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Home / India News / 2007 / January / January 10, 2007
National Stock Exchange Inducts Pedigreed Foreign Institutions as its Shareholders

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National Stock Exchange Inducts Pedigreed Foreign Institutions as its Shareholders

January 10, 2007

Pursuant to the FDI Policy announced by the Government of India in respect of Foreign Direct Investment in the Indian stock exchanges, five Indian Institutions: IFCI, IL&FS, ICICI, PNB and GIC have entered into an agreement with a global stock exchange and three financial institutions to sell part of their holdings in the National Stock Exchange (NSE). The NYSE Group, General Atlantic, Goldman Sachs and Softbank Asian Infrastructure Fund will each acquire 5% stake in the NSE from the above domestic Institutions.

"We are pleased to welcome the NYSE Group and other new stakeholders in NSE," said Ravi Narain, MD & CEO of NSE. "In a rapidly integrating world of financial markets, this timely partnership brings together the strengths of institutions from North America, Europe and Asia. This alliance marks a significant milestone for NSE in developing a place for itself in the emerging global scenario. The global financial investors are amongst the most pedigreed institutions in the world, and will contribute to building value in the NSE".

NYSE Group has a market capitalization of more than USD $15 billion. The operating companies listed on its New York Stock Exchange and NYSE Arca subsidiaries represent a total global market capitalization of $23 trillion. NYSE Group is in the process of merging with Euronext N.V., to create the first truly global financial exchange group. Its proposed investment in the NSE is therefore of significant strategic importance for the Indian stock exchanges and capital markets.

General Atlantic is a leading global private equity firm with $12 billion of capital under management. General Atlantic has extensive experience in the financial services industry and is one of the first global private equity firms to invest in India. Current investments among 50 portfolio companies globally include NYSE Group, NYMEX, Genpact and Patni.

Goldman Sachs is a leading investment bank globally and is a committed partner, leading advisor and practitioner to many of the world's major exchanges. As a stakeholder in the NSE and through its leading experience with exchanges, Goldman Sachs will be an important strategic partner and will contribute to NSE's continued success.

Softbank Asian Infrastructure Fund is a leading Asian private equity firm with over 60 portfolio companies in the region. SAIF Partners will bring its extensive network of Indian as well as international relationships in the financial services sector to the advantage of NSE.

National Stock Exchange (NSE), established in the mid 1990s as a demutualised electronic exchange by leading Indian financial institutions, offers trading, clearing and settlement services in a range of products covering equity, debt and equity derivatives. It is India's largest exchange and ranks third globally by number of trades in the equities market. NSE provides a modern, fully automated screen-based trading system with nearly 40,000 trading terminals giving it extensive reach. NSE has played an important role in helping reform the Indian securities market and in bringing about transparency, efficiency and market integrity.

NSE introduced trading in equity derivative products in 2000-01. In this short span of time, NSE has become the largest exchange in single stock futures and ranks fourth in index futures globally. Its flagship index, the NIFTY 50, is used extensively by investors in India and around the world to take exposure to the Indian equities market. In 2006, the average daily traded value in equities was around USD 2 billion and the notional average daily traded value in equity derivatives was around USD 7 billion. As stakeholders in the National Commodity Derivatives Exchange (NCDEX) and Multi-Commodity Exchange (MCX), NSE has also been part of the exciting growth of the Indian commodity derivative markets.

Source: National Stock Exchange of India Limited

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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