International Monetary FundWorld Bank2013-10-012013-10-012013-08https://hdl.handle.net/10986/15960An assessment of the level of implementation of the IOSCO principles in the Indian securities market was conducted from June 15 to July 1, 2011 as part of the Financial Sector Assessment Program (FSAP) by Ana Carvajal, Monetary and capital markets department. An initial IOSCO assessment was conducted in 2000. Since then significant changes have taken place in the Indian market, in terms of market development, upgrading of market infrastructure and of the regulatory framework. The IOSCO methodology requires that assessors not only look at the legal and regulatory framework in place, but at how it has been implemented in practice. The assessor relied on: (i) a self-assessment developed by Securities Board Exchange of India (SEBI); (ii) the review of relevant laws, and other relevant documents provided by the authorities including annual reports; (iii) meetings with the Chairman of SEBI and other members of the Board, staff of SEBI as well as the RBI, and other public authorities, in particular representatives of the Ministry of Finance (MoF) and the Ministry of Corporate Affairs (MCA); as well as (iv) meetings with market participants, including issuers, brokers, merchant bankers, fund managers, stock exchanges, external auditors, credit rating agencies and law firms.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING STANDARDSASSET BACKED SECURITIESASSET CLASSESASSET MANAGEMENTASSETS UNDER MANAGEMENTAUDIT COMMITTEEAUDITORSAUDITSBANKING REGULATIONBARRIERS TO ENTRYBONDBOND MARKETSBROKERBROKER DEALERSBROKER-DEALERSBROKERSCAPITAL MARKETSCAPITAL REQUIREMENTSCASH MARKETCENTRAL SECURITIES DEPOSITORIESCERTIFICATION PROCESSCLEARING CORPORATIONCLIENT ASSETSCODE OF CONDUCTCOLLATERALCOLLECTIVE INVESTMENTCOLLECTIVE INVESTMENT SCHEMESCONFIDENTIALITYCONFLICT OF INTERESTCONFLICTS OF INTERESTCORPORATE BONDCORPORATE BOND MARKETSCORPORATE BONDSCORPORATE GOVERNANCECREDIT RATINGCREDIT RATING AGENCIESCURRENCYCUSTODYDEBENTUREDEBENTURESDEBTDEBT ISSUERSDEBT OFFERINGSDEBT SECURITIESDEFAULT RISKDEPOSITDEPOSITORYDERIVATIVESDERIVATIVES MARKETDERIVATIVES MARKETSDISCLOSUREDISCLOSURE REQUIREMENTSDIVIDENDENFORCEMENT ACTIONSENFORCEMENT POWERSEQUITY DERIVATIVESEQUITY FUNDSEQUITY MARKETEQUITY MARKETSEXCHANGE BOARDEXPOSUREEXPOSURESFINANCIAL COMPANIESFINANCIAL CONGLOMERATESFINANCIAL CRISISFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTSFOREIGN EXCHANGEFOREIGN INSTITUTIONAL INVESTORSFOREIGN INVESTORSFOREIGN OWNERSHIPFORWARD CONTRACTSFUND MANAGERSFUTURESGOVERNMENT SECURITIESGUARANTEE FUNDHEDGE FUNDHEDGE FUND MANAGERSHEDGE FUNDSHOLDINGHOLDINGSHUMAN RESOURCESILLIQUID ASSETSILLIQUID SECURITIESINFORMATION SHARINGINSIDERINSIDER TRADINGINSOLVENCY PROCEEDINGSINSOLVENCY REGIMEINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE POLICIESINTEREST RATESINTERNAL AUDITINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL BANKINTERNATIONAL STANDARDSINVESTMENT RESTRICTIONSIPOSISSUANCEISSUANCESJOINT VENTUREJURISDICTIONJURISDICTIONSJUSTICE SYSTEMLEGAL AUTHORITYLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROVISIONLEGAL PROVISIONSLEGAL SYSTEMLEVIESLEVYLIQUID ASSETSLIQUIDITYMANAGEMENT COMPANYMARKET CAPITALIZATIONMARKET DEVELOPMENTMARKET DEVELOPMENTSMARKET INFRASTRUCTUREMARKET INTERMEDIARIESMARKET INTERMEDIARYMARKET MANIPULATIONMARKET PARTICIPANTSMARKET SECURITIESMARKET STRUCTUREMARKET SURVEILLANCEMARKET SURVEILLANCE SYSTEMMARKET SURVEILLANCE SYSTEMSMARKET TURNOVERMINIMUM CAPITAL REQUIREMENTSMONETARY FUNDMONEY MARKETMONEY MARKET SECURITIESMUTUAL FUNDMUTUAL FUNDSNATIONAL SECURITIESNATIONAL STOCK EXCHANGENONPAYMENTPAYMENT OF DIVIDENDSPORTFOLIOPORTFOLIO MANAGERPORTFOLIO MANAGERSPORTFOLIOSPRICE BANDSPRIVATE PLACEMENTSPRIVATE SECTOR DEVELOPMENTPROFIT EXCHANGESPROSPECTUSPUBLIC COMPANIESPUBLIC OFFERINGREGISTRATION PROCESSREGISTRATION REQUIREMENTSREGULATORSREGULATORY AGENCIESREGULATORY AGENCYREGULATORY AUTHORITIESREGULATORY FRAMEWORKREGULATORY OVERSIGHTREGULATORY PRACTICEREGULATORY REGIMEREGULATORY SYSTEMREGULATORY TREATMENTREPOREPUTATIONRESERVERESERVE BANKRETAIL INVESTORSRISK MANAGEMENTRISK MANAGEMENT SYSTEMRISK MANAGEMENT SYSTEMSSECONDARY MARKETSECONDARY MARKET TRADINGSECONDARY MARKETSSECURITIESSECURITIES COMMISSIONSECURITIES COMMISSIONSSECURITIES EXCHANGESSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSECURITIES REGULATORSECURITIES TRANSACTIONSECURITIES TRANSACTIONSSELF-REGULATIONSETTLEMENTSETTLEMENT SYSTEMSSHAREHOLDERSSTOCK EXCHANGESTOCK EXCHANGESSYSTEMIC RISKTAXTRADINGTRADING ACTIVITIESTRADING PLATFORMSTRADING SYSTEMSTRADING VOLUMETRANSFER OF SECURITIESTRANSPARENCYTRUSTEESUNDERWRITERSUNFAIR PRACTICESVALUATIONVOLATILITYWorld Bank10.1596/15960