2nd IIEF Stock Exchanges Summit 1997
Bombay, 9th & 10th October 1997

"Opening"
27th May, 1997, 8.15 am to 10.35 am

Deomonstartion : Information Technology Solutions for the Securities Industry

Welcome Address
Mr. Gautam Bhardwaj
Director, Invest India Economic Foundation

Inaugural Address
Dr. C. Rangarajan
Governor, Reserve Bank Of India

Keynote Address
Mr. George Ugeux
Group Executive Vice President, International & Research
New York Stock Exchange, Inc.


Deomonstration : Information Technology Solutions for the Securities Industry

"The Brokerage Industry"
Technical Session 01 - 27th May, 1997
11.00 am to 2.45pm

The Evolution of exchanges in India in the last three years has led to a sea change in the functioning of brokerage companies. Brokerage for both retail and institutional customers now works in very different ways as compared with the status as of 1993. Brokerage today is a keenly competitive industry which can scale up to nationwide operations, is a highly technology - driven activity, and brokerage companies face considerable risks through bankruptcy on the part of their customers. Because brokerage companies are the first to be affected by stolen or forged paper, they are the first adopters of the new technology of settlement, i.e the depoistory.

In this session, we have presentations by some of the most interesting business plans in India's brokerage industry, which will help us better understnd the challenges faced in the brokerage area.

Session Moderators

Mr. Joseph Massey
Managing Director, Indian Stock exchanges Services Corporation Limited

Mr. T. Koshy
Vice President, National Securities Depository Limited

Panelists
Mr. Ramesh C Mathur
Executive Director, The Stock Exchange, Mumbai

Mr. Jaspal Singh
President, The Ludhiana Stock Exchange Association Limited

Presentations
Mr. Mahendra N Kampani
Partner, Jamnadas Morarjee & Co.

Mr. M.K. Khanna
Managing Director, UTI Securities Exchange Limited

Mr. Arjun Kapoor
Member, Delhi Stock Exchange Association Limited

Panel Discussion follwed by questions and answers


"Competition Between Exchanges"
Technical Session 02 - 27th May, 1997
1.30 pm to 4.00 pm

The exchanges of India were once local monopolies, sheltered from competition by expensive telecommunications and inefficient post-trade procedures. Today, exchanges are competing providers of liquidity services in a truly national market. Each exchange faces the challenge of differentiating its product offerings in a way which attracts order flow from all over the country.

In this session, we look at the business plans of some key exchanges : what are the challenges that they face, and how do they propose to deal with them.

Session Moderators
Mr. W. Dennis Grubb
Principal Consultant Capital Markets, Price Waterhouse/FIRE Project

Mr. Mahendra N Kampani
Partner, Jamnadas Morarjee & Co.

Panelist
Mr. L.K. Singhvi
Senior Executive Driector, Securities and Exchange Board of India

Presentations
Mr. M G Daman i
President, The Stock Exchange, Mumbai

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

Mr. M. Pushpangadan
Managing Director, OTC Exchange of India

Mr. Vivek Mahajan
Director, Calcutta Stock Exchange Association Ltd.

Mr. Joseph Massey
Managing Director, Indian Stock Exchanges Services Corp.

Panel Discussion followed by questions and answers

"Users of Liquidity Services"
Technical Session 03 - 27th May, 1997
4.20 pm to 7.30 pm

Ultimately the securities industry exisits in order to cope with the needs of liquidity services of final users. The two major kinds of users are institutional and retail. In thiss session, we have representatives of each of these categories speaking about their experiences in using the exchanges, the phone market, brokers and post-trade procedures. These speakers will also talk about the areas in which they would like the exchanges to alter thier functioning. For exchanges who seek to attract order flow, this session will give a sense of the really important issues from the viewpoint of users.

All of India's exchanges (other than OTCEI) use "futures-style settlement" on the so-called "spot market". The exchange runs a short-expiration futures market, and at the end of the settlement period, obligations are given to the clearing house. In this situation, payments crises are a pervasive danger, and the key challenge faced by India's exchanges is the development of clearing trades. Conceppts and practises developed on futures markets worldwide are directly applicable to developing clearing institutions in India : this involves strong systems for calculating and charging margins, and an overal risk-containment system which protects the integrity of the clearing corporation.

Session Moderators

Mr. Andreas K Rathmann
Assistant General Manager, Deutsche Bank AG

Mr. Himanshu Kaji
Chief Executive, Mangaldas Kaji & Co.

"Panelists"

Mr. S.S. Sodhi
Executive Director, The Delhi Stock Exchange Association Limited

Mr. P.C. Shrimal
President, Hyderabad Stock Exchange Limited

Mr. Vivek Mahajan
Director, Calcutta Stock Exchange Association Limited

Presentations

Opening remarks

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

Dr. A.B. Rastogi
Training & Research Institute, The Stock Exchange, Mumbai

Panel Discussion followed by questions and answers

India's securities industry has experienced a great deal of difficulty with fake and forged certificates. The Emerging Markets Factbook - 1996 by IFC rates India as among the worst markets in the world on settlement. The depositry is a key development which can bring low-cost settlement, and hence enable trading strategies which do not involve intra-settlement squaring off. In this session, we will look at the depository from the perspective of NSDL and stock exchanges, from the perspective of retail investors, and from the view point of trading for book-entry settlement.

Session Moderators
Mr. R. chandrasekaran
Former Managing Director, Stock holding Corporation of India

Mr. Joseph Massey
Managing Director, Indian Stock Exchanges Limited

Panelists
Mr. BB Merchant
Member, The Stock Exchange, Bombay

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

Mr. Aditya Puri
Managing Director, HDFC Bank Limited

Mr. P. Sudhir Rao
Director, Karvy Securities Limited

Presentations
Mr. Gagan Rai
Executive Director, National Securities Depositry Limited

Mr. Sridhar Subasri
Executive Director, Global Trust Bank Limited

Panel Discussion follwed by questions and answers

India's financial markets have been characterised by a widespread presence of market manipulation. In recent years, exchanges and regulators have become keen on establishment of procedures and systems which will reduce the profit rate in attempts at manipulation. This is particularly important from the viewpoint of an exchange which seeks to attract order flow; investors would prefer to work at an exchange with stringent surveillance procedures. In this session, SEBI and three prominent exchanges - NYSE, NSE and BSE - report on their approaches towards building surveillance procedures.


Session Moderators
Dr. AC Shah
Chairman, Gujarat Lease Financing Limited

Mr. Vijay Kamani

Panelists
Mr. SS Sodhi
Executive Director, The Delhi Stock Exchange Association Limited

Mr. Himanshu Kaji
Chief Executive, Mangaldas Kaji & Co.

Mr. Rakesh Jhunjhunwala
Member, The Stock Exchange Mumbai

Mr. V. Shankar
Director, Indian Stock Exchages Services Corporation

Presentations
Mr. James E Shapiro
Managing Director, Research & International
New York Stock Exchange, Inc.

Mr. L.K. Singhvi
Senior Executive Director
Securities Exchange of India Limited

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

Mr. S.T. Gerela
General Manager (Inspection & Surveillance)
The STock Exchange, Mumbai

Panel Discussion follwed by questions and answers