...CONTENTS CHAPTER 1: INTRODUCTION…………………………….. ................................................................ 4 1.1 1.2 1.3 1.4 DEFINITION OF D ERIVATIVES .....................................................................................................4 O RIGIN OF DERIVATIVES ............................................................................................................4 DERIVATIVES IN I NDIA ..............................................................................................................5 TWO IMPORTANT TERMS .............................................................................................................6 Spot Market ........................................................................................................................................................7 Index ......................................................................................................................................................................7 1.4.1 1.4.2 CHAPTER 2: DEFINITIO NS OF BASIC DERIVATIVES ............................................................... 8 2.1 FORWARDS...............................................................................................................................8 Settlement of forward contracts ............................................................................................................9 Default risk in forward contracts ...........................................................
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...Copyright © 2009 by National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 INDIA All content included in this book, such as text, graphics, logos, images, data compilation etc. are the property of NSE. This book or any part thereof should not be copied, reproduced, duplicated, sold, resold or exploited for any commercial purposes. Furthermore, the book in its entirety or any part cannot be stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise. Preface The National Stock Exchange of India Ltd. (NSE), set up in the year 1993, is today the largest stock exchange in India and a preferred exchange for trading in equity, debt and derivatives instruments by investors. NSE has set up a sophisticated electronic trading, clearing and settlement platform and its infrastructure serves as a role model for the securities industry. The standards set by NSE in terms of market practices; products and technology have become industry benchmarks and are being replicated by many other market participants. NSE has four broad segments Wholesale Debt Market Segment (commenced in June 1994), Capital Market Segment (commenced in November 1994) Futures and Options Segment (commenced June 2000) and the Currency Derivatives segment (commenced in August 2008). Various products which are traded on the NSE include, equity shares, bonds, debentures, warrants, exchange...
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...Profile Summary: ------------------------------------------------- A capable, ambitious and successful investment banking professional with 3+ years of experience, who possess a broad and deep knowledge of Prime Services Stock Lending and Borrowing business. Gained expertise in cash collateral, Stock Loan billing, Trade Support , Equities Settlements and Reconciliation of securities Lending business / Stock Borrow Lending. ------------------------------------------------- ------------------------------------------------- Associate Process Manager at Eclerx-Credit Suisse Process: Stock Borrow Lending- Billing EMEA and NY (Equity Middle Office Operations) Period: Since Mar-2015 to till date. Roles and Responsibilities: * Settlement of SBL fees, rebates with various external counterparties, prime brokerage clients, PTH accounts and Platinum clients. * Reconciliation of Statements for settlement of fees. * Reconciliation of cash A/c’s (Intellimatch nostro) * Daily Reconciliation of BM vs Peoplesoft * Month end Glass reconciliation of pay-receive accounts in Peoplesoft. * Daily reconciliation of Intercompany accounts. * Working closely with Clients, Technology and various internal counterparts to ensure efficient client service. * Advise cash management team to ensure correct cash funding before currencies deadlines * Ensure all nostro breaks are reviewed as per defined age bracket and SLA (Service Level Agreement) with client...
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...NATIO ONAL STOCK EXCHA S ANGE OF INDIA LIMITE A ED Depart rtment : SB BU-Educatio on NCFM – COURS OUTLINE M SE s: ner's Modu ule Financial Markets A Beginn Markets an Financia Instrume nd al ents Types of M Markets: Equ uity, Debt, D Derivatives, Commoditi ies; Meanin and featu ng ures of priva ate, public companies; Typ of inves pes stment aven nues. Primary Market Initial Public Offer (IPO Book Bu O); uilding throu Online IPO; Eligibillity to issue securities; ugh Pricing of Is ssues; Fixed versus Bo Building issues; Al ook g llotment of S Shares; Basis of Allotment; P Private Plac cement. Secondary Market y BI); Role and fu unctions of Securities a Exchan Board of India (SEB Depositories; Stoc and nge o ck exchanges; Intermedia aries in the Indian stoc market; Listing; Mem ck L mbership; Trading; Clearing an settlement and risk manageme Investor protection fund (IPF); and Do's a nd ent; r and Don'ts for in nvestors, Equity and d ebt investm ment. Derivatives s Types of de erivatives; Commodity and commodity excha C anges; Com mmodity vers financia sus al derivatives. Financial S Statement Analysis Balance sh heet; Profit & loss acco unt; Stock market relat ratios; S m ted Simple anal lysis before investing in the shares understan n s; nding annua report; Di al irector's rep port etc. Regd. Of ffice : Exchan nge Plaza, Ba andra Kurla C Complex, Bandra (E), Mu umbai – 400 051 Page 1 of 2 Regd. Office : Exchange Plaza, Bandra Kurla Complex...
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...JASBIR SINGH KHALSA DOB:-28-July, 1991 ------------------------------------------------- Personal Statement A dedicated and goal orientated individual with experience within the financial services, outsourcing and recruitment industries. I possess a strong level of analytical, leadership and problem solving skills, which I have effectively utilised whilst working in various organisations. I have good interpersonal skills and the ability to maintain internal and external relationships across various business segments. I enjoy being part of team, as well as motivating and managing a successful and productive team. ------------------------------------------------- ------------------------------------------------- Employment History QX Ltd.-Compliance Officer May 2015 – Present IMS People - Sr Recruitment Consultant Feb 2014 – Apr 2015 IMS People is an Offshore Recruitment Services firm whose customized services help companies and staffing firms source talent for opportunities at home and abroad. We tailor our services to each client’s needs by providing traditional recruitment services and creative, one-time solutions that help companies gain advantage in their market and drive their recruitment value chain. Achievement: Awarded Performer of the month for May-2014, Sep-2014. Awarded New Comer of the Year 2014. Duties: As a Recruitment consultant I am responsible for building and maintaining...
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...NATIONAL STOCK EXCHANGE OF INDIA LIMITED DEPARTMENT : SBU-Education Date : July , 2012 NCFM Test Details Course outline FINANCIAL MARKETS (ADVANCED) MODULE Financial Markets, Products & Institutions A. Financial Markets B. Financial Products and Market Entities C. Market Infrastructure Institutions D. Conflicts of Interest Quantitative Background to Debt A. The Nature of Debt B. The Price of a Debt Security C. D. Perpetual Debt Discount Instrument Coupon Instrument Price-Yield Relationship of a Debt Security Modified Duration of a Debt Security Debt – Investment Drivers & Approaches A. Interest Risk B. Forward Rates Yield Curve Estimation Shape of Yield Curve Debt Portfolio Structures Credit Risk & Yield Spreads Assessment of Sovereign Debt Servicing Ability Assessment of Private Debt Servicing Ability Credit Rating Structured Obligations Yield Spread & Changes in Credit Risk Financial Statements: Analysis & Projections for Equity A. Financial Statement Analysis Revenue, Cost & Margin Structure Capital Efficiency Dividend Yield Price – Earnings Ratio B. Financial Projections Equity – Valuation & Investment Decisions (Part 1) A. Required Rate of Return on Equity B. Weighted Average Cost of Capital (WACC) C. Fundamental Valuation Approaches D. Dividend Discounting Free Cash Flow Enterprise Value Earnings Multiple Price to Book Value Multiple Margin of Safety Equity – Valuation & Investment Decisions (Part 2) A. Economy & Industry...
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...Chintan S. Jain |307 / B – 2, Jay Radheshyam CHS, | | |Dr. R. P. Road, |+91 9819635698 / 8879575482 | |Dombivli (E) |chintanjain15@gmail.com | OBJECTIVE:- To be a part of organization where I can enhance my knowledge in the field of Taxation and expecting reward for loyalty, honesty, and hard work by providing growth, opportunities and necessary infrastructure that could contribute to the success of the organization. |Educational Background | 1) Professional Qualification |Stages |Year |Institution |Results | |Chartered Accountancy | |Final Group-2 |May.2013 |I C A I |50% | |Final Group-1 |Nov 2012 |I C A I |53% | |P. C. E. |Nov. 2009 ...
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...NATIO ONAL STOCK EXCHA S ANGE OF INDIA LIMITE A ED Depart rtment : SB BU-Educatio on NCFM – COURS OUTLINE M SE FIMMDA-NSE Deb Market (Basic) Mod bt dule Debt Instruments Basic conce epts of debt in nstruments Indian Debt Markets t Different typ of produc and partic pes cts cipants; Seco ondary market for debt in nstruments Central Gov vernment Se ecurities: Bo onds Primary issu uance proces Participan in Govern ss; nts nment bond markets; Co onstituent SG accounts; GL Concept of P Primary dealers, Satellite dealers; Se e econdary markets for Gov vernment bonds; Settlem ment of trades in G G-Secs; Clea aring corpora ation; Negoti iated Dealing System; Liq g quidity Adjus stment Facilit ty (LAF). vernment Se ecurities: Tr reasury Bills s Central Gov Issuance pro ocess; Cut-O yields; Inv Off vestors in T-B Bills; Second dary market a activity in T-b bills. State Gover rnment Bon nds Gross fiscal deficit of sta Governm ents and its financing; Vo ate olume, Coup rates and ownership pon d pattern of St tate Governm ment bonds. Call Money Markets Participants in the call markets; Call rates m Debt: Bonds s Corporate D Market segm ments; Issue process; Iss managem sue ment and Book building; Terms of a debenture iss d sue; Credit rating g. Commercia Paper & Certificate of Deposits al C f Guidelines fo CP Issue; Rating notc or ches for...
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...The article itself was a response to a claim by a San Diego-based advocacy group called the National Coalition for Men. The author, NCFM member Ray Licht stated, “I found the bias favoring women and against men staggering. It seems unlikely that all this negative focus on men and positive focus on women is by accident. It appears to be intentional.” The language in the article is polarizing because it can be considered offensive or emotive. One example of this is the use of the word “pithily” when describing a claim by Licht, showing that Schumacher-Matos is expressing a negative opinion of the statement and uses emotion to disprove it rather than logic. This emotive and potentially offensive language has a negative effect on persuasion. According to a study titled The Argumentative Uses Of Emotive Language, “when [Emotive Language] is used fallaciously, it is because it interferes...
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...Handbook on Basics of Financial Markets NATIONAL STOCK EXCHANGE OF INDIA LIMITED Basics of Financial Markets What is Investment? The money you earn is partly spent and the rest saved for meeting future expenses. Instead of keeping the savings idle you may like to use savings in order to get return on it in the future. This is called Investment. Why should one invest? One needs to invest to: earn return on your idle resources generate a specified sum of money for a specific goal in life make a provision for an uncertain future One of the important reasons why one needs to invest wisely is to meet the cost of Inflation. Inflation is the rate at which the cost of living increases. The cost of living is simply what it costs to buy the goods and services you need to live. Inflation causes money to lose value because it will not buy the same amount of a good or a service in the future as it does now or did in the past. For example, if there was a 6% inflation rate for the next 20 years, a Rs. 100 purchase today would cost Rs. 321 in 20 years. This is why it is important to consider inflation as a factor in any long-term investment strategy. Remember to look at an investment’s ‘real’ rate of return, which is the return after inflation. The aim of investments should be to provide a return above the inflation rate to ensure that the investment does not decrease in value. For example, if the annual inflation rate is 6%, then the investment will need to earn more than 6% to ensure it increases...
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...Executive Summary The Indian Financial System has undergone a considerable change in the recent past. The Financial Sector reforms, along with technological advancement have integrated international markets, which have facilitated the scope for uninterrupted mobility of funds in various financial markets. It has also led to efficient and low-cost transactions related to securities. This can be seen in the Indian financial sector reforms also, which started in the early 1990s. Dematerialization of financial securities is the first sign of financial reforms in India. Finance Ministry and SEBI realized the need of more efficient financial system. As a result of this NSDL and CDSL came into picture. It aims at ensuring the safety and soundness of Indian marketplaces by developing settlement solutions that increase efficiency, minimize risk and reduce costs. Our project on “Demat System in India” gave us a detailed picture of how securities are transferred electronically in the share market. In our project we had done a comparative study of the various Depository Participants in Ahmedabad on the basis of their services and charges. This study helped us in finding out what additional services other DPs provide and how the charges differ. Another aspect of our project was to get a feedback from the clients regarding the Demat services provided at Anagram Securities Ltd. By meeting the various clients we were able to find out the scope of improvement...
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...comprising the Nifty, in the same proportion as they are in the Nifty, to the AMC and create ETF units in bulk (These are known as Creation Units). Once the APs get these units, they provide liquidity to these units by offering to buy and sell through the stock exchange. They give two way quotes, buy and sell quote for investors to buy and sell the ETFs. ETFs therefore have to be listed on stock exchanges. There are many ETFs presently listed on the NSE. 3.2 SALIENT FEATURES An Exchange Traded Fund (ETF) is essentially a scheme where the investor has to buy/ sell units from the market through a broker (just as he/ he would by a share). An investor must have a demat account for buying ETFs (For understanding what is demat please refer to NCFM module ‘Financial Markets : A Beginners’ Module). An important feature of ETFs is the huge reduction in costs. While a typical Index fund would have expenses in the range of 1.5% of Net Assets, an ETF might have expenses around 0.75%. In fact, in international markets these expenses are even lower. In India too this may be the trend once more Index Funds and ETFs come to the market and their popularity increases. Expenses, especially in the long term, determine to a large extent, how much money the investor makes. This is because lesser expenses mean more of the investor’s money is getting invested today and over a longer period of time, the power of compounding will turn this saving into a significant contributor to the investors’...
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...Química Viva Universidad de Buenos Aires quimicaviva@qb.fcen.uba.ar ISSN (Versión en línea): 1666-7948 ARGENTINA 2005 María Pía Taranto / Marta Médici / Graciela Font de Valdez ALIMENTOS FUNCIONALES PROBIÓTICOS Química Viva, mayo, año/vol. 4, número 001 Universidad de Buenos Aires Buenos Aires, Argentina pp. 26-34 Red de Revistas Científicas de América Latina y el Caribe, España y Portugal Universidad Autónoma del Estado de México http://redalyc.uaemex.mx Revista QuímicaViva, número 1, año 4, mayo 2005 ISSN 1666-7948 www.quimicaviva.qb.fcen.uba.ar Revista QuímicaViva Número 1, año 4, mayo 2005 quimicaviva@qb.fcen.uba.ar Alimentos funcionales probióticos Dras. María Pía Taranto, Marta Médici y Graciela Font de Valdez* Laboratorio de Tecnología y Genética, Centro de Referencia para Lactobacilos (CERELA/CONICET), Chacabuco 145, T4000CNK, Tucumán, Argentina. E-mail: gfont@cerela.org.ar. Palabras clave: Lactobacilos, probióticos, alimentos funcionales La demanda del mercado nacional e internacional ha impulsado en los últimos años una nueva línea de alimentos funcionales probióticos, productos alimenticios que, además de su valor nutritivo intrínseco, ayudan a mantener el estado de salud general del organismo y a la vez pueden tener un efecto benéfico adicional, terapéutico o preventivo en el huésped. El concepto de alimentos funcionales (AF) tiene su origen en una mayor comprensión de las bases moleculares de la relación existente...
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...CORPORATE FINANCE – PROF. R.C AGARWAL Case study analysis Blaine Kitchenware Inc. – Capital Structure 51. Priyanka Shimpi 52. Dilip Singh 53. Prabhdeep Singh 54. Shalini Singh 55. Amin-ul-Aziz 3/9/2010 What is a Stock Split? A stock split is a corporate action which splits the existing shares of a particular face value into smaller denominations so that the number of shares increase, however, the market capitalization or the value of shares held by the investors post split remains the same as that before the split. For e.g. If a company has issued 1,00,00,000 shares with a face value of Rs. 10 and the current market price being Rs. 100, a 2-for-1 stock split would reduce the face value of the shares to 5 and increase the number of the company’s outstanding shares to 2,00,00,000, (1,00,00,000*(10/5)). The share price would also halve to Rs. 50 so that the market capitalization or the value shares held by an investor remains unchanged. It is the same thing as exchanging a Rs. 100 note for two Rs. 50 notes; the value remains the same. The impact of this on the share holder: for example ABC is trading at Rs. 40 and has 100 million shares issued, which gives it a market capitalization of Rs. 4000 million (Rs. 40 x 100 million shares). An investor holds 400 shares of the company valued at Rs. 16,000. The company then decides a 4-for-1 stock split (i.e. a shareholder holding 1 share, will now hold 4 shares). For each share, they receive three additional shares. The investor...
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...LIST OF ABBREVIATIONS .....................................................................................................................................5 CHAPTER 1: AN OVERVIEW OF THE INDIAN SECURITIES MARKET ............................................8 1.1 MARKET SEGMENTS ......................................................................................................................................... 9 1.1.1 Primary Market...........................................................................................................................................9 1.1.2 Secondary Market.......................................................................................................................................9 1.2 KEY INDICATORS OF SECURITIES MARKET................................................................................................ 9 1.2.1 Index..............................................................................................................................................................9 1.2.2 Market Capitalisation.................................................................................................................................9 1.2.3 Market Capitalisation Ratio....................................................................................................................10 1.2.4 Turnover ...................................................................................................................................
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