INDIAN FINANCIAL SYSTEM
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1 INDIAN FINANCIAL SYSTEM A. K. Bhatia BLACK PRINTS N E W D E L H I
2 Contents Preface 1. Towards Globalisation of India's Financial Sector Systemic Issues: Opportunities and Risks - Depth of the Indian Financial Sector and Dominance of the Public Sector - Capital Account Convertibility - The Internal and External Price of the Indian Rupee (INR) - Ownership of Indian Financial Institutions - Complexities of the Indian Legal System - Financial Sector Regulation - Growth with Stability versus Higher Growth with Corresponding Risks Banking NBFCs Capital Markets - Equity and Exchange Traded Derivatives' Markets and Mutual Funds Debt Markets - Private Equity Asset Backed Securities - Interest Rate and Exchange Rate OTC and Exchange Traded Derivatives - Commodity Derivatives Corporate Governance
3 (vill) Insurance Pensions Conclusions 2. Derivatives Markets in India 28 Rise of Derivatives Definition and Uses of Derivatives Exchange-traded and Over-the-counter Derivative Instruments Development of Derivative Markets in India» Derivatives instruments Traded in India Derivatives Users in India Conclusions 3. Cooperative Credit 37 Cooperative Movement and Development in India - Cooperative Societies Act Organizational Structure - Development in Cooperative Sector - Role of RBI - Cooperative Banks Role of Cooperatives in Providing Agricultural Credit National Bank for Agriculture and Rural Development (NABARD) - Production Credit Reforms in Cooperative Credit Institutional, Legal and Regulatory Reforms - Department for Cooperative Revival and Reforms (DCRR) Cooperative Development Fund (CDF) - Role of National Cooperative Data Bank 4. Non-Banking Financial Companies 67 Non-Banking Finance Companies in India - Different Types of NBFCs Type of Services Provided by NBFCs - Definition of Non-banking Finance Company
4 (ix) Financial Sector Reforms and Liberalization Measures for NBFCs - Recent Trends in Non-Banking Financial Companies Sector Regulations for NBFCs - Requirements for Registration with RBI - NBFCs Exempted from Registration - Regulations for NBFCs - Regulations for Residuary Non-Banking Financial Companies - Prudential Norms for Non-Banking Financial Companies Sources and Deployment of Funds of NBFCs x - Deposit and Public Deposit - Regulations for MNBC's Accepting Public Deposits - Regulations for RNBC's Accepting Public Deposits The Role of Company Law Board in Protecting the Interest of Depositors - Fund Raising/Capital Issues. - Investment Norms for NBFCs - Maintenance of Liquid Assets by NBFCs - Maintenance of Liquid Assets by RNBCs - Deployment of Funds 5. Merchant Banking 101 Banking Commission Report, 1972 Merchant Banking in India Origion of Merchant Banking Abroad Regulations of Merchant Banking Notifications of the Ministry of Finance and SEBI - Rationale of Notifications - Objectives of the Merchant Bankers Regulations Definition of Merchant Banker Prospectus (Filing and Registration)
5 (x) Registration of Merchant Bankers Networh Code of Conduct General Obligations and Responsibilities Responsibilities of Lead Manager Insider Trading Acquisition of Shares Disclosures Procedures for Inspection - General Defaults Minor Defaults - Major Defaults Serious Defaults - Defaults in Prospectus General Negative Marks Mutual Funds Mutual Funds in India Recommendations of the Study Group SEBIs Directives for Mutual Funds SEBI Regulation for Mutual Funds Private Mutual Funds Unit Trust of India Evaluation of Performance of Mutual Funds Money Market Mutual Funds (MMMF) RBI Guidelines ITI Pioneer MMMF 6. Reforming India's Financial System 130 Elusive Savings Efficiency: India's Advantage Financing the Investment Gap Reduce the Fiscal Deficit Increase Bank Penetration Reduce the Cost of Bank Intermediation Develop the Capital Markets 7. Credit Rating 138
6 (xi) Meaning of Credit Rating The Determinants of Ratings Rating Methodology Credit Rating Agencies in India. CRISIL ICRA CARE Credit Rating Symbols Benefits of Credit Rating Rating and Default Risk Ratings and Yields Limitations of Credit Ratings. 8. Factoring and Forfaiting 154 Cost-Benefit Analysis of Factoring (Financial Evaluation) Solution Factoring V/s Bill Discounting - Dissimilarities/Differences - Similarities» Forfaiting Parties to Forfaiting - Mechanism - Documentation - Costs of Forfaiting - Benefits of Forfaiting Factoring in India - Major Players - Legal Aspects Financial Aspects Advantages Disadvantages Potential 9. Transaction Cycle 166 Settlement Agencies - National Securities Clearing Corporation Limited (NSCCL)
7 (xii) Clearing Members - Custodians Clearing Banks - Depositories Professional Clearing Members (PCMs) Settlement Process Risks in Settlement - Counterparty Risk - System Risk Summary 10. Rolling Settlement 178 Advantages of Rolling Settlement Trading Activities (T Day) - Sun Outage - Opening of Trading Account - Placing the Order to Buy/Sell Collecting Charges Clearing Activities (T+l Day) - Unilateral Netting - Multi Lateral Netting. Settlement Activities (T+2 Day) - Pay-in and Pay-out of Funds - Pay-in and Pay-out of Securities - Direct Payout to Investors Post Settlement Activities (T+3 to T+9 Day) - Auction - Close-out Procedures 11. Operations of Depository Participants 199 Depository System: An Introduction - Registered Owner and Beneficiary Owner International Securities Identification Number - Securities that can be Dematerialized Dematerialization - Meaning - Process of Dematerialisation
8 (xiii) - Declaration Participant Authorisation - Benefits of having a Demat Account Trading and Settlement of Dematted Shares -. Meaning of Transfer of Shares Settlement of Off-market Trades - Settlement of Market Trades - Natiohal Securities Clearing Corporation of India Limited (NSCCL) - Rematerialisation 12. Risk Containment Measures 213 Capital Adequacy Requirement Base Minimum Capital (BMC) and Additional Base Capital (ABC) - Base Minimum Capital - Additional Base Capital Trading and Exposure Limits. - Determination of Gross Exposure - Early Pay-in of Funds/Securities - Online Exposure Monitoring - Violation of Exposure Limits Grouping of Securities Margin Requirements - Value at Risk Margin Mark to Market Margin - Extreme Loss Margin - Margin Payment and Payout Settlement Guarantee Penalty Points and Penal Interest Indemnity Insurance Inspection and Investigation Investor Protection Fund (IPF) Investor Education and Protection Fund (IEPF) No-delivery Period Summary
9 (xiv) 13. Impact of the International Banking Crisis 237 on the Indian Financial System Impact of the Global Financial Crisis on Local Money Markets, Debt Markets and Foreign Exchange Markets Central Bank Instruments to Deal with the Crisis Cross-border Bank Lending to EMEs Domestic Bank Intermediation: Domestically Owned Versus Foreign Owned Banks Index 254
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