SEBI
                                                                                                                                                                                                                      BULLETIN
                                                                                                                                                                                         AUGUST 2021   VOL. 19               NUMBER 08
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                      (LOGO)
                                                                                                                                                                     SECURITIES AND EXCHANGE BOARD OF INDIA
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                                                   EDITORIAL COMMITTEE 
                                                   Shri Amarjeet Singh 
                                                   Dr.  Prabhakar R. Patil
                                                   Shri Prabhas Rath
                                                   Ms. Sangeeta Rathod
                                                   Ms. Deepthi L.S.
                                                   Dr.  Deepali Dixit
                                                   Shri Jitendra Kumar
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                                                                                                                                                                                                                                                                          CONTENTS
                                                   CHAIRMAN’S SPEECH
                                                   CAPITAL MARKET REVIEW
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                                                   REVIEW OF GLOBAL FINANCIAL MARKETS
                                                   HIGHLIGHTS OF DEVELOPMENTS IN INTERNATIONAL SECURITIES MARKET
                                                   POLICY DEVELOPMENTS AT SEBI
                                                   REGULATORY ACTIONS TAKEN BY SEBI 
                                                   TABLES 
                                                   PUBLICATIONS
                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                           KEY NOTE ADDRESS BY CHAIRMAN, SEBI
                                                                                           AT NISM’s SECOND ANNUAL CAPTIAL MARKETS CONFERENCE 2021
                                                                                                                                                                                                                                                          ON JULY 22, 2021
                                                   1. Good morning, distinguished guests, members of the faculty and dear Students!
                                                   2. At the outset, I compliment NISM for organizing this Conference and thank them for
                                                                     inviting me to address it.   
                                                   3. The theme of the Conference – “Investor interest and innovative instruments” is quite
                                                                     topical. The year gone by has seen overwhelming participation by retail investors in the
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                                                                     Indian securities market. The task before us is to sustain growing investors’ interest by
                                                                     maintaining market integrity, simplifying processes, ensuring proper and robust risk
                                                                     management, introducing new products and increasing awareness.  
                                           I.                    Investor interest
                                                   4. Let me begin by first talking about the increased retail investors’ interest in Indian
                                                                     securities market from FY 20-21 onwards.  
                                                   5. The cumulative number of total demat accounts increased from 41 million at beginning of
                                                                     FY 21 to 55 million by the end of FY21 – an increase of 34.7 %. On an average about 1.2
                                                                     million new demat accounts were opened per month in FY21 as compared to 0.42 million
                                                                     per month during the preceding year. The trend get further accentuated during the
                                                                                                                                                                                                                                                                                                             
                                                                     current financial year – on an average 2.45 million demat accounts have been opened per
                                                                     month during April- June 2021.
                                                   6. Equity cash market turnover increased from INR 96.6 trillion in FY20 to INR 164.4 trillion
                                                                     in FY21 – an increase of 70.2%. The share of individuals in turnover increased by around 5
                                                                     percentage points to 51.4% in FY21 over the previous year. Larger share of trades
                                                                     originating from mobile devices and internet-based trading in the total turnover is
                                                                     another indicator of increased retail participation.
                                                   7. The AUM under mutual funds increased from INR 22.3 trillion at the beginning of FY 21
                                                                     to INR 31.4 trillion at the end of FY21- an increase of 41%. FPI investment in Indian
                                                                     equities was USD 37 billion during FY21- which is the highest during any single financial
                                                                     year. 
                                                   8. As for the overall resource mobilization through capital markets, despite being a
                                                                     pandemic affected year, INR 10.12 trillion were raised in FY21, surpassing previous year’s
                                                                     figures of INR 9.96 trillion. 
                                                   9. Prevailing low interest rates and ample liquidity availability aren’t the only reasons for
                                                                     this increased investors interest in securities market in India; though one cannot deny that
                                                                     they are major factors and any tightening of liquidity or increase in interest rates would
                                                                     impact the market. However, it also needs to be acknowledged that by their very nature,
                                                                     the markets are forward looking and the present investments take into account future
                                                                     growth prospects. Add to this, the Regulator’s effort in terms of continuous dialogue with
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