S&P CNX Nifty & S&P CNX Defty

S&P CNX Nifty

S&P CNX Nifty is a well diversified 50 stock index accounting for 23 sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios,index based derivatives and index funds.

S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL), which is a joint venture between NSE and CRISIL. IISL is India's first specialised company focused upon the index as a core product. IISL has a Marketing and licensing agreement with Standard & Poor's (S&P), who are world leaders in index services.

• The total traded value for the last six months of all Nifty stocks is approximately 44% of the traded value of all stocks on the NSE
• Nifty stocks represent about 63% of the Free Float Market Capitalization as on Dec 31, 2010.
• Impact cost of the S&P CNX Nifty for a portfolio size of Rs.50 lakhs is 0.06%.
• S&P CNX Nifty is professionally maintained and is ideal for derivatives trading

S&P CNX Defty

Almost every institutional investor and off-shore fund enterprise with an equity exposure in India would like to have an instrument for measuring returns on their equity investment in dollar terms. To facilitate this, a new index the S&P CNX Defty-Dollar Denominated S&P CNX Nifty has been developed. S&P CNX Defty is S&P CNX Nifty, measured in dollars.

Salient Features

• Performance indicator to foreign institutional investors, off-shore funds, etc.
• Provides an effective tool for hedging Indian equity exposure.
• Impact cost of the S&P CNX Nifty for a portfolio size of Rs.50 Lakhs is 0.06%
• Provides fund managers an instrument for measuring returns on their equity investment in dollar terms.

Calculation of S&P CNX Defty

Computations are done using the S&P CNX Nifty index calculated on the NEAT trading system of NSE and INR-USD exchange rate that is based on the real time polled data feed.

S&P CNX Defty = S&P CNX Nifty at time t * Exchange rate as on base date
                     Exchange rate at time t

Calculation of closing value of S&P CNX Defty

Closing value of S&P CNX Defty is computed by considering average of INR-USD polled data values (exchange rate) of last 30 minutes of the market.

Closing value of    =  Closing value of S&P CNX Nifty * Exchange rate as on base date
S&P CNX Defty       Average of exchange rate of last 30 minutes of the market


Specifications of S&P CNX Defty:

Base date: 03 November 1995
Base S&P CNX Defty Index Value: 1000 
S&P CNX Nifty Value as on Base date: 1000 
Exchange rate as on base date: 34.65 
Adjustment factor as on Base date:1.00 

Budget Highlights

Positive from Budget 2011 – 2012

· Senior Citizen Age Limit reduced from 65 years to 60 years for Income Tax purposes

· The green orientation of the budget is a welcome positive

· Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent

· Direct investment in Indian Mutual Funds by any foreigner is a big move

· MFs allowed to raise money from foreign investors is pathbreaking

· Budget is positive for equity markets

· Lower fiscal deficit target is commendable

· No import duty on ship parts positive for SCI

· Tax exemption limit for senior citizens raised to Rs 2.5 lakh from 2.4 lakh

· Basic food and fuel and precious stones, gold and silver jewellery to be exempted from central excise duty

· Nominal 1 per cent central excise duty on 130 items entering the tax net

· LED to cost less

· Government has cut many import duties to check inflation

· No further rollback of 2008 stimulus

· Direct cash subsidy for poor on fuel, fertilizers by March, 2012

· Category for ‘very senior citizen’ positive for rich

· Steel prices to come down

· ICICI Direct: Unchanged excise is positive for auto, OEMs

· FY 11 revenue deficit at 2.1%, sentiment positive says Nirmal Jain

· Tax exemption limit for individuals increased from Rs 1.6 lakh to Rs 1.8 lakh

· Exemption limit for women remains the same at Rs 2,40,000.

· For senior citizens above 80, the tax exemption limit has been raised to Rs 500,000 (Super senior citizens)

· For senior citizens, tax exemption limit increased to Rs 2,50,000 (Age 60+)

· Priority home loan limit upped from Rs. 20 lakh to Rs. 25lakh

Negatives of the Budget 2011 – 12

· Health Check-Ups in Private hospitals to become expensive

· EXPENSIVE: International Air Travel

· EXPENSIVE: Domestic Air Travel

· Tax on life insurance service providers could be negative for insurance companies

· Travel, Healthcare to become expensive due to increased service tax

· Lack of FDI in retail was a disappointment

· New service tax to hurt companies in hospitality

· Hike in export duty on Iron Ore is a negative

· Air travel to cost more

· Branded clothes may cost more

· Rise in MAT to hurt RIL, GVK Power, telcos

· FY 11 fiscal deficit above estimates, negative

· Divestment but no privatization is timid

· Doubled anganwaadi wages with a check on absenteeism not good

Source: Fwd Email

Railway Budget Highlights

Railway Budget 2011-12: The highlights

• Got 85 proposals for PPP
• High demand for coach, wagons can’t be met immediately
• To set-up single window for PPP approval
• To set-up rail-based industries for passenger coaches
• Giving economic share to industrials to invest in rail
• Some rolling stock materials not available
• Have to depend on imports for rolling stock material
• To set up coach factory in Palaghat
• To set up metro coach factory in Singur
• To set-up diesel locomotive centre in Manipur
• Imphal to be connected with rail network soon
• To set up new coach factory at Kolar via PPP or JV
• To set up two more wagon units under JV mode
• To set up two more wagon units in Kerala
• To set up rail industrial park at new Bongaigaon, Nandigram
• To set up 700 MW gas-based power plant in Maharashtra
• Planning 1320 MW thermal power plant in Agra
• To set up 1300 MW thermal power plant in AP
• Aiming 700 km of annual rail line addition as compared to the current 150 kms
• Working on 1000 MW captive power plant in Bihar
• To build new rail line capacity of 700km versus 180km a year
• To raise Rs 10,000 crore via tax free bonds
• Annual plan for FY12 at Rs 57,630 crore
• Annual gross budgetary support at Rs 20,000 crore
• Market borrowing at Rs 20,594 crore
• Rs 13,824 crore for acquisition of rolling stock
• Doubling spend on gauge conversion to Rs 2,470 crore
• To spend Rs 9,583 crore for new line in FY12
• To create fund to implement socially desirable plans
• Railways earnings likely to exceed Rs 1 lakh crore
• Three railway zones to implement anti-collision devices
• To construct 172 rail over bridges in FY12
• To do away with all unmanned rail crossings in FY12
• Started e-procurement system to ensure transparency
• Saved Rs 300 crore on rail re-alignment
• To give 12,000 acre for dedicated freight corridor
• 442 station up-gradation to be completed by March
• To cut booking charge on AC to Rs 10 versus Rs 20
• Freight loading aim at 993 million tonne in FY12
• Wagon procurement target at 18,000 units in FY12
• To launch nine new Duranto, three Shatabdi trains
• To introduce 56 new express trains
• Frequency of 17 trains to be increased
• To fill up 13,000 RPF jobs
• FY12 operating ratio pegged at 91.1%
• Lost Rs 2,000 crore in FY11 on iron ore export curbs
• Disruption cost Rs 1,500 crore loss in FY11
• Railways saved Rs 3,700 crore due to austerity steps
• Operating ratio excluding pay panel arrears at 84% now
• Double-stack container train from Gujarat to Gurgaon
• Railway earnings set to top Rs 1 lakh crore mark in FY12
• Expect railways financial health to revive in FY12
• To see Rs 5,260 crore savings in FY12
• See Rs 5,258 crore excess funds with railways in FY12
• Freight target reduced by 20 million tonne to 924 million tonne
• To complete 1,075 km new rail lines in FY12
• Aim to complete dedicated freight corridor by December 2016
• Concession for women senior citizen cut to 58 years versus 60 years
• To double-line 867 km of rail tracks in FY12
• To up capacity of 107 Mumbai local trains.

Source: Fwd Mail

India's biggest scams

1.Byrraju Ramalinga Raju.

The biggest corporate scam in Indiahas come from one of the most respected businessmen.

Satyam founder Byrraju Ramalinga Raju resigned as its chairman after admitting to cooking up the account books.

His efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed, after which he decided to confess the crime.

With a fraud involving about Rs 8,000 crore (Rs 80 billion), Satyam is heading for more trouble in the days ahead.

On Wednesday, India's fourth largest IT company lost a staggering Rs 10,000 crore (Rs 100 billion) in market capitalisation as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 on the Bombay Stock Exchange..

The NYSE-listed firm could also face regulator action in the US.

"I am now prepared to subject myself to the laws of the land and face consequences thereof," Raju said in a letter to SEBI and the Board of Directors, while giving details of how the profits were inflated over the years and his failed attempts to "fill the fictitious assets with real ones."

Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (Rs 50.40 billion) as against Rs 5,361 crore (Rs 53.61 billion) reflected in the books."

2.Harshad Mehta.

He was known as the 'Big Bull'. However, his bull run did not last too long.

He triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments.

Taking advantages of the loopholes in the banking system, Harshad and his associates triggered a securities scam diverting funds to the tune of Rs 4000 crore (Rs 40 billion) from the banks to stockbrokers between April 1991 to May 1992.

Harshad Mehta worked with the New India Assurance Company before he moved ahead to try his luck in the stock markets. Mehta soon mastered the tricks of the trade and set out on dangerous game plan.

Mehta has siphoned off huge sums of money from several banks and millions of investors were conned in the process. His scam was exposed, the markets crashed and he was arrested and banned for life from trading in the stock markets.

He was later charged with 72 criminal offences.

A Special Court also sentenced Sudhir Mehta, Harshad Mehta's brother, and six others, including four bank officials, to rigorous imprisonment (RI) ranging from 1 year to 10 years on the charge of duping State Bank of India to the tune of Rs 600 crore (Rs 6 billion) in connection with the securities scam that rocked the financial markets in 1992. He died in 2002 with many litigations still pending against him.

3.Ketan Parekh.

Ketan Parekh followed Harshad Mehta's footsteps to swindle crores of rupees from banks. A chartered accountant he used to run a family business, NH Securities.

Ketan however had bigger plans in mind. He targetted smaller exchanges like the Allahabad Stock Exchange and the Calcutta Stock Exchange, and bought shares in fictitious names.

His dealings revolved around shares of ten companies like Himachal Futuristic, Global Tele-Systems, SSI Ltd, DSQ Software, Zee Telefilms, Silverline, Pentamedia Graphics and Satyam Computer (K-10 scrips).

Ketan borrowed Rs 250 crore from Global Trust Bank to fuel his ambitions. Ketan alongwith his associates also managed to get Rs 1,000 crore from the Madhavpura Mercantile Co-operative Bank.

According to RBI regulations, a broker is allowed a loan of only Rs 15 crore (Rs 150 million). There was evidence of price rigging in the scrips of Global Trust Bank, Zee Telefilms, HFCL, Lupin Laboratories, Aftek Infosys and Padmini Polymer.

4.C R Bhansali.

The Bhansali scam resulted in a loss of over Rs 1,200 crore (Rs 12 billion).

He first launched the finance company CRB Capital Markets, followed by CRB Mutual Fund and CRB Share Custodial Services. He ruled like a financial wizard 1992 to 1996 collecting money from the public through fixed deposits, bonds and debentures. The money was transferred to companies that never existed.

CRB Capital Markets raised a whopping Rs 176 crore in three years. In 1994 CRB Mutual Funds raised Rs 230 crore and Rs 180 crore came via fixed deposits. Bhansali also succeeded to to raise about Rs 900 crore from the markets.

However, his good days did not last long, after 1995 he received several jolts. Bhansali tried borrowing more money from the market. This led to a financial crisis.

It became difficult for Bhansali to sustain himself. The Reserve Bank of India (RBI) refused banking status to CRB and he was in the dock. SBI was one of the banks to be hit by his huge defaults.

5.Cobbler scam.

Sohin Daya, son of a former Sheriff of Mumbai, was the main accused in the multi-crore shoes scam. Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested for creating several leather co-operative societies which did not exist.

They availed loans of crores of rupees on behalf of these fictitious societies. The scam was exposed in 1995. The accused created a fictitious cooperative society of cobblers to take advantage of government loans through various schemes.

Officials of the Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co-operative Bank, and Bank of Bahrain and Kuwait were also charge sheeted.

6.Dinesh Dalmia.

Dinesh Dalmia was the managing director of DSQ Software Limited when the Central Bureau of Investigation arrested him for his involvement in a stocks scam of Rs 595 crore (Rs 5.95 billion).

Dalmia's group included DSQ Holdings Ltd, Hulda Properties and Trades Ltd, and Powerflow Holding and Trading Pvt Ltd.

Dalmia resorted to illegal ways to make money through the partly paid shares of DSQ Software Ltd, in the name of New Vision Investment Ltd, UK, and unallotted shares in the name of Dinesh Dalmia Technology Trust.

Investigation showed that 1.30 crore (13 million) shares of DSQ Software Ltd had not been listed on any stock exchange.

7.Abdul Karim Telgi.

He paid for his own education at Sarvodaya Vidyalaya by selling fruits and vegetables on trains.

He is today famous (or infamous) for being he man behind one of .

The Telgi case is another big scam that rocked India. The fake stamp racket involving Abdul Karim Telgi was exposed in 2000. The loss is estimated to be Rs 171.33 crore (Rs 1.71 billion), it was initially pegged to be Rs 30,000 crore (Rs 300 bilion), which was later clarified by the CBI as an exaggerated figure.

In 1994, Abdul Karim Telgi acquired a stamp paper license from the Indian government and began printing fake stamp papers.

Telgi bribed to get into the government security press in Nashik and bought special machines to print fake stamp papers.

Telgi's networked spread across 13 states involving 176 offices, 1,000 employees and 123 bank accounts in 18 cities.

8.Virendra Rastogi.

Virendra Rastogi chief executive of RBG Resources was charged with for deceiving banks worldwide of an estimated $1 billion.

9.The UTI Scam.
Former UTI chairman P S Subramanyam and two executive directors -- M M Kapur and S K Basu -- and a stockbroker Rakesh G Mehta, were arrested in connection with the 'UTI scam'.

UTI had purchased 40,000 shares of Cyberspace between September 25, 2000, and September 25, 2000 for about Rs 3.33 crore (Rs 33.3 million) from Rakesh Mehta when there were no buyers for the scrip. The market price was around Rs 830.

The CBI said it was the conspiracy of these four people which resulted in the loss of Rs 32 crore (Rs 320 million). Subramanyam, Kapur and Basu had changed their stance on an investment advice of the equities research cell of UTI.

The promoter of Cyberspace Infosys, Arvind Johari was arrested in connection with the case. The officals were paid Rs 50 lakh (Rs 5 million) by Cyberspace to promote its shares.

He also received Rs 1.18 crore (Rs 11.8 million) from the company through a circuitous route for possible rigging the Cyberspace counter.



He was also involved in the duty-drawback scam to the tune of Rs 43 crore (Rs 430 milion) in India.

The CBI said that five companies, whose directors were the four Rastogi brothers -- Subash, Virender, Ravinde and Narinder -- exported bicycle parts during 1995-96 to Russiaand Hong Kongby heavily over invoicing the value of goods for claiming excess duty draw back from customs.


10.Uday Goyal.

Uday Goyal, managing director of Arrow Global Agrotech Ltd, was yet another fraudster who cheated investors promising high returns through plantations.

Goyal conned investors to the tune of over Rs 210 crore (Rs 2..10 billion). He was finally arrested.

The plantation scam was exposed when two investors filed a complaint when they failed to get the promised returns.

Over 43,300 persons had fallen into Goyal's trap. Several criminal complaints were filed with the Economic Offences Wing.

The company's directors and their relatives had misused the investors' money to buy properties. The High Court asked the company to sell its properties and repay its investors. 

What Harshad Mehta did? – The Stock Scam

In the early 1990s, the banks in India had to maintain a particular amount of their deposits in government bonds. This ratio was called SLR ( Statutory Liquidity Ratio). Each bank had to submit a detailed sheet of its balance at the end of the day and also show that there was a sufficient amount invested in government bonds. Now, the government decided that the banks need not show their details on each day, they need to do it only on Fridays. Also, there was an extra clause that said that the average %age of bond holdings over the week needs to be above the SLR but the daily %age need not be so. That meant that banks would sell bonds in the earlier part of the week and then buy bonds back at the end of the week. The capital freed in the starting of the week could then be invested. Now, at the end of the week many banks would be desperate to buy bonds back. This is where the broker comes in. The broker knew which bank had more bonds (called ‘plus’) and which has less than the required amount (called ‘short’). He then acts as the middleman between the two banks. Harshad Mehta was one such broker. He worked as a middle man between many banks for a long time and gained the trust of the banks’ senior management. Lets say that there are two banks A (short) and B (plus). Now what Harshad Mehta did was that he told the banker at A that he was dealing with many banks and hence did not know who would he deal in the end with. So he said that the bank should write the cheque in his name rather than the other bank (which was forbidden by law), so that he could make the payment to whichever bank was required. Since he was a trusted broker, the banks agreed. Then, going back to the example of bank A and B, he took the money from A and went to B and said that he would pay the money on the next day to B but he needed the bonds right now (for A). But he offered a 15 % return for bank B for the one day extension. Bank B readily agreed with this since it was getting such a nice return

Now since Harshad Mehta was dealing with many banks at the same time he could then keep some capital with him at all times. For eg. He takes money from A on Monday, and tells B that he’ll pay on Tuesday, then he takes money from C on Tuesday and tells D that he’ll pay on Wednesday and the money he gets from C is paid to B and as a result he has some working capital with him at all times if this goes on with other banks throughout the week. The banks at that time were not allowed to invest in the equity markets. Harshad Mehta had very cleverly squeezed some capital out of the banking system. This capital he invested in the stock market and managed to stoke a massive booming Monday

He took the price of ACC from 200 to 9000.Thats an increase of 4400%!!!The market went up like crazy and the bulls were on a mad run. Since he had to book profits in the end, the day he sold was the day when the market crashed. The same day Vijaya Bank chairman committed suicide by jumping from the top of the banks’ office. The chairman knew that when it would become public that he had written cheques in the name of Mehta, he would be dead meat. One rather unknown fact about this scam is that there was a very important player in this scam who managed to keep a very low profile. That man was Nimesh Shah. He was just as involved as Harshad Mehta but he knew how keep out of the hands of the law. Nimesh Shah still deals in the stock market and is known to be a heavy player. Harshad Mehta is now dead. It is rumored that when he died, he still had 10% of ACC shares with him.

Largest Stock Exchanges in Asia

Hong Kong Exchanges and Clearing (HKEx) - It was listed in 2000 and is one of the world’s largest exchange owners based on the market capitalization of its shares. HKEx offers a variety of securities and derivatives such as shares, futures, options, Exchange Traded Funds, and structured products.

Bombay Stock Exchange (India) – It is the oldest stock exchange in Asia. In August 2010, the equity market capitalization of the companies listed on the Exchange was US$1.78 trillion, making it the 4th largest stock exchange in Asia.

Tokyo Stock Exchange (Japan) - It is the second biggest stock exchange in the world by aggregate market capitalization of its listed companies. Members of the Tokyo Stock Exchange include Allied Telesis, Banc of America Securities, BarclaysCapital, Bear Stearns, BNP Paribas, Century Securities, Credit Suisse First Boston,Daiwa Securities, Dresdner Kleinwort, etc.

Osaka Securities Exchange (Japan) – It is the second largest securities exchange in the country, in terms of amount of business handled. The Exchange provides a marketplace for transactions of securities, securities related futures and options.

Karachi Stock Exchange (Pakistan) - It is the largest and oldest stock exchange in the nation, located in Karachi, Sindh, Pakistan. On 26 December 2007, the KSE 100 Index reached its highest value ever and closed at 14,814.85 points.

Shanghai Stock Exchange (SSE, China) - It is the world’s sixth biggest stock market by market capitalization at US$2.4 trillion as of August 2010. In 2009, listed companies raised RMB 334.315 billion on the Exchange through IPO and new share placement.

ABBREVIATIONS

AMBI -Association of Merchant Bankers of India

AMC - Asset Management Company

AMFI - Association of Mutual Funds in India

APRC - Asia Pacific Regional Committee

ASR  - Annual Statistical Report

BOLT  - BSE On-Line Trading

BgSE  - Bangalore Stock Exchange

BSE  - The Stock Exchange, Mumbai

BSE  - Natex BSE National Index (100 Scrips)

BSE  - Sensex BSE Sensitive Index (30 Scrips)

CAG  - Comptroller and Auditor General of India

CDSL  - Central Depository Services Limited

CIS  - Collective Investment Schemes

CLA  - Central Listing Authority

CNS  - Continuous Net Settlement

CRA  - Credit Rating Agency

CRISIL  - Credit Rating and Information Services of India Ltd

DCA  - Department of Company Affairs

DFI  - Development Financial Institution

DIP  - Guidelines Disclosure and Investor Protection Guidelines

DPs  - Depository Participants

DSE  - Delhi Stock Exchange

DVP  - Delivery versus Payment

ECS  - Electronic Clearing and Settlement

EDIFAR  - Electronic Data Information Filing and Retrieval

EFT  - Electronic Funds Transfer

ETFs  - Exchange Traded Funds

ELSS  - Equity Linked Saving Scheme

EMC  - Emerging Markets Committee

ERO  - Eastern Regional Office (SEBI)

ESOS  - Employee Stock Options Scheme

ESPS  - Employee Stock Purchase Scheme

F & O  - Segment Futures & Options Segment

FCDs  - Fully Convertible Debentures

FEMA  - Foreign Exchange Management Act, 2000

FERA  - Foreign Exchange Regulation Act, 1973

FIIs  - Foreign Institutional Investors

FIs  - Financial Institutions

FIRE  - Financial Institutions Reform and Expansion

FMC  - Forward Markets Commission (India)

FoF  - Fund of Funds

FSF  - Financial Stability Forum

FVCI  - Foreign Venture Capital Investor

GDP  - Gross Domestic Product

GIC  - General Insurance Corporation

ICAI  - Institute of Chartered Accountants of India

ICSE  - Inter-Connected Stock Exchange

IDFC  - Infrastructure Development and Finance Corporation

IL&FS  - Infrastructure Leasing and Financial Services

IOSCO  - International Organisation of Securities Commissions

IPO  - Initial Public Offer

IRDs  - Interest Rate Derivatives

ISDN  - Integrated Services Digital Network

ISIN  - International Securities Identification Number

LSE  - Ludhiana Stock Exchange

LAN  - Local Area Network

MF  - Mutual Fund

MSE  - Madras Stock Exchange

MoU  - Memorandum of Understanding

NAV  - Net Asset Value

NBFCs  - Non-Banking Financial Companies

NCAER  - National Council of Applied Economic Research

NCDs  - Non-Convertible Debentures

NCDS  - Non Convertible Debt Securities

NCFM  - NSE Certification on Financial Management

NCLT  - National Company Law Tribunal

NPA  - Non-Performing Assets

NRI  - Non-Resident Indian

NRO  - Northern Regional Office (SEBI)

NSCCL  - National Securities Clearing Corporation Limited

NSDL  - National Securities Depository Limited

NSEIL  - National Stock Exchange of India Limited

OECD  - Organization for Economic Co-operation and Development

OFCs  - Offshore Financial Centres

OIC  - Overseas Investor Cell

OTCEI  - Over-The-Counter-Exchange of India

PCD  - Partially Convertible Debenture

PMAC  - Primary Market Advisory Committee

PSU  - Public Sector Undertaking

QIBs  - Qualified Institutional Buyers

RAIN  - Registrars Association of India

ROC  - Registrar of Companies

RTI  - Registrar to the Issue

RTA  - Registrars and Share Transfer Agent/s

S&P CNX NIFTY S&P CNX NIFTY Index (50 Scrips)

SAT  - Securities Appellate Tribunal

SC(R) Act  - Securities Contract (Regulation) Act, 1956

SC(R)R, 1957  - Securities Contract (Regulation) Rules, 1957

SGF  - Settlement Guarantee Fund

SHCIL  - Stock Holding Corporation of India Limited

SMEs  - Small and Medium Enterprises

SMTI  - Securities Market Training Institute

SROs  - Self Regulatory Organisations

STA  - Share Transfer Agent

STP  - Straight Through Processing

T-Bills  - Treasury Bills

UTI  - Unit Trust of India

USAID  - United States Aid for International Development

VaR  - Value-at-Risk

VCFs  - Venture Capital Funds

VCU  - Venture Capital Undertaking

VSAT  - Very Small Aperture Terminal

WAN  - Wide Area Network

WAP  - Wireless Application Protocol

WDM  - Wholesale Debt Market