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Systems audit: Bombay Stock Exchange

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  1. Introduction
  2. Background study of the stock exchange
  3. Importance of stock exchanges
  4. Background study of the Bombay Stock Exchange (BSE)
    1. Vision of BSE
    2. Product and services offerered by BSE
  5. Definitions and types of derivatives products
  6. An overview of BSE's On-line Trading System (BOLT)
  7. Market information
  8. Backdated trades/broker query files
  9. Overview of Intermediate Message Layer (IML) by BSE
  10. A study of client-broker relationship
  11. Suggestions
  12. Bibliography and websites
  13. Conclusion

Indian capital markets have witnessed radical transformation during the short period of a decade. There is hardly any country in the world which has witnessed such massive changes in its capital market during such a short period. During the early part of the 1990s, ranking of the Indian capital market with reference to the standard global indices relating to efficiency, safety, market integrity, etc was not at all flattering. With reference to the risk indices in particular, the Indian capital market was regarded as one of the worst as it figured almost at the bottom of the league. The same was the case in regard to its efficiency levels in trading and settlement systems. Strangely, not many people appeared to be bothered about the dismal state of our capital markets. As we are all accustomed to find India figuring in the bottom league in regard to so many other indicators of development such as per capita income, nutritional standards, and health amenities to citizens, literacy levels, etc we did not feel sorry to note that Indian capital market was also ranked at the bottom of the global ranking sheet. Interestingly, however, the same cannot be said about the current state of the Indian capital markets. From the viewpoint of both adoption of sophisticated information technology tools in trading and settlement mechanisms as also efficiency of capital markets, not only is India ranked in the top league but that it is also considered to be way ahead of many developed country capital markets.

[...] The following indices maintained by BSE along with the Dollex 30, Dollex 100, Dollex 200 which are based on the current Re/Dollar exchange rate and corresponding values of Sensex, BSE 100, BSE 200 respectively are displayed: BSE SENSEX BSE 100 BSE 200 BSE 500 BSE IT BSE FMCG BSE Healthcare BSE Consumer Durable BSE Capital Goods BSE PSU BSE TECK BSE Bankex Auto Metal Oil Gas Mid Cap Dollex 30 Dollex 100 Dollex 200 There is a facility to show the trend only for Sensex. [...]

[...] The Exchange decides the Circuit filter percentage from time to time. The present circuit filter percentage is given below to indicate that the price for particular scrip in a particular group should not vary beyond the specified percentage of the previous day's closing price (plus or minus) in a day. If scrip touches the upper circuit, & there are no sellers for that scrip at lower than the circuit price, then the scrip would be frozen at the upper circuit for the rest of the day. [...]

[...] In the sequence of product innovation, the exchange commenced trading in Index Options on Sensex on June Stock options were introduced on 31 stocks on July and single stock futures were launched on November September marked another milestone in the history of Indian Capital Markets, the day on which the Bombay Stock Exchange launched Weekly Options, a unique product unparallel in derivatives markets, both domestic and international. BSE permitted trading in weekly contracts in options in the shares of four leading companies namely Reliance, Satyam, State Bank of India, and Tisco in addition to the flagship index-Sensex. [...]

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