Indian Financial System 2e

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Published by Vijay Nicole Imprints Private Limited

Publication Date: Thu Jan 01 00:00:00 UTC 2009 Available in all formats

ISBN: 9789393665683

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Table of contents

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This book presents a conceptual framework on major categories of the Financial System including Financial Services, Financial Markets and Stock Exchange. Designed as an essential textbook for a course on Indian Financial System, this provides up-to-date information and covers topics such as merchant Banking, Micro-Finance, Factoring, Leasing, Venture Capital and Insurance Services.

Cover Page
Halftitle Page
Title Page
Copyright Page
Table of Contents
Preface
1. Financial System-An Overview
- Financial System
- Features
- Constituents
- Financial Institutions
- Financial Services
- Financial Markets
- Financial Instruments
  - Summary
  - Key Terms and Concepts
  - Review Questions
2. Indian Financial System
- Framework
- Department of Banking Supervision (DBS)
- Supervisory Role
- Department of Non-banking Supervision (DNBS)
- Supervisory Process
- Board for Financial Supervision (BFS)
- Advisory Council to BFS
- Sub Committee (Audit) to BFS
- Supervisory Jurisdiction
- Other Measures
- Transparency and Disclosure
- Internal Controls and Housekeeping in Banks
- Effective Banking Supervision—Core Principles
  - Summary
  - Key Terms and Concepts
  - Review Questions
3. Global Financial System
- Genesis
- Essential Considerations
  - Summary
  - Key Terms and Concepts
  - Review Questions
4. Prospectus
- Contents
- Prospectus for the Public Offer
- Regular Prospectus
- Abridged Prospectus
- Prospectus for Rights Issue
- Disclosures in Prospectus
- Disclosures in Abridged Prospectus and Letter of Offer
- Deemed Prospectus
- Statement in Lieu of Prospectus
- Misstatements in Prospectus
- Types of Prospectus
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
5. Financial Services~An Overview
- Genesis
- Financial Services—Concept
- Financial Services—Objectives/Functions
- Financial Services—Characteristics
- Financial Services Market—Concept
- Financial Services Market—Constituents
- Growth of Financial Services in India
- Financial Services Sector—Problems
- Regulatory Framework
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
6. Credit Cards
- Genesis
- Origin and History
- Features of Modern Credit Card
- Facilities and Services
- Classification of Credit Cards
- Innovative Cards
- Credit Card Cycle
- Bank Card Associations
- Credit Card Structure
- Validity and Renewal
- Credit Cards and E-commerce
- Credit Card Frauds
- Credit Information Bureau (CIB)
- Future Outlook
- Benefits of Credit Cards
- Drawbacks of Credit Cards
- The Indian Scenario
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
7. Debit Cards
- Genesis
- Concept
- Mechanism
- Promotion and Progress
- Dangers of Debit Cards
- Liability for Fraud
- Consumer Protection
- Precautions
- The Indian Scenario
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
8. Credit Rating
- Genesis
- 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
- Rating Framework—Major Factors
- Equity Grading
- Equity Grading Process by ICRA
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
9. Hire Purchase Finance
- Definition
- 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
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
10. Insurance Services
- Definition
- Basic Principles of Insurance
- Reinsurance
- Life Insurance
- General Insurance
- Types
- Fire Insurance
- Marine Insurance
- Other Insurances
- Liability Insurance
- Concept of Insurance Services
- Profile of Insurance Service Providers
- General Insurers
- Life Insurers
- Life Insurance Corporation of India (LIC)
- HDFC Standard Life Insurance Company
- Group Products
- Max New York Life Insurance Company
- ICICI Prudential Life Insurance Company
- Tata AIG
- SBI Life Insurance Company
- ING Vysya Life Insurance
- Allianz Bajaj Life Insurance Company
- Royal Sundaram
- Regulatory Framework
- The Insurance Act
- Insurance Regulatory and Development Authority (IRDA)
- Insurance Advisory Committee
- Power to Make Regulations
- Major Amendments to Insurance Act
- The First Schedule
- Insurance Agents, Intermediaries and Surveyors
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
11. Factoring and Forfaiting
- Genesis
- Definition
- Mechanism
- Characteristics
- Factoring and Off-balance Sheet Financing
- Types of Factoring
- Legal Aspects of Factoring
- Advantages of Factoring
- Disadvantages of Factoring
- Factoring—Players
- Functions of a Factor
- Factoring Cost
- Line of Credit—Methods
- RBI Guidelines for Factoring
- Factoring—Indian Scenario
- Major Factoring Firms
- SBI Factors and Commercial Services
- Operational Profile of Indian Factoring
- Operational Problems in Indian Factoring
- Factoring—A Cost-benefit Analysis
- Methods of Evaluation
- Steps in Evaluation
- Alternative Steps
- Forfeiting
- Forfaiting—Indian Scenario
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
  - Annexure
12. Leasing—An Overview
- Definition
- Characteristics of Lease
- Types of Lease
- Financial Lease vs. Operating Lease
- Test for Financial Lease
- Myths about Leasing
- Participants
- The Leasing Process
- Services of Lessor
- Advantages of Leasing
- Limitations of Lease Financing
- Tax Aspects of Leasing
- Implications for Lessor— Depreciation Tax Shield
- Implications for Lessee
- Tax Planning Aspects
- Financial Implications
- Implications under Sales Tax
- Funding Aspects of Leasing
- Maximum Permissible Bank Finance
- Types of Finance
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
13. Lease Evaluation
- Definition of Lease
- Loan Repayment Schedule
- Lease Evaluation—Advantage to Lessor
- Lease Evaluation—Advantage to Lessee
- Evaluating Independent Lease Option as Advantage to Lessee
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Practical Questions
  - Further Readings
14. Merchant Banking
- Genesis
- Definition
- Functions
- Merchant Bankers' Code of Conduct
- Regulatory Framework
- Offer by Unlisted Companies—Guidelines
- Terms of Issue
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
15. Mutual Funds
- Genesis
- 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
- Unit Trust of India
- Regulatory Structure of Mutual Funds
- RBI Guidelines
- UTI Guidelines
- SEBI (Mutual Funds) Regulations, 1996
- SEBI Schedules
- Fifth Schedule—Code of Conduct
- Seventh Schedule—Restrictions on Investments
- Eighth Schedule—Investment Valuation Norms
- New Regulations, 1999
- Association of Mutual Funds Industry (AMFI)
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
16. Public Issue Management
- Concept
- Functions
- Categories of Securities Issue
- Issue Manager
- Role of Issue Manager
- Activities Involved in Public Issue Management
- Marketing of Issue
- Public Issue Proposal—Factors
- Pricing of Issues
- Law Relating to Issue Management
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
17. Securitization
- Genesis
- Definition
- Meaning of Security
- Pass Through Certificates
- Features of Securitization
- Need for Securitization
- Special Purpose Vehicle (SPV)
- Asset Securitization—Mechanism
- Purposes
- Asset Characteristics
- Applications of Securitization
- Securitization—Benefits
- Economic Functions of Securitization
- Global Scenario
- Indian Scenario
- Limitations
- Securitization and Financial Disintermediation
- Change in the Function of Intermediation
- Capital Markets and Securitization
- Securitization and Structured Finance
- Securitization as a Risk Management Tool
- Securitization and Credit Derivatives
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
18. Book-Building
- Concept
- Characteristics
- The Process
- Allocation Procedure
- Case 1—Initial Public Offer (IPO) Issue
- Case II—Additional Issue by Listed Company
- Case III—Offer by Unlisted Company
- Reverse Book-building
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Reading
19. Venture Capital in India
- Venture Capital—An Overview
- Meaning
- Definition
- Rationale
- Features
- Stages of Venture Capital Financing
- Venture Capital in India
- Critical Factors
- Objectives/Benefits of Venture Capital Funds
- Venture Capital Funds in India—A Profile
- Organization Structure
- Registration of Venture Capital Fund (VCF)
- Application for Registration
- Grant of Certificate of Registration
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
20. Infrastructure Financing Services
- Genesis
- Definition
- Sectors
- Financing Options
- Financing Instruments
- Infrastructure Financing—Issues in India
- RBI Guidelines
- Recent Developments
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
21. Housing Finance Services
- Genesis
- Housing
- Housing Finance
- Models of Housing Projects
- Housing Finance in India—Major Issues
- Housing Finance in India—Growth Factors
- Housing Finance Assistance—Factors
- Housing Finance Institutions in India
- Advisory Services
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
22. Micro Financial Services
- Micro Finance—Meaning
- Micro Finance—Definition
- Micro Finance Institution
- Micro Financial Services
- Scope of Micro Finance
- Features of Micro Finance
- Demand for Micro Finance
- Micro Finance Program
- Micro Credit Experiment—Global Scene
- Micro Finance and Risk Management
- Poverty Reduction
- Micro Financial Service Providers
- Approaches of Micro Financing
- Task Force on Micro Finance
- Micro Finance Programmes
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
23. Financial Markets—An Overview
- Meaning
- Definition
- Location
- Role
- Functions
- Constituents
- Financial Instruments
- Capital Market Instruments
- Indian Money and Capital Markets
- Global Financial Markets
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
24. Call Money Market
- Meaning
- Features
- Benefits
- Indian Call Money Market—A Profile
- Nature of Dealings
- Participants
- Mode of Operation
- Location
- Call Money Rates
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
25. Commercial Paper Market
- Meaning
- Features
- Satellite Dealers (SDs)
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Reading
26. Commercial Bill Market
- Meaning
- Importance
- Developed Bill Market
- Shortcomings of Indian Bill Market
- Growth of Commercial Bill Market in India
- Bill Market Scheme, 1952
- The Study Group, 1970
- Bill Market Scheme, 1970
- IDBI Bill Rediscounting Scheme
- General Reasons for Failure of Bill Market Scheme
- Blues of Bills Discounting
- Revitalizing Bill Market
- Derivative Usance Bills
- RBI's Directives
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
27. Certificate of Deposit (CD) Market
- Meaning of CD Market
- Features
- Time Deposit vs. Certificate of Deposit
- Profile
- The Launch
- Yield
- Role of DFHI
- Role of Banks
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
28. Treasury Bills Market
- Meaning
- Treasury Bills (TBs)
- General Features
- Features of Indian TBs
- Benefits
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
29. Government or Gilt-edged Securities Market
- Genesis
- Government Securities—Meaning
- Government Securities Market—Meaning
- Government Securities—Features
- Ready Forward Contracts (Repos)
- Repo Accounting
- Government Bonds
- Dealers in Government Bonds
- Importance of Gilt-edged Market
- Gilt-edged Market—Criticisms
- General Terms and Conditions Applicable to Government Securities
- Government Securities Market and Monetary Policy
- Gilt-edged Market—Reform Measures
- Guidelines for Banks
- Retail Trading of Government Securities on the Stock Exchanges
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
30. Capital Market Instruments
- Genesis
- 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
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
31. New Issues Market (NIM)—Conceptual Framework
- Meaning
- NIM and Secondary Markets—An Interface
- Services of NIM
- NIM vs. Secondary Market
- Methods of Marketing Securities
- SEBI Guidelines for Listed and Unlisted Companies
- Intermediaries in NIM
- Merchant Bankers/Lead Managers
- Underwriters
- Bankers to an Issue
- Brokers to an Issue
- Registrars to an Issue and Share Transfer Agents
- Debenture Trustees
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
32. Foreign Exchange Market
- Meaning
- Characteristics
- Constituents
- Participants
- Transactions
- Rates and Quotations
- Foreign Exchange Risk
- Risk Management Tools
- Swaps
- Mechanics of Currency Trading
- Management of Exchange Rates
- Indian Foreign Exchange Market
- Currency Options
- Exchange Rate Management
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
33. Derivatives Market
- Genesis
- Meaning of Derivatives
- Growth of Derivatives Market—Factors
- Handicaps of Derivatives Market
- Functions of Derivatives Market
- Categories of Derivatives
- Futures and Options—Participants
- General Functions of Dealers
- Benefits of Derivatives
- Risks in Derivatives Market
- Capital Standards for Derivatives
- Regulating Derivatives Market
- Advent of Derivatives Market in India
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
34. Financial Institutions-An Overview
- Meaning
- Special Characteristics
- Broad Categories
- Money Market institutions
- Capital Market Institutions
- Indian Financial Institutions—A Profile
- Co-operative Banking Institutions—An Overview
- Indian Scenario
- Meaning and Definition of Co-operative Banks
- Features
- Co-operative Banks vs. Commercial Banks
- Structure
  - Summary
  - Key Terms and ConceptsReview Questions
  - Further Readings
35. Non-Banking Financial Institutions (NBFIs)
- Registration
- Principal Business of NBFCs
- Structure of NBFCs
- Supervision of NBFCs
- RBI Measures for NBFCs
- Task Force on NBFCs
- Role of BFS
- Other Measures
- RBI Directions on Acceptance of Public Deposits
- Special Provisions
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Reading
36. Stock Exchange-Regulatory Framework
- Genesis
- The Factors
- The Regulatory Framework
- Under the SEBI Act
- Under the BSCC Act
- Under the Defence of India Rule
- Under the Capital Issues Control Act, 1947
- Under the Securities Contracts (Regulation) Act, 1956
- Under the Securities Contracts (Regulation) Rules, 1957
- Under the Companies Act, 1956
- Committees on Regulatory Framework
  - Summary
  - Key Terms and Concepts
  - Review Questions
37. Indian Stock Exchanges—A Profile
- The Bombay Stock Exchange (BSE)
- BOLT (BSE-On-Line-Trading)
- For New Companies
- For Companies Listed on Other Stock Exchanges
- For Companies Delisted already and Seeking Relisting of this Exchange
- Safety of Market
- Opportunities for Foreign Investors
- Shortages and Objections
- Derivatives Trading
- Calcutta Stock Exchange
- The National Stock Exchange ofIndia Limited (NSE)
  - Summary
  - Key Terms and Concepts
  - Review Questions
38. Listing
- Listing—Meaning
- Security Listing—Meaning
- Security—Meaning
- Stock Exchange—Meaning
- Recognized Stock Exchange
- Listing—Characteristics
- Listing—Legal Provisions
- Listing—Steps
- Listing—Legal Significance
- Refusal of Listing
- SEBI Powers
- Listing and Corporate Governance
- Listing—Particulars to be Furnished
- Listing Agreement—Meaning
- Listing Agreement—Features
- Stock Exchange Powers
- Listing—Benefits
- Consequences of Non-listing
- New Entry Norms for Unlisted Companies
- Listing—Suspension / Withdrawal
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
39. Internet Stock Trading
- Genesis
- Meaning
- Features
- Current Scenario
- Internet Trading—Alternatives
- Internet Trading—Some Issues
- Regulating Internet Stock Trading
- IPOs on the Internet—Indian Experience
- e-lPO Prospectus
- E-commerce Act and Internet Stock Trading
  - Summary
  - Key Terms and Concepts
  - Review Questions
40. Stock Index Futures
- Genesis
- Derivatives Contract
- Futures Contract
- Stock Index
- Stock Index Futures (SIF)
- Features of SIF
- Trading in SIF
- Squaring off
- Pricing SIF
- Benefits of SIF
- Hedging using SIF
- Short Hedge
- Long Hedge
- Speculation using SIF
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
Bibliography
Index

Dr. Gurusamy is currently Professor and Head, Department of Commerce, University of Madras, Chennai.

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Table of contents

Cover Page
Halftitle Page
Title Page
Copyright Page
Table of Contents
Preface
1. Financial System-An Overview
- Financial System
- Features
- Constituents
- Financial Institutions
- Financial Services
- Financial Markets
- Financial Instruments
  - Summary
  - Key Terms and Concepts
  - Review Questions
2. Indian Financial System
- Framework
- Department of Banking Supervision (DBS)
- Supervisory Role
- Department of Non-banking Supervision (DNBS)
- Supervisory Process
- Board for Financial Supervision (BFS)
- Advisory Council to BFS
- Sub Committee (Audit) to BFS
- Supervisory Jurisdiction
- Other Measures
- Transparency and Disclosure
- Internal Controls and Housekeeping in Banks
- Effective Banking Supervision—Core Principles
  - Summary
  - Key Terms and Concepts
  - Review Questions
3. Global Financial System
- Genesis
- Essential Considerations
  - Summary
  - Key Terms and Concepts
  - Review Questions
4. Prospectus
- Contents
- Prospectus for the Public Offer
- Regular Prospectus
- Abridged Prospectus
- Prospectus for Rights Issue
- Disclosures in Prospectus
- Disclosures in Abridged Prospectus and Letter of Offer
- Deemed Prospectus
- Statement in Lieu of Prospectus
- Misstatements in Prospectus
- Types of Prospectus
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
5. Financial Services~An Overview
- Genesis
- Financial Services—Concept
- Financial Services—Objectives/Functions
- Financial Services—Characteristics
- Financial Services Market—Concept
- Financial Services Market—Constituents
- Growth of Financial Services in India
- Financial Services Sector—Problems
- Regulatory Framework
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
6. Credit Cards
- Genesis
- Origin and History
- Features of Modern Credit Card
- Facilities and Services
- Classification of Credit Cards
- Innovative Cards
- Credit Card Cycle
- Bank Card Associations
- Credit Card Structure
- Validity and Renewal
- Credit Cards and E-commerce
- Credit Card Frauds
- Credit Information Bureau (CIB)
- Future Outlook
- Benefits of Credit Cards
- Drawbacks of Credit Cards
- The Indian Scenario
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
7. Debit Cards
- Genesis
- Concept
- Mechanism
- Promotion and Progress
- Dangers of Debit Cards
- Liability for Fraud
- Consumer Protection
- Precautions
- The Indian Scenario
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
8. Credit Rating
- Genesis
- 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
- Rating Framework—Major Factors
- Equity Grading
- Equity Grading Process by ICRA
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
9. Hire Purchase Finance
- Definition
- 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
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
10. Insurance Services
- Definition
- Basic Principles of Insurance
- Reinsurance
- Life Insurance
- General Insurance
- Types
- Fire Insurance
- Marine Insurance
- Other Insurances
- Liability Insurance
- Concept of Insurance Services
- Profile of Insurance Service Providers
- General Insurers
- Life Insurers
- Life Insurance Corporation of India (LIC)
- HDFC Standard Life Insurance Company
- Group Products
- Max New York Life Insurance Company
- ICICI Prudential Life Insurance Company
- Tata AIG
- SBI Life Insurance Company
- ING Vysya Life Insurance
- Allianz Bajaj Life Insurance Company
- Royal Sundaram
- Regulatory Framework
- The Insurance Act
- Insurance Regulatory and Development Authority (IRDA)
- Insurance Advisory Committee
- Power to Make Regulations
- Major Amendments to Insurance Act
- The First Schedule
- Insurance Agents, Intermediaries and Surveyors
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
11. Factoring and Forfaiting
- Genesis
- Definition
- Mechanism
- Characteristics
- Factoring and Off-balance Sheet Financing
- Types of Factoring
- Legal Aspects of Factoring
- Advantages of Factoring
- Disadvantages of Factoring
- Factoring—Players
- Functions of a Factor
- Factoring Cost
- Line of Credit—Methods
- RBI Guidelines for Factoring
- Factoring—Indian Scenario
- Major Factoring Firms
- SBI Factors and Commercial Services
- Operational Profile of Indian Factoring
- Operational Problems in Indian Factoring
- Factoring—A Cost-benefit Analysis
- Methods of Evaluation
- Steps in Evaluation
- Alternative Steps
- Forfeiting
- Forfaiting—Indian Scenario
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
  - Annexure
12. Leasing—An Overview
- Definition
- Characteristics of Lease
- Types of Lease
- Financial Lease vs. Operating Lease
- Test for Financial Lease
- Myths about Leasing
- Participants
- The Leasing Process
- Services of Lessor
- Advantages of Leasing
- Limitations of Lease Financing
- Tax Aspects of Leasing
- Implications for Lessor— Depreciation Tax Shield
- Implications for Lessee
- Tax Planning Aspects
- Financial Implications
- Implications under Sales Tax
- Funding Aspects of Leasing
- Maximum Permissible Bank Finance
- Types of Finance
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
13. Lease Evaluation
- Definition of Lease
- Loan Repayment Schedule
- Lease Evaluation—Advantage to Lessor
- Lease Evaluation—Advantage to Lessee
- Evaluating Independent Lease Option as Advantage to Lessee
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Practical Questions
  - Further Readings
14. Merchant Banking
- Genesis
- Definition
- Functions
- Merchant Bankers' Code of Conduct
- Regulatory Framework
- Offer by Unlisted Companies—Guidelines
- Terms of Issue
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
15. Mutual Funds
- Genesis
- 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
- Unit Trust of India
- Regulatory Structure of Mutual Funds
- RBI Guidelines
- UTI Guidelines
- SEBI (Mutual Funds) Regulations, 1996
- SEBI Schedules
- Fifth Schedule—Code of Conduct
- Seventh Schedule—Restrictions on Investments
- Eighth Schedule—Investment Valuation Norms
- New Regulations, 1999
- Association of Mutual Funds Industry (AMFI)
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
16. Public Issue Management
- Concept
- Functions
- Categories of Securities Issue
- Issue Manager
- Role of Issue Manager
- Activities Involved in Public Issue Management
- Marketing of Issue
- Public Issue Proposal—Factors
- Pricing of Issues
- Law Relating to Issue Management
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
17. Securitization
- Genesis
- Definition
- Meaning of Security
- Pass Through Certificates
- Features of Securitization
- Need for Securitization
- Special Purpose Vehicle (SPV)
- Asset Securitization—Mechanism
- Purposes
- Asset Characteristics
- Applications of Securitization
- Securitization—Benefits
- Economic Functions of Securitization
- Global Scenario
- Indian Scenario
- Limitations
- Securitization and Financial Disintermediation
- Change in the Function of Intermediation
- Capital Markets and Securitization
- Securitization and Structured Finance
- Securitization as a Risk Management Tool
- Securitization and Credit Derivatives
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
18. Book-Building
- Concept
- Characteristics
- The Process
- Allocation Procedure
- Case 1—Initial Public Offer (IPO) Issue
- Case II—Additional Issue by Listed Company
- Case III—Offer by Unlisted Company
- Reverse Book-building
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Reading
19. Venture Capital in India
- Venture Capital—An Overview
- Meaning
- Definition
- Rationale
- Features
- Stages of Venture Capital Financing
- Venture Capital in India
- Critical Factors
- Objectives/Benefits of Venture Capital Funds
- Venture Capital Funds in India—A Profile
- Organization Structure
- Registration of Venture Capital Fund (VCF)
- Application for Registration
- Grant of Certificate of Registration
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
20. Infrastructure Financing Services
- Genesis
- Definition
- Sectors
- Financing Options
- Financing Instruments
- Infrastructure Financing—Issues in India
- RBI Guidelines
- Recent Developments
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
21. Housing Finance Services
- Genesis
- Housing
- Housing Finance
- Models of Housing Projects
- Housing Finance in India—Major Issues
- Housing Finance in India—Growth Factors
- Housing Finance Assistance—Factors
- Housing Finance Institutions in India
- Advisory Services
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
22. Micro Financial Services
- Micro Finance—Meaning
- Micro Finance—Definition
- Micro Finance Institution
- Micro Financial Services
- Scope of Micro Finance
- Features of Micro Finance
- Demand for Micro Finance
- Micro Finance Program
- Micro Credit Experiment—Global Scene
- Micro Finance and Risk Management
- Poverty Reduction
- Micro Financial Service Providers
- Approaches of Micro Financing
- Task Force on Micro Finance
- Micro Finance Programmes
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
23. Financial Markets—An Overview
- Meaning
- Definition
- Location
- Role
- Functions
- Constituents
- Financial Instruments
- Capital Market Instruments
- Indian Money and Capital Markets
- Global Financial Markets
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
24. Call Money Market
- Meaning
- Features
- Benefits
- Indian Call Money Market—A Profile
- Nature of Dealings
- Participants
- Mode of Operation
- Location
- Call Money Rates
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
25. Commercial Paper Market
- Meaning
- Features
- Satellite Dealers (SDs)
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Reading
26. Commercial Bill Market
- Meaning
- Importance
- Developed Bill Market
- Shortcomings of Indian Bill Market
- Growth of Commercial Bill Market in India
- Bill Market Scheme, 1952
- The Study Group, 1970
- Bill Market Scheme, 1970
- IDBI Bill Rediscounting Scheme
- General Reasons for Failure of Bill Market Scheme
- Blues of Bills Discounting
- Revitalizing Bill Market
- Derivative Usance Bills
- RBI's Directives
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
27. Certificate of Deposit (CD) Market
- Meaning of CD Market
- Features
- Time Deposit vs. Certificate of Deposit
- Profile
- The Launch
- Yield
- Role of DFHI
- Role of Banks
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
28. Treasury Bills Market
- Meaning
- Treasury Bills (TBs)
- General Features
- Features of Indian TBs
- Benefits
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
29. Government or Gilt-edged Securities Market
- Genesis
- Government Securities—Meaning
- Government Securities Market—Meaning
- Government Securities—Features
- Ready Forward Contracts (Repos)
- Repo Accounting
- Government Bonds
- Dealers in Government Bonds
- Importance of Gilt-edged Market
- Gilt-edged Market—Criticisms
- General Terms and Conditions Applicable to Government Securities
- Government Securities Market and Monetary Policy
- Gilt-edged Market—Reform Measures
- Guidelines for Banks
- Retail Trading of Government Securities on the Stock Exchanges
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
30. Capital Market Instruments
- Genesis
- 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
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
31. New Issues Market (NIM)—Conceptual Framework
- Meaning
- NIM and Secondary Markets—An Interface
- Services of NIM
- NIM vs. Secondary Market
- Methods of Marketing Securities
- SEBI Guidelines for Listed and Unlisted Companies
- Intermediaries in NIM
- Merchant Bankers/Lead Managers
- Underwriters
- Bankers to an Issue
- Brokers to an Issue
- Registrars to an Issue and Share Transfer Agents
- Debenture Trustees
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
32. Foreign Exchange Market
- Meaning
- Characteristics
- Constituents
- Participants
- Transactions
- Rates and Quotations
- Foreign Exchange Risk
- Risk Management Tools
- Swaps
- Mechanics of Currency Trading
- Management of Exchange Rates
- Indian Foreign Exchange Market
- Currency Options
- Exchange Rate Management
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
33. Derivatives Market
- Genesis
- Meaning of Derivatives
- Growth of Derivatives Market—Factors
- Handicaps of Derivatives Market
- Functions of Derivatives Market
- Categories of Derivatives
- Futures and Options—Participants
- General Functions of Dealers
- Benefits of Derivatives
- Risks in Derivatives Market
- Capital Standards for Derivatives
- Regulating Derivatives Market
- Advent of Derivatives Market in India
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
34. Financial Institutions-An Overview
- Meaning
- Special Characteristics
- Broad Categories
- Money Market institutions
- Capital Market Institutions
- Indian Financial Institutions—A Profile
- Co-operative Banking Institutions—An Overview
- Indian Scenario
- Meaning and Definition of Co-operative Banks
- Features
- Co-operative Banks vs. Commercial Banks
- Structure
  - Summary
  - Key Terms and ConceptsReview Questions
  - Further Readings
35. Non-Banking Financial Institutions (NBFIs)
- Registration
- Principal Business of NBFCs
- Structure of NBFCs
- Supervision of NBFCs
- RBI Measures for NBFCs
- Task Force on NBFCs
- Role of BFS
- Other Measures
- RBI Directions on Acceptance of Public Deposits
- Special Provisions
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Reading
36. Stock Exchange-Regulatory Framework
- Genesis
- The Factors
- The Regulatory Framework
- Under the SEBI Act
- Under the BSCC Act
- Under the Defence of India Rule
- Under the Capital Issues Control Act, 1947
- Under the Securities Contracts (Regulation) Act, 1956
- Under the Securities Contracts (Regulation) Rules, 1957
- Under the Companies Act, 1956
- Committees on Regulatory Framework
  - Summary
  - Key Terms and Concepts
  - Review Questions
37. Indian Stock Exchanges—A Profile
- The Bombay Stock Exchange (BSE)
- BOLT (BSE-On-Line-Trading)
- For New Companies
- For Companies Listed on Other Stock Exchanges
- For Companies Delisted already and Seeking Relisting of this Exchange
- Safety of Market
- Opportunities for Foreign Investors
- Shortages and Objections
- Derivatives Trading
- Calcutta Stock Exchange
- The National Stock Exchange ofIndia Limited (NSE)
  - Summary
  - Key Terms and Concepts
  - Review Questions
38. Listing
- Listing—Meaning
- Security Listing—Meaning
- Security—Meaning
- Stock Exchange—Meaning
- Recognized Stock Exchange
- Listing—Characteristics
- Listing—Legal Provisions
- Listing—Steps
- Listing—Legal Significance
- Refusal of Listing
- SEBI Powers
- Listing and Corporate Governance
- Listing—Particulars to be Furnished
- Listing Agreement—Meaning
- Listing Agreement—Features
- Stock Exchange Powers
- Listing—Benefits
- Consequences of Non-listing
- New Entry Norms for Unlisted Companies
- Listing—Suspension / Withdrawal
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
39. Internet Stock Trading
- Genesis
- Meaning
- Features
- Current Scenario
- Internet Trading—Alternatives
- Internet Trading—Some Issues
- Regulating Internet Stock Trading
- IPOs on the Internet—Indian Experience
- e-lPO Prospectus
- E-commerce Act and Internet Stock Trading
  - Summary
  - Key Terms and Concepts
  - Review Questions
40. Stock Index Futures
- Genesis
- Derivatives Contract
- Futures Contract
- Stock Index
- Stock Index Futures (SIF)
- Features of SIF
- Trading in SIF
- Squaring off
- Pricing SIF
- Benefits of SIF
- Hedging using SIF
- Short Hedge
- Long Hedge
- Speculation using SIF
  - Summary
  - Key Terms and Concepts
  - Review Questions
  - Further Readings
Bibliography
Index

Biographical note

Dr. Gurusamy is currently Professor and Head, Department of Commerce, University of Madras, Chennai.

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