Institutional brokers are riding the crest of the current wave of foreign institutional investment, with the biggest of them reaping most of the foreign institutional investor business.
Indeed, FIIs routed almost 60 per cent of their net investment through the top five institutional brokers.
The next five brokers got only a 11 per cent of FIIs' net investment in the country in the current financial year to October 13, 2003, a Securities and Exchange Board of India (Sebi) report to the finance ministry says.
The Sebi report shows that CLSA is on top of the heap. The brokerage handled the most FII businessdefined by Sebi in terms of net investments -- and got Rs 3,253.6 crore (20.6 per cent) of the Rs 15,768 crore net FII investments in the period.
CLSA is followed by UBS Securities (Rs 1,976 crore), JM Morgan Stanley Securities (Rs 1,950.4 crore), JP Morgan India (Rs 1,436.2 crore) and HSBC Securities (Rs 7,74.6 crore).
Among domestic brokerage houses, Enam Securities cornered Rs 532.7 crore of FII business, followed by Motilal Oswal Securities (Rs 448.8 crore) and Refco Sify Securities (Rs 199 crore).
FIIs have pumped in close to $6 billion into the Indian market in the current calendar year.
The Bombay Stock Exchange Sensex has added 1,922.68 points, or nearly 57 per cent in the current year so far, to close at 5299.96 today. This performance makes it one of the best performing indices in the world.
Between May and October 2003, the US-based Fidelity Management made the largest net investments of Rs 1,822.60 crore, followed by Janus Investment (Rs 1,389 crore), Morgan Stanley (1,138 crore), Government of Singapore (Rs 1,123 crore), HSBC Global (Rs 934 crore) and Credit Lyonnais (Rs 893 crore).
Other FIIs active in the Indian markets include UBS Securties, Putnam Fiduciary, Grantham Mayo, Van and Citigroup Global Markets.
Interestingly, a lot of new FIIs have also invested in Indian markets and this list includes Platinum Asset Management and Aberdeen Asset Managers.
