3rd IIEF Securities Industries Summit 1998
Bombay, 27 - 28 May 1998

Opening Session
Session 01 - 27th May, 1998, 9.00 am to 11.30 am

Registration and coffee

Theme Address
Mr. Gautam Bhardwaj
Managing Director, Invest India Economic Foundation

Inaugural Address
Mr. S.H. Khan
Managing Director, Industrial Development Bank of India

Keynote Address
International Equity Markets in 1998 :
More Sober But No Less Exciting

Mr. James E. Shapiro
Managing Director, International & Research, NYSE

Inauguration of Financial Technology Expo
Mr. James E. Shapiro


LUNCHEON ADDRESS
Session 02 - 27th May, 1998, 11.40 am to 1.00 pm

Trends in Globalization of the Equities Markets
- The Nasdaq Story
Mr. John T. Wall
President, Nasdaq International

Questions

Lunch
hosted by Inter-connected Stock Exchange of India and ABN-AMRO Bank

TECHNICAL SESSION 1
Session 03 - 27th May, 1998, 1.20 pm to 2.50 pm

Capital Market Route for Privatising PSUs

Reduction of fiscal deficit, autonomy for PSUs or revival of capital markets, whichever way one looks at it, privatisation or PSU disinvestment as we prefer to call it has occupied centre stage in all discussions relating to the economy and capital markets. Getting the right price at the right time and wider distribution of share holding remain central to privatisation. Can the capital markets deliver on these objectives?

Efficient pricing is key to reducing costs and minimising risks. Fixed price offerings, as are prevalent in the market, combined with the time lags between the date of pricing and the date of completion of the offer, heighten the risks faced by the investor. It has been argued that a better way to price issues is either through book building or auctions. How can these mechanisms assist in price discovery and be popularised in the Indian markets? Do regional exchanges play an efficient role in price discovery?

Market participants often complain that the absence of short selling and securities lending hinders the development of the market in terms of creating more liquidity and improving the delivery based business. How can securities lending be helpful in improving the depth of the equity and debt markets? What are the limitations and the operational requirements involved?

Two years after the promulgation of the depository ordinance, and a little more than a year after its formal inauguration, NSDL the Indian book-entry solution to the multitude of problems relating to trading, settlements, registration and transfer of ownership of securities is gaining market acceptance. More and more companies, either voluntarily or by a regulatory push, have been opting for dematerialisation. In this session, we take a look at the international market experience and trace transitions from certificates to the depository. We will also take a look at how the depository services are being marketed and distributed across the country and examine the capability of the SGL to fulfil the debt market depository requirements.

Opening remarks
The Regulator's Perspective
Mr. Pratip Kar
Executive Director
Securities and Exchange Board of India

The Distribution of Depository Services
Mr. C.J. George
Managing Director, Geojit Securities Limited

Functions and capability of SGL
Mr. K. N. Gangurde
Chief General Manager (Public Debt)
Reserve Bank of India

Moderator
Mr. W. Dennis Grubb
Principal Consultant Capital Markets, Price Waterhouse/USAID FIRE Project

Panelists
Mr. B.G. Daga
Chief General Manager (Market Operations), Unit Trust of India

Mr. Gagan Rai
Executive Director, National Securities Depository Limited

Mr. Anand Rathi
Vice Chairman, Central Depository Services (India) Limited

Mr. M.B. Battliwala
Deputy General Manager
The Industrial Credit and Investment Corporation of India Limited

Panel Discussion and Questions

Visit to the Financial Technology Trade Show Followed by Coffee

LUNCHEON ADDRESS
Session 07 - 28th May 1998, 12 noon to 1.00 pm

Legal Infrastructure for Capital Markets

Mr. Cyril Shroff
Partner
Amarchand & Mangaldas & Suresh A. Shroff & Co.

Questions

Lunch hosted by Price Waterhouse/FIRE Project

TECHNICAL SESSION V
Session 08 - 28th May 1998, 1.30 pm to 3.20 pm

Trading Indian Securities on Overseas Markets

Given the right fundamentals, economic reforms have made it possible for corporations to raise money in the international capital markets. But this requires higher levels of disclosures, adoption of international accounting standards and generally a better level of corporate governance. In this session, we will examine the requirements of listing on two international exchanges and discuss how corporations can better access these markets.

Listing on the NYSE
Mr. James Shapiro
Managing Director, New York Stock Exchange, Inc.

Listing on Nasdaq
Mr. John T. Wall
President, Nasdaq International

Trading of Indian Securities Abroad
Mr. Euan Macdonald
Chairman (India), SBC Warburg

Moderator
Mr. K.R. Bharat
Managing Director, Credit Suisse First Boston

Panellists
Mr. Hiran Mendis
Director General, Colombo Stock Exchange

Mr. Ravi Narain
Deputy Managing Director, National Stock Exchange of India

Mr. R.C. Mathur
Executive Director, The Stock Exchange, Mumbai

Mr. Rajendra P. Chitale
Managing Partner, M.P. Chitale & Co.

Panel Discussion and Questions




SPECIAL ADDRESS
Session 09 - 28th May 1998, 3.30 pm to 4.00 pm

The Emerging Role and Responsibilities of SEBI

Mr. Pratip Kar
Executive Director
Securities and Exchange Board of India

TECHNICAL SESSION VI
Session 10 - 28th May 1998, 4.10 pm to 6.00 pm

The Future of India's Stock Markets

The stock markets in India are being transformed by fundamental developments such as on-line trading, adoption of depositories, re-engineering the clearing corporations and so on. Technology, competition and globalisation have by large been the driving forces behind such transformations. In this session, the stock exchanges engage in a self-assessment exercise and ask how these factors, along with evolving international practices, influence the Indian stock markets of the future.