Merchant Banking and Financial Services 4e

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ISBN 9789393665508

Publication Date Sat Jun 01 00:00:00 UTC 2013

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Table of contents

Biographical note

User Reviews

Contemporary developments in the realm of domestic and global financial systems have brought about a lot of changes and challenges to the management of financial services and to the community of merchant bankers. This book keeps track of the complexities and presents an up-to-date book in the Indian context.

Cover
half
title
Preface
Copyright
Content
List of Abbreviations and Acronyms
1. Merchant Banking – An Overview
- Definition
- Functions
- References
- Review Questions
2. Merchant Banking – Regulatory Framework
- SEBI Regulations
- Registration of Merchant Bankers
- General Obligations
- Inspection of Merchant Bankers
- Action Against Merchant Bankers
- Code of Conduct for Merchant Bankers (Under Regulation 13)
- SEBI Guidelines
- References
- Review Questions
3. Public Issue Management (PIM)
- Functions of PIM
- Mechanism
- Forms of Securities Issue
- Issue Manager
- Role of Issue Manager
- Activities Involved in public Issue Management
- References
- Review Questions
4. Marketing of Equity Shares
- General Steps
- Public Issue proposal – Factors
- Pricing of Equity Issue
- Law Relating to Marketing of Equity Shares
- Methods of Marketing Equity Shares
- E-IPO
- Post-Issue Activities
- References
- Review Questions
5. Prospectus
- Types
- Contents
- Regular prospectus
- Part I
- Part II
- Part III
- Application Sans prospectus
- Abridged prospectus
- Prospectus for Rights Issue
- Disclosures under Malegan Committee Report
- Disclosures in Abridged prospectus and Letter of Offer
- Deemed prospectus
- Statement in Lieu of prospectus
- Red-Herring Prospectus
- Information Memorandum
- Shelf prospectus (Section 60 A)
- Misstatements in prospectus
- References
- Review Questions
6. Underwriting Services
- Definition
- Underwriter
- Functions of Underwriters
- Underwriting Agreement
- Types of Underwriting Agreement
- Importance of Underwriting Services
- Kinds of Underwriting Services
- Mechanism
- Indian Scenario
- Underwriting Agencies
- Obstacles
- Variants of Underwriting
- Grey Market
- SEBI Guidelines
- Green Shoe Option (GSO)
- Stabilization Mechanism
- Green Shoe Option in Other Countries
- References
- Review Questions
7. Capital Market Instrument
- Meaning
- Types
- Preference Shares
- Equity Shares
- Non-Voting Equity Shares
- Convertible Cumulative preference Shares (CCPS)
- Company Fixed Deposits
- Warrants
- Debentures and Bonds
- Global Debt Instruments
- References
- Review Questions
8. Depository Receipts
- Meaning
- Working Mechanism
- GDR in the Indian Context
- American Depository Receipt
- Indian Depository Receipts (IDRs)
- References
- Review Questions
9. Stock Exchange – An Overview
- History of Stock Exchanges
- Meaning
- Definition
- Functions/ Services/ Features/ Role
- Stock Exchange and Commodity Exchange Distinguished
- Indian Stock Exchanges
- Mode of Organization
- Membership
- Stock Exchange Traders
- Weaknesses
- Regulation of Stock Exchanges
- Steps in Stock Trading
- Mechanics of Settlement
- Stock Trading System
- Specialists
- Recent Developments
- Interconnected Stock Exchange of India (ISE)
- Indonext
- References
- Review Questions
10. National Stock Exchange (NSE)
- The Mission
- Trading Mechanism
- Listing Requirement
- Trading
- Corporate Structure
- Products
- References
- Review Questions
11. Over-the-Counter Exchange of India (OTCEI)
- OTCEI Vs. Other Stock Exchanges
- Over-the-Counter
- Need and Objectives
- Features
- Benefits
- Securities Traded
- Players
- Members and Dealers
- Sponsorship
- Registrars and Custodians
- Central Clearing Bank
- Monitoring Agencies
- Methods of Offering New Issues
- Trading Mechanism
- Settlement procedure
- Slow Growth of OTCEI – Causes
- Revamping OTCEI
- Working of NASDAQ
- Changing Role of OTCEI
- Major Changes in OTCEI Functioning
- New Norms
- Utility of OTCEI’s New Listing Norms to Entrepreneurs
- OTCEI MoU with NASSCOM
- Revision in Composite Index
- Clearing and Settlement
- Technology
- References
- Review Questions
12. M & A Advisory Services
- M&A Advisory Services
- Concept of Merger
- Forms of Merger
- Related Connotations
- Hostile Takeover
- Merger – Types
- Mergers Vs. Takeovers
- Arguments in Favour of M&A
- Financial Evaluation of Merger
- Indian Scenario
- Major Issues of M&A in India
- Merger Expenses
- Regulation of M&A in India
- Regulation of M&A Under the Companies Act
- References
- Review Questions
13. Portfolio Management Services
- Investment Philosophy
- Investment Management
- Asset Management
- Portfolio Manager
- Discretionary portfolio Manager
- Functions
- Strategies of Portfolio Manager
- Features of Portfolio Management Services
- Need for Portfolio Management Services
- Portfolio Management Services Vs. Mutual Funds
- Role of Financial Advisor
- Products Under PMS
- Registration of Portfolio Managers
- Fees
- General Obligations
- General Responsibilities
- Investment of Clients’ Funds
- Maintenance of Books of Accounts, etc.
- Accounts and Audit
- Reports to be Furnished
- Report on Steps Taken on Auditor’s Report
- Inspection and Disciplinary Proceedings
- Procedure for Action in Case of Default
- Code of Conduct (Regulation 13)
- Model Disclosure Document
- References
- Review Questions
14. Credit/Debt Syndication Services
- Syndicated Loans
- Scope
- Syndication for Long-term Loans
- Credit Syndication Services – Types
- Syndication for Working Capital Loans
- Debt Syndication Process
- Syndicated Loan Agreement
- Types of Facility Commonly Syndicated
- Parties to Syndicated Loan
- Documentation for a Syndicated Loan
- Timing
- Syndication Loan Transfers
- Forms of Loan Transfer
- References
- Review Questions
15. Financial Services – An Overview
- Meaning
- Objectives/Functions
- Characteristics
- Financial Services Market – Meaning
- Financial Services Market – Constituents
- Growth of Financial Services Market
- Growth of Financial Services in India
- Financial Services Sector – problems
- Regulatory Framework
- References
- Review Questions
16. Electronic Financial Services
- Meaning
- Advantages
- Applications
- Electronic Modes
- ECS & NECS
- RTGS
- NEFT
- Electronic Financial Service Providers in India
- References
- Review Questions
17. Investment Banking Services
- Meaning
- Origin
- Functions
- Global Investment Banks
- Indian Investment Banks
- References
- Review Questions
18. Risk Management Services
- Risk Management – Meaning
- Risk Management process
- Risk Management – principles
- Risk Options
- Techniques of Risk Management
- Areas of Risk Management
- Risk Management Services
- Risk Management Services and project Management
- Risk Management Services for IT
- Risk Management Techniques in petroleum and Natural Gas
- Risk Management Services and Business Continuity planning
- Action plan for Risk Management Services
- References
- Review Questions
19. Stock Broking Services
- Stock Trading Meaning
- Stock Broking
- Stock Broker – Meaning
- Process of Stock Broking
- Types of Stock Broking Services
- Duties of Stock Broker
- Regulations Governing Stock Broker
- Default
- References
- Review Questions
20. Wealth Management Services
- Wealth Management – An Emerging Sector
- Concept of Wealth Management
- Key Challenge Areas
- Need For Wealth Management Services
- Wealth Management Services – Components
- Wealth Management – Major Steps
- Financial planning
- Portfolio Strategy Definition / Asset Allocation
- Portfolio Management
- Strategy Review and Alignment
- Private Wealth Management Services
- Wealth Management Institutions – Services
- Wealth Management Services – Benefits
- Wealth Management Services – Limitations
- References
- Review Questions
21. Leasing Services
- Characteristics of Lease
- Types of Lease
- Financial Lease Vs. Operating Lease
- Test for Financial Lease
- Myths About Leasing
- Participants
- Leasing process
- Services of Lessor
- Advantages of Leasing
- Limitations of Lease Financing
- Financial Implications
- Implications under Sales Tax
- Funding Aspects of Leasing
- References
- Review Questions
22. Hire Purchase Financing Services
- Rights of Hirer
- Rate of Interest
- Lease Financing Vs. Hire purchase Financing
- Accounting for Hire Purchase
- Methods of Interest Calculation
- Method of Reporting
- Lease Vs. Hire Purchase Evaluation
- Illustration
- References
- Review Questions
23. Bill Financing Services
- Commercial Bills
- Bill Financing Services
- Features of Commercial Bills
- Bill Discounting/Financing
- Steps in Discounting and purchasing Bills
- Bills Systems
- References
- Review Questions
24. Factoring and Forfaiting Services
- Meaning
- Definition
- Mechanism
- Characteristics
- Factoring and Off-balance Sheet Financing
- Types of Factoring
- Advantages of Factoring
- Disadvantages of Factoring
- Factoring – players
- Functions of a Factor
- Factoring Cost
- Factoring Vs. Bills Discounting
- Factoring – Indian Scenario
- Operational profile of Indian Factoring
- Operational problems in Indian Factoring
- Forfaiting
- Factoring Vs. Forfaiting
- Forfaiting – Indian Scenario
- References
- Review Questions
25. Consumer Financing Services
- Types
- Sources of Consumer Finance
- Mechanics
- Mode of Consumer Finance
- Demand for Consumer Finance – Factors
- Consumer Finance – practice in India
- Products Covered
- Terms of Finance
- Pricing of Consumer Finance
- Marketing Consumer Finance
- Consumer Finance Insurance
- Case For Consumer Finance
- Case Against Consumer Finance
- Boom in Consumer Financing
- Hire purchase System (HPS)
- Hire purchase Agreement
- Advantages of Hire purchase System
- Disadvantages of Hire purchase System
- Instalment Credit System (ICS)
- Hire purchase System Vs. Instalment System
- References
- Review Questions
26. Real Estate Financing Services
- Housing
- Real Estate Financing Services
- Models of Housing projects
- Real Estate Financing – Major Issues
- Real Estate Financing – Growth Factors
- Real Estate Finance Assistance – Factors
- Real Estate Finance Institutions
- Advisory Services
- References
- Review Questions
27. Credit Card Services
- Origin and History
- Meaning
- Features of Credit Cards
- Facilities and Services
- Classification of Credit Cards
- Innovative Cards
- Credit Card Mechanism
- Bank Card Associations
- Credit Card Structure
- Validity and Renewal
- Credit Cards and E-commerce
- Credit Card Frauds
- Credit Information Bureau (CIB)
- Benefits of Credit Cards
- Drawbacks of Credit Cards
- Indian Scenario
- Future Outlook
- References
- Review Questions
28. Credit Rating Services
- Impetus
- Origin
- Definition of Credit Rating
- Features
- Advantages
- The Credit Rating System – Growth Factors
- Major Issues
- Global Credit Rating Agencies
- Domestic Credit Rating Agencies
- Credit Rating – Regulatory Framework
- Credit Rating Symbols
- CRISIL Ratings for Short-term Instruments
- Rating Framework – Major Factors
- Equity Grading
- Equity Grading process by ICRA
- References
- Review Questions
29. Mutual Fund Services
- Definition
- Products/Schemes
- Mutual Funds in India
- Managing Mutual Funds in India
- SEBI’s Requirements of AMC
- Functions of AMC
- Working Mechanism of AMC
- Portfolio Management process in Mutual Funds
- Operational Efficiency of Mutual Funds
- Evaluating Mutual Funds
- Mutual Fund Holders’ Account
- Causes for poor performance of Mutual Funds
- Association of Mutual Funds Industry (AMFI)
- References
- Review Questions
30. Venture Financing Services
- Meaning
- Definition
- Rationale
- Features
- Origin and Growth of Venture Capital
- Venture Capital and Other Funds
- Venture Capital – Types
- Stages of Venture Capital Financing
- Buy-outs
- Financial Sources
- Exit Mechanism
- References
- Review Questions
Glossary
Bibliography
Index

Dr. Gurusamy holds a doctorate in Financial Services. He is currently Professor and Head, Department of Commerce, University of Madras, Chennai. He has more than 30 years of teaching and research experience. His area of interest includes accounting and finance, banking and insurance. A prolific writer, he has published books on Financial Services and Systems, Financial Markets and Institutions, Banking Theory Law and Practice and Merchant Banking and Financial Services.

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