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Market Passport

Market information

Supporting you

Key market information

  • Local currency

    Indian
    Rupee (INR)

  • 2017 GDP

    USD
    2,611bn

  • Time zone

    GMT
    +5.5 hours

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    BSE SENSEX
    and NIFTY

Key market figures

Market capitalisation USD 2,332bn – BSE
USD 2,351bn – NSE
Number of listed companies 5,616 – BSE
1,897 – NSE
2017 value of share trading USD 183bn – BSE
USD 1,013bn – NSE
Number of ETFs listed 41 – BSE
61 – NSE
2017 value of bonds trading USD 74.38bn – BSE
USD 0.35bn – NSE
Number of debt/bonds listed 6,702 – BSE
8,149 – NSE
Number of futures contracts traded in 2017 0m – BSE
201.92m – NSE
Number of options contracts traded in 2017 0m – BSE
116.50m – NSE

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives
Trading BSE/NSE BSE/NSE/OTC BSE/NSE/NDS-OM/OTC NSE
Clearing ICCL/NSCCL ICCL/NSCCL ICCL/NSCCL/CCIL NSCCL
Settlement and custody NSDL/CDSL NSDL/CDSL Settlement: ICCL/NSCCL/CCIL
Custody: NSDL/CDSL/RBI
NSDL/CDSL
Cash leg INR INR INR INR

Local market authorities and regulators

  • Securities and Exchange Board of India (SEBI): Regulatory authority for the securities industry
  • Reserve Bank of India (RBI): As central bank of India, roles include monetary authority, foreign exchange management, currency issuance and regulation of foreign currency accounts or special non-resident Rupee Account by FPI (FII and Qualified Foreign Investors (‘QFI’)

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Mutual fund T+1
Non-sovereign debt T+1 or T+2
Sovereign debt T+1 or T+2
Cut-off times
Equities Pay in 10.30am
Pay out 12.30pm
Mutual fund Pay in 2.00pm
Pay out 7.00pm
Non-sovereign debt Pay in 2.00pm
Pay out by 4.00pm
Sovereign debt Pay in 1.00pm
Pay out by 2.00pm
 
Omnibus account/securities Sovereign debt securities are held on a specific account on RBI books
Omnibus account/cash No
Pre-matching No
Irrevocable pre-matching No
Short selling No
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Derivatives Trading Yes
Derivatives
Settlement Cash and physical
Trading cut-off 9.15am to 3.30pm
Clearing cut-off 9.15am to 4.15pm
Tradable currencies INR/USD
Account structure members Segregated
Account structure non-members Segregated
Give-up Yes
Give-up cut-off T day by 4.15pm
Adjustable ITM (In The Money minimum) Yes
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits

No tolerance limits at market level but clients can set up tolerance limits with their custodians to avoid mismatches.

Examples of market penalties

No fees are associated. Late settlement results in auction of securities.

Buy-in practice

When securities are not auctioned, they are squared off.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in India

As a registered custodian and Designated Depository Participant (DDP) in India, we offer comprehensive custody, execution and derivatives clearing solutions, with full guidance on the local registration process and fast account opening.

Our main services

Core

We offer local custody to domestic and foreign institutions. Our core services include settlement, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Foreign Portfolio Investors (FPIs) registration thanks to our Designated Depository Participant (DDP) status
  • Listed derivatives clearing for equities
  • Easy currency conversion process and reliable foreign currency exchange services
  • Tax computation for FPI clients when instructed for repatriation of funds

What makes us different

  • Full range of high-quality services for sell-side clients
  • Seamless client onboarding experience with customised set-up
  • High standards of compliance with regulatory requirements and license conditions
  • Robust risk control system with alerts mechanism
  • Quick turnaround for client queries – typically within 24 hours

Selected market recognition

  • Global Investor Investment Excellence Awards (2018): Sub-Custody Survey Winner Multi-market APAC for India
  • The Asset Triple A Asset Servicing Awards (2018): Asia-based clients

A sound partner

BNP Paribas has had a presence in India for over 155 years having established its first branch in Kolkata in 1860. We currently have 250 Foreign Portfolio Investment (FPI) clients and our team of 40 professionals are experts in custody services for FPIs and Alternative Investment Funds. With our unparalleled experience of the Indian market, we are among the leading banks active in India.

Contact

For more information, please contact your relationship manager or
Christophe Beelaerts, Head of Securities Services, India
christophe.beelaerts@asia.bnpparibas.com

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