aaj market upar gaya - Lazy Bone
Transcript of aaj market upar gaya - Lazy Bone
aaj market upar gaya
aaj market gir gaya
INDEX
1 INTRODUCTION
2 IMPORTANT TERMS
3 SECURITY MARKET
4 STOCK EXCHANGE
5 SEBI
CONTROL SLIDE HOME EXIT
• The very first stock exchange in Mumbai was started by fourGujaratis and one Parsi who would gather under the Banyan tree infront of Mumbai’s town hall.
• The location of these meetings started changing as number ofpeople increased.
• The increase in popularity resulted in formation of “The NativeShare & Stock Brokers Association” in 1875 which is now famouslyknown as “Bombay Stock Exchange”.
• For most of us, Bombay Stock Exchange and share market is oneand the same. However, BSE is just one part of the share market.
INTRODUCTION
INTRODUCTION• Stock market fascinates everyone because people have false
assumption that it multiplies money at very fast rate. Therefore, itis very important to have the knowledge of stock market and stockexchanges before you decide to join the mass and jump into it.
• Difference between stock exchange and stock market
Stock exchange is a place where securities are listed and are boughtand sold.
Stock market is a wider term as compared to stock exchange. Itcomprises of various stock exchanges (like BSE, NSE, Ahmedabadstock exchange) etc, investors, companies and brokers.
IMPORTANT TERMS
1 STOCK BROKER
2 LISTING
3 TRADER (JOBBER)
4 BULL
5 BEAR
6 CONTRACT NOTE
7 INSTITUTIONAL INVESTOR
8 STAG
9 TRADING RING
10 AUCTION
1. STOCK BROKER:
• Common man can trade through a member.
• Stock broker is a member of stock exchange.
• They earn brokerage / commission on each transaction.
• Individuals and companies can be a broker.
• Eg. Sharekhan, Angel Broking, Ventura Securities, Motilal Oswaletc.
IMPORTANT TERMS
2. LISTING:
• Listing refers to entering the name of company’s securities in theregister of stock exchange. Once a company is listed, people canbuy / sell shares of those companies online.
IMPORTANT TERMS
3. TRADER (JOBBER)
• Jobber is a trader in stock exchange who carries out speculativetrades in his own name.
• Jobbers square off their position on the same day and do not carryforward their holding to the next day.
• Jobber is not allowed to deal with investors directly.
IMPORTANT TERMS
BUY 100 SHARES
For your understanding: “square off” means to close the transaction.
E.g., if a jobber has bought 100 shares in the morning, then beforeend of the day the jobber will sell off those 100 shares and thussquare off transaction.
IMPORTANT TERMS
SELL 100 SHARES
IMPORTANT TERMS
4. BULL
• A trader who expects the market / shares to perform well andexpects that the share prices will rise.
• Rakesh Jhunjhunwala is called the “bull” of the Indian markets.
IMPORTANT TERMS
5. BEAR
• A trader who expects that the market / shares will not perform andthe share prices will go down.
BEAR BULL
IMPORTANT TERMS
6. CONTRACT NOTE
• The contract note is a document which acts as evidence forpurchase or sale of security.
• For every trade, the broker sends a contract note clearly specifyingthe date and type of transaction, securities name, number ofsecurities traded, rate, brokerage and taxes.
• A broker has to compulsorily send a contract note to his client byend of the day.
IMPORTANT TERMS
7. INSTITUTIONAL INVESTOR
• Institutions such as banks, UTI, mutual funds, LIC, GIC, etc whoinvest in shares and securities are referred to as institutionalinvestors.
• These investors carry out transaction in huge volumes on stockexchange.
IMPORTANT TERMS
8. STAG
• Stag is a person who prefers to invest in primary market ratherthan secondary market.
IMPORTANT TERMS
9. TRADING RING
• The trading of securities takes place on the floor of stock exchangewhich is called as trading ring.
• The usual trading hours are between 12 noon to 2.30 p.m. Tradinghours for Bombay Stock Exchange is from 9.15 AM to 3.30 PM.
Note: Trading ring used to exist when shares were traded offline i.e.physical mode. All the stock brokers used to gather on the floor ofstock exchange to transact their business. However now, after dematof shares, trading is done online.
TRADING RING DEMAT
IMPORTANT TERMS
10. AUCTION
• Auction is a method in which buyers bid for shares which areavailable for auction.
SECURITY MARKET
Security market is divided into primary market and secondary market.
SECURTIY MARKET
PRIMARY MARKET
SECURITIES DIRECTLY ISSUED BY COMPANY TO INVESTORS
SECONDARY MARKET
SECURITIES ALREADY ISSUED BY COMPANY TRADED
E.G. STOCK EXCHANGE
SECURITY MARKET
• Primary market – Primary market is that part of market where thesecurities are issued for the first time. Thus, companies directly sellthe securities to investors. E.g. Initial Public Offer. The buyer is aninvestor whereas seller is a company.
• Secondary market – Secondary market is that part of the capitalmarket where already issued securities such as shares, bonds,debentures, etc are traded. The securities once issued in the primarymarket are then traded in the stock market. The buyer and seller,both, are investors.
STOCK EXCHANGE
1 MEANING
2 MANAGEMENT
3 ORGANIZATION
4 MEMBERSHIP
5 MEMBERSHIP FEES
6 ROLE OF STOCK EXCHANGE
7 FUNCTIONS OF STOCK EXCHANGE
8 BSE
9 NSE
10 PROCEDURE FOR TRADING
MEANING
• Stock exchange is a market place which provides organized services totrade in listed securities such as equity shares, preference shares,bonds, debentures, etc. Stock exchange facilitates buying and selling ofsecurities.
• As per Securities Contract Act, 1956 the term stock exchange is definedas “an association, organization or body of individuals, whetherincorporated or not, established for the purpose of assisting,regulating and controlling of business in buying, selling and dealing insecurities”.
• As per the Husband and Dockerary, “Stock exchanges are privatelyorganized markets which are used to facilitate trading in securities”.
MANAGEMENT
• The overall activities of stock exchange are managed by the executivecommittee.
• The composition and powers of the executive committee differ fromexchange to exchange.
• The executive committee is supported by various other committeessuch as Advisory Committee, Listing Committee, Default Committeeetc.
• The members of the executive committee are usually selected for aperiod of one year and retire by rotation.
MANAGEMENT
This executive committee is termed in different cities as under:
Sr No City Called as
1 Mumbai Governing body
2 Kolkata Committee of Management
3 Most of other cities Council of Management
ORGANIZATION
The Securities Control Act, 1956 provides that a stock exchange may be:
a) A voluntary non-profit organization
b) Company limited by guarantee
c) Company limited by shares
This Act also provides for rules and regulations for functioning of stockexchange
MEMBERSHIPThe membership of stock exchange is open to the citizens of India. Thereare eligibility criteria’s which need to be fulfilled before an individual canbe given membership. The criteria are:
Citizen of India
At least 20 years of age
The person should befinancially sound. Heshouldn’t be bankrupt,insolvent or fraudster
The person should not bea director, partner oremployee of a companywhich deals withsecurities.
FEES FOR MEMBERSHIP
• The membership fee is bifurcated in deposit and entrance fees. Thefees are as under:
a) Entrance fees – Rs. 5,000
b) Securities deposit – Rs. 20,000
• A person is granted membership only after a detailed enquiry isconducted. All the members are issued membership card.
• Note: As per the website of BSE, the security deposit amount is nowRs.10,00,000 (Rupees Ten Lakhs only).
ROLE IN CAPITAL MARKET
Capital markets are financial markets for buying and selling of long termequity or debt securities. In other words, capital market may be definedas a market place where potential borrowers of long term funds arebrought in contact with potential lenders. Capital market includesprimary market, secondary market, financial institutions and everyoneelse engaged in the business of providing capital funds.
ROLE IN CAPITAL MARKET
[ ROLE of Stock Exchange]
ROLE IN PROMOTING CAPITAL FORMATION
OPTIONS /FLEXIBILITY FOR INVESTMENT
LIQUIDITY OF INVESTMENT
ECONOMIC DEVELOPMENT
SAVINGS MOBILIZATION
ENHANCING VALUE OF SECURITIES
ROLE IN CAPITAL MARKET
ROLE IN PROMOTING CAPITAL FORMATION
Stock exchange facilitates trading in secondary market. Secondarymarket creates the habit of saving, investing and risk taking among theinvesting class. They gain knowledge and get accustomed to investingin shares. Hence, they are not hesitant to invest surplus funds inprimary market. The money raised through primary market is used forthe production of various goods and services useful for the society.
Note – Investing in primary markets will lead to capital formation.Investing in secondary would mean mere transfer of funds from oneinvestor to another. Company does not get funds of secondary market.
ROLE IN CAPITAL MARKET
Stock exchanges provide a wide range of investment options toinvestors. Investors can invest in various products like equity, debt,derivatives, commodities etc. They can also easily shift theirinvestment from one product to another.
OPTIONS /FLEXIBILITY FOR INVESTMENT
ROLE IN CAPITAL MARKET
Stock exchanges provide liquidity. Investors can sell any of theirinvestments in securities at any time during trading hours. The onlinesettlement of dematerialized securities enables the investors toreceive funds within 2 working days after selling the securities.
LIQUIDITY OF INVESTMENT
ROLE IN CAPITAL MARKET
Stock exchange facilitates effective mobilization of savings. This moneyis invested in national asset which leads to employment generation.Besides, funds are easily and readily available for development andexpansion of companies. This results in economic development.
ECONOMIC DEVELOPMENT
ROLE IN CAPITAL MARKET
Stock exchanges provide organized market for individuals as well asinstitutional investors. There are proper rules and regulations toensure investor's protection. This gives confidence even to smallinvestors. Stock exchanges attract small savings especially of largenumber of investors in the capital market.
SAVINGS MOBILIZATION
ROLE IN CAPITAL MARKET
Getting shares listed on stock exchange helps in increasing goodwill ofcompanies. The tag “listed company” adds to the reputation.
ENHANCING VALUE OF SECURITIES
FUNCTIONS OF STOCK
EXCHANGE
Stock exchange is a market place which provides organized services totrade in listed securities such as equity shares, preference shares,bonds, debentures, etc. Stock exchange facilitates buying and selling ofsecurities. The stock exchange plays an important function indevelopment of economy. The functions of stock exchange are asfollows:
FUNCTIONS OF STOCK
EXCHANGE
FIP-SCAMFORMATION
OF CAPITAL
INVESTMENT’S LIQUIDITY
PROTECTING INVESTOR’S
INTEREST
SERVES AS ECONOMIC
BAROMETER CAPITAL UTILIZATION
ASCERTAINING FAIR VALUE OF
SECURITIES
MOTIVATION TO
MANAGEMENT
FUNCTIONS OF STOCK
EXCHANGE
FORMATION OF CAPITAL
Secondary market supports the primary marketby creating the habit of saving and investing. Itencourages saving class to invest in the securitiesoffered in the primary market. The money raisedis used for the production of various goods andservices useful for the society.
FUNCTIONS OF STOCK
EXCHANGEStock exchange provides a ready market forpurchase and sale of securities. It providesliquidity to the investors who can buy and sellsecurities at any time during the trading hours.On account of dematerialization of securities,investors can receive funds within 2 working daysafter selling the securities.
INVESTMENT’S LIQUIDITY
FUNCTIONS OF STOCK
EXCHANGEThe Securities Control Act, 1956 provides forprotecting the interest of the investors. The stockexchange ensures that these rules andregulations are strictly followed to protect theinterest of the investors. Also, the executivecommittee makes rules and regulations for fairdealings and investor protection.
PROTECTING INVESTOR’S
INTEREST
FUNCTIONS OF STOCK
EXCHANGEGenerally, the development or maturity of stockexchange is linked to development of theeconomy. If a stock exchange is more developed,it can be said that the country is on the path ofdevelopment. Hence, we can say that stockexchange serves as an economic barometer.
SERVES AS ECONOMIC
BAROMETER
FUNCTIONS OF STOCK
EXCHANGEStock exchanges channelize savings of the peopleinto industry. As a result, ideal savings of thepeople flow from unproductive to productivepurposes. Thus, stock exchanges ensure bestutilization of capital.
CAPITAL UTILIZATION
FUNCTIONS OF STOCK
EXCHANGEStock exchange is useful for the evaluation ofsecurities. The prices of securities on stockexchange are determined by the forces ofdemand and supply. Thus, investors know thetrue worth of any security. These values arewidely publicized through Newspaper and TV.
ASCERTAINING FAIR VALUE OF
SECURITIES
FUNCTIONS OF STOCK
EXCHANGEThe prices of securities are shown as a strip atthe bottom of screen (“tickr”) on various newschannels like CNBC, NDTV, ET Now etc. Inbusiness newspapers, there is one full pagewhere share prices are mentioned.
ASCERTAINING FAIR VALUE OF
SECURITIES
FUNCTIONS OF STOCK
EXCHANGEA listed company has to comply with variousrules & regulations and submit various reports tostock exchange on a periodic basis. If it fails to doso, the shares of the company may get delisted.As a result, management of the company is morecautious, more transparent and they manage thecompany effectively.Note: Few companies whose shares have beendelisted are A.P.T.Yarns Ltd, Aachal Alloys Ltd,Acme Industries Ltd etc.
MOTIVATION TO
MANAGEMENT
BOMBAY STOCK EXCHANGE
(BSE)
1 INTRODUCTION
2 FORM OF ORGANIZATION
3 RULES AND REGULATIONS
4 INFORMATION PROVIDED
5 BOLT
6 SENSEX
7 STRATEGIC OBJECTIVES
8 BSE Webx.co.in
9 GROWTH
10 MANAGEMENT OF STOCK EXCHANGE
BSE
1. INTRODUCTIONBombay Stock Exchange (BSE Ltd) is the first stock exchange inAsia, established in the year 1875. It was formerly known as “TheNative Share & Stock Exchange Association”. It is also the firststock exchange to be granted a permanent recognition in 1956under the Securities Contract Regulation Act, 1956. Therecognition was granted in year 1956.
BSE
2. FORM OF ORGANIZATIONThe BSE was an Association of Persons (AOP) but was incorporatedinto a company in 2005.Date of Certificate of Incorporation – 8th August, 2005Date of Certificate of Commencement of Business – 12th August,2005The name of BSE is now ‘Bombay Stock Exchange Limited’.
BSE
3. RULES AND REGULATIONSBSE Ltd. had formulated a set of rules and regulations for thesecurities market before the actual legislations were enacted. Ithad also laid down best practices for securities market which werelater on adopted by other stock exchanges.
BSE
4. INFORMATION PROVIDEDBSE provides market for trading in equity, debt (corporate andgovernment securities) and derivatives in India. The companyoffers information products such as:• Market data on equity, derivatives, corporate bonds and indices;• Corporate data including financial results, announcements,
shareholding pattern; and historical data.
BSE
5. BOLTBSE adopted computerized system and screen based trading tofacilitate transfer of securities. This system is called as Bombay OnLine Trading System (“BOLT”).
BSE
6. SENSEXSensex is the index of BSE. Sensex is a weighted average of themarket prices of 30 well-established and financially soundcompanies. These companies are representative of variousindustries of Indian economy. BSE Sensex is also called as BSE 30.
BSE7. STRATEGIC OBJECTIVES
Dealing in securities to be undertaken on
fair basis
Protecting investors and
members interest
Mobilizing resources effectively from those who have it to those
who need it
Establishing a market wherein buyers and
sellers can come together effectively
Promoting and following fair
practices in securities transaction
OBJECTIVES
BSE8. BSE Webx.co.in
BSE has introduced a centralized online trading system called BSEWebx.co.in. This system was set up in February 2001. The mainadvantage of this system is investors can register themselves withbrokers and can undertake transactions from anywhere. In orderto buy / sell shares, investors need to know the script code ofcompanies. BSE has specified a code for every listed company. E.g.Infosys Tech – BSE Code – 500209.
BSE9. GROWTH
BSE is one of the 8 largest stock exchanges in the world on thebasis of transaction volume. In India, it is present in 417 cities andtown. BSE system has very highly secured and the clearing andsettlement functions have ISO 9001:2000 certification.
BSE10. MANGEMENT OF STOCK EXCHANGE
The BSE limited being a company has board of directors. The boardcontains professionals and experts of various fields. The BSELimited also has an executive committee who manages the overallactivities of the stock exchange. The executive committee issupported by various other committees such as AdvisoryCommittee, Listing committee, etc.
NATIONAL STOCK EXCHANGE
(NSE)
National Stock Exchange of India (NSEI) was established in November1992. It has developed into a sophisticated electronic market where thetrades take place on computers through NSEI dealer.
The features of NSE are as follows:• NSE is a company limited by shares. The promoters of this company
are IDBI, ICICE, LIC, GIC and its subsidiaries, commercial banks and SBIcapital market limited.
• NSE is an all India level stock exchange. The trading is done throughNSEI dealer.
• NSE is the first stock exchange in the world to use communicationtechnology for trading. The trading system is screen based and iscompletely computerized.
NATIONAL STOCK EXCHANGE
(NSE)
• The investors can trade in securities from anywhere in the worldthrough direct satellite link (internet).
• NSE provides transparency as the investors can check the prices foreach transaction.
• NSE has tried to adopt internationally accepted standards and it hasbrought Indian financial market close to international markets.
• The settlement takes place on T+2 days, i.e., trade date plus twoworking days. Thus, the money is received within 2 days from thedate of sale.
• The index of NSE is called “The broader 50 share – NIFTY”. NIFTY is aweighted average of the market prices of 50 well-established andfinancially sound companies.
PROCEDURE FOR TRADING
In olden days, securities were traded physically on the stock exchange.This was a time consuming process. However, in the early 2000’s, themajor stock exchanges developed a sophisticated electronic systemwhere the trades started taking place on computers through internet.
In order to buy securities in primary market, investor needs to open ademat account and apply for shares by way of an application formissued by the issuer company.
PROCEDURE FOR TRADING
The procedure for trading in securities on stock exchange (i.e.secondary market) is as follows:
OPENING DEMAT ACCOUNT
SELECTION OF BROKER
GETTING UNIQUE CLIENT
NUMBER
COMPLETING A CONTRACT NOTE
PLACING OF THE ORDER
ENETRING ISIN OF SCRIP
SETTLEMENT
PROCEDURE FOR TRADING
1. OPENING DEMAT ACCOUNTThe investor should open a demat account. This is because thesecurities will be held in the demat account.
PROCEDURE FOR TRADING
2. SELECTION OF BROKERAn investor can buy/sell securities only through the authorizedbrokers. The investor needs to select the broker through whom thetrades will be placed.
PROCEDURE FOR TRADING
3. GETTING UNIQUE CLIENT NUMBEREvery investor has a unique ID. The trades are tracked through thisID. This client ID is given by the depository.
PROCEDURE FOR TRADING
4. ENTERING ISIN OF SCRIPEach security has its own unique 12 digit ISIN. It is theidentification number for the security. The investor has to mentionISIN of security while placing the trade.
PROCEDURE FOR TRADING
5. PLACING OF THE ORDERInvestor has to place and confirm order of securities he intends tobuy or sell.
PROCEDURE FOR TRADING
6. COMPLETING A CONTRACT NOTEFor every trade, the broker sends a contract note to the client.
PROCEDURE FOR TRADING
7. SETTLEMENT OF TRANSACTIONThe settlement is a two way process. For purchase transaction,money is paid and the security is received and vice-versa for sales.The settlement on BSE and NSE takes place on T+2 days, i.e., intwo working days after the transaction days.
PROCEDURE FOR TRADING
TRADING PROCEDURE OF SECURITIES
PRIMARY MARKET
Make an application to thecompany in the printedform as provided
SECONDARY MARKET
1. Opening demat account
2. Selection of broker
3. Getting Unique Client No.
4. Entering ISIN of Scrip
5. Placing of the order
6. Contract note
7. Settlement
SEBI
1 INTRODUCTION
2 OBJECTIVES
3 FUNCTIONS
4 POWER
INTRODUCTION
The securities market in India is regulated by the Securities andExchange Board of India (SEBI). It was setup in April 1988. It became astatutory body in 1992 by passing a SEBI Act 1992 in the IndianParliament. SEBI is headquartered in Mumbai. Apart from Mumbai, ithas offices in Kolkata, New Delhi and Chennai.
Due to inadequate monitoring over the securities market in Indiaprior to set up of SEBI, there were several malpractices. Manipulationof market price, delay in allotment of securities, insider trading,spreading rumors etc are few such examples. This led to theformation of SEBI. SEBI has now been established as marketwatchdog.
OBJECTIVES
PROTECTING THE INVESTORS
PROHIBITING INSIDER TRADING
REGULATE THE INTERMEDIARIES FAIR DEALING
OBJECTIVES
PROTECTING THE INVESTORS
The capital market has no meaning if there areno investors. SEBI protects the investors fromwrong information, against price manipulation,risk of delivery and payment, etc.
SEBI
OBJECTIVES
The promoters, directors and others who mayhave knowledge of secret information mayunethically use it for purchasing or sellingsecurities of the company to make windfallprofit. This hurts the interests of the generalinvestors. Many steps have been taken by SEBIto check inside trading.
PROHIBITING INSIDER TRADING
BOOK 10000 SHARES . THERE IS AN EXPECTED 20% APPRECIATION IN THE
MARKET RATES TOMORROW! –MR. AMIT, CFO
OBJECTIVES
Mr. Amit Rao is the CFO of a leading automobile company. Thecompany had performed exceedingly well for that particular year. Theprofits have grown 50% as compared to last year. The company isgoing to publish the result in the newspaper within two days. On thebasis of strong performance, the share price of company is expectedto grow 20%. Mr Amit decided to buy 10,000 shares of the companytoday so that he enjoys 20% appreciation within a period of two days.Mr. Amit has information which the general public is not aware andthus can benefit from it. This is called as insider trading.
OBJECTIVES
SEBI controls and regulates the activities ofintermediaries such as brokers, sub-brokers,share transfer agents, etc for smoothfunctioning of capital market.
REGULATE THE INTERMEDIARIES
SEBI
OBJECTIVES
SEBI was set up to promote and protect theinterest of investors. It was necessary to set up abody to look after the interest of investors. SEBIensures fair dealing of security.
FAIR DEALING
FUNCTIONS
1. To protect the interests of investors by impartingproper investor education, resolving investorcomplaints, punishing for malpractices, etc.
2. To regulate and control the business on stockexchanges and other security markets.
3. To regulate the functioning of intermediariessuch as stock brokers, sub-brokers, share transferagents, merchant bankers and otherintermediaries operating on the securitiesmarket. SEBI
FUNCTIONS
4. To register and regulate the working of mutualfunds including UTI (Unit Trust of India).
5. To regulate mergers, takeovers and acquisitionsof companies in order to protect the interest ofinvestors.
6. To prohibit fraudulent and unfair practices insecurities markets.
FUNCTIONS
7. To issue guidelines to companies regarding issueof securities for raising capital.
8. To conduct inspection, inquiries & audits of stockexchanges & intermediaries and to take suitableremedial measures wherever necessary.
9. To restrict insider trading activity.
FUNCTIONS
10. To promote and regulate self-regulatoryorganizations.
11. To register and regulate the working of venturecapital funds.
12. Conducting inspection, calling for information,conducting inquires and audits of stock exchangeand market intermediaries.
POWERS OF SEBI
SBI-IPO-
ISSUE
SCRUTINIZE AND
INSPECT
BUSINESS OF STOCK
EXCHANGES
IMPOSE MONETARY PENALTIES
ISSUE OF SHARES
POWER TO FRAME RULES
AND REGULATIONS
OBSERVES AND REGULATES
INSIDER TRADING
ISSUING LICENSE
SEBI has wide powers to scrutinize and inspectthe transactions and records of stock exchangeand intermediaries dealing in securities.
SCRUTINIZE AND INSPECT
POWERS OF SEBI
SEBI can amend the bye laws of the stockexchanges. It can also ask for information fromcapital market participants (i.e. company,brokers, banks, stock exchanges etc) wheneverrequired. It can also ask for periodical returns ofstock exchanges.
POWERS OF SEBI
BUSINESS OF STOCK
EXCHANGES
If stock exchanges or intermediaries dealing insecurities market violate rules and regulations ofSEBI, it can impose monetary penalty andsuspend their working.
POWERS OF SEBI
IMPOSE MONETARY PENALTIES
In case stock market is bearish i.e. it is falling,SEBI can request companies to list its shares andthereby play a supporting role.
POWERS OF SEBI
ISSUE OF SHARES
SEBI has the power to frame rules andregulations with respect to transactions in thecapital market. It can also issue guidelines tointermediaries and frame specific rules forinvestor protection. It can ask stock exchanges tomaintain prescribed records and can call forperiodical returns.
POWERS OF SEBI
POWER TO FRAME RULES
AND REGULATIONS
SEBI frames rules and regulations for insidertrading. It can also scrutinize insider trading dealsof companies and levy penalty, if found guilty.
POWERS OF SEBI
OBSERVES AND REGULATES
INSIDER TRADING
It can issue license to dealers in specific areas.
POWERS OF SEBI
ISSUING LICENSE
SEBI