PROJECT REPORT ON
“A STUDY ON THE GROWTH OF EQUITY DERIVATIVES IN INDIA”
SUBMITTED
IN PARTIAL FULFILLMENT OF
DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY
TAMSEEL NAJMI
MBA (GEN)
2011-2013
UNDER SUPERVISION OF
MR. PANKAJ BHARDWAJ
(Branch Manager)
Department of Management Studies
JAMIA HAMDARD
NEW DELHI
DECLARATION
I hereby declare that the project work entitled “A STUDY ON THE GROWTH OF
EQUITY DERIVATIVES IN INDIA” submitted to Department of Management, JAMIA
HAMDARD, is a record of an original work done by me under the guidance of Mr.
Shahnawaz Abdin, Asstt Professor, FMIT. This project work is submitted in the partial
fulfilment of degree of Master of Business Administration. The results embodied in this
report have not been submitted to any other university or institute for the award of any degree
or diploma.
DATE: TAMSEEL NAJMI
PLACE: MBA (GEN) 2011-13
CONTENTS
ACKNOWLEDGEMENT
COMPANY DETAILS
India Infoline (IIFL) founded in 1995 by Mr. Nirmal Jain (Chairman and Managing Director)
as an independent business research and information provider. It gradually evolved into a one
stop financial services solutions provider. Its strong management team comprises copetent
and dedicated professionals.
India Infoline is a pan India financial services organisation with a network of over 3,000
business locations spread over 500 cities and towns across India. Its global footprints extends
across geographies with offices in New York, Singapore, Dubai, Mauritius, London,
Colombo and Hong Kong.
IIFL offers advice and execution platform for the entire range of financial services covering
products ranging from equities and derivatives, commodities, wealth management, asset
management, insurance, fixed deposits, loans, investment banking, gold bonds, property and
other small saving instruments.
BOARD OF DIRECTORS
Mr. Nirmal Jain Mr. R. Venkatraman Mr.Nilesh Vikamsey
Chairman Managing Director Independent Director
Mr. Kranti Sinha Mr. A. K. Purwar Mr. Sunil Kaul
Independent Director Independent Director Independent Director
COR PORATE STRUCTURE
Vision Statement
The vision of the organisation is to be the most respected company in the financial services
space.
India Infoline Group subsidiaries
India Infoline Media and Research Services Limited
India Infoline Commodities Limited
India Infoline Marketing and Services
India Infoline Investment Services Limited
IIFL (Asia) Pvt Pte Limited
SWOT ANALYSIS
SWOT analysis of IIFL is done under the following heads:
STRENGTHS:-
1. Wide range of financial products.
2. Successful Implementation of “Insurance Broking” Model.
3. Online portal’s successful branding as “5paisa.com”.
4. Have over 3,000 offices in India across 500 cities.
5. First Indian brokerage house to get membership of Singapore exchange.
6. IIFL has been awarded the “Best Broker, India”, “Most Improved Brokerage, India”
and “Fastest Growing Equity Broking House”.
WEAKNESSES:-
1. High risk exposure as seen by conservative population.
2. Less emphasis on advertising causes lack of brand visibility.
OPPORTUNITIES:-
1. High income urban families.
2. More penetration into the growing cities.
THREATS:-
1. Stringent economic measure by government and SEBI.
2. Entry of foreign finance firms in Indian market.
COMPETITORS
Some of the major competitors of IIFL are:-
1. Sharekhan2. Indiabulls3. Angel Broking4. Edelweiss
COMPANY STRUCTURE
India Infoline Limited is listed on both the leading stock exchanges in India, viz. the Stock
Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) and is also a member of
both the exchanges. It is engaged in the businesses of Equities broking, Wealth Advisory
Services and Portfolio Management Services. It offers broking services in the Cash and
Derivatives segments of the NSE as well as the Cash segment of the BSE. It is registered with
NSDL as well as CDSL as a depository participant, providing a one-stop solution for clients
trading in the equities market. It has recently launched its Investment banking and
Institutional Broking business.
A SEBI authorized Portfolio Manager; it offers Portfolio Management Services to clients.
These services are offered to clients as different schemes, which are based on differing
investment strategies made to reflect the varied risk-return preferences of clients.
India Infoline Media and Research Services Limited
The content services represent a strong support that drives the broking, commodities, mutual
fund and portfolio management services businesses. Revenue generation is through the sale
of content to financial and media houses, Indian as well as global.
It undertakes equities research which is acknowledged by none other than Forbes as 'Best of
the Web' and '…a must read for investors in Asia'. India Infoline's research is available not
just over the internet but also on international wire services like Bloomberg (Code: IILL),
Thomson First Call and Internet Securities where India Infoline is amongst the most read
Indian brokers.
India Infoline Commodities Limited
India Infoline Commodities Pvt Limited is engaged in the business of commodities broking.
Our experience in securities broking empowered us with the requisite skills and technologies
to allow us offer commodities broking as a contra-cyclical alternative to equities broking. We
enjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges,
and recently acquired membership of DGCX. We have a multi-channel delivery model,
making it among the select few to offer online as well as offline trading facilities.
India Infoline Marketing & Services
India Infoline Marketing and Services Limited is the holding company of India Infoline
Insurance Services Limited and India Infoline Insurance Brokers Limited.
(a)India Infoline Insurance Services Limited is a registered Corporate Agent with the
Insurance Regulatory and Development Authority (IRDA). It is the largest Corporate
Agent for ICICI Prudential Life Insurance Co Limited, which is India's largest private
Life Insurance Company. India Infoline was the first corporate agent to get licensed
by IRDA in early 2001.
(b) India Infoline Insurance Brokers Limited is a newly formed subsidiary which will
carry out the business of Insurance broking. We have applied to IRDA for the
insurance broking license and the clearance for the same is awaited. Post the grant of
license, we propose to also commence the general insurance distribution business.
India Infoline Investment Services Limited
Consolidated shareholdings of all the subsidiary companies engaged in loans and financing
activities under one subsidiary. Recently, Orient Global, a Singapore-based investment
institution invested USD 76.7 million for a 22.5% stake in India Infoline Investment Services.
This will help focused expansion and capital raising in the said subsidiaries for various
lending businesses like loans against securities, SME financing, distribution of retail loan
products, consumer finance business and housing finance business. India Infoline Investment
Services Private Limited consists of the following step-down subsidiaries.
(a) India Infoline Distribution Company Limited (distribution of retail loan products)
(b) Money line Credit Limited (consumer finance)
(c) India Infoline Housing Finance Limited (housing finance)
IIFL (Asia) Pte Limited
IIFL (Asia) Pte Limited is wholly owned subsidiary which has been incorporated in
Singapore to pursue financial sector activities in other Asian markets. Further to obtaining the
necessary regulatory approvals, the company has been initially capitalized at 1 million
Singapore dollars.
SHAREHOLDING PATTERN
32%
4%
50%
2%
12%
Shares (Mn)
Promoter HoldingsDomestic InstitutionsForeign HoldingsNon Promoter Corporate HoldingsPublic & Others
FINANCIAL SERVICES PROVIDED BY IIFL
IIFL deals in a variety of products and services. These are discussed below:
1. EQUITIES
IIFL is a member of BSE and NSE registered with NSDL and CDSL as a depository
participant and provides broking services in the cash, derivatives and currency
segments, online and offline. IIFL’s Traders’ Terminal, its proprietary trading
platform is widely acknowledged as one of the best available for retail investors.
IIFL received BQ1 broker grading (highest grading) from CRISIL. The grading
reflects IIFL’s healthy regulatory compliance track record and adequate credit risk
profile.
IIFL’s analyst team won Zee Business’ India’s best market analysts award- 2009 for
being the best in the Oil and Gas and commodities sector.
IIFL has rapidly emerged as one of the premier institutional equities houses in India
with a team of over 25 research analysts, a full-fledged sales and trading team coupled
with an experienced investment banking team.
2. COMMODITIES
IIFL offers commodities trading to its customers vide its membership of the MCX and
the NCDEX. The domain knowledge and data based on in depth research of complex
paradigms of commodity kinetics, offers our customers a unique insight into
behavioural patterns of these markets. The customers are ideally positioned to make
informed investment decisions with a high probability of success.
3. CREDIT AND FINANCE
IIFL offers a wide array of secured loan products. Currently secured loans (mortgage
loans, margin funding, loan against shares) comprises 94% of the loan book. The
company has discontinued its unsecured products. It has robust credit processes and
collection mechanism resulting in overall NPAs of less than 1%. Recently the
company has also launched loans against gold.
4. INSURANCE
IIFL entered the insurance distribution business in 2000 as ICICI Prudential Life
Insurance Co Ltd’s corporate agent. Later it became an insurance broker in October
2008 in line with its strategy to have an ‘open architecture’ model. The company now
distributes products of major insurance companies through its subsidiary India
Infoline Insurance Brokers Ltd.
5. WEALTH MANAGEMENT SERVICES
IIFL offers private wealth advisory services to high net worth individuals (HNI) and
corporate clients under the IIFL Private Wealth brand. IIFL private wealth is managed
by a qualified team of MBAs from IIMs and premier institutes and relevant industry
experience. The team advices clients across asset classes like sovereign and quasi-
sovereign debt, corporate and collateralised debt, direct equity, ETFs and mutual
funds, third party PMS, derivative strategies, real estate and private equity. It has also
tied up with interactive brokers LLC to strengthen its execution platform and provide
investors with a global investment platform.
6. INVESTMENT BANKING
IIFL’s investment banking division was launched in 2006. The business leverages
upon its strength of research and placement capabilities of the institutional and retail
sales teams. The experienced investment banking team possesses the skill-set to
manage all kind of investment banking transactions. The close interaction with
investors as well as corporates help to understand and offer tailor made solutions to
fulfil requirements.
In FY10, the team advised and managed more than 10 transactions including four
IPOs and four Qualified Institutions Placements.
HOW DO IIFL HANDLE THEIR CUSTOMERS’ INVESTMENTS?
OBJECTIVES OF STUDY
The objectives of the study can be summed up as follows:
1. To analyse the growth rate of Derivatives market in India.
2. To study various ways for trading in the derivatives market.
3. To identify the most commonly used instrument used for investment in derivatives
market.
RESEARCH METHODOLOGY
Methodology refers to the method adopted for collection of information, which forms the
basis of written report. The data collection techniques used are:
1. RESEARCH DESIGN
The purpose of the study is descriptive and I had no control over the variables.
2. SOURCES OF DATA
The source of data here is the Secondary data source. The information is collected
from various research works and journals available on the topic and also from NSE.
3. UNIT OF ANALYSIS
The unit of analysis here is the S & P CNX NIFTY.
4. EXTENT OF RESEARCHER INTERFERENCE
The extent of my interference is minimal.
5. LIMITATIONS OF THE STUDY
The study is primarily based on secondary data, hence any mistake in previous works
may lead to discrepancy.
EQUITY DERIVATIVES- AN INTRODUCTION
The term “derivatives” is used to refer to financial instruments which derive their value from
some underlying asset. The underlying assets could be equities (shares), debt (bonds, T-bills,
notes), currencies and even indices of these various assets, such as the Nifty 50 Index.
Derivatives derive their names from their respective underlying asset. Thus, if a derivatives’s
underlying asset is equity, it is called equity derivative. Derivatives can be traded either on a
regulated exchange such as the NSE or off the exchanges, i.e., directly between the parties
which is called over the counter (OTC) trading. In India only exchange traded equity
derivatives are permitted under law. The basic purpose of derivatives is to transfer the price
risk (inherent in fluctuations of the asset prices) from one party to another; they facilitate the
allocation of the risk to those who are willing to take it. In so doing, derivatives help mitigate
the risk arising from the future uncertainty of price. For example, on November 1, 2009 a rice
farmer may wish to sell his harvest at a future date (say, January 1, 2010) for a predetermined
fixed price to eliminate the risk of change in prices by that date. Such a transaction is an
example of a derivatives contract. The price of this derivative is driven by the spot price of
rice which is the underlying.
The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with
the launch of index futures on June 12, 2000. The futures contracts are based on the popular
benchmark S&P CNX Nifty Index.
The Exchange introduced trading in Index Options (also based on Nifty) on June 4, 2001.
NSE also became the first exchange to launch trading in options on individual securities from
July 2, 2001. Futures on individual securities were introduced on November 9, 2001. Futures
and Options on individual securities are available on 208 securities stipulated by SEBI.
The Exchange has also introduced trading in Futures and Options contracts based on CNX-
IT, BANK NIFTY, and NIFTY MIDCAP 50 indices.
Since the launch of the Index Derivatives on the popular benchmark S&P CNX Nifty Index
in 2000, the National Stock Exchange of India Limited (NSE) today have moved ahead with
a varied product offering in equity derivatives. The Exchange currently provides trading in
Futures and Options contracts on 9 major indices and 226 securities. The Exchange also
introduced trading in Mini Derivatives contracts to provide easier access for small investors
to invest in Nifty futures and options.
At present, the equity derivatives market is the most active derivative market in India.
Trading volume in equity derivatives are, on an average, more than three and a half times the
trading volumes in the cash equity markets.
November 18, 1996 L.C. Gupta Committee set up to draft a policy framework for introducing derivatives.
May 11, 1998 L.C. Gupta Committee submits its report on the policy framework.
May 25, 2000 SEBI allows exchanges to trade in index futures.
June 12, 2000 Trading on Nifty futures commences on the NSE
June 4, 2001 Trading of Nifty options commences on the NSE
July 2, 2001 Trading on stock options commences on the NSE
November9, 2001 Trading on stock futures commences on the NSE
August 29, 2008 Currency derivatives trading commences on the NSE
August31, 2009 Interest rate derivatives trading commences on the NSE
February 2010 Launch of currency futures on additional currency pairs
October 28, 2010 Introduction of European style stock options
October 29, 2010 Introduction of currency options
TABLE: MILESTONES IN THE DEVELOPMENT OF INDIAN DERIVATIVES MARKET.
TYPES OF DERIVATIVES
There are various types of derivatives traded on exchanges across the world. They range from
the very simple to the most complex products. The following are the three basic forms of
derivatives, which are the building blocks for many complex derivative instruments:
1. FORWARDS
2. FUTURES
3. OPTIONS
FORWARDS
These are promises to deliver an asset at a pre-determined date in future at a predetermined
price. Forwards are highly popular on currencies and interest rates. The contracts are traded
over the counter (outside the stock exchanges, directly between the two parties) and are
customised according to the needs of the parties. Since these contracts do not fall under the
purview of rules and regulations of an exchange, they generally suffer from counterparty risk
i.e. the risk that one of the parties to the contract may not fulfill his or her obligation.
FUTURES
A future contract is an agreement between two parties to buy or sell an asset at a certain time
in future at a certain price. These are basically exchange traded, standardised contracts. The
exchange stands guarantee to all the transactions and counterparty risk is largely eliminated.
The buyers of futures contracts are considered having a long position whereas the sellers are
considered to be having a short position. It should be noted that this is similar to any asset
market where anybody who buys is long and the one who sells in short.
Futures contracts are available on variety of commodities, currencies, interest rates, stocks
and other tradable assets. They are highly popular on stock indices, interest rates and foreign
exchange.
OPTIONS
Options give the buyer (holder) a right but not an obligation to buy or sell an asset in future.
Options are of two types:
CALLS
PUTS
Calls give the buyer the right but not the obligation to buy a given quantity of the underlying
asset, at a given price on or before a given future date.
Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying
asset at a given price on or before a given date. One can buy and sell each of the contracts.
When one buys an option he is said to be having a long position and when one sells he is said
to be having a short position.
In the first two types of derivatives contracts (forwards and futures) both the parties (buyer
and seller) have an obligation i.e. the buyer needs to pay for the asset to the seller and the
seller needs to deliver the asset to the buyer on the settlement date. In case of options only the
seller (also called option writer) is under an obligation and not the buyer (option purchaser).
The buyer has a right to buy (call options) or sell (put options) the asset from/to the seller of
the option but he may or may not exercise this right. In case the buyer of the option does
exercise his right, the seller of the option must fulfil whatever his obligation is. An option can
be exercised at the expiry of the contract period or anytime up to the expiry of the contract
period.
DERIVATIVES PRODUCTS AT NSE
Since the launch of the Index Derivatives on the popular benchmark S&P CNX Nifty Index
in 2000, the National Stock Exchange of India Limited (NSE) today have moved ahead with
a varied product offering in equity derivatives. The Exchange currently provides trading in
Futures and Options contracts on 9 major indices and 226 securities. The Exchange also
introduced trading in Mini Derivatives contracts to provide easier access for small investors
to invest in Nifty futures and options.
Derivatives are available on the following products:
1. S&P CNX Nifty Index
2. Mini Derivative Contracts on S&P CNX Nifty Index
3. CNXIT Index
4. Bank Nifty Index
5. Nifty Midcap 50 Index
6. CNX Infrastructure Index
7. CNX PSE Index
8. Individual Securities
TRADING OF DERIVATIVES AT NSE
NSE introduced for the first time in India, fully automated screen based trading. It uses a
modern, fully computerised trading system designed to offer investors across the length and
breadth of the country a safe and easy way to invest.
NSE’s automated screen based trading, modern, fully computerised trading system designed
to offer investors across the length and breadth of the country a safe and easy way to invest.
The NSE trading system called 'National Exchange for Automated Trading' (NEAT) is a fully
automated screen based trading system, which adopts the principle of an order driven market.
MARKET TIMINGS
Trading on the derivatives segment takes place on all days of the week (except Saturdays and
Sundays and holidays declared by the Exchange in advance). The market timings of the
derivatives segment are:
GROWTH IN FUTURES AND OPTIONS
INDEX FUTURES
NSE commenced trading in Index Futures on June 12, 2000. The Nifty futures contracts are
based on the popular market benchmark S&P CNX Nifty Index. S&P CNX Nifty is uniquely
equipped as an index for the index futures market owing to
(a) low market impact cost and
(b) high hedging effectiveness.
The good diversification of S&P CNX Nifty will generate low initial margin requirements.
Finally, S&P CNX Nifty is calculated using NSE prices, and NSE is the most liquid
exchange in India, thus making it easier to do arbitrage for S&P CNX Nifty index futures.
YEAR Number Of Contracts Turnover (Rs. Cr.)
2000-01 90580 23652001-02 1025588 214832002-03 2126763 439522003-04 17191668 5544462004-05 21635449 7721472005-06 58537886 15137552006-07 81487424 25395742007-08 156598579 3820667.272008-09 210428103 3570111.402009-10 178306889 3934388.67
2010-11 165023653 4356754.532011-12 146188740 3577998.412012-13 36849287 887165.22
TABLE: Annual Growth in the Index Futures (2000-2012)
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
90,580
1,025,588 2,126,763
17,191,66821,635,449
58,537,886
81,487,424
156,598,579
210,428,103
178,306,889165,023,653
146,188,740
36,849,287
No of Contracts (Index Futures)
No of Contracts
Fig: Graph Representing the Growth in Number of Contracts for Index Futures.
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
4500000
5000000
2365 21483 43952
554446772147
1513755
2539574
3820667.27
3570111.43934388.67
4356754.53
3577998.41
887165.22
Turnover(Rs Cr)
Turnover(Rs Cr)
Fig: Graph Representing the growth of turnover in Index Futures
STOCK FUTURES
A financial contract obligating the buyer to purchase an asset (or the seller to sell an asset),
such as a physical commodity or a financial instrument, at a predetermined future date and
price. Futures contracts detail the quality and quantity of the underlying asset; they are
standardized to facilitate trading on a futures exchange. Some futures contracts may call for
physical delivery of the asset, while others are settled in cash. The futures markets are
characterized by the ability to use very high leverage relative to stock markets.
YEAR No of Contracts Turnover (Rs Cr)2000-01 - -2001-02 19,57,856 51,5152002-03 1,06,76,843 2,86,5332003-04 3,23,68,842 13,05,9392004-05 4,70,43,066 14,84,0562005-06 8,09,05,493 27,91,6972006-07 10,49,55,401 38,30,9672007-08 20,35,87,952 75,48,563.232008-09 22,15,77,980 34,79,642.122009-10 14,55,91,240 51,95,24642010-11 18,60,41,459 54,95,756.732011-12 15,83,44,617 40,74,670.732012-13 4,28,76,791 11,02,711.07
Table:Annual Growth in Stock Futures
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
50000000
100000000
150000000
200000000
250000000
1,957,856 10,676,843
32,368,842
47,043,066
80,905,493
104,955,401
203,587,952
221,577,980
145,591,240
186,041,459
158,344,617
42,876,791
No of Contracts
No of Contracts
Fig: Graph Representing Growth in Number of Contracts for Stock Futures
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
51,515 286,533
1,305,939 1,484,056
2,791,697
3,830,967
7,548,563
3,479,642
5,195,247
5,495,757
4,074,671
1,102,711
Turnover (Rs Cr)
Turnover (Rs Cr)
Fig: Graph Representing Growth in Turnover of Stock Futures
INDEX OPTIONS
A financial derivative that gives the holder the right, but not the obligation, to buy or sell a
basket of stocks, such as the S&P 500, at an agreed upon price and before a certain date. An
index option is similar to other option contracts, the difference being the underlying
instruments are indexes. Options contracts, including index options, allow investors to profit
from an expected market move or to reduce the risk of holding the underlying instrument.
YEAR No of Contracts Turnover (Rs Cr)2000-01 - -2001-02 1,75,900 3,7652002-03 4,42,241 9,2462003-04 17,32,414 52,8162004-05 32,93,558 1,21,9432005-06 1,29,35,116 3,38,4692006-07 2,51,57,438 7,91,9062007-08 5,53,66,038 13,62,110.882008-09 21,20,88,444 37,31,501.842009-10 34,13,79,523 80,27,964.202010-11 65,06,38,557 1,83,65,365.762011-12 86,40,17,736 2,27,20,031.642012-13 25,76,98,642 66,22,635.23
Table: Annual Growth in Index Options
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
900000000
1000000000
175,900442,241
1,732,4143,293,558
12,935,116
25,157,438
55,366,038
212,088,444
341,379,523
650,638,557
864,017,736
257,698,642
No of Contracts
No of Contracts
Fig: Graph Representing Growth in Number of Contracts for Index Options
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
5000000
10000000
15000000
20000000
25000000
3,765 9,246 52,816 121,943338,469
791,9061,362,111
3,731,502
8,027,964
18,365,366
22,720,032
6,622,635
Turnover (Rs Cr)
Turnover (Rs Cr)
Fig: Graph Representing Growth in Turnover for Index Options
STOCK OPTIONS
A privilege, sold by one party to another, that gives the buyer the right, but not the obligation,
to buy (call) or sell (put) a stock at an agreed-upon price within a certain period or on a
specific date.
Year No of Contracts Turnover (Rs Cr)2000-01 - -2001-02 10,37,529 25,1632002-03 35,23,062 1,00,1312003-04 55,83,071 2,17,2072004-05 50,45,112 1,68,8362005-06 52,40,776 1,80,2532006-07 52,83,310 1,93,7952007-08 94,60,631 3,59,136.552008-09 1,32,95,970 2,29,226.812009-10 1,40,16,270 5,06,065.182010-11 3,25,08,393 10,30,344.212011-12 3,64,94,371 9,77,031.13
2012-13 1,53,06,914 4,13,052.09Table: Annual Growth in Stock Options
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0
5000000
10000000
15000000
20000000
25000000
30000000
35000000
40000000
1,037,5293,523,062
5,583,0715,045,112
5,240,776
5,283,310
9,460,631
13,295,97014,016,270
32,508,39336,494,371
15,306,914
No of Contracts
No of Contracts
Fig: Graph Representing Growth in Number of Contracts for Stock Options
2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-110
200000
400000
600000
800000
1000000
1200000
Turnover (Rs Cr)
Turnover (Rs Cr)
Fig: Graph Representing Growth in Turnover for Stock Options