UNIVERSITY OF MUMBAI

PROJECT REPORT ON CAPITAL MARKET IN BRICS BY Mr. PUSHPAK APTE T.Y.B.COM (FINANCIAL MARKETS) ACADEMIC YEAR 2013-2014

PROJECT GUIDE PROF. OBEROI

PARLE TILAK VIDYALAYA ASSOCIATIONS M.L.DAHANUKAR COLLEGE OF COMMERCE DIXIT ROAD, VILE PARLE (EAST) MUMBAI- 400 057, INDIA

CERTIFICATE This is to certify that Master. PUSHPAK APTE student of TY.B.COM (FINANCIAL MARKETS) Semester VI of M.L.DAHANUKAR COLLEGE OF COMMERCE has successfully completed the project on CAPITAL MARKET IN BRICS under the guidance of Prof. OBEROI for the academic year 20132014.

COURSE CO-ORDINATOR (Prof. Sucheta Pawar)

PROJECT GUIDE (Prof.Oberoi)

COLLEGE SEAL

EXTERNAL EXAMINER

PRINCIPAL

DECLARATION

I hereby declare that I have successfully completed the project on CAPITAL MARKET IN BRICS for the academic year 2013-2014. The project is done under the guidance of Prof. Oberoi and this project work is submitted in the partial fulfillment of the requirements for the award of the degree Bachelor of Commerce (Financial Markets). The information provided is true and to the best of knowledge.

________________ (Student Signature)

ACKNOWLEDGMENT
Before we get into thick and thin of things, I would like to add a few words of appreciation for the people who have been a part of the project right from its inception . The working of this project has been one of the significant academic challenges I have faced and without the support , patience and guidance of the people involved , this task would not have been completed . It is to them I owe my deepest gratitude. It gives me immense pleasure in this project report CAPITAL MARKET IN BRICS. Success of this project is a result of sheer hard work and determination put in by me with the help of my project guide . I hereby take the opportunity to add a special note of thanks for Mr. Oberoi and Course Co-ordinator Mrs. Sucheta Pawar who undertook to act as my mentor despite of his many other academic and professional commitments . Without his insight, support and energy the project wouldnt have kick -started and neither would have reached fruitfulness. I also feel heartiest sense of obligation to my library staff members and seniors , who helped me in collection of data and resource material and also in its processing as well as in drafting manuscript . The project is dedicated to all those people , who helped me while doing this project .

EXECUTIVE SUMMARY
The BRICS (Brazil, Russia, India, China and South Africa) account for more than 40 per cent of the global population and a share in world GDP that has increased from 16 per cent in 2000 to around 25 per cent in2010. The 'BRICS Report', which is a study supported by the Ministries of Finance and the Central Banks of the BRICS countries, focuses on the growth prospects, synergies and complementarities between the five large emerging economies that despite their cultural and geographical diversity, are expected to play a major role as growth drivers of the world economy. The Report, divided into five chapters, is in the nature of a forward-looking document that seeks to reinforce and strengthen the position of BRICS in the global economy. Chapter 1 of the Report provides an overview of the BRICS and their governmental, financial and regulatory frameworks. Chapter 2 examines the impact of the global crisis, the resilience of the BRICS economies, their use of fiscal and monetary stimuli, the process of recovery and their contribution to global growth. Chapter 3 looks at the best practices in the BRICS and the lessons they hold for one another and the world economy. Chapter 4 deals with the challenges that the BRICS could face in moving to a higher growth path. Chapter 5 explores areas of co-operation among the BRICS including initiatives that could propel the BRICS and the world economy to a higher growth trajectory. As a finance student I wanted to take up such a topic that would help to know the market from a different aspect. This is the reason of me selecting BRICS as my project topic, not just for the sake of grades, but for the sake of my keen interest in the topic.

RESEARCH METHODOLOGY

This project is based on secondary data. Secondary data is one, which already exists and is collected from the published sources. The sources from which secondary data was collected are: publications from various financial institutions, sources like books, economic times and other business magazines, Internet. Specifically to mention

1. Wikipedia 2. BRICS.com 3. Economywatch.com 4. Tradingeconomics.com 5. www.nationmaster.com 6. www.cia.gov 7. www.heritage.org 8. news.bbc.co.uk 9. www.wfdsa.org 10. geography.about.com 11. chinadaily.com 12. voltancapital.com

 Objectives of Study To increase the knowledge about the NISs of BRICS through the development of adequate concepts and methodologies;

the analysis of selected BRICS ECONOMY and horizontal themes that affect economies in these countries; To increase the capability both of researchers in special graduate students and government officers of BRICS through research on innovation systems, discussions, innovation panels and other forms of articulation; To diffuse the knowledge generated through the publication of a book, setting up a web page and participation in meetings and panels. To discuss policy implications and put forward policy recommendations, extracting lessons that can be useful not only for these countries but also for other developing countries.

Limitations of Study
The lack of information sources from the analysis part. Time and money are critical factors limiting the study. The data provided by the articles and prospectus may not be 100% accurate as they too have their limitations. The study is limited to an overview dealing with BRICS emergence, forms, future prospectus, not going in deep with individual titles.

Content
Chapter Topic Page No.

Rise of BRICS

Capital Market in Brazil

Capital Market in Russia

15

Capital Market in India

23

Capital Market in China

33

Capital Market in South Africa

44

Conclusion

53