National Stock Exchange of India Limited and CRISIL Limited have jointly sponsored the development of an online service in order to facilitate and promote the development of markets for corporate bonds and securitised debt. The website www.IndiaBondWatch.com is a comprehensive online resource for information and analysis for these markets and would be developed as a one stop shop for all information on corporate bonds and securitized debt. The site is being developed as a stepping-stone to taking forward the recommendations of the R.H Patil committee. Logically integrated validated bond information that would be critical and basic to any price discovery would be the key cornerstone of the website.
Said, Mr Ravi Narain, CEO, NSE, "The IndiaBondWatch initiative has been created in order to fill the information gap that currently exists in the market, and to provide a forum for analysis and discussion of the issues that impact demand, supply and secondary market liquidity of bonds and securitised debt. The website is in the public domain and open for use by all market participants. It contains relevant, accurate and accessible information on corporate bonds. It will also be used to disseminate data on daily trades, including price, yield and volume information."
Mr Ravimohan, Managing Director & CEO, CRISIL further emphasized, "In addition to serving as a bond database and dissemination platform, the IndiaBondWatch website will also contain analysis, opinion and discussion forums. These features will help the development of the corporate bond and securitised debt market by raising and discussing key impeding issues faced by issuers, investors and intermediaries in these markets. The website will also contain a reference section that will bring together all notifications, circulars, acts and regulations that have a bearing on participants in these markets."
He added, "By creating a single online resource to perform all the above functions we hope to speed up the process of reforms in these markets and thereby contribute to increasing the efficiency of capital markets and the economy as a whole."
Said Mr. Neeraj Gambhir, Chairman, FIMMDA "FIMMDA is very happy to support an initiative like this. Our members stand to benefit the most from the improved flow of information and ongoing process of dialogue for reforms in the corporate bond market. We will help NSE and CRISIL in whatever way we can in order to ensure the success of IndiaBondWatch."
Mr. A.P. Kurian, Chairman, AMFI, congratulated NSE and CRISIL for launching IndiaBondWatch. He stated that, "This is a big step forward in the development of corporate bond market in the Country as all information on corporate bonds is being made available in one single place in a logically coherent manner. The mutual fund industry will greatly benefit from this initiative."
Media Contacts
| Hari K Asst. Vice President National Stock Exchange of India Ltd. Phone: +91 22 2659 8148 Fax: +91 22 2659 8149 Email: cc_nse@nse.co.in | Ramya Krishnan-Anil |
About 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.
About CRISIL Limited, a Standard & Poor's Company
CRISIL is India's leading Ratings, Research, Risk and Policy Advisory Company. CRISIL's majority shareholder is Standard & Poor's, a division of The McGraw-Hill Companies and the world's foremost provider of financial market intelligence. For more information, visit http://www.crisil.com
CRISIL offers domestic and international customers a unique combination of local insights and global perspectives, delivering independent information, opinions and solutions that help them make better informed business and investment decisions, improve the efficiency of markets and market participants, and help shape infrastructure policy and projects. Its integrated range of capabilities includes credit ratings and risk assessment; energy, infrastructure and corporate advisory; research on India's economy, industries and companies; global equity research; fund services; and risk management.
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