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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

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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

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CONTENTS

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ACKNOWLEDGEMENT

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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

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COR PORATE STRUCTURE

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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.

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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

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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.

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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

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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.

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SHAREHOLDING PATTERN

32%

4%

50%

2%

12%

Shares (Mn)

Promoter HoldingsDomestic InstitutionsForeign HoldingsNon Promoter Corporate HoldingsPublic & Others

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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

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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.

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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?

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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:

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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)

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

Page 35: equity reserach

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