海外镜鉴系列（二十四）：破解印度股市长牛之谜

Indian Stock Market Structure - The Indian stock market is characterized by a multi-regulatory structure with the Securities and Exchange Board of India (SEBI) as the primary regulator, supported by government, finance ministry, and Reserve Bank of India (RBI) oversight [2][6] - The market features two major exchanges, the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), which operate competing clearing and depository subsidiaries to enhance market efficiency [2][6] - India's IPO system is designed to simplify processes while enforcing strict disclosure requirements, with a low market capitalization threshold of 250 million INR (approximately 21 million RMB) for NSE listings [2][63] Market Regulation and Governance - SEBI employs a "preemptive" regulatory approach, using measures like Graded Surveillance Measures (GSM) and Additional Surveillance Measures (ASM) to identify and penalize abnormal companies [2][32] - The regulatory framework includes strict penalties for financial fraud, with maximum punishments of 10 years imprisonment and fines up to 200 million RMB [2][32] - India's delisting system provides strong investor protection, requiring companies to buy back 90% of shares at fair prices before delisting [72][75] Trading Mechanisms and Liquidity - India maintains a T+1 settlement cycle with limited T+0 trading, balancing market liquidity with financial system stability [111][141] - The market implements differentiated price limits ranging from 2% to 20% based on stock liquidity, along with circuit breakers triggered at 10%, 15%, and 20% index movements [114][142] - A simplified after-hours trading session lasting 20 minutes allows trading at closing prices, enhancing market liquidity [113] Market Participants and Infrastructure - India has six operational stock exchanges, with NSE and BSE dominating the market and allowing dual listings for most companies [10][50] - The clearing infrastructure includes five major clearing corporations, with NSCCL and ICCL being the largest, handling over 90% of market transactions [23][24] - The depository system is supported by CDSL and NSDL, which manage electronic securities transfers and maintain ownership records [54] Corporate Governance and Investor Protection - India's IPO rules prevent shell company listings by requiring companies to generate at least 50% of revenue under their new name for one year before going public [39][40] - The market enforces strict corporate governance standards, requiring top 1000 companies to disclose dividend policies and explain non-payment reasons [104] - SEBI mandates share buyback completion within 15 days and share cancellation within 7 working days, preventing "fake buybacks" [101][125] Market Performance and Capital Flows - The Indian IPO market saw significant activity in 2024, with the BSE IPO index rising 34.83% and tech/consumer sectors leading the surge [91] - Total buybacks and dividends have consistently exceeded IPO fundraising amounts, indicating a mature investment-oriented market [128][130] - Foreign portfolio investors hold substantial positions in key sectors, with 17-23% ownership in financial services, IT, and telecom industries [111]