Description
Economic development is the growth of the standard of living of a country's people from a low-income (poor) country to a high-income (rich) economy.
(Project Name: Capital Market Development, Debt Management and Pension Reform Technical Assistance Project [Project ID: P113834] Assignment Description: Preparation of a detailed project report for establishing a securities markets simulator in NISM Type of Contract: Lumpsum Method of Selection: Consultant Qualification (CQS) Assignment Duration: 6 Months Background Indian capital markets have witnessed a radical transformation over just a decade. From the view point of both adoption of sophisticated information technology tools in trading and settlement mechanisms as also the efficiency of capital markets, India ranks in the top league. With reference to risk management, Indian capital markets have proved to be robust. While these are important achievements, there is need to move further ahead. India’s needs for a sophisticated financial system have never been greater. A fast growing economy with a high savings rate urgently needs a state of the art financial system that will add to market quality. At present, some deficiencies are noticed in the different segments of Indian securities markets. All these market segments need to function at a high level of quality in order to serve India’s needs. The best path for achieving progress is to build on the institutional capabilities of the market. In this context, the World Bank received a request from the Capital Market Division of the Ministry of Finance for a technical assistance project to support development and implementation in three broad areas under its purview namely, (1) capital market development, (2) debt management and (3) pension reforms. The World Bank, through this TA, seeks to utilize its international experience to contribute to the process. In order to facilitate early initiation of the TA program, it has been decided to operationalize the loan through Project Preparation Finance (PPF) route. The project preparation advance will be utilized to meet the cost of preparation of terms of reference, setting up project monitoring unit, securing services of nationally/ internationally experienced consultants to manage and coordinate commencement of the project. The following are the components of the Project which are applicable to SEBI/ NISM. 1. Regulatory Impact Assessment 2. Corporate Bond Market Development 3. Assistance to National Institute of Securities Markets in the areas of (1) certification, (2) securities market simulator for training and (3) faculty training program About NISM: NISM (National Institute of Securities Markets) has been established by the Securities and Exchange Board of India (SEBI). NISM is a public trust. It seeks to address the knowledge gaps in the securities markets. The target segments that NISM seeks to serve are investors, issuers, intermediaries, researchers and regulators. NISM is engaged in financial education, certification of market intermediaries, securities markets research, securities education and corporate governance. Objective of the Assignment: Setting up of a securities markets simulator in NISM: The objective of the assignment is to prepare a Detailed Project Report (DPR) for establishing a securities markets simulator in NISM. The simulator would mimic the ecosystem of securities markets in a miniaturized manner as does a flight simulator that is used to train pilots.
It would be much more than a mere trading system with slightly delayed feeds from a stock exchange. It would be a laboratory that includes all essential building blocks of the securities markets such as brokerage operations, stock market trading system, clearing & settlement, custody, depositories and banks. It would serve as a laboratory where a person would undergo a simulated experience of the entire securities markets and learn about how the markets function. It would support the learning obtained by a student/executive in the class room by offering the practical component. At a higher level, it could also help the regulatory staff to try “what if” experiments. The DPR would include conceptualization of the project, designing the simulator, specification of what uses would it serve, indication of what hardware/software need to be procured, the sources from where such procurement is possible, specific tasks involved in establishing it and also estimating the revenue model and financial implications of the project. Scope of Work and description of tasks: 1. 2. 3. 4. 5. 6. 7. 8. Conceptualize the project Identify the potential benefits Design the simulator indicating the functionalities and technological architecture Prepare the DPR that includes an estimate of the capital expenditure, revenues, expenditures and financial viability Identify the sources from where data feed/input for the various units of the simulator can be obtained Identify the sources from which the components could be procured Identify agencies that have the capacity to build the simulator in NISM Identifying simulations that could be useful to the participants and providing descriptions of the same
The Consultant(s) shall undertake the following tasks: 1. Survey the market and understand the need and benefits of a simulator 2. Survey the existence and design features of similar facilities in various universities and corporate training centers, worldwide 3. Indicate the key aspects of developing a simulator that reflects Indian market conditions 4. Suggest what constitutes a simulator: in terms of design and functionalities, that comprehensively mimics the securities markets ecosystem 5. Identify the key stakeholders and their specific needs involved in both the development as well as end use of the simulator 6. Identify what benefits could be derived from a simulator as a learning tool to supplement class room learning about securities markets 7. Evaluate the financial viability of the project in terms of capital expenditure, future project revenues and costs 8. Analyze in detail the technical requirements of the project in terms of I.T. infrastructure required including Hardware, Software, Databases as well as the support mechanisms and identify potential agencies for the same 9. Analyze the data feed that is required for the simulator to be functional 10. Indicate the possible sources from where the data could be obtained 11. Indicate the simulation games that can be played indicating the objectives for which such games are designed 12. Assess the incremental changes and their implementation plan, required due to increase of project size and scope in future 13. Identify techniques of assessing, evaluating and quantifying the effectiveness of the simulator from the perspective of various stakeholders. Schedule for completion of tasks
The DPR as per the scope and objective outlined above may be presented to NISM, within a period of 6 months. The period may be extended by mutual agreement, if required. The review committee will assess the progress of the consultant(s) through mid-term review which shall be conducted as per the following schedule: Phase I (3.5 months) Tasks to be completed 1. Survey the market and understand the need and benefits of a simulator 2. Survey the existence and design features of similar facilities in various universities and corporate training centers, worldwide 3. Indicate the key aspects of developing a simulator that reflects Indian market conditions 4. Suggest what constitutes a simulator- in terms of design and functionalities, that comprehensively mimics the securities markets ecosystem 5. Identify the key stakeholders and their specific needs involved in both the development as well as end use of the simulator 6. Identify what benefits could be derived from a simulator as a learning tool to supplement class room learning about securities markets 7. Evaluate the financial viability of the project in terms of capital expenditure, future project revenues and costs Assessment and approval of all deliverables as mentioned in Phase I 1. Analyze in detail the technical requirements of the project in terms of I.T. infrastructure required including Hardware, Software, Databases as well as the support mechanisms and identify potential agencies for the same 2. Analyze the data feed that is required for the simulator to be functional 3. Indicate the possible sources from where the data could be obtained 4. Assess the incremental changes and their implementation plan, required due to increase of project size and scope in future 5. Design simulations that could be useful to the participants and prepare complete documentation connected with that 6. Identify techniques of assessing, evaluating and quantifying the effectiveness of the simulator from the
Mid - Term Review Phase II (2.5 months)
perspective of various stakeholders
Data, Services and Facilities to be provided by the client: The consultant will be based at NISM, Vashi, which shall provide the necessary infrastructure. NISM and SEBI Divisions dealing with market trading would be key interlocutors for this study. The consultant will be interacting with various other agencies as per the scope of the assignment. NISM and SEBI would provide the Consultant(s) with any data, regulatory procedures (subject to approval from SEBI) specific to the Indian markets that may facilitate the above study and submission of deliverables. Travel and subsistence related to the execution of above tasks shall be reimbursed to the consultant(s) on an actual basis and the expenditure on account of the same will be included in the budget earmarked for this assignment. Final output that will be required of the Consultant: The consultant shall be required to submit an interim project report at the end of Phase I, containing the consultants’ findings on the tasks mentioned in Phase I, Table above under “Schedule for completion of tasks”. Only after this interim report has been approved by the Working Group can the Consultant move to Phase II of the project. At the end of Phase II, the consultant needs to submit a complete detailed project report which shall include all the action points mentioned in “Scope of Work and description of tasks”. Qualifications of the Consultant: The consultant should have knowledge of securities market/training/IT related experience. The consultant appointed to the project needs to meet the following minimum requirements for selection: 1. Should have successfully worked on at least one project involving requirements gathering, planning and implementation of a simulator (or a variant of it) in any other country in the world. 2. Should have the requisite technical background to analyze and identify the detailed I.T. requirements of the project including hardware, software, databases. 3. Should have worked on at least two projects involving identification of I.T requirements, including hardware, software and databases and identification of suitable Vendor for the same. 4. Should have worked on at least two projects requiring in depth knowledge of securities industry. 5. Should have worked on at least two projects involving training of users and analyzing and implementing their feedback into the system. 6. Should be willing to work dedicatedly on the above project and should not be involved in any other project till all deliverables are approved and accepted by NISM review committee. Procedure for Review of Progress of reports, inception status, final draft and final reports The Consultant will report to the Working Group or its authorized representative. The WG shall certify the deliverables. PMIG will process payments for each assignment on the basis of the approval given by the respective Working Groups.
List of key professional positions whose CV and experience would be evaluated: S. No. 1 Key Position Area of Specific Expertise desired Minimum 10 years of working experience in global and at least 5 years in Indian Securities Markets Minimum Qualification and Professional Experience Desired Masters degree in Economics, Engineering, Management (Finance) Input (person days)* 50 days
Team Leader and Simulator expert
Prior experience in developing/ facilitating a simulator is essential Bachelor of Engineering 25 days I.T. specialist Minimum 7 in I.T/Computers years in I.T. industry, with relevant project experience *The inputs in table are indicative-the consultant can propose suitable estimates based on his/her assessment. The consultant shall include any other inputs required to successfully complete the assignment and include the cost in the financial proposal.
doc_306128854.pdf
Economic development is the growth of the standard of living of a country's people from a low-income (poor) country to a high-income (rich) economy.
(Project Name: Capital Market Development, Debt Management and Pension Reform Technical Assistance Project [Project ID: P113834] Assignment Description: Preparation of a detailed project report for establishing a securities markets simulator in NISM Type of Contract: Lumpsum Method of Selection: Consultant Qualification (CQS) Assignment Duration: 6 Months Background Indian capital markets have witnessed a radical transformation over just a decade. From the view point of both adoption of sophisticated information technology tools in trading and settlement mechanisms as also the efficiency of capital markets, India ranks in the top league. With reference to risk management, Indian capital markets have proved to be robust. While these are important achievements, there is need to move further ahead. India’s needs for a sophisticated financial system have never been greater. A fast growing economy with a high savings rate urgently needs a state of the art financial system that will add to market quality. At present, some deficiencies are noticed in the different segments of Indian securities markets. All these market segments need to function at a high level of quality in order to serve India’s needs. The best path for achieving progress is to build on the institutional capabilities of the market. In this context, the World Bank received a request from the Capital Market Division of the Ministry of Finance for a technical assistance project to support development and implementation in three broad areas under its purview namely, (1) capital market development, (2) debt management and (3) pension reforms. The World Bank, through this TA, seeks to utilize its international experience to contribute to the process. In order to facilitate early initiation of the TA program, it has been decided to operationalize the loan through Project Preparation Finance (PPF) route. The project preparation advance will be utilized to meet the cost of preparation of terms of reference, setting up project monitoring unit, securing services of nationally/ internationally experienced consultants to manage and coordinate commencement of the project. The following are the components of the Project which are applicable to SEBI/ NISM. 1. Regulatory Impact Assessment 2. Corporate Bond Market Development 3. Assistance to National Institute of Securities Markets in the areas of (1) certification, (2) securities market simulator for training and (3) faculty training program About NISM: NISM (National Institute of Securities Markets) has been established by the Securities and Exchange Board of India (SEBI). NISM is a public trust. It seeks to address the knowledge gaps in the securities markets. The target segments that NISM seeks to serve are investors, issuers, intermediaries, researchers and regulators. NISM is engaged in financial education, certification of market intermediaries, securities markets research, securities education and corporate governance. Objective of the Assignment: Setting up of a securities markets simulator in NISM: The objective of the assignment is to prepare a Detailed Project Report (DPR) for establishing a securities markets simulator in NISM. The simulator would mimic the ecosystem of securities markets in a miniaturized manner as does a flight simulator that is used to train pilots.
It would be much more than a mere trading system with slightly delayed feeds from a stock exchange. It would be a laboratory that includes all essential building blocks of the securities markets such as brokerage operations, stock market trading system, clearing & settlement, custody, depositories and banks. It would serve as a laboratory where a person would undergo a simulated experience of the entire securities markets and learn about how the markets function. It would support the learning obtained by a student/executive in the class room by offering the practical component. At a higher level, it could also help the regulatory staff to try “what if” experiments. The DPR would include conceptualization of the project, designing the simulator, specification of what uses would it serve, indication of what hardware/software need to be procured, the sources from where such procurement is possible, specific tasks involved in establishing it and also estimating the revenue model and financial implications of the project. Scope of Work and description of tasks: 1. 2. 3. 4. 5. 6. 7. 8. Conceptualize the project Identify the potential benefits Design the simulator indicating the functionalities and technological architecture Prepare the DPR that includes an estimate of the capital expenditure, revenues, expenditures and financial viability Identify the sources from where data feed/input for the various units of the simulator can be obtained Identify the sources from which the components could be procured Identify agencies that have the capacity to build the simulator in NISM Identifying simulations that could be useful to the participants and providing descriptions of the same
The Consultant(s) shall undertake the following tasks: 1. Survey the market and understand the need and benefits of a simulator 2. Survey the existence and design features of similar facilities in various universities and corporate training centers, worldwide 3. Indicate the key aspects of developing a simulator that reflects Indian market conditions 4. Suggest what constitutes a simulator: in terms of design and functionalities, that comprehensively mimics the securities markets ecosystem 5. Identify the key stakeholders and their specific needs involved in both the development as well as end use of the simulator 6. Identify what benefits could be derived from a simulator as a learning tool to supplement class room learning about securities markets 7. Evaluate the financial viability of the project in terms of capital expenditure, future project revenues and costs 8. Analyze in detail the technical requirements of the project in terms of I.T. infrastructure required including Hardware, Software, Databases as well as the support mechanisms and identify potential agencies for the same 9. Analyze the data feed that is required for the simulator to be functional 10. Indicate the possible sources from where the data could be obtained 11. Indicate the simulation games that can be played indicating the objectives for which such games are designed 12. Assess the incremental changes and their implementation plan, required due to increase of project size and scope in future 13. Identify techniques of assessing, evaluating and quantifying the effectiveness of the simulator from the perspective of various stakeholders. Schedule for completion of tasks
The DPR as per the scope and objective outlined above may be presented to NISM, within a period of 6 months. The period may be extended by mutual agreement, if required. The review committee will assess the progress of the consultant(s) through mid-term review which shall be conducted as per the following schedule: Phase I (3.5 months) Tasks to be completed 1. Survey the market and understand the need and benefits of a simulator 2. Survey the existence and design features of similar facilities in various universities and corporate training centers, worldwide 3. Indicate the key aspects of developing a simulator that reflects Indian market conditions 4. Suggest what constitutes a simulator- in terms of design and functionalities, that comprehensively mimics the securities markets ecosystem 5. Identify the key stakeholders and their specific needs involved in both the development as well as end use of the simulator 6. Identify what benefits could be derived from a simulator as a learning tool to supplement class room learning about securities markets 7. Evaluate the financial viability of the project in terms of capital expenditure, future project revenues and costs Assessment and approval of all deliverables as mentioned in Phase I 1. Analyze in detail the technical requirements of the project in terms of I.T. infrastructure required including Hardware, Software, Databases as well as the support mechanisms and identify potential agencies for the same 2. Analyze the data feed that is required for the simulator to be functional 3. Indicate the possible sources from where the data could be obtained 4. Assess the incremental changes and their implementation plan, required due to increase of project size and scope in future 5. Design simulations that could be useful to the participants and prepare complete documentation connected with that 6. Identify techniques of assessing, evaluating and quantifying the effectiveness of the simulator from the
Mid - Term Review Phase II (2.5 months)
perspective of various stakeholders
Data, Services and Facilities to be provided by the client: The consultant will be based at NISM, Vashi, which shall provide the necessary infrastructure. NISM and SEBI Divisions dealing with market trading would be key interlocutors for this study. The consultant will be interacting with various other agencies as per the scope of the assignment. NISM and SEBI would provide the Consultant(s) with any data, regulatory procedures (subject to approval from SEBI) specific to the Indian markets that may facilitate the above study and submission of deliverables. Travel and subsistence related to the execution of above tasks shall be reimbursed to the consultant(s) on an actual basis and the expenditure on account of the same will be included in the budget earmarked for this assignment. Final output that will be required of the Consultant: The consultant shall be required to submit an interim project report at the end of Phase I, containing the consultants’ findings on the tasks mentioned in Phase I, Table above under “Schedule for completion of tasks”. Only after this interim report has been approved by the Working Group can the Consultant move to Phase II of the project. At the end of Phase II, the consultant needs to submit a complete detailed project report which shall include all the action points mentioned in “Scope of Work and description of tasks”. Qualifications of the Consultant: The consultant should have knowledge of securities market/training/IT related experience. The consultant appointed to the project needs to meet the following minimum requirements for selection: 1. Should have successfully worked on at least one project involving requirements gathering, planning and implementation of a simulator (or a variant of it) in any other country in the world. 2. Should have the requisite technical background to analyze and identify the detailed I.T. requirements of the project including hardware, software, databases. 3. Should have worked on at least two projects involving identification of I.T requirements, including hardware, software and databases and identification of suitable Vendor for the same. 4. Should have worked on at least two projects requiring in depth knowledge of securities industry. 5. Should have worked on at least two projects involving training of users and analyzing and implementing their feedback into the system. 6. Should be willing to work dedicatedly on the above project and should not be involved in any other project till all deliverables are approved and accepted by NISM review committee. Procedure for Review of Progress of reports, inception status, final draft and final reports The Consultant will report to the Working Group or its authorized representative. The WG shall certify the deliverables. PMIG will process payments for each assignment on the basis of the approval given by the respective Working Groups.
List of key professional positions whose CV and experience would be evaluated: S. No. 1 Key Position Area of Specific Expertise desired Minimum 10 years of working experience in global and at least 5 years in Indian Securities Markets Minimum Qualification and Professional Experience Desired Masters degree in Economics, Engineering, Management (Finance) Input (person days)* 50 days
Team Leader and Simulator expert
Prior experience in developing/ facilitating a simulator is essential Bachelor of Engineering 25 days I.T. specialist Minimum 7 in I.T/Computers years in I.T. industry, with relevant project experience *The inputs in table are indicative-the consultant can propose suitable estimates based on his/her assessment. The consultant shall include any other inputs required to successfully complete the assignment and include the cost in the financial proposal.
doc_306128854.pdf