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4th Invest India Derivatives Forum, 2002
06 and 07 December 2002, Taj Mahal Hotel, Mumbai, India
Day One
Opening Session (06 December 2002)
Opening remarks
Priya Shaikh
Chief Executive Officer, Invest India Economic Foundation
Inaugural address
G N Bajpai
Chairman, Securities and Exchange Board of India
Questions
Fixed Income Derivatives
(06 December 2002)
Session Chairperson
Usha Thorat
Chief General Manager, Reserve Bank of India
Introduction by the Chairperson
Presentation: Fixed income derivatives for India
This paper would address questions about the interest rate derivative products that can (a) be immediately deployed in India today and become successful and (b) what are products that will have to wait for further developments in the market.
V. Srinivasan
Treasurer, J.P. Morgan
Panel comments and discussion
Dr. R.H. Patil
Chairman, Clearing Corporation of India Limited
Nageswara Rao
Managing Director, IDBI Capital Markets
Questions and Answers
Summing up by the Chairperson
Equity Derivatives (06 December 2002)
Session Chairperson
Prof J.R. Varma
Professor, IIM-Ahmedabad
Introduction by the Chairperson
Presentation: What impedes equity derivatives arbitrage?
Arbitrage is the foundation of market efficiency on the derivatives market, hence any impediments to fluent arbitrage are of concern to designers of markets and policy makers on both the spot and the derivatives markets. Dr. Shah will talk about his understanding of the scale of arbitrage opportunities found on the equity derivatives market, and the policy changes that would pave the way for an efficient equity derivatives market.
Dr. Ajay Shah
Panel comments and discussion
R. Sundararaman
Head Futures & Options Clearing & Settlement, NSE
Srikant Iyengar
Vice President, Head-Derivatives & E-Broking, Motilal Oswal Securities Consultant, Department of Economic Affairs, Ministry of Finance
Report of the RBI Technical Committee on Foreign Currency - Rupee Options: Panel Discussion
(06 December 2002)
Session Chairperson
Dr. Ajay Shah
Consultant, Department of Economic Affairs, Ministry of Finance
Introduction by the Chairperson
Panel comments and discussion
Sudhir Joshi
Treasurer, HDFC Bank and Chairman, FIMMDA
Neeraj Gambhir
Deputy General Manager (Treasury), ICICI Bank
John Lockhart
Director, ICAP Australia Pty Ltd.
Partha Bhattacharyya
State Bank of India
Questions and Answers
Summing up by the Chairperson
End of conference for the day
Day two :
Commodity Derivatives (07 December 2002)
Session Chairperson
Dr. Ashok V. Desai
Consultant Editor, Business Standard
Introduction by the Chairperson
Presentation: The Muzaffarnagar market - where will it grow next?
This paper is about the Jaggery futures market in Muzzafarnagar. Muzaffarnagar is a microcosm which illustrates the difficulties faced in the larger area of commodity futures markets in the country. The paper has a description of the structure of the market as it stands today, and sketches the opportunities for policy-formulators to improve the market design..
Dr. Susan Thomas
Assistant Professor, IGIDR
Presentation: Regulation & policy for commodity derivatives in India
At a policy level, the rationale driving regulation for commodities futures in India today differs from the framework for equity derivatives. This paper will describe the state of regulation in the commodities derivatives market today, and what needs to change to make it more effective in the future.
D.S. Kolamkar
Director, Forward Markets Commission
Panel comments and discussion
Suresh A Kotak
President, Federation of Indian Commodity Exchanges
Sanjay Shah
Chairman, Oilseeds Commodity Exchange
Vineet Bhatnagar
Managing Director, Refco-Sify Securities
Questions and Answers
Summing up by the Chairperson
Intermediation (07 December 2002)
Session Chairperson
Dr. R.H. Patil
Chairman, Clearing Corporation of India
Introduction by the Chairperson
Presentation: Ingredients for building a successful derivatives intermediation business: Lessons for India
John Lockhart
Director, Garban Intercapital, Australia
Panel comments and discussion
Satish Menon
Chief Operating Officer, Geojit Securities
Vineet Bhatnagar
Managing Director, Refco-Sify Securities
Ashok Jogani
Director, Ask Securities
Ashish Chauhan
Chief Executive, ExchangeNext.com
Questions and Answers
Summing up by the Chairperson
Frontiers
(07 December 2002)
Session Chairperson
U.K. Sinha
Joint Secretary (Capital Markets and Pensions)
Department of Economic Affairs, Ministry of Finance
Introduction by the Chairperson
Legal aspects of derivatives trading in India
Exchange-traded and OTC derivatives represent sophisticated financial contracts which require an underlying legal infrastructure which is conducive to contract enforcement. This paper will discuss the difficulties in enforceability of both kinds of financial derivatives, particularly in light of recent legislative efforts aimed at removing impediments faced by these markets. The paper will also shed some light on the respective roles of RBI and SEBI as enshrined in current legislations and notification
Dr. Shashank Saksena
Director, DEA, Ministry of Finance
Use of derivatives by India's institutional investors: Issues and Impediments
Globally, institutional investors are the dominant users of financial derivatives. In India, institutional investors have been laggards in benefiting from the derivatives market. On the equity derivatives market, which is the most vibrant derivatives market in India today, institutional investors account for below 5% of the transactions. In this paper, Rajendra Chitale will address the impediments faced by institutional investors which are leading to this state of affairs, and the steps that can be undertaken in order to resolve them.
Rajendra Chitale
Managing Partner, M.P. Chitale & Co.
Panel comments and discussion
D. N. Raval
Executive Director, Securities Exchange Board of India
N.S. Kannan
Head Treasurer, ICICI Bank
Sanjiv Shah
Director, Benchmark AMC
Questions and Answers
Summing up by the Chairperson
Close of technical session
Closing:
Session (07 December 2002)
Closing Remarks: India's derivatives markets in the next 12 months
U.K. Sinha
Joint Secretary (Capital Markets), Department of Economic Affairs, Ministry of Finance, Government of India
Vote of Thanks
Gautam Bhardwaj
Director, Invest India Economic Foundation
Close of conference
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