpa, rūpya — wrought silver, however, in the region of Bengal, the term taka has always been used to refer to currency. In the 14th century, Ibn Battuta noticed that people in the Bengal Sultanate referred to gold, today, the currency of Bangladesh is officially known as taka. The word taka in Bengali is also used generically to mean any money, currency. Thus, colloquially, a person speaking in Bengali may use taka to refer to money regardless of what currency it is denominated in, thus, in the states of West Bengal and Tripura the Indian rupee is officially known টাকা. Whereas, in the states of Assam and Odisha, the Indian rupee is known by names derived from the Sanskrit word ṭaṅka, টকা in Assamese. During his five-year rule from 1540 to 1545, Sultan Sher Shah Suri issued a coin of silver, weighing 178 grains, the silver coin remained in use during the Mughal period, Maratha era as well as in British India. Among the earliest issues of paper rupees include, the Bank of Hindustan, the General Bank of Bengal and Bihar, historically, the rupee was a silver coin. This had severe consequences in the century when the strongest economies in the world were on the gold standard. The discovery of large quantities of silver in the United States and several European colonies resulted in a decline in the value of relative to gold
6.
Market capitalization
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Market capitalization is used by the investment community in ranking the size of companies, as opposed to sales or total asset figures. It is also used in ranking the size of stock exchanges. In performing such rankings, the market capitalizations are calculated at some significant date, the total capitalization of stock markets or economic regions may be compared with other economic indicators. In 2014 and 2015, global market capitalization was US$68 trillion and US$67 trillion, respectively. Market cap is given by the formula M C = N × P, where MC is the capitalization, N is the number of shares outstanding. For example, if company has 4 million shares outstanding. If the closing price per share rises to $21, the cap becomes $84 million. If it drops to $19 per share, the cap falls to $76 million. This is in contrast to mercantile pricing where purchase price, average price, traditionally, companies were divided into large-cap, mid-cap, and small-cap. The terms mega-cap and micro-cap have also come into common use. Different numbers are used by different indexes, there is no definition of, or full consensus agreement about. The cutoffs may be defined as rather than in nominal dollars. Market cap reflects only the equity value of a company and it is important to note that a firms choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt. A more comprehensive measure is enterprise value, which gives effect to outstanding debt, preferred stock, for insurance firms, a value called the embedded value has been used
7.
GDP
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Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
8.
Corporation
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A corporation is a company or group of people authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter, most jurisdictions now allow the creation of new corporations through registration. Corporations chartered in regions where they are distinguished by whether they are allowed to be for profit or not are referred to as for profit and not-for-profit corporations, there is some overlap between stock/non-stock and for profit/not-for-profit in that not-for-profit corporations are always non-stock as well. A for profit corporation is almost always a stock corporation, registered corporations have legal personality and are owned by shareholders whose liability is limited to their investment. Shareholders do not typically actively manage a corporation, shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity, in American English, the word corporation is most often used to describe large business corporations. In British English and in the Commonwealth countries, the company is more widely used to describe the same sort of entity while the word corporation encompasses all incorporated entities. In American English, the company can include entities such as partnerships that would not be referred to as companies in British English as they are not a separate legal entity. Despite not being human beings, corporations, as far as the law is concerned, are legal persons. Corporations can exercise human rights against real individuals and the state, Corporations can be dissolved either by statutory operation, order of court, or voluntary action on the part of shareholders. Corporations can even be convicted of offenses, such as fraud. However, corporations are not considered living entities in the way humans are. While not a corporation, this new type of entity became very attractive as an alternative for corporations not needing to issue stock, in Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. In the last quarter of the 20th Century this new form of organization became available in the United States and other countries. Since the GmbH and LLC forms of organization are technically not corporations they will not be discussed in this article, the word corporation derives from corpus, the Latin word for body, or a body of people. By the time of Justinian, Roman law recognized a range of corporate entities under the names universitas and these included the state itself, municipalities, and such private associations as sponsors of a religious cult, burial clubs, political groups, and guilds of craftsmen or traders. Such bodies commonly had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, private associations were granted designated privileges and liberties by the emperor. Entities which carried on business and were the subjects of rights were found in ancient Rome. In medieval Europe, churches became incorporated, as did local governments, such as the Pope, the point was that the incorporation would survive longer than the lives of any particular member, existing in perpetuity
9.
BSE SENSEX
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The 30 component companies which are some of the largest and most actively traded stocks, are representative of various industrial sectors of the Indian economy. Published since 1 January 1986, the S&P BSE SENSEX is regarded as the pulse of the stock markets in India. The base value of the S&P BSE SENSEX is taken as 100 on 1 April 1979, on 25 July 2001 BSE launched DOLLEX-30, a dollar-linked version of S&P BSE SENSEX. As of 21 April 2011, the capitalisation of S&P BSE SENSEX was about ₹29,733 billion. During 2008-12, Sensex 30 Index share of BSE market capitalisation fell from 49% to 25% due to the rise of sectoral indices like BSE PSU, Bankex, BSE-Teck, the term Sensex was coined by Deepak Mohoni, a stock market analyst. It is a portmanteau of the words Sensitive and Index, the BSE has some reviews and modifies its composition to be sure it reflects current market conditions. The index is calculated based on a free float capitalisation method, instead of using a companys outstanding shares it uses its float, or shares that are readily available for trading. Free Floating capital implies total capitalization less Directors shareholding. As per free float capitalisation methodology, the level of index at any point of time reflects the free market value of 30 component stocks relative to a base period. The market capitalisation of a company is determined by multiplying the price of its stock by the number of shares issued by of corporate actions, the index has increased by over twenty five times from June 1990 to the present. Using information from April 1979 onwards, the rate of return on the S&P BSE SENSEX works out to be 18. 6% per annum. The following is a timeline on the rise of the SENSEX through Indian stock market history. 1000,25 July 1990 – On 25 July 1990, the SENSEX touched the figure for the first time and closed at 1,001 in the wake of a good monsoon. 3000,29 February 1992 – On 29 February 1992, the SENSEX surged past the 3,000 mark in the wake of the market-friendly Budget announced by Manmohan Singh. 4000,30 March 1992 – On 30 March 1992, the SENSEX crossed the 4,000 mark and it was then that the Harshad Mehta scam hit the markets and SENSEX witnessed unabated selling. 5000,11 October 1999 – On 11 October 1999, the SENSEX crossed the 5,000 mark, as the Bharatiya Janata Party-led coalition won the majority in the 13th Lok Sabha election. 6000,11 February 2000 – On 11 February 2000, the technology boom helped the SENSEX to cross the 6,000 mark. This record would stand for four years, until 2 January 2004. This helped the SENSEX crossed 7,000 points for the first time, however, it was on 9 December 2005 that the SENSEX first closed at over 9,000 points
10.
Economy of India
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The economy of India is the seventh-largest in the world measured by nominal GDP and the third-largest by purchasing power parity. The country is classified as an industrialised country, and one of the G-20 major economies. Indias economy became the worlds fastest growing economy in the last quarter of 2014. The Indian economy has the potential to become the worlds 3rd-largest economy by the next decade, and the outlook for short-term growth is also good as according to the IMF, the Indian economy is the bright spot in the global landscape. India also topped the World Banks growth outlook for 2015-16 for the first time with the economy having grown 7. 6% in 2015-16, growth is expected to decline slightly to 7. 1% in the 2016-17 fiscal year. India has one of the fastest growing sectors in the world with annual growth rate of above 9% since 2001. India has become an exporter of IT services, BPO services. It is also the part of the economy. The IT industry continues to be the largest private employer in India. India ranks second worldwide in farm output, the Industry sector has held a constant share of its economic contribution. The Indian auto mobile industry is one of the largest in the world with a production of 21.48 million vehicles in FY 2013-14. India has $600 billion worth of retail market in 2015 and one of worlds fastest growing E-Commerce markets, India is also home to worlds third largest billionaires pool with 111 billionaires in 2016 and the fourth largest number of ultra-high-net-worth households that have more than US$100 million. The combination of protectionist, import-substitution, Fabian socialism, social democratic-inspired policies governed India for sometime after the end of British occupation, the economy was then characterised by extensive regulation, protectionism, public ownership of large monopolies, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country towards a market-based economy, by 2008, India had established itself as one of the worlds faster-growing economies. Growth significantly slowed to 7. 0% in 2008–09, but subsequently recovered to 7. 4% in 2009–10, Indias current account deficit surged to 4. 1% of GDP during Q2 FY11 against 3. 2% the previous quarter. The unemployment rate for 2012–13, according to Government of Indias Labour Bureau, was 4. 7% nationwide, by UPS method, Indias consumer price inflation ranged between 8.9 and 12% over the 2009-2013 period. Maritime trade was carried out extensively between South India and southeast and West Asia from early times until around the fourteenth century AD, over time, traders organised themselves into associations which received state patronage. Other scholars suggest trading from India to West Asia and Eastern Europe was active between 14th and 18th century, during this period, Indian traders had settled in Surakhani, a suburb of greater Baku, Azerbaijan
11.
Trade
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Trade, or commerce, involves the transfer of goods or services from one person or entity to another, often in exchange for money. A network that allows trade is called a market, the original form of trade, barter, saw the direct exchange of goods and services for other goods and services. Barter is trading things without the use of money, later one side of the barter started to involve precious metals, which gained symbolic as well as practical importance. Modern traders generally negotiate through a medium of exchange, such as money, as a result, buying can be separated from selling, or earning. The invention of money greatly simplified and promoted trade, Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade. Trade exists due to the specialization and division of labor, in which most people concentrate on an aspect of production. As such, trade at prices between locations can benefit both locations. Trade originated with human communication in prehistoric times, trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of modern-day currency. Peter Watson dates the history of commerce from circa 150,000 years ago. In the Mediterranean region the earliest contact between cultures were of members of the species Homo sapiens principally using the Danube river, at a time beginning 35–30,000 BCE, Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of obsidian and flint during the stone age, Trade in obsidian is believed to have taken place in Guinea from 17,000 BCE. The earliest use of obsidian in the Near East dates to the Lower, Trade in the stone age was investigated by Robert Carr Bosanquet in excavations of 1901. Trade is believed to have first begun in south west Asia, obsidian was traded at distances of 900 kilometres within the Mediterranean region. Trade in the Mediterranean during the Neolithic of Europe was greatest in this material, networks were in existence at around 12,000 BCE Anatolia was the source primarily for trade with the Levant, Iran and Egypt according to Zarins study of 1990. Melos and Lipari sources produced among the most widespread trading in the Mediterranean region as known to archaeology, the Sari-i-Sang mine in the mountains of Afghanistan was the largest source for trade of Lapis Lazuli. The material was most largely traded during the Kassite period of Babylonia beginning 1595 BCE, ebla was a prominent trading centre during the third millennia, with a network reaching into Anatolia and north Mesopotamia. Materials used for creating jewelry were traded with Egypt since 3000 BCE, long-range trade routes first appeared in the 3rd millennium BCE, when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus Valley. The Phoenicians were noted sea traders, traveling across the Mediterranean Sea, for this purpose they established trade colonies the Greeks called emporia
12.
Securities and Exchange Board of India
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The Securities and Exchange Board of India is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 30 January 1992 through the SEBI Act,1992, Securities and Exchange Board of India was first established in the year 1988 as a non-statutory body for regulating the securities market. It became a body by The Government of India on 12 April 1992. It has opened offices at Jaipur and Bangalore and is planning to open offices at Guwahati, Bhubaneshwar, Patna, Kochi. Controller of Capital Issues was the regulatory authority before SEBI came into existence, initially SEBI was a non statutory body without any statutory power. However, in 1995, the SEBI was given additional statutory power by the Government of India through an amendment to the Securities, in April 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India. The SEBI is managed by its members, which consists of following, two members, i. e. Officers from Union Finance Ministry. One member from the Reserve Bank of India, the remaining five members are nominated by Union Government of India, out of them at least three shall be whole-time members. After amendment of 1999, collective investment scheme brought under SEBI except NIDHI, chit fund, ajay Tyagi was appointed chairman on 10 January 2017 replacing U K Sinha. And took charge of office on March 1,2017. SEBI has to be responsive to the needs of three groups, which constitute the market, the issuers of securities the investors the market intermediaries, SEBI has three functions rolled into one body, quasi-legislative, quasi-judicial and quasi-executive. It drafts regulations in its capacity, it conducts investigation and enforcement action in its executive function and it passes rulings. Though this makes it powerful, there is an appeal process to create accountability. There is a Securities Appellate Tribunal which is a tribunal and is headed by Mr. Justice J P Devadhar. A second appeal lies directly to the Supreme Court, SEBI has taken a very proactive role in streamlining disclosure requirements to international standards. For the discharge of its functions efficiently, SEBI has been vested with the following powers, to require the stock exchange to amend their by−laws. Inspect the books of accounts and call for periodical returns from recognized stock exchanges, inspect the books of accounts of financial intermediaries. Compel certain companies to list their shares in one or more stock exchanges, SEBI is credited for quick movement towards making the markets electronic and paperless by introducing T+5 rolling cycle from July 2001 and T+3 in April 2002 and further to T+2 in April 2003
13.
Life Insurance Corporation
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Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an asset value of ₹1,560,482 crore. As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation, the Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818 by Anita Bhavsar and others. Its primary target market was the Europeans based in India, surendranath Tagore had founded Hindusthan Insurance Society, which later became Life Insurance Corporation. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider, the first half of the 20th century saw a heightened struggle for Indias independence. The aggregate effect of events led to a high rate of. This had adversely affected the faith of the public in the utility of obtaining life cover. In 1955, parliamentarian Amol Barate raised the matter of fraud by owners of private insurance agencies. In the ensuing investigations, one of Indias wealthiest businessmen, Ramkrishna Dalmia, the Parliament of India passed the Life Insurance of India Act on June 19,1956 creating the Life Insurance Corporation of India, which started operating in September of that year. In August 2000, the Indian Government embarked on a program to liberalise the insurance sector, LIC emerged as a beneficiary from this process with robust performance, albeit on a base substantially higher than the private sector. It also has a network of 1,337,064 individual agents,242 Corporate Agents,89 Referral Agents,98 Brokers and 42 Banks for soliciting life insurance business from the public. LICs slogan yogakshemam vahamyaha is in Sanskrit language which translates in English as Your welfare is our responsibility and this is derived from ancient Hindu text, the Bhagavad Gitas 9th chapter, 22nd verse. The slogan can be seen in the logo, written in Devanagari script, the Economic Times Brand Equity Survey 2012 rated LIC as the No.6 Most Trusted Service Brand of India. From the year 2006, LIC has been winning the Readers Digest Trusted brand award. Voted Indias Most Trusted brand in the BFSI category according to the Brand Trust Report for 4 continuous years - 2011-2014 according to the Brand Trust Report, as on 31 March 2014, LIC had 1,20,388 employees, out of which 24,867 were women. Agency strength LIC had 11,95,916 agents as on 31 March 2014, Golden Jubilee Foundation LIC Golden Jubilee Foundation was established in 2006 as a charity organization
14.
State Bank of India
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State Bank of India is an Indian multinational, public sector banking and financial services company. It is a corporation with its headquarters in Mumbai, Maharashtra. The company is ranked 232nd on the Fortune Global 500 list of the worlds biggest corporations as of 2016. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding, in 1806, of the Bank of Calcutta, making it the oldest commercial bank in the Indian subcontinent. Government of India owned the Imperial Bank of India in 1955, with Reserve Bank of India taking a 60% stake, in 2008, the government took over the stake held by the Reserve Bank of India. State Bank of India is a banking behemoth and has 20% market share in deposits and loans among Indian commercial banks. The roots of the State Bank of India lie in the first decade of the 19th century, the Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay and the Bank of Madras. All three Presidency banks were incorporated as joint stock companies and were the result of royal charters and these three banks received the exclusive right to issue paper currency till 1861 when, with the Paper Currency Act, the right was taken over by the Government of India. The Presidency banks amalgamated on 27 January 1921, and the banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company but without Government participation, pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is Indias central bank, acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the imperial Bank of India became the State Bank of India, in 2008, the Government of India acquired the Reserve Bank of Indias stake in SBI so as to remove any conflict of interest because the RBI is the countrys banking regulatory authority. In 1959, the government passed the State Bank of India Act and this acquisition was in tune with the first Five Year Plan, which prioritised the development of rural India. The government integrated these banks into the State Bank of India system to expand its rural outreach, in 1963 SBI merged State Bank of Jaipur and State Bank of Bikaner. SBI has acquired local banks in rescues, the first was the Bank of Bihar, which SBI acquired in 1969, together with its 28 branches. The next year SBI acquired National Bank of Lahore, which had 24 branches, Five years later, in 1975, SBI acquired Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior State, under the patronage of Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a small moneylender, the new banks first manager was Jall N. Broacha, a Parsi. In 1985, SBI acquired the Bank of Cochin in Kerala, SBI was the acquirer as its affiliate, the State Bank of Travancore, already had an extensive network in Kerala. The new logo of the SBI was introduced on 1 October 1971 and was designed by Shekhar Kammat at National Institute of Design, there has been a proposal to merge all the associate banks into SBI to create a mega bank and streamline the groups operations
15.
Infrastructure Development Finance Company
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Infrastructure Development Finance Company is a finance company based in India. It provides finance and advisory services for projects as well as asset management and investment banking. IDFC was incorporated on 30 January 1997 with its office in Chennai. In 1998 the company registered with the Reserve Bank of India as a financial company. IDFC registered with the Securities and Exchange Board of India as a merchant banker and as an underwriter in 2000, the company also set up Infrastructure Development Corporation Ltd pursuant to a shareholders agreement between IDECK and the State of Karnataka, HDFC and IDFC. In 2002, the company incorporated IDFC Asset Management Company Ltd as a company and Uttaranchal Infrastructure Development Company Ltd. In 2003 it became an investor in and sponsor of the India Development Fund, in August 2005 the companys equity shares were listed at the National Stock Exchange of India and Bombay Stock Exchange after an initial public offering. In 2006 IDFC raised $450 million for their second infrastructure focused private equity fund, in June 2006, the company agreed a memorandum of understanding with SBI Capital Markets for syndication of debt financing for Infrastructure projects. In 2006-07, the company increased its stake in National Stock Exchange of India Ltd from 2. 2% to 8. 2%, in 2008-09, the company subscribed 100% of equity shares of IDFC Capital Pte Ltd, an emerging markets private equity fund-of-funds business. During the year, the company established IDFC Foundation to focus on capacity building, policy advisory, in 2009-10, the company consolidated its position as a specialist infrastructure finance company and one of the largest financiers of infrastructure in the country. The company increased their equity stake from 80% to 100% in IDFC Securities Ltd, also, the company along with their wholly owned subsidiary subscribed 100% equity shares of IDFC Pension Fund Management Company Ltd. IDFC Capital Ltd subscribed 100% of equity shares of IDFC Fund of Funds Ltd, during the year 2010-11, Jetpur Somnath Highway Ltd became a subsidiary of IDFC Projects Ltd. A company under the name of Jetpur Somnath Tollways Ltd was incorporated as a Subsidiary of IDFC Projects Ltd, IDFC Projects, along with the other companies, further floated Dheeru Powergen Ltd, which was converted from Private Limited Company to a Public Limited Company. A company under the name of IDFC Investment Managers Ltd has been incorporated as a Subsidiary of IDFC Asset Management Company Ltd, during the year, IDFC Foundation was incorporated as a wholly owned subsidiary company of IDFC. Similarly, the units of the Trust, namely India Infrastructure Initiative Trust & India PPP Capacity Building Trust which were held by IDFC was also transferred to the IDFC Foundation. In November 2011, SNC-Lavalin Group Inc. and the company announced a joint venture began with an introduction by Export Development Canada. The new company, called Piramal Roads Infrastructure Ltd, will work to develop a portfolio of assets in India. April 2,2014, RBI grants in-principle approval to IDFC to set up banks, the in-principle approval will be valid for 18 months
16.
StockHolding Corporation of India
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Stock Holding Corporation of India Limited is Indias largest custodian and depository participant, based in Mumbai, Maharashtra. SHCIL was established in 1986 and was granted a status of a government company as per section 2 of Indian Companies Act,2013. in 2014, SHCIL is known for its Online Trading Portal with investors and traders. Time Of India | Delhi to scrap stamp paper altogether
17.
P. V. Narasimha Rao
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Pamulaparti Venkata Narasimha Rao was an Indian lawyer and politician who served as the 9th Prime Minister of India, from 1991–1996. His ascendancy to the prime ministership was politically significant in that he was the first holder of office from a non-Hindi-speaking region. He led an important administration, overseeing a major economic transformation, Rao, who held the Industries portfolio, was personally responsible for the dismantling of the Licence Raj, as this came under the purview of the Ministry of Commerce and Industry. He is often referred to as the Father of Indian Economic Reforms, future prime ministers Atal Bihari Vajpayee and Manmohan Singh continued the economic reform policies pioneered by Raos government. Rao accelerated the dismantling of the License Raj, reversing the socialist policies of Rajiv Gandhis government and he employed Dr. Manmohan Singh as his Finance Minister to embark on historic economic transition. Rao was also referred to as Chanakya for his ability to tough economic. According to Natwar Singh, Unlike Nehru, his knowledge of Sanskrit was profound, Nehru had a temper, PV a temperament. His roots were deep in the spiritual and religious soil of India and he did not need to Discover India. 11th President of India APJ Abdul Kalam described Rao as a statesman who believed that the nation is bigger than the political system. Kalam acknowledged that Rao in fact asked him to get ready for nuclear tests in 1996, the tests were later conducted by Vajpayee-led NDA government. In fact Rao briefed Vajpayee on nuclear plans, Raos term as Prime Minister was an eventful one in Indias history. Rao died in 2004 of an attack in New Delhi. He was a personality with interests in a variety of subjects such as literature. PV Narasimha Rao had humble social origins and his father, P. Sitarama Rao, and mother, Rukminiamma, hailed from agrarian families. He later went on to Hislop College, now under Nagpur University, Raos mother tongue was Telugu, and he had an excellent command of Marathi. In addition to eight other Indian languages, he spoke English, French, Arabic, Spanish, along with his distant cousin Pamulaparthi Sadasiva Rao, Ch. Raja Narendra and Devulapalli Damodar Rao, PV edited a Telugu weekly magazine called Kakatiya Patrika in the 1940s. Both PV and Sadasiva Rao contributed articles under the pen-name Jaya-Vijaya, Narasimha Rao had three sons and five daughters. Rangarao was a minister in Kotla Vijaya Bhaskara Reddys cabinet and MLA from Hanamakonda Assembly Constituency
18.
Manmohan Singh
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Manmohan Singh is an Indian economist and politician who served as the Prime Minister of India from 2004 to 2014. The first Sikh in office, Singh was also the first prime minister since Jawaharlal Nehru to be re-elected after completing a full five-year term, born in Gah, Singhs family migrated to India during its partition in 1947. After obtaining his doctorate in economics from Oxford, Singh worked for the United Nations during 1966–69 and he subsequently began his bureaucratic career when Lalit Narayan Mishra hired him as an advisor in the Ministry of Foreign Trade. Over the 70s and 80s, Singh held several key posts in the Government of India, such as Chief Economic Advisor, Reserve Bank governor and Planning Commission head. In 1991, as India faced an economic crisis, newly elected Prime Minister P. V. Narasimha Rao surprisingly inducted the apolitical Singh into his cabinet as Finance Minister. Over the next few years, despite opposition, he as a Finance Minister carried out several structural reforms that liberalised Indias economy. Subsequently, Singh served as Leader of the Opposition in the Rajya Sabha during the Atal Bihari Vajpayee government of 1998–2004, in 2004, when the Congress-led United Progressive Alliance came to power, its chairperson Sonia Gandhi unexpectedly relinquished the premiership to Manmohan Singh. In 2008, opposition to a civil nuclear agreement with the United States nearly caused Singhs government to fall after Left Front parties withdrew their support. Although Indias economy grew rapidly under UPA I, its security was threatened by several terrorist incidents, the 2009 general election saw the UPA return with an increased mandate, with Singh retaining the office of Prime Minister. After his term ended in 2014 he opted out from the race to the office of the Prime Minister of India during 2014 Indian general election. Singh was never a member of the Lok Sabha but continues to serve as a member of the Indian Parliament, Singh was born to Gurmukh Singh and Amrit Kaur on 26 September 1932, in Gah, Punjab, British India, into a Sikh family. He lost his mother when he was young and was raised by his paternal grandmother. After the Partition of India, his family migrated to Amritsar, India and he completed his Economics Tripos at University of Cambridge as he was a member of St Johns College in 1957. Joan Robinson was a brilliant teacher, but she sought to awaken the inner conscience of her students in a manner that very few others were able to achieve. She questioned me a deal and made me think the unthinkable. She propounded the left wing interpretation of Keynes, maintaining that the state has to play more of a if you really want to combine development with social equity. Kaldor influenced me more, I found him pragmatic, scintillating, stimulating. Joan Robinson was an admirer of what was going on in China
19.
National Securities Depository Limited
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National Securities Depository Limited is an Indian central securities depository based in Mumbai. Although India had a vibrant capital market which is more than a century old, the enactment of Depositories Act in August 1996 paved the way for establishment of National Securities Depository Limited, the first depository in India. It went on to establish infrastructure based on standards that handles most of the securities held. In the depository system, securities are held in depository 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, some of the prominent banks in the country have taken a stake in NSDL. NSDL e-Gov was originally set up as a Depository in 1995, further, NSDL also has a subsidiary company NSDL Database Management Limited. Babasaheb Ambedkar Vaidyakiya Pratishthan, Aurangabad, Borderless World Foundation, Pune and Nana Palkar Smruti Samiti, under CSR, company supported Borderless World Foundations Kashmir project Kashmir Life Line which is the first critical care emergency medical service in Jammu and Kashmir State
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Bombay Stock Exchange
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The Bombay Stock Exchange is an Indian stock exchange located at Dalal Street, Kala Ghoda, Mumbai, Maharashtra, India. Established in 1875, the BSE is Asia’s first stock exchange and it claims to be the worlds fastest stock exchange, with a median trade speed of 6 microseconds. The BSE is the worlds 11th largest stock exchange with a market capitalization of $1.43 Trillion as of March,2016. More than 5500 companies are listed on the BSE. Unlike countries like the United States where 70% of the GDP is derived from larger companies and the corporate sector, of these, as of November 2016, there are only 7,800 listed companies 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 about 4% of the Indian economy, Bombay Stock Exchange founded by Premchand Roychand. He was one of the most influential businessmen in 19th-century Bombay, a man who made a fortune in the stockbroking business and came to be known as the Cotton King, the Bullion King or just the Big Bull. He was also the founder of the Native Share and Stock Brokers Association, the Bombay Stock Exchange is the oldest exchange in Asia. Its history dates back to 1855, when five stockbrokers would gather under banyan trees in front of Mumbais Town Hall, the location of these meetings changed many times to accommodate an increasing number of brokers. The group eventually moved to Dalal Street in 1874 and became an organization known as The Native Share & Stock Brokers Association in 1875. On August 31,1957, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act, in 1980, the exchange moved to the Phiroze Jeejeebhoy Towers at Dalal Street, Fort area. In 1986, it developed the BSE SENSEX index, giving the BSE a means to measure the performance of the exchange. In 2000, the BSE used this index to open its derivatives market, the development of SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSEs trading platform. Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to a trading system developed by CMC Ltd. in 1995. It took the exchange only 50 days to make this transition and this automated, screen-based trading platform called BSE On-Line Trading had a capacity of 8 million orders per day. The BSE has also introduced a centralized exchange-based internet trading system, the BSE is also a Partner Exchange of the United Nations Sustainable Stock Exchange initiative, joining in September 2012. Robert Owen was the first to start co operative society at year of 18441 March 2001 Corporatisation of Exchanges proposed by the Union Govt. e, date on which Corporatisaton and Demutualisation was achieved. BSEs normal trading sessions occur on all days of the week except weekends, the launch of SENSEX in 1986 was later followed up in January 1989 by the introduction of the BSE National Index
21.
Geographic coordinate system
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A geographic coordinate system is a coordinate system used in geography that enables every location on Earth to be specified by a set of numbers, letters or symbols. The coordinates are chosen such that one of the numbers represents a vertical position. A common choice of coordinates is latitude, longitude and elevation, to specify a location on a two-dimensional map requires a map projection. The invention of a coordinate system is generally credited to Eratosthenes of Cyrene. Ptolemy credited him with the adoption of longitude and latitude. Ptolemys 2nd-century Geography used the prime meridian but measured latitude from the equator instead. Mathematical cartography resumed in Europe following Maximus Planudes recovery of Ptolemys text a little before 1300, in 1884, the United States hosted the International Meridian Conference, attended by representatives from twenty-five nations. Twenty-two of them agreed to adopt the longitude of the Royal Observatory in Greenwich, the Dominican Republic voted against the motion, while France and Brazil abstained. France adopted Greenwich Mean Time in place of local determinations by the Paris Observatory in 1911, the latitude of a point on Earths surface is the angle between the equatorial plane and the straight line that passes through that point and through the center of the Earth. Lines joining points of the same latitude trace circles on the surface of Earth called parallels, as they are parallel to the equator, the north pole is 90° N, the south pole is 90° S. The 0° parallel of latitude is designated the equator, the plane of all geographic coordinate systems. The equator divides the globe into Northern and Southern Hemispheres, the longitude of a point on Earths surface is the angle east or west of a reference meridian to another meridian that passes through that point. All meridians are halves of great ellipses, which converge at the north and south poles, the prime meridian determines the proper Eastern and Western Hemispheres, although maps often divide these hemispheres further west in order to keep the Old World on a single side. The antipodal meridian of Greenwich is both 180°W and 180°E, the combination of these two components specifies the position of any location on the surface of Earth, without consideration of altitude or depth. The grid formed by lines of latitude and longitude is known as a graticule, the origin/zero point of this system is located in the Gulf of Guinea about 625 km south of Tema, Ghana. To completely specify a location of a feature on, in, or above Earth. Earth is not a sphere, but a shape approximating a biaxial ellipsoid. It is nearly spherical, but has an equatorial bulge making the radius at the equator about 0. 3% larger than the radius measured through the poles, the shorter axis approximately coincides with the axis of rotation
22.
Calcutta Stock Exchange
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Calcutta Stock Exchange, also abbreviated to CSE, located at the Lyons Range, Kolkata, India, is the oldest stock exchange in South Asia. It was incorporated in 1908 and is the second largest bourse in India, in 1830, the bourse activities in Kolkata were conducted under a neem tree. The earliest record of dealings in securities in India is the British East India Company’s loan securities, in 1908, the stock exchange was incorporated and consisted of 150 members. The present building at the Lyons Range was constructed in 1928, the Calcutta Stock Exchange Ltd was granted permanent recognition by the Government of India with effect from April 14,1980, under the relevant provisions of the Securities Contracts Act,1956. The Calcutta Stock Exchange followed the familiar outcry system for trading until 1997. The full form of CSE is Calcutta Stock Exchange, general Manager Sri Partha Sarathi Mohapatra - Dy. General Manager Sri Amit Santra - Manager Sri Asis Maity - Manager One Index is in use, CSE -40 index List of South Asian stock exchanges Official website
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United Stock Exchange of India
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The United Stock Exchange of India is an Indian stock exchange. It is the 4th pan India exchange launched for trading financial instruments in India, USE represents the commitment of 21 Indian public sector banks, private banks, international banks and corporate houses to build an institution of repute. Private Sector Banks like Axis Bank, Federal Bank, J & K Bank, HDFC Bank, corporate Institutions such as Riddhi Siddhi Bullions Limited, MMTC and India Potash are also associated with United Stock Exchange. USE launched its operations on 20 Sept 2010. e, all non-member participants can access the exchange as clients of members. Membership is therefore granted to participants with high credibility and an excellent track record. Members will need to all requirements prescribed by the Securities Exchange Board of India as also the requirements stipulated by USE itself. This is to ensure that traders are protected against any counterparty risk and also to help develop, two types of membership is available with USE Trading Membership, Trading Member has the privilege of trading on one’s own account as well as the accounts of their clients. However, they not be able to clear and settle these trades. Net worth criteria as per SEBI,1 Crore INR Clearing Membership, Clearing Members are entitled to clear and settle trades for all trading members through the Clearing House of USE, 75/Lakh each side More than Rs.5 crore up to Rs.25 crore -Rs. 4500/crore each side More than Rs.25 crore up to Rs.50 crore -Rs, 4000/crore each side More than Rs.50 crore up to Rs.75 crore -Rs. 2000/crore each side More than Rs.75 crore -Rs
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Inter-connected Stock Exchange of India
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Inter-connected Stock Exchange Ltd. is an Indian national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its trading members. It started its operation in 1998 in Vashi, Mumbai, and has 841 trading members and these intermediaries are administratively supported through the regional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and Nagpur, besides Mumbai. The ISE is promoted by 12 regional stock exchanges namely at Bangalore, Bhubaneshwar, Chennai, Kochi, Coimbatore, Guwahati, Indore, Jaipur, Kanpur, Mangalore, Magadh, the participating exchanges of ISE have 4,500 members and listed securities. It is an exchange of stock exchanges, members of the stock exchanges being traders on the ISE. At a meeting of the Federation of Indian Stock Exchanges held in October 1996, ISE was launched with an objective of converting small, fragmented and illiquid markets into large, liquid national-level markets. ISE is also a professionally managed stock exchange with the Chairman of the Exchange being also a Public Representative Director from its inception, unfortunately for the RSEs, particularly small brokers, the ISE experiment did not succeed. The daily turnover, which used to be Rs.1 to 2 crore in the first six months, failure of ISE was, due to the bigger brokers of the participating RSEs failing to support any interest in trading on ISE due to commercial considerations. As a result, it virtually impossible for ISE to create any worthwhile liquidity in its markets in competition with the breadth and depth of NSE and BSE. Markers continued to be fragmented as the participating RSEs did not close down their regional segments, all the while the small fragmented and illiquid market failed to emerge. A registered Member is entitled to execute trades and to clear, iSE-DP has branches at Delhi, Kolkata, Patna, Guwahati, Ahmedabad, Hyderabad, Nagpur, Coimbatore, Tirunelveli and 155 Collection Centers across the country. ISE also offers Joint Certification Training programmes in association with its partners, the trading platform of ISE enables the Indian companies’ to access equity capital, by providing a liquid and well-regulated market. Scrips which are already being traded on stock exchanges across India are traded on the Exchange, iSE’s trading members in India trade on the scrips and provide liquidity and visibility to such scrips
25.
Ahmedabad Stock Exchange
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Ahmedabad Stock Exchange or ASE is the second oldest exchange of India located in the city of Ahmedabad in the western part of the country. It is recognized by Securities Contract Act,1956 as permanent stock exchange and it has adopted a Swastika in its logo which is one of the most auspicious symbols of Hinduism depicting wealth and prosperity. Ahmedabad Stock Exchange was established in 1894 and it is the oldest stock exchange after Bombay Stock Exchange in India. ASE functioned here till 1996 and it is 93 years old heritage building, the stock exchange went live on December 12,1996. Initially, ASE used a system provided by IBM, since June 1999, ASE operates on Ahmedabad Stock Exchanges Online Trading System. This system was provided to ASE by Tata Consultancy Services Pvt. Ltd, members of the ASE can also trade on the Bombay Stock Exchange through a system called IBOSS. Today the stock exchange has 333 trading members, the governing board of ASE comprises elected directors as well as directors appointed by SEBI. The governing board meets every 15 days to review the working of the stock Exchange, the executive director is the administrative head of the ASE
