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Capital Market and Depository System in India
By Regina Sibi Cleetus , K. Sasikumar

First Published : 2018
ISBN : 9788177084597
Pages : 176
Binding : Hardbound
Size : 5 x 9
Price : US$ 39
ABOUT THE BOOK

Capital market is a market for long-term funds. Capital market channelises household savings to the corporate sector and allocates funds to firms. In this process, it allows both firms and households to share risks associated with business. Moreover, capital market enables the valuation of firms on an almost continuous basis and plays an important role in the governance of the corporate sector.

        An efficient capital market is an important constituent of a sound financial system. In India, efforts have been made in recent years to set up an effective regulatory framework covering major participants in the capital market. Similarly, the technology of trading and settlements in the stock exchanges has been upgraded. Internet-based trading in securities has been permitted. The market has undergone a major transformation in terms of its structure, products, practices, spread, institutional framework and other important aspects like transparency, integrity and efficiency. The size of the market has also grown manifold.

Shares are traditionally held in physical (paper) form. This method has weaknesses like loss/theft of certificates, forged/fake certificates, cumbersome and time-consuming procedures for transfer of shares etc. To eliminate these weaknesses, a new system called depository system has been established. A depository is a system which holds shares of an investor in the form of electronic accounts in the same way a bank holds money of a depositor in a savings account. A depository holds securities in dematerialised form. It maintains ownership records of securities in a book entry form and also effects transfer of ownership through book entry.

This book presents glimpses of the evolution of capital market in India during the post-Independence period. More importantly, it provides deep insights into the functioning of depository system in India through sample surveys.   


CONTENTS
     
1. Evolution of Capital Market in India
1.1 Significance of Capital Market
1.2 Structure of Capital Market Prior to Reforms Initiated in Early 1990s
1.3 Securities and Exchange Board of India (SEBI)
1.4 Capital Market Reforms since 1991
1.5 Modernisation of Stock Exchanges

2. Measures for Strengthening Capital Market in India
2.1 Dematerialisation and Rematerialisation of Shares
2.2 National Securities Depository Limited (NSDL)
2.3 National Securities Clearing Corporation Ltd. (NSCCL)
2.4 Introduction of Free Pricing
2.5 Strengthening of Disclosure Norms
2.6 Protection of Investors
2.7 Transparency and Efficiency
2.8 Shortening of Settlement Cycle
2.9 Growth of Service Providers
2.10 Cross-border Portfolio Investment Flows

3. Depositories: Conceptual Framework
3.1 Transfer Process Prior to the Advent of Central Securities Depositories (CSDs)
3.2 What Are CSDs?
3.3 Transfer Process under CSDs
3.4 Functions Performed by CSDs
3.5 Origin and Development of CSDs
3.6 CSD Associations in the World

4. Foreign and Indian Studies on Depositories
4.1 Foreign Studies
4.2 Indian Studies

5. Depository System in India
5.1 Central Securities Depositories (CSDs) in India
5.2 Regulatory Framework
5.3 Structure of the Indian Depository System
5.4 Dematerialization Progress in India
5.5 NSDL Group
5.6 CDSL Group

6. Issuers, Registrar and Transfer Agents in the Depository System
6.1 Issuers of Equity Instruments
6.2 Registrar and Transfer (R&T) Agents
6.3 R&T Agents in India
6.4 Rights and Obligations of Issuers and Their R&T Agents

7. Business Practices of Depository Participants (DPs)
7.1 Eligibility Criteria for DPs
7.2 Functions of DPs
7.3 Business Practices of DPs in India
7.4 Sample Profile
7.5 Insistence by Clients on the Depository
7.6 Service Offerings
7.7 Depository Services
7.8 Distribution
7.9 Promotion
7.10 Price
7.11 Opinion on Whether Dematerialisation Has Improved Ease of Transactions
7.12 Opinion on Whether Dematerialisation Has Reduced the Cost of Transactions
7.13 Opinion on the Effects of Dematerialisation on Trading in Securities Market
7.14 Does Dematerialised Environment Promote Speculation?

8. Depository System: Perceptions of Investors
8.1 Perception Defined
8.2 Profile of Sample Respondents
8.3 Most Preferred Investment Avenue
8.4 Securities Market Experience and its Dematerialised Environment
8.5 Types of Trading
8.6 Experiences with DP
8.7 Frequency and Reasons of Investors’ Changing DP
8.8 Awareness of Investors
8.9 Investors’ Satisfaction with Regard to Selected Variables
8.10 Response on Whether All the Shareholdings Have Been Dematerialised
8.11 Response on Whether Dematerialization Has Induced to Enter into Transactions Frequently

9. Problems and Prospects of Depository System
9.1 SWOT Analysis of Depository System
9.2 Suggestions to Overcome Weaknesses and Threats to the Depository System

Bibliography
Index

ABOUT THE AUTHOR
     

Lt. Dr. Regina Sibi Cleetus is presently Assistant Professor of Commerce at Mar Ivanios College (Autonomous), Thiruvananthapuram, Kerala. She holds master’s degrees in Commerce, Economics and Management. She also holds M.Phil. and Ph.D. degrees in the field of finance. A distinguished teacher and researcher, she has over 10 publications to her credit in the area of securities market and quantitative techniques. She is the Associate NCC Officer of the NCC Army Wing in Mar Ivanios College.

      Dr. K. Sasikumar retired as Professor and Director of School of Business Management and Legal Studies, University of Kerala, Thiruvananthapuram, Kerala. He was the Dean of Faculty of Commerce in the University of Kerala and also of Mahatma Gandhi University, Kottayam, Kerala. Currently, he is the external expert of degree programme conducted by the University of Mauritius, Mauritius. He is the former President of the Indian Accounting Association and executive member of Indian Commerce Association.


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